商贸零售/一般零售 永辉超市（601933.SH） 2025Q1 稳态调改店实现盈利，渠道改革有望提速 | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 5.16 | | 一年最高最低(元) | 7.87/2.11 | | 总市值(亿元) | 468.27 | | 流通市值(亿元) | 468.27 | | 总股本(亿股) | 90.75 | | 流通股本(亿股) | 90.75 | | 近 3 个月换手率(%) | 266.39 | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 2024-05 2024-09 2025-01 永辉超市 沪深300 相关研究报告 《优化低效门店轻装上阵，门店调改 即 将 提 速 — 公 司 信 息 更 新 报 告 》 -2024.11.1 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司经营业绩受门店调改影响明显承压 公司发布年报、一季报：2024 年实现营收 675.74 亿元（同比-14.1%，下同）、归 母净利润-14.65 亿元（2024 年同期为 ...

南方财经全媒体记者 郭晓洁 实习生余忠梅 广州报道 近日，广东华兴银行在其官网披露了2024年度报告。报告显示，截至2024年末，该行资产总额突破4600 亿元，达到4654.65亿元，较年初增长6.22%。发放贷款和垫款2454.65亿元，吸收存款3131.41亿元，较 年初分别增长7.79%和4.08%。 值得欣慰的是，报告期内，华兴银行坚持稳健、审慎经营的管理策略，其抵御风险能力实现提升。截至 2024年末，该行不良贷款率较年初下降0.04个百分点至1.53%，拨贷比3.16%，拨备覆盖率207.14%，核 心一级资本充足率8.98%，主要监管指标均符合监管要求。 需要指出的是，近年在宏观经济形势复杂多变，经营环境发生深刻变化的背景下，银行金融机构，特别 是中小银行纷纷主动求变，依托自身资源禀赋和区位优势加快转型发展，以应对经营下滑的压力。 华兴银行在报告中也明确了转型方向。2024年，该行主要围绕"小而分散"和"零售转型"的战略部署推动 转型发展，以打造专业化服务、精细化管理、特色化运营、创新性发展的精品银行。 数据显示，过去一年，华兴银行的转型策略成效渐显。具体而言，在"小而分散"策略的推动下，公司 ...

本报讯 （记者冯思婕） 4月28日晚间，顾家家居股份有限公司（以下简称"顾家家居"）发布了2024年年报与2025年第一季度报 告。2024年，公司实现营收184.8亿元，实现归母净利润14.17亿元。在行业整体承压的背景下，公司通 过业务转型、效率提升、能力发育等举措，展现出一定的抗周期韧性。 2025年，顾家家居经营质量全面提升。从财报来看，公司第一季度实现营业收入49.14亿元，同比增长 12.95%；实现归母净利润5.19亿元，同比增长23.53%；基本每股收益0.64元。 同日，顾家家居还披露了2024年度利润分配方案，公司拟向全体股东每股派发现金红利人民币1.38元 （含税），合计拟派发现金红利11.34亿元（含税），占2024年度归属于上市公司股东净利润的 80.06%。自2017年上市以来，公司累计分红金额已达63.37亿元。 职业经理人治理体系全面升级 组织效能释放高质量发展动能 为了应对行业周期的挑战，顾家家居主动变革。2024年，顾家家居先是引入职业经理人担任董事长，又 新增4位副总裁高管，且均在公司内部有着丰富的一线经营管理经验，其中还有两位"80后"。 事实上，顾家家居近年来持续推进 ...

日前，茂业商业（600828.SH）发布2025年一季报，公司营收与净利润双双大幅下滑，引发市场对传统 零售业复苏前景的担忧。 公开资料显示，茂业商业以商业零售为主，并辅以部分物业租赁和酒店业务。今年一季度，茂业商业没 有门店数量变化。截至一季度末，公司旗下实体零售门店数量共23家，经营业态包括百货商场、购物中 心、奥特莱斯及超市。商业零售主要经营模式仍为自营模式、联营模式和租赁模式，以联营模式为主。 数据显示，公司营业收入为6.41亿元，同比下降22.12；归母净利润为1434万元，同比下降75.46；扣非 归母净利润为1573万元，同比下降71.35%。 营收与利润双降，反映出公司在一季度面临着较大的经营压力。公司方面虽未在报告中明确指出下滑原 因，但从行业环境来看，商业零售行业竞争激烈，消费市场的变化以及线上零售的冲击等因素，或对茂 业商业的业绩产生影响。 值得注意的是，在营收利润下滑的同时，茂业商业的毛利率却有一定上升。本季度毛利率达到 60.76%，同比增加1.09%。然而，净利率仅为2.07%，同比减少71.16%。这一升一降的背后，是公司成 本控制方面的挑战。 登录新浪财经APP 搜索【信披】查 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in cash flow and profitability, with a notable increase in net profit for 2024 and Q1 2025. The retail transformation is yielding positive results, and the company is expected to benefit from a more stable real estate market and improved channel management [4][5] - Revenue for 2024 was 12,105 million yuan, a decrease of 2.97% year-on-year, while net profit attributable to shareholders increased by 91.27% to 332 million yuan. The company is projected to achieve net profits of 788 million yuan in 2025, reflecting a year-on-year growth of 137.2% [4][7] Financial Performance Summary - In 2024, the company achieved revenues of 12,105 million yuan, with a year-on-year decline of 3.0%. The net profit attributable to shareholders was 332 million yuan, up 91.3% year-on-year [7] - The gross margin for 2024 was 29.60%, a decrease of 1.91 percentage points year-on-year, while the gross margin for Q1 2025 improved to 31.05%, an increase of 2.67 percentage points quarter-on-quarter [6] - The company expects to achieve earnings per share (EPS) of 1.49 yuan in 2025, with a price-to-earnings (P/E) ratio of 22.0 times based on the current stock price [4][7] Product Performance - The company reported revenue from various product segments in 2024: home decoration wall paint (29.67 billion yuan, +12.75% YoY), engineering wall paint (40.84 billion yuan, -12.65% YoY), and waterproof membranes (13.19 billion yuan, +4.95% YoY). The average selling price for home decoration wall paint and waterproof membranes showed significant improvement [5][6] Future Outlook - The company is expected to see continued growth in net profit, with projections of 788 million yuan in 2025, 899 million yuan in 2026, and 1,064 million yuan in 2027, indicating a strong growth trajectory [4][7] - The anticipated improvement in the real estate sector and ongoing optimization of distribution channels are expected to support the company's long-term growth potential [4]

零售转型支撑内销逆势增长，外销多维度探寻可持续发展：内销方面，公司正持续推进零售转型，逐步 从原先的制造+批发的模式（推式—做产品、找经销商）转向零售导向运营的企业（拉式为主&推拉结 合），此前的区域零售中心的建设以及现在持续推进的仓配装服业务（目前覆盖率超50%）后续均将助 力公司内销持续逆势增长。外销方面，在目前中美贸易摩擦背景下，公司一方面明确加大力度拓展非美 市场客户以及自有品牌出海，另一方面，加快推动新的海外产能布局，确保外销业务可持续发展。整体 来看，公司内外销后续发展思路清晰，持续成长可期。 盈利预测、估值与评级 我们预计公司25-27 年EPS 分别为2.28/2.48/2.71 元，当前股价对应PE 为10/9/8 倍，维持"买入"评级。 风险提示 外销持续稳健增长，内销25Q1 预计恢复增长：分区域看，公司外销依托海外区域持续拓展叠加海外产 能优势，24 年收入同比增长11.3%至83.67 亿元。内销方面，2024 年地产整体销售、竣工偏弱，外部环 境令公司业绩承压，公司24 年内销收入同比-14.4%,其中24Q4 随着国补政策刺激，前端接单情况有所改 善，而出货节奏滞后预计使得报表端 ...

业绩简评 4 月 28 日公司发布 24 年报和 25Q1 季报，24 年公司营收/归母净 利 / 扣非净利 分别同比 -3.81%/-29.38%/-26.92% 至 184.8/14.17/13.01 亿元，其中 24Q4 收入同比-7.8%至 46.8 亿元。 25Q1 营收/归母净利/扣非净利分别同比+12.9%/+23.5%/+22.2%至 49.1/5.2/4.6 亿元。分红为每股现金分红 1.38 元。 计提减值影响 24 年业绩，收入结构变化致毛利率小幅下降：公司 24 年整体利润下降除经营性因素外主因一方面公司计提 20 红星 03 债券减值 2.13 亿，另一方面 2024 年商誉减值 0.5 亿元及剥离 部分子公司。毛利率方面，公司 24 年/25 年 Q1 毛利率同比-0.1/- 0.7pct 至 32.72%/32.40%，预计主因公司一方面低毛利率的定制 家具业务在内销收入中占比提升，另一方面低毛利率的外销收入 占比 24 年提升。费用率方面，公司 24 年销售/管理/研发/财务费 用率分别同比+0.5/+0.2/+0.2/-0.2pct 至 17.8%/2.0%/1.5%/- 0 ...

Core Viewpoint - Jiangyin Bank has achieved a high-quality development in 2024 through a steady operational strategy, demonstrating growth in scale, efficiency, and quality despite a complex market environment [1][2][3]. Financial Performance - Total assets of Jiangyin Bank reached 200.23 billion yuan, a year-on-year increase of 7.63% - Total deposits amounted to 151.83 billion yuan, growing by 9.06% compared to the previous year - Total loans reached 124.13 billion yuan, with a growth of 7.61% year-on-year - Operating income for the period was 3.96 billion yuan, up 2.51% year-on-year - Net profit attributable to shareholders was 2.04 billion yuan, reflecting a year-on-year increase of 7.88% [1]. Asset Quality - By the end of 2024, the non-performing loan (NPL) balance and ratio both decreased, with the NPL ratio at 0.86%, down by 0.12 percentage points from the previous year - The NPL balance was 1.07 billion yuan, a decrease of 5.18% year-on-year - The provision coverage ratio stood at 369.32%, and the capital adequacy ratio was 15.22%, indicating strong risk-bearing capacity [1]. Shareholder Returns - Jiangyin Bank maintained a steady dividend policy, distributing a cash dividend of 2.0 yuan per 10 shares (including tax), an increase of 0.1 yuan from the previous year [2]. Support for Real Economy - The bank enhanced its financial services for small and micro enterprises, significantly increasing its supply chain loan balance by 110.35% year-to-date - The number of supply chain loan accounts grew by 88.2%, demonstrating improved financial service capabilities for the real economy [3]. Retail Banking Transformation - Jiangyin Bank leveraged digitalization to enhance retail operations, focusing on personalized and intelligent financial services - The bank established three wealth management centers and improved customer experience, achieving a 16% increase in clients with assets under management (AUM) over 300,000 yuan [4]. Rural Revitalization and Green Finance - The bank actively supported rural revitalization, with agricultural loans reaching 73.18 billion yuan, including 23.56 billion yuan in inclusive agricultural loans - Jiangyin Bank also established a green finance committee, with green loan balances reaching 3.415 billion yuan, supporting the dual carbon goals [5][6]. Market Recognition - Following the annual report release, multiple institutions recognized Jiangyin Bank's performance, with Huatai Securities maintaining an "overweight" rating and招商证券 highlighting the bank's regional advantages and solid asset quality [7].

Summary of the Conference Call for SanKeTree Company Overview - **Company**: SanKeTree - **Industry**: Coatings and Paints Key Financial Performance - **Q1 2025 Performance**: - Net profit reached 110 million yuan, a year-on-year increase of 374 million yuan [2][3] - Gross margin improved to 31.05%, a 2.7 percentage point increase year-on-year [3] - Operating cash flow turned positive for the first time in Q1, reaching 110 million yuan, an increase of 374 million yuan year-on-year [3][17] - Revenue for Q1 was 2.13 billion yuan, a 3.12% year-on-year increase, marking a record high for Q1 since the company went public [3] Business Segments Performance - **Retail Business**: - Retail business accounted for 49% of total revenue, with a year-on-year growth of approximately 11% [2][4] - If delayed order confirmations are considered, retail growth could reach 20% [4] - **Engineering Business**: - Engineering business grew by 0.13% year-on-year, with significant growth in small B business and municipal public construction nearing 10% [2][5] Product Performance - **Home Decoration Wall Paint**: - Grew by 8% year-on-year, but impacted by a 41% decline in waterproof coatings; excluding this, growth would be 11% [2][6] - **Engineering Wall Paint**: - Increased by 9%, accounting for 29% of total business [6] - **Waterproof Membranes**: - Revenue decreased by 21% due to price competition and industry downturn [2][6] Strategic Outlook - **2025 Full Year Forecast**: - Expected double-digit revenue growth, gross margin improvement of 2-3 percentage points, and a reduction in expense ratio by 2 percentage points [2][7] - Debt ratio targeted to decrease to around 73% [2][7] - **Pricing Strategy**: - Plans to increase prices by approximately 3% due to competitors halting price wars [2][8] - Retail prices are not expected to decline further, with positive impacts anticipated from competitors' price increases [10] Market Position and Growth Plans - **Market Share Goals**: - Aiming to increase retail market share to 15% within five years, up from 7% [4][18] - Focus on growth rather than dividends in the near term, with potential for significant dividends starting in 2027 [17][18] - **Industrial Coatings**: - Industrial coatings revenue reached approximately 27 million yuan in Q1, a year-on-year increase of over 90% [19] - Focus on automotive coatings and industrial anti-corrosion paints, with plans to enter the supply chain of major automotive brands [19] Industry Trends - **Coatings Industry Outlook**: - The coatings sector is expected to grow steadily, particularly in the renovation market for existing properties [22] - SanKeTree aims to surpass competitors and establish itself as a leading domestic brand in the coatings industry [22] Additional Insights - **Operational Efficiency**: - Plans to optimize workforce by reducing over 800 positions, targeting a total of around 8,000 employees by year-end [4][16] - **Cash Flow Improvement**: - Enhanced cash flow attributed to increased retail proportion and strong position in the supply chain [17] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment growth, strategic outlook, and industry trends relevant to SanKeTree.

图片来源 | AI制图 近日，江苏银行发布年报，2024年，营收808.15亿元，同比增长8.78%；归母净利润318.43亿元，同比增长 10.76%。增速与城商行前三甲中的其他两家北京银行和宁波银行相比，都是最高的。 从近十年数据看，江苏银行也是上市城商行乃至上市银行中，业绩成长性最强的一家之一。江苏银行的高 成长性，应该说跟两任董事长夏平和葛仁余高度相关。 这二位在三家银行里搭档了十余年。2013年3月，原南京银行行长夏平就任江苏银行董事长，同年8月，南 京银行信息技术部总经理葛仁余也加盟江苏银行，任首席信息官、信息技术部总经理。这是二人的第三次 搭档。早年夏平和葛仁余均任职于建行江苏分行，此后又都到南京银行任高管。夏平执掌江苏银行十年， 将江苏银行一路带成了国内营收与利润首屈一指的城商行。在2023年，60岁的夏平退休，葛仁余从行长位 置上升任董事长。到2025年，1965年10月出生的葛仁余也临近退休，江苏银行业绩依旧出色。 除了营收与利润增长不错，资产扩张和负债均保持了较快的增长，不良率与2023年持平，拨备覆盖率维持 在较高水平。 不过美中不足的是，江苏银行净息差下滑较多，是已披露年报的头部城商 ...