每经记者 熊嘉楠 每经编辑 彭水萍 回顾过去一年多的时间，茅台对于系列酒板块一直非常重视。先是任命张贵超为贵州茅台酱香酒营销有 限公司党委书记、董事长；今年以来，围绕茅台1935新增1.935L规格产品，并面向全国招募4家经销 商；而后在"i茅台"上线375ml茅台1935产品；4月中旬，面向社会招募主题终端店（约5000～7000家） 在美团、饿了么和抖音平台的运营商。 "稳。"有券商分析师认为，在行业整体承压、酒企业绩增速普遍放缓的背景下，茅台依然实现了双位数 增长。 记者注意到，系列酒成为带动茅台业绩增长的重要力量，连续两年保持了18%的增速，且高于公司整体 营收增速。 过去三年间，公司大力扶植茅台1935等产品，茅台1935上市3年后坐稳"百亿大单品"位置，2024年系列 酒整体营收达到246.84亿元。 4月29日，贵州茅台披露了2025年第一季度业绩报告。公司1～3月实现营收506.01亿元，同比增长 10.54%；实现归母净利润268.47亿元，同比增长11.56%，创同期历史新高。 其中，茅台酒实现营收435.57亿元，同比增长9.7%，收入占比达86.08%，与去年同期持平。公司系列酒 实现 ...

佩蒂于 2024 年成立佩蒂宠物健康营养研究院，将借助这一 开放性的研发平台，深入关注宠物生命全周期的营养需求、心理 健康和行为研究，最大限度地利用科研资源、转化科技成果，丰 富我们的营养健康产品，用科学的方式保障每一只宠物的健康。 我们一直在努力构建覆盖全产业链的可持续生态。 二、问答交流主要信息 问题 1：2024 年度及 2025 年第一季度，公司销售费用增长明显， 其中广告宣传费用占比较大，广告投入都有哪些方向？ 答：国内销售费用主要聚焦于品牌建设与渠道拓展两大核心领 域。一是在品牌战略层面，公司通过系统化的市场推广及品牌宣 传活动，持续强化品牌认知度与美誉度，以品牌形象构建市场竞 争优势。二是在渠道优化方面，依托精准的渠道资源投放，着力 完善终端网络布局，深化渠道合作伙伴关系，有效提升市场覆盖 率与销售渗透能力。 规模效应，经营质量大幅提升。大家比较关注的新西兰主粮目前 处于一个产能爬坡的状态，预计今年二季度产能释放明显加快， 可以满足国内外高端主粮品牌的多样化需求。 2023 年，在中国"3060"双碳目标的指引下，我们携手壳 牌中国开启了一场绿色革命。这一年，温州生产基地经国际权威 机构 SGS ...

证券研究报告：建筑材料 | 公司点评报告 发布时间：2025-04-28 股票投资评级 公司基本情况 | 最新收盘价（元） | 29.53 | | --- | --- | | 总股本/流通股本（亿股）16.90 / 16.32 | | | 总市值/流通市值（亿元）499 / 482 | | | 52 周内最高/最低价 | 36.03 / 23.20 | | 资产负债率(%) | 24.0% | | 市盈率 | 13.68 | | 第一大股东 | 中国建材股份有限公司 | 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 北新建材(000786) Q1 石膏板保持韧性，一体两翼持续推进 买入|维持 个股表现 -28% -24% -20% -16% -12% -8% -4% 0% 4% 8% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 北新建材 建筑材料 资料来源：聚源，中邮证券研究所 事件 公司发布 25 年一季报，25Q1 公司实现收入 62.46 亿元，同比 +5.09%；归母净利润 ...

高管天价年薪引发的风波，再次将贝壳推上了舆论的风口浪尖。 4月17日，贝壳披露2024年年度报告，年报显示，公司董事会主席、首席执行官及控股股东彭永东2024年的年薪高达4亿元，联合创始人单一刚年薪也达 2.99亿元。相较于其他企业管理层薪酬，这一数据极具冲击力。 似乎是为了平复舆论风波，贝壳于年报披露当日宣布，彭永东拟捐出900万股A类普通股。以17日收盘价计算，对应捐赠金额约人民币4.4亿元。 事实上，关于贝壳高管薪酬的质疑并不是首次发生。将时间区间拉长至2021年至今，彭永东近四年的年薪分别为847.8万元、4.75亿元、7.13亿 元以及4亿元；单一刚的年薪分别为685.3万元、3.55亿元、5.29亿元及2.99亿元。 与两高管薪酬四年内增长数倍相反的是，公司近年来净利润经历了不小的波动，2021年及2022年连亏两年，2023年虽然成功扭亏，但2024年再次下滑三 成。 尽管4.4亿元的捐赠堪称大手笔，但这种临时灭火式的举动效果并不明显，公众的关注点已经从高管薪酬本身延展至高管收入与公司利润、员工薪酬之间 的关系讨论，而这些讨论更深层次的逻辑，在于公众对于数量庞大的基层员工待遇的关注。毕竟，截至2 ...

事件：公司发布 2025 年一季报，2025Q1 公司实现营业收入 62.46 亿元（yoy+5.09%），归母净利润 8.42 亿元（yoy+2.46%）。 Q1 营收/归母业绩同比增长，持续推进涂料业务布局。 2025Q1，公司实现营收 62.46 亿元，同比增长 5.09%，公司营收 实现同比正向增长，或主要系两翼业务营收增长所致。2025Q1， 公司实现归母净利润 8.42 亿元，同比增长 2.46%，归母净利润增 速低于营收增速或主要因公司费用率增加叠加投资收益同比减 少。公司发布公告，同意子公司北新涂料在安徽省安庆市投资建 设年产 2 万吨工业涂料生产基地项目，目标市场以中部地区安徽、 河南、湖北、湖南、江西 5 省为主，专注于生产工业设备、石油 石化、桥梁等工业工程防腐涂料，开发船舶及汽车涂料，助力北 新涂料开拓华中、西南市场。随产能建设完成达产，公司涂料业 务市场竞争力有望进一步提升，助力营收/业绩规模增长。 2025 年 04 月 28 日 北新建材(000786.SZ) Q1 营收/业绩同比增长，毛利率同比提 升 | | 其他装饰材料 | | | --- | --- | --- | | 投 ...

公开信息显示，盘龙药业核心产品盘龙七片，是我国著名骨伤科专家王家成献出的祖传秘方，经科学研制而成，是全国独家专利、医保甲类品种、"秦药"品 种优势中成药、陕西省名牌产品，曾入选中药保护品种。 盘龙七片在骨骼肌肉系统风湿性疾病中成药市场领域，具有特色优势及充分的临床循证证据，被评选为秦药"优势中成药"，连续多年被评为"中国家庭常备 风湿骨病用药上榜品牌"产品、"中医药市场消费推荐品牌"产品、"品牌影响力匠心产品"等荣誉。 根据中国知网数据查询，国截止2024年末，内外权威核心期刊公开发表近160篇关于盘龙七片的学术论文。中国中医科学院广安门医院姜泉教授牵头8家单位 开展《一项多中心、随机、双盲、安慰剂平行对照研究评估盘龙七片治疗膝骨关节炎的有效性与安全性》，结果证实盘龙七片安全有效，为临床治疗OA的 优选药物。 从市场端反馈来看，盘龙七片自上市以来市场占有率持续扩大。2023年在我国城市及县级公立医院骨骼肌肉系统风湿性疾病领域中成药市场中，盘龙七片市 场份额为7.72%，排名第一；2024 年上半年在我国城市及县级公立医院骨骼肌肉系统风湿性疾病领域中成药市场中，盘龙七片市场份额排名第一，市场份额 为8.05%。 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue for Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software vendor to a comprehensive financial service provider, with significant growth in both software sales and brokerage services [7] - The report anticipates a strong growth trajectory for the company, projecting net profits of 306 million yuan, 414 million yuan, and 539 million yuan for 2025, 2026, and 2027 respectively [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 1,113 million yuan, with a year-on-year decrease of 11.33%, followed by a recovery in 2024 with an increase of 37.37% to 1,529 million yuan [1] - The net profit attributable to shareholders is expected to be 73 million yuan in 2023, with a significant recovery to 104 million yuan in 2024, representing a 43.50% increase [1] - The earnings per share (EPS) is forecasted to rise from 0.12 yuan in 2023 to 0.17 yuan in 2024, and further to 0.51 yuan in 2025 [1] Revenue Breakdown - The financial information service revenue for Q1 2025 was 424 million yuan, reflecting a 76% increase year-on-year [7] - The net commission income from brokerage services increased by 143% year-on-year to 97 million yuan in Q1 2025 [7] - Investment income saw a remarkable increase of 259% year-on-year to 106 million yuan in Q1 2025 [7] Cost and Expense Analysis - Operating costs for Q1 2025 rose by 45% year-on-year to 42 million yuan, primarily due to increased employee compensation and communication expenses [7] - Research and development expenses increased by 49% year-on-year to 51 million yuan, with a slight decrease in the R&D expense ratio [7] - Sales expenses surged by 80% year-on-year to 259 million yuan, driven by higher advertising and sales personnel costs [7] Strategic Developments - The company is enhancing its brand promotion and customer acquisition efforts, leading to a significant increase in registered and paying users [7] - The acquisition of a 95% stake in Pioneer Fund is part of the company's strategy to deepen its "one body, two wings" approach [7] - The company is committed to enhancing shareholder returns through dividends and buybacks over the next three years [7]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue in Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software tool provider to a comprehensive financial service provider, enhancing its product offerings and expanding its market presence [7] - The report anticipates significant growth in net profit for 2025-2027, with projections of 306 million yuan, 414 million yuan, and 539 million yuan respectively, reflecting a strong long-term growth outlook [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 542 million yuan, a year-on-year increase of 85%, and a net profit of 139 million yuan, up 726% [1][7] - The company's total revenue for 2023 is projected at 1,113 million yuan, with a forecasted growth to 2,022 million yuan by 2025 [1][22] - The earnings per share (EPS) for 2025 is estimated at 0.51 yuan, with a price-to-earnings (P/E) ratio of 112.72 [1][22] Business Segments - The software segment saw a significant increase in revenue, driven by active capital markets and targeted marketing of high-end products, with a 76% year-on-year growth in financial information service revenue [7] - Brokerage and proprietary trading businesses also experienced rapid growth, with net commission income rising by 143% to 97 million yuan in Q1 2025 [7] Cost and Efficiency - Operating costs increased by 45% year-on-year to 42 million yuan, primarily due to rising employee compensation and communication expenses [7] - The report notes a decrease in expense ratios despite rising costs, indicating improved operational efficiency [7] Strategic Initiatives - The company is deepening its "one body, two wings" strategy, including acquiring a 95% stake in Pioneer Fund to enhance its service offerings [7] - The company is exploring advanced tools for stock selection, leveraging AI and deep learning to optimize investment strategies [7]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [6] Core Views - The company's performance is supported by its "two wings" strategy, which includes gypsum board and other businesses, as well as coatings and waterproofing, contributing to revenue growth [8] - The company is positioned as a leading player in the domestic gypsum board industry, with a strong competitive moat and is transitioning towards a comprehensive consumer building materials manufacturer and service provider [8] - The company is expected to benefit from domestic demand policies and has the potential for valuation uplift due to its growth trajectory and defensive attributes [8] Financial Summary - The company achieved a revenue of 6.246 billion yuan in Q1 2025, representing a year-on-year growth of 5.09%, and a net profit of 842 million yuan, up 2.46% year-on-year [8] - Revenue projections for 2025-2027 are estimated at 27.344 billion yuan, 28.961 billion yuan, and 31.137 billion yuan, respectively, with corresponding net profits of 4.025 billion yuan, 4.362 billion yuan, and 4.805 billion yuan [7][9] - The company's earnings per share (EPS) is projected to be 2.38 yuan in 2025, increasing to 2.84 yuan by 2027 [7][9] - The price-to-earnings (P/E) ratio is expected to decrease from 12.40 in 2025 to 10.38 in 2027, indicating a favorable valuation trend [7][9]

超122亿元营收，3.62亿元的净利润规模，这是中工国际（002051）4月25日向市场交出的2024年成绩 单。这份成绩单不仅意味着公司"十四五"战略规划目标逐步实现落地，而且折射出公司用发展韧性守住 基本盘，在战略转型的赛道上跑出加速度。 海外业务规模逆势增长 海外工程业务规模逆势增长，成为中工国际利润贡献最大的板块。 财报显示，2024年，公司新签合同额合计33.90亿美元，同比增长7.4%，国际工程业务表现尤为亮眼， 新签重要合同13个，累计新签合同额24.11亿美元，同比增长4.42%；生效合同额11.54亿美元，保持在 较高水平。 (中工国际伊拉克九区油气中央处理设施项目) 在中工国际伊拉克九区油气中央处理设施项目现场，一座座高大设备架起，原油处理设施运行平稳，中 央控制系统实时监测着各类数据。去年4月，"油包"项目较原定工期提前3天投产，创出伊拉克同类项目 最短工期纪录；去年底，天然气中央处理设施项目再度顺利进气投产，较合同工期提前15天，实现零伤 害、零污染、零事故、零社会安全责任事件的"四零目标"。 面对"风高浪急"的外部环境，拆解中工国际实现业绩"稳中求进"的密码，在于准确地识变、应变、求 ...