Core Viewpoint - The company reported a significant decline in revenue for 2024, with total revenue of 3.271 billion (down 24.04% year-on-year) and a net profit of 539 million (down 4.17% year-on-year) [1] Group 1: Business Performance - The poker business remained stable, while overseas gaming business showed strong performance; however, revenue decline was attributed to reduced income from digital marketing and gaming segments [2] - In 2024, gaming business revenue was 1.015 billion (down 17.20% year-on-year), accounting for 31.04% of total revenue, with domestic gaming revenue declining due to high 2023 base and product cycle factors [2] - The overseas gaming business saw revenue and profit growth, with the subsidiary Dayu Competition achieving revenue of 140 million (up 10.07% year-on-year) and net profit of 5.95 million (returning to profit) [2] - The poker business generated revenue of 1.082 billion (down 0.75% year-on-year), benefiting from sales structure adjustments and improved high-margin poker sales, with a gross margin increase of 3.84 percentage points to 30.40% [2] Group 2: Digital Marketing and Cost Management - Digital marketing revenue for 2024 was 1.142 billion (down 40.25% year-on-year), with a gross margin increase of 2.31 percentage points to 7.76% [3] - The company improved profit margins in Q4 2024, with a gross margin of 75.85% (up from 51.26% in Q3 2024) due to a decrease in low-margin advertising business and improved gross margins [4] - Sales expenses in Q4 2024 decreased by 48% to 50 million, while R&D expenses decreased by 13% to 60 million, indicating effective cost management [4] Group 3: Future Outlook - The company is expected to expand poker production capacity, addressing capacity bottlenecks and increasing market share [4] - The casual gaming segment is performing well, with overseas gaming business showing competitive advantages; prior investments in R&D and marketing are anticipated to yield profits in the future [4] - Strategic investment in Shanghai Luda aims to participate in card development and operations, with expectations for continued growth in the card business [4] - Profit forecasts for 2025 and 2026 are 600 million and 670 million respectively, with corresponding PE ratios of 17.9 and 16.1, maintaining a buy rating [4]

Core Viewpoint - ST Yushun has adjusted its business structure by reducing the production and sales of low-margin LCD screens and modules, while increasing the proportion of high-margin touch display modules, which accounted for 48.56% of revenue in 2024 [1] Financial Performance - In 2024, the company achieved total operating revenue of 220.28 million yuan, a year-on-year increase of 41.94% [3] - The net loss attributable to shareholders was 17.57 million yuan, a significant decrease of 1922.33% compared to the previous year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 21.43 million yuan, down 15.97% year-on-year [1] - The net cash flow from operating activities was -40.12 million yuan, a decline of 446.38% compared to the previous year [1] - Basic and diluted earnings per share were both -0.0627 yuan, a decrease of 1944.12% year-on-year [1] Asset and Equity Position - As of the end of 2024, total assets amounted to 448.66 million yuan, an increase of 41.88% from the end of 2023 [1] - Equity attributable to shareholders was 230.66 million yuan, a decrease of 6.97% compared to the end of 2023 [1] Business Strategy and Developments - The company acquired 75% of Shanghai Fubang Industrial for 74.25 million yuan to expand into the instrument and safety emergency equipment sectors, which generated a net profit of 7.24 million yuan in the first half of 2024, but did not reverse the overall loss situation [1] - Fubang Industrial has improved customer satisfaction through market research and enhanced brand awareness by strengthening partnerships and optimizing sales strategies [2] - In the first quarter of 2025, ST Yushun reported operating revenue of 45.73 million yuan, a significant year-on-year increase of 93.73%, and a net profit of 1.14 million yuan, marking a turnaround with a growth of 112.7% [2] Future Outlook - For 2025, ST Yushun plans to continue consolidating existing businesses while developing customers that align with its strategies, products, and resources, aiming to increase profit margins and achieve revenue goals [4]

Core Viewpoint - Huayang Lianzhong's 2024 annual report reveals significant challenges, with a drastic decline in operating revenue and net cash flow, indicating issues in business development, cost control, and cash flow management that warrant investor attention [1] Revenue and Profitability - Operating revenue for 2024 was 2,030,939,857.49 yuan, a decrease of 63.07% from 5,499,864,640.28 yuan in 2023, attributed to business structure adjustments [2] - The net profit attributable to shareholders was -546,564,694.24 yuan, an improvement from -684,200,932.37 yuan the previous year, but still in a loss position, indicating weak core business profitability [3] - Basic earnings per share were -2.16 yuan, compared to -2.70 yuan last year, reflecting negative shareholder returns despite slight improvements [4] Cost Management - The company achieved some success in cost control, with sales expenses down 36.03% to 323,328,961.93 yuan and management expenses down 16.55% to 113,029,753.64 yuan, although financial expenses increased by 21.00% to 58,076,104.04 yuan due to rising loan costs [5] - Research and development expenses decreased by 58.83% to 73,777,361.23 yuan, raising concerns about long-term competitiveness due to reduced investment in innovation [6] Cash Flow and Financial Health - The net cash flow from operating activities was -413,850,451.15 yuan, a 159.04% decrease from 700,986,815.69 yuan in 2023, primarily due to increased payments to suppliers [7] - Cash flow from investing activities was 39,741,337.64 yuan, a positive shift from -16,390,689.46 yuan last year, indicating a strategic adjustment in investment [8] Risks and Challenges - The company faces multiple risks, including intense market competition, technological risks, data security concerns, and legal risks, which could hinder its operational performance [9] Management Compensation - Total compensation for directors, supervisors, and senior management was 12.7099 million yuan, reflecting a decrease linked to the company's poor performance, which may incentivize management to focus on improving business outcomes [10]

Financial Performance - In 2024, the company reported a revenue of 7.012 billion yuan, a decrease of 10.73% year-on-year, primarily due to changes in market demand and the exclusion of Shifeng Livestock from the consolidation scope since May 2023 [2] - The net profit attributable to shareholders was 54.81 million yuan, down 77.44% year-on-year, largely due to the absence of one-time gains from the sale of Shifeng Livestock shares in 2023 [3] - The basic earnings per share decreased to 0.036 yuan, reflecting a 77.50% decline, consistent with the drop in net profit [5] Core Business Analysis - The net profit excluding non-recurring items was 29.82 million yuan, a significant decrease of 87.72% compared to 2023, indicating that while core business profitability improved, there is still substantial room for enhancement [4] - The adjusted basic earnings per share, excluding non-recurring items, increased to 0.020 yuan, marking a 900% growth from 0.002 yuan in 2023, suggesting a substantial improvement in core business profitability [6] Expense Analysis - Total expenses showed varied trends, with sales expenses decreasing by 4.67% to 1.21 billion yuan, management expenses down 14.58% to 267 million yuan, while financial expenses surged by 250.84% to 84.15 million yuan [7] - The increase in financial expenses was primarily due to reduced interest income from shareholder loans following the debt-to-equity swap with joint ventures [11] Cash Flow Analysis - The net cash flow from operating activities was 359 million yuan, an increase of 153.52% year-on-year, indicating improved operational efficiency [15] - The net cash flow from investing activities was -93.27 million yuan, reflecting a decrease of 122.98%, primarily due to capital contributions to joint ventures [16] - The net cash flow from financing activities was -538 million yuan, indicating potential pressure in fundraising and repayment plans [17] Market and Competitive Landscape - The company faces increased competition in the dairy industry as leading firms expand in regional markets and low-temperature dairy products, necessitating a focus on brand strength and product differentiation [18] - Fluctuations in raw material prices pose ongoing challenges, requiring the company to maintain flexible procurement strategies [19] R&D and Innovation - The company invested 119 million yuan in R&D, accounting for 1.69% of revenue, indicating a commitment to innovation despite a reduction in R&D spending [13] - The R&D team consists of 49 members, with a strong educational background, which is crucial for driving innovation [14]

科顺股份 20250428 摘要 • 科顺股份 2024 年调整业务结构，主动放弃低毛利和长账期项目，地产和 市政基建收入下降，但海外、B 端、经销及工商项目收入占比提升，整体 毛利率和现金流改善，净利润扭亏为盈至 4,000 多万元，现金流增至 3 亿 多元。 • 2025 年一季度，科顺股份收入降幅收窄至 6%，C 端和海外业务分别增长 30%和 60%，毛利率达近两年较高水平 24.几，现金流大幅改善至负 3 亿 多元。公司计划民建保持 40%高增长，公建经销实现正增长，直销稳中略 增，市政基建严格风控。 • 科顺股份海外市场虽基数小，但增长迅速，2024 年增长 60%至 2.7 亿元。 董事长直接管理海外业务，加强人员配置、市场推广和产品投放。2025 年计划在东南亚设产能，与当地伙伴合资，预计海外市场增长接近 80%。 • 工程板块中，工商类项目毛利率最高，地产项目次之，市政项目毛利率最 低且账期长。2025 年一季度毛利率改善主要归因于收入和产品结构优化， 沥青降价预计二季度显现成本优势，沥青价格每下降 10%可提升毛利率约 2.2~2.3 个百分点。 Q&A 请介绍科顺股份 2024 年年报及 ...

证券研究报告 | 2025年04月09日 中国中冶（601618.SH） 优于大市 毛利率筑底企稳，充分减值待转机 收入与业绩承压，充分计提减值释放潜在风险。2024 年公司实现营收 5520 亿元，同比-12.9%，实现归母净利润 67.5 亿元，同比-22.2%。其中 2024 年 第四季度公司实现营业收入 1394 亿元，同比-16.3%，实现归母净利润-0.85 亿元，单季度小幅亏损。在钢铁行业需求持续下降、建筑行业增长乏力等因 素的影响下，公司主动进行业务结构调整，充分计提减值释放潜在风险，营 业收入和利润均有所下滑。 海外新签合同额显著增长，固本强基优化业务结构。2024 年公司新签合同额 12483 亿元，同比 12.4%，其中新签海外合同额 932 亿元，同比+47.8%。从 业务结构来看，冶金建设作为公司"核心"业务板块展现较强的韧性，2024 年公司冶金建设收入 1091 亿元，同比-1.9%，受下游需求减少、业主回款恶 化影响，公司房建和市政基础设施工程业务收缩较多，实现收入 3923 亿元， 同比-17.3%。 毛利率底部企稳，研发费用支出减少。2024 年公司整体毛利率为 9.69% ...

点评： 业务结构调整，增长韧性较强，外拓合同金额创新高，分红比例提升 1)业务结构调整，组织结构变革，经营效率有所提升。2024年公司物业管理/非业主增值/社区增值业务分 别实现收入116.7/19.6/27.1亿元，同比增速为+15.0%/-6.4%/-3.9%，非业主增值业务、社区增值服务（含家 装美居、车位销售及房屋经纪租赁等地产后周期业务）由于房地产行业持续收缩，发展速度有所减缓，而 基础物管业务则由于在管规模持续扩张，收入保持稳健增长。伴随市场竞争加剧，公司从组织模式、管理 体系与管理工具等维度，对成本结构进行优化调整，实现成本集约、产出高效，物管业务毛利率基本保持 稳定，同时管理费用同比下降8.5%，管理费用率同比下降1.2pct。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告 ...

绿城服务 视觉中国 资料图 3月24日，绿城服务（02869.HK）召开2024年业绩沟通会，董事会主席杨掌法、行政总裁金科丽、首席财务官张玲波出席会议。 2024年，绿城服务实现收入185.28亿元，同比增加6.5%。其中，物业服务收入124.01亿元，同比增长11.7%，占整体收入的66.9%；园区服务收入 33.73亿元，同比下降5.5%，占整体收入的18.2%；咨询服务收入24.12亿元，同比增长5.1%，占整体收入的13.0%；科技服务收入3.41亿元，同比 下降20.3%，占整体收入的1.9%。 对于营收增速放缓，金科丽解释，公司的房屋4S业务完成出表，同时公司对许多亏损的非主营业务进行关停并转，这是周期性结构调整的必经阶 段。 利润方面，2024年绿城服务实现毛利31.97亿元，同比增长9.7%；毛利率为17.3%，同比增加0.5个百分点。 绿城服务：2024年收入185亿元，多个存量项目实现溢价承接 其中，物业服务毛利率为13.7%，同比增加0.7个百分点；园区服务毛利率为22.6%，同比增加1.1个百分点；咨询服务毛利率为24.9%，同比增加1.5 个百分点；科技服务毛利率为39.3%，同比 ...