Core Insights - The company achieved a record revenue of 8.124 billion yuan in 2024, representing a year-on-year growth of 33.74%, with a net profit of 334 million yuan and a significant increase in operating cash flow by 53.02% [2] - In Q1 2025, the company reported a revenue of 2.091 billion yuan, a year-on-year increase of 13.56%, and a net profit of 111 million yuan, reflecting a growth of 10.30% [2] Market Performance - The company has maintained a leading position in the furniture and home goods e-commerce sector, particularly in the European and North American markets, with a revenue contribution of 4.896 billion yuan from Europe and 3.017 billion yuan from North America, marking growth rates of 31.31% and 38.83% respectively [3] - The company has successfully expanded into emerging channels, achieving a 99.7% year-on-year growth in B2C revenue from new platforms like TEMU and SHEIN [3] Product Development and Innovation - The company increased its R&D investment by 28.65% to 77.29 million yuan, resulting in 424 new global patent authorizations, including 383 design patents [4] - The introduction of the TOOLLESS installation technology has enhanced product convenience and user experience [4] Supply Chain and Logistics - The company has successfully migrated its supply chain to Southeast Asia, improving resilience and reducing risks associated with a single supply chain [4] - Logistics improvements, including the addition of five new front warehouses in Europe, have reduced shipping costs by 0.7 to 2.4 USD per package and improved delivery times by 1-2 days [5] Future Outlook - The company plans to continue its global supply chain strategy, focusing on a "China + N" capacity layout, particularly strengthening backup capacity in Southeast Asia [5] - The company aims to maintain its leadership in the European market while diversifying its supply chain to mitigate the impact of tariffs in North America and explore opportunities in emerging markets like South Korea and Latin America [5]

Investment Rating - The report maintains a "Buy" investment rating for Yanjing Beer (000729.SZ) [1] Core Views - The company continues to show strong profit growth, with Q1 2025 total revenue and net profit reaching 3.827 billion and 165 million yuan, respectively, representing year-on-year increases of 7% and 61% [5] - The gross margin and net margin for Q1 2025 improved to 43% and 6%, reflecting a year-on-year increase of 5.6 and 2.3 percentage points [5] - The company is focusing on high-end product development, with the flagship product Yanjing U8 maintaining over 30% growth in sales volume [6] - The company has launched a new soda product, Best Soda, to complement its beer offerings and enhance market presence [6] - The earnings per share (EPS) forecast for 2025-2027 is projected to be 0.51, 0.62, and 0.75 yuan, with corresponding price-to-earnings (PE) ratios of 25, 21, and 17 times [7] Summary by Sections Financial Performance - Q1 2025 total revenue was 3.827 billion yuan, with a net profit of 165 million yuan, showing a 7% and 61% year-on-year growth respectively [5] - The operating cash flow and sales collection improved significantly, with operating cash flow reaching 1.333 billion yuan, up 49% year-on-year [5] Product Strategy - The company sold 995,000 tons of beer in Q1 2025, with Yanjing U8 leading the growth [6] - The introduction of high-end products and the "beer + soda" strategy aims to capture a broader consumer base [6] Earnings Forecast - The report projects a steady increase in revenue and net profit, with a forecasted net profit of 1.436 billion yuan for 2025, representing a 36.1% growth [9] - The report emphasizes the ongoing optimization of the sales structure and cost control measures as key drivers for profitability [7]

Investment Rating - The report maintains a "Buy" investment rating for Yanjing Beer [1] Core Views - The company continues to show strong performance with significant profit release, driven by revenue growth and cost control [5] - The core product, Yanjing U8, is experiencing over 30% growth, contributing to the overall sales structure optimization [6] - The company is expanding its high-end product offerings and has launched a new soda product to enhance market coverage [6] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit attributable to shareholders were CNY 3.827 billion and CNY 165 million, respectively, representing year-on-year increases of 7% and 61% [5] - The company's gross margin and net margin improved to 43% and 6%, respectively, with year-on-year increases of 5.6 and 2.3 percentage points [5] - Operating cash flow and sales collection showed robust growth, with operating cash flow reaching CNY 1.333 billion, up 49% year-on-year [5] Product Strategy - The beer sales volume reached 995,000 tons in Q1 2025, with the flagship product Yanjing U8 maintaining a growth rate of over 30% [6] - The company is focusing on high-end products and has developed a differentiated product matrix to meet consumer upgrade demands [6] - The launch of the new soda product, Best Soda, aims to capture additional market segments, particularly in dining scenarios [6] Earnings Forecast - The company is expected to maintain high profit growth, with projected EPS of CNY 0.51, 0.62, and 0.75 for 2025, 2026, and 2027, respectively [7] - The current stock price corresponds to PE ratios of 25, 21, and 17 for the respective years [7] - Revenue forecasts for 2025-2027 are CNY 15.537 billion, CNY 16.272 billion, and CNY 16.736 billion, with growth rates of 5.9%, 4.7%, and 2.8% [9]

特别申明： 点击注册小程序 查看完整报告 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。 25Q1公司毛利率28.9%，同比+0.3pcts，估计主要系降本提效及产品结构优化所致；期间费用率13.7%，同 比+0.3pcts，其中销售/管理/财务/研发费用率为6.0%/4.5%/0.2%/3.1%，同比+1.0/-0.2/-0.1/-0.5pcts，销售 费用率提升估计系嘉宝莉并表及渠道投入增加，最终销售净利率为13.7%，同比-0.3pcts。此外25Q1公司经 营性净现金流-2.2亿元，同比-2.0亿元。主要系根据嘉宝莉股权转让协议，原股东回购部分应收账款，导致 24Q1经营性净现金流增加较多。 风险提示： 下游需求转弱，涂料业务整合不及预期，原材料价格超预期上涨。 发布日期：2025-04-25 免责声明 报告摘要 事 ...

Group 1 - The core viewpoint of the news is that Chongqing Brewery has announced its profit distribution plan for 2024, proposing a cash dividend of 0.90 yuan per share, totaling 4.36 billion yuan, despite having a year-end undistributed profit of 9.96 billion yuan [1] - The total cash dividend for the year, including interim distributions, amounts to 11.62 billion yuan, which represents 104.21% of the net profit attributable to shareholders and 116.67% of the undistributed profits [1] - In 2024, Chongqing Brewery achieved an operating income of 146.45 billion yuan and a net profit of 12.22 billion yuan, with a beer business gross margin of 49.71% [1] Group 2 - The company reported a beer sales volume of 2.9749 million kiloliters in 2024, demonstrating a strong performance in the industry [1] - The sales volume of high-end products (priced at 8 yuan and above) reached 1.4572 million kiloliters, a year-on-year increase of 1.37%, accounting for 48.9% of total sales [1] - The company is focusing on non-dining channels, with the proportion of canned products increasing to 26%, up by 3.5 percentage points from 2023 [1] Group 3 - Chongqing Brewery has a strong brand portfolio that includes both local brands such as "Chongqing," "Wusu," and "Dali," as well as international brands like "Carlsberg" and "Brooklyn" [2] - In 2024, the company is implementing the "Jiasu Yangfan" strategy to adapt to external environmental changes, focusing on innovation in products, marketing, and research and development [2] - The company aims to optimize its product structure and enhance supply chain efficiency to achieve high-quality development [2]

点击注册小程序 查看完整报告 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。 发布日期： 2025-03-30 免责声明 报告摘要 毛利率持平，并购导致费用率提升拖累盈利 24年公司毛利率29.9%，同比持平，其中石膏板毛利率38.51%，同比+0.02pcts，推测系加强降本提效，叠 加成本红利延展对冲价格下行，24年国废黄板纸（山东国废黄板纸海象A级收购价）/动力煤均价分别同 比-4%/-11%。销售/管理/研发费用率分别5.6%/4.4%/4.1%，同比+1.4/+0.7/-0.1pcts，其中销售与管理费用 率上行主要系新并购嘉宝莉所致。最终公司销售净利率14.4%，同比-1.4pcts。单Q4毛利率27.0%，同比持 平。销售/管理/研发费用率为7.9%/5.5%/4.1%，同比+3.9/+3.3/- ...

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。 报告摘要 事件： 东方雨虹发布24年年报，24年实现营收/归母净利/扣非归母净利280.6/1.1/1.2亿元，同 比-14.5%/-95.2%/-93.3%。Q4实现营收/归母净利/扣非归母净利63.6/-11.7/-9.8亿元，同比-14.8%/-10.9亿 元/-6.4亿元。24年经营性净现金流34.6亿，同比+64.4%。应收账款/其他应收款为73.4/22.0亿元，同 比-23.3%/-46.0%。此次拟每股派发1.85元（含税），对应公告日股息率14.6%。 主动压降直销拖累整体收入，零售及工程逆势增长 24年收入同比-14.5%，主要系外部需求承压，风控加强下主动放弃回款不良的直销项目以及去施工化所 致。分渠道看，零售渠道实现营收102 ...

Q KSB links 业链年度盈会 ISH China中国供热展 在 北京中国国际展览中心隆重举 热领域最新技术成果与数字化解决方案精彩亮相。 怎做"凯家卫士"智能 运维产品和"SES"系统的 早服务"，同工比为亲辣的业高效 印影带来了 数"智能新思路，用服业界厂泛关注。 — W1-10B INSE nul 泵动百年 · 智领创新 Schulons Forlife, 0 0 = 0 GJKSB ale Solutions. For Life. ery city. build a 凯泵卫士（Ki-Pump Sentinel） 。这 款智能运 保障，有效延长设备使用寿命，降低能源消耗，吸引了展 G Solutions. For Life. C 凯泵卫士通过 买时监控泵的 运行温度、振动、载荷及运行时间 ，利用 先进算法 为 用户提供设 设备"带伤"运行导致的损坏，实现用户设备与系统的 高效节能 ， 设备运行成本节省可达 30%。 = 1 SES系统效率服务 助力工业领域节能减排 凯士比SES系统效率服务 （System Efficiency Service®） 也是 本 备，提供全面的 节能提效/碳中和解决方案 ...