2024年，珍宝岛通过深入的内部市场研究、外部环境分析、竞争情报收集与标杆企业对比，为营销策略 提供有力支持。公司在全国各省组建学术推广团队，负责产品循证宣传、临床用药指导与学术交流，从 而快速促进终端市场的深度开发。 截至目前，珍宝岛已建成覆盖30余个省份、超6000家医疗机构的全国性营销网络，并贯通"城市公立医 院—县域医共体—基层卫生机构—零售终端"全链条服务体系，全面推进"小终端.大模式"基层攻坚行 动，通过深化渠道下沉，不断提升基层市场的覆盖率和服务能力。同时，公司还积极运用数字化手段， 优化营销管理体系，此外，珍宝岛还不断加强与医疗机构的合作，通过提供高质量的产品与服务，深化 双方的战略伙伴关系，共同推动医药健康事业的发展。 遵循"广泛覆盖、深度渗透、精准产出"的总体要求，珍宝岛以"全局规划、网络布局、精细管理"为支 点，系统规划2025年的核心业绩指标。在广度上，明确各省、市、县、乡等各级区域的产品覆盖目标； 在深度上，细化到各区域终端的覆盖计划；在精度上，将设定各终端的具体产出目标，确保营销活动的 精准高效。 "公司狠抓销售能力建设，第一事业部将聚焦于商业销售的第三终端，采用传统渠道分销与招商 ...

收入增长保持韧性，信用减值及商誉计提拖累全年业绩。2024 年公司实现营 收 91.9 亿元，同比+1.39%，归母净利润 5.9 亿元，同比-15.11%，扣非归母 净利 4.9 亿元，同比-16.01%，EPS 为 0.71 元/股，并拟 10 派 3.2 元（含税）， 2024 年累计分红 4.93 亿元，分红率 84.2%，同时公告 2025 年中期分红规划。 收入增长保持韧性，装饰材料业务和全屋定制业务同比均实现稳健增长，利 润承压主因裕丰汉唐控规模降风险、收入同比下滑，同时计提信用减值损失 和商誉减值增加（信用减值损失增加 0.53 亿元，商誉减值增加 1.3 亿元）。 2025Q1实现营收1.27亿元，同比-14.3%，归母净利润1.01亿元，同比+14.2%， 扣非归母净利润 0.87 亿元，同比+7.9%，收入下滑受 A 类收入占比下降影响， A+B 折算后总体仍保持相对韧性，利润增长受公允价值同比变动影响，上年 同期为-0.1 亿元。 乡镇下沉+小 B 拓展推动板材增长，全屋定制逆势继续提升。2024 年公司装 饰材料/定制家居业务分别实现营收 74.04/17.2 亿元，同比+8.0%/ ...

风险提示：大输液需求转弱，集采风险，研发失败风险，BD 合作不及预期。 公司公告，2025 年Q1 实现营收30.79 亿元（yoy-2.10%），归母净利润5.07亿元（yoy-1.26%）；收入/ 利润略有下滑，主因大输液板块1Q 高基数+需求趋弱等影响。展望25 年，考虑大输液板块持续包材升 级及营养/治疗型输液占比提升，原料药板块合成生物新品等占比提升，紫竹加大OTC 电商端拓展等， 我们看好公司25 年净利润稳健增长，考虑公司后续潜在BD 或新领域探索预期，维持"买入"。 输液板块：1Q 收入下滑利润企稳，后续加大产效+加速包材升级输液板块1Q25 收入7.7 亿元 （-16%yoy），1Q 收入下降主因高基数影响及当季暖冬影响大输液需求。展望25 年，我们估测大输液 收入端略有下滑，毛利率保持当前水平，考虑：1）销量端预计规模企稳，1Q25 大输液销量环比4Q24 已有回升；2）核心销售区域受基础输液集采影响有限，后续公司有望通过升级软袋/直立软袋等高端包 材，及产线升级和自动化改造压缩成本，从而维持大输液利润规模；3）氨溴索、小儿氨基酸等稳健增 长，上市新品（丙泊酚中长链脂肪乳、左氧氟沙星氯化钠 ...

Core Viewpoint - The company reported a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, while the net profit attributable to shareholders decreased by 8.2% to 70 million yuan, indicating pressure on profitability despite revenue growth [1][2]. Product Dimension - The company focuses on core product categories such as fish, eggs, and beans, aiming to create healthier snack foods and continuously upgrading product quality [1]. - The brand recognition of the company's small fish products is strong, with current promotions for deep-sea anchovies expected to enhance brand strength [1]. - In the quail egg sector, the company leads the industry with its soft-boiled quail eggs, driving structural upgrades in the market [1]. - The company differentiates its bean products through short-shelf-life bean curd, establishing a competitive edge [1]. Channel Dimension - The company has significantly enhanced its sales system, upgrading traditional channels and focusing on high-quality store selections, display enhancements, and promotional investments [1]. - The company has expanded its collaboration with over 100 snack systems, covering more than 35,000 terminals, and is exporting to over 40 overseas markets [1]. Financial Performance - The net profit margin decreased by 2.3 percentage points to 11.3% due to cost pressures and reduced foreign exchange gains [2]. - The gross profit margin slightly decreased by 0.1 percentage points to 29.9%, while the sales expense ratio increased by 0.2 percentage points to 13.4% [2]. - The company is actively developing anchovy resources globally to strengthen its supply chain and ensure core raw material supply [2]. Growth Forecast - The company is expected to achieve revenue growth of 17.7%, 14.7%, and 13.3% from 2025 to 2027, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [2]. - The net profit attributable to shareholders is projected to grow by 14.1%, 16.4%, and 13.7% during the same period, reaching 330 million, 390 million, and 440 million yuan respectively [2]. - The company maintains a "buy" rating based on its product expansion and channel growth potential [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, despite a 12-day shift in the Spring Festival [1]. - The decline in net profit by 8.2% year-on-year is attributed to cost pressures and reduced foreign exchange gains, leading to a net profit margin decrease of 2.3 percentage points to 11.3% [2]. - The company is focusing on enhancing its core product categories and expanding its market channels, which is expected to support continued strong performance [2]. Financial Performance - Revenue projections for 2025-2027 are expected to grow by 17.7%, 14.7%, and 13.3%, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [3]. - The net profit for the same period is projected to increase by 14.1%, 16.4%, and 13.7%, reaching 330 million, 390 million, and 440 million yuan respectively [3]. - The company’s gross margin is forecasted to be 29.9% in Q1 2025, with a slight year-on-year decrease of 0.1 percentage points [2]. Product and Channel Strategy - The company is focusing on health-oriented snack foods in the fish, egg, and bean categories, with a strong emphasis on product quality upgrades [1]. - The company has expanded its sales system significantly, enhancing traditional channel operations and entering over 40 overseas markets [1][2]. - The company is actively promoting deep-sea anchovies and leading the quail egg industry with its soft-boiled quail eggs, aiming to strengthen brand recognition [1].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, a 7.3% increase year-on-year, while net profit for the same quarter was 438 million yuan, showing a significant year-on-year growth of 22.8% [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year. The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. - The company is focusing on practical adjustments and actively building momentum, with expectations for revenue recovery driven by new products and channels despite external demand pressures [6][7]. Financial Summary - The company’s total revenue for 2024 was 15.127 billion yuan, with a projected growth of 8.2% for 2025, reaching 16.368 billion yuan. The net profit for 2025 is expected to be 1.522 billion yuan, reflecting a growth of 2.5% [7]. - The earnings per share (EPS) for 2024 was 5.06 yuan, with projections of 5.19 yuan for 2025, 5.71 yuan for 2026, and 6.39 yuan for 2027. The corresponding price-to-earnings (PE) ratios are 15, 14, 13, and 12 respectively [7][8]. - The company’s gross margin for 2024 was 23.3%, with a slight year-on-year increase of 0.1 percentage points. The net profit margin was recorded at 9.8%, down 0.7 percentage points year-on-year [6][8]. Product and Market Performance - The company’s revenue from various product categories showed mixed results in 2024, with the rice and flour segment declining by 3.1%, while frozen prepared foods and dishes grew by 11.4% and 10.7% respectively. The company’s hot pot ingredients experienced significant growth, particularly in vacuum-sealed packaging [6][7]. - The company’s sales channels also demonstrated varied performance, with distribution channels increasing by 8.9%, while supermarkets and e-commerce channels saw declines of 2.4% and 2.3% respectively. The new retail channel showed a remarkable growth of 33% [6][7]. Regional Performance - Revenue growth varied across regions, with Northeast China growing by 7.0%, North China by 5.4%, East China by 6.4%, South China by 9.1%, Central China by 7.4%, Northwest by 13.5%, and Southwest by 14.4% [6][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company has shown a pragmatic adjustment in its operations and is actively building momentum for future growth. Despite short-term pressures, the strategic optimization and new product launches are expected to gradually improve the company's fundamentals [1][6]. Financial Performance Summary - In 2024, the company achieved a total revenue of 15.127 billion yuan, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, with a year-on-year growth of 7.3%, and the net profit for the same quarter was 438 million yuan, reflecting a significant increase of 22.8% year-on-year [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year [6][7]. - The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. Product and Channel Performance - The company’s revenue from various product categories in 2024 showed mixed results: - Noodle and rice products decreased by 3.1% - Frozen prepared foods increased by 11.4% - Dishes grew by 10.7% - Agricultural and sideline products fell by 11.7% [6][7]. - In terms of distribution channels, revenue from distributors increased by 8.9%, while supermarkets, direct sales, and e-commerce saw declines of 2.4%, 4.5%, and 2.3% respectively. The new retail channel showed significant growth at 33% [6][7]. Regional Performance - Revenue growth varied across regions in 2024, with the following year-on-year increases: - Northeast: +7.0% - North China: +5.4% - East China: +6.4% - South China: +9.1% - Central China: +7.4% - Northwest: +13.5% - Southwest: +14.4% [6][7]. Profitability Metrics - The company maintained a gross margin of 23.3% in 2024, a slight increase of 0.1 percentage points year-on-year. The net profit margin for the year was 9.8%, down 0.7 percentage points year-on-year [6][7]. - In Q1 2025, the gross margin remained at 23.3%, but the net profit margin was 11.0%, reflecting a decrease of 0.7 percentage points year-on-year due to increased promotional efforts and a decline in average sales prices [6][7]. Future Outlook - The company is expected to recover growth through new products and channels, despite ongoing external demand pressures. The introduction of high-quality, mid-priced products for B-end customers and premium products for C-end customers is anticipated to drive revenue recovery [6][7]. - The EPS forecast for 2025-2027 has been adjusted to 5.19, 5.71, and 6.39 yuan respectively, with corresponding PE ratios of 14, 13, and 12 times [6][7].

餐饮/品牌定制增长可观，经销商渠道继续下滑。1）分业务看：24 年酱汁类/粉体类/ 食品添加剂业务分 别实现收入3.19/0.83/0.02 亿元， 同比+19.3%/-5.5%/-41.1%，其中Q4 分别同比+20.6%/+0.9%/-47.2%。 2）分渠道看：公司餐饮业务24 年收入2.0 亿，同比+22.2%，其中Q4 同比+17.3%，保持快速增长态 势，主要系与呷哺、百胜等大客户合作进一步深化，订单增加带动；食品加工业务24 年收入1.4 亿，同 比+4.0%，其中Q4 同比+13.5%，环比有所改善；品牌定制业务24 年收入5233 万元，同比+15.1%，其中 Q4同比+26.5%，系公司与山姆等客户合作订单贡献增加，直营商超/电商渠道24 年分别收入160/298 万 元，同比-13.6%/+43.9%，其中Q4 分别同比-18.6%/+22.1%，经销商渠道24 年收入694 万元，同 比-34.9%，其中Q4 同比-38.1%，公司目前战略聚焦直营渠道为主，经销商渠道继续下滑。截止24年 末，公司经销商数量62 个，相比24 年初减少47 家。 全年盈利能力稳定，Q4 受费用率拖累净利 ...

事件：公司发布2024 年年报及2025 年一季报，24 年实现总营收220.6 亿元，同比+9.4%，实现归母净利 17.5 亿元，同比+26.0%。25Q1 实现总营收57.0 亿元，同/环比+13%/-7%，实现归母净利3.4 亿元，同/ 环比-23%/+740%，扣非净利2.8 亿元，同/环比-35%/+3680%。 风险提示：新建项目进度低于预期、产品价格低于预期、关税政策变动等。 塞尔维亚基地一期项目顺利量产，海外第三基地落地巴西。塞尔维亚基地于24 年9 月成功实现量产，是 中国轮胎企业在欧洲建设的首个工厂。截至24年末，塞尔维亚基地乘用及轻卡胎产能达300 万套，产能 利用率68%，卡客车胎较23 年底增加20 万套达到100 万套，产能利用率88%。公司海外第三基地落地巴 西。公司拟与拉丁美洲市场轮胎进出口和分销公司领导者SUNSET S.A. COMERCIAL INDUSTRIAL YDE SERVICIOS 合作，于巴西巴拉那州共同投资11.9 亿美元（折87.1 亿人民币）建设年产1200 万条半 钢胎、240 万条全钢胎、20 万条工程胎、10 万条翻新胎项目，项目建设期预计为7 ...

事件：公司发布2025 年一季报，实现营业收入6.25 亿元，同比-2.50%，实现归母净利润-0.73 亿元，同 比-1713.36%，实现扣非归母净利润-0.01亿元，同比-104.54%。 精准行销驱动长效增长，渠道拓展取得一定突破。1）在销售端：公司针对市场形势变化采取灵活的销 售策略，在疆内市场以"快抢鲜、强推新"为主题，疆外市场围绕核心KA、流通网点、专卖店渠道，针 对重点产品开展促销推广活动，使得产品销量稳步增长。2）在渠道端：公司深耕南疆乡镇网点，开发 疆内核心景区及连锁餐饮渠道，华东、华南地区入驻上海好特卖、零食优选等零食连锁系统，围绕天润 齐源乳品加工基地筹划探索济南商超直营模式。3）在产品端：25Q1 推出5 款新品，新农奶粉产品以川 渝地区天润专卖店为突破口，打造奶粉陈列专区，完成100 家店面产品铺市，此外新农开提米系列烤奶 皮、三角奶酥、奶片等产品已中试成熟逐步推向市场。 盈利预测与投资评级：我们预计公司2025-27 年可实现归母净利润0.71/2.01/2.47 亿元，同比 +62.63%/182.52%/23.13%，当前股价对应2025-27 年PE 分别为47X/17X/ ...