天风证券（601162）股份有限公司鲍荣富,王涛,林晓龙近期对上峰水泥（000672）进行研究并发布了研究报告 《24年分红提升亮眼，25Q1连续两季度利润同比大增，新五年规划开启"双轮驱动"新征程》，给予上峰水泥买 入评级。 上峰水泥 主业来看，24年公司实现水泥及熟料收入同比-10.8%达47.64亿元，销量同比-3.3%达2075万吨，测算吨均价同 比下降19元至230元，受煤炭成本下降以及公司成本控制较优影响，吨成本同比下降13元至175元，最终吨毛利 同比下降5.8元至55元，测算吨净利同比下降3元达18元。两翼来看，24年公司骨料/环保处置业务有下滑，收入 同比分别-35%/-39%达3.2/1.4亿元，毛利率同比分别-4.6/-18.3pct达66.2%/37.8%。新经济股权投资方面成效凸 显，逐步进入收获期，晶合集成项目已完成并获得投资收益1.66亿元，光智科技（300489）公告拟并购先导电 科，昂瑞微申报科创板上市获受理，中润光能申报港股上市获受理，上海超硅上市辅导通过验收，盛合晶微、 芯耀辉进入申报上市辅导阶段，截至24年底已投资24个优质项目累计投资额超过17亿元。公司发布25-29 ...

Core Viewpoint - The company reported a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite revenue growth [1] Financial Performance - The company achieved operating revenue of 2.74 billion yuan, a year-on-year increase of 2.96% [1] - Net profit attributable to shareholders was 194 million yuan, a year-on-year decrease of 14.35% [1] - The net profit after deducting non-recurring items was 186 million yuan, down 4.63% year-on-year [1] - The net cash flow from operating activities was 283 million yuan, an increase of 68.97% year-on-year [1] - The profit distribution plan for 2024 is to distribute a cash dividend of 3 yuan per 10 shares (tax included) [1] Operational Challenges - The company experienced a decline in gross profit for its motor and accessory products [1] - Sales expenses increased by 21.81% year-on-year, impacting profitability [1] - Investments in "Zhuhai Guanyu" and "Fengdian Technology" resulted in a fair value change loss of 13.07 million yuan, contributing to the decline in net profit [1] Strategic Initiatives - The company is actively advancing the "Mobile Power and Household Energy Storage Production Project" and the "Shench Electric Power General Products Production Base and R&D Center," with expected production starts in mid-2024 and end of 2024, respectively [2] - A production line has been established in the United States, which has begun small-scale production [2] - Increased investment in the Vietnam production base has led to localized production of gasoline-powered products [2] - The company plans to invest up to 30 million USD in leasing land and constructing production facilities in Haiyang, Vietnam, currently in the planning stage [2] R&D and Innovation - The company increased R&D investment, with R&D expenses accounting for 3.44% of operating revenue, a year-on-year increase of 4.87% [2] - New developments include high-power variable frequency generators and various motor products [2] - The company has established a research institute dedicated to terminal product development and holds 372 patents, including 34 invention patents, 214 utility model patents, and 124 design patents [2] Future Outlook - The company aims to continue focusing on the electromechanical industry, promoting a strategy of "global operations, dual-wheel drive, digital intelligence leadership, and efficiency leadership" to build global brand and channel advantages [3]

茅台再次展现出酒业"压舱石"的地位。 去年下半年白酒上市公司整体降速的大环境下，贵州茅台又一次如预期完成年度目标，并 且增速略高于去年初确定的"实现营业总收入较上年度增长1 5%左右"目标，再次让市场吃 下定心丸。 更值得注意的是，贵州茅台2 0 2 4年度拟分红3 4 6 . 7 1亿元，加上此前已经落实的2 0 2 4年度 中期分红，年度分红额近6 4 7亿元，再创新高。 千亿级的茅台酒依旧保持两位数稳增长，全年营收达到1 4 5 9 . 2 8亿元，增速超过1 5%。作 为第二增长极的酱香系列酒更是再次贡献超水平高增长，全年营收达到2 4 6 . 8 4亿元，同比 增长1 9 . 6 5%。 4月2日晚，贵州茅台披露2 0 2 4年年度报告：全年实现营业总收入1 7 4 1 . 4 4亿元，同比增长 1 5 . 6 6%，其中营收1 7 0 8 . 9 9亿元，同比增长1 5 . 7 1%；实现利润总额11 9 6 . 3 9亿元，同比增 长1 5 . 4 1%，其中归母净利润8 6 2 . 2 8亿元，同比增长1 5 . 3 8%，营收、利润再次创下历史新 高。 稳业绩：茅台增长既稳又实 翻看这份再创 ...