2025Q1 主业加速增长，看好大客户放量+自有品牌高增，维持"买入"评级 拓展优质大客户+自有品牌共同驱动制品业务持续高增 分产品看，制品业务持续增长。2024 年卷材/制品分别实现营收7.09/15.09 亿元，同比-1.2%/+27.8%。制 品分公司来看，控股子公司杭州国光收入13.93 亿元（同比+26.6%），主要系公司积极开拓国内市场， 切入胖东来、无印良品、恒安集团等优质大客户。自有品牌小植家持续放量，2024 年收入0.30 亿元 （同比+80.6%），以中高端定位打造品类爆品。分区域看，境内外收入均有增长。2024 年境内/境外销 售分别实现营收10.41/11.95 亿元，分别同增15.7%/17.8%，境内收入占比为46.56%。 2024&2025Q1 费率显著降低，经营效率持续改善 盈利能力：2024 年毛利率/归母净利率为14.80%/4.26%，分别同比-1.4/-0.1pct，利润率有所下滑主要系 低毛利客户收入占比有所提高。2024 年期间费用率为8.05% （ 同比-1.8pct ）， 销售/ 管理/ 研发/ 财务 费用率分别同比变动+0.2/-0.8/-0.8/-0.5 ...

证券研究报告：商贸零售 | 公司点评报告 发布时间：2025-04-28 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 49.91 | | --- | --- | | 总股本/流通股本（亿股）1.64 | / 1.21 | | 总市值/流通市值（亿元）82 | / 60 | | 52 周内最高/最低价 | 51.40 / 10.07 | | 资产负债率(%) | 28.8% | | 市盈率 | 76.78 | | 第一大股东 | 王玉 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 若羽臣(003010) 自有品牌高增，利润率优化 l 事件回顾 公司公布 2024 年年报及 25 年一季报，24 年公司营收/归母净利 润分别为 17.7/1.06 亿元，同比+29%/+95%；其中 24Q4 营收/归母净 利润为 6.1/0.48 亿元，同比+14%/+133%。25Q1 公司营收/归母净利 润分别 5.7/0.27 亿元，同比+54%/+114%。24 年拟每 10 股分红 5 元， ...

证券研究报告：商贸零售 | 公司点评报告 发布时间：2025-04-28 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 49.91 | | --- | --- | | 总股本/流通股本（亿股）1.64 | / 1.21 | | 总市值/流通市值（亿元）82 | / 60 | | 52 周内最高/最低价 | 51.40 / 10.07 | | 资产负债率(%) | 28.8% | | 市盈率 | 76.78 | | 第一大股东 | 王玉 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 若羽臣(003010) 自有品牌高增，利润率优化 l 事件回顾 公司公布 2024 年年报及 25 年一季报，24 年公司营收/归母净利 润分别为 17.7/1.06 亿元，同比+29%/+95%；其中 24Q4 营收/归母净 利润为 6.1/0.48 亿元，同比+14%/+133%。25Q1 公司营收/归母净利 润分别 5.7/0.27 亿元，同比+54%/+114%。24 年拟每 10 股分红 5 元， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 10.8 billion yuan for 2024, representing a year-on-year growth of 21.0%, with a net profit of 1.55 billion yuan, up 30% year-on-year [4][6]. - The performance of smaller brands was notably strong, with online sales growth contributing significantly to overall revenue [5]. - The gross margin improved to 71.4% in 2024, driven by lower shipping costs and increased average transaction value [6]. Financial Performance Summary - For 2024, the company achieved a revenue of 10.78 billion yuan, with a net profit of 1.55 billion yuan, reflecting a growth rate of 30% [10][13]. - The company expects net profits to reach 1.84 billion yuan in 2025, 2.20 billion yuan in 2026, and 2.60 billion yuan in 2027, with corresponding PE ratios of 18, 15, and 13 [7][10]. - The gross margin is projected to remain stable at around 71.5% from 2025 to 2027, while the net profit margin is expected to slightly increase [10][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 10.8 billion yuan for 2024, representing a year-on-year growth of 21.0%, with a net profit of 1.55 billion yuan, up 30% year-on-year [4][6]. - The performance of smaller brands was notably strong, with online sales growth contributing significantly to overall revenue [5]. - The gross margin improved to 71.4% in 2024, driven by lower shipping costs and increased average transaction values [6]. Financial Summary - For 2024, the company achieved a revenue of 10.78 billion yuan, with a projected revenue growth rate of 21.04% [10][13]. - The net profit for 2024 was 1.552 billion yuan, with an expected growth rate of 30% [10][13]. - The earnings per share (EPS) for 2024 is reported at 3.92 yuan, with projections of 4.65 yuan for 2025 and 5.55 yuan for 2026 [10][13]. - The company’s asset-liability ratio stands at 27.1%, indicating a solid financial position [3][13].

文|新浪科技 罗宁 "刹不住的车不配叫性能车！" "操控跟不上马力，就是马路杀手！" ………… 支持国产豪车的"韭菜"们 今年2月，吉利旗下豪华汽车品牌莲花推出了两款新品——ELETRE"夏花"和EMEYA"繁花"，起售价分 别由老款的 72.8万元和66.8万元降到了54.8万元和52.8万元，这一举动让曾花费近百万元提车不久的老 车主们难以接受，吐槽愈演愈烈。 莲花官方随即发布"致车主的一封信"，回应了关于降价、车型中文名不好等诸多问题，时任莲花中国区 总裁毛京波在公开信中表示，"我们意识到与用户的前置沟通做得不到位，对此我们深表歉意。" 但没有更多实质性的补偿却让老车主们再次"火冒三丈"，不久毛京波小红书账号注销，本人也从莲花中 国总裁调任莲花科技CSO，这被认为是官方面对老车主"要求毛京波下课"的一种回应。 时间已经过去两个月，仍有不少老车主对此事怨声载道。车主白告诉新浪科技，自己去年7月提车，过 完年就被莲花官方"背刺"，直接损失20余万。他表示，自己在购车时，销售明确提到"公司CEO说不会 降价"，但随着官宣降价之后，再找销售询问时，该销售已经辞职。"落地93万的车，半年时间只要70万 了，而且新 ...

Core Insights - The company reported a revenue of 1.659 billion yuan for 2024, a year-on-year increase of 17.56%, and a net profit of 182 million yuan, marking a turnaround from losses [1] - In Q1 2025, the company achieved a revenue of 329 million yuan, a decline of 14.4% year-on-year, with a net profit of 22.23 million yuan, down 46.71% [1] - The company experienced rapid growth in its proprietary brand revenue in 2024, with significant performance in overseas markets [1] Revenue Breakdown - In 2024, revenue from various product lines included 505 million yuan from animal skin chew toys, 608 million yuan from plant-based chew toys, 403 million yuan from nutritious meat snacks, and 118 million yuan from staple and wet food, with year-on-year changes of +19.1%, +43.7%, +26.6%, and -43.6% respectively [1] - The overseas market generated 1.371 billion yuan in revenue in 2024, reflecting a year-on-year increase of 29.1%, with a gross margin of 28.94%, up 11.04 percentage points [1] Domestic Market Performance - The domestic market revenue was 288 million yuan, down 17.6% year-on-year, primarily due to a contraction in agency brands, while proprietary brand revenue grew by 33%, with the "Jueyan" brand increasing by 52% [2] - The domestic market gross margin reached 31.72%, an increase of 8.04 percentage points year-on-year [2] Product and Brand Strategy - The company is expanding its product categories and diversifying its channels, with "Jueyan" focusing on high-end dog food and extending into high-end cat food [2] - New Zealand's staple food brand "SmartBalance" is expected to enter the domestic market in the second half of the year, with production capacity anticipated to increase by 20%-30% in 2025 [2] Financial Metrics - In Q1 2025, the gross margin was 28.62%, an increase of 4.26 percentage points year-on-year, while the net margin was 7.07%, down 3.82 percentage points [3] - The sales and management expense ratios were 8.45% and 9.31%, respectively, with increases attributed to higher marketing expenses for proprietary brands [3] Profit Forecast - The company adjusted its profit forecasts for 2025-2026, now expecting net profits of 194 million yuan and 231 million yuan, with corresponding EPS of 0.78 and 0.93 yuan [3]

导语 ：椰子水行业竞争激烈，对手不容小觑。 据 IFBH Pte. Ltd. 在港交所递交的招股书内容，这家植根泰国的即饮饮料及即食食品公司计划通过 首次公开募股（IPO）在资本市场迈出关键一步。此次 IPO 的诸多细节引发市场关注，其背后蕴含 的机遇与挑战也值得深入剖析。 本次 IPO 中，IFBH 拟发售一定数量的股份（视乎超额配股权行使与否而定）。独家保荐人为中信 证券（香港）有限公司 ，在承销商的助力下，公司期望募集到可观的资金，用于加强仓配能力、品 牌建设、拓展市场以及提升创新能力等多个战略方向。 其中，if 品牌专注于提供天然健康的泰式饮料及食品，是将即饮天然椰子水引入中国内地的先驱， 产品在全球多个市场畅销；Innococo 品牌则致力于为消费者提供传统运动功能饮品的健康替代选 择。 在商业模式上，IFBH 采用轻资产模式，将产品制造及包装外包给代工厂商，借助第三方物流供应 商运输产品，并通过精心挑选的第三方分销商进行销售与配送。 这种模式不仅赋予公司高度的生产弹性和扩展能力，还能使其集中资源专注于品牌发展、产品创新 和市场推广。 凭借这一模式，公司在市场中取得了显著的成绩，在多个市场占据领先地 ...

Temu、阿里打架，韩国电商下滑 今年一季度，韩国最大电商平台 Coupang 收入 71 亿美元，同比增长 23%，但净亏损 2400 万美元。 去年同期，它还盈利 9090 万美元。 Coupang 的亏损主要因为收购了持续亏损的奢侈品电商 Farfetch。不过剔除这一因素，它仍然在收入 增长的前提下利润下滑 —— 因为新晋中国对手的竞争。 根据第三方市调机构 Wiseapp Retail Goods 数据，Coupang 有 3000 万月活用户，是韩国第一，但速卖 通和 Temu 增长更快。今年 2 月，速卖通在当地的月活用户达到 820 万，而进入当地只有半年的 Temu、阿里打架，韩国电商下滑 索马里海盗卷土重来 特步的多品牌之路不好走 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 Temu 月活达到近 580 万。到了 3 月，Temu 的月活也已经超过 800 万。 Coupang 创始人兼 CEO 金宝锡在财报电话会上说： 新的中国电商玩家提醒我们，零售业的进入门槛很低，消费者可以比其他行业更快地切换购 物选择，只需几秒钟、滑动手指即可。顾客每次购物都会投出新的一票，并且会毫不犹 ...