| 营业收入(增幅前三名、后三名) | | | | --- | --- | --- | | 公司 | 营业总收入(亿元) | 同比增幅 | | 德瑞锂电 | 5.20 | 50.12% | | 华阳集团 | 101.58 | 42.33% | | 胜宏科技 | 107.31 | 35.31% | | TCL科技 | 1648.23 | -5.47% | | 红墙股份 | 6.75 | -11.23% | | 利元亨 | 24.82 | -50.30% | | 营收榜 | | | | 增幅红榜 | 德基西威 亿纬锂能 | 光弘科技 | | 增幅46 | 侵巷四成 | 1乙纬理能 | 元54科技 | | --- | --- | --- | --- | | 增幅灰榜 | 格林精密 | 仁信新材 | 红墙面方都市報 | | | | | 用一同 Oceeerall | 归属于上市公司股东的净利润(增幅前三名、后三名) | 公司 | 净利润(亿元) | 同比增幅 | | --- | --- | --- | | 格林精密 | 0.53 | 308.51% | | 德瑞锂电 | 1.51 | 182.47% | | 胜宏科技 ...

Installed Building Products (IBP) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Company Participants Darren Hicks - VP & Head of Investor RelationsJeffrey Edwards - Chairman, CEO & PresidentMichael Miller - CFO, EVP & DirectorAatish Shah - Equity ResearchStephen Kim - Senior Managing DirectorMike Dahl - Managing Director - Equity ResearchTrey Grooms - Managing DirectorMaggie Grady Miller - VP - Equity ResearchAdam Baumgarten - Managing DirectorJeffrey Stevenson - Vice PresidentCollin Verron - Director Conf ...

证券研究报告 | 行业深度 gszqdatemark 2025 05 08 年 月 日 家用电器 两轮车系列之一：如何看待两轮车行业格局及未来发展？ 本篇报告聚焦国内电动两轮车市场，拟探讨以下几个问题：1）电动两轮 车行业特点是什么？2）行业格局如何演绎？3）电动两轮车品牌商利润率 能否提升？提升动力和提升幅度分别如何？ ➢ 行业特点：看似矛盾的头部化格局&低盈利现状。 国内电动两轮车呈头部化格局，2024 年 CR3 约 61%。其中龙头雅迪份额 约 26%。但同时，行业呈低盈利现状。雅迪、爱玛、新日、小牛和九号（定 位高端电动两轮车）2024 年实现毛利率 15%/18%/16%/15%/28%，净 利率 5%/9%/1%/-6%/8%，远低于格局集中度高的空调行业。我们认为 原因主要系：1）准入门槛较低：整车偏组装性质，行业竞争充分；2）供 需属性复杂：供给端原材料组成多单位成本高，需求端为代步基础功能溢 价能力偏弱；3）规模效应不强：生产端多 SKU 模式下规模效应较弱，龙 头毛利率和行业无明显差距。 ➢ 寡头竞争：渠道、产能&品牌为核心竞争要素，有望形成双寡头格局。 商业模式来看，我们认为渠道&品牌 ...

Core Viewpoint - The company reported a solid financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating a positive outlook for the small home appliance industry. Financial Performance - In 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 16.8 billion, 1.05 billion, and 1.08 billion yuan, respectively, representing year-on-year growth of 15%, 8%, and 9% [1] - For Q4 2024, the figures were 4.1 billion, 270 million, and 290 million yuan, with year-on-year growth of 6%, 11%, and 48% [1] - In Q1 2025, the revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 3.8 billion, 250 million, and 250 million yuan, showing year-on-year growth of 10%, 43%, and 15% [1] Sales Performance - In 2024, revenue from kitchen appliances, home appliances, and other products was 11.5 billion, 2.9 billion, and 2.1 billion yuan, with year-on-year growth of 16%, 17%, and 7% [2] - For Q4 2024, external sales and internal sales were 13.2 billion and 3.7 billion yuan, with year-on-year changes of +22% and -4% [2] - In Q1 2025, external sales grew by 16% while internal sales declined by 5%, indicating strong overseas demand despite ongoing domestic market challenges [2] Profitability and Cost Management - The gross profit margin for 2024 and Q1 2025 was 20.9% and 22.4%, with year-on-year changes of -1.83% and +0.5 percentage points [3] - The company managed to stabilize its expense ratios, with significant improvements in sales and management expense ratios in Q1 2025 compared to the previous year [3] - The net profit margin for 2024, Q4 2024, and Q1 2025 was 6.3%, 6.5%, and 6.4%, reflecting a notable increase in profitability in Q1 2025 [3] Investment Outlook - The company is a leading exporter in the small home appliance sector, with a strong customer base and scale advantages, actively expanding its customer and product categories [4] - The projected net profits for 2025 and 2026 are 1.2 billion and 1.3 billion yuan, with corresponding EPS of 1.5 and 1.6 yuan, indicating a favorable valuation with PE ratios of 9.7 and 8.7 times [4]

Loma Negra (LOMA) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Diego Jalón - IR ManagerSergio Faifman - Vice-President of Board & CEOMarcos Isabelino Gradin - Chief Financial OfficerAlejandra Obregón Martínez - Vice President Equity ResearchDaniel Rojas Vielman - Vice President Conference Call Participants Marcelo Furlan Palhares - Equity Research Analyst Operator Good morning and welcome to the Loma Negra First Quarter twenty twenty five Conference Call and Webcast. All participants ...

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。 报告摘要 事件： 苏泊尔公布2025年一季报，公司实现营收57.86亿元，YOY+7.59%；归母净利润4.97亿元，YOY+5.82%； 扣非归母净利润4.84亿元，YoY+4.98%。 点评： 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 内销恢复增长，外销延续景气 内销方面，25年国补较24年新覆盖电饭煲、微波炉等厨小品类，对行业提振作用显著，据奥维云网推总数 据，25Q1中国厨小全渠道零售额同比+2.5%，零售量同比-1.1 ...

证券研究报告 | 公司点评报告 2025 年 05 月 07 日 中直股份（600038.SH） 24 年实现营收稳增，盈利能力预计持续提升 中游制造/军工 公司实现营业收入 297.66 亿元，同比增长 11.93%，完成年度预算 97%；实现 归母净利润 5.56 亿元，同比-7.98%，完成年度预算 78%；扣非归母净利润 4.82 亿元，同比 19.68%。 2025 年财务预算：预计实现营收 302.49 亿（同比+1.63%），预计实现归母 净利润 6.04 亿（同比+8.66%），据此计算净利率预计达到 2%左右，同比提 升 0.38 pct。 ❑ 盈利预测：预计公司 2025/2026/2027 年归母净利润为 6.12/7.23/8.50 亿元， 强烈推荐（维持） 目标估值：NA 当前股价：35.83 元 基础数据 | 总股本（百万股） | 820 | | --- | --- | | 已上市流通股（百万股） | 669 | | 总市值（十亿元） | 29.4 | | 流通市值（十亿元） | 24.0 | | 每股净资产（MRQ） | 20.9 | | ROE（TTM） | 3.7 | | 资 ...

Ingevity (NGVT) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Company Participants John Nypaver - VP of Investor Relations & TreasurerDavid Li - President and CEOMary Hall - Executive VP & CFOJon Tanwanteng - Managing DirectorDan Rizzo - Senior Vice PresidentAbigail Eberts - Equity Research Associate Conference Call Participants John McNulty - MD - Chemicals Analyst Operator Good morning or good afternoon all, and welcome to the Ingevity First Quarter twenty twenty five Earnings Call and Webcast. My name i ...

Financial Data and Key Metrics Changes - First quarter sales were $284 million, down 17% year-over-year due to repositioning actions in Performance Chemicals and weak industrial demand [10] - Adjusted gross profit increased by 10% to $129 million, with gross margin improving over 1,000 basis points [10] - Adjusted EBITDA rose by $17 million, with margins improving from 21.9% to 32.1%, marking the fourth consecutive quarter of year-over-year margin improvement [11][12] - Free cash flow improved by $44 million year-over-year to $15 million, reflecting benefits from repositioning actions [12] Business Line Data and Key Metrics Changes - Performance Materials saw higher sales due to favorable regional and product mix, with EBITDA margins remaining near 54% [13][15] - Advanced Polymer Technologies (APT) experienced lower overall sales, but EBITDA increased by $3 million, with margins rising to 29.6% [19] - Performance Chemicals sales decreased by 35% primarily due to repositioning actions, but segment EBITDA showed year-over-year improvement of $10 million [21][22] Market Data and Key Metrics Changes - North American auto production is expected to decline by approximately 10% year-over-year, impacting guidance for the Performance Materials segment [8][15] - Volume growth was observed in China due to government incentives driving higher vehicle sales, while North American volumes were down year-over-year [13][14] Company Strategy and Development Direction - The company is focused on disciplined execution of its strategy to optimize the portfolio and drive business performance, aiming to create significant value for shareholders [8][24] - The strategic review of Industrial Specialties and the North Charleston refinery is progressing well, with expectations to communicate a path forward before the end of the year [22] Management's Comments on Operating Environment and Future Outlook - Management is actively monitoring developments related to tariffs and macro demand conditions, believing the direct impact on the business will be minimal [7][24] - Despite headwinds, the company is confident in its ability to deliver strong profitability in 2025 and beyond [8][24] Other Important Information - The company has introduced a new President for APT, who brings over 25 years of experience in transforming business profitability [20] - The average age of automobiles in the U.S. is at an all-time high, suggesting a future need for replacements [15] Q&A Session Summary Question: Pricing in Performance Materials business - Management indicated that they have a strong position and are seeing encouraging performance, with pricing being a lever they can pull if needed [29][30][32] Question: Update on strategic review of Industrial Specialties - The process is progressing well with a broad degree of interest, and management is being deliberate in their approach [34][36] Question: Strategic and operational priorities in a volatile environment - The focus remains on disciplined execution, optimizing business performance, and reducing leverage [40][41] Question: Cash flow forecast amidst potential auto production decline - Management is confident in free cash flow generation even in a declining sales environment due to effective working capital management [43][44] Question: Impact of EV slowdown on forecasts - While EVs are slowing down, management remains optimistic about the adoption of new technologies and their investment in Nexeon [47][48][50] Question: Filtration market capacity for potential volume shifts - The filtration market is sizable and can absorb underutilized capacity, although it is a lower margin market compared to auto [53][54] Question: Long-term leverage goals - The long-term target for leverage remains between 2 to 2.5 times [58]

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。 免责声明 低温品类持续向好，电商渠道增长积极 1）分产品看，2024年液态奶/奶粉/其他产品分别实现营收98.36/0.71/7.58亿元，同比+0.83%/-9.63%/ -34.27%。其中低温鲜奶和低温酸奶收入同比实现中高个位数增长，高端鲜奶及低温调制乳品类收入同比 实现双位数增长。公司持续推进新品布局，2024年新品贡献营收占比继续维持在双位数。2）分地区看， 2024年西南/华东/华北/西北/其他区域分别实现营收38.29/30.66/9.23/12.66/15.82亿元，同 比-6.51%/+1.52%/ -16.78%/-11.12%/+18.13%。华东区域低温品类占比较高，整体表现相对稳健。3）分渠 道看，2024年直 ...