证券研究报告 | 2025年05月02日 瑞鹄模具（002997.SZ） 优于大市 一季度收入同比增长 48%，规模效应有望持续兑现 公司 2025Q1 收入同比增长 48%。瑞鹄模具 2025Q1 实现营收 7.47 亿元，同比 +48%；实现归母净利润 0.97 亿元，同比+28%。受益于客户销量高增及新业 务量产，公司营收增速超越行业 33.5pct。自主品牌持续发力，以旧换新、 车企促销等因素助力，2025Q1 中国汽车产量达到 756 万辆，同比增长 14.5%。 公司营收增速超越行业 34pct，核心原因在于下游客户销量快速增长及新业 务放量。根据官网数据，奇瑞 2025Q1 销量同比增长 17%至 62 万辆。同时公 司汽车制造装备业务积极深化国际主流品牌区域化市场开拓、一带一路国家 属地品牌客户开拓，并积极陪同国内头部品牌深化海外本地化开发。 公司毛利率同比+1.3pct。2025Q1 实现毛利率 25.00%，同比+1.27pct；归母 净利率 12.99%，同比-2.03pct。2025Q1 销售/管理/研发/财务费用率分别为 0.67%/3.88%/3.88%/0.00%，同比分别-1. ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 九号公司(689009) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] [Table_Title] 九号公司：电动两轮车成长加速、规模效应凸 显，多元新品蓄势待发 [Table_ReportDate] 2025 年 05 月 02 日 [Table_S 事件 ...

本文解析了数家全球头部外卖平台，来看看外卖行业的盈利能力到底如何 文|李莹 随着国内外卖平台之间较量的不断升级，外卖行业的利润率开始备受关注。外卖究竟是不是一个赚钱的行业？在国内市场很多商家和骑手的认知里， 平台从消费者、商家两边收费，必然是赚钱的。 但是，根据一些行业研究报告和相关公司的公开财务信息，就外卖平台从每单位交易中获取利润的整体水平而言，外卖很难称得上是一个高利润的行 业。 过去十几年中，全球范围内各个国家和地区的上百家外卖企业快速成长。在中国市场有美团和饿了么，欧美市场有DoorDash、Uber Eats、Just Eat Takeaway，东南亚市场有GrabFood、印度、中东市场有Zomato，还有广泛覆盖中东、欧美、亚非地区的Dilevry Hero等。 各平台从事着类似的服务，但商业模式却有所差异。通过向商家收取订单佣金和向用户收取配送费来获取收入，是行业最普遍的商业模式。订单佣金 通常在订单金额的6%-30%。在此基础上，各平台还会基于自身定位和所在市场的情况，建立更多元的营利体系。 例如，美团是外卖+即时零售，依托庞大的配送网络和商家规模实现效率的逐步提升，向规模和效率要收益；U ...

每经记者 王紫薇 每经编辑 杨夏 4月29日晚间，瑞幸咖啡（OTC:LKNCY）公布了2025年第一季度财报。如果说瑞幸以往财报的运营数 据好看，但在利润指标上还是有一些遗憾，那这份财报或许能让人振奋：报告期内，瑞幸多项关键经营 数据飘红，尤其是营业利润率和同店销售额数据，两项数据均转正，且同比都出现了大幅提升。 伴随这份"喜气洋洋"的一季报，瑞幸还宣布了一项重要的董事会人事变动：即日（4月29日）起，郭谨 一不再担任公司董事长，将继续留任公司首席执行官及董事。同时，董事会已批准黎辉重新加入董事会 并担任董事长职务的任命。黎辉在瑞幸成立初期（2017年）至2020年7月曾担任公司董事。 在财报披露后的电话会上，郭谨一罕见地展现了激昂的情绪。区别于以往财报会的用词的克制和保守， 此次电话会上郭谨一用到了"涅槃重生""强劲""彻底""最重要"等很有力度的形容词。 透镜咨询创始人况玉清告诉《每日经济新闻》记者，此时瑞幸释放这样的信号，或许意味着瑞幸到 了"一定的阶段"。 关键数据飘红，"过去加速开店开对了" "线下连锁餐饮单纯通过规模扩张来实现利润增长的模式，在投资市场的认可度越来越低。除非在规模 扩张的同时还能实 ...

BYD真的赚麻了。 前些天，比亚迪公布了今年一季度的财报。就迪子之前卖爆那劲儿，大伙儿也猜到业绩应该挺不错的，但是真没想到，人家挣的是如此之多。 根据财报信息，一季度，比亚迪营收总共 1703.6 亿元，同比增长 36.35%。相比之下，特斯拉在老马各种不上心后，一季度营收大概是 1411.5 亿元，已经 大幅落后迪子。 | | 本報告期 | 上年同期 | 本報告期比上年 同期增減(%) | | --- | --- | --- | --- | | 營業收入(元) | 170.360.448.000.00 | 124,944,397,000.00 | 36.35% | | 歸屬於上市公司股東的淨利潤(元) | 9.154.985,000.00 | 4.568.793.000.00 | 100.38% | | 歸屬於上市公司股東的扣除非經常性損益的淨利潤(元) | 8.171.627.000.00 | 3.751.980.000.00 | 117.80% | | 經營活動產生的現金流量淨額(元) | 8.580.961.000.00 | 10.227.984.000.00 | -16.10% | | 基本每股收益 ...

Core Viewpoint - The company reported lower-than-expected financial performance for 2024 and Q1 2025, primarily due to declining gross margins and changes in expenses and profits [1][2]. Financial Performance Summary - For 2024, the company achieved revenue of 8.172 billion yuan, a year-on-year increase of 21%, but the net profit attributable to shareholders was 436 million yuan, a decrease of 31% [1]. - In Q1 2025, revenue reached 2.316 billion yuan, reflecting a year-on-year growth of 27% and a quarter-on-quarter increase of 2%. However, the net profit attributable to shareholders was 107 million yuan, down 23% year-on-year but up 329% quarter-on-quarter [1]. - The gross margin for Q4 2024 and Q1 2025 was 23.90% and 22.95%, respectively, showing a decline of 0.65 and 2.95 percentage points year-on-year [2]. Business Segment Performance - In 2024, the smart home appliance control business generated revenue of 3.74 billion yuan, up 43% year-on-year, while the power supply business brought in 2.35 billion yuan, an 11% increase [3]. - For Q1 2025, the smart home appliance control business revenue was 1.23 billion yuan, a 32% increase year-on-year, and the power supply business revenue was 490 million yuan, up 1% [3]. - The company is expected to continue steady revenue growth as it expands its focus on key product areas and overseas markets [3]. Strategic Outlook - The company is diversifying its business and expects improved profitability as various segments scale up [2]. - The data center business is progressing steadily, with expectations for significant deliveries starting in the second half of 2025 [3]. - The company aims to leverage customer partnerships for product updates and market opportunities, building a competitive moat [4]. Profit Forecast and Valuation - The company has adjusted its gross margin assumptions and forecasts net profits of 622 million yuan, 789 million yuan, and 1.013 billion yuan for 2025, 2026, and 2027, respectively [5]. - The estimated price-to-earnings ratio for 2025 is set at 46.4 times, reflecting a 40% premium over comparable companies, with a target price of 52.91 yuan [5].

公司改革红利逐步释放，逆势之下公司收入利润步入稳健发展车道。全年来看，我们认为公司有望保持 稳健增长势头，同时通过生产效率提升及规模效应释放带来的毛利率改善有望持续。成本端，公司主要 采购东北大豆，受关税等影响相对较小。费用端来看，我们预计整体费用率有望维持相对平稳状态。 公司披露2025 年一季报，收入符合预期，利润略超预期 成本下降+规模效应释放，2025Q1 盈利能力同比改善成本下降+规模效应释放，2025Q1 毛利率同比 +2.73pct。2025Q1 公司毛利率/净利率分别同比+2.73/+1.48pct 至36.9%/24.7%。毛利率提升主要系原材 料成本下降、规模效应释放带来成本节约，货折减少亦对毛利率提升有小幅拉动。费用端，2025Q1 销 售/管理/研发/财务费用率分别同比+0.41/+0.28/-0.16/+0.19pct。 龙头优势尽显，收入利润稳健增长可期 公司披露2025 年一季报。2025Q1 公司营收/归母净利润83.2/22.0 亿元（同比+8.1%/14.8%）；收入符合 预期，利润略超预期。综合考虑到成本费用投放情况，我们维持2025-2027 年盈利预测，预测2025- ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.271 billion yuan in 2024, a year-on-year decrease of 50%. The net profit attributable to the parent company was 146 million yuan, down 91% year-on-year [1] - In Q1 2025, the company reported a revenue of 423 million yuan, a year-on-year decline of 51%, with a net profit of 26 million yuan, down 86% year-on-year [1] - The company has successfully turned a profit in Q1 2025, with significant improvements in cost optimization [4] - The expansion plan for tungsten wire busbars is underway, with a target of reaching a monthly production capacity of 6 million kilometers, which is expected to enhance cost efficiency [4] - Profit forecasts for 2025-2027 are 139 million, 266 million, and 383 million yuan respectively, with year-on-year changes of -5%, +92%, and +44% [4] Financial Summary - Total revenue for 2023 was 4.512 billion yuan, with a year-on-year growth of 23.3%. The projected revenue for 2025 is 2.208 billion yuan, reflecting a decrease of 2.8% [3] - The gross profit margin for 2025 is expected to be 15.3%, down from 50.2% in 2023 [3] - The diluted EPS for 2025 is projected to be 0.29 yuan, compared to 3.31 yuan in 2023 [3] - The P/E ratio for 2025 is estimated at 64.16, indicating a significant increase from 10.06 in 2023 [3]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit, indicating mixed performance across different segments and products [1][4]. Financial Performance - In 2024, the company achieved a revenue of 2.651 billion yuan, up 11.9% year-on-year, while the net profit attributable to shareholders was 233 million yuan, down 22.5% year-on-year [1]. - For Q4 2024, revenue was 721 million yuan, up 18.2% year-on-year, with a net profit of 60 million yuan, down 0.5% year-on-year [1]. - In Q1 2025, revenue reached 669 million yuan, up 7.2% year-on-year, with a net profit of 58 million yuan, up 0.3% year-on-year [1]. Product Segmentation - The company’s product revenue for 2024 was as follows: compound seasoning 1.3 billion yuan (+13.2%), light cooking 1.13 billion yuan (+10.4%), and beverage ingredients 150 million yuan (+3.0%) [2]. - The light cooking segment saw C-end revenue of 920 million yuan, up 6.0% year-on-year, driven by new product launches [2]. - B-end business is expected to generate 1.73 billion yuan in revenue for 2024, up 15.3% year-on-year, with a slight decrease in revenue contribution from the largest customer [2]. Profitability and Margins - The overall gross margin for 2024 was 32.8%, down 0.3 percentage points year-on-year, primarily due to the introduction of lower-priced products in the C-end segment [3]. - The gross margin for compound seasoning improved by 2.8 percentage points to 24.0% in 2024, with Q4 gross margin reaching 35.5%, up 4.6 percentage points year-on-year [3]. - The net profit margin for 2024 was 10.1%, down 3.1 percentage points year-on-year, while the net profit margin for Q1 2025 was 10.1%, showing stability [3]. Future Outlook - For 2025, the company expects continued double-digit growth in the C-end segment, supported by new product launches and channel expansions [4]. - The B-end segment is anticipated to maintain steady growth due to new product introductions and increased penetration in existing accounts [4]. - Revenue projections for 2025-2027 are 3.01 billion yuan, 3.44 billion yuan, and 3.95 billion yuan, with corresponding net profits of 280 million yuan, 330 million yuan, and 390 million yuan, indicating a positive growth trajectory [4].

公司报告 | 年报点评报告 盈利端，24 年羰基铁粉/雾化合金粉/软磁粉/MIM 喂料毛利率分别为 44.76%/19.08%/42.06%/18.23%，yoy-4.91pct/+2.21pct/-5.37pct/-4.04pct，综 合毛利率 35.22%，yoy-3.85pct，期间费用率整体变化不大，最终录得净利 率 16.23%，yoy-5.15pct。盈利能力下滑，主要由于募投项目转固，但项目 仍处于产能爬坡阶段，折旧等营业成本增加。后续伴随募投铁粉爬坡，规 模效应显现有望逐步提振盈利能 力。25Q1 公 司毛利 率/ 净 利率为 35.69%/17.38%，环比-0.38pct/+6.19pct，净利率环比改善。 产能爬坡稳步推进，有望逐步贡献业绩增量 公司 IPO 募投 6000 吨羰基铁粉项目于 23Q3 末达到预定可使用状态，目前 处于产能爬坡阶段，可根据市场需求逐步释放产能。不考虑新项目，募投 达产后羰基铁粉产能将由 5,500 吨提升至 11,500 吨，实现翻倍；同时新增 高性能粉体产能 4,000 吨，包括粉芯用软磁粉 2,000 吨。募投项目投产将助 力公司突破产能瓶颈，聚焦中高 ...