== . A 近日，爱慕股份（603511.SH）发布的2024年报显示，全年营收为31.63亿元，同比下降7.71%；归属于上市公司股东的净利润为1.63亿元，同比大幅下滑 46.56%。这一业绩表现明显低于市场预期，反映出爱慕股份在消费疲软和行业竞争加剧的双重压力下，经营面临严峻挑战。 从业务结构来看，2024年，爱慕股份的核心产品线收入均出现不同程度下滑，其中文胸收入同比下降15.83%，家居服、保暖衣和内裤收入降幅也在约4%至 9%之间。 爱慕股份对此解释称，终端客流减少是营收下降的主因，尤其是线下直营渠道收入同比下滑7.96%，线上渠道也未能幸免，同比减少8.14%。 值得注意的是，尽管整体业绩不佳，爱慕股份仍决定大手笔分红，拟向股东每10股派发现金红利4元，分红总额占净利润的99.55%，几乎"掏空"全年利润。 这一举措虽然可能短期提振股价，但也引发市场对后续发展资金储备的担忧。 成本控制方面，2024年，爱慕股份在销售费用和管理费用上呈现分化趋势，销售费用因缩减推广支出同比下降4.42%，但管理人员薪酬增加导致管理费用同 比增长6.33%。 此外，2024年，爱慕股份存货规模仍高达9.82亿元， ...

【环球网财经综合报道】Wind数据显示，截至4月30日，A股已有5402家上市公司披露2024年年报。经统计，上述已披露年报上市公司全年总营收71.92万亿 元，同比下降0.23%；归母净利润5.21万亿元，同比下降2.98%。其中4029家实现盈利（占比75%）。 从分红金额来看，工商银行、中国移动、建设银行、招商银行等10家公司计划分红额度居前，成为A股2024年度十大"分红王"。贵州茅台以每股276.24元 （含税）的派现方案位居每股股利榜首，古井贡酒、泸州老窖等白酒企业每股股利均超过50元（含税）。此外，宁德时代、比亚迪、爱美客等多家行业头部 企业计划每股派现超过2元（含税）。数据显示，每股股利超过0.5元（含税）的公司超过500家，超过1元（含税）的公司约160家。 在行业表现方面，农林牧渔、非银金融、电子、交通运输、汽车等板块年报业绩显著回暖。其中，农林牧渔行业的养殖、饲料板块，电子行业的光学光电 子、消费电子板块，以及交通运输行业的航空机场、航运港口领域净利润增速居前。分析认为，这些行业的回暖与市场需求回升及行业结构优化密切相关。 值得注意的是，多家公司在分红方案中同时推出转增股份计划。Wind ...

Group 1: Financial Performance Overview - In 2024, the company achieved a revenue of 3.011 billion yuan, a year-on-year decrease of 0.60% [2] - The net profit attributable to shareholders was 542 million yuan, down 5.22% year-on-year [2] - For Q1 2025, revenue was 536 million yuan, a decline of 17.80% compared to the previous year [2] - The net profit attributable to shareholders for Q1 2025 was approximately 49 million yuan, a significant drop of 53.43% year-on-year [2] Group 2: Profitability Factors - The decline in Q1 2025 net profit was primarily due to a revenue drop of 116 million yuan, impacting profits by 63.23 million yuan [3] - Sales expenses increased by 20.38 million yuan, a growth rate of 11.65%, mainly due to rising e-commerce platform costs [3] - Financial expenses decreased by 2.21 million yuan, while other income fell by 58.16 million yuan due to reduced government subsidies [4] Group 3: Cash Flow and Operational Insights - Cash received from sales decreased by 87.23 million yuan, attributed to longer accounts receivable periods and reduced sales [6] - Cash paid for operating activities increased by 283 million yuan, a growth rate of 15.30%, due to higher procurement costs [6] - The company plans to maintain its high dividend policy, with a dividend payout ratio of 95.84% in 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown stable performance over 2024, but faced pressure in Q1 2025, with a significant decline in revenue and net profit. The company remains a leader in the home textile industry, and its high dividend payout provides stable returns for investors [1][10]. - In 2024, the company achieved a revenue of 3.01 billion yuan, a year-on-year decrease of 0.6%, and a net profit of 540 million yuan, down 5.2% year-on-year. The first quarter of 2025 saw a more pronounced decline, with revenue dropping 17.8% and net profit falling 54.1% [5][6]. Summary by Sections Financial Performance - In 2024, the company’s revenue and net profit showed a slight decline, with revenue at 3.01 billion yuan and net profit at 540 million yuan. The first quarter of 2025 reported revenue of 540 million yuan and net profit of 56.14 million yuan, reflecting a significant year-on-year decline [5][6]. - The company’s gross margin improved to 56.1% in 2024, with a slight increase in various product categories [8][15]. Revenue Breakdown - In 2024, the revenue from different product categories was as follows: bedding sets (39.7%), comforters (39.8%), and pillows (7.2%), with respective year-on-year changes of -0.2%, -1.6%, and -2.8% [7]. - Revenue from various sales channels in 2024 showed a decline in e-commerce sales by 7.4%, while franchise and direct sales saw slight increases of 1.4% and 1.8%, respectively [7]. Dividend and Shareholder Returns - The company proposed a cash dividend of 0.62 yuan per share for 2024, resulting in a dividend payout ratio of 96%. The current dividend yield is 7.9% based on the stock price as of April 29, 2025 [5][10]. Future Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 548 million yuan, 574 million yuan, and 596 million yuan, respectively, with corresponding EPS of 0.65 yuan, 0.68 yuan, and 0.71 yuan [10][11].

丨证券研究报告丨 公司研究丨点评报告丨紫燕食品（603057.SH） [Table_Title] 紫燕食品 2024 年报&2025 年一季报点评：收入 利润承压，供应链布局对冲风险 报告要点 [Table_Summary] 公司 2024 年营业总收入 33.63 亿元（同比-5.28%，下文皆为同比）；归母净利润 3.46 亿元 （+4.5%），扣非净利润 2.81 亿元（+1.28%）；其中 2024Q4 营业总收入 6.76 亿元（-7.88%）； 归母净利润-248.9 万元（同比减亏），扣非净利润-2028.26 万元（同比增亏）。公司 2025Q1 营 业总收入 5.64 亿元（-18.86%）；归母净利润 1521.82 万元（-71.8%），扣非净利润 500.28 万 元（-87.09%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 紫燕食品（603057.SH） cjzqdt1 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, indicating potential challenges ahead in profitability despite stable revenue growth in certain segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 27.539 billion yuan, a year-on-year increase of 2.78%, while the net profit attributable to shareholders was 2.169 billion yuan, a year-on-year decrease of 32.79% [1]. - The fourth quarter of 2024 saw a revenue of 6.654 billion yuan, a year-on-year increase of 2.20%, but a net loss of 395 million yuan, reflecting a significant decline in profitability [1]. - For Q1 2025, revenue was 7.060 billion yuan, a year-on-year decrease of 3.21%, while net profit was 686 million yuan, down 27.86% year-on-year [1]. Product Performance - The company has a titanium dioxide production capacity of 1.51 million tons per year, with 2024 production and sales volumes of 1.2955 million tons and 1.2545 million tons, respectively, showing increases of 8.74% and 8.25% year-on-year [2]. - Titanium concentrate production for 2024 was approximately 1.493 million tons, a year-on-year increase of 1.25%, with prices remaining relatively high, indicating stable profitability [2]. - Iron ore sales faced pressure with a total of 3.0022 million tons sold in 2024, a decrease of 30.80%, while sponge titanium sales increased by 42.57% [2]. Shareholder Returns - The company maintained a high dividend payout, distributing 2.144 billion yuan in 2024 and 1.186 billion yuan in Q1 2025, resulting in a dividend yield of approximately 5.48% based on a market capitalization of 39.1 billion yuan [3]. One-time Expenses - The company incurred significant one-time expenses in Q4 2024, including interest expenses related to the planned spin-off of a subsidiary and goodwill impairment, totaling approximately 554 million yuan [4][5]. - The company repurchased shares from strategic investors for a total of 2.597 billion yuan, including interest payments of about 325 million yuan [4]. Future Outlook - The company is expected to achieve revenues of 28.927 billion yuan, 30.251 billion yuan, and 31.505 billion yuan from 2025 to 2027, with net profits projected at 2.876 billion yuan, 3.845 billion yuan, and 4.081 billion yuan, respectively [6].

盈利预测与估值 1）现金流保持优异：1Q25 收现比同比+15ppt 至133%，使得经营现金流同比+2.61 亿元至0.85 亿元。 2）经营状况维持稳健：公司仍处净现金状态，资产负债率仅19%。 发展趋势 深厚护城河+新品类支撑利润稳定，具备长期布局价值的高分红企业。展望2025 年，我们认为由于需求 仍将承压，家装管道需求或偏弱，价格竞争对公司高毛利率模式有一定的干扰。但公司通过加强费用投 入，加强服务赋能、加快防水等业务落地，25 年经营环境承压下或保持利润稳健。短期，公司存有费 用、投资收益、减值等扰动，但长期公司凭借优质服务转型，能够更加适应未来的存量建筑时代，获取 更为离散、更为高端的需求，保持核心利润的稳健。同时，公司作为高分红企业，能够持续给予市场优 质回报。 1Q25 业绩低于我们预期 公司公布1Q25 业绩：收入同比-10%至8.95 亿元；归母净利润同比-26%至1.14 亿元，扣非净利润同 比-19%至1.14 亿元，低于我们及市场预期，主要是零售板块承压超出预期。 1）营收有一定压力：1Q25 收入同比-10%，相较4Q24 的-5%环比有所降速，我们认为主要系市场需求 压力较大、 ...

Core Viewpoint - The company reported its 1Q25 performance, showing a decline in revenue and net profit due to a drop in OTC sales, but a significant improvement in gross margin. The company is viewed positively as a leader in the domestic OTC market, with stable growth prospects and a strong dividend foundation, maintaining a "Buy" rating [1]. Group 1: Financial Performance - 1Q25 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.18 billion, 280 million, and 260 million respectively, reflecting a year-over-year change of -7.0%, +5.9%, and -1.1% [1]. - OTC segment revenue in 1Q25 was 890 million, down 12.1% year-over-year, with a gross margin of 76.1%, up 2.1 percentage points year-over-year [2]. - Prescription drug revenue in 1Q25 was 190 million, up 23.7% year-over-year, with a gross margin of 23.7%, up 9.2 percentage points year-over-year [2]. - Health consumer products revenue in 1Q25 was 110 million, up 0.6% year-over-year, with a gross margin of 37.0%, down 3.6 percentage points year-over-year [2]. - The company's gross margin improved to 68.2% in 1Q25, up 13.1 percentage points quarter-over-quarter, mainly due to adjustments in the beverage business [3]. Group 2: Cost Management and Efficiency - The company's selling, general, and administrative expense ratios were 33.8%, 4.5%, and 2.3% respectively, showing an overall decrease in expense ratios [3]. - As of 1Q25, accounts receivable, inventory, and cash were 640 million, 430 million, and 1.62 billion respectively, indicating good inventory and cash turnover [3]. Group 3: Shareholder Returns and Incentives - The company's stock incentive plan was approved in 4M25, with enhanced unlocking conditions for 2025-27, reflecting confidence in operational goals [4]. - In 2024, the company's cash dividends accounted for 95.77% of the net profit attributable to shareholders, highlighting a strong commitment to shareholder returns [4]. - The company emphasized its focus on investor returns in its 2025 action plan, aiming to share the benefits of its growth with shareholders [4]. Group 4: Future Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders for 2025-27 to be 897 million, 1.015 billion, and 1.145 billion respectively, reflecting year-over-year growth of 14%, 13%, and 13% [5]. - The company is assigned a target price of 29.96, based on a 21x PE ratio for 2025, maintaining a "Buy" rating [5].

事件：2025 年4 月25 日，公司发布了2024 年度报告及2025 年一季报。2024年，公司营业收入1841.5 亿 元，同比+1.5%，归母净利润223.6 亿元，同比-3.2%，扣非净利润211.6 亿元，同比-14.3%；2025Q1 公 司营业收入401.6 亿元（同比-7.3%、环比-17.5%），归母净利润48.1 亿元（同比-1.2%、环比-1.8%）， 扣非净利润45.5 亿元（同比-2.0%、环比-5.4%）（同环比数据均为调整后口径）。 高分红回馈股东，股息率高达6.7%。公司2024 年度利润分配预案为，每股派发人民币1.136 元（含 税），叠加中期、三季度已分别派发现金股利每股0.109元（含税）、每股0.103 元（含税），公司2024 年合计每股分红1.348 元（含税），全年分红比例高达58.45%，现金分红总金额占可供分配利润比例达 65%，对应A 股年度股息率为6.74%（按2025 年4 月25 日收盘价计算）。 盈利预测、估值与评级：考虑到2025 年煤炭市场价格较2024 年将有所下滑，我们下调25-26 年归母净 利润预测3.7%、1.4%至202、212 ...

A 股稀缺高分红铜矿公司，核心资产玉龙铜矿三期扩产稳步推进中根据《2024 年度利润分配方案公 告》（2025-4-12），公司2024 年度向全体股东共计分配23.83 亿元（分红率81%），延续高分红水平。 公司注重股东回报，是A 股稀缺的高分红铜矿标的， 2022-2024 年分红率分别为97%/43%/81%，平均为 52%。公司核心资产玉龙铜矿资源丰富且品位较高。 西部矿业发布一季报，2025 年Q1 实现营收165.42 亿元（yoy+50.74%、qoq+24.37%），归母净利8.08 亿元（yoy+9.61%、qoq+305.62%）。公司是A 股少见的高分红铜矿公司；且核心资产玉龙铜矿三期扩 产项目投产后有望驱动公司进一步成长，维持"增持"评级。 量价齐升叠加费用异常项消除致2025Q1 业绩环比大幅改善公司2025Q1 实现矿产铜、矿产钼、矿产锌、 矿产铅、铁精粉、精矿含金、精矿含银产量分别为4.4 万吨、1248 吨、3.0 万吨、1.7 万吨、33.9 万吨、 62 千克、31.3 吨，环比分别为6%、20%、7%、33%、-13%、46%、17%，年化完成全年产量目标的 105%、 ...