| | 编号：202505 | | --- | --- | | 投资者关系活动类 | 现场调研 电话会议 | | 别 |  业绩说明会 路演活动 | | | 券商策略会 其他活动 | | 参与单位名称及人 | 2025 年 4 月 29 日，公司举办 2024 年度及 2025 年第一季度业绩网上说明会（线上）、 | | 员姓名 | 2025 年度春季双向交流会（线下），大成基金、富国基金、易方达基金、博时基金、 | | | 长城基金等 41 家机构共 50 位机构投资者参与。部分名单详见附件清单。 | | | 重要提示：公司无法保证所有参会人员及其单位名称的完整性和准确性，敬请投资 | | | 者注意。 | | 时间 | 2025 年 4 月 29 日 | | 地点 | 线上会议："全景路演平台"（http://rs.p5w.net） | | | 线下会议：深圳市福田区皇岗路 号深业上城 座 楼 全景智慧路演厅 5001 B 18 | | 上市公司接待人员 | 董事长温志芬，独立董事欧阳兵，独立董事江强，副总裁兼财务总监林建兴，副总裁 | | 姓名 | 兼董事会秘书蒋荣金，证券事务代表覃刚禄，投 ...

Group 1: Company Performance - In 2024, the company achieved a revenue of 5.085 billion CNY and a net profit of 13.6075 million CNY [2] - In Q1 2025, the revenue was 1.117 billion CNY, with a net profit of 5.67 million CNY, representing a 390.50% increase compared to the same period last year [2] Group 2: Competitive Advantages - The company possesses independent intellectual property rights and has a cost advantage due to proximity to resources like methanol and hydrochloric acid in the production area [2] - Continuous technological upgrades and market management strategies are being implemented to enhance competitiveness and reduce costs [2] Group 3: Future Growth Prospects - The company is focusing on deepening its development in the metal products and chemical sectors, aiming to improve profitability and brand value [3] - The company has acquired mining rights for the Longtoushan gold mine and is conducting detailed exploration to assess gold resource reserves [3]

4月29日晚，三大航司发布的一季度报告显示，三大航该季度均集体亏损。 此前，3月末披露的2024年年报显示，三大航合计增收582.73亿元，减亏72.64亿元、减亏幅度超五成。面对上升的成本、缩水的客运收益，在2025年的经营 计划中，"降本增效"仍是三大航的重点工作。 其中，东航表示要扩大收入来源，树立一切成本皆可控的理念，严格预算管理，压实成本管控责任。3月，南方航空改造的"轻薄型座椅"引发关注，有分析 认为，该航司通过改造经济舱座椅的方式来降低运营成本。三大航2025年还将继续扩张航线，从2025年夏秋航季三大航的布局来看，一方面是重点加密快 线、优化公商务旅客服务，另一方面，新开和增投热门旅游航线，如西北的阿勒泰航线、东北的佳木斯航线等。 尽管当前市场面临一定挑战，但三大航对于今年民航业发展保持一定积极态度。在此前举办的2024年度业绩发布会上，三大航负责人均表示公商务需求向 好，国内票价预期稳中有升，国内国际市场将保持稳中有进的增长态势。 此前，中国航空运输协会4月14日发布的通报看好2025年民航市场。通报认为，进入二季度，民航客运进入传统淡季，全国航空市场正在稳步回暖，头部机 场客流量保持稳定增 ...

上 市 公 司 石油石化 2025 年 04 月 30 日 中国海油 (600938) ——业绩表现好于油价变化，降本增效成果显著 报告原因：有业绩公布需要点评 买入（维持） | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 16.49 | | 资产负债率% | 28.74 | | 总股本/流通 A 股（百万） | 47,530/2,990 | | 流通 B 股/H 股（百万） | -/44,540 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -20% -10% 0% 10% 20% 中国海油 沪深300指数 (收益率) 相关研究 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 陈悦 (86 ...

上 市 公 司 石油石化 2025 年 04 月 30 日 中国石油 (601857) ——业绩超预期，降本增效无惧油价扰动 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 7.94 | | 一年内最高/最低（元） | 10.75/7.33 | | 市净率 | 1.0 | | 股息率%（分红/股价） | 5.67 | | 流通 A 股市值（百万元） | 1,285,661 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: 2025 年 03 月 31 日 | | --- | | 每股净资产（元） 8.55 | | 资产负债率% 37.92 | | 总股本/流通 A 股（百万） 183,021/161,922 | | 流通 B 股/H 股（百万） -/21,099 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02- ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, primarily due to falling coal prices, despite stable production and sales volumes [1][2]. Revenue and Profit Summary - In Q1 2025, the company achieved operating revenue of 38.39 billion yuan, a year-on-year decrease of 15.4% [1] - The net profit attributable to shareholders was 3.98 billion yuan, down 20.0% year-on-year [1] - The net profit after deducting non-recurring items was 3.94 billion yuan, a decline of 19.4% year-on-year [1] Coal Production and Sales - The company sold 64.14 million tons of commodity coal in Q1 2025, a slight increase of 0.4% year-on-year [1] - Self-produced commodity coal sales reached 32.68 million tons, up 1.1% year-on-year [1] - The average selling price of coal was 487 yuan/ton, down 17.0% year-on-year, while the average price for self-produced coal was 492 yuan/ton, down 17.7% year-on-year [1][2] Cost and Profitability - The cost of self-produced commodity coal was 270 yuan/ton, a decrease of 7.3% year-on-year [2] - The gross profit per ton of self-produced coal was 222 yuan, down 27.6% year-on-year [2] - Overall coal revenue was 31.25 billion yuan, a decline of 16.6% year-on-year, with operating costs at 23.80 billion yuan, down 13.0% year-on-year [2] Chemical Products Performance - The company sold 355,000 tons of olefins in Q1 2025, a decrease of 4.8% year-on-year, with an average price of 6,876 yuan/ton, up 0.4% year-on-year [2] - Urea sales reached 600,000 tons, an increase of 8.9% year-on-year, with an average price of 1,702 yuan/ton, down 23.9% year-on-year [2] - Methanol sales were 529,000 tons, up 33.6% year-on-year, with an average price of 1,794 yuan/ton, up 7.1% year-on-year, leading to a turnaround in profitability [2] New Capacity and Projects - The company is advancing coal, electricity, and new energy projects, including a stable release of production capacity from the Dahuize coal mine and the upcoming launch of a 400,000-ton/year project [3] - The company is also constructing a 900,000-ton/year polyolefin project and accelerating the development of various renewable energy projects [3] Dividend and Profit Forecast - The company plans to distribute a cash dividend of 0.258 yuan per share for the end of 2024, with a total dividend payout exceeding 30% [3] - Revenue projections for 2025-2027 are 162.1 billion yuan, 156.5 billion yuan, and 156.0 billion yuan, respectively, with a forecasted net profit of 15 billion yuan, 14.7 billion yuan, and 14.6 billion yuan [3]

25Q1 油气当量产量维持高增，天然气产量同比增长10.2%公司持续加快上产步伐，25Q1 实现净产量 188.8 百万桶油当量，同比增长4.8%。其中，原油产量同比+3.4%，天然气产量同比+10.2%；中国净产 量130.8百万桶油当量，同比+6.2%，主要得益于渤中19-6 等油气田的贡献；海外净产量58 百万桶油当 量，同比+1.9%，主要由于巴西Mero2 等项目的贡献。实现价格方面，25Q1 公司平均实现油价72.65 美 元/桶，同比-7.7%，平均实现天然气价格为7.78 美元/千立方英尺，同比+1.2%。2025Q1，公司资本支出 277 亿元，有力支撑新项目建设和产量增长。 25Q1 公司共获得2 个新发现，并成功评价14 个含油气构造。其中，惠州19-6油田探明地质储量超1 亿 吨油当量，涠洲10-5 油气田展示了北部湾盆地潜山领域广阔的勘探前景；成功评价绥中36-1 南，有望 成为中型油田。期内，番禺10/11 区块联合开发项目、东方29-1 气田开发项目、渤中26-6 油田开发项目 （一期）、文昌19-1 油田二期项目以及巴西Buzios7 项目等多个新项目已成功投产。其他新项目正在 ...

Core Viewpoint - The financial performance of the company has shown significant volatility, with a notable decline in revenue and mixed profit results across different reporting periods [2][11][13]. Financial Performance Summary - In 2024, the company reported an operating revenue of 1.085 billion yuan, a year-on-year decrease of 14.88%, while achieving a net profit attributable to shareholders of 10.25 million yuan, marking a return to profitability [2]. - The first quarter of 2025 saw a further decline in operating revenue to 197 million yuan, down 32.83% year-on-year, with a net loss of 1.83 million yuan, a 111.74% decrease compared to the previous year [3][11]. Cost Management and Profitability - The company implemented cost-cutting measures to improve profitability, resulting in a reduction of operating costs to 428 million yuan, down 18.72% year-on-year [4]. - Sales expenses decreased to 544 million yuan, a decline of 19.96%, while R&D expenses slightly decreased to 58.35 million yuan, down 0.27% [5]. Revenue Breakdown by Product and Sector - The health smart hardware sector generated 1.083 billion yuan in revenue, a decrease of 14.95%, but with a gross margin increase to 60.51%, up 1.83 percentage points [8]. - Shoulder products accounted for the highest revenue at 354 million yuan, down 26.69%, while scalp and head products saw a revenue increase of 43.65% to 238 million yuan, with a gross margin of 67.37%, up 7.21 percentage points [9]. Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 83.52 million yuan, a year-on-year increase of 2.24% [6]. - However, cash and cash equivalents decreased to 253 million yuan, down 33.91% from the previous year, indicating potential liquidity challenges [12]. Strategic Channel Adjustments - The company has shifted its sales strategy from offline to online channels, with significant growth in sales through platforms like Douyin, which saw a year-on-year increase of 271.9% in Q4 2023 [17]. - The revenue from offline franchise stores reached 144 million yuan in 2024, a year-on-year increase of 29.52%, driven by new customer acquisitions [19]. Seasonal Revenue Fluctuations - The company's revenue is significantly influenced by seasonal shopping events, with over 60% of revenue coming from online sales, leading to seasonal volatility in overall income [19].

证券研究报告·公司点评报告·保险Ⅱ 中国人保（601319） 2025 年一季报点评：承保与投资均有提升， 财险业务净利润同比近翻倍 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 553097 | 621972 | 662917 | 708709 | 759197 | | 同比（%） | 4.4% | 12.5% | 6.6% | 6.9% | 7.1% | | 归母净利润（百万元） | 22773 | 42869 | 50950 | 54044 | 59675 | | 同比（%） | -10.2% | 88.2% | 18.9% | 6.1% | 10.4% | | BVPS-最新摊薄（元/股） | 5.48 | 6.08 | 6.71 | 7.38 | 8.11 | | P/B（现价&最新摊薄） | 1.30 | 1.17 | 1.06 | 0.96 | 0.88 | [Table_Tag] [Table_ ...

| 投资要点 | | --- | 公告要点： 公 司 发 布 2025 年 一 季 报 ， 符 合 我 们 的 预 期 。 2025Q1 实 现 营 收 约 146 亿 元 ， 同 环 比 +9.78%/-1.04%，归母净利润3.4亿元，同环比+11.1%+1695%，扣非归母净利润3.20亿元，同环 比+2.79%/-6.02%。 安全与电子业务双轮驱动，毛利率持续改善： 公司降本增效成效显著，追溯会计准则调整对毛利率的影响，2025Q1整体毛利率达17.9%，同 环比+2.6pct/-0.1pct。其中，汽车安全业务毛利率15.6%，同环比+1.9pct/-1.5pct，主要是海外整 合红利释放；汽车电子业务毛利率21.2%，同环比+2.1pct/-0.1pct。 现金流与经营效率优化，抗风险能力增强： 公司2025年一季度经营性现金流为8.68亿元，同比提升25.16%，存货周转率与应收账款管理改 善，体现供应链精细化管控。货币资金较年初增加6.0亿元至78.62亿元，为技术投入与产能扩 张提供充足资金支持。 未经许可，不得转载或者引用。 新订单再创新高，全球化布局深化： 2025Q1公司全球新获订单 ...