主要财务指标 毛利率和净利率 近期华大九天（301269）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 华大九天在2025年一季度实现了营业总收入2.34亿元，较去年同期的2.13亿元同比增长9.77%。归母净 利润达到971.39万元，同比增长26.72%。扣非净利润为-38.78万元，虽然仍为负值，但相比去年同期 的-1650.18万元，同比上升了97.65%。 销售费用、管理费用、财务费用总计7160.79万元，占营收比例为30.56%，同比增加了26.18%。这显示 出公司在费用控制方面面临一定压力。 现金流和资产状况 每股经营性现金流为0.44元，同比大幅增长281.38%，显示出公司经营活动产生的现金流量显著改善。 然而，货币资金从29.8亿元减少至8.66亿元，降幅达70.95%，需关注其流动性风险。 应收账款 公司的毛利率为91.42%，同比下降5.35%；净利率为4.15%，同比增加15.44%。这表明公司在保持较高 毛利的同时，盈利能力有所提升。 费用控制 截至本报告期末，公司应收账款为3.55亿元，同比增幅达59.58%，应收账款与利润的比例高达 324.51%，建议密切 ...

近期万凯新材（301216）发布2025年一季报，证券之星财报模型分析如下： 财务概况 近期，万凯新材发布了2025年一季报。报告显示，尽管公司归母净利润达到4796.45万元，同比增长了 5.92%，但营业总收入为39.19亿元，同比下降了7.74%。扣除非经常性损益后的净利润为1072.0万元， 同比下降了48.22%。 主要财务指标 资产负债情况 经营活动现金流 每股经营性现金流从-0.32元增长至0.46元，增幅达245.15%，表明公司在经营活动中的现金流量有所改 善。 商业模式与融资分红 公司的业绩主要依赖于资本开支和股权融资驱动，需关注资本开支项目的合理性及是否存在资金压力。 风险提示 毛利率：2.9%，同比减少了23.9%。 净利率：1.21%，同比增长了12.85%。 三费占营收比：1.94%，同比增长了46.78%。 每股净资产：10.39元，同比减少了6.68%。 每股经营性现金流：0.46元，同比增长了245.15%。 每股收益：0.09元，与去年同期持平。 货币资金：30.65亿元，同比增长了51.87%。 应收账款：8亿元，同比减少了20.33%。 有息负债：79.6亿元，同比增长 ...

近期漱玉平民（301017）发布2025年一季报，证券之星财报模型分析如下： 财务概况 近期，漱玉平民发布了2025年一季报。报告显示，截至本季度末，公司营业总收入为23.79亿元，较去 年同期下降2.48%；然而，归母净利润达到2562.39万元，同比大幅上升143.85%；扣非净利润为2325.73 万元，同比增长144.6%。 单季度数据 从单季度数据来看，第一季度营业总收入为23.79亿元，同比下降2.48%；归母净利润为2562.39万元， 同比上升143.85%；扣非净利润为2325.73万元，同比上升144.6%。 主要财务指标 资产负债情况 本报告期，公司的短期债务压力有所上升，流动比率降至0.96。货币资金为13.85亿元，较去年同期减少 7.95%；应收账款为11.96亿元，同比减少2.92%；有息负债为37.17亿元，同比增加2.80%。 经营模式与财务健康度 根据证券之星价投圈财报分析工具，公司去年的净利率为-2.14%，表明公司在计入全部成本后的附加值 较低。公司业绩主要依赖于营销驱动，需进一步研究其可持续性。此外，公司现金流和债务状况值得关 注： 综上所述，尽管漱玉平民在2025年 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue growth of 12.8% and a net profit growth of 17.3% for the fiscal year 2024, with a slight decline in Q4 2024 revenue and net profit [7] - For Q1 2025, revenue and net profit increased by 7.7% and 6.2% respectively, with a rise in sales expense ratio impacting profit growth [7] - The company aims to enhance shareholder returns with a dividend payout ratio of 60% for 2024, resulting in a dividend yield of 3.0% [7] Financial Performance Summary - Total revenue (in million RMB) is projected to grow from 31,928 in 2023 to 36,011 in 2024, with a year-on-year growth rate of 12.79% [1] - Net profit attributable to shareholders (in million RMB) is expected to rise from 10,438 in 2023 to 12,243 in 2024, reflecting a year-on-year increase of 17.29% [1] - The earnings per share (EPS) is forecasted to increase from 8.56 in 2023 to 10.04 in 2024 [1] Product and Regional Performance - The company's liquor revenue grew by 13.0% in 2024, with specific products like Qinghua and waist products showing strong performance [7] - Revenue growth in domestic and international markets was 11.7% and 13.8% respectively, indicating balanced growth across regions [7] Margin and Cost Structure - The gross margin improved by 0.9 percentage points to 76.2% in 2024, driven by effective inventory control [7] - The net profit margin increased by 1.3 percentage points to 34.0%, attributed to better gross margin and tax rate improvements [7] Future Projections - The company’s net profit is projected to reach 13,470 million RMB in 2025, with a year-on-year growth of 10.02% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 18.39, 16.13, and 13.68 respectively, indicating a favorable valuation trend [1]

近期ST易事特（300376）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 ST易事特在2025年一季度实现营业总收入6.39亿元，同比下降4.52%。归母净利润为4421.21万元，同比 下降3.95%。然而，扣非净利润达到4830.12万元，同比上升19.52%。这表明公司在非经常性损益方面有 所改善。 销售费用、管理费用和财务费用总计1.04亿元，三费占营收比为16.24%，同比下降2.91%。这说明公司 在费用控制方面取得了一定成效。 现金流与资产状况 每股经营性现金流为0.08元，同比大幅增长680.68%，显示出公司在经营活动中的现金流状况显著改 善。货币资金为21.01亿元，较去年同期减少1.35%。应收账款为29.65亿元，同比减少7.09%，但仍占最 新年报归母净利润的1567.06%，需持续关注其回收情况。 盈利能力 公司业绩主要依靠研发及营销驱动，需进一步研究这些驱动力的实际效果。自上市以来，公司累计融资 总额23.54亿元，累计分红总额6.94亿元，分红融资比为0.29。 公司的毛利率为32.64%，同比增加了4.23个百分点，显示出公司在成本控制方面的进步。然而，净利 ...

近期东莞控股（000828）发布2025年一季报，证券之星财报模型分析如下： 财务概况 收入与利润 尽管公司在2025年一季度的营业总收入和归母净利润分别下降了10.95%和45.58%，但扣非净利润却实 现了3.01%的增长，显示出公司在主营业务上的盈利能力有所增强。 现金流与偿债能力 公司的每股经营性现金流从去年同期的-0.71元大幅增长至0.37元，增幅达152.19%，表明公司在经营活 动中的现金流状况得到了显著改善。同时，货币资金同比增长83.22%，达到41.84亿元，显示出公司现 金资产非常健康。 债务状况 有息负债从100.65亿元减少到66.08亿元，减少了34.35%，这有助于降低公司的财务风险。然而，有息 负债总额与近3年经营性现金流均值的比例仍高达23.06%，需持续关注其债务偿还能力。 商业模式与资本开支 近期，东莞控股发布了2025年一季报。报告显示，公司营业总收入为3.66亿元，同比下降10.95%；归母 净利润为2.19亿元，同比下降45.58%；扣非净利润为2.2亿元，同比上升3.01%。 主要财务指标 资产与负债情况 经营分析 公司业绩主要依靠资本开支驱动，需重点关注资本开 ...

Core Viewpoint - Wuhan Kewen Biotechnology Co., Ltd. reported a significant decline in net profit despite a revenue increase, indicating underlying financial challenges and pressures on core business profitability [1][2]. Financial Performance Summary - Revenue for 2024 reached 1,200,327,933.81 yuan, a 17.71% increase from 2023's 1,019,758,798.36 yuan, driven primarily by the veterinary raw materials and formulations segment, which accounted for 93.02% of total revenue [2]. - The net profit attributable to shareholders was -20,155,591.43 yuan, a 220.11% decrease from 2023's 16,780,818.77 yuan, primarily due to declining product prices, increased R&D expenses, and rising financial costs [2]. - The basic earnings per share fell to -0.1215 yuan from 0.1011 yuan in 2023, reflecting a significant drop in profitability [2]. Expense Changes Impacting Profit - Sales expenses increased by 6.52% to 59,253,062.89 yuan, driven by higher employee compensation and travel costs [3]. - Management expenses decreased by 21.40% to 59,484,458.70 yuan, attributed to operational cost adjustments [3]. - Financial expenses surged by 65.81% to 40,490,143.38 yuan, mainly due to increased convertible bond interest [3]. - R&D expenses rose by 25.11% to 55,797,216.51 yuan, reflecting the company's commitment to innovation despite short-term profit impacts [3]. Cash Flow Situation - Net cash flow from operating activities decreased by 53.15% to 43,531,846.81 yuan, necessitating improved accounts receivable management [4]. - Net cash flow from investing activities remained stable at -101,814,788.13 yuan, indicating ongoing investments in fixed assets [4]. - Net cash flow from financing activities increased by 133.70% to 13,976,367.66 yuan, driven by new borrowings to address convertible bond repayment risks [4]. R&D and Personnel Situation - R&D investment for 2024 was 55,797,216.51 yuan, representing 4.65% of revenue, with projects focused on new strains and fermentation technology [5]. - The number of R&D personnel decreased from 181 to 158, a reduction of 12.71%, which may impact the company's innovation capabilities [6]. Industry Risks and Challenges - The company faces cyclical risks associated with the veterinary drug sector, heavily influenced by the profitability of the pig farming industry [7]. - Animal disease outbreaks can significantly affect the demand for veterinary drugs, as seen during the African swine fever crisis [8]. - Fluctuations in raw material prices pose a risk to profitability, with potential declines in sales prices for key products [9]. - The company is exposed to accounts receivable risks, particularly from large-scale farming groups, which could impact cash flow and profitability [10].

Core Insights - In 2024, the company faces significant challenges with a substantial decline in both operating revenue and net profit, with net profit decreasing by 83.89% year-on-year and non-recurring net profit dropping by 92.14% [1] Financial Performance Summary - The company's operating revenue for 2024 is 15,455,386,401 yuan, a decrease of 15.06% from 18,194,864,366 yuan in 2023. The glass industry revenue is 13,755,566,623 yuan (89% of total revenue), down 6.33%, while electronic glass and display revenue is 1,407,968,511 yuan (9.11% of total revenue), down 10.47%. Solar and other industries revenue is 592,199,240 yuan (3.83% of total revenue), down 73.66% [2] - The net profit for 2024 is 266,772,318 yuan, compared to 1,655,614,446 yuan in 2023, marking an 83.89% decline. Non-recurring net profit is 120,793,126 yuan, down 92.14% from 1,535,858,783 yuan in 2023. The decline is attributed to market changes leading to price drops, rising costs, and asset impairments [3] - Basic earnings per share for 2024 is 0.09 yuan, down 83.33% from 0.54 yuan in 2023, indicating a significant reduction in shareholder returns [4] Expense Analysis - Sales expenses decreased slightly to 289,402,862 yuan in 2024 from 308,908,806 yuan in 2023, a decline of 6.31%, suggesting adjustments in market promotion strategies [5] - Management expenses fell from 865,371,137 yuan in 2023 to 791,021,833 yuan in 2024, a decrease of 8.59%, indicating potential for improved internal management efficiency [6] - Financial expenses increased to 183,964,983 yuan in 2024 from 158,826,105 yuan in 2023, a rise of 15.83%, highlighting increased debt servicing pressure [7] - R&D expenses decreased from 739,301,765 yuan in 2023 to 611,497,261 yuan in 2024, a decline of 17.29%, which may impact future innovation capabilities [8] Cash Flow Analysis - Net cash flow from operating activities decreased by 36.34% to 1,756,923,649 yuan in 2024 from 2,759,788,894 yuan in 2023, indicating weakened cash generation ability [12] - Net cash flow from investing activities improved to -2,283,592,545 yuan in 2024 from -4,253,234,650 yuan in 2023, a reduction of 46.31%, suggesting better cash management in investments [13] - Net cash flow from financing activities turned positive at 834,412,074 yuan in 2024 compared to -56,073,109 yuan in 2023, indicating improved funding sources [14] R&D and Innovation - The number of R&D personnel decreased to 1,744 in 2024 from 1,879 in 2023, a reduction of 7.18%, which may affect the company's innovation capacity [10] - R&D investment in 2024 is 611,497,261 yuan, accounting for 3.96% of operating revenue, down from 4.15% in 2023, potentially impacting future product competitiveness [11]

Core Insights - The company, Xuzhou Haotong New Materials Technology Co., Ltd., reported significant changes in its financial data for the year 2024, indicating major adjustments in investment and financing strategies [1] Financial Performance Summary - Revenue showed steady growth, reaching ¥2,658,923,309.03, a 5.21% increase from ¥2,527,255,577.15 in 2023, with trade business being the main driver, growing by 28.26% to ¥1,532,116,557.04, accounting for 57.62% of total revenue [2] - The precious metal recovery business saw a revenue decline of 8.71% to ¥1,099,305,131.35, while the new materials business experienced a significant drop of 87.24% to ¥15,005,999.18, indicating challenges in this segment [2] Profitability Analysis - Net profit attributable to shareholders increased by 11.42% to ¥116,613,490.13 from ¥104,661,673.38 in 2023, reflecting improved core business profitability [3] - Basic earnings per share rose by 11.96% to ¥1.03, while the diluted earnings per share increased to ¥0.86, indicating enhanced shareholder value [4] Expense Overview - Sales expenses decreased by 13.70% to ¥7,330,956.44, suggesting cost-saving measures in sales strategies [5] - Management expenses increased by 22.91% to ¥32,179,253.45, likely due to business expansion [6] - Financial expenses rose by 25.75% to ¥13,014,040.16, attributed to increased borrowing costs [7] - R&D expenses fell by 25.90% to ¥6,033,088.24, which may impact future innovation [8] R&D Insights - R&D investment amounted to ¥81,519,745.95, representing 3.07% of revenue, an increase from 1.65% in 2023, despite a decrease in absolute terms [10] - The number of R&D personnel remained stable at 17, with a slight increase in the proportion of master's degree holders [11] Cash Flow Analysis - Operating cash flow turned positive at ¥15,440,001.79, a significant improvement from a negative cash flow of -¥123,336,178.09 in 2023, indicating better operational management [12] - Investment cash flow showed a net outflow of -¥257,085,123.40, a 330.55% decline, driven by increased investment activities [13] - Financing cash flow netted ¥246,206,061.62, a 467.01% increase, reflecting higher borrowing to support business expansion [14]

近期金房能源（001210）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 应收账款与现金流 值得注意的是，本报告期金房能源的应收账款达到4.23亿元，同比增长13.21%，并且应收账款占最新年 报归母净利润的比例高达868.58%。此外，每股经营性现金流为-1.31元，同比减少了5.8%。这提示公司 可能面临较大的资金周转压力。 资产负债情况 公司的货币资金为4.09亿元，同比减少了11.13%。同时，有息负债大幅增加至5514.91万元，同比增长 超过百倍，达到10196.22%。这反映了公司在债务融资方面的显著变化。 总结 总体而言，金房能源在2025年一季度的财务表现较为稳健，但在应收账款管理和现金流方面存在一定的 风险点，需引起重视。 金房能源在2025年一季度实现了营业总收入6.29亿元，同比上升11.33%；归母净利润达到1.3亿元，同 比上升5.5%；扣非净利润为1.26亿元，同比上升4.72%。这表明公司在报告期内保持了一定的增长态 势。 盈利能力 从盈利能力来看，公司的毛利率为31.33%，同比增加了0.25个百分点；然而，净利率为20.91%，同比下 降了5.93个百分点。 ...