Investment Rating - The investment rating for the company is "Buy" with a target price of 103.86 RMB [7][8] Core Views - The company demonstrated strong earnings resilience in 2024, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 15.13 billion, 1.48 billion, and 1.36 billion RMB respectively, reflecting year-on-year growth of 7.7%, 0.5%, and a slight decline of 0.5% [1][4] - The company is focusing on internal improvements during the off-season to prepare for the peak season, as competition in the frozen food industry has eased compared to the second half of 2024 [1][4] Summary by Sections Financial Performance - In 2024, the company's revenue from frozen noodles, prepared foods, and dishes was 2.46 billion, 7.84 billion, and 4.35 billion RMB, showing a year-on-year change of -3.1%, +11.4%, and +10.8% respectively [2] - The gross profit margin for 2024 was 23.3%, with a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 0.7 percentage points to 9.8% [3] Strategic Developments - The company is advancing its strategic products, such as the "lock-fresh" packaging, which generated over 1.5 billion RMB in revenue in 2024, marking an increase of over 18% year-on-year [2] - The company plans to enhance its relationships with major supermarkets like Yonghui and Walmart in 2025, aiming for customized offerings [2] Earnings Forecast - The earnings per share (EPS) for 2025 and 2026 are projected to be 5.47 RMB and 6.05 RMB, respectively, with an introduction of a 2027 EPS forecast of 6.88 RMB [4][6] - The company’s estimated revenue for 2025 is 16.16 billion RMB, reflecting a growth rate of 6.83% [6]

Investment Rating - The investment rating for the company is "Buy" with a target price of 101.97 RMB [7][8]. Core Views - The company achieved revenue and net profit of 28.88 billion and 6.67 billion RMB in 2024, representing a year-on-year decline of 12.8% and 33.4% respectively. The fourth quarter of 2024 saw a significant drop in revenue to 1.36 billion RMB, down 52.2% year-on-year, and a net loss of 1.91 billion RMB [1][2]. - In the first quarter of 2025, the company reported revenue and net profit of 11.07 billion and 3.64 billion RMB, reflecting a year-on-year decrease of 31.9% and 39.9% respectively. The overall performance was below previous expectations due to intensified competition in the mid-range and sub-premium segments [1][4]. - The company is proactively adjusting its product offerings and channel strategies to focus on long-term healthy development, despite facing external pressures that may continue to impact sales in the short term [1][2]. Summary by Sections Financial Performance - In 2024, the company's revenue from mid-to-high-end and regular liquor was 24.32 billion and 3.93 billion RMB, with gross margins decreasing by 1.6 and 0.9 percentage points to 78.7% and 45.3% respectively. Revenue from domestic and external markets was 12.75 billion and 15.50 billion RMB, down 11.4% and 14.4% year-on-year [2][3]. - The gross margin for 2024 was 73.2%, down 2.1 percentage points, attributed to a decline in the proportion of mid-to-high-end products. The first quarter of 2025 saw a gross margin of 75.6%, with net profit margin decreasing to 32.9% [3][4]. Market Outlook - The company is focusing on high-quality development and has initiated inventory reduction measures in the first quarter of 2025. New products have been launched to fill market gaps, indicating a strategic shift towards enhancing product offerings [2][3]. - The external environment is expected to remain challenging in the short term, but there is optimism for a gradual recovery in industry demand, which could lead to improved performance [1][4]. Earnings Forecast - The earnings per share (EPS) for 2025 and 2026 are projected to be 3.09 and 3.20 RMB, with a new estimate for 2027 at 3.36 RMB. The average price-to-earnings ratio (PE) for comparable companies in 2025 is estimated at 33 times [4][6]. - The company has adjusted its revenue forecasts downward by 22% for 2025 and 2026, reflecting anticipated challenges in sales performance and competitive pressures [4][13].

中国高端女装行业全景调研及产销前景分析报告2025年版 本文源自：中赢信合研究网 3) 企业偿债能力分析 132 第四节 知名高端女装品牌营销实例 146 4) 企业盈利能力分析 133 5) 企业运营能力分析 133 6) 品牌在中国的店铺数量及店铺分布情况； 134 7) 品牌的销售总额及年增长率； 134 8) 品牌销售的强势市场/区域、相对弱势的市场/区域； 134 9) 品牌分品类的价格带 134 10)品牌奥特莱斯渠道的销售占比，以及列明合作的奥莱有哪些 135 第四节 高端女装行业竞争趋势分析 136 一、行业集中度逐渐提升 136 二、市场竞争将日趋激烈 137 三、竞争向内生增长转型 140 第六章 中国高端女装行业市场营销分析 141 第一节 高端女装品牌销售渠道分析 141 一、国内高端女装销售渠道 141 二、高端女装渠道建设特点 141 三、高端女装营销方式分析 142 四、行业销售受网购冲击小 142 第二节 高端女装市场营销策略分析 142 一、多品牌发展突破渠道稀缺瓶颈 142 二、高端女装多品牌延伸策略分析 142 三、新形销模式突破高端女装瓶颈 143 四、高端女装品牌店视 ...

证券研究报告 圆通速递 (600233 CH) 24 年量价均衡，单票毛利承压 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 仓储物流 | 圆通速递发布 2024 年及 1Q25 业绩：1）24 年实现营业收入/归母净利 690.3 亿/40.1 亿元，同比+19.7%/+7.8%，其中，快递业务实现营业收入/归母净 利 622.9 亿/43.1 亿元，同比+19.2%/12.2%；2）1Q25 实现营业收入/归母 净利 170.6 亿/8.6 亿元，同比+10.6%/-9.2%。24 年归母净利低于我们此前 预期（44.7 亿元），主因：1）快递以外业务亏损拖累盈利，航空业务毛利-1.7 亿元；2）低价件占比提升，使得行业件均价持续下行，为公司经营带来压 力，单票毛利同比下降。展望 25 年，龙头渴求份额或加剧行业竞争，盈利 仍承压，但我们看好公司持续强化全链路管控、时效水平提升、服务质量改 善，实现价格与件量规模均衡发展，维持"买入"。 24 年公司件量增速高于行业，量价表现均衡 件量方面，24 年公司 ...

件量方面，24 年公司实现265.7 亿件，同比增长25.3%，较行业增速（21.5%）高3.8pct，其中散单和逆 向件同比增速超70%，得益于公司履约能力与服务品质持续升级。价格方面，公司24 年件均价同比下 降4.9%至2.30 元，实现优于行业的价格表现（行业：-6.3%）。1Q25，公司件量与价格表现均优于行 业：件量同比+21.7%（行业：+21.6%），件均价同比-6.3%（行业： -8.8%），延续量价均衡表现。（数据来源：国家邮政局、公司公告）24 年单票成本降幅小于单票收入 降幅，单票毛利同比下降24 年，公司单票成本同比下降4.0%至2.09 元，其中，公司通过优化车队结构 和路由规划，实现单票运输成本同比下降9.4%至0.42 元；通过转运中心精益管理、自动化改造实现单 票中心操作成本下降5.4%至0.28 元。由于行业竞争激烈、单票收入持续下降，24 年单票毛利同比下降 12.6%至0.20元。费用方面，四项费用率同比提升0.1pct 至2.4%，其中财务费用同比增长259.6%。主因 24 年利息支出增加、而利息收入减少。 圆通速递发布2024 年及1Q25 业绩：1）24 年实现 ...

证券研究报告 圆通速递 (600233 CH) 24 年量价均衡，单票毛利承压 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 仓储物流 | 圆通速递发布 2024 年及 1Q25 业绩：1）24 年实现营业收入/归母净利 690.3 亿/40.1 亿元，同比+19.7%/+7.8%，其中，快递业务实现营业收入/归母净 利 622.9 亿/43.1 亿元，同比+19.2%/12.2%；2）1Q25 实现营业收入/归母 净利 170.6 亿/8.6 亿元，同比+10.6%/-9.2%。24 年归母净利低于我们此前 预期（44.7 亿元），主因：1）快递以外业务亏损拖累盈利，航空业务毛利-1.7 亿元；2）低价件占比提升，使得行业件均价持续下行，为公司经营带来压 力，单票毛利同比下降。展望 25 年，龙头渴求份额或加剧行业竞争，盈利 仍承压，但我们看好公司持续强化全链路管控、时效水平提升、服务质量改 善，实现价格与件量规模均衡发展，维持"买入"。 24 年公司件量增速高于行业，量价表现均衡 件量方面，24 年公司 ...

金十数据4月29日讯，野村发报告指，尽管李宁(02331.HK)维持全年业绩指引不变，但由于宏观经济不 明朗，加上运动服装行业竞争加剧，该行预计集团第二季至第三季的销售及盈利能力将面对更多不利因 素。因此，重申"中性"评级，下调目标价7%，由17.4港元降至16.2港元。报告表示，李宁首季零售销售 按年录得低个位数字增长，野村认为大致符合市场预期。尽管如此，集团在1至2月的销售表现优于预期 后，3至4季的销售气氛转弱。近期销售动力疲弱的情况在线下渠道尤为显著。 野村：下调李宁目标价7% 重申"中性"评级 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, indicating challenges in the market and increased competition in the downstream new energy sector [1][2]. Financial Performance - For 2024, the company generated revenue of 478 million yuan, a year-on-year decrease of 9.6%, and a net profit of 49 million yuan, down 58.1% [1]. - In Q1 2025, revenue was 107 million yuan, a year-on-year decline of 3.6% but a quarter-on-quarter increase of 6.0%. The net profit was 20 million yuan, reflecting a year-on-year growth of 11.3% [1]. Industry Trends - The demand for testing power supplies in the downstream new energy sector is slowing, with 2024 revenue from testing power supplies at 365 million yuan, a mere 1% increase year-on-year, attributed to pressure on profitability for downstream new energy vehicle and energy storage manufacturers [2]. - The hydrogen energy testing power supply segment saw a revenue of 95 million yuan in 2024, down 15% year-on-year, with weak demand in the fuel cell sector but high growth in electrolyzer testing power supply demand [2]. Profitability Metrics - The gross margin for Q1 2025 was 37.6%, a decrease of 13.6 percentage points year-on-year due to industry price competition. The company maintained good control over expense ratios, with sales, management, R&D, and financial expense ratios at 12.9%, 10.8%, 16.4%, and -1.1%, respectively [3]. - The net profit margin for Q1 2025 was 19.0%, an increase of 2.6 percentage points year-on-year [3]. Profit Forecast and Valuation - Due to intense price competition, the net profit forecast for 2025 has been revised down by 4% to 109 million yuan, with a new estimate for 2026 at 170 million yuan. The current stock price corresponds to a P/E ratio of 20.2 for 2025 and 13.0 for 2026 [4]. - The company maintains an outperform rating and a target price of 30 yuan, implying a potential upside of 13.9% from the current stock price [4].

事件：公司2024 年实现营收156.49 亿元，同比下降0.21%；归母净利润3.83亿元，同比下降78.15%；扣 非归母净利润2.89 亿元，同比下降82.63%。1Q2025营收34.84 亿元，同比下降9.68%；归母净利润4.70 亿元，同比上升6.38%；扣非归母净利润-0.03 亿元，同比下降100.74%。 风险提示：宏观经济下行风险、地产市场超预期下滑、成本超预期上涨。 浮法光伏价格下跌，1Q2025 年盈利下滑。浮法方面，竣工同比下滑14.3%，受此拖累玻璃价格同比下 滑28.02%，公司浮法业务盈利也承压；光伏方面，行业竞争激烈形势依旧，一季度光伏玻璃价格同比 下滑21.18%。浮法与光伏业务盈利的压力下，公司1Q2025 年扣非盈利转负，但一季度公司完成绍兴子 公司土地及相关资产处理，增厚利润5.29 亿元，归母净利润得以转正。 投资建议：我们预测公司2025-2027 年归母净利润为5.77/2.43/4.43 亿元，同比增速 50.86%/-57.94%/82.41%，最新收盘价对应3 年PE 分别25x/59x/32x。 维持"增持"评级。 竣工拖累浮法，行业竞争影响光伏，20 ...

中信证券研报表示，近期京东外卖高举高打单量增长亮眼，引发热议。对于外卖行业而言，竞争将望激 发市场活力，推动主要玩家加强生态建设，对行业发展有积极价值。从竞争走向来看，伴随单量规模扩 张，竞争将呈现全方位、多要素的局面。复盘外卖市场的历次正面碰撞，补贴短期内对单量增长拉动效 应明显，但并非决定竞争走向的胜负手，而多维度的系统性变量如配送效率、商家供给、用户复购和提 频等更为核心。竞争加剧之下，各方所承担的资本消耗或难以避免，短期或对市场情绪造成扰动。但站 在相对长期视角，我们预计行业竞争格局趋于稳定、市场生态良性发展，平台价值有望长期释放。 ...