德邦股份（603056.SH）2024 年年报及 2025 年一季报点评 快运业务驱动营收稳步增长，成本管控成效显著 2025 年 04 月 28 日 ➢ 事件概述：2025 年 4 月 25 日，公司发布 2024 年年报及 25 年一季报，营 收保持增长，25Q1 归母净利承压。 2024 年，1）收入端：公司实现营业收入 403.63 亿元，同比+11.26%；实现归 母净利润 8.61 亿元，同比+15.41%；实现毛利率 7.6%，同比-1.0pct； 2）利 润端：24 年公司实现归母净利润 8.6 亿元，同比+15.4%；实现归母净利率 2.1%； 扣非后归母净利 6.4 亿元，同比 12.2%；实现扣非归母净利率 1.6%。 2025Q1，公司 25Q1 实现营收 104.1 亿元，同比+12.0%，实现毛利率 4.0%， 同比-2.4pct；实现归母净利润-0.7 亿元，同比-173.7%。 ➢ 费用率方面，24 年及 25Q1 公司各项费用得到有效管控。1）2024 年公司 期间费用为 22.2 亿元，同比-7.0%；期间费用率为 5.5%，同比-1.1pct；财务/ 管理/研发/销售费用 ...

问题二、公司之后的盈利有什么增长点？ 答：您好，公司坚守"临床价值"，以临床需求为导向，做"说得清、道 得明"的现代中药，研发高临床价值药品，作为中药妇科领域的代表性企 业。一是目前已布局中成药新药、"中道"药材与饮片、中药配方颗粒、古代 经典名方、中药保健品等中药全产业板块，已建立覆盖中药全生命周期的研 发平台，且拥有覆盖现有业务板块的丰富的研发管线；二是研发驱动助推产 业升级：包括已上市产品再研究、在新适应症、新剂型等方面推动产品二次 开发；同时集中研发资源、加大对重点在研创新管线项目的投入，特别是对 1.1 类的中药创新在研品种的 IND 及临床的进程；为公司未来 5-8 年的经营发 展做好新一轮产品准备；三是市场能力持续提升：持续加大医院端临床销售 渠道能力及产品终端医院的覆盖能力、提升中成药 OTC 零售市场的业务规模 化能力及品牌建设能力，以及进一步推进规模效应下的市场营销体系"降本 增效"，促使公司市场推广，最终实现业绩增长目标。 问题三、你们行业本期整体业绩怎么样？你们跟其他公司比如何？ 答：近年来，整个中药行业产品供需关系面临短期波动，同时因原材料 持续上涨，对中药企业当期经营业绩形成一定压 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company is experiencing short-term performance pressure but is expected to improve gradually on a quarterly basis. The revenue for 2024 is projected at 2.257 billion yuan, with a year-on-year growth of 22.18% [4][9] - The company is focusing on stabilizing its existing products while expanding its new product offerings. The revenue from various product segments shows significant growth, particularly in comprehensive nuts and beans [5] - The company is actively enhancing its sales channels, with notable performance in overseas markets, especially in Southeast Asia [5][8] Company Overview - Latest closing price: 74.53 yuan - Total shares: 0.93 billion, circulating shares: 0.50 billion - Total market value: 6.9 billion yuan, circulating market value: 3.7 billion yuan - 52-week high/low: 93.52/47.85 yuan - Debt-to-asset ratio: 24.5% - Price-to-earnings ratio: 18.00 [3] Financial Performance - For 2024, the company reported operating income of 2.257 billion yuan, net profit attributable to shareholders of 376 million yuan, and a non-recurring net profit of 341 million yuan, with respective year-on-year growth rates of 22.18%, 14.32%, and 16.91% [4] - The company’s gross margin and net margin for 2024 were 35.46% and 16.67%, showing slight declines compared to the previous year [6] - The profit forecast for 2025 and 2026 has been adjusted to 2.677 billion yuan and 3.102 billion yuan in revenue, with net profits of 402 million yuan and 496 million yuan respectively [9][11] Strategic Focus - The company plans to expand into new markets in Southeast Asia, with a focus on localizing product designs and increasing brand presence [7] - The strategy includes strengthening partnerships with major retail channels and enhancing e-commerce collaborations to drive growth [8] - Cost control measures are being implemented, particularly in raw material procurement, to improve profitability [8]

深圳商报·读创客户端记者 穆砚 2024年，公司全年营收同比微增，但净利润显著承压，同比大幅下滑近六成。年报显示，公司核心业务 电气绝缘材料的市场需求呈现结构性分化，风电、轨道交通等传统优势领域的订单波动对业绩形成拖 累。值得注意的是，公司存在应收账款管理与存货周转的压力。部分下游客户回款周期拉长，叠加部分 项目执行成本超预期，进一步侵蚀利润空间。博菲电气在年报中提示，2024年末，公司应收账款账面价 值为1.81亿元，如果后续公司不能对应收账款进行有效控制，及时收回到期应收账款，则可能存在应收 账款无法收回及因余额较大导致坏账计提增加的风险，从而对公司未来经营业绩造成重大不利影响。 尽管公司通过优化生产工艺降低了部分原材料成本，但研发投入的持续加码与市场拓展费用的刚性增 长，导致期间费用率居高不下。年报中提及的"新能源车、储能等新兴领域布局"虽被列为战略方向，但 相关业务尚处于投入期，尚未形成规模化收益。与此同时，行业竞争加剧导致部分成熟产品毛利率下 滑，传统业务增长动能减弱。 不过，公司2025年一季度的业绩有所回暖。营收同比增长超30%，净利润实现扭亏为盈，得益于风电领 域订单的集中交付与成本管控措施的 ...

Core Viewpoint - The report indicates that Ganyuan Foods is experiencing short-term performance pressure but anticipates gradual improvement in subsequent quarters, maintaining a "buy" rating for the stock [1]. Financial Performance - For the fiscal year 2024, Ganyuan Foods reported operating revenue of 2.257 billion yuan, net profit attributable to shareholders of 376 million yuan, and net profit excluding non-recurring items of 341 million yuan, representing year-on-year growth of 22.18%, 14.32%, and 16.91% respectively [2]. - In Q4 2024, the company achieved operating revenue of 652 million yuan, net profit attributable to shareholders of 99 million yuan, and net profit excluding non-recurring items of 93 million yuan, showing year-on-year growth of 22.05% but declines in net profit of -13.91% and -10.4% respectively [2]. - For Q1 2025, the company reported operating revenue of 504 million yuan, net profit attributable to shareholders of 53 million yuan, and net profit excluding non-recurring items of 46 million yuan, reflecting year-on-year declines of -13.99%, -42.21%, and -45.14% respectively [2]. Investment Highlights - The company is focusing on stabilizing its existing products while expanding its new product offerings, with revenue contributions from various product lines such as mixed nuts and beans showing growth rates of 39.80%, 12.56%, 10.48%, 19.72%, and 21.17% respectively [3]. - Ganyuan Foods is restructuring its product strategy by upgrading its flavor offerings in beans, nuts, and snacks, launching new products to enhance market presence and channel compatibility [3]. - The company is also diversifying its sales channels, with revenue from distribution, e-commerce, and other channels growing by 22.58%, 10.75%, and 65.45% respectively [3]. Profitability and Cost Management - In 2024, Ganyuan Foods reported a gross margin of 35.46% and a net profit margin of 16.67%, both showing slight declines compared to the previous year [4]. - The company faced increased cost pressures due to rising raw material prices, particularly palm oil, and higher expenses related to overseas market expansion and branding [4]. - For Q1 2025, the gross margin and net profit margin further declined to 34.32% and 10.47% respectively, attributed to increased sales and management expenses [4]. Future Outlook - The company plans to expand into new Southeast Asian markets, including Indonesia and Malaysia, with localized product designs expected to launch around May 2025 [5]. - Ganyuan Foods aims to enhance its e-commerce presence and deepen collaborations with platforms like Tmall and JD.com to drive sales growth [5]. - Cost management strategies include locking in prices for raw materials and increasing direct sourcing to optimize costs, with expectations for profitability to improve in the latter part of the year [5]. Earnings Forecast and Investment Rating - The revenue forecasts for 2025 and 2026 have been adjusted to 2.677 billion yuan and 3.102 billion yuan, reflecting year-on-year growth of 18.61% and 15.86% respectively [6]. - The net profit forecasts for 2025 and 2026 have been revised to 402 million yuan and 496 million yuan, indicating year-on-year growth of 6.86% and 23.34% respectively [6]. - The company maintains a "buy" rating, with projected earnings per share (EPS) for the next three years at 4.31, 5.32, and 6.34 yuan, corresponding to price-to-earnings (PE) ratios of 17, 14, and 12 times [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing short-term performance pressure but is expected to improve gradually on a quarterly basis. The revenue for 2024 is projected at 2.257 billion yuan, with a year-on-year growth of 22.18% [4][9] - The company is focusing on stabilizing its existing products while expanding its new product offerings to enhance market presence and channel compatibility [5][8] Company Overview - Latest closing price: 74.53 yuan - Total shares: 0.93 billion, circulating shares: 0.50 billion - Total market value: 6.9 billion yuan, circulating market value: 3.7 billion yuan - 52-week high/low: 93.52/47.85 yuan - Debt-to-asset ratio: 24.5% - Price-to-earnings ratio: 18.00 [3] Financial Performance - For 2024, the company reported operating revenue of 2.257 billion yuan, net profit attributable to shareholders of 376 million yuan, and non-recurring net profit of 341 million yuan, with respective year-on-year changes of 22.18%, 14.32%, and 16.91% [4] - In Q4 2024, the company achieved operating revenue of 652 million yuan, net profit of 99 million yuan, and non-recurring net profit of 93 million yuan, with year-on-year changes of 22.05%, -13.91%, and -10.4% [4] - For Q1 2025, the company reported operating revenue of 504 million yuan, net profit of 53 million yuan, and non-recurring net profit of 46 million yuan, with year-on-year changes of -13.99%, -42.21%, and -45.14% [4] Revenue Breakdown - In 2024, revenue from various product segments was as follows: mixed nuts and beans (705 million yuan, +39.80%), green peas (524 million yuan, +12.56%), sunflower seeds (302 million yuan, +10.48%), and others [5] - Revenue from different sales models showed growth: distribution model (1.927 billion yuan, +22.58%), e-commerce (239 million yuan, +10.75%), and others (81 million yuan, +65.45%) [5] Profitability and Cost Management - The company's gross margin and net margin for 2024 were 35.46% and 16.67%, respectively, showing slight declines year-on-year [6] - The decline in profitability is attributed to rising raw material costs, increased expenses for overseas markets and brand investments, and tax base differences in Q4 2024 [6][8] Future Outlook - The company plans to expand into Southeast Asian markets such as Indonesia and Malaysia in 2025, focusing on local product design and trademark applications [7] - The strategy includes deepening cooperation with major retail channels and enhancing e-commerce partnerships to drive growth [8] - Profitability is expected to recover as raw material costs stabilize and scale effects are realized [8] Earnings Forecast - Revenue forecasts for 2025 and 2026 are adjusted to 2.677 billion yuan and 3.102 billion yuan, respectively, with year-on-year growth rates of 18.61% and 15.86% [9] - Net profit forecasts for the same period are adjusted to 401.99 million yuan and 495.83 million yuan, with respective growth rates of 6.86% and 23.34% [9] - The projected earnings per share for 2025 and 2026 are 4.31 yuan and 5.32 yuan, with corresponding price-to-earnings ratios of 17 and 14 [9]

Summary of Coal Industry Conference Call Industry Overview - The domestic coal market is experiencing price inversion, with traders adopting a wait-and-see approach due to demand-side uncertainties. The price of coal from Shanxi, Shaanxi, and Inner Mongolia is approximately 50 RMB higher than port prices, while Australian coal prices are roughly on par with domestic prices, and Indonesian coal remains high, preventing significant adjustments in imported coal prices [1][3] - European natural gas inventories have recovered due to reduced US supply, leading to a slight decline in natural gas prices. However, European coal inventories remain at a five-year low, indicating a relatively balanced overseas market without significant declines like those seen domestically [1][5] Company Performance - The coal sector's performance in Q1 2025 showed a general decline, with major coal companies experiencing a drop in earnings between 15% and 20%. For instance, Shenhua's net profit fell by approximately 19%, while China Coal's decreased by about 20%. Shaanxi Coal's decline was only 1% due to a low base from the previous year [1][9] - Shenhua's coal cost increased from 190 RMB per ton in Q1 2024 to 196 RMB in Q1 2025, reflecting strict cost control measures. Despite this, Shenhua's net profit was around 12 billion RMB, slightly below expectations [1][10] - China Coal's net profit was approximately 4 billion RMB, down 20% year-on-year, but the company managed to maintain stable performance through effective cost management [1][11] Market Dynamics - Coastal power plants are depleting their inventories, while inland power plants have seen a slight increase in stock levels, resulting in overall inventory levels being on par with the same period last year. The coking coal market remains stable, but downstream demand is uncertain, leading to significant pressure on coking coal companies' Q1 performance [1][6] - The price of coal at ports has decreased from 670 RMB to 662 RMB, a drop of about 1%, primarily due to the end of the winter heating season in northern regions. Port inventories have also declined from 32 million tons to 31 million tons [3] Future Outlook - It is anticipated that coal prices will gradually rise in the coming months, with coal companies continuing to implement cost control measures and seek acquisitions of quality assets to enhance profitability. The annual profit target remains achievable, with a projected range of 50 billion to 55 billion RMB [2][13] - Despite the overall weak performance in Q1, the outlook for the coal industry remains optimistic, particularly for thermal coal companies, as prices are expected to recover, and sales are projected to normalize [19] Additional Insights - Shaanxi Coal's dividend payout ratio has decreased to 58% due to asset acquisitions reducing retained earnings, but this does not indicate a change in the company's dividend policy, which remains stable [15][16] - Non-leading coal companies like Yanzhou Coal and Huayang have shown smaller declines in performance, with New Energy's drop being only 10%-11% due to a low base from the previous year [17] - Coking coal companies are facing significant challenges, with some reporting over 90% declines in profits due to sustained price drops since the second half of 2024 [18]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company achieved significant growth in Q1 2025, with revenue of 4.321 billion yuan, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.4%. The net profit attributable to the parent company was 694 million yuan, up 37.91% year-on-year and 55.6% quarter-on-quarter [1] - The increase in gold sales and prices has positively impacted the company's performance, with gold sales volume rising 31.8% quarter-on-quarter to 2.03 tons, and the average selling price of gold increasing by 20% compared to the average price in 2024 [2] - The company has effectively managed costs, resulting in a significant increase in unit gross profit. The unit gross profit for gold rose to 511 yuan/g, a 26.5% increase from 404 yuan/g in 2024, while the unit gross profit for silver increased by 34.1% to 3.89 yuan/g [3] - The company is making progress in its mining projects, with plans to produce no less than 8 tons of gold by 2025. Recent acquisitions in the Yunnan province are expected to enhance gold resource reserves and exploration rights [4] Financial Data and Valuation - The company forecasts revenue growth from 8.106 billion yuan in 2023 to 18.983 billion yuan in 2027, with a compound annual growth rate of 16.20% [11] - The net profit attributable to the parent company is projected to increase from 1.424 billion yuan in 2023 to 4.187 billion yuan in 2027, reflecting a growth rate of 18.90% [11] - The price-to-earnings ratio (P/E) is expected to decrease from 39.77 in 2023 to 13.53 in 2027, indicating improved valuation over time [11]

东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 以下文章来源于东四十条资本 ，作者黎曼 从濒临破产到"中国能量饮料第一"。 作者丨 黎曼 来源丨 东四十条资本 在2025年的港股IPO热潮中，以"累了困了，喝东鹏饮料"广告语风靡全国的饮料巨头——东鹏饮料（集团）股份有限公司（下称"东鹏饮料"），正式向 港交所递交招股书，计划以"A+H"模式开启二次上市新征程。 递交招股书前，东鹏饮料的业绩走至高峰：2024年营收达158.3亿元，净利润达到33.26亿元，同比增长超60%。2024年，公司还大额分红了13亿 元。 实控人林木勤的身价也随之水涨船高。《财富杂志》数据显示，到2024年，东鹏饮料创始人家族预计将以总计68亿美元的净额位列全球富豪排行榜之 列，林木勤家族再次成为广东汕尾首富。 而这一切的开始皆源于早前一次对濒临破产的国有饮料厂的收购。2003年时，工人出身的林木勤魄力买下负债累累的老厂，靠走差异化道路，硬生生在 红牛的垄断阴影下撕开一道口子。 从广东大本营到全国400万家终端网点，东鹏饮料 ...

点击注册小程序 特别申明： 竞争加剧、公司主动变革叠加高基数，酱油、食醋营收增长承压 分产品：24年，酱油/食醋分别实现营收19.6/3.7亿元，分别同比-3.8%/-12.5%，主要系市场竞争压力加 剧，公司主动进行战略调整以及23年基数较高；分量价看，24年酱油量/价分别同比+1.3%/-5.0%，食醋量 价分别同比-9.5%/-3.3%。25Q1酱油/食醋分别实现营收5.4/1.0亿元，分别同比-4.7%/-10.6%，主要系24Q1 基数较高以及负面舆情扰动。 分地区：24年，东/南/中/北/西部营收分别同比-1.8%/+14.0%/-7.1%/-1.4%/ -8.9%，南部市场表现较好。 25Q1东/南/中/北/西部营收分别同比-1.3%/ -2.4%/-6.1%/-12.0%/-8.9%。 分渠道：24年，线上/线下营收分别同比-4.9%/-4.0%；25Q1线上/线下营收分别同比-12.3%/-5.9%。 25Q1末公司经销商总数为3282家，较24年末净减少34家，持续优化经销商团队 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和 ...