一座电站，句容抽水蓄能电站，上水库大坝高达182.3米，是全球坝体最高的抽水蓄能电站。 一家企业，天奈科技，专注研发生产纳米级碳材料，是全球最大的碳纳米管与碳纳米管浆料生产企业。 一台设备，慧创医疗NirSmart，是全球最早获得NMPA注册证的便携式近红外脑功能成像装置。 这些"全球之最"的创造者，不是北上广深一线城市，也不是杭宁苏蓉二线城市，而是在江苏省"最小"的地级市——镇江。 极强的反差感背后，是一座中小城市的产业突围之路。 小体量，也能迸发高能量！ 01 "最小"与"最强" 在江苏"十三太保"中，镇江的面积是最小的。 3840平方公里，仅为徐州的四分之一，连云港的二分之一。 土地是人类生存的根基，数量、质量与空间分布构成了人口容量的刚性边界。 土地面积小，意味着无法容纳太多的常住人口。 事实也正是如此，数据显示，镇江常住人口322.6万，仅为南京的三分之一，盐城的二分之一，排名全省倒数第一。 无论是土地视角，还是人口维度，镇江都称得上是江苏"最小"的城市。 土地是财富之母，劳动是财富之父。 土地小，人口少，这几乎决定了镇江的经济体量的上限。 出人意料的是，镇江的GDP并非倒数第一，而是排在了面积更大 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported Q1 2025 revenue of 595 million yuan, a year-on-year increase of 10.3%, while net profit attributable to shareholders was 68 million yuan, a decline of 8.2% year-on-year. The revenue met expectations, but profit fell short [6] - The long-term growth potential of the company is viewed positively due to a clear strategy focused on product quality and brand reputation, particularly in fish, egg, and bean products [6] - The company is expected to see revenue growth driven by fish and bean products, with a focus on new channel breakthroughs in the upcoming quarters [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2,788 million yuan, with a year-on-year growth rate of 15.6%. Net profit is projected at 331 million yuan, reflecting a 13.6% increase [5] - The gross profit margin for Q1 2025 was reported at 29.91%, a slight decrease of 0.11 percentage points year-on-year, primarily due to rising raw material costs [6] - The company’s return on equity (ROE) is projected to be 19.5% for 2025, with a gradual increase expected in subsequent years [5]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for the stock's performance in the near term [1][5][21]. Core Insights - The company reported a total revenue of 8.315 billion yuan for Q1 2025, representing a year-on-year increase of 8.1%, while the net profit attributable to shareholders reached 2.202 billion yuan, up 14.8% year-on-year [1][5]. - The company is expected to achieve close to double-digit growth for the full year 2025, driven by strong performance in new products and effective channel strategies [5][6]. Financial Performance Summary - **Revenue and Profit Growth**: - Total revenue for 2024 is projected at 26.901 billion yuan, with a growth rate of 9.5%. For 2025, revenue is expected to reach 29.595 billion yuan, reflecting a 10.0% growth rate [1][10]. - The net profit attributable to shareholders is forecasted to be 6.344 billion yuan in 2024, growing to 7.163 billion yuan in 2025, with respective growth rates of 12.8% and 12.9% [1][10]. - **Earnings Per Share (EPS)**: - EPS is projected to increase from 1.14 yuan in 2024 to 1.29 yuan in 2025, and further to 1.43 yuan in 2026 [1][10]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to decrease from 36 times in 2024 to 32 times in 2025, and further down to 29 times in 2026 [1][10]. - **Market Position**: - The company has shown resilience in its market position, with a notable increase in revenue from new product categories, particularly in the condiment segment, which saw a 10.3% year-on-year growth [5][6]. - **Cash Flow**: - The company reported cash receipts of 6.226 billion yuan in Q1 2025, marking an 8.0% increase year-on-year, indicating strong cash flow management [5][6]. - **Cost Management**: - The gross margin improved to 40.0% in Q1 2025, up 2.7 percentage points year-on-year, benefiting from lower raw material costs and scale effects [5][6]. - **Regional Performance**: - Revenue growth varied by region, with the southern region showing a 16.1% increase, indicating a strengthening market presence [5][6]. - **Future Outlook**: - The company is expected to maintain a positive growth trajectory, supported by strategic initiatives in product development and market expansion [5][6].

公司发布 2025 年一季报。2025 年 Q1 公司实现营业总收入 104.46 亿元，同比 +2.91%；实现归母净利润 17.1 亿元，同比+7.08%；实现扣非归母净利润 16.03 亿元，同比+5.95%。 评论： 证 券 研 究 报 告 青岛啤酒（600600）2025 年一季报点评 强推（维持） Q1 开局良好，旺季提速可期 目标价：90 元、70 港元 事项： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 32,138 | 33,639 | 34,556 | 35,235 | | 同比增速(%) | -5.3% | 4.7% | 2.7% | 2.0% | | 归母净利润(百万) | 4,345 | 4,875 | 5,303 | 5,621 | | 同比增速(%) | 1.8% | 12.2% | 8.8% | 6.0% | | 每股盈利(元) | 3.19 | 3.57 | 3.89 | 4.12 | | 市盈率( ...

业绩简评 盈利预测、估值与评级 根据公司一季报及我们对行业最新判断，预测2025-2027 年归母净利润分别为27、34、39 亿元，对应PE 为13、10、99 倍，维持"买入"评级。 风险提示 零部件价格波动风险、行业竞争加剧的风险、因电价政策不及预期而导致的资产减值的风险。 销售毛利率有所降低，预计主要受上网电价下降影响：公司一季度综合毛利率为21.8%，同比下降 3.11pct，我们认为主要受上网电价下降影响发电业务盈利能力有所降低，制造端毛利率或仍保持环比改 善趋势。从上网电价看，公司24 年上半年上网电价约0.48 元/度，下半年受部分地区新能源现货交易推 进影响整体上网电价下降至0.33 元/度，预计25Q1 公司上网电价同比仍保持相对较低水平，我们测算上 网电价下降对公司一季度收入影响预计约5-7 亿元，加回后整体综合毛利率同比保持增长。根据公司业 绩演示材料数据显示，一季度行业中标均价稳中有升，持续看好公司制造端盈利逐步回暖趋势。 资本结构环比改善，现金流净流出同比收窄：截至一季度末，公司资产负债率为73.05%，环比下降 0.91pct，资本结构边际改善，抗风险能力逐步提升。一季度公司经营 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total operating revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% year-on-year [1]. - The mining resource segment significantly contributed to the performance increase, with revenue reaching 3.21 billion yuan in 2024, a staggering 412.9% increase year-on-year [2]. - The Lonshi copper mine reached full production ahead of schedule, producing 48,700 tons of copper metal in 2024, with plans to increase production to 79,400 tons in 2025, a 63% increase compared to 2024 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 2.972 billion yuan, a 42.35% increase year-on-year, and a net profit of 491 million yuan, up 52.77% year-on-year [1]. - For Q1 2025, the company achieved total revenue of 2.811 billion yuan, a 42.49% increase year-on-year, and a net profit of 422 million yuan, up 54.10% year-on-year [1]. Mining Resource Segment - The mining resource business generated 3.21 billion yuan in revenue in 2024, with a gross profit margin of 42.25%, down 6.12 percentage points year-on-year [2]. - In Q1 2025, the mining resource segment generated 1.3 billion yuan in revenue, a 232.7% increase year-on-year, with a gross profit of 588 million yuan, up 247.3% year-on-year [2]. Profit Forecast and Valuation - The report projects net profits of 2.251 billion yuan and 2.812 billion yuan for 2025 and 2026, respectively, with a 3% and 12% upward revision [4]. - The expected price-to-earnings ratios for 2025-2027 are 10.4X, 8.3X, and 7.0X, respectively [4].

投资者关系活动记录表 证券代码：301586 证券简称：佳力奇 安徽佳力奇先进复合材料科技股份公司 编号：【2025】第 001 号 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 ☑电话会议 | | | □其他 | | 参与单位及人 | 详见附件 | | 员姓名 | | | 时间 | 年 月 日（周五）下午 2025 4 25 13:00-14:00 | | 地点 | 电话会议 | | 公司接待人员 | 董事、副总经理、董事会秘书兼财务总监：陆玉计 | | 姓名 | 证券事务代表：张健 | | | 一、陆玉计先生介绍公司 2024 年度及 2025 年第一季度经营情况 | | | 2024 年，主要客户的订单需求增加，叠加产品价格下降及产品结构变 | | | 化的影响，2024 度实现营业收入 62,683.42 万元，同比增长 35.41%；实现 | | | 归属于上市公司股东的净利润为 10,040.51 万元，同比降低 2.05%，归属于 | | | 上市公司股东 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, with a significant year-on-year increase in net profit margin for Q1 2025. The company achieved a revenue of 3.022 billion yuan in Q1 2025, representing a year-on-year growth of 20.5%, and a net profit of 387 million yuan, up 25.5% year-on-year [7] - The company is expanding its domestic high-quality customer base while facing a shortage of overseas production capacity, indicating potential for increased shipments. The company has established a strategic cooperation agreement with Inpai Battery for 100% supply of structural components for power and energy storage batteries over the next five years [7] - The robotics business is successfully shipping products, with significant growth potential. The company’s subsidiary, Shenzhen Kemon, focuses on harmonic reducers and has launched several new core transmission technology products for humanoid robots [7] - The investment analysis suggests a slight upward adjustment in profit forecasts for 2025-2026, with new profit projections for 2027. Expected net profits for 2025-2027 are 1.813 billion, 2.200 billion, and 2.623 billion yuan respectively, corresponding to PE ratios of 20, 17, and 14 [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 14.505 billion yuan, with a year-on-year growth rate of 20.6%. The net profit for 2025 is estimated at 1.813 billion yuan, reflecting a growth rate of 23.2% [6] - The gross profit margin is expected to be 24.0% in 2025, with a return on equity (ROE) of 14.0% [6] - The company’s financial summary indicates a steady increase in revenue and net profit over the next few years, with total revenue expected to reach 20.220 billion yuan by 2027 [9]

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 4% year-on-year increase, while the net profit attributable to shareholders decreased by 6% to 37 million yuan [1] - The gross margin is expected to improve gradually as operational efficiencies offset depreciation impacts, with a slight decrease in gross margin to 25.47% in Q1 2025 [2] - The company continues to narrow the single-store gap and is advancing brand acquisitions and supply chain integration, with food revenue reaching 334 million yuan, a 5% increase year-on-year [3] Summary by Sections Financial Performance - Q1 2025 total revenue was 370 million yuan, with a net profit of 37 million yuan, and a non-recurring net profit of 39 million yuan, reflecting a 3% increase [1] - The gross margin decreased by 0.4 percentage points to 25.47% due to one-time investments from the new Wuhan factory, but operational efficiencies are expected to improve margins in subsequent quarters [2] Business Development - Food revenue was 334 million yuan, with specific segments like rice and flour, filling, and purchased food growing by 3%, 11%, and 4% respectively, driven by ongoing brand acquisitions and supply chain integration [3] - The franchise sales revenue reached 265 million yuan, a 3% increase, with a total of 5,644 franchise stores by the end of Q1 2025, reflecting a net increase of 501 stores [3] Profitability Forecast - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected at 1.08, 1.17, and 1.24 yuan for 2025-2027, corresponding to PE ratios of 17, 16, and 15 times [4]

某团和某东的事这段时间大家也都知道了，东子高调进军外卖领域，后台很多读者让我聊聊这个话题。可能大家纳闷我为啥不直接叫他们的名字，反而要 这么称呼，主要是为了防止恶意投诉，阅读量上来后，他们法务找个标点符号没用对都能给你把文章下了。 周末找来某团的财报看了下，又联系了下之前一个项目组的小伙伴，他离职后现在在某团级别也非常高了，而且很乐意帮助澄清一些问题。 文章肯定做不到100%准确，只能跟大家说一下我的理解，大家可以在我的基础上再看看别人的，或者把我的内容输到DS里看看到底说的对不对，说不定 有新收获。 前几天发了个帖子： 有小伙伴问，为啥你这么执着这个社保呢？不知道会拉高社会成本？ 我当然知道了，我更知道社保什么的，最大的受益者恰好是最基层的人，长期看对社会至关重要，最后对所有人，整个社会，包括这些大公司，都是利 好。 这一点上东哥看得很远，很久以前就看懂了这一点，支付了大量的费用（有数据说是850亿），如今他是占据绝对道德优势的，论迹不论心，这是他应得 的。在此之前，确实很少有企业把社会责任转变成竞争要素。 仔细研究了下财报，结合其他资料，有点明白了。 这里就有一个很反常识的事，就是某团外卖的真正护城河，恰 ...