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简析旭阳集团(01907)大举回购背后的价值线索:稳健打底 长期价值或被低估
智通财经网· 2025-06-17 04:50
Core Viewpoint - The article emphasizes the cyclical nature of markets, suggesting that while popular sectors may not yield expected returns, seemingly "niche" sectors like those of Xuyang Group may offer substantial long-term value and excess returns when market conditions improve [1]. Share Buyback Activity - Xuyang Group has been actively repurchasing its shares, spending nearly 80 million HKD to buy back over 30 million shares since May 21, 2023, and a total of 99.6 million HKD for 39.7 million shares year-to-date [1][2]. - The buyback activity reflects a strategic move to boost investor confidence and signal a strong underlying business performance [3]. Business Strategy and Growth - Xuyang Group is implementing a comprehensive strategy for national and global expansion, focusing on establishing a manufacturing base in Indonesia and exploring investment opportunities in downstream fine chemicals [4]. - The company aims to enhance its global competitiveness by building a global marketing network and establishing more overseas subsidiaries [4]. Operational Management Services - In 2024, Xuyang's operational management services are projected to grow significantly, with a total scale increase of 114% to 8.86 million tons and a business volume growth of 45.6% to 6.51 million tons [4]. - The operational management services are expected to contribute significantly to revenue, achieving a doubling to 4.225 billion HKD, with a gross profit increase of 42.1% [4]. Hydrogen Energy Sector - Xuyang Group signed a framework agreement with Beijing Yihua Tong in March 2023, aiming to become the controlling shareholder and reshape the hydrogen energy industry landscape [5]. - The collaboration is expected to create a comprehensive ecosystem worth billions in the hydrogen sector, providing a new growth avenue beyond its traditional business areas [5]. Shareholder Confidence - The company has consistently prioritized the interests of minority shareholders, with significant share buybacks and major shareholder Texson Limited increasing its stake in the company [5][7]. - In 2023, Xuyang Group repurchased over 40 million HKD worth of shares, with the buyback amount increasing to 350 million HKD in the following year [6].
没有走不出的周期
雪球· 2025-06-01 07:36
以下文章来源于围棋投研 ,作者伟琪 围棋投研 . 业内人士,重点覆盖高端制造 风险提示:本文所提到的观点仅代表个人的意见,所涉及标的不作推荐,据此买卖,风险自负。 作者:围棋投研 来源:雪球 最近文章写光伏行业 , 典型的周期底部板块 , 并且看起来周期拐点还不太明朗 , 写着写着就有些郁闷 。 虽然李振国先生的周年演讲金句能够帮助提提精气神 , 但事实依然是竞争激烈 , 尤为内卷 。 当然这些还不算什么 , 这两天券商策略会 , 聊了几家上游自动化设备厂商 , 反馈都是订单依然不景气 , 并且可能要持续较长时间 。 至于客户犹豫的原因 , 还存在着层层递进 : 关税刚落地时 , 项目直接停滞 , 观望观望 ; 后来给到90天暂缓期 , 依然觉得有不确定性 ; 甚至等关税落地都不敢全力投入 , 就怕川普的阴晴不定 。 于是这事情就成为了 " 死结 " , 海外尤其美国业务占比较大的厂商 , 可能要等到新一届美国政府上台 , 局势逐渐稳定 , 才敢于正常做固定资产投资 。 我想 , 有类似担忧的肯定不止是制造业 , 甚至能够蔓延到资本市场 。 投资者想 : 既然大洋彼岸随时会 " 发神经 " , 而且每次都能影 ...
30年“老将”吴向东也无奈!珍酒李渡2024年归母净利润骤减四成,珍酒销量连续连续四年下滑
Jin Rong Jie· 2025-03-26 05:41
Core Viewpoint - The financial report of Zhenjiu Lidu reveals a significant decline in net profit for 2024, indicating challenges in the current liquor industry cycle and highlighting issues with brand performance and market positioning [1][3][8]. Financial Performance - Zhenjiu Lidu reported an operating income of 7.07 billion yuan, a slight increase of 0.5% year-on-year, while the net profit attributable to shareholders plummeted by 43.1% to 1.324 billion yuan, primarily due to changes in the fair value of non-operating financial instruments [1][3]. - Adjusted net profit stood at 1.68 billion yuan, reflecting a year-on-year growth of 3.3% [1]. - The overall net profit margin decreased from 33.10% in 2023 to 18.73% in 2024 [3]. Brand Performance - The core brand, Zhenjiu, generated revenue of 4.48 billion yuan, down 2.3% year-on-year, and has seen a continuous decline in sales for four consecutive years, with sales dropping to 12,284 tons [3][5]. - The Lidu brand, however, achieved revenue growth of 1.313 billion yuan, an 18% increase, attributed to market expansion beyond Jiangxi [3][5]. - The other brands, Xiangjiao and Kaikouxiao, focused on the Hunan market, with revenues accounting for 11.4% and 4.8% respectively, and Kaikouxiao's revenue decreased by 12% due to a sluggish wedding market [3][5]. Product Segmentation - Revenue from high-end products accounted for approximately 24% of total revenue, with a decline of nearly 11% to 1.709 billion yuan; mid-range and below products generated about 2.36 billion yuan, with a minimal growth of 0.1% [5]. - The company has implemented various strategies to enhance its high-end offerings, including launching new premium products and hosting experiential events, but faces ongoing challenges in achieving higher market positioning [5]. Inventory and Operational Challenges - The inventory turnover days increased significantly to 854.95 days in Q4 2024 from 679.64 days at the end of Q3, indicating rising inventory pressure [7]. - Despite expressing confidence in future growth and aspirations to become a world-class brewing enterprise, the company faces numerous uncertainties and challenges in navigating the current adjustment period in the liquor industry [8].