点击注册小程序 查看完整报告 特别申明： 您可点击今日推送内容的第2条查看 【联想集团（0992.HK）】FY2025净利润稳健增长，ISG业务连续2个季度实现税前盈利——FY2025业绩点评 报告 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 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【房地产】地产持仓低配明显，持续关注优质标的——光大地产板块及重点公司跟踪报告 截至2025年一季度末，公募基金持有房地产业股票组合（证监会行业）总市值约548.4亿元，占净值比例 约0.17%，占股票投资市值比例约0.79%，相对于标准行业配置比例低配约0.49个百分点。 （何缅南） 2025-05-27 您可点击今日推送内容的第1条查看 【贝壳-W（2423.HK）】从交易走向居住——投资价值分析报告 贝壳前身是2001年成立的北京链家，2008年链家开始打造行 ...

证券研究报告·公司点评报告·分销和零售商 家得宝 （HD.N） [Table_Main] 2025 年一季度业绩点评：可比销售额同比 -0.3%，HMI 和营建许可等高频数据疲软 中性（维持） | 盈利预测与估值 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 159,514 | 163,502 | 167,099 | 175,153 | | 同比（%） | 4.5 | 2.5 | 2.2 | 4.8 | | 归母净利润（百万美元） | 14,806 | 14,284 | 14,855 | 15,500 | | 同比（%） | -2.2 | -3.5 | 4.0 | 4.3 | | 每股收益-最新股本（美 | 14.90 | 14.37 | 14.95 | 15.59 | | 元/股） | | | | | | P/E（倍） | 24.89 | 25.80 | 24.81 | 23.78 | | 数据来源：iFind，东吴证券（香港） | | | | | 投资要点 [Table_Author] 20 ...

2025 年 5 月 7 日 公司研究 Q1 业绩表现亮眼，医疗和消费品板块协同发力 ——稳健医疗（300888.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：52.22 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.82 | | 总市值(亿元)： | 304.09 | | 一年最低/最高(元)： | 22.99/54.80 | | 近 3 月换手率： | 61.74% | 股价相对走势 -30% -12% 6% 24% 42% 04/24 07/24 10/24 01/25 稳健医疗 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % ...

证 券 研 究 报 告 伊利股份（600887）2024 年报&2025 年一季报点评 强推（维持） Q1 扣非超预期，盈利改善看全年 目标价：36 元 事项： 公司发布 2024 年报及 2025 年一季报。24 年实现营收 1153.9 亿，同比-8.24%， 归母净利 84.5 亿，同比-18.9%，扣非归母净利 60.1 亿，同比-40.0%，24Q4 营 收 266.6 亿，同比-7%，归母净利-24.2 亿，同比-330%，扣非归母净利-24.98 亿，同比-259%。25Q1 营收 329.4 亿，同比+1.46%，归母净利 48.7 亿，同比- 17.7%，扣非归母净利 46.3 亿，同比+24.2%。同时，公司拟 A 股每股派发现 金红利人民币 1.22 元（含税），现金红利总额为 77.3 亿，分红率 91.4%，叠加 回购金额合计 84.8 亿，占归母净利润的 100.4%。 评论： 公司研究 乳制品 2025 年 04 月 30 日 当前价：28.79 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师 ...

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience a revenue increase from 10,300.10 million in 2024 to 17,811.64 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.60% [5][9] - The net profit attributable to the parent company is expected to rise from 1,261.87 million in 2024 to 3,141.08 million in 2027, indicating a significant growth trajectory [5][9] - The gross margin is anticipated to improve from 48.54% in 2024 to 54.14% in 2027, showcasing enhanced operational efficiency [5][9] Financial Summary Income Statement - Revenue is forecasted to decline by 9.73% in 2024, followed by a recovery with growth rates of 20.42%, 20.07%, and 19.60% in the subsequent years [9] - The operating profit is projected to increase from 1,366.36 million in 2024 to 3,569.41 million in 2027, with a notable operating profit growth rate of 51.26% in 2025 [9] Balance Sheet - Total assets are expected to grow from 28,035.69 million in 2024 to 37,206.16 million in 2027, indicating a solid asset base expansion [8] - The company's cash position is projected to increase from 8,400.00 million in 2024 to 14,471.00 million in 2027, enhancing liquidity [8] Cash Flow Statement - Operating cash flow is expected to turn positive in 2025, reaching 2,184.01 million, after a negative cash flow of -619.02 million in 2024 [8] - The net cash increase is projected to be 2,553.49 million by 2027, reflecting improved cash management [8]

公司研报 证券研究报告 2025.04.28 海信家电 1Q25 业绩点评：业绩符合预期，盈利持续改善 汤亚玮 分析员 褚君 分析员 李晶昕 分析员 家电与智慧家居 SAC 执证编号：S0080521110003 SFC CE Ref：BUD650 A 股维持跑赢行业 | 股票代码 | 股票评级 | 目标价 | | --- | --- | --- | | 000921.SZ | → 跑赢行业 | 人民币 36.50 | | 00921.HK | → 跑赢行业 | 港币 32.50 | | 股票代码 | 000921.SZ | 00921.HK | | --- | --- | --- | | 最新收盘价 | 人民币 27.33 | 港币 23.90 | | 52 周最高价/最低价 人民币 41.51~22.82 | | 港币 37.94~18.68 | | 总市值(亿) | 人民币 356.4 | 港币 379.4 | 61 74 87 100 113 126 2024-04 2024-07 2024-10 2025-01 2025-04 000921.SZ 沪深300 | (人民币 百万) | 2023A | ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a total revenue of 55.82 billion yuan in 2024, a year-on-year decrease of 4.86%, and a net profit attributable to shareholders of 5.66 billion yuan, down 37.95% year-on-year [7] - The iron ore business faced price declines due to a downturn in the steel industry, with an average selling price of approximately 417 yuan per ton, a decrease of 32.68% year-on-year [7] - The copper segment turned profitable, with a sales volume of 24.8 thousand tons in 2024, a year-on-year increase of 4.42%, and a gross margin of 18.47% [7] - The company has adjusted its profit forecasts for 2025 and 2026, lowering the expected net profit to 7.5 billion yuan and 9.59 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 61.98 billion yuan, with a year-on-year growth rate of 9.2% [5] - The expected net profit for 2025 is 750 million yuan, reflecting a year-on-year increase of 32.6% [5] - The company’s gross margin is projected to be 61.2% in 2025, with a return on equity (ROE) of 7.3% [5] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are forecasted to be 11, 9, and 7 respectively [7]

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Insights - The company reported a significant revenue growth in Q1, but the change in product structure has put pressure on the gross margin [1] - The company achieved a revenue of 2.83 billion yuan in 2024, a year-on-year decrease of 11.67%, and a net profit attributable to the parent company of 353.66 million yuan, down 14.39% year-on-year [8] - The company is expected to see a recovery in revenue growth from 2025 onwards, with projected revenues of 3.19 billion yuan in 2025, 3.63 billion yuan in 2026, and 3.99 billion yuan in 2027 [3][10] Financial Performance Summary - In 2024, the company achieved a gross margin of 27.8%, down 1.9 percentage points year-on-year, with specific margins for different product lines: 35.3% for frozen display cabinets, 14% for refrigerated display cabinets, 21.7% for supermarket display cabinets, and 22.1% for smart vending machines [8] - The company’s net profit margin for 2024 was 12.5%, a decrease of 0.4 percentage points year-on-year [8] - The company’s earnings per share (EPS) are projected to be 1.02 yuan in 2025, 1.18 yuan in 2026, and 1.35 yuan in 2027 [3][10] Revenue and Growth Projections - The company’s total revenue is expected to grow at a rate of 12.63% in 2025, 14.00% in 2026, and 9.77% in 2027 [3][10] - The revenue from frozen display cabinets is projected to grow by 5% in 2025, 15% in 2026, and 10% in 2027, while refrigerated display cabinets are expected to see growth rates of 30%, 15%, and 10% respectively during the same period [9][10] Market Position and Strategy - The company holds a leading market share and brand influence in the frozen display cabinet sector, with a comprehensive coverage of mainstream beverage brands in the domestic market [8] - The growth in refrigerated display cabinets is attributed to North American customers placing orders in anticipation of tariff changes [8]

点击注册小程序 查看完整报告 特别申明： 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 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 紫燕食品公布2024年年报和2025年一季报，2024年全年实现营业收入33.63亿元，同比-5.28%；归母净利 润3.46亿元，同比+4.50%；扣非归母净利润2.81亿元，同比+1.28%。其中，24Q4单季度实现营业收入6.76 亿元，同比-7.88%；归母净亏损249万元，上年同期为亏损992万元；扣非归母净亏损2028万元，上年同期 为亏损1524万元。25Q1单季度实现营业收入5.64亿元，同比-18.86%；归母净利润1522万元，同 比-71.80%；扣非归母净利润500万元，同比-87.09%。 各品类不同程度承压，外埠市场有所收缩 受终端消费需求及其他业态冲击影响，公司门店端业务阶段性承压，鲜货类 ...