继开年取消全部区域公司后，近日中国金茂（00817.HK）高管团队大更新。"这次调动大多是老人提 拔，未来公司在管理上会对标业内优秀企业。"相关内部人士表示。 在房地产行业，组织架构调整的企业不在少数，而金茂的特殊之处在于：一方面其作为老牌央企，是当 下为数不多还能大笔投资，有竞争未来"牌桌"机会的房企；另一方面，过去几年金茂经历了一段业绩调 整期，新管理团队能否带领公司突围备受关注。 业内专家接受采访时表示，金茂过去几年业绩调整，主要有两方面原因，一是曾经下沉至较低能级城市 拿地，阶段性造成库存压力；二是在本轮限价政策松动前，金茂的高端高价产品优势受到一定限制。此 次组织变革后，公司在面临外部市场竞争之余，内部城市公司之间的竞争也会更激烈，本质还是为了适 应行业新环境、激发组织活力。 新管理团队就位 为适应当下的地产竞争形势，老牌央企中国金茂，正在经历组织架构的深度重构。 年初，金茂的"掌舵手"更替，张增根因年龄退休辞任，执行董事陶天海获董事会委任，出任公司主席、 战略及投资委员会主席及ESG委员会主席，2025年3月11日起生效。 与金茂过往较保守的风格不同，陶天海上任后便开启了一轮大变革。先是组织架构调 ...

4月25日晚，华致酒行公开2025年第一季度业绩情况。公告显示，公司第一季度实现营收28.51亿元，同 比-31.01%；净利润8539万元，同比-34.19%。从其财务数据表现可以看到，华致酒行单季度净利润超过 2024全年净利润(4444.59万元)。 一季度是酒类传统销售旺季，而2025年一季度华致酒行在业绩上却出现下滑。究其原因，有内外部因素 的共同作用和影响。2025年一季度，酒类消费市场提振度依然不够显著，消费力度和消费场景延续缺失 状态，传统春节酒类消费类型分化显著，高端名酒消费需求减弱，市场价格出现下滑波动，加之电商平 台促销力度影响，华致酒行为代表的酒类经销商在营收和利润上未能实现市场预期。 华致酒行在2024年开始面对市场下滑趋势，开始进行主动调整，出台了包括"去库存、促动销、稳价 格、调结构、优模式、强团队"的积极举措。而这一举措背后相应的代价则是华致酒行需要投入相当的 资金和精力开展各项修正举措，持续对渠道利益维护保障以及模式调整，业态搭建与战略升级，团队优 化与提升匹配度等等。这种"放慢脚步、汰劣留良、修正步伐再出发"的多成本投入，也对其2024年尤其 是第四季度的业绩情况(首亏)产 ...

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].

公 司 报 告 食品饮料 2025年04月28日 推荐 ( 维持) 股价:57.01元 舍得酒业(600702.SH) 行情走势图 1Q25持续调整，期待后续改善 相关研究报告 【平安证券】舍得酒业（600702.SH）*年报点评*24 年持续调整，股权激励助力改善*推荐20250331 【平安证券】舍得酒业（600702.SH）*季报点评*释 放压力，轻装上阵*推荐20241029 证券分析师 事项： 舍得酒业发布2025年1季报，1Q25实现营业收入15.8亿元，同比下滑25.1%； 归母净利3.5亿元，同比下滑37.1%。 平安观点： 公 司 季 报 点 评 张晋溢 投资咨询资格编号 研 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | ...