上 市 公 司 建筑材料 2025 年 08 月 21 日 兔宝宝 (002043) ——结构改善，盈利稳步增长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 20 日 | | --- | --- | | 收盘价（元） | 10.53 | | 一年内最高/最低（元） | 13.26/8.94 | | 市净率 | 2.8 | | 股息率%（分红/股价） | 5.70 | | 流通 A 股市值（百万元） | 7,751 | | 上证指数/深证成指 | 3,766.21/11,926.74 | | 注："股息率"以最近一年已公布分红计算 | | 08-20 09-20 10-20 11-20 12-20 01-20 02-20 03-20 04-20 05-20 06-20 07-20 08-20 -10% 0% 10% 20% 30% 40% 兔宝宝 沪深300指数 (收益率) 相关研究 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 郝子禹 ...

Core Viewpoint - The company experienced a decline in revenue but a significant increase in net profit due to improved profit margins from lower raw material prices and higher capacity utilization [1][2][4]. Financial Performance - In H1 2025, the company's revenue was 3.591 billion, a year-on-year decrease of 9.99%, while net profit reached 390 million, an increase of 67.53% [2]. - In Q2 2025, revenue was 1.860 billion, down 13.70%, with net profit at 217 million, up 42.03% [2]. - The company declared an interim dividend of 0.15 per share, accounting for 57.67% of H1 net profit [2]. Profitability and Margins - H1 2025 gross margin improved by 5.20 percentage points to 15.20%, with net margin increasing by 5.03 percentage points to 10.86% [3]. - Q2 2025 gross margin rose by 2.01 percentage points to 15.51%, driven by lower raw material prices and increased factory utilization [3]. Operational Insights - The Vietnamese subsidiary contributed significantly to revenue, accounting for 79% of total income in H1 2025, with a net profit of 304 million, up 39.19% [2]. - The company faced a decrease in cash flow from operating activities, down 95.57% to 39.23 million, due to reduced sales and increased raw material purchases [3]. Future Outlook - Revenue projections for 2025-2027 are 8.191 billion, 8.735 billion, and 9.290 billion, with expected growth rates of 3%, 7%, and 6% respectively [4]. - Net profit forecasts for the same period are 673 million, 746 million, and 823 million, reflecting year-on-year growth of 64%, 11%, and 10% [4]. - The current market valuation corresponds to a PE ratio of 12.5X for 2025 and 11X for 2026, with a high dividend payout ratio of 95% for 2024 [4].

Core Insights - Rivian is set to release its earnings report, with investors focusing on three key areas: delivery trends, cash reserves, and the progress of the R2 platform [1] Delivery Trends - In Q2, Rivian delivered 10,661 vehicles, representing a 23% year-over-year decline, and produced 5,979 vehicles, which is a significant 38% decrease year-over-year [1] - The company maintains its annual delivery target of 40,000 to 46,000 vehicles, but achieving this goal will require a substantial increase in production in the second half of the year [1] Cash Reserves - Management needs to clarify the speed of capacity recovery and whether it can maintain the trend of improving profit margins despite low production levels [1] R2 Platform Progress - The R2 platform's cross-segment models are expected to play a crucial role in revitalizing growth for the company [1]

Core Viewpoint - Walmart is set to hold its annual shareholder meeting on June 5, focusing on corporate governance, financial performance, and core business developments amid current economic challenges [1] Group 1: Shareholder Proposals and Governance - This year's shareholder proposals involve various social, environmental, and governance issues, but the board has recommended voting against all proposals [2] - CEO Doug McMillon will discuss ongoing investments in workforce development and technological innovation during the meeting [2] Group 2: Economic Challenges and Pricing Strategy - Walmart has responded to criticism from Trump regarding its price increase plans, stating it will continue to communicate about the impact of tariffs with investors, consumers, and policymakers [2] - The company indicated that price adjustments will become more significant over time, although some prices will remain stable due to capacity adjustments and suppliers' efforts to mitigate tariff impacts [3] Group 3: Future Growth and Market Strategy - Investors will focus on how Walmart plans to achieve growth in online and offline traffic, increase market share, and improve profit margins during the two-day event [3] - There is anticipation regarding the IPO plans for Walmart's Indian e-commerce platform Flipkart, which is currently valued at $37 billion [3] - Year-to-date, Walmart's stock price has increased by 10.1% [3]

Core Viewpoint - The electric two-wheeler industry is approaching a high prosperity turning point due to policy support and market structure optimization, with slight growth in revenue and profit expected in 2024 [1] Financial Performance - In 2024, the company achieved revenue of 21.61 billion yuan, a year-on-year increase of 2.7%, and a net profit of 1.99 billion yuan, up 5.7% year-on-year [2][8] - In Q4 2024, revenue reached 4.14 billion yuan, a 15.7% increase year-on-year but a 39.7% decrease quarter-on-quarter; net profit was 430 million yuan, up 34.2% year-on-year but down 28.0% quarter-on-quarter [2][8] - The company sold 7.536 million electric bicycles in 2024, a decrease of 0.9% year-on-year, while electric motorcycle sales fell by 11.8% to 2.369 million units; however, electric tricycle sales increased by 28.9% to 550,000 units [2][8] Profitability Improvement - The company's gross margin for 2024 was 17.8%, an increase of 1.3 percentage points year-on-year, and the net margin was 9.3%, up 0.3 percentage points year-on-year [2][14] - In Q4 2024, the gross margin was 19.5%, down 0.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter; the net margin was 10.6%, up 1.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2][14] Product and Channel Development - The company is expanding its product lines, including women's products, technology products, commercial vehicles, and high-end tricycles, to meet diverse consumer needs [4][20][22] - The company plans to increase the number of its terminal stores from 30,000 in 2023, aiming to enhance sales efficiency and market reach [26][20] - The electric tricycle segment is expected to become a new growth point, with sales projected to grow significantly due to strong market demand [5][28] Market Outlook - The electric tricycle market in China has significant growth potential, with sales reaching 13.95 million units in 2022 and a compound annual growth rate of 6.25% from 2017 to 2022 [28] - The company aims to strengthen its position in the electric tricycle market by enhancing product offerings and leveraging its extensive distribution network [28]