Investment Rating - Industry rating is maintained at "Outperform" [6] Core Insights - The liquor sector is experiencing pressure from graduation banquets, but the stabilization of Moutai prices may boost confidence [2][13] - The approval of D-allohexose and the implementation of childcare subsidies are key investment opportunities in the consumer goods sector [4][15] Summary by Sections Market Performance Review - From June 30 to July 4, the food and beverage sector increased by 0.62%, while the Shanghai and Shenzhen 300 index rose by 1.54% [1][24] - Specific segments include meat products (+1.22%), liquor III (+1.20%), baked goods (+0.92%), and beverages (-1.64%) [1][24] Liquor Sector Insights - The liquor sector saw a 1.20% increase, outperforming the overall food and beverage industry but underperforming the Shanghai and Shenzhen 300 index [2][13] - The price of 25-year Moutai (original) is 1935 yuan, up by 65 yuan from the previous week, indicating a potential recovery in industry confidence [2][13] Consumer Goods Sector Insights - The approval of new food raw materials and the rollout of childcare subsidies are expected to catalyze growth in the health products, soft drinks, snacks, and dairy sectors [4][15] - The childcare subsidy program provides 3600 yuan per child annually, which may positively impact the dairy sector [4][15] Investment Recommendations - For the liquor sector, focus on companies benefiting from concentration and strong alpha, such as Shanxi Fenjiu and Guizhou Moutai [5][22] - In the consumer goods sector, recommend companies that align with cost reduction and market share growth strategies, including Lihigh Food and Dongpeng Beverage [5][22]

Investment Rating - Industry rating: Outperform the market (maintained rating) [6] Core Views - The liquor sector is experiencing a decline in sentiment due to fluctuations in the price of Feitian Moutai, with leading companies actively exploring new consumption scenarios and demographics [2][13] - The health products, soft drinks, and snacks sectors are viewed positively due to high growth potential, low base effects, and upcoming peak seasons [4][15] Summary by Sections Market Performance Review - The food and beverage sector saw a decline of 0.88% from June 23 to June 27, while the Shanghai Composite Index rose by 1.95% [1][22] - Specific sector performances included health products (+3.65%), baked goods (+2.72%), and soft drinks (-0.58%) [1][22] Liquor Sector Insights - The white liquor sector declined by 1.66%, attributed to seasonal demand weakness and price fluctuations of high-end products like Feitian Moutai [2][13] - Current prices for 25-year Moutai (original/scattered) are 1870 RMB/1800 RMB, down by 80 RMB/100 RMB from the previous week [2][13] - The Shunwan white liquor index PE-TTM is at 18X, which is considered low compared to the historical average [2][13] Health Products and Snacks - The health products sector is experiencing a growth trend, with a 3.65% increase this week, driven by new consumption trends [20] - The snack sector is expected to benefit from low base effects and new product launches, with companies like Three Squirrels and Salted Fish being highlighted [17][21] Soft Drinks and Beer - The soft drink sector saw a slight decline of 0.6%, with notable performances from brands like Master Kong (+5.4%) and Nongfu Spring (+5.3%) [4][15] - The beer sector declined by 1.9%, but there is optimism for recovery with upcoming consumption policies [4][15] Investment Recommendations - Focus on strong alpha companies in the liquor sector such as Shanxi Fenjiu and Guizhou Moutai, which are expected to benefit from market consolidation [4][21] - In the consumer goods sector, companies that align with cost reduction and market share growth strategies are recommended, including Li Gao Foods and Nongfu Spring [4][21]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 640 million yuan in Q1 2025, representing a year-on-year growth of 23%, and a net profit attributable to shareholders of 86 million yuan, which is a 69% increase year-on-year [1] - In 2024, the company achieved a revenue of 2.98 billion yuan, up 39% year-on-year, and a net profit of 430 million yuan, reflecting a 54% year-on-year growth [1] - The company’s sales net profit margin for 2024 was 14.5%, an increase of 1.4 percentage points year-on-year, and the weighted ROE was 14.2%, up 2.6 percentage points year-on-year [1] - The revenue from electric golf carts grew over 9 times in 2024, while electric bicycles and off-road motorcycles saw growth rates exceeding 40% [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 640 million yuan and a net profit of 86 million yuan, marking a 23% and 69% increase year-on-year respectively [1] - For the full year 2024, the company reported a revenue of 2.98 billion yuan and a net profit of 430 million yuan, with year-on-year growth rates of 39% and 54% respectively [1] - The company’s sales net profit margin for 2024 was 14.5%, and the weighted ROE was 14.2% [1] Product Segments - The revenue from smart electric low-speed vehicles in 2024 was 1.89 billion yuan, a 48% increase year-on-year, with electric golf carts contributing 810 million yuan, a staggering 935% increase [2] - The revenue from special vehicles in 2024 was 920 million yuan, with all-terrain vehicles generating 740 million yuan (up 19%) and off-road motorcycles generating 190 million yuan (up 52%) [2] Market Position and Strategy - The company is expected to strengthen its market position as the competitive landscape improves, with its market share likely to increase despite challenges in exports to the U.S. due to high tariffs [3] - The company has established a leading position in overseas production capacity, with factories planned in the U.S., Vietnam, and Thailand, enhancing its core competitiveness [3] Earnings Forecast and Valuation - The company’s projected revenues for 2025, 2026, and 2027 are 3.79 billion yuan, 4.52 billion yuan, and 5.30 billion yuan, respectively, with year-on-year growth rates of 27%, 19%, and 17% [4] - The net profit attributable to shareholders is expected to be 573 million yuan, 692 million yuan, and 826 million yuan for the same years, with growth rates of 33%, 21%, and 19% respectively [4]

事件：今世缘发布 2024 年年报与 2025 年一季报，公司 24 年实现总营收 115.46 亿元，同比增加 14.31%，归母净利润 34.12 亿元，同比增加 8.8%，其中 24Q4 总营收 16.04 亿元，同比减少 7.56%，归母净利润 3.26 亿元，同比减少 34.84%。 25Q1 总营收 50.99 亿元，同比增加 9.17%，归母净利润 16.44 亿元，同比增加 7.27%。公司拟每股派发现金红利 1.2 元（含税），合计派发现金红利 14.96 亿 元（含税）、对应分红率约 43.85%。 2025 年 5 月 7 日 公司研究 稳健收官，市占率继续提升 ——今世缘（603369.SH）2024 年年报与 25 年一季报点评 要点 24 年收入保持双位数以上增幅。1）分产品，24 年特 A+类/特 A 类/A 类/B 类产 品收入 74.9/33.5/4.2/1.4 亿元，同比+15.2%/+16.6%/+2.0%/-11.1%，特 A+类 和特 A 类产品收入保持较高增长，低端产品收入下滑。分量价，24 年白酒销量/ 均价同比+19.5%/-4.3%，均价下移或与公司加大折扣冲 ...

事件：今世缘发布2024 年年报与2025 年一季报，公司24 年实现总营收115.46亿元，同比增加14.31%， 归母净利润34.12 亿元，同比增加8.8%，其中24Q4总营收16.04 亿元，同比减少7.56%，归母净利润3.26 亿元，同比减少34.84%。 毛利率/ 净利率有所波动。1）24 年/25Q1 毛利率74.7%/73.6%， 同比-3.6/-0.6pct，24 年毛利率下降或与 折扣增加冲抵部分收入、产品结构阶段性下移有关。24 年/25Q1 税金及附加项占营收比重 14.6%/16.4%，同比-0.2/+0.9pct，销售费用率18.5%/13.3%，同比-2.2/-0.9pct，管理及研发费用率 4.4%/2.3%，同比-0.2/-0.1pct。24 年/25Q1 归母净利率29.6%/32.2%，同比-1.5/-0.6pct。2）截至25Q1 末 合同负债5.4 亿元、同比/环比下降，或与主动为渠道减压有关。 盈利预测、估值与评级：公司25 年经营目标为总营收同比增长5%-12%、净利润增幅略低于收入增幅。 考虑行业需求恢复仍需时间，下调2025-26 年归母净利润预测为36.6 ...

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 2024 年报及 2025 年一季报点评：25Q1 季报 迎来拐点，期待逐季改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,411 | 10,300 | 11,599 | 13,892 | 16,493 | | 同比（%） | 23.52 | (9.73) | 12.61 | 19.77 | 18.72 | | 归母净利润（百万元） | 1,974 | 1,262 | 1,587 | 2,139 | 2,654 | | 同比（%） | 19.21 | (36.08) | 25.75 | 34.82 | 24.07 | | EPS-最新摊薄（元/股） | 2.40 | 1.53 | 1.93 | 2.60 | 3.22 | | P/E（现价&最新摊薄） | 55.48 | 86.80 | 69.03 | 51.20 | 41.27 | [T ...