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三维化学(002469):Q2单季度业绩增长超150%,高分红仍具投资价值
Tianfeng Securities· 2025-08-25 14:16
公司报告 | 半年报点评 高分红彰显投资价值,维持"买入"评级 公司发布 25 年中报,25H1 公司实现营业收入 12.49 亿元,同比+21.81%, 实现归母净利润 1.20 亿元,同比+42.54%,其中 Q2 单季度实现营业收入 7.01 亿元,同比+38.48%,实现归母净利润 0.69 亿元,同比+156.22%,我 们判断总承包收入的快速增长带动公司上半年盈利能力的改善,25H1 公司 继续保持 100%左右现金分红比例,截止 8 月 23 日收盘股息率(TTM)达 4.43%,高分红彰显投资价值。 工程总承包业务快速增长,新业务贡献增量可期 分业务看,1)工程方面,25H1 公司工程总承包、工程设计业务分别实现 营收 4.09、0.46 亿元,同比分别+483.46%、+89.67%,毛利率分别为 17.61%、 41.28%,同比分别+16.75、+10.24pct,截至 25H1 北方华锦项目已累计确 认收入 5.68 亿元,已累计收款 6.08 亿; 三维化学(002469) 证券研究报告 Q2 单季度业绩增长超 150%,高分红仍具投资价值 2)化工方面,25H1 公司醇醛酯类、残液 ...
思摩尔国际(6969.HK):雾化主业积极修复 新业务放量可期
Ge Long Hui· 2025-08-21 19:28
欧美监管加强推动合规市场发展,雾化主业积极修复1H25 公司To B 业务整体实现营收49.39 亿元/同比 +19.5%,分区域看:1)随着英国和欧盟主要国家陆续推出一次性电子烟禁令,合规市场迎来发展机 遇,同时公司积极推出创新的合规产品解决方案,带动订单增长,1H25 欧洲及其他市场实现收入27.34 亿元/同比+38.0%。2)尽管美国电子雾化市场仍由大量不合规产品主导,但25 年以来美国政府对不合 规产品执法力度持续加强,合规市场迎来修复契机,带动1H25 美国市场To B 业务实现收入18.88 亿元/ 同比+1.5%。3)中国地区实现营收1.17 亿元/同比-6.1%。 机构:华泰证券 研究员:樊俊豪/刘思奇 公司公布上半年业绩:收入60.13 亿元/同比+18.3%;期内溢利4.92 亿元/同比-28.0%,经调整期间溢利 7.37 亿元/同比-2.1%,符合此前业绩预告(期内溢利4.43-5.41 亿元,经调整期内溢利6.88~7.87 亿 元)。公司上半年营收增速靓丽,主要系美国及欧洲部分国家执法力度加强、监管政策趋严下,公司 To B 主业积极修复、To C 品牌业务稳健增长所致;期内溢利 ...
美团(3690.HK):长期生态投入优先级高於短期利润率表现 维持买入
Ge Long Hui· 2025-05-28 18:34
Core Insights - Meituan's Q1 revenue and adjusted profit exceeded market expectations, with total revenue reaching 86.6 billion yuan, a year-on-year increase of 18% [1] - The core local business operating profit grew by 39% year-on-year, surpassing market expectations by 10% [1] - The company reported record high annual active users and merchants, indicating strong market presence [1] Financial Performance - Q1 total revenue was 86.6 billion yuan, slightly above market expectations by 1.4% [1] - Adjusted net profit for Q1 was 10.9 billion yuan, a 46% year-on-year increase, exceeding market expectations by 18% [1] - Core local business revenue increased by 18% year-on-year, with operating profit margin improving by 3 percentage points to 21% [1][2] Business Segments - Delivery, commission, and online marketing revenues grew by 22%, 20%, and 15% year-on-year, respectively [2] - The food delivery segment saw an increase in user order frequency, with daily order volume growth estimated at around 10% [2] - Instant retail and travel segments also showed strong growth, with non-food orders in instant retail increasing over 60% year-on-year [2] Competitive Landscape - Management emphasized commitment to compete effectively, planning to invest 100 billion yuan over the next three years to enhance supply chain and merchant digital transformation [2] - Despite competitive pressures, Meituan's food delivery segment maintained steady growth in daily order volume [2] Financial Forecast and Valuation - For Q2, total revenue is expected to grow by 13%, with core local business and new business revenues projected to increase by 10% and 21%, respectively [3] - The company anticipates a 15% year-on-year increase in total revenue for 2025, with adjustments made to core local business profit forecasts [3] - The valuation for core local business is set at 18 times the 2025 operating profit, with a target price adjustment to 177 HKD, indicating a potential upside of 34% from recent closing prices [3]
美团反转
虎嗅APP· 2025-03-24 23:55
Core Viewpoint - Meituan's revenue for 2024 is projected at 337.6 billion RMB, with a year-on-year growth of 22%, and a net profit of 35.8 billion RMB, reflecting a significant increase of 158.4% [1]. Revenue Structure - Meituan's revenue is categorized into four types: delivery services, technology service fees (commissions), online marketing (advertising), and other services and sales [3]. - In 2022, the core local business generated 1,607.6 billion RMB, accounting for 73.1% of total revenue, while new businesses contributed 592 billion RMB, or 26.9% [6]. - By 2024, the core local business revenue is expected to reach 2,502.5 billion RMB, maintaining a stable proportion of around 74% [6][9]. Delivery Service Analysis - The delivery service segment has been operating at a loss, with each delivery costing 0.34 RMB more than the revenue generated in the first half of 2024 [1][14]. - In 2023, the delivery service revenue was 821.9 billion RMB, with associated costs of 907.4 billion RMB, resulting in a gross loss of 85.5 billion RMB [15]. - The average loss per delivery has decreased from 0.97 RMB in 2021 to 0.34 RMB in the first half of 2024, indicating improved efficiency [17]. Business Segmentation - The core local business primarily consists of food delivery and in-store/travel services, with food delivery accounting for approximately 70% of the revenue [11]. - The commission revenue from food delivery is estimated to be around 500 billion RMB, with a commission rate of less than 5% [26]. Profitability and Growth Strategies - Meituan's core local business achieved an operating profit of 38.7 billion RMB in 2023, with a profit margin of 18.7%, and is expected to rise to 52.4 billion RMB in 2024, with a margin of 20.9% [29]. - The company aims to offset delivery losses through increased commission and advertising revenues, which combined reached approximately 900 billion RMB in 2023 [28]. New Business Development - New business segments, including Meituan Youxuan and other services, are experiencing growth, with revenue increasing while operating losses are narrowing from 88% in 2021 to 31% in 2023 [34][37]. - The strategy for new businesses focuses on balancing revenue growth with improving profitability, indicating a cautious approach to expansion [33].