智通财经APP获悉，中金公司发布研报称，在家电以旧换新政策带动及低基数效应下，预计今年小家电 行业需求有望延续复苏态势。该行指，需求温和复苏的背景下，行业竞争缓解、公司聚焦高质量发展， 行业均价进一步修复，同时平台降费减轻公司压力，综合影响下，该行预计小家电公司盈利能力或将明 显改善。 破晓时刻，盈利能力拐点显现。该行认为公司层面重点关注盈利能力改善。需求温和复苏的背景下，价 格战缓解&自身提结构保证毛利率稳定，平台降费&自身控费降低费用率，最终带来公司盈利能力修 复。小家电公司前期基数较低，行业&自身共振带来业绩拐点，该行预计利润端改善将好于收入端。 蓄势待发，寻找突围困境的第二增长曲线。该行根据安索夫矩阵对各家策略进行分析：1)市场渗透策 略，抓住细分人群。2)产品开发策略，技术创新与场景化。3)市场开发策略，布局海外市场。4)多元化 经营，拓展新品类。 中金公司主要观点如下： 低基数叠加国补，小家电行业需求温和复苏。2020年之前，厨房小家电行业每年均保持稳步增长， 2016-2019年线上零售额CAGR 7%。2020年疫情期间小家电线上化加速、催化居家需求，小家电行业迎 来高光时刻，当年小熊/北鼎/ ...

"东南亚小腾讯"Sea(SE.US)公布的2025年第一季度业绩显示，营收同比增长29.6%至48.4亿美元，分析 师平均预期48.9亿美元;净利润为4.11亿美元，上年同期净亏损2300万美元;摊薄后的每股收益为0.65美 元，好于分析师平均预期的0.63美元。调整后EBITDA(非公认会计准则)达9.465亿美元，同比增幅 136%，盈利能力显著改善。 按业务划分，电子商务业务营收为35.24亿美元，同比增长28.3%;商品交易总额(GMV)为286亿美元，同 比增长21.5%。数字金融服务业务营收为7.87亿美元，同比增长57.6%，创两年来的最大增幅。数字娱乐 业务营收为4.96亿美元，同比增长8.2%;预订量为7.75亿美元，同比增长51.4%。 Sea首席执行官Forrest Li在一份声明中表示，今年强劲的开局给了实现全年预测的信心。 一季度电子商务占总营收的72.8%，其核心市场营收包括交易费和广告费，同比增长39.2%至24亿美 元。增值服务营收包括物流服务相关的收入，同比增长4.1%至7.52亿美元。 数字金融服务占总营收的16.3%，增长驱动主要来源于消费者和中小企业的信贷业务增长。数字 ...

Core Viewpoint - The company, Tianji Technology, is facing challenges in profitability due to rapid technological updates in the industry, intense competition in the IT data center operation and maintenance market, and rising labor costs. The company is actively working on improving its competitive advantages and expanding its market presence, particularly in underrepresented regions. Group 1: Financial Performance - In Q1 2025, the company's main revenue reached 143 million yuan, a year-on-year increase of 136.35% [3] - The net profit attributable to shareholders was 3.25 million yuan, a year-on-year decrease of 1.62% [3] - The non-recurring net profit was 1.69 million yuan, a year-on-year increase of 112.37% [3] - The company's debt ratio stood at 19.71%, with investment income at -1.08 million yuan and financial expenses at -157,300 yuan [3] - The gross profit margin was reported at 24.45% [3] Group 2: Market Strategy and Competition - The company acknowledges the intense competition in the IT operation and maintenance market and is focused on tracking technological advancements and optimizing its R&D and service teams [2][3] - The company plans to strengthen its market presence in lower-revenue regions while maintaining its leading position in the East China region [2] Group 3: Cost Control Measures - The company is continuously optimizing R&D and service efficiency, enhancing performance evaluations, and refining its compensation system to control costs [3]

业绩简评 2025 年 4 月 28 日，公司发布 2024 年年度报告，24 年公司实现收 入 26.78 亿元（同比-1.46%），实现归母净利润-1.02 亿元，扣非 归母净利润-0.85 亿元。 同时公司发布 2025 年一季报，25Q1 公司实现营业收入 7.42 亿元 （同比+9.82%），归母净利润 0.27 亿元（同比+61.18%），扣非归母 净利润 0.28 亿元（同比+48.37%）。 经营分析 盈利能力改善显著，成本控制成效初显。25Q1 公司毛利率约为 39.34%，毛利率相对稳健。费用端，25Q1 公司管理费用率为 12.44%(同比下降 2.61pct)，销售费用率为 16.52%，同比基本持 平。整体来看，公司成本管控措施逐步显效，新院对整体利润的拖 累可能有所减轻，未来盈利能力有望逐步改善。 扩张步伐稳健，新院逐步产生贡献。公司坚持"全国连锁化+同城 一体化"战略，聚焦中心城市并进行同城加密布局。随着新院逐渐 成熟，有望为未来增长提供动力，并逐步改善盈利能力。 盈利预测、估值与评级 我们预计 2025-2027 年公司分别实现归母净利润 1.30/1.61/2.02 亿元，同 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 8.45 billion yuan in 2024, representing a year-on-year increase of 5.9%. However, it reported a net loss of 150 million yuan, a significant decline of 242.0% year-on-year, primarily due to uncertainty in recovering receivables from its largest customer, leading to a provision for bad debts of 300 million yuan [2][4] - The company experienced a mixed performance across regions, with domestic revenue growing by 3.6% to 1.48 billion yuan, while overseas revenue increased by 6.7% to 6.75 billion yuan in 2024. In Q4 2024, domestic revenue decreased by 8.5%, while overseas revenue grew by 6.2% [3] - The company's gross margin for 2024 decreased by 1.5 percentage points to 36.9%, attributed to a higher proportion of overseas OEM business and changes in product mix. The increase in sales expenses was driven by the promotion of its own brand and cross-border e-commerce operations [4] Summary by Sections Performance Overview - In 2024, the company reported a revenue of 84.5 billion yuan and a net profit of -1.5 billion yuan, with Q4 figures showing revenue of 23.2 billion yuan and a net profit of 1.56 million yuan [2] Operational Analysis - Domestic and overseas revenues for 2024 were 14.8 billion yuan and 67.5 billion yuan, respectively. The company continues to optimize its store operations and enhance its brand presence [3] - The company has 174 direct-operated stores and 848 distribution stores, with steady growth in single-store revenue [3] Profitability Forecast - The company expects EPS for 2025-2027 to be 0.46, 0.63, and 0.80 yuan, respectively, with corresponding PE ratios of 15, 11, and 8 times [5] Financial Projections - Revenue is projected to grow to 93.77 billion yuan in 2025, with a net profit forecasted to recover to 262 million yuan [10]