据券商中国记者求证，中泰证券原研究所副所长谢鸿鹤，已于8月6日入职长城证券产业金融研究院，职务 相当于券商研究所所长。 7月29日，谢鸿鹤最后一次以中泰证券研究所的名义发布研报，此后便未曾公开发声。目前中证协官网暂时也 未能检索到他的备案信息。 谢鸿鹤履新长城证券 公开简历显示，谢鸿鹤为西安交通大学经济学学士、香港城市大学金融学硕士，具备超过10年的有色金属行业 研究经验。曾任国信证券、高盛高华证券、招商证券、中信建投证券等研究所有色金属行业分析师。他于2017 年加入中泰证券，负责有色金属行业研究，至今已有8年时间。至离职时，除担任中泰证券研究所副所长外， 谢鸿鹤还是有色金属行业首席分析师及大周期组组长。 他在7月29日发布的最新观点中表示，国内十大行业稳增长政策出台，基本金属多数上涨。全球制造业PMI阶 段性回升，宏观环境整体缓和。目前处于消费淡季，基本金属均有累库表现，价格小幅波动。在长期供需格局 重塑背景下，基本金属价格下行空间或有限，寻找下一个介入机会，尤其是对于供应刚性品种铝和铜。 此次谢鸿鹤入职的长城证券产业金融研究院，是2021年4月由长城证券金融研究所转型升级而来，同时挂牌为 中国华能产业金 ...

Group 1 - The latest stock price of Baiyin Nonferrous is 3.32 yuan, up 0.30% from the previous trading day, with a trading volume of 735,745 hands and a transaction amount of 243 million yuan [1] - Baiyin Nonferrous is a key state-owned enterprise in Gansu Province, primarily engaged in the mining, smelting, processing, and trading of nonferrous metals such as copper, lead, and zinc [1] - The company plays a significant role in the nonferrous metal industry in Northwest China, with important positions in industrial chain layout and technological innovation [1] Group 2 - Gansu Province's state-owned enterprises have achieved significant results in technological innovation, with industrial R&D investment increasing by 11.99% year-on-year in the first half of the year [1] - Baiyin Nonferrous has five technological achievements that have reached international advanced levels and has led the establishment of the province's first copper industry chain party committee [1] - The company has made breakthroughs in key projects such as ultra-fine electromagnetic wire and lithium battery copper foil through a "chain thinking" approach to integrate party building with industry [1] Group 3 - On July 29, Baiyin Nonferrous saw a net inflow of main funds amounting to 4.5434 million yuan, accounting for 0.02% of its circulating market value, indicating an increase in market attention towards the company [1]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 663 million yuan in Q1 2025, a decrease of 17.90% year-on-year, and a net profit of 444 million yuan, down 15.87% [1]. - Despite the challenging industry environment, the company is expected to show performance resilience through internal enhancements and external expansions, including the acquisition of Korean Regen and the development of its product pipeline [2]. - The company’s gross margin remains high at 93.85%, although the net profit margin has temporarily declined due to reduced revenue [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 3.338 billion yuan, 3.825 billion yuan, and 4.363 billion yuan, respectively, with corresponding net profits of 2.159 billion yuan, 2.464 billion yuan, and 2.793 billion yuan [4]. - The company’s expense ratio increased to 21.93% in Q1 2025, with sales expenses at 654 million yuan and management expenses at 313.6 million yuan [2]. - The company’s cash flow from operations decreased by 37.99% to 333 million yuan in Q1 2025, attributed to declining net profit and changes in working capital [3].

Core Viewpoint - The recent controversial notice from Nayuki's Tea, suggesting that consumers should drink milk tea instead of water, has sparked significant backlash and raised concerns about misleading consumer behavior [2][4][6]. Group 1: Company Actions and Reactions - Nayuki's Tea (Jiu Long Mao Store) posted a notice on social media stating, "If you can drink milk tea, don't drink water," which was intended as a humorous take but was perceived as misleading [2][6]. - The notice was displayed for a few days before being removed following a directive from the regional manager, indicating internal disapproval of the content [6]. - The store manager explained that the notice was a playful imitation of popular online trends, not meant to mislead consumers [6]. Group 2: Industry Context and Financial Performance - Nayuki's Tea reported a revenue of 4.921 billion yuan for the fiscal year 2024, reflecting a year-on-year decline of 4.7% [8]. - The adjusted net profit shifted from a profit of 20.9 million yuan in 2023 to a loss of 919 million yuan in 2024, attributed to a weak consumer market and increased competition in the ready-to-drink tea industry [9]. - As of December 31, 2024, Nayuki's Tea expanded its store count to 1,798, with plans to explore new store formats to enhance market share in 2025 [9].

Core Viewpoint - Nomura has downgraded the target price for Li Ning by 7% from HKD 17.4 to HKD 16.2 while maintaining a "Neutral" rating due to macroeconomic uncertainties and intensified competition in the sportswear industry [1] Group 1: Company Performance - Li Ning has maintained its full-year performance guidance despite the downgrade in target price [1] - The company's retail sales in the first quarter recorded low single-digit growth year-on-year, which is generally in line with market expectations [1] - Sales performance in January and February exceeded expectations, but the sales atmosphere weakened in March and April, particularly in offline channels [1] Group 2: Industry Context - The sportswear industry is facing increased competition, which is expected to negatively impact Li Ning's sales and profitability in the second and third quarters [1] - Macroeconomic uncertainties are contributing to the challenging environment for the company and the industry as a whole [1]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 风险提示： 端午销售不及预期，原材料成本上涨，行业竞争加剧。 发布日期： 2025-04-21 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立 运营的官方唯一订阅号。其他任何以光大证券研究所名义注册的、或含有"光大证券研 究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证券研究所的官方订阅 五芳斋发布2024年年报，公司24年实现营业收入22.51亿元、同比下降14.57%，实现归母净利润1.42亿 元、同比下降14.24%，扣非归母净利润1.30亿元、同比下降9.66%。其中24Q4单季营收2.03亿元、同比下 降7.61%，归母净利润-0.68亿元（23Q4亏损0.76 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In 2024, the company reported a revenue of 2.251 billion yuan, a year-on-year decrease of 14.57%, and a net profit attributable to shareholders of 142 million yuan, down 14.24% year-on-year [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 97 million yuan, which accounts for 101.81% of the net profit attributable to shareholders for 2024 [1] - The company is focusing on improving profitability and optimizing store quality by closing 86 inefficient stores, resulting in a total of 476 stores by the end of 2024 [2] Revenue and Profitability - The revenue breakdown for 2024 shows that the rice dumpling series generated 1.579 billion yuan, down 18.64%, while the mooncake series saw a slight increase in revenue to 236 million yuan, up 3.46% [2] - The overall gross margin for 2024 improved to 39.05%, an increase of 2.66 percentage points year-on-year, primarily due to a decrease in raw material costs and product structure optimization [3] - The net profit margin for 2024 remained stable at 6.31%, while the net profit margin excluding non-recurring items increased by 0.31 percentage points to 5.79% [3] Future Earnings Forecast - The net profit forecasts for 2025 and 2026 have been revised down to 167 million yuan and 180 million yuan, respectively, reflecting a decrease of 7.9% and 11.6% from previous estimates [3] - The report introduces a new forecast for 2027, estimating a net profit of 192 million yuan, translating to an EPS of 0.84, 0.91, and 0.97 yuan for 2025, 2026, and 2027, respectively [3] Valuation Metrics - The current stock price corresponds to a P/E ratio of 24, 22, and 21 for the years 2025, 2026, and 2027, respectively [3] - The report indicates that the company is actively expanding its customer base by collaborating with various channels, including Sam's Club and Hema [3]

非经常性损益的负面影响亦不容忽视。年报披露，公司合营企业投资收益同比减少约1.67亿元，叠加收 购标的商誉减值计提超过7000万元，两项合计对净利润影响接近2.4亿元。这部分损失约占全年净利润 缩减额的六成，暴露出企业在投资布局与并购整合中的潜在风险。 公司2024年保持研发投入，并加速海外产能布局。越南、临海等地新建工业园陆续投产，固定资产规模 同比增长逾四成。但短期内，这些投入尚未转化为有效产出，反而推高了当期运营成本。 伟星新材称，2025年公司营业收入目标力争达到65.80亿元，成本及费用力争控制在53.50亿元左右。 4月15日晚间，浙江伟星新型建材股份有限公司（以下简称"伟星新材（002372）"或"公司"）发布2024 年度报告。报告期内，公司实现营业总收入62.67亿元，同比下降1.75%，净利润9.53亿元，同比下降 33.49%，基本每股收益为0.61元，基本每股收益、稀释每股收益较上年同期减少32.22%。公司拟向全体 股东每10股派发现金红利5.00元(含税)。 伟星新材在年报中称，受房地产、基建投资需求下降的冲击，建材行业工程类竞品纷纷挤入零售赛道， 品牌建材跨界布局，叠加消费需求与 ...