证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 菜百股份(605599.SH) 投资评级 上次评级 蔡昕妤 商社分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com [Table_Title] 菜百股份(605599.SH)25H1 点评：投资金条销 售带动收入快速增长，利润表现稳健 [Table_ReportDate] 2025 年 8 月 28 日 [Table_S 事件：公司发布 ummary] 25H1 业绩，实现收入 152.48 亿元，同增 39%，归母净利 润 4.59 亿元，同增 14.75%，扣非归母净利润 3.96 亿元，同增 2.57%。 25Q1/Q2 分别实现营收 82.22/70.26 亿元，同增 30%/50%，归母净利润 3.20/1.39 亿元，同比+17%/+9%，扣非归母净利润 2.77/1.19 亿元，同比 +10%/-11%。 点评： 线上及线下渠道均实现较快收入增长。分渠道来看，1）线下：我们预计线 下渠道收入维持较快增 ...

证券研究报告 周大生 (002867 CH) 业绩短期承压，高分红回馈股东 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 30 日│中国内地 | 零售 | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 16,290 | 13,891 | 15,246 | 16,999 | 18,968 | | +/-% | 46.52 | (14.73) | 9.75 | 11.50 | 11.59 | | 归属母公司净利润 (人民币百万) | 1,316 | 1,010 | 1,104 | 1,227 | 1,383 | | +/-% | 20.67 | (23.25) | 9.27 | 11.18 | 12.73 | | EPS (人民币，最新摊薄) | 1.20 | 0.92 | 1.01 | 1.12 | 1.26 | | ROE (%) | 20.56 | 15.77 | 17.15 | 18.39 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance is under pressure due to a sharp rise in gold prices, with expectations for a performance turnaround in 2025 [1][7] - The company reported a revenue of 56.79 billion yuan for 2024, a year-on-year decrease of 20.5%, and a net profit attributable to shareholders of 1.95 billion yuan, down 11.95% year-on-year [7][8] - The report anticipates that consumer demand for gold jewelry will gradually recover if gold prices stabilize, with a potential improvement starting in the second quarter of 2025 [7][8] Financial Performance Summary - **2024 Financials**: Revenue of 56.79 billion yuan, net profit of 1.95 billion yuan, and a diluted EPS of 3.73 yuan [1][7] - **2025 and 2026 Projections**: Expected net profits of 2.13 billion yuan and 2.28 billion yuan respectively, with a P/E ratio of 13.4 and 12.5 for 2025 and 2026 [1][7] - **Market Position**: The company has a total of 5,838 marketing outlets, including 197 direct stores, and is actively expanding its market presence despite current challenges [7][8]