Core Viewpoint - The company,潮宏基, has shown strong performance in the first quarter of 2025, with net profit growth outpacing revenue growth, attributed to its strategic focus on becoming a favored brand among young consumers and effective product differentiation [1] Company Overview - 泉果基金, established on February 8, 2022, manages assets totaling 16.838 billion yuan across six funds, with five fund managers [1] - The company has reported a net increase of 129 stores in 2024, despite a broader industry trend of store closures, indicating robust growth [1] Financial Performance - In the first quarter of 2025,潮宏基's net profit growth exceeded expectations, driven by enhanced product strength and refined terminal operations [1] - The company maintains a stable dividend policy, with expectations for gradual increases in per-share dividends as the company scales and performance improves [1] Strategic Focus - The company aims to navigate a complex external environment in 2025 with a strategy centered on "focusing on core business, 1+N brand strategy, all-channel marketing, and internationalization" [1] - The brand strategy includes enhancing product strength and operational management to improve store performance, alongside a digital transformation to solidify core competitive advantages [1] Product Development and Brand Building -潮宏基 emphasizes a systematic approach to product development, focusing on consumer preferences and utilizing both internal and external design teams [1] - The company has successfully launched new product lines, including collaborations with popular IPs, which have been well-received by customers [1] International Expansion -潮宏基 has opened two overseas stores in Southeast Asia, which have performed well, indicating promising market opportunities for future international expansion [1] - The company plans to accelerate its overseas market layout, leveraging its brand presence in new regions [1]

证券代码：002345 证券简称：潮宏基 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □ 一对一沟通 □√ 其他 电话会议 参与单位 名称及人 员姓名 华福证券；红塔证券；开源证券；国盛证券；东方证券；东兴证券； 东北证券；华泰证券；国泰海通证券；西部证券；华创证券； 东方财富证券；汇丰前海证券；东吴证券；财通证券；国信证券； 国元证券；华西证券；浙商证券；爱建证券；摩根大通证券； 中国国际金融；长江证券；兴业证券；德邦证券；信达证券； 万联证券；申万宏源证券；山西证券；方正证券；中信证券； 招商证券；天风证券；中邮证券；平安证券；国海证券；国金证券； 民生证券；广发证券；太平洋证券；国联证券；中信建投证券； 朱雀基金；宏利基金；中海基金；长盛基金；华泰柏瑞基金； 泉果基金；中融基金管理；嘉实基金；中欧基金；华宝基金； 华富基金；兴华基金；长安基金；红土创新基金；施罗德基金； 汇百川基金；信达澳亚基金；长信基金；博道基金；新华基金； 汇丰晋信基金；鹏扬基金；同泰基金；华商基金；富国基金； 西部利得基金；鹏华基金；摩根基金(中国)；东方阿 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] Q1 业绩超预期，看好公司品牌力持续提升 [Table_Title2] 潮宏基(002345)2024 年度及 2025Q1 业绩点评 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002345 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 10.44/4.02 | | 目标价格： | | 总市值(亿) | 92.76 | | 最新收盘价： | 10.44 | 自由流通市值(亿) | 90.52 | | | | 自由流通股数(百万) | 867.00 | [Table_Summary] 事件概述 2024 年，公司实现营收 65.18 亿元/+10.48%，归母净利润 1.94 亿元/-41.91%，剔除商誉减值影响，归母净利 润 3.5 亿元/-5.11%。2025Q1，公司实现营收 22.52 亿元/+25.36%，归母净利润 1.89 亿元/+44.38%。同时，公 司拟向全体股东每 10 ...