【策略 】 总量业绩增速转正，成长股资本开支提速—— 2024年报与2025一季报分析 导读： 2025Q1 总量业绩增速回升转正，科技与部分顺周期业绩占优，新兴科技与两重两新是最清晰的 景气线索。成长板块资本开支提速，科技与周期经营现金流修复明显 。 总量增速回升转正，科技成长业绩占优。 全 A 非金融石油石化（全 A 两非）归母净利润 增速在 2024Q4 继续探底，但在后续的 2025Q1 转正，控费带动净利率回升是一季度盈利增速回升的主要 因 素，但周转率仍有下行压力。结构上，一季度景气线索清晰，具备新兴产业趋势的 AI 硬件业绩增速居 前，顺经济周期链条中"两重两新"落地扩容带动了汽车 / 家电 / 工程机械的业绩增长，供给受限的有色 / 化工增速居前。此外，非银受益资本市场活跃，业绩增速也改善明显。 总量增速改善，成长与中小盘修复明显。 1 ）盈利增速： 2024 年全 A 两非营收同比 -0.8% ，净利润 同比 -14.0% 。利润表拆分看，毛利率走弱与费用率上升共同拖累净利率。但 2025Q1 全 A 两非净利润 同比 +4.7% ，较 2024 全年明显改善，主要因为费用率的大幅下行与毛利 ...

Core Viewpoint - Understanding and mastering AI is crucial for businesses in a recommendation algorithm-driven e-commerce platform, as it directly influences brand visibility and sales performance [1][4]. Group 1: Algorithm Understanding - The recommendation algorithm on platforms like Douyin (TikTok) determines the flow of traffic for brands, making it essential for practitioners to comprehend its mechanics [1][6]. - Algorithms do not categorize content or audiences in traditional ways; instead, they utilize vast features to describe individuals or content through vectorization [3][4]. Group 2: Content Strategy - Emphasizing "content is king" and diversifying selling points is aimed at providing more features for the algorithm, which is critical for effective strategy execution [4][5]. - A clear and quantifiable representation system for commercial content teams is necessary to enhance algorithm recognition and improve brand visibility [7][8]. Group 3: Brand Analysis Method - The article suggests a method for analyzing brand performance by leveraging AI to dissect successful advertising materials, focusing on various attributes such as category, format, duration, and emotional tone [12][13]. - AI can assist in identifying key features in successful content, allowing brands to refine their strategies and enhance their representation systems [20][21]. Group 4: Storytelling and Consumer Engagement - Storytelling in marketing, particularly through relatable scenarios, can effectively engage target consumers and enhance brand connection [10][11]. - The article provides a framework for creating engaging content that resonates with young female consumers, emphasizing the importance of relatable interpersonal dynamics [28][29]. Group 5: Continuous Improvement - Brands should continuously refine their content strategies by repeating key features to strengthen model recognition and avoid irrelevant representations that could lead to misalignment with target audiences [22][23]. - The use of AI in content creation can lead to innovative approaches, allowing brands to explore new narrative possibilities that resonate with their audience [33][34].

Core Insights - Unilever has announced the closure of its high-end beauty brand REN, marking the first brand shutdown under new CEO Fernando Fernandez [1][12] - The decision to close REN is attributed to internal complexities and external market pressures that have hindered the brand's profitability for an extended period [1][12] Brand Background - REN was established in 2000 and was acquired by Unilever in 2015, becoming the first brand in Unilever's Prestige beauty division [2][5] - The brand focused on high-end consumers and promoted a philosophy of using 100% natural ingredients without chemical or synthetic components [2] Financial Performance - By 2014, REN had entered 50 countries with sales revenue of approximately €40 million (around 330 million RMB) [5] - After its acquisition, REN's performance did not meet expectations, with reports in 2024 indicating that its annual revenue was below €5 million, failing to reach the threshold for "strong brands" [13] Strategic Shift - Unilever has been undergoing a series of business divestitures, including the sale of Elida Beauty and other non-core assets, as part of a broader strategic realignment [12][15] - The company aims to focus on 30 "strong brands," which include 14 billion-euro brands and 16 brands expected to reach that level, while non-core brands like REN are being phased out [12][15] Cost-Saving Measures - Unilever's "Productivity Plan" aims to streamline operations and reduce costs, with a target of saving €550 million by the end of 2025 [15] - The company has increased restructuring costs to 1.4% of revenue, with an annual investment of €1.5 billion (approximately 12.26 billion RMB) to optimize its product portfolio [15] Market Challenges - Unilever's beauty division, including REN, has faced sales declines, attributed to a general slowdown in the beauty market [17] - The company reported a 0.9% year-over-year decline in revenue for Q1 2025, with specific challenges in the Chinese market, where sales fell by a single-digit percentage [17][19] Future Outlook - Unilever plans to enhance its core brand innovation and focus on high-end product offerings while adjusting its marketing strategies in China [18][19] - The company is committed to improving investment quality over scale and aims to optimize its portfolio through divestitures and strategic acquisitions [19]

美护大年 - 年报季报总结 20250505 摘要 • 美护行业整体渗透率提升，价格上行，增长性强于传统食品饮料行业，引 领新消费趋势。投资策略应聚焦具备持续推新能力或积极变化的公司，如 瑞晨、登康、景波等，以及稳健高增长标的和边际改善公司。 • 国产品牌在美护市场迅速崛起，对外资品牌形成替代，尤其日韩品牌下滑 明显。个护板块表现优于医美和化妆品板块，板块内部公司业绩分化显著， 总量数据代表性下降。 • 个护细分赛道 2024 年营收增长 19%，净利润增长 25%。2025 年一季度 收入增长 29%，利润增长 13%，受益于产品创新和抖音渠道带动。毛利 率提升但销售费用率也上升，毛销差小幅收窄。 • 医美板块 2024 年营收增长 16%，净利润增长 22%。2025 年一季度收入 和利润基本持平，板块内部分化明显，重组胶原蛋白针剂龙头锦波生物高 速增长，其他公司短期承压。 • 化妆品行业 2024 年营收增长 11%，净利润下滑 9%（剔除异常值后增长 11%）。线上流量成本上升及部分公司拖累业绩，但巨子生物、毛戈平等 表现优异。珀莱雅通过优化费用投放实现利润快速增长。 Q&A 2024 年和 2025 ...

风险提示：关税影响传导至内需，国内经济表现超预期 >>以上内容节选自国泰海通证券已经发布的研究报告： 五一消费：出行高增，服务偏强 ，具体分析内容（包括风险提示等） 请详见完 整版报告。 【策略 】 重要转折之后：中国股市有望进一步走高 大势研判：中国 A/H 股市有望进一步走高。 国泰海通策略在 4 月 7 日市场低点，旗帜鲜明判断"中国股 市进入击球区"、"继续看多中国股市"、"中国股市的升势远未结束"。 节前上证指数接近 3300 点，五一 期间恒生科技单日大涨 3.1% ，收复"对等关税"失地。 我们认为， 3-4 月股市的调整与有力的修复，是 继 924 后再一次的重要转折。其表明， 投资者关于中美竞争的严峻性与对决策层扭转形势决心的疑虑消 减，既是风险释放也是试金石。 展望下一阶段，我们维持对中国股市的乐观看法： 1 ） 遍历冲击后，投 资人对经济形势的认识已然充分，包括交易结构的出清，是股市好转的重要前提。 2 ）美国"对等关税"落 地后，总体上进入拉锯与谈判的窗口期，尽管仍有不确定性，但第一阶段的激烈摩擦告一段落，形成有利 的做多窗口。 3 ）既然中美的竞争是长期性的，由此，股市预期的关键"在 ...

2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 52.22 | | 一年最高最低(元) | 54.80/23.31 | | 总市值(亿元) | 304.09 | | 流通市值(亿元) | 91.65 | | 总股本(亿股) | 5.82 | | 流通股本(亿股) | 1.76 | | 近 3 个月换手率(%) | 204.85 | 股价走势图 美容护理/个护用品 2025Q1 净利润高增，消费品业务延续强劲品牌势能 数据来源：聚源 -30% 0% 30% 60% 90% 2024-05 2024-09 2025-01 稳健医疗 沪深300 相关研究报告 《Q3 收入提速重启增长道路，股权激 励彰显信心—公司信息更新报告》 -2024.10.31 《收购 GRI 协同赋能，打造全球耗材 一站式解决方案—公司信息更新报 告》-2024.9.26 《消费高质量增长&医疗恢复增长，看 好新元年向上—公司信息更新报告》 -2024.8.30 | | | ——公司信息更新报告 | | --- | --- | --- | | ...

美容护理/个护用品 2025Q1 净利润高增，消费品业务延续强劲品牌势能 2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 52.22 | | 一年最高最低(元) | 54.80/23.31 | | 总市值(亿元) | 304.09 | | 流通市值(亿元) | 91.65 | | 总股本(亿股) | 5.82 | | 流通股本(亿股) | 1.76 | | 近 3 个月换手率(%) | 204.85 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-05 2024-09 2025-01 稳健医疗 沪深300 相关研究报告 《Q3 收入提速重启增长道路，股权激 励彰显信心—公司信息更新报告》 -2024.10.31 《收购 GRI 协同赋能，打造全球耗材 一站式解决方案—公司信息更新报 告》-2024.9.26 《消费高质量增长&医疗恢复增长，看 好新元年向上—公司信息更新报告》 -2024.8.30 | | | ——公司信息更新报告 | | --- | --- | --- | | ...

公司报告 | 年报点评报告 稳健医疗（300888） 证券研究报告 品牌健康心智加速消费品业务发展 公司发布年报及一季报 25Q1 公司营收 26 亿同增 36%，归母净利 2.5 亿同增 36%，扣非后归母净 利 2.3 亿同增 62%。 24 年公司营收 90 亿同增 10%，归母净利 7 亿同增 20%，扣非后归母净利 6 亿同增 43%。 24 年医用耗材收入 39 亿占总 44%，同增 1%，毛利率 36.49%同减 4pct。消 费品收入 50 亿占 56%，同增 17%，毛利率 56%，同减 1pct。 24 年医用耗材-传统伤口护理与包扎产品收入 12 亿，占总 13%，同增 4%； 消费品-干湿棉柔巾收入 16 亿，占总 17%，同增 31%；消费品-卫生巾营收 7 亿，占 8%，同增 18%。消费品-婴童服饰及用品收入 10 亿，占总 11%， 同增 13%。 25Q1 医疗板块营收 12.5 亿（其中新并购公司 GRI 营收 3.0 亿），同增 46.3%。 核心品类得到快速发展：手术室耗材、高端敷料、健康个护品类，分别实 现营收 3.7 亿、2.2 亿及 1.2 亿，同增 196.8% ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight improvement in Q1 2025, while maintaining a stable cash dividend policy [1][2][4] Financial Performance - In 2024, the company achieved total revenue of 4.1 billion (YoY -18%) and net profit attributable to shareholders of 500 million (YoY -55%) [1] - For Q1 2025, revenue was 1.2 billion (YoY -1%), with net profit around 180 million (YoY +0.5%) [1] - The cash dividend for 2024 is set at 0.5 per 10 shares (including tax), with a cash dividend rate of 48% [1] Product and Brand Analysis - Revenue from personal care appliances, life appliances, and other products in 2024 was 3.96 billion, 60 million, and 110 million respectively, with declines of 17%, 39%, and 36% [2] - The Broye brand showed resilience with a revenue of 880 million in 2024 (YoY +2%), increasing its share of total revenue by 4.2 percentage points to 21.4% [2] Cost and Profitability Metrics - The gross margin for 2024 and Q1 2025 was 54.6% and 56.2% respectively, with slight year-on-year declines [3] - The sales expense ratio increased significantly in 2024, attributed to higher promotional costs and employee compensation [3] - The net profit margin improved in Q1 2025 to 15.6% (YoY +0.3 percentage points) [3] Cash Flow and Inventory Management - Operating net cash flow for 2024 and Q1 2025 was 300 million and 320 million respectively, down from 1.31 billion and 240 million in the previous year [3] - Inventory turnover days increased to 106 and 96 days for 2024 and Q1 2025, indicating a reasonable inventory level [3] Profit Forecast and Valuation - The company revised down its net profit forecasts for 2025 and 2026 to 680 million and 760 million, reflecting a 13% and 12% reduction respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 23, 20, and 19 for 2025, 2026, and 2027 respectively [4] - The company is positioned as a leader in the personal care small appliance industry, focusing on "R&D innovation" and "brand operation" as core competitive advantages [4]

公司报告 | 年报点评报告 可靠股份（301009） 证券研究报告 自有品牌+ODM 双轮驱动 公司发布年报及一季报 25Q1 公司营收 3 亿同减 1%，归母净利 0.2 亿同增 1.4%，扣非后归母净利 0.2 亿同减 3%。 婴儿产品 4 亿同增 7%，毛利率 21%同增 2pct； 宠物卫生产品 0.7 亿同减 22%，毛利率 22%同增 2pct。 分地区看，境内收入 6.3 亿同增 3%，毛利率 20%同增 4pct； 2024 年营收 11 亿同减 0.3%，归母净利 0.3 亿同增 54%，扣非后归母净利 0.24 亿同增 33%。 24 年公司分产品看， 成人失禁产品收入 5.6 亿同减 1%，毛利率 19.4%同增 3pct； 境外收入 4.5 亿同减 4%，毛利率 22%同增 2pct。 分模式看，自有品牌收入 5 亿同减 0.3%，毛利率 21%同增 4pct； ODM 收入 6 亿同增 1%，毛利率 19%同增 2pct。 自有品牌+ODM 双轮驱动，继续向新市场、新产品、新领域拓展 以产品为本，拓品拓人群：升级吸水巾，大力拓展轻失禁人群和市场。据 国际尿控协会（ICS）的数据显示， ...