智通财经APP获悉，招商证券发布研究报告称，截至4月30日上午，A股上市公司2024年年报和2025年 一季报业绩基本披露完毕(披露率99.8%)。受政策效果持续显现以及科技创新趋势驱动，整体A股盈利增 速转正。大类行业中信息技术、消费服务增速相对领先，TMT、资源品和中游制造业边际改善。推荐 关注业绩增速相对较高、自由现金流边际改善的领域。 招商证券主要观点如下： 利润端：一季度上市公司业绩边际改善。根据一致可比口径和整体法测算，A股2024Q3/2024Q4/2025Q1 单季度净利润增速依次为3.7%/-15.7%/3.2%，非金融石油石化2024Q3/2024Q4/2025Q1单季度净利润增速 为-10.5%/-50.2%/4.5%。 收入端：全部A股单季度收入增速较24Q4放缓，但仍高于24Q3，延续改善。全部A股 2024Q3/2024Q4/2025Q1单季度收入增速依次为-2.0%/1.4%/-0.3%，非金融石油石化板块 2024Q3/2024Q4/2025Q1单季度收入增速依次为-2.9%/1.2%/0.5%。海外营收增幅扩大，海外营收占收入 的比例持续提升。 25年一季度A股盈利回暖主要受 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Insights - The company reported a revenue of 10.665 billion yuan in 2024, a decrease of 2.9% year-on-year, while the net profit attributable to shareholders was 538 million yuan, an increase of 24.8% [6] - In Q1 2025, the company achieved a revenue of 26.25 billion yuan, a slight increase of 0.4%, and a net profit of 1.33 billion yuan, which is a significant increase of 48.5% [6] - The profit margin is expected to continue improving due to the focus on core low-temperature products and cost reductions, despite the anticipated narrowing of raw milk benefits [8][9] Financial Performance Summary - The company's total revenue is projected to grow from 10.665 billion yuan in 2024 to 11.073 billion yuan in 2025, representing a year-on-year growth of 3.8% [10] - The net profit attributable to shareholders is expected to increase from 538 million yuan in 2024 to 673 million yuan in 2025, reflecting a growth rate of 25.2% [10] - The gross margin is forecasted to improve from 28.4% in 2024 to 28.8% in 2025, while the net margin is expected to rise from 5.0% to 6.1% during the same period [10] Business Strategy and Market Position - The company is focusing on the "fresh strategy," emphasizing core low-temperature milk and yogurt products, while also enhancing direct-to-consumer (DTC) channels and exploring emerging markets [9] - The low-temperature product category has shown strong growth, with liquid milk revenue reaching 49.92 billion yuan in H2 2024, a year-on-year increase of 1.1% [7] - The company aims to optimize its product structure, which has positively impacted profitability, with net profit margins increasing by 1.7 percentage points in Q1 2025 compared to the previous year [8]

主业需求承压，新渠道开拓较好，维持"增持"评级欢乐家2025Q1 收入4.5 亿元，同比-18.5%，归母净利 润0.3 亿元，同比-58.3%。 分渠道来看，2025Q1 传统渠道相对承压较大，一方面新零售渠道快速发展，抢占线下传统商超的需 求，另一方面公司主动进行传统渠道网点优化。同时公司积极拥抱零食专营连锁渠道，2024 年与头部 零食专营系统达成合作，2025Q1 积极开拓中腰部零食专营系统，Q1 实现收入4644.6 万元，环比 2024Q4 增加614.9万元，零食量贩渠道保持环比提速，全年预计将实现较好收入增量。 成本上涨叠加业务结构变化导致毛利率下降，费用率有所提升，净利率下降2025Q1 公司毛利率同 比-7.32pct 至31.38%，一方面部分原材料价格有所上涨，另一方面零食专营渠道和原料销售业务毛利率 相对较低。Q1 销售费用率/管理费用率/研发费用率/财务费用率分别同比 +0.14pct/+1.53pct/-0.03pct/+0.36pct，公司期间费用率有所提升。综合来看，Q1 净利率同比-7.27pct 至 7.63%。 收入业绩仍有承压，我们下调2025-2026 年盈利预测， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The report emphasizes the company's continuous improvement in core business advantages and profit margin enhancement, with a focus on the "Fresh Cube Strategy" to strengthen core business and expand market share [6][9]. - The company reported a revenue of 10.665 billion yuan for 2024, a slight decrease of 2.93% year-on-year, while the net profit attributable to shareholders increased by 24.8% to 538 million yuan [5][9]. - In Q1 2025, the company achieved a revenue of 2.625 billion yuan, a year-on-year increase of 0.42%, and a net profit of 133 million yuan, up 48.46% year-on-year [5][9]. Summary by Sections Recent Performance - The company's stock performance over the past year shows a 65.2% increase compared to the CSI 300 index, which only increased by 5.5% [4]. - The current stock price is 15.99 yuan, with a 52-week price range of 7.88 to 18.26 yuan [4]. Financial Highlights - The company’s gross profit margin improved by 1.5 percentage points in 2024, attributed to structural improvements and cost benefits, with the average price of fresh milk decreasing by 13.5% year-on-year [6]. - The net profit margin for 2024 was 5.04%, an increase of 112 basis points year-on-year [6]. Growth Drivers - Low-temperature products performed exceptionally well, with significant growth in low-temperature fresh milk and yogurt, while the contribution from room-temperature products was under pressure [6]. - The East China region became a key growth driver, with revenue growth supported by a higher proportion of low-temperature products and strong product innovation [6][9]. Future Projections - The company is projected to achieve revenues of 11.178 billion yuan in 2025, with a growth rate of 5%, and net profits of 684 million yuan, reflecting a growth rate of 27% [8][9]. - The report anticipates continued profit margin improvements, with a diluted earnings per share (EPS) forecast of 0.79 yuan for 2025 [8][9].

投资评级：增持（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 14.10 | | 一年最高最低(元) | 22.09/9.25 | | 总市值(亿元) | 61.68 | | 流通市值(亿元) | 54.43 | | 总股本(亿股) | 4.37 | | 流通股本(亿股) | 3.86 | | 近 3 个月换手率(%) | 122.32 | 股价走势图 食品饮料/饮料乳品 主业销售仍待改善，零食量贩渠道成效明显 2025 年 04 月 28 日 数据来源：聚源 -48% -24% 0% 24% 48% 72% 2024-04 2024-08 2024-12 欢乐家 沪深300 相关研究报告 《业绩表现仍有承压，零食渠道开拓 进 展 较 好 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《椰子汁销售阶段性承压，新产品、 新渠道稳步开拓—公司信息更新报 告》-2024.8.29 《椰子汁主业提速发展，新增长点坚 定投入 — 公 司 信 息 更 新 报 告 》 -2024.4.29 | | | ——公司信息更新报告 | | --- | --- | ...

Shareholding Reduction Announcements - MEI TUNG (CHINA) LIMITED plans to reduce its shareholding in Helen Zhe by up to 22.09 million shares, representing 2.12% of the total share capital after excluding repurchased shares [1] - Shandong Railway Development Fund plans to reduce its shareholding in Century Rui Er by up to 17.55 million shares, representing 3% of the total share capital [1] - Wu Baigeng plans to reduce his shareholding in Pinwo Food by up to 2.97 million shares, representing 3% of the total share capital [1] - Huayuan International Land Port Group plans to reduce its shareholding in Phoenix Shipping by up to 30.36 million shares, representing 3% of the total share capital [3] Financial Performance Reports - United Chemical reported a revenue of 535 million yuan for 2024, a year-on-year increase of 24.80%, and a net profit of 56.43 million yuan, up 66.81% [5] - Huitong Technology achieved a revenue of 662 million yuan, a year-on-year increase of 11.84%, and a net profit of 108 million yuan, up 9.30% [7] - Guangji Pharmaceutical reported a revenue of 639 million yuan, a year-on-year decrease of 13.42%, and a net loss of 295 million yuan [8] - Anshuo Information achieved a revenue of 990 million yuan, a year-on-year increase of 11.53%, and a net profit of 15.09 million yuan, up 132.78% [9] - Yifan Pharmaceutical reported a revenue of 5.16 billion yuan, a year-on-year increase of 26.84%, and a net profit of 386 million yuan, up 170.04% [10] - Hongri Pharmaceutical reported a revenue of 5.78 billion yuan, a year-on-year decrease of 5.34%, and a net profit of 21.47 million yuan, down 95.76% [11] - Zhonglan Environmental reported a revenue of 646 million yuan, a year-on-year decrease of 22.75%, and a net profit of 13.10 million yuan, down 36.12% [13] - Feilu Co. reported a revenue of 518 million yuan, a year-on-year decrease of 37.16%, and a net loss of 140 million yuan [14] - China Great Wall reported a revenue of 14.20 billion yuan, a year-on-year increase of 5.83%, and a net loss of 1.48 billion yuan [15] - Nanshan A reported a revenue of 15.45 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 267 million yuan, down 83.89% [16] - Yawen Co. reported a revenue of 2.06 billion yuan, a year-on-year increase of 6.70%, and a net profit of 75 million yuan, down 24.13% [17] - Jinlong Co. reported a revenue of 663 million yuan, a year-on-year increase of 245.16%, and a net loss of 89.23 million yuan [18] - Nanshan Holdings reported a revenue of 8.40 billion yuan, a year-on-year decrease of 30.35%, and a net loss of 1.77 billion yuan [20] - Hengfeng Information reported a revenue of 227 million yuan, a year-on-year decrease of 53.07%, and a net loss of 86.80 million yuan [21] - Wantong Technology reported a revenue of 1.21 billion yuan, a year-on-year increase of 19.58%, and a net profit of 36.92 million yuan, up 147.08% [22] - Kehua Bio reported a revenue of 1.76 billion yuan, a year-on-year decrease of 27.55%, and a net loss of 641 million yuan [23] - Dongfang Tower reported a revenue of 4.20 billion yuan, a year-on-year increase of 4.79%, and a net profit of 564 million yuan, down 10.97% [24] - Yanpai Co. reported a revenue of 785 million yuan, a year-on-year increase of 8.75%, and a net profit of 42.18 million yuan, down 35.72% [25] - Yongli Co. reported a revenue of 2.24 billion yuan, a year-on-year increase of 10.69%, and a net profit of 22.30 million yuan, down 40.73% [26]

Investment Rating - The report maintains a "Buy" rating for the company [1][4][7] Core Views - The company demonstrated stable overall performance in its financial results for 2024 and Q1 2025, benefiting from cost reductions and improved gross margins [1][4][7] - The company reported a revenue of RMB 3.29 billion in 2024, a year-on-year increase of 11.3%, and a net profit of RMB 666 million, up 4.4% year-on-year [4][6][9] - The report highlights the significant impact of the Spring Festival timing on quarterly performance, with a notable decline in Q1 2025 compared to Q1 2024 [1][4][7] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 were 11.3% and 4.4% respectively, with Q4 2024 and Q1 2025 combined showing a revenue decline of 0.8% but a net profit increase of 4.9% [4][7][9] - The gross margin improved significantly in Q1 2025, reaching 48.1%, an increase of 4.4 percentage points year-on-year [9] - The core product, almond milk, generated RMB 3.19 billion in revenue in 2024, accounting for 97% of total revenue, with a year-on-year growth of 11.4% [7][9] Market and Shareholder Information - The company has a total market capitalization of approximately RMB 10.44 billion, with major shareholder Wanxiang Agricultural Group holding 41.61% [4][6] - The average daily trading volume over the past three months was RMB 123.73 million [4] Future Outlook - The company is expected to benefit from new product launches in 2025, which are anticipated to contribute positively to revenue growth [1][4][7] - The report projects earnings per share (EPS) for 2025 to be RMB 0.67, reflecting a year-on-year increase of 5.6% [6][10]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][17]. Core Views - The company has achieved rapid revenue growth, with Q1 2025 revenue and net profit reaching 4.848 billion and 980 million yuan, respectively, representing year-on-year increases of 39.23% and 47.62% [1]. - The product line is expanding, with "Dongpeng Water" and other beverages contributing to a 19% share of total revenue in Q1 2025 [1]. - The company is actively expanding its market presence, with significant growth in regions outside of Guangdong, with some areas seeing growth rates exceeding 50% [1]. - The average dealer size has increased by 25% year-on-year, indicating improved dealer quality [2]. Financial Performance - The gross margin improved by 1.70 percentage points to 44.47%, while the net profit margin increased by 1.15 percentage points to 20.21% [3]. - Sales expenses increased by 36% due to higher advertising and promotional costs [3]. - Operating cash flow decreased by 27% year-on-year to 631 million yuan, primarily due to increased year-end bonuses and tax payments [3]. Future Outlook - The company aims for a revenue and net profit growth target of no less than 20% for 2025, with expectations for continued growth from "Dongpeng Water" and new product launches [4]. - Revenue projections for 2025-2027 are estimated at 20.607 billion, 25.731 billion, and 31.540 billion yuan, with corresponding growth rates of 30%, 25%, and 23% [4]. - The expected net profit for the same period is projected to be 4.501 billion, 5.744 billion, and 7.160 billion yuan, with growth rates of 35%, 28%, and 25% [4]. Financial Data and Valuation - The company’s revenue for 2023 is projected at 11.263 billion yuan, with a growth rate of 32.42% [5]. - The estimated earnings per share (EPS) for 2025 is 8.65 yuan, with a price-to-earnings (P/E) ratio of 32.41 [5]. - The company’s total market capitalization is approximately 145.884 billion yuan [7].

食品饮料/饮料乳品 东鹏饮料（605499.SH） 2025Q1 高歌猛进，继续发力 2025 年 04 月 17 日 投资评级：增持（维持） | 日期 | 2025/4/16 | | --- | --- | | 当前股价(元) | 275.00 | | 一年最高最低(元) | 298.06/188.50 | | 总市值(亿元) | 1,430.04 | | 流通市值(亿元) | 1,430.04 | | 总股本(亿股) | 5.20 | | 流通股本(亿股) | 5.20 | | 近 3 个月换手率(%) | 31.54 | 股价走势图 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 2025-04 东鹏饮料 沪深300 数据来源：聚源 相关研究报告 《2024 年收入高增，2025 年稳中求进 —公司信息更新报告》-2025.3.11 《开局良好，新品可期—公司信息更 新报告》-2024.4.23 《2023 年高速增长，2024 年势头良好 —公司信息更新报告》-2024.4.17 张宇光（分析师） 方勇（分析师） zhangyuguang@kysec. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][19] Core Views - The company reported a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year growth of 39.2%, with a net profit of 980 million yuan, up 47.6% year-on-year [1][9] - The company continues to experience strong growth in its specialty drinks segment, maintaining over 25% growth, with the "Brewed Water" product line showing exceptional performance [2][4] - The company has optimized its cost structure, leading to improved profitability, with a gross margin of 44.5%, an increase of 1.7 percentage points year-on-year [3][10] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 48.48 billion yuan, a 39.2% increase year-on-year, and a net profit of 9.80 billion yuan, reflecting a 47.6% growth [1][9] - The cash flow from sales reached approximately 48.63 billion yuan, an increase of 18.73% year-on-year [9] - The company’s gross margin improved to 44.5%, benefiting from economies of scale and cost reductions [3][10] Product Segmentation - Specialty drinks, electrolyte water, and other beverages generated revenues of 3.901 billion, 570 million, and 375 million yuan respectively, with year-on-year growth rates of 25.7%, 261.5%, and 72.6% [2][4] - The "Brewed Water" product line has maintained high growth through flavor expansion and increased market penetration [2][4] Regional Performance - Revenue growth by region includes Guangdong (21.6%), East China (30.8%), Central China (28.6%), Guangxi (31.9%), Southwest (61.8%), North China (71.7%), online sales (54.2%), and key customer segments (53.3%) [2][4] Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting total revenues of 205.17 billion, 253.36 billion, and 300.83 billion yuan, with year-on-year growth rates of 29.53%, 23.49%, and 18.74% respectively [4][17] - The projected net profit for the same period is 45.33 billion, 59.53 billion, and 73.95 billion yuan, with growth rates of 36.25%, 31.33%, and 24.23% [4][17]