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纺服、零售周报:制造端有望企稳回升,关注618大促催化(2025.12.19)
Tai Ping Yang· 2025-05-12 13:30
2025 年 05 月 12 日 行业周报 看好/维持 纺织服装 纺织服装 纺服&零售周报:制造端有望企稳回升,关注 618 大促催化(2025. 5.5-5.11) ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/13 24/7/24 24/10/4 24/12/15 25/2/25 25/5/8 纺织服装 沪深300 相关研究报告 <<纺服&零售周报:美护品牌 Q1 表现 亮眼,个护景气度向上(2025.4. 28- 5.4)>>--2025-05-06 <<稳健医疗 24 年报及 25Q1 财报点 评:消费品业务加速成长,核心品类 增速亮眼>>--2025-04-29 <<健盛集团 24 年财报点评:业绩符 合预期,期待无缝利润弹性释放>>-- 2025-04-28 证券分析师:郭彬 电话: E-MAIL:guobin@tpyzq.com 分析师登记编号:S1190519090001 报告摘要 本周核心观点:1)关税预期缓和:根据商务部新闻发布,5 月 10 日 上午中美经贸高层会谈在瑞士日内瓦开始举行,中共中央政治局委员、国 务院副总理何立峰作为中美经贸中方牵头人。5 ...
纺服、零售周报:制造端有望企稳回升,关注618大促催化(2025.12.19)-20250512
2025 年 05 月 12 日 行业周报 看好/维持 纺织服装 纺织服装 纺服&零售周报:制造端有望企稳回升,关注 618 大促催化(2025. 5.5-5.11) ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/13 24/7/24 24/10/4 24/12/15 25/2/25 25/5/8 纺织服装 沪深300 相关研究报告 <<纺服&零售周报:美护品牌 Q1 表现 亮眼,个护景气度向上(2025.4. 28- 5.4)>>--2025-05-06 <<稳健医疗 24 年报及 25Q1 财报点 评:消费品业务加速成长,核心品类 增速亮眼>>--2025-04-29 <<健盛集团 24 年财报点评:业绩符 合预期,期待无缝利润弹性释放>>-- 2025-04-28 证券分析师:郭彬 电话: E-MAIL:guobin@tpyzq.com 分析师登记编号:S1190519090001 报告摘要 本周核心观点:1)关税预期缓和:根据商务部新闻发布,5 月 10 日 上午中美经贸高层会谈在瑞士日内瓦开始举行,中共中央政治局委员、国 务院副总理何立峰作为中美经贸中方牵头人。5 ...
稳健医疗:公司信息更新报告:2025Q1净利润高增,消费品业务延续强劲品牌势能-20250505
KAIYUAN SECURITIES· 2025-05-05 12:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong performance in Q1 2025, with a net profit increase driven by robust brand momentum in the consumer goods segment [7] - Revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while net profit was 700 million yuan, up 19.8% [7] - Q1 2025 revenue was 2.61 billion yuan, reflecting a 36.5% year-on-year growth, with net profit at 250 million yuan, up 36.3% [7] - The company plans to distribute a cash dividend of 0.25 yuan per share, alongside a mid-term dividend of 0.4 yuan per share, resulting in an annual dividend payout ratio of 54.4% [7] - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 1.07 billion, 1.22 billion, and 1.41 billion yuan respectively [7] Summary by Sections Medical Consumables - In 2024, the medical consumables segment generated revenue of 3.91 billion yuan, a 1.1% year-on-year increase, while Q1 2025 revenue was 1.25 billion yuan, up 46.3% [8] - Key product categories such as high-end wound dressings and surgical consumables saw significant growth, with year-on-year increases of 31.2% and 48.8% respectively in 2024 [8] - The overseas channel revenue for 2024 and Q1 2025 was 2.13 billion and 700 million yuan, showing year-on-year growth of 37.7% and 84.1% respectively [8] Consumer Goods - The consumer goods segment achieved revenue of 4.99 billion yuan in 2024, a 17.1% year-on-year increase, with Q1 2025 revenue at 1.34 billion yuan, up 28.8% [9] - Specific product lines such as cotton soft towels and sanitary napkins experienced substantial growth, with Q1 2025 revenues increasing by 38.6% and 73.5% respectively [9] - Online sales channels contributed significantly, with 3.07 billion yuan in revenue for 2024 and 800 million yuan in Q1 2025, including a nearly 109% year-on-year growth in the Douyin channel for 2024 [9] Financial Performance - The gross profit margin for 2024 and Q1 2025 was 47.3% and 48.5%, with a slight year-on-year decrease of 1.7% and an increase of 0.8 percentage points respectively [10] - The net profit margin for 2024 was 7.8%, while Q1 2025 saw a slight decrease to 9.5% [10] - The inventory balance at the end of Q1 2025 was 1.96 billion yuan, a 34.1% increase, influenced by the acquisition of GRI [10]
稳健医疗(300888):公司信息更新报告:2025Q1净利润高增,消费品业务延续强劲品牌势能
KAIYUAN SECURITIES· 2025-05-05 10:44
Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong growth in net profit for Q1 2025, with a revenue increase of 36.5% year-on-year, reaching 2.5 billion yuan in net profit, up 36.3% [7] - The company plans to distribute a cash dividend of 0.25 yuan per share, along with a mid-term dividend of 0.4 yuan per share, resulting in an annual dividend payout ratio of 54.4% [7] - The forecast for net profit for 2025-2027 has been adjusted upwards, with expected figures of 10.7 billion yuan, 12.2 billion yuan, and 14.1 billion yuan respectively [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.98 billion yuan, a year-on-year increase of 9.7%, and a net profit of 700 million yuan, up 19.8% [7] - For Q1 2025, the revenue was 2.61 billion yuan, reflecting a 36.5% increase, and the net profit was 250 million yuan, up 36.3% [7] Medical Supplies Business - The medical supplies segment generated 3.91 billion yuan in revenue for 2024, a 1.1% increase year-on-year, and 1.25 billion yuan in Q1 2025, a 46.3% increase [8] - Key product categories such as high-end wound dressings and surgical supplies saw significant growth, with increases of 31.2% and 48.8% respectively in 2024 [8] Consumer Products Business - The consumer products segment reported a revenue of 4.99 billion yuan in 2024, a 17.1% increase, and 1.34 billion yuan in Q1 2025, a 28.8% increase [9] - The brand "全棉时代" (All Cotton Era) continues to gain market traction, with notable growth in categories like wet and dry cotton towels, which saw a 38.6% increase in Q1 2025 [9] Profitability and Valuation - The gross margin for 2024 was 47.3%, with a slight increase to 48.5% in Q1 2025, while the net profit margin was 7.8% for 2024 and 9.5% for Q1 2025 [10] - The company’s P/E ratios for 2025-2027 are projected to be 28.5, 24.8, and 21.6 respectively, indicating a favorable valuation outlook [11]
稳健医疗(300888):品牌健康心智加速消费品业务发展
Tianfeng Securities· 2025-05-04 13:00
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.6 billion in Q1 2025, a year-on-year increase of 36%, with a net profit attributable to the parent company of 250 million, also up 36%. The adjusted net profit was 230 million, reflecting a 62% increase [1]. - For the year 2024, the company anticipates a revenue of 9 billion, a 10% increase, and a net profit of 700 million, a 20% increase, with adjusted net profit expected to reach 600 million, up 43% [1]. - The medical consumables segment generated 3.9 billion, accounting for 44% of total revenue, with a slight increase of 1% and a gross margin of 36.49%, down 4 percentage points. The consumer goods segment generated 5 billion, accounting for 56% of total revenue, with a 17% increase and a gross margin of 56%, down 1 percentage point [1]. - The report highlights strong growth in key product categories, particularly in the medical segment, with surgical consumables and high-end dressings seeing significant revenue increases of 196.8% and 21%, respectively [2]. Financial Performance Summary - The company expects to achieve net profits of 1.04 billion, 1.26 billion, and 1.5 billion for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.79, 2.17, and 2.58 [4]. - The projected revenue growth rates for the years 2025 to 2027 are 24.8%, 23.5%, and 20.1%, respectively [5]. - The company’s total assets are projected to reach approximately 22.26 billion by 2025, with total liabilities expected to be around 9.72 billion [12]. Market Position and Strategy - The company is focusing on enhancing its core product categories and improving its market ranking through effective brand marketing, particularly for its "Nai Si Gong Zhu" product line, which has seen significant growth [3][2]. - The report notes that the company has successfully increased its market presence in e-commerce channels, contributing to nearly 60% of the consumer goods segment's revenue in Q1 2025 [2].
可靠股份:自有品牌+ODM双轮驱动-20250501
Tianfeng Securities· 2025-05-01 14:23
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, ...
可靠股份(301009):自有品牌+ODM双轮驱动
Tianfeng Securities· 2025-05-01 07:49
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%。 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; 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; 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, ...
润本股份(603193):产品渠道齐发力,业绩持续高增
NORTHEAST SECURITIES· 2025-04-30 02:18
Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company achieved a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, with a net profit of 300 million yuan, up 32.80% [1][9]. - The company has diversified its product offerings and expanded its sales channels, leading to sustained revenue growth [2][14]. - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares (tax included) [1]. Financial Performance Summary - In 2024, the company reported a revenue of 1.318 billion yuan, with a breakdown by product: mosquito repellent products generated 439 million yuan (33.33% of total revenue, +35.39%), baby care products 690 million yuan (52.36%, +32.42%), essential oils 158 million yuan (11.97%, +7.88%), and other products 30 million yuan (2.27%, -25.51%) [2][10]. - The company’s online direct sales accounted for 58.72% of total revenue, amounting to 774 million yuan, with a growth of 24.84% [2][10]. - The company’s expense ratio increased to 31.57% in 2024, up 1.35 percentage points, primarily due to increased marketing and financial expenses [11][12]. Future Projections - Revenue projections for 2025-2027 are estimated at 1.711 billion yuan, 2.175 billion yuan, and 2.728 billion yuan, respectively, with net profits expected to be 392 million yuan, 496 million yuan, and 613 million yuan [3][14]. - The company’s projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 40x, 32x, and 26x, respectively [3][14].
润本股份(603193):公司信息更新报告:2025Q1收入高增,看好夏季防晒等新品放量
KAIYUAN SECURITIES· 2025-04-28 07:12
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 44.0% year-on-year in Q1 2025, with a net profit growth of 24.6% [6] - The company is expected to benefit from the launch of new products, particularly in the summer sunscreen category, which is anticipated to drive sales growth [8] - The financial forecasts for 2025-2027 have been adjusted upwards, with projected net profits of 3.92 billion, 4.99 billion, and 6.24 billion respectively [6] Financial Performance Summary - In 2024, the company achieved a revenue of 1.318 billion (up 27.6% YoY) and a net profit of 300 million (up 32.8% YoY) [6] - For Q1 2025, the revenue was 240 million (up 44.0% YoY) and net profit was 44 million (up 24.6% YoY) [6] - The company’s gross margin improved to 58.2% in 2024 and 57.7% in Q1 2025, driven by a higher proportion of high-margin baby care products [7] Product and Market Strategy - The company launched over 90 new products in 2024, including children's sunscreen and other personal care items, and plans to continue expanding its product line in 2025 [8] - The company is focusing on online direct sales channels and has established partnerships with various offline retailers, contributing to rapid growth [8] - The baby care segment accounted for 52.4% of total revenue in 2024, reflecting strong performance in this category [7]
百亚股份(003006):25Q1外围省份持续高增,电商渠道逐步修复
Guotou Securities· 2025-04-28 05:10
Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.57 CNY, maintaining the rating [4][8]. Core Views - The company has shown strong revenue growth, achieving 9.95 billion CNY in Q1 2025, a year-on-year increase of 30.10%, and a net profit of 1.31 billion CNY, up 27.27% year-on-year [1][4]. - The company is focusing on expanding its market share through product structure optimization and channel expansion, particularly in e-commerce [4][8]. - The company’s gross margin slightly decreased to 53.32%, while the net margin was 13.12%, reflecting a minor decline [3][4]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 9.95 billion CNY, a 30.10% increase year-on-year, and a net profit of 1.31 billion CNY, which is a 27.27% increase year-on-year [1]. - The company’s gross margin was 53.32%, down 1.04 percentage points year-on-year, and the net margin was 13.12%, down 0.29 percentage points year-on-year [3]. Channel Performance - The e-commerce channel generated 3.22 billion CNY in revenue in Q1 2025, growing 8.6% year-on-year, while core provinces saw a 26.7% increase and peripheral provinces experienced a remarkable 125.1% growth [2]. - The company is shifting its marketing strategy to a multi-channel approach, increasing investments in platforms like Tmall, Pinduoduo, and Xiaohongshu, in addition to Douyin [2]. Future Projections - The company is projected to achieve revenues of 43.20 billion CNY, 55.09 billion CNY, and 70.31 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.76%, 27.51%, and 27.62% [4][9]. - Net profits are expected to reach 3.72 billion CNY, 4.74 billion CNY, and 6.45 billion CNY for the same years, with growth rates of 29.46%, 27.14%, and 36.02% [4][9].