Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported Q1 2025 revenue of 595 million yuan, a year-on-year increase of 10.3%, while net profit attributable to shareholders was 68 million yuan, a decline of 8.2% year-on-year. The revenue met expectations, but profit fell short [6] - The long-term growth potential of the company is viewed positively due to a clear strategy focused on product quality and brand reputation, particularly in fish, egg, and bean products [6] - The company is expected to see revenue growth driven by fish and bean products, with a focus on new channel breakthroughs in the upcoming quarters [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2,788 million yuan, with a year-on-year growth rate of 15.6%. Net profit is projected at 331 million yuan, reflecting a 13.6% increase [5] - The gross profit margin for Q1 2025 was reported at 29.91%, a slight decrease of 0.11 percentage points year-on-year, primarily due to rising raw material costs [6] - The company’s return on equity (ROE) is projected to be 19.5% for 2025, with a gradual increase expected in subsequent years [5]

Investment Rating - The investment rating for the company is maintained at "Outperform" [1]. Core Views - The company reported Q1 2025 revenue of 8.315 billion yuan, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year, exceeding profit expectations [6]. - The company aims to continue its diversified development strategy, enhancing its capabilities in product categories, channels, and international expansion to support its long-term goals [6]. - The company achieved a gross margin of 40.04% in Q1 2025, an increase of 2.73 percentage points year-on-year, primarily due to a decrease in raw material costs [6]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 29.367 billion yuan, with a year-on-year growth rate of 9.2% [5]. - The net profit attributable to shareholders is projected to be 6.952 billion yuan in 2025, reflecting a year-on-year growth of 9.6% [5]. - Earnings per share are expected to be 1.25 yuan in 2025, with a projected price-to-earnings ratio of 33 [5]. - The company’s revenue from key product categories such as soy sauce, seasoning sauce, and oyster sauce showed growth rates of 8.2%, 14%, and 6% respectively in Q1 2025 [6].

上 市 公 司 公 司 研 究 / 公 司 点 家用电器 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -40% -20% 0% 20% 40% 60% 倍轻松 沪深300指数 (收益率) 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 2025 年 04 月 29 日 倍轻松 (688793) ——2024 年年报及 2025 年一季报点评：24 年利润扭亏， 渠道布局持续优化 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 28.13 | | 一年内最高/最低（元） | 46.60/23.83 | | 市净率 | 6.4 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 2,418 | | 上证指数/深证成指 ...

2025 年 04 月 29 日 华勤技术 (603296) —— 25Q1 营收同比增 116%，数据中心、PC 多极增长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 64.42 | | 一年内最高/最低（元） | 105.98/42.84 | | 市净率 | 2.8 | | 股息率%（分红/股价） | 1.86 | | 流通 A 股市值（百万元） | 36,750 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 23.03 | | 资产负债率% | 70.85 | | 总股本/流通 A 股（百万） | 1,016/570 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01- ...

上 市 公 司 传媒 2025 年 04 月 29 日 芒果超媒 (300413) ——剧集投入加大影响短期利润率及现金流，看好份额提 升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 22.93 | | 一年内最高/最低（元） | 32.10/18.07 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 0.78 | | 流通 A 股市值（百万元） | 23,428 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 12.24 | | 资产负债率% | 28.77 | | 总股本/流通 A 股（百万） | 1,871/1,022 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 1 ...

上 市 公 司 基础化工 2025 年 04 月 29 日 江南化工 (002226) ——民爆矿服高景气延续，盈利能力改善，25Q1 业绩符 合预期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 5.49 | | 一年内最高/最低（元） | 6.25/3.62 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 1.28 | | 流通 A 股市值（百万元） | 14,542 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.64 | | 资产负债率% | 41.13 | | 总股本/流通 A 股（百万） | 2,649/2,649 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's performance in Q1 2025 met expectations, with a focus on the future sales performance of its whiskey products [7] - The pre-mixed beverage business is under pressure, while the whiskey business is in its early stages and requires monitoring for future sales [7] - The company has a strong brand advantage in the pre-mixed beverage industry and has made significant progress in its product matrix since 2022 [7] Financial Data and Earnings Forecast - Total revenue for 2024 was 3,048 million, a decrease of 6.6% year-on-year, while net profit attributable to the parent company was 719 million, down 11.2% [6][7] - For Q1 2025, total revenue was 737 million, a decline of 8.1% year-on-year, but net profit attributable to the parent company increased by 7.0% to 181 million [7] - The company forecasts net profits of 809 million, 910 million, and 1,022 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 12.4%, and 12.3% [7][6] - The gross profit margin for 2024 was 69.67%, an increase of 2.97 percentage points year-on-year, primarily due to a decrease in raw material prices [7] Business Performance - The pre-mixed beverage and flavoring business generated revenues of 2,677 million and 337 million respectively in 2024, with year-on-year changes of -7.17% and +6.3% [7] - The whiskey business began contributing revenue in Q1 2025, with the launch of "Bailide" blended whiskey [7] - The company is optimistic about the future growth of its whiskey business, contingent on successful sales operations and positive dealer order intentions [7]

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 04 月 29 日 老白干酒 (600559) 食品饮料 ——收入稳定增长，净利率持续提升 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 17.59 | | 一年内最高/最低（元） | 25.54/15.81 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 2.56 | | 流通 A 股市值（百万元） | 15,906 | | 上证指数/深证成指 | 3,288.41/9,855.20 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.97 | | 资产负债率% | 44.65 | | 总股本/流通 A 股（百万） | 915/904 | | 流通 B 股/H 股（百万） | -/- | 联系人 周缘 (8621)23297818× zhouyuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基 ...

2025 年 04 月 29 日 沪电股份 (002463) ——交换机新引擎持续发力，25Q1 净利同比高增 48% 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 28.49 | | 一年内最高/最低（元） | 46.86/23.58 | | 市净率 | 4.3 | | 息率（分红/股价） | 1.76 | | 流通 A 股市值（百万元） | 54,739 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 6.58 | | 资产负债率% | 44.78 | | 总股本/流通 A 股（百万） | 1,923/1,921 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02- ...

上 市 公 司 机械设备 2025 年 04 月 29 日 豪迈科技 (002595) ——25Q1 归母净利润 yoy+30%，业绩超预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 56.60 | | 一年内最高/最低（元） | 61.00/34.30 | | 市净率 | 4.6 | | 股息率%（分红/股价） | 1.77 | | 流通 A 股市值（百万元） | 44,957 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 13.01 | | 资产负债率% | | 14.43 | | 总股本/流通 A 股（百万） | | 800/794 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 ...