Investment Rating - The report maintains a "Buy" rating for Guolian Minsheng [3] Core Views - Guolian Minsheng's performance in Q1 2025 exceeded expectations, with revenue reaching 1.56 billion yuan, a year-on-year increase of 801% and a quarter-on-quarter increase of 130%. The net profit attributable to shareholders was 380 million yuan, compared to a loss of 220 million yuan in Q1 2024 [1][6] - The company has seen significant growth in its various business segments post-merger, with brokerage revenue increasing by 334% year-on-year, investment revenue recovering from a loss to 710 million yuan, and investment management revenue growing by 14% [6] - The report highlights the complementary advantages of the merged entities, suggesting that the integration of Guolian Securities and Minsheng Securities could lead to enhanced performance through resource sharing and business collaboration [6] Financial Data and Profit Forecast - Revenue projections for Guolian Minsheng are as follows: 2025E at 4.75 billion yuan, 2026E at 6.76 billion yuan, and 2027E at 7.91 billion yuan, with year-on-year growth rates of 77.1%, 42.2%, and 17.1% respectively [2][7] - The net profit attributable to shareholders is forecasted to be 990 million yuan in 2025E, 1.21 billion yuan in 2026E, and 1.48 billion yuan in 2027E, reflecting year-on-year growth rates of 149%, 22.4%, and 22.4% respectively [2][7] - The report indicates an increase in the company's return on equity (ROE) from 0.96% in Q1 2025 to an estimated 2.85% in 2025E [2][6] Market Position and Business Segments - Guolian Minsheng's brokerage business has seen a significant increase in market share, with a daily average trading volume of 1.75 trillion yuan in Q1 2025, a year-on-year increase of 71% [6] - The company has also improved its position in margin financing, with a market share increase to 0.95% as of Q1 2025 [6] - The report notes that while the company's performance in equity underwriting has lagged behind the industry, its bond underwriting has doubled year-on-year, and it ranks fifth in the industry for IPO underwriting on the Sci-Tech Innovation Board [6]

上 市 公 司 房地产 2025 年 04 月 30 日 招商蛇口 (001979) 公 司 研 究 / 公 司 点 评 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 29 日 | | --- | --- | | 收盘价（元） | 9.10 | | 一年内最高/最低（元） | 13.44/8.11 | | 市净率 | 0.8 | | 息率（分红/股价） | 3.52 | | 流通 A 股市值（百万元） | 76,966 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 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） | 10.97 | | 资产负债率% | 67.37 | | 总股本/流通 A 股（百万） | 9,061/8,458 | | 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 房地产 2025 年 04 月 30 日 华发股份 (600325) ——业绩大幅下降，销售增长靓眼，融资保持畅通 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 29 日 | | --- | --- | | 收盘价（元） | 5.11 | | 一年内最高/最低（元） | 8.09/4.82 | | 市净率 | 0.7 | | 息率（分红/股价） | 7.24 | | 流通 A 股市值（百万元） | 13,139 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 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） | 7.35 | | 资产负债率% | 69.87 | | 总股本/流通 A 股（百万） | 2,752/2,571 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 注："市盈率"是指目前股价除以各年每股收益;"净资产收益率"是指摊薄后归属于母公司所有者的 ROE 请务必仔细阅读正文之 ...

上 市 公 司 家用电器 2025 年 04 月 30 日 小熊电器 (002959) —— 2025 年一季报点评：25Q1 业绩超预期，公司盈利 能力环比持续改善 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 29 日 | | --- | --- | | 收盘价（元） | 45.50 | | 一年内最高/最低（元） | 69.00/34.80 | | 市净率 | 2.6 | | 股息率%（分红/股价） | 2.64 | | 流通 A 股市值（百万元） | 7,024 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 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） | 18.32 | | 资产负债率% | 49.45 | | 总股本/流通 A 股（百万） | 157/154 | | 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 10-2 ...

上 市 公 司 房地产 2025 年 04 月 30 日 滨江集团 (002244) ——业绩大增、拿地积极，好房子标杆企业 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 29 日 | | --- | --- | | 收盘价（元） | 10.05 | | 一年内最高/最低（元） | 12.44/6.54 | | 市净率 | 1.1 | | 股息率%（分红/股价） | 0.90 | | 流通 A 股市值（百万元） | 26,958 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 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） | 9.15 | | 资产负债率% | 79.03 | | 总股本/流通 A 股（百万） | 3,111/2,682 | | 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 01-2 ...

2025 年 04 月 30 日 山西汾酒 (600809) ——业绩符合预期，增长目标稳健 上 市 公 司 食品饮料 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -60% -40% -20% 0% 20% 40% 山西汾酒 沪深300指数 (收益率) | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 202.99 | | 一年内最高/最低（元） | 273.68/147.01 | | 市净率 | 7.3 | | 股息率%（分红/股价） | 3.36 | | 流通 A 股市值（百万元） | 247,641 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 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） | 31.47 | | 资产负债率% | 30.75 | | 总股本/流通 A 股（百万） | 1,220/1,220 | ...

2025 年 04 月 30 日 德明利 (001309) ——2025Q1 营收环比+6.5%，毛利率环比修复至 5.85% 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 29 日 | | | --- | --- | | 收盘价（元） | 126.58 | | 一年内最高/最低（元） | 163.58/61.99 | | 市净率 | 8.3 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 11,093 | | 上证指数/深证成指 3,286.65/9,849.80 | | | 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） | | 14.98 | | 资产负债率% | | 65.85 | | 总股本/流通 A 股（百万） | 162/88 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 杨海晏 (8621)23297818× yanghy@swsresearch.com 04-29 ...

今日重点推荐 2025 年 04 月 30 日 九号公司（689009）2024 年报和 2025 年一季报点评：25Q1 业绩超预期，新品类放量，盈利能力提升 ◼ 智能短交通先锋，秉承工程师文化，持续推进技术创新和产品迭代，商业 变现能力强，节奏快。考虑到规模效应释放超预期，我们调高 2025-2026 年归母净利预测至 18.98/27.00 亿元（前值为 16.36/22.74 亿元），新增 2027 年预测 36.00 亿元，2025-2027 年同比为 75.1%/42.2%/33.3%,当 前市值对应 PE 为 24X/17X/13X，维持"买入"评级。 ◼ 风险提示：海外消费景气度回落、国内电动两轮车竞争加剧。 (联系人：屠亦婷/张文静) | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3287 | -0.0 | -1.9 | -0.4 | | 深证综指 | 1902 | 5 0.24 | 3 -6.1 | -0.34 | 贵州茅台（600519）：业绩 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in investment income, with both year-on-year and quarter-on-quarter growth exceeding 100%. The quarterly stock quality impairment provision was reversed, contributing positively to profits [1][6] - For Q1 2025, the company achieved revenue of 5.38 billion yuan, a year-on-year increase of 49.1% and a quarter-on-quarter increase of 5.3%. The net profit attributable to the parent company was 1.44 billion yuan, representing a year-on-year increase of 62.0% and a quarter-on-quarter increase of 28.8 times [4][6] - The company’s weighted ROE for Q1 2025 was 1.79%, an increase of 0.68 percentage points year-on-year [4] Financial Data and Profit Forecast - The company’s revenue for 2025 is projected to be 24.69 billion yuan, with a year-on-year growth rate of 28.7% [5] - The net profit attributable to the parent company for 2025 is estimated at 5.81 billion yuan, reflecting a year-on-year growth of 73.3% [5] - The annualized investment return rate for Q1 2025 reached 8.99%, compared to 5.32% in 2024 and 3.34% in Q1 2024 [6] Business Performance - The company’s management expenses for Q1 2025 were 2.21 billion yuan, showing a year-on-year increase of 38% but a quarter-on-quarter decrease of 18%, leading to a net profit margin of 27%, up 2 percentage points year-on-year [6] - The company’s brokerage and margin financing performance was below industry standards, with a decline in customer assets by 11% compared to the end of 2024 [6] - The company’s financial investment scale at the end of Q1 2025 was 226 billion yuan, a 1% increase from the end of the previous year [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 14.295 billion yuan, a slight year-on-year decline of 0.1%, and a net profit attributable to shareholders of 1.137 billion yuan, down 10.6% year-on-year [7] - The company is expected to maintain a high dividend rate, with a projected cash dividend corresponding to a yield of 5% for 2024 [7] - The company is a leading player in the meat products industry, possessing strong competitive advantages and low valuation [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 60.663 billion yuan, with a year-on-year growth rate of 1.6% [6] - Net profit attributable to shareholders is projected to be 5.040 billion yuan for 2025, reflecting a year-on-year increase of 1% [6] - Earnings per share (EPS) is expected to be 1.45 yuan for 2025, with a projected price-to-earnings (PE) ratio of 18 [6] Sales and Profitability Insights - In Q1 2025, the meat products segment generated revenue of 5.584 billion yuan, down 17.8% year-on-year, with sales volume of 312,000 tons, a decrease of 17.4% [7] - The average selling price for meat products was 17.9 yuan per kilogram, a slight decline of 0.5% year-on-year [7] - The slaughtering segment achieved revenue of 7.002 billion yuan in Q1 2025, a year-on-year increase of 6.1%, with external transaction revenue growing by 10.75% [7] Other Business Segments - The other business segments reported external transaction revenue of 2.18 billion yuan, a year-on-year increase of 34.8%, with a significant reduction in losses in the breeding segment [7]