Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant growth driver, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," aiming for quality growth while optimizing asset allocation and improving operational efficiency [4]. Revenue and Profit Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with respective year-on-year growth rates of 2.4%, 10.8%, -8.8%, 2.9%, and 331.1% [2]. - The gross profit margin for 2024 decreased by 5.2 percentage points to 18.5%, primarily due to rising shipping costs and price reductions for cross-border e-commerce inventory [3]. Cost and Expense Management - The company saw a decline in inventory by 4.3 billion RMB to 18.9 billion RMB in Q1 2025, indicating effective inventory optimization [3]. - The expense ratios for sales, management, R&D, and financial expenses for the full year of 2024 were 7.1%, 3.9%, 2.1%, and 0.4% respectively, with a notable decrease in sales expense ratio in Q1 2025 due to reclassification of delivery fees and discounts [3]. Future Projections - The company expects stable performance in traditional OEM business amid steady overseas demand and increasing trade frictions, while overall revenue growth in Q1 2025 is projected at 12.7%, mainly driven by cross-border e-commerce [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in stock price of over 15% in the next 6-12 months [5]. Core Views - The company reported a revenue of 89.18 billion RMB in 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 31.85 billion RMB, up 5.4% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 36.94 billion RMB, reflecting a 6.1% year-on-year growth, and a net profit of 14.86 billion RMB, which is a 5.8% increase year-on-year, slightly exceeding market expectations [2]. - The company aims to consolidate and enhance its stable development, focusing on increasing brand value and market share, with revenue growth aligned with macroeconomic indicators [4]. Performance Summary - In 2024, the main brand and strong aroma liquor structure continued to optimize, with banquet main brand revenue growing by 30% and strong aroma liquor by 52% [3]. - The revenue from the main product, Wuliangye, reached 67.88 billion RMB, up 8.1% year-on-year, while other liquors generated 15.25 billion RMB, an increase of 11.8% year-on-year [3]. - The company’s gross profit margin for 2024 was 35.7%, a decrease of 0.6 percentage points year-on-year, while the gross profit margin for Q1 2025 was 40.2%, down 0.1 percentage points year-on-year [4]. Financial Projections - The company expects revenues to grow by 5% in 2025, 5% in 2026, and 7% in 2027, with net profits projected to increase by 5% in 2025, 6% in 2026, and 8% in 2027 [5]. - The earnings per share (EPS) are forecasted to be 8.64 RMB in 2025, 9.18 RMB in 2026, and 9.89 RMB in 2027, with corresponding price-to-earnings (PE) ratios of 15, 14, and 13 [5].

2025 年 04 月 26 日 江苏国信（002608.SZ） 增持（维持评级） 公司点评 证券研究报告 煤价下行驱动利润高增，25 年装机放量可期 用电需求增长+利用小时提升，24 年火电发电量持续增长，25 年后 续装机放量可期。江苏省 24 年用电量同比+8.3%、高于全国平均 1.5pct，此外公司国信滨电百万千瓦煤电 3 号机组于 24 年底投产放 量，叠加山西煤电、江苏气电利用小时数提升带动公司 24 年利用小 时数同比+0.9%，公司 24 年总发电量 722.01 亿千瓦时、同比+2.2%。 江苏电力供需偏紧格局为电价提供有力支撑，公司 24 年平均上网电 价 0.469 元/千瓦时、同比小幅-0.9%。此外，国信滨电第二台 100 万千瓦超超临界燃煤发电机组于 25 年 4 月投产，且国信沙洲、国信 马洲百万千瓦煤电机组有序建设中，预计集中于 25 年投产、有望带 来 25 年控股在运机组总量近 25%的增幅，持续贡献装机增量。 煤价中枢下行，对 2024-1Q25 利润增长起到重要驱动作用。24 年起 国内煤炭产能增长、进口煤供应增加，供给侧放量背景下市场煤价、 长协煤价中枢同比分别回落 ...

年 月 日 史新高 业绩简评 2025 年 4 月 25 日，公司发布 24 年报和 25 年一季报，2024 年公 司实现营业收入 779 亿元，同比增长 8%；归母净利润 110 亿元， 同比增长 17%。2025 年一季度实现营业收入 190 亿元，同比增长 51%，归母净利润 38 亿元，同比增长 83%，大幅超出市场预期。 经营分析 逆变器出货稳步增长，丰富阳台光伏产品布局：2024 年光伏逆变 器全球发货 147GW，同比增长 13%。毛利率 30.90%，同比-1.94pct。 公司 2024 年发布了首个微型逆变器系列，MLPE 产品（微逆、关断 器、优化器）实现批量发货，丰富在阳台光伏领域的产品布局。 2024 年及 2025 年一季度经营现金流均创历史新高：公司经营质 量不断提升，2024 年经营现金流 121 亿元，同比大幅增长 73%， 创历史新高。2025 年一季度经营现金流 17.9 亿元，扭转了历史上 Q1 现金流为负的局面。 海外逆变器产能充足，有望对冲部分美国关税冲击：近期美国关 税政策变动频繁，公司海外产能位于印度和泰国（合计 25GW），"对 等关税"税率分别对应 36% ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit growth of 22% in 2025 and 16% in 2026 [5]. Core Insights - The company reported a revenue of 2.651 billion RMB for 2024, an increase of 11.91% year-on-year, while the net profit attributable to shareholders was 233 million RMB, a decrease of 22.52% year-on-year [2]. - The first quarter of 2025 showed a revenue of 669 million RMB, up 7.18% year-on-year, with a net profit of 58 million RMB, down 4.19% year-on-year [2]. - The company is experiencing a recovery in downstream demand, particularly in the catering sector, which has led to improved sales across various product lines [3]. - The gross margin is stabilizing due to an increase in customized product demand, with Q4 2024 gross margin at 35.52% and Q1 2025 at 32.61% [4]. - The company is focusing on expanding its customer base and enhancing its product offerings to drive future growth [4]. Financial Performance Summary - For 2024, the company achieved a revenue of 2.651 billion RMB, with a growth rate of 11.91% [9]. - The net profit for 2024 was 233 million RMB, reflecting a decline of 22.52% compared to the previous year [9]. - The projected net profits for 2025, 2026, and 2027 are 284 million RMB, 330 million RMB, and 373 million RMB, respectively, indicating growth rates of 21.92%, 16.10%, and 12.92% [9]. - The company’s diluted earnings per share for 2025 is estimated at 0.711 RMB, increasing to 0.932 RMB by 2027 [9].

4 月 25 日公司披露 2025 年一季报，一季度实现营收 36.2 亿 元，同比-32%、环比-9%，实现归母净利润 4.01 亿元，同比-23%、 环比+710%，业绩超预期。 胶膜价格上涨盈利修复，逆境盈利领先彰显龙头优势。测算 公司 Q1 光伏胶膜出货 6.3 亿平、同比下降 9%，主要因 25Q1 组件 排产同比偏弱。24 年 12 月、25 年 3 月胶膜产品价格两次上涨， 受此带动公司 25Q1 销售毛利率修复至 13.10%、环比提升 1.48 PCT；在行业整体盈利承压的背景下，公司凭借在技术研发、成本 控制、海外产能及客户资源等方面的优势提升份额，在大部分竞争 对手亏损时持续维持正向盈利，龙头优势显著。 海外产能放量、竞争格局优化，胶膜龙头地位稳固。公司海外 布局行业领先，2025 年泰国二期年产 2.5 亿平胶膜产能投产后海 外产能提升至 6 亿平，可充分覆盖海外客户需求，海外出货提升 有望巩固盈利优势（2024 年公司胶膜业务境内/海外毛利率分别为 13.3%/20.2%）。此外，行业持续亏损背景下，近期部分胶膜二三线 企业控制权变动，行业已开始逐步出清，公司龙头地位稳固。 电子材料 ...

Report Summary Core View Among the top 50 AA urban investment bonds (subject rating) with the highest discount margins, "24 Lanchuang 01" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net price declines, "22 Guijing 01" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net price increases, "22 Vanke 06" has the largest deviation in valuation price. Among the top 50 Tier 2 and perpetual bonds with the largest net price increases, "23 Huaxing Bank Tier 2 Capital Bond 01" has the largest deviation in valuation price [2]. Summary by Directory 1. Top 50 AA Urban Investment Bonds with the Highest Discount Margins - The bond "24 Lanchuang 01" has a remaining term of 3.90 years, a valuation price deviation of -0.23%, a valuation net price of 102.86 yuan, a valuation yield deviation of 6.50 bp, a valuation yield of 3.85%, a coupon rate of 4.65%, an implied rating of AA-, a subject rating of AA, and a transaction date of April 23, 2025 [4]. 2. Top 50 Individual Bonds with the Largest Net Price Declines - The bond "22 Guijing 01" has a remaining term of 0.00 years, a valuation price deviation of -19.21%, a valuation net price of 80.79 yuan, a valuation yield deviation of 89.12 bp, a valuation yield of 5.26%, a coupon rate of 7.50%, an implied rating of A+, a subject rating of AA-, and a transaction date of April 25, 2025 [5]. 3. Top 50 Individual Bonds with the Largest Net Price Increases - The bond "22 Vanke 06" has a remaining term of 2.21 years, a valuation price deviation of 2.58%, a valuation net price of 86.96 yuan, a valuation yield deviation of -130.10 bp, a valuation yield of 10.61%, a coupon rate of 3.70%, an implied rating of AA+, a subject rating of AAA, and a transaction date of April 22, 2025 [9]. 4. Top 50 Tier 2 and Perpetual Bonds with the Largest Net Price Increases - The bond "23 Huaxing Bank Tier 2 Capital Bond 01" has a remaining term of 3.35 years, a valuation price deviation of 0.17%, a valuation net price of 104.40 yuan, a valuation yield deviation of -5.84 bp, a valuation yield of 3.26%, a coupon rate of 4.68%, an implied rating of AA-, a subject rating of AA+, and a transaction date of April 21, 2025 [12].

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 0.46, 0.63, and 0.80 RMB respectively, corresponding to PE ratios of 15, 11, and 8 times [5]. Core Insights - The company reported a revenue of 8.45 billion RMB for 2024, a year-on-year increase of 5.9%, but a net profit loss of 150 million RMB, a significant decline of 242.0% year-on-year, primarily due to uncertainty in recovering receivables from its largest customer [2]. - The company experienced a decline in gross margin to 36.9%, down 1.5 percentage points year-on-year, attributed to an increase in overseas OEM business revenue and changes in product mix [4]. - Domestic sales showed a steady performance with a 3.6% year-on-year increase, while overseas sales grew by 6.7% [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved revenue of 2.32 billion RMB and a net profit of 1.56 million RMB, representing year-on-year growth of 2.8% and 124.7% respectively [2]. - The company recorded a total revenue of 14.8 billion RMB from domestic sales and 67.5 billion RMB from overseas sales in 2024, with respective year-on-year growth rates of 3.6% and 6.7% [3]. Operational Analysis - The company’s domestic sales channels, including direct sales, distribution, and e-commerce, saw revenue growth of 44.8%, -1.9%, and 6.0% respectively in 2024 [3]. - The overseas sales performance varied, with North America experiencing a slight decline of 1.1% while Europe showed a robust growth of 20.4% [3]. Profitability Forecast - The company’s gross margin is expected to face pressure due to increased costs and changes in product structure, with a projected recovery in profitability anticipated in the coming years [4]. - The report forecasts a significant recovery in net profit starting in 2025, with an expected growth rate of 272.87% [10].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in stock price of over 15% in the next 6-12 months [5]. Core Views - The company reported a revenue of 89.18 billion RMB in 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 31.85 billion RMB, up 5.4% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 36.94 billion RMB, reflecting a 6.1% year-on-year growth, and a net profit of 14.86 billion RMB, which is a 5.8% increase year-on-year, slightly exceeding market expectations [2]. - The company aims to consolidate and enhance its stable development, pushing for both brand value and market share improvements, aligning total revenue growth with macroeconomic indicators [4]. Performance Analysis - The main brand and strong aroma liquor structure continued to optimize in 2024, with banquet main brand revenue growing by 30% and strong aroma liquor by 52% [3]. - Revenue from the company's main products, Wuliangye and other liquors, reached 67.88 billion RMB and 15.25 billion RMB respectively, with year-on-year growth of 8.1% and 11.8% [3]. - The company has restructured its marketing system to enhance internal communication efficiency and increase bargaining power in channels [4]. Financial Projections - The company expects revenue growth rates of 5% for 2025 and 7% for 2026, with net profit growth rates of 6% and 8% respectively [5]. - The earnings per share (EPS) are projected to be 8.64 RMB for 2025 and 9.89 RMB for 2026, with corresponding price-to-earnings (PE) ratios of 14 and 13 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 1.58 billion yuan in Q1 2025, a year-on-year decrease of 25.1%, and a net profit attributable to shareholders of 350 million yuan, down 37.1% year-on-year [2]. - The revenue structure shows that high-end and regular liquor generated 1.23 billion yuan and 210 million yuan respectively in Q1 2025, with year-on-year declines of 28.5% and 12.6% [3]. - The company is focusing on improving its operational efficiency through a flat organizational structure and targeted assessments [4]. Revenue and Profit Forecast - For 2025, the company is expected to achieve a revenue growth of 4.7%, with net profit increasing by 164% to 913 million yuan [5][10]. - The projected earnings per share (EPS) for 2025 is 2.74 yuan, with corresponding price-to-earnings (P/E) ratios of 20.8, 16.6, and 13.4 for the years 2025 to 2027 [5][10]. Financial Metrics - The company’s net profit margin for Q1 2025 was 22.0%, a decrease of 4.2 percentage points year-on-year, with a gross margin of 69.4% [3]. - The balance of contract liabilities at the end of Q1 2025 was 210 million yuan, reflecting a quarter-on-quarter increase of 40 million yuan [3]. Market Position and Strategy - The company has added 215 new distributors while 257 exited, resulting in a net decrease of 42 distributors, leaving a total of 2,621 at the end of Q1 2025 [3]. - The company’s strategic focus includes enhancing its e-commerce channel, which saw a revenue increase of 36.7% year-on-year, contributing approximately 14% to total revenue [3].