业绩简评 2025 年 4 月 28 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 98.30 亿元，同比+21.53%；实现归母净利 润 9.26 亿元，同比+1.31%；2025 年一季度实现营业收入 22.29 亿 元，同比+0.47%，实现归母净利润 1.62 亿元，同比-37.69%，业绩 符合预期。 经营分析 大额减值拖累 24 年及 25Q1 业绩，持续推进 HJT 工艺进步：公司 2024 年全年计提减值 5.2 亿元，其中信用减值 3.9 亿元，较 2023 年同期增加 297%；2025Q1 计提信用减值 1.8 亿元，主要是受行业 影响公司部分订单执行放缓或停滞及个别客户继续履约能力较弱 所致。根据公司年报，公司太阳能电池成套生产设备毛利率 27.8%， 同比+2.4PCT，单机毛利率 23.8%，同比+0.8PCT，光伏行业总体毛 利率为 28.0%，同比+1.9PCT,尽管光伏行业当前景气度欠佳，但公 司仍然通过较强的产品竞争力及优化产品结构实现了毛利率的企 稳。在光伏领域，公司前瞻布局 HJT 电池设备领域并逐步放量成 为新的业绩增长点，一方 ...

经营分析 行业竞争激烈面临价格压力，公司一季度利润率承压。根据机床 工具工业协会数据，24 年机床工具行业实现营收 10407 亿元，同 比下降 5.2%，实现利润总额 265 亿元，同比下降 76.6%，主要由 于行业竞争较为激烈，利润空间持续收窄。我们认为受此影响， 公司 24 年部分新签订单也面临价格压力，导致 1Q25 毛利率出现 下降，公司 1Q25 毛利率为 21.11%，同比下降 4.84pcts，净利率 最终同比下降 1.9pcts 至 10.78%。 25 年 1-2 月行业数据向好，后续季度报表有望好转。根据机床工 具工业协会数据，25 年 1-2 月金属切削机床行业营收同比增长 12.1%，金属加工机床新签订单同比增长 26.2%，在手订单同比增 长 15.2%，行业数据有所好转。根据新华社信息，在 4 月 18 日举 行的国务院常务会议上提出"要锚定经济社会发展目标，加大逆 周期调节力度，着力稳就业稳外贸，着力促消费扩内需，着力优 结构提质量，做强国内大循环。"在经济刺激政策推动下行业景气 度有望继续回暖。考虑公司收入确认有一定滞后性，后续季度报 表有望好转。 四期产能逐步投放，关注新 ...

事件 公司 2025 年 4 月 28 日发布 24 年年报和 25 年一季报，24 年实现 营业收入 7.59 亿元，同比减少 4.43%；实现归母净利润 1.07 亿 元，同比减少 32.26%。1Q25 实现营业收入 2.22 亿元，同比增长 30.48；实现归母净利润 0.29 亿元，同比增长 70%。 点评 24 年受行业景气度影响，公司利润出现较大下降。24 年受宏观 经济波动影响，刀具行业景气度偏弱，公司核心产品产销量均略 有下降，车刀、铣刀、钻削刀片销量分别下降 8.07%、16.79%、 8.07%。而公司近年进行了较多新增产能投放折旧压力较大，产 能利用率的下降对利润端产生较大压力。24 年公司实现毛利率 39.46%，同比减少 6.01pcts，实现净利率 14.06%，同比减少 5.79pcts，最终利润出现了较大下降。 一季度业绩向好，关注未来顺周期复苏机会。1Q25 公司收入端实 现高增长，主要由于下游需求有所回暖，同时公司产品性能不断 提升，品类日趋完善，渠道稳步开拓，产销量同比增长。同时由 于 25 年不再产生股权激励费用，公司利润同比增速更高。在当 前国家规划出台一揽子财政政 ...

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 28.88 billion yuan for 2024, a year-on-year decrease of 12.8%, and a net profit attributable to shareholders of 6.67 billion yuan, down 33.4% year-on-year. The performance was below market expectations [2]. - In Q1 2025, the company achieved a revenue of 11.07 billion yuan, a decline of 31.9% year-on-year, with a net profit of 3.64 billion yuan, down 39.9% year-on-year [2]. - The company’s white liquor sales decreased by 16.3% to 139,000 tons in 2024, while the price per ton increased by 3.9% to 203,000 yuan/ton [3]. - The company’s gross profit margin decreased to 73.2% in 2024, down 2.1 percentage points year-on-year, and the net profit margin decreased to 23.1%, down 7.1 percentage points year-on-year [4]. - The company plans to focus on core products and key markets in 2025, aiming for sustainable development while maintaining price stability and channel profitability [4]. Summary by Sections Performance Review - In 2024, the company’s revenue was 28.88 billion yuan, a decrease of 12.8% year-on-year, and the net profit was 6.67 billion yuan, down 33.4% year-on-year. Q1 2025 revenue was 11.07 billion yuan, a decline of 31.9%, with a net profit of 3.64 billion yuan, down 39.9% [2]. Operational Analysis - The company’s white liquor sales fell by 16.3% to 139,000 tons in 2024, with a price increase of 3.9% to 203,000 yuan/ton. Revenue from mid-to-high-end liquor and regular liquor was 24.32 billion yuan and 3.93 billion yuan, respectively, with year-on-year declines of 14.8% and 0.5% [3]. Financial Quality - The company’s net profit margin decreased to 23.1% in 2024, with a gross profit margin of 73.2%. In Q1 2025, the net profit margin was 32.9%, with a gross profit margin of 72.8% [4]. - The company has committed to a cash dividend of no less than 7 billion yuan for 2024-2026, corresponding to a current dividend yield of approximately 6.5% [4]. Profit Forecast and Valuation - The report adjusts the profit forecast for 2025 and 2026, expecting a 23% and 27% decrease in net profit, respectively. The projected revenues for 2025, 2026, and 2027 are expected to decline by 11.0%, increase by 3.0%, and increase by 5.8%, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Viewpoints - The company experienced a revenue decline of 16.5% year-on-year in Q1 2025, with total revenue reaching 1.61 billion RMB and a net profit of 90 million RMB, down 31.1% year-on-year [2]. - The integration with China Resources Sanjiu is in its final phase, and while short-term performance is under pressure due to channel transformation, there are expectations for improvement as new procurement standards are implemented in Q2 [2][4]. - The company is focusing on brand development and enhancing terminal coverage, particularly for key products like "Kunzhong Medicine 1381" and "777 Xuesaitong Soft Capsules," which are expected to see healthy growth [3]. Summary by Sections Performance Analysis - In Q1 2025, the company reported a revenue of 1.61 billion RMB, a decrease of 16.5% year-on-year, and a net profit of 90 million RMB, down 31.1% year-on-year [2]. - The decline is attributed to multiple factors, including channel transformation and the ongoing integration with China Resources Sanjiu [2]. Brand Development - The company is committed to its brand strategy, focusing on key products to strengthen its position as a leading national medicine brand [3]. - The launch of new packaging for "777 Xuesaitong" is expected to enhance brand recognition and drive sales growth [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 740 million RMB, 893 million RMB, and 1.072 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 14%, 21%, and 20% [4]. - The earnings per share (EPS) are expected to be 0.98 RMB, 1.18 RMB, and 1.42 RMB for the same years, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting continued performance resilience and growth potential in the coming years [6]. Core Insights - The company reported a total revenue of 4.004 billion RMB for 2024, reflecting a year-on-year growth of 13.24%, while the net profit attributable to shareholders decreased by 14.28% to 781 million RMB [3][10]. - In Q1 2025, the company achieved a revenue of 1.286 billion RMB, a slight increase of 1.41%, with a net profit of 331 million RMB, down 8.47% year-on-year, aligning with expectations [3][4]. - The company plans to distribute a cash dividend of 5 RMB per 10 shares, totaling 285 million RMB, with a payout ratio of 36.55% [3]. Performance Analysis - The profit performance in 2024 was weaker than revenue growth, primarily due to increased brand marketing investments [4]. - The company experienced a significant revenue increase of 35% in Q4 2024, driven by strong customer loyalty and enhanced brand presence [4]. - The gross margin for 2024 was 77%, a decrease of 1.6 percentage points, while the net profit margin fell by 6.3 percentage points to 19.5% due to rising sales and management expenses [4]. Brand Development - The KENT&CURWEN brand is positioned as a second growth curve for the company, with new store openings and a focus on appealing to Gen Z consumers [5]. - The brand aims to enhance its visual identity and market presence, with new product launches planned for Spring/Summer 2025 [5]. Profit Forecast and Valuation - The company is expected to achieve net profits of 714 million RMB, 874 million RMB, and 1.038 billion RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14, 11, and 9 [6][10]. - The main brand is anticipated to continue gaining influence, supported by the successful launch of international new brands and improved operations [6].

盈利预测、估值与评级 根据公司在手订单及最新业务进展，下调公司 2025-2026 年盈利 分别至 8.7（-57%）/6.1（-157%）亿元，新增 2027 年盈利为 6.8 亿元，对应 EPS 为 3.12/2.19/2.45 元，当前股价对应 PE 分别为 37/52/47 倍，维持"买入"评级。 风险提示 订单确认不及预期；订单需求不及预期；新业务开拓不及预期。 业绩简评 2025 年 4 月 28 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 98.30 亿元，同比+21.53%；实现归母净利 润 9.26 亿元，同比+1.31%；2025 年一季度实现营业收入 22.29 亿 元，同比+0.47%，实现归母净利润 1.62 亿元，同比-37.69%，业绩 符合预期。 经营分析 大额减值拖累 24 年及 25Q1 业绩，持续推进 HJT 工艺进步：公司 2024 年全年计提减值 5.2 亿元，其中信用减值 3.9 亿元，较 2023 年同期增加 297%；2025Q1 计提信用减值 1.8 亿元，主要是受行业 影响公司部分订单执行放缓或停滞及个别客户继续履约 ...

2025 年 4 月 28 日，公司披露 24 年年报及 25 年一季报。1）24 年实现营收 14.2 亿元，同比-49.7%；实现归母净利 0.1 亿元， 同比-97.7%。2）25Q1 实现营收 3.4 亿元，同比-30.3%；实现归 母净利 0.3 亿元，同比-56.8%。业绩仍处于承压阶段。 分产品来看，24 年内参/酒鬼/湘泉/其他系列分别实现营收 2.4/8.3/0.8/2.7 亿元，同比-67%/-49%/+8%/-31%，其中销量分 别-56%/-46%/+19%/-20%，吨价分别-25%/-6%/-10%/-13%，吨价 下行致使内参/酒鬼/其他系列毛利率分别-2.4/-2.9/-10.1pct。 期内公司仍着手去化渠道遗留库存问题，聚焦消费者扫码、宴席 活动，期内宴席、消费者扫码有明显增长。公司也阶段性开始梳 理产品架构，酒鬼酒 SKU 压减 50%，构建"2+2+2"战略单品体 系，即 2 个战略单品（内参、红坛）、2 个重点单品（妙品、透明 装）、2 个馥郁香基础单品（内品、湘泉）。 分渠道来看，24 年线上/线下分别实现营收 1.9/12.3 亿元，同比 -34%/-51%。此外 ...

业绩简评 4 月 28 日晚间公司披露 24 年报及 25 年一季报，24 年公司实 现营收 137.4 亿元，同比-4.9%；实现归母净利润 10.99 亿元， 同比+21%。1Q25 实现营收 37.6 亿元，同比-1.4%；实现归母 净利润 6.2 亿元，同比+0.7%。 经营分析 盈利预测、估值与评级 0 500 1,000 1,500 2,000 2,500 3,000 3.00 4.00 5.00 6.00 7.00 240429 240729 241029 250129 人民币(元) 成交金额(百万元) 成交金额 吉电股份 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 14,443 | 13,740 | 14,289 | 15,464 | 16,217 | | 营业收入增长率 | -3.42% | -4.87% | 4.00% | 8.22% | 4.87% | | 归母净利润(百万元) ...

业绩简评 2025 年 4 月 28 日公司披露 2024 年年报及 2025 年一季报，2024 年全年公司实现营收 178 亿元，同比增长 19.1%；实现归母净利润 18.1 亿元，同比下降 9.7%，实现扣非归母净利 15.9 亿元，同比 下降 1.8%。2025 年一季度公司实现营收 21.9 亿元，同比增长 26.6%；实现归母净利润-1.91 亿元，同比下降 172%。 经营分析 制造业务盈利筑底，"两海"突破有望带动盈利回升：2024 年公司 风机制造板块实现收入 136 亿元，同比增长 13.8%，实现毛利率 10.99%，同比下降 0.19pct。2024 年以来公司"两海"业务取得多 项重大突破：海外方面，公司深耕中亚、南亚、东南亚等类中国市 场，突破欧洲高端市场，在印度、哈萨克斯坦、菲律宾、德国等地 区实现订单获取，全年新签项目合同近 2GW；海上方面，公司中标 揭阳石碑山 200MW 风电项目及河北建投祥云岛 250MW 海风项目， 海上机型进入批量化交付阶段。2024 年公司海外毛利率约 21.7%， 较国内风机业务毛利率高 10pct 以上，预计随着公司"两海"持续 突破，交付占 ...