白酒：五一临近关注宴席场景拉动，Q1 板块释压预计总体持平微增。本周白酒板块-1.75%， 表现弱于食品饮料整体以及沪深 300，我们认为主要系：①当前处白酒消费淡季，需求端总体 仍偏弱；②25Q1 行业主动调整去库存&高基数背景下报表端预计承压。本周舍得酒业、华致 酒行发布一季报，天佑德酒、顺鑫农业、五粮液、老白干酒发布年报&一季报，总体表现符合 预期（五粮液25Q1略超预期），从目前发布的酒企财报来看预计降速释压仍是酒企24Q4&25Q1 主旋律。五一旺季来临各头部品牌纷纷加码婚宴投入力度，从多地酒店宴席预订量增长情况来 看，五一期间白酒宴席场景预计有增长，或加速行业库存去化节奏，助力行业逐步走出调整。 4 月 25 日中央政治局会议提到，要加紧实施更加积极有为的宏观政策，用好用足更加积极的 财政政策和适度宽松的货币政策，同时，还提到将通过创设新工具精准引导资金流向科技创新、 扩大消费、稳定外贸等领域。当前（2025-04-26）申万白酒指数 PE-TTM 为 19.44X，处于近 10 年 11.49%的合理偏低水位，在中央政治局会议积极定调背景下，建议关注后续具体刺激政 策出台为板块带来的估值修复机会 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved a significant year-on-year revenue growth of 47.05% in Q1 2025, reaching 3.767 billion yuan, while the net profit attributable to shareholders increased by 11.38% to 347 million yuan [1]. - The report highlights that the company's overseas building materials business is experiencing substantial growth, particularly in the African market, which is expected to support future revenue expansion [1][2]. - The company has set ambitious annual growth targets for revenue and net profit of approximately 20% and 20.8% respectively for the years 2025 to 2027, indicating a potential turning point in performance in 2025 [1]. Financial Performance Summary - In Q1 2025, the company's gross margin improved to 29.68%, an increase of 2.83 percentage points year-on-year, while the net profit margin decreased to 13.84%, down 2.08 percentage points due to increased foreign exchange losses [3]. - The company reported a net profit of 3.47 billion yuan in Q1 2025, with a non-recurring net profit of 3.23 billion yuan, reflecting a 17.13% increase year-on-year [1]. - The financial forecast indicates a projected revenue of 15.344 billion yuan in 2025, with a growth rate of 21.78% [4]. Business Segment Analysis - The building materials machinery segment faced slight declines due to cyclical demand and investment adjustments, but the company is optimizing its overseas base layout, which is expected to enhance the consumables business [2]. - The overseas building materials sales segment benefited from the expansion of glass business and improved pricing strategies, leading to significant revenue growth and enhanced overall profitability [2]. - The lithium business, while still contributing to profits, saw a decrease in its profit share, dropping to 26% of the company's total net profit in Q1 2025, down 6.3 percentage points year-on-year [2].

Investment Rating - The investment rating for Sinopec (600028) is maintained as "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The report indicates that Sinopec's Q1 2025 performance slightly exceeded expectations, with revenue reaching 735.4 billion yuan, a year-on-year decrease of 6.91%, and a net profit attributable to shareholders of 13.3 billion yuan, down 27.58% year-on-year [1]. - The decline in oil and gas prices has significantly pressured the sector's profits, with oil equivalent production at 131 million barrels, a year-on-year increase of 1.7%, while crude oil production decreased by 0.8% [2]. - Concerns over peak demand for refined oil have led to continued pressure on refining profits, with refining throughput at 6.2 million tons, down 1.8% year-on-year, and total refined oil sales at 5.6 million tons, down 7.1% year-on-year [3]. Financial Performance and Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is set at 55.5 billion, 56.2 billion, and 61.7 billion yuan respectively, with corresponding P/E ratios of 12, 12, and 11 times [4]. - The expected dividend yield for A shares in 2025 is projected at 5.6%, while H shares are expected to yield 9.0% [4]. - Financial data shows a projected revenue of 3,136.05 million yuan for 2025, with a growth rate of 2.00% [5]. Market Position and Valuation - Sinopec's current market capitalization is approximately 555.2 billion yuan, with a circulating market value of about 541.5 billion yuan [6]. - The company's price-to-earnings ratio is forecasted to be 12.47 for 2025, with a price-to-book ratio of 0.80 [5][11].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company achieved a total revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.84%, and a net profit attributable to shareholders of 1.05 billion yuan, up 7.75% year-on-year [1]. - The company is experiencing strong overseas demand, leading to significant growth in exports, while domestic sales are under pressure due to a sluggish consumer market [2]. - The gross margin for 2024 was 20.91%, a decrease of 1.82 percentage points year-on-year, while the net margin was 6.63%, down 0.51 percentage points year-on-year [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 4.13 billion yuan, a 6.15% increase year-on-year, and a net profit of 268 million yuan, up 11.07% year-on-year [1]. - For Q1 2025, the company achieved revenue of 3.83 billion yuan, a 10.36% increase year-on-year, and a net profit of 247 million yuan, a significant increase of 43.02% year-on-year [1]. Sales and Revenue Breakdown - In 2024, the company's domestic sales decreased by 4.42% while international sales increased by 21.68%. In Q4 2024, domestic sales fell by 11.3% and international sales grew by 14.1% [2]. - For Q1 2025, domestic sales declined by 4.94% while international sales rose by 15.77%, indicating a continued trend of strong export growth despite domestic challenges [2]. Cost and Margin Analysis - The company's gross margin for 2024 was 20.91%, down from the previous year, while the net margin was 6.63% [3]. - In Q4 2024, the gross margin was 19.38%, a decline of 4.01 percentage points year-on-year, but the net margin slightly improved to 7.01% [3]. Expense Management - The company maintained good control over its expense ratios in 2024, with sales, management, R&D, and financial expense ratios at 3.6%, 4.94%, 3.94%, and -0.52% respectively [3]. - For Q1 2025, the expense ratios were 3.9% for sales, 5.8% for management, and 3.36% for R&D, indicating a slight increase in management expenses [4]. Future Outlook - The company expects to see gradual recovery in domestic sales due to a low base, while external orders are anticipated to continue driving overall revenue growth [4]. - The projected net profits for 2025, 2026, and 2027 are 1.21 billion yuan, 1.37 billion yuan, and 1.51 billion yuan respectively, with corresponding P/E ratios of 8.74x, 7.68x, and 6.99x [4].

公司报告 | 年报点评报告 陕天然气（002267） 证券研究报告 24 年业绩同比+33%符合预期，分红稳步提升 公司发布 2024 年年报及 2025 年一季报 销气量快速增长，长输管道板块毛利率明显提升 公司天然气输气量 130.17 亿立方米，同比+20.26%；其中长输管道销售 115.44 亿方，同比+18.86%，主要原因系 2024 年 10 月 31 日，公司完成对 陕西燃气集团有限公司天然气管输资产及业务的收购，长输管道气量增长 显著。城市燃气板块销售 14.7 亿方，同比+32.5%，主要因为公司加大市场 开发。长输管道行业毛利率 19.77%，同比+3.63pct，城市燃气行业毛利率 7.3%，同比-1.17pct。 全国长输天然气管道快速发展，公司因地制宜加快省内建设 2024 年，我国能源供应与保障能力也进一步提升，西气东输三线中段（中 卫—枣阳）、西气东输四线等重点项目正稳步推进，预计全年建成天然气管 道 4000 余公里。陕西省积极响应国家政策，要求各资源企业加大油气勘探 开发力度，陕西省天然气产量连年稳居全国第一，全省天然气消费量也在 逐年增加，仍需配套长输管道将天然气输送至 ...

公司报告 | 年报点评报告 铂科新材（300811） 证券研究报告 营收端：软磁粉芯 24 年实现营收 12.34 亿元，yoy+20.2%，各领域均取得 较快增长，结构上光伏占比下降，其他领域占比有所提升；销量 3.93 万吨， yoy+27.9%，产能持续释放；平均销售单价 3.14 万元/吨，yoy-5.9%。芯片 电感超高速增长，24 年实现营收 3.86 亿元，yoy+275.8%。软磁粉末也取得 高速增长，24 年实现营收 0.40 亿元，yoy+47.3%，年产 6000 吨产能首期 2000 吨已于 24 年建成，余下产能将于 25 年竣工。25Q1 公司营收环比下 滑预计主要受春节影响。 利润端：口径上粉芯和电感合并披露，24 年粉芯和电感业务毛利率 40.4%， 同比+1.2pct，主要业务盈利能力持续提升，粉末毛利率 51.82%，同比-2pct。 费用方面，研发费用 yoy+56.78%，主要系公司加码研发投入和业绩达标研 发人员薪酬变动所致。最 终录 得 24 年公司毛利率/净 利率分别为 40.7%/22.5% ， 同 比 +1.1pct/+0.4pct 。 25Q1 毛利率 / ...

公司报告 | 季报点评 收入结构变化影响毛利率，净利率水平同比提升 2025Q1 公司毛利率为21.41%，同比-0.22pct，净利率为6.58%，同比+0.03pct。 根据公司 24 年年报显示，内外销毛利率分别为 30.7%/11.4%，公司 25Q1 公司毛利率更低的外销增速较好，我们预计毛利率同比略下滑主要是收入 结构变化所致。 2025Q1 公司季度销售、管理、研发、财务费用率分别为 9.55%、2.39%、 3.32%、0.02%，同比-0.45、-0.25、+0.02、+0.33pct。公司费用率基本保持 平稳，财务费用率同比提升主要由于汇兑损益波动所致。 公司短期现金流承压 2025Q1 公司经营活动产生的现金流量净额为 0.65 亿元，同比-58.3%，其中 购买商品、接受劳务支付的现金 143.44 亿元，同比+14.43%。 海信家电（000921） 证券研究报告 外销增速表现亮眼，利润水平持续提升 事件：2025Q1 公司实现营业收入 248.38 亿元，同比+5.76%，归母净利润 11.27 亿元，同比+14.89%。 外销快速增长，内销表现平稳 收入端，内销方面，根据奥维数据 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company has achieved steady growth in mattress revenue, with a focus on advancing into the smart sleep sector, supported by strategic initiatives and product enhancements [2][3]. - The company reported a revenue of 17.30 billion yuan in Q1 2025, a decrease of 1.76% year-on-year, and a net profit attributable to the parent company of 0.71 billion yuan, down 4.02% year-on-year [1]. - The company aims to transition from "AI-assisted sleep" to a more human-centered "AI companionship" model, enhancing its product offerings [3]. Financial Performance Summary - In 2024, the company generated total revenue of 87.29 billion yuan, a slight increase of 0.59% year-on-year, while the net profit attributable to the parent company was 3.22 billion yuan, down 24.84% year-on-year [1]. - The gross margin for 2024 was 33.67%, a decrease of 0.7 percentage points, and the net profit margin was 3.7%, down 1.2 percentage points [1]. - The company expects net profits for 2025, 2026, and 2027 to be 4.2 billion yuan, 5.0 billion yuan, and 5.6 billion yuan respectively, with corresponding P/E ratios of 14X, 12X, and 11X [5]. Product Segment Performance - Mattress revenue in 2024 reached 52.7 billion yuan, up 5.05% year-on-year, with sales volume of 5.366 million units, an increase of 6.19% year-on-year [2]. - Revenue from soft beds and accessories was 24.4 billion yuan, down 8.39% year-on-year, while sofa revenue was 7.2 billion yuan, down 6.55% year-on-year [2]. Retail Business Transformation - The company reported distribution revenue of 32.1 billion yuan in 2024, with a gross margin of 45.41%, and a total of 5,065 exclusive stores by the end of 2024 [4]. - Online revenue reached 19.8 billion yuan, an increase of 9.88% year-on-year, with a gross margin of 44.61% [4]. - The company is enhancing its marketing network through a multi-channel strategy, including e-commerce and social media, to improve brand penetration and operational efficiency [4].

策略报告 | 投资策略 生于忧患 证券研究报告 政策与大类资产配置周观察 海内外政策要闻 中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作。会议 认为，今年以来，以习近平同志为核心的党中央加强对经济工作的全面领导，各 地区各部门聚力攻坚，各项宏观政策协同发力，经济呈现向好态势，社会信心持 续提振，高质量发展扎实推进，社会大局保持稳定。 中共中央政治局再度就人工智能进行集体学习。中共中央总书记习近平在主持学 习时强调，面对新一代人工智能技术快速演进的新形势，要充分发挥新型举国体 制优势，坚持自立自强，突出应用导向，推动我国人工智能朝着有益、安全、公 平方向健康有序发展。 IMF下调全球经济增速预期。4月22日,国际货币基金组织（IMF）发布最新一期 《世界经济展望报告》，将2025年全球经济增长预期下调至2.8%，较今年1月预 测值低0.5个百分点。 国内外政策导向分析 2025 年 04 月 29 日 上周（4.21-4.25）海外政策聚焦2025年世界银行集团（WBG）和国际货币基 金组织（IMF）春季会议举行，IMF下调全球经济增速预期，将2025年全球经济 增长预期下调至2.8% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6][18]. Core Views - The company has shown steady revenue growth in Q1 2025, with operating income reaching 555.34 billion yuan, a year-on-year increase of 1.1%. The net profit attributable to shareholders was 15.01 billion yuan, up 0.6% year-on-year [1]. - The company has experienced a significant increase in new orders, with a total of 1,203.7 billion yuan in new contracts signed in Q1 2025, representing an 8.4% year-on-year growth. Key sectors contributing to this growth include industrial plants, energy engineering, and water conservancy [1][2]. - The company is expanding its overseas business, with new contracts amounting to 67.4 billion yuan in Q1 2025, a year-on-year increase of 150%. Revenue from overseas operations also grew by 8.5% to 23.9 billion yuan [2]. - The strategic emerging industries of the company reported revenue of 45.3 billion yuan in Q1 2025, marking a 34.2% year-on-year increase, contributing to 8.2% of total revenue [2]. Financial Performance Summary - The gross profit margin for Q1 2025 was 7.85%, a slight decrease of 0.24 percentage points year-on-year. The net profit margin was 3.23%, down 0.02 percentage points year-on-year [3]. - The company reported a cash flow from operations (CFO) net outflow of 95.85 billion yuan in Q1 2025, which is a reduction in outflow by 0.74 billion yuan compared to the previous year [3]. - The company’s long-term profit forecasts for 2025 to 2027 are 47.52 billion yuan, 48.73 billion yuan, and 50.02 billion yuan respectively, indicating a gradual increase in profitability [4][5]. Business Segment Performance - In Q1 2025, the revenue from the construction business was 364.9 billion yuan, a slight decrease of 0.2% year-on-year. The infrastructure segment saw a revenue increase of 0.5% to 128.3 billion yuan, while the surveying and design segment experienced a decline of 11.3% to 2.3 billion yuan [2]. - The real estate development segment achieved a revenue of 53.7 billion yuan, up 15.5% year-on-year, although the contracted sales decreased by 14.5% to 66.5 billion yuan [2]. - The company’s land reserves increased to 76.25 million square meters by the end of Q1 2025, with an addition of 1.95 million square meters during the quarter [2].