燕京啤酒（000729.SZ）2024 年年报点评 核心财务指标持续改善，改革逻辑加速兑现 2025 年 04 月 24 日 ➢ 事件：2025 年 4 月 21 日，公司发布 2024 年年报。2024 年公司实现总营 收 / 归 母 净 利 润 / 扣 非 归 母 净 利 润 146.67/10.56/10.41 亿元， 分 别 同 比 +3.20%/+63.74%/+108.03%。经测算，24Q4 公司实现总营收/归母净利润/扣 非归母净利润 18.21/-2.32/-2.21 亿元，营收同比+1.32%，归母口径利润减亏 0.79 亿元，扣非归母口径减亏 1.45 亿元。 ➢ 销量跑赢大盘，U8 势能维持。24 年公司啤酒营收同比增 1.0%，其中销量 同比+1.6%至 400 万千升（同期我国规上啤酒企业总产量同比-0.6%），销量跑 赢大盘。结构端看，中高档产品营收同比+2.2%至 88.7 亿元，占啤酒营收比重 同比+0.7pct，其中 U8 销量同比+31%至 70 万千升，维持良好势能。24 年吨 价同比微降 0.6%，我们预计与 24Q4 货折兑付节奏有关。其他业务收入合计同 比+29% ...

盐湖股份（000792.SZ）2025 年一季报点评 钾肥价格提升稳固业绩，继续融入"三步走战略" 2025 年 04 月 24 日 ➢ 事件：公司发布 2025 年一季报。25Q1 公司实现营收 31.2 亿元，同比 +14.5%，环比-33.4%；归母净利 11.4 亿元，同比+22.5%，环比-24.7%；扣非 归母净利 11.4 亿元，同比+30.8%，环比-14.0%。 ➢ 碳酸锂：量价齐跌，业绩贡献下滑。1）量：25Q1 碳酸锂产销 0.85、0.81 万吨，同比变动-2.1%、-17.9%，环比变动-6.9%、-38.7%；2）价：25Q1 国内 电碳市场价 7.5 万元，同比-26.0%，环比-0.7%，锂价继续下跌。 ➢ 氯化钾：价格显著上升，助力业绩增长。1）量：25Q1 氯化钾产销 96.5、 89.1 万吨，同比变动-14.1%、+16.6%，环比变动-33.9%、-40.9%，氯化钾受 市场供需关系等因素影响，销售价格显著上扬，推动业绩实现同比增长；2）价： 25Q1 国内钾肥售价约 2750 元，同比约+2.4%，环比约+11.0%。 ➢ 财务、销售费用下降明显，费用率保持低位。2 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the domestic high-tech electronic components sector [6][8]. Core Views - The company reported a revenue of 5.22 billion yuan for 2024, a year-on-year decrease of 33.0%, and a net profit of 970 million yuan, down 63.8% year-on-year. The first quarter of 2025 showed a revenue of 910 million yuan, down 10.4% year-on-year, and a net profit of 59 million yuan, down 42.6% year-on-year. The performance aligns with expectations despite significant challenges in the market [3]. - The company faces pressure from cyclical market fluctuations and price reductions affecting profitability. The gross margin for 2024 decreased by 9.6 percentage points to 49.7%, and the net margin fell by 15.8 percentage points to 18.6% due to intensified competition and changes in procurement and technology [3][4]. - The company expects a revenue of 5.7 billion yuan for 2025, representing a year-on-year growth of 9.2%, and a total profit of 1.145 billion yuan, up 3.1% year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profit across its subsidiaries, with notable decreases in revenue and net profit for its main business units [4]. - The company’s operating cash flow improved, with net cash flow from operating activities reaching 1.6 billion yuan in 2024, compared to 1.23 billion yuan in 2023 [5]. Revenue and Profit Forecast - The forecast for 2025 to 2027 indicates a gradual recovery, with expected net profits of 1.134 billion yuan, 1.371 billion yuan, and 1.6 billion yuan respectively, alongside corresponding PE ratios of 27x, 22x, and 19x [6][7]. Market Position and Strategy - The company is positioned as a core supplier in the high-tech electronic components field, leveraging its brand value matrix and capabilities in various emerging sectors such as commercial aerospace and new energy vehicles [6].

中科电气（300035.SZ）2024 年年报和 2025 年一季报点评 业绩符合预期，负极业务盈利改善 2025 年 04 月 24 日 ➢ 事件。25 年 4 月 23 日，公司发布 2024 年年报和 2025 年一季报。2024 年实现营收 55.81 亿元，同比增长 13.72%，实现归母净利润 3.03 亿元，同比增 长 626.56%，扣非后归母净利润 3.45 亿元，同比增长 269.37%。25 年一季度 实现营收 15.98 亿元，同比增长 49.92%；实现归母净利润 1.34 亿元，同比增长 465.80%；扣非后归母净利润 1.26 亿元，同比增长 285.41%。 ➢ Q4 业绩拆分。营收和净利：公司 2024Q4 营收 16.97 亿元,同增 22.53%， 环增 4.75%；归母净利润为 1.19 亿元，同增 21.43%，环增 4.39%；扣非后归 母净利润为 1.40 亿元，同增 15.70%，环增 19.66%。毛利率：2024Q4 毛利率 为 24.20%，同增 2.11pcts，环增 3.73pcts。净利率：2024Q4 净利率为 7.79%， 同增 0.36pct ...

敷尔佳（301371.SZ）2024 年年报点评 渠道调整与费用投放加大致利润率略有承压 2025 年 04 月 24 日 ➢ 事件：敷尔佳发布 2024 年年度报告。24 年公司实现营收 20.17 亿元，同 比+4.32%；归母净利润 6.61 亿元，同比-11.77%；扣非归母净利润 6.04 亿元， 同比-17.00%。24Q4 公司实现营收 5.51 亿元，同比-7.31%；归母净利润 1.47 亿元，同比-30.82%；扣非归母净利润 1.14 亿元，同比-43.65%。 ➢ 线上收入占比提升至 54.96%，化妆品类占比提升至 57.72%。24 年公司 营收 20.17 亿元，同比+4.32%，主要系加大推广及销售力度所致。分渠道看： 1）线上渠道，24 年收入 11.08 亿元，同比+20.03%，占比提升 7.19pct 至 54.96%，其中直销收入 10.02 亿元，同比+26.76%，占比提升 8.79pct 至 49.67%，代销收入 0.64 亿元，同比-17.93%，占比降低 0.86pct 至 3.16%，经 销收入 0.43 亿元，同比-22.76%，占比降低 0.74pc ...

吉祥航空（603885.SH）2024 年年报点评 战略布局渐显成效，分红回购提升投资者信心 2025 年 04 月 24 日 ➢ 2025 年 4 月 21 日公司发布 2024 年年报：2024 年公司营业收入 221 亿元， 同比+9.9%，归母净利润 9.1 亿元，同比+18%，扣非归母净利润 8.0 亿元，同比 +10.6%；4Q24 公司营业收入 46.0 亿元，同比+9.2%，归母净亏 3.6 亿元（4Q23 归母净亏 3.6 亿元），扣非归母净亏 3.9 亿元（4Q23 扣非归母净亏 3.9 亿元）。2024 年公司运力投放增长大于价格降幅，ASK 同比+17%、座公里收益同比-8%、客运收 入同比+8%，油价下降对冲降价影响，净利率同比+0.4pct。 ➢ 4Q24 国际运力投放同比大幅增长弥补价格下滑影响，油价同比回落抬升利润 中枢。四季度公司座公里营收 0.34 元，同比-5%，行业价格普遍下滑的环境下公司 单季度营收同比仍有 9%增速与公司国际航线运力投放加大有关（4Q24 国际港澳台 ASK 同比+129%、国内-3%）。四季度油价同比明显回落对冲了降价影响，4Q24 国 内航空煤油 ...

明阳电气（301291.SZ）2024 年年报及 2025 年一季报点评 经营稳健，多点开花 2025 年 04 月 24 日 ➢ 事件：2025 年 4 月 23 日，公司发布 2024 年年报和 2025 年一季报，24 年实现营业收入 64.44 亿元，同比增长 29.62%；归母净利 6.63 亿元、同比增长 33.8%，扣非归母净利 6.54 亿元，同比增长 33.57%。 单季度来看，24Q4 公司营收为 23.54 亿元，同比增长 41.78%；归母净利 2.27 亿元，同比增长 27.12%，扣非归母净利 2.23 亿元，同比增长 24.80%。25Q1 持续稳健增长，营收达 13.06 亿元，同比增长 26.21%，归母净利 1.12 亿元，同 比增长 25.01%，扣非归母净利 1.10 亿元，同比增长 23.07%。 此外，公司 2024 年计提减值准备约 1.54 亿元，其中信用减值约 8362 万元、资 产减值约 7077 万元，并已计入 2024 年度损益。25Q1 计提信用减值约 1050 万 元、资产减值约 1485 万元。 盈利水平方面，公司 2024 年毛利率 22.29% ...

➢ 钴：产能扩张产销增加，毛利率逆势提升。1）量：24 年钴产品产量 2.1 万 吨，同比+31.5%，销量 1.9 万吨，同比+22.8%，主要由于国内钴产能扩张；2） 库存：截至 24 年底，钴产品库存 2199 吨，同比增加 1397 吨；3）价：24 年国 内金属钴均价 18.4 万元/吨，同比-27.8%，其中 24Q4 均价 16.3 万元/吨，环 比-4.1%；25Q1 钴均价 17.2 万元/吨，环比+5.5%；4）利：尽管钴价下跌，24 年钴产品毛利率 7.6%，同比+4.1pct，我们预计主要由于公司在钴价低迷时主动 调整产品结构，增加氯化钴和电钴产量。 腾远钴业（301219.SZ）2024 年年报及 2025 年一季报点评 业绩高增长，期待铜钴同步扩产 2025 年 04 月 24 日 ➢ 事件：公司发布 2024 年年报及 2025 年一季报。1）业绩：2024 年公司实 现营收 65.4 亿元，同比+18.0%，归母净利 6.9 亿元，同比+81.2%，扣非归母 净利 6.7 亿元，同比+83.4%；单季度看，24Q4 实现营收 16.5 亿元，同比+5.2%， 环比-2.0%，归 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7][12]. Core Views - The company has demonstrated rapid revenue growth, with Q1 2025 revenue reaching 2.4 billion yuan, a year-on-year increase of 50.76%, and net profit of 506 million yuan, up 75.33% year-on-year [1][2]. - A significant increase in contract liabilities, which reached 3.237 billion yuan at the end of Q1 2025, compared to 903 million yuan at the end of 2024, suggests a strong demand outlook [2][3]. - The company has established a robust ecosystem by collaborating with nearly 5,000 enterprises, universities, and research institutions, enhancing its technological capabilities and product offerings [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net cash flow from operations of 2.522 billion yuan, a substantial improvement from a negative cash flow of 68 million yuan in the same period last year [2]. - The company’s inventory stood at approximately 5.8 billion yuan, with prepaid accounts increasing by 31% to 1.62 billion yuan compared to the end of 2024 [2]. Technological Leadership - The company focuses on continuous R&D, with 90.18% of its technical staff holding master's degrees or higher, ensuring its technological edge in the market [4]. - The DCU (Data Center Unit) developed by the company supports various precision computing capabilities, making it suitable for scientific and AI applications [4]. Future Outlook - The company is expected to maintain rapid growth in its CPU business and enhance its DCU business, with projected net profits of 3.076 billion yuan, 4.441 billion yuan, and 6.144 billion yuan for 2025, 2026, and 2027, respectively [5][6]. - The projected PE ratios for the next three years are 113, 78, and 56, indicating a favorable valuation trend [6][10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its industry leadership and growth potential [6][8]. Core Views - The company reported a revenue of 5.22 billion yuan for 2024, a year-over-year decline of 33.0%, and a net profit of 970 million yuan, down 63.8% year-over-year. The first quarter of 2025 also showed a revenue of 910 million yuan, down 10.4% year-over-year, with a net profit of 59 million yuan, down 42.6% year-over-year. The performance aligns with expectations despite significant challenges in the market [3]. - The company is expected to achieve a revenue of 5.7 billion yuan in 2025, representing a year-over-year growth of 9.2%, and a total profit of 1.145 billion yuan, up 3.1% year-over-year. These figures are budget estimates and do not represent a definitive profit forecast for 2025 [4]. - The company is positioned as a core supplier in the domestic high-tech electronic components sector, leveraging its reliable product system and full industry chain collaboration to capitalize on opportunities in emerging fields such as commercial aerospace, low-altitude economy, civil aviation, and new energy vehicles [6]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profit due to market cyclicality and price reductions. The gross margin fell by 9.6 percentage points to 49.7%, and the net margin decreased by 15.8 percentage points to 18.6% [3]. - The company's subsidiaries also reported varying degrees of revenue and profit declines in 2024, with the main subsidiary, Zhihua YG, generating 1.24 billion yuan in revenue, down 38.0% year-over-year, and a net profit of 500 million yuan, down 48.8% [4]. Cost and Cash Flow - The company's operating expenses decreased by 6.9% year-over-year to 1.39 billion yuan in 2024, but the expense ratio increased by 7.5 percentage points to 26.7% due to a significant drop in revenue [5]. - As of the end of Q1 2025, the company reported improved operating cash flow of 1.6 billion yuan compared to 1.23 billion yuan in 2023 [5]. Profit Forecast - The company forecasts net profits of 1.134 billion yuan, 1.371 billion yuan, and 1.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 27x, 22x, and 19x [6][7].