Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.736 billion yuan in 2024, representing a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 503 million yuan, down 33.5% [5] - In Q1 2025, the company achieved a revenue of 949 million yuan, a decrease of 13.5%, and a net profit of 28 million yuan, down 84.0% [5] - The report anticipates a recovery in profit after adjustments, with projected net profits for 2025-2027 at 672 million, 803 million, and 927 million yuan respectively, with corresponding EPS of 1.59, 1.90, and 2.19 yuan [5] - The company is expected to maintain a reasonable valuation with a current PE of 25.4 for 2025, 21.2 for 2026, and 18.4 for 2027 [5] Financial Performance Summary - Revenue for 2024 is projected at 6.277 billion yuan, with a year-on-year growth of 9.4% [8] - The gross profit margin for 2024 is expected to be 73.8%, consistent with previous years [8] - The net profit margin is projected to improve to 10.5% in 2025, up from 8.6% in 2024 [8] - The company’s return on equity (ROE) is expected to rise to 9.6% in 2025 from 8.0% in 2024 [8] Brand and Channel Performance - The main brand, Winona, focuses on sensitive skin solutions, with a strategy to enhance average transaction value through single products and sets [6] - In 2024, the revenue from the Winona brand was 4.909 billion yuan, a decrease of 5.5% year-on-year, while other brands like Aikeman and Jirei saw significant growth [6] - Online sales channels generated 3.912 billion yuan in revenue, reflecting a 10.1% increase, while offline channels saw a decline of 10.7% [6] Market Outlook - The report indicates that after adjustments, growth is expected to resume, supported by a well-established brand matrix in the sensitive skin care segment [5] - The company is also expanding its presence in international markets, having entered mainstream beauty channels in Thailand [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% year-on-year increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a 33.4% increase year-on-year, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating cash flow for 2023 was 338 million yuan, with a projected increase to 534 million yuan in 2025 [9] Product and Brand Performance - The company’s flagship products, such as the "Little Red Pen" and "Little Gold Needle," have shown remarkable sales performance, with the former achieving a GMV of 530 million yuan, a 146% increase [5] - The brand's user engagement is increasing, with active membership and repurchase amounts rising by 31% and 48% year-on-year respectively [6] - The company has established a strong market presence on platforms like Douyin, with a projected GMV of 1 to 1.5 billion yuan in 2024 [6]

Investment Rating - The investment rating for Li Ning is "Buy" (maintained) [2][6] Core Views - The report indicates that Li Ning's Q1 performance met expectations, with low discount sales improving and strong growth in running and e-commerce segments. The company focuses on professional sports, increasing resource allocation and expanding new products to cater to niche markets and emerging sectors [6][7][9] Financial Summary and Valuation Metrics - For the fiscal year 2023, Li Ning reported a revenue of 27,598 million HKD, with a year-on-year growth of 7.0%. The projected revenue for 2025 is 28,742 million HKD, reflecting a minimal growth of 0.2% [10] - The net profit for 2023 was 3,187 million HKD, showing a decline of 21.6% year-on-year. The estimated net profit for 2025 is 2,459 million HKD, indicating a further decline of 18.4% [10] - The gross margin for 2023 was 48.4%, with a projected gross margin of 49.8% for 2025. The net margin is expected to decrease from 11.5% in 2023 to 8.6% in 2025 [10] - The price-to-earnings (P/E) ratio for 2025 is projected at 14.6, with a price-to-book (P/B) ratio of 1.4 [10] Operational Insights - In Q1 2025, Li Ning's total store count was 6,088, a decrease of 2% year-on-year. The company plans to close 10-20 direct stores and open 30-40 wholesale stores throughout the year [8] - The report highlights that the running category saw over 20% growth, driven by sponsorship of events and strong performance of new running shoe products [7][9]

汽车/乘用车 长安汽车（000625.SZ） Q1 业绩有所增长，新车密集上市销量增长可期 | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 12.18 | | 一年最高最低(元) | 17.07/11.32 | | 总市值(亿元) | 1,207.54 | | 流通市值(亿元) | 1,006.16 | | 总股本(亿股) | 99.14 | | 流通股本(亿股) | 82.61 | | 近 3 个月换手率(%) | 62.89 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 长安汽车 沪深300 相关研究报告 《2024Q4 业绩高增，以三大计划为引 领开启新车周期—公司信息更新报 告》-2025.4.15 《Q3 业绩有所承压，新车密集上市业 绩改善可期—公司信息更新报告》 -2024.11.1 《Q2 业绩同环比高增，华为赋能新车 销量增长可期—公司信息更新报告》 -2024.8.31 赵旭杨（分析师） 徐剑峰（联系人） zhaoxuyang@kysec.cn 证书编号：S079 ...

汽车/乘用车 长安汽车（000625.SZ） Q1 业绩有所增长，新车密集上市销量增长可期 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 12.18 | | 一年最高最低(元) | 17.07/11.32 | | 总市值(亿元) | 1,207.54 | | 流通市值(亿元) | 1,006.16 | | 总股本(亿股) | 99.14 | | 流通股本(亿股) | 82.61 | | 近 3 个月换手率(%) | 62.89 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 长安汽车 沪深300 相关研究报告 《2024Q4 业绩高增，以三大计划为引 领开启新车周期—公司信息更新报 告》-2025.4.15 《Q3 业绩有所承压，新车密集上市业 绩改善可期—公司信息更新报告》 -2024.11.1 《Q2 业绩同环比高增，华为赋能新车 销量增长可期—公司信息更新报告》 -2024.8.31 赵旭杨（分析师） 徐剑峰（联系人） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the refrigerant market is experiencing a sustained upward trend, with a gradual emergence of a main bullish market [5] - The company achieved a revenue of 5.8 billion yuan in Q1 2025, representing a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 809 million yuan, up 160.64% year-on-year [5] - The report maintains profit forecasts for 2025-2027, expecting net profits of 5.128 billion, 7.285 billion, and 8.535 billion yuan respectively, with corresponding EPS of 1.90, 2.70, and 3.16 yuan [5] Financial Performance - In Q1 2025, the company's revenue from various segments included 3.26 billion yuan from fluorochemical raw materials, 26.18 billion yuan from refrigerants, and 4.20 billion yuan from fluoropolymer materials, with refrigerant sales volume at 69,800 tons, up 4.14% year-on-year [6] - The average price of refrigerants in Q1 2025 was 37,504 yuan/ton, reflecting a year-on-year increase of 58.08% [6] - The company’s financial summary shows projected revenues increasing from 20.655 billion yuan in 2023 to 33.297 billion yuan in 2027, with net profits expected to rise from 944 million yuan to 8.535 billion yuan over the same period [8] Market Trends - The report highlights a significant increase in domestic air conditioning production, with expected growth rates of 9.9%, 14.1%, and 14.3% from May to July 2025 [7] - International demand for air conditioning is also strong, with notable sales increases reported by major manufacturers [7]

基础化工/橡胶 黑猫股份（002068.SZ） Q4 业绩超预期，导电炭黑国产替代或加速 | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 11.29 | | 一年最高最低(元) | 13.63/5.14 | | 总市值(亿元) | 83.02 | | 流通市值(亿元) | 82.91 | | 总股本(亿股) | 7.35 | | 流通股本(亿股) | 7.34 | | 近 3 个月换手率(%) | 208.66 | 股价走势图 数据来源：聚源 -48% -24% 0% 24% 48% 2024-04 2024-08 2024-12 黑猫股份 沪深300 相关研究报告 《Q1 业绩同比扭亏为盈，同时开展项 目跟投股权投资—公司信息更新报 告》-2024.4.30 ——公司信息更新报告 | 金益腾（分析师） | 张晓锋（分析师） | 宋梓荣（联系人） | | --- | --- | --- | | jinyiteng@kysec.cn | zhangxiaofeng@kysec.cn | songzirong@kysec.cn | | 证书编号：S079052002000 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q1 2025, the company achieved revenue of 7.772 billion yuan, a year-on-year decrease of 2.59%, and a net profit attributable to shareholders of 707 million yuan, down 33.65% year-on-year and 17.20% quarter-on-quarter. Despite most product price spreads being at historical lows, the company's net profit only declined by 1.47 billion yuan quarter-on-quarter, demonstrating strong performance resilience. The company announced a share buyback at a low market value, reflecting confidence in future development. The profit forecasts for 2025-2027 are maintained at 4.275 billion, 5.003 billion, and 5.760 billion yuan, with corresponding EPS of 2.01, 2.36, and 2.71 yuan per share, leading to PE ratios of 10.0, 8.5, and 7.4 times respectively. The company is expected to benefit from domestic policy support for demand recovery and falling coal prices, leading to a positive outlook for performance recovery [7][9]. Financial Summary - In Q1 2025, the average price of main products such as urea, acetic acid, and others showed a decline, with average prices of 1,727, 2,902, and 8,063 yuan per ton respectively, reflecting decreases of 3.40%, 2.07%, and 2.09% quarter-on-quarter. The average price spreads for these products were at historical low percentiles, indicating cost advantages and performance resilience for the company [8][9]. - The financial summary indicates that the company expects revenues of 32.107 billion yuan in 2025, with a year-on-year decrease of 6.2%. The net profit is projected to be 4.275 billion yuan, reflecting a year-on-year increase of 9.5%. The gross margin is expected to be 19.7%, and the net margin is projected at 13.6% [10][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q1 2025, the company achieved revenue of 7.772 billion yuan, a year-on-year decrease of 2.59%, and a net profit attributable to shareholders of 707 million yuan, down 33.65% year-on-year and 17.20% quarter-on-quarter. Despite most product price spreads being at historical lows, the company's net profit only declined by 147 million yuan quarter-on-quarter, demonstrating strong performance resilience [6][8] - The company announced a share buyback plan, indicating confidence in future development, with a buyback amount not less than 200 million yuan and not exceeding 300 million yuan [8] - The company maintains its profit forecast for 2025-2027, expecting net profits of 4.275 billion, 5.003 billion, and 5.760 billion yuan, with corresponding EPS of 2.01, 2.36, and 2.71 yuan per share, leading to PE ratios of 10.0, 8.5, and 7.4 times respectively [6][9] Financial Summary - In Q1 2025, the average price of main products such as urea, acetic acid, and others showed a decline, with average prices of 1,727, 2,902, and 8,063 yuan per ton respectively, reflecting a quarter-on-quarter decrease [7] - The company’s financial metrics for 2023A to 2027E include projected revenues of 27.26 billion, 34.23 billion, 32.11 billion, 32.36 billion, and 32.62 billion yuan respectively, with net profits expected to grow from 3.576 billion to 5.760 billion yuan over the same period [9][11] - The gross margin is projected to improve from 20.9% in 2023A to 23.8% in 2027E, while the net margin is expected to rise from 13.3% to 18.2% [11]

食品饮料/调味发酵品Ⅱ 安琪酵母（600298.SH） 2025Q1 稳健起步，成本下降、弹性可期 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 35.62 | | 一年最高最低(元) | 40.00/27.22 | | 总市值(亿元) | 309.41 | | 流通市值(亿元) | 304.37 | | 总股本(亿股) | 8.69 | | 流通股本(亿股) | 8.54 | | 近 3 个月换手率(%) | 54.0 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-04 2024-08 2024-12 安琪酵母 沪深300 相关研究报告 《2024 年企稳回升双加速，2025 年利 润弹性有望释放—公司信息更新报 告》-2025.4.14 《国内、国际业务双加速，糖蜜价格 有 望 下 降 — 公 司 信 息 更 新 报 告 》 -2024.11.1 《国内需求恢复，盈利能力改善—公 司信息更新报告》-2024.8.8 张宇光（分析师） 方勇（分析师） zhang ...