农林牧渔/动物保健Ⅱ 普莱柯（603566.SH） 2025 年 04 月 26 日 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 普莱柯 沪深300 相关研究报告 《费用率偏高业绩短期承压，静待后 周期业绩修复—公司信息更新报告》 -2024.11.3 《新品储备充足持续成长，猪价高位 运行静待业绩修复—公司信息更新报 告》-2024.8.30 《业绩有望随猪周期反转修复，高分 红彰显投资价值—公司信息更新报 告》-2024.4.26 猪苗经营短期承压，禽苗化药发力增长 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 13.70 | | 一年最高最低(元) | 25.00/10.80 | | 总市值(亿元) | 47.41 | | 流通市值(亿元) | 47.41 | | 总股本(亿股) | 3.46 | | 流通股本(亿股) | 3.46 | | 近 3 个月换手率(%) | 117.46 | 陈雪丽（分析师） 王高展（联系人） wanggaozhan@kyse ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant growth in pig sales and a decrease in costs, leading to strong performance in Q1 2025. Revenue reached 36.06 billion yuan, a year-on-year increase of 37.26%, while net profit attributable to shareholders was 4.49 billion yuan, up 288.79% [3][4] - The company maintains its original profit forecast, expecting net profits of 24.06 billion yuan, 28.73 billion yuan, and 37.93 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 4.40 yuan, 5.26 yuan, and 6.94 yuan [3][4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 33.22 billion yuan from pig farming, with sales of 22.66 million pigs, marking a 41.52% increase. The total cost of pig farming decreased to 12.5 yuan/kg in March 2025, with an annual target of 12 yuan/kg [4][5] - The company has a sufficient breeding stock, with 3.485 million breeding sows as of March 2025, and a survival rate of 82%-83% for pigs [4] - The company's asset-liability ratio decreased to 59.20%, with cash reserves of 23.566 billion yuan, indicating strong financial health [5] Valuation Metrics - The company's projected P/E ratios for 2025, 2026, and 2027 are 9.1, 7.6, and 5.8 respectively, suggesting attractive valuation levels [3][8] - The expected revenue growth rates for 2025, 2026, and 2027 are 6.6%, 6.7%, and 10.5% respectively, indicating a positive growth outlook [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 net profit of 3.90 billion yuan, a year-on-year increase of 28.9%, exceeding expectations. The revenue for Q1 2025 was 23.59 billion yuan, up 8.1% year-on-year. The company maintains a strong position as a leading domestic beauty brand, with a reasonable valuation and potential for growth from new product launches [6][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 107.78 billion yuan, a year-on-year increase of 21.0%, and a net profit of 15.52 billion yuan, up 30.0%. For Q1 2025, the revenue was 23.59 billion yuan, with a net profit of 3.90 billion yuan [6][9]. - The company's revenue projections for 2025-2027 are 124.99 billion yuan, 141.47 billion yuan, and 156.72 billion yuan, respectively, with corresponding net profits of 18.63 billion yuan, 21.68 billion yuan, and 24.54 billion yuan [6][9]. - The gross margin for 2024 was 71.4%, an increase of 1.5 percentage points, and for Q1 2025, it was 72.8%, an increase of 2.7 percentage points [7]. Brand and Product Development - The company is accelerating the launch of new products, with several new series introduced in late 2024 and early 2025, including the optical bottle series and various skincare products. The brand has also engaged high-profile endorsements to enhance its marketing efforts [8][6].

农林牧渔/动物保健Ⅱ | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 13.70 | | 一年最高最低(元) | 25.00/10.80 | | 总市值(亿元) | 47.41 | | 流通市值(亿元) | 47.41 | | 总股本(亿股) | 3.46 | | 流通股本(亿股) | 3.46 | | 近 3 个月换手率(%) | 117.46 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 普莱柯 沪深300 相关研究报告 《费用率偏高业绩短期承压，静待后 周期业绩修复—公司信息更新报告》 -2024.11.3 《新品储备充足持续成长，猪价高位 运行静待业绩修复—公司信息更新报 告》-2024.8.30 《业绩有望随猪周期反转修复，高分 红彰显投资价值—公司信息更新报 告》-2024.4.26 普莱柯（603566.SH） 2025 年 04 月 26 日 投资评级：买入（维持） 公司发布 2024 年年报及 2025 年一季报，2024 年公司营收 10.43 亿元(-16.77% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant growth in pig sales and a decrease in costs, leading to strong performance in the first quarter of 2025. The revenue for Q1 2025 reached 36.06 billion yuan, a year-on-year increase of 37.26%, while the net profit attributable to shareholders was 4.49 billion yuan, up 288.79% [3][4] - The company maintains its original profit forecast, expecting net profits of 24.06 billion yuan, 28.73 billion yuan, and 37.93 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 4.40 yuan, 5.26 yuan, and 6.94 yuan [3][4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 33.22 billion yuan from pig farming, with sales of 22.66 million pigs, marking a 41.52% increase. The total cost of pig farming for the first three months was 13.1, 12.9, and 12.5 yuan per kilogram, with an annual target of 12 yuan per kilogram [4][5] - The company has a sufficient breeding stock, with 3.485 million breeding sows as of March 2025, and a survival rate of 82%-83% for pigs [4] - The company's asset-liability ratio has decreased to 59.20%, with cash reserves of 23.566 billion yuan, indicating strong financial health [5] - The slaughtering business saw a significant increase, with 5.32 million pigs slaughtered in Q1 2025, an 81% increase, and the capacity utilization rate rising to 73% [5] Financial Projections - The company forecasts revenues of 147.02 billion yuan, 156.81 billion yuan, and 173.27 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 24.06 billion yuan, 28.73 billion yuan, and 37.93 billion yuan [7][8] - The projected EPS for the next three years is expected to grow from 4.40 yuan in 2025 to 6.94 yuan in 2027, with a corresponding P/E ratio decreasing from 9.1 to 5.8 [7][8]

家用电器/黑色家电 海信视像（600060.SH） 2025Q1 盈利延续改善趋势，关注旺季和新品催化营 2025 年 04 月 26 日 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 23.30 | | 一年最高最低(元) | 29.24/14.28 | | 总市值(亿元) | 304.06 | | 流通市值(亿元) | 301.76 | | 总股本(亿股) | 13.05 | | 流通股本(亿股) | 12.95 | | 近 3 个月换手率(%) | 65.52 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 海信视像 沪深300 相关研究报告 《业绩接近预告上限，继续看好 2025 年盈利修复弹性以及长期海外营收增 长—公司信息更新报告》-2025.4.1 《2024Q4 业绩超预期，以旧换新政策 驱动+成本压力趋缓下继续看好盈利 修 复 弹 性 — 公 司 信 息 更 新 报 告 》 -2025.1.22 《2024Q3 境外持续增长，产品结构升 级趋势延续— ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.786 billion yuan in Q1 2025, representing a year-on-year increase of 7.59%. The net profit attributable to the parent company was 497 million yuan, up by 5.82%, and the non-recurring net profit was 484 million yuan, an increase of 4.98% [6] - The report maintains profit forecasts, expecting net profits attributable to the parent company to be 2.443 billion yuan, 2.599 billion yuan, and 2.769 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.05, 3.24, and 3.46 yuan. The current stock price corresponds to PE ratios of 18.2, 17.1, and 16.0 times for the same years [6] - Short-term focus is on policy-driven improvement in domestic demand in 2025, while long-term outlook remains positive for steady revenue growth, stable profit margins, and high-quality operations potentially maintaining a high dividend payout ratio [6] Sales Performance - The company experienced steady growth in both domestic and international sales. In Q1 2025, domestic sales were expected to benefit from government subsidies, while international sales were minimally impacted by tariff policies [7] - The revenue growth for the SEB Group's consumer business in Q1 2025 was 2.8%, with expectations for continued robust growth in international sales due to low export exposure and support from the Vietnam base [7] Profitability and Cost Management - The gross margin for Q1 2025 was 23.91%, showing a slight year-on-year increase of 0.1 percentage points. The overall expense ratio remained stable, with a total expense ratio of 13.31% [8] - The net profit margin for Q1 2025 was 8.59%, indicating stable profitability [8] Financial Summary and Valuation Indicators - The company’s projected revenue for 2025 is 23.895 billion yuan, with a year-on-year growth of 6.5%. The projected net profit for 2025 is 2.443 billion yuan, reflecting an 8.9% increase [9] - Key financial ratios include a projected gross margin of 25.0% and a net margin of 10.2% for 2025 [9]

——公司信息更新报告 商贸零售/一般零售 家家悦（603708.SH） 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 11.40 | | 一年最高最低(元) | 14.54/7.40 | | 总市值(亿元) | 72.77 | | 流通市值(亿元) | 72.77 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.38 | | 近 3 个月换手率(%) | 74.36 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 家家悦 沪深300 相关研究报告 《主动提高商品质价比，毛利率略降 但客流增长明显—公司信息更新报 告》-2024.8.30 2025Q1 经营业绩稳健，计划加快门店调改升级 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司 2024 年营收维持增长，2025Q1 经营业绩相对稳健 公司发布年报、一季报：2024 年实现营收 182.56 ...

Investment Rating - The investment rating for Dongfang Caifu (300059.SZ) is "Buy" (maintained) [1] Core Views - The report highlights that the company's total revenue and net profit for Q1 2025 were 34.9 billion and 27.2 billion yuan, respectively, representing year-on-year growth of 42% and 39%. The net profit slightly exceeded expectations due to better-than-expected investment income, while fund and securities income were slightly below expectations [6] - The report anticipates an increase in the company's market share in securities trading, driven by high trading activity among individual investors, and maintains a "Buy" rating [6][8] - The report also notes a decrease in the company's distribution income in Q1 2025, attributed to pressure on non-cash AUM [7] Financial Summary - For 2025, the expected revenue is 149.14 billion yuan, with a year-on-year growth of 28.5%. The net profit is projected to be 11.93 billion yuan, reflecting a growth of 24.1% [11] - The report provides a detailed financial forecast, including expected EPS of 0.76 yuan for 2025, with corresponding P/E ratios of 27.4, 23.3, and 20.2 for 2025-2027 [10][11] - The company's gross margin is expected to improve from 95.1% in 2023 to 97.1% in 2027, while the net margin is projected to remain stable around 79% [11]

商贸零售/一般零售 家家悦（603708.SH） 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 11.40 | | 一年最高最低(元) | 14.54/7.40 | | 总市值(亿元) | 72.77 | | 流通市值(亿元) | 72.77 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.38 | | 近 3 个月换手率(%) | 74.36 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 家家悦 沪深300 相关研究报告 《主动提高商品质价比，毛利率略降 但客流增长明显—公司信息更新报 告》-2024.8.30 2025Q1 经营业绩稳健，计划加快门店调改升级 ——公司信息更新报告 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司 2024 年营收维持增长，2025Q1 经营业绩相对稳健 公司发布年报、一季报：2024 年实现营收 182.56 ...