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 ...

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 increases 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 - The total market capitalization of Dongfang Caifu is 326.76 billion yuan, with a circulating market capitalization of 276.54 billion yuan [1] - The company's earnings per share (EPS) for 2025-2027 are projected to be 0.76, 0.89, and 1.02 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.4, 23.3, and 20.2 times [6][11] - The report provides a financial forecast indicating that the company's operating revenue is expected to grow from 11.08 billion yuan in 2023 to 20.39 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16.2% [11]

电子/电子化学品Ⅱ 万润股份（002643.SZ） 业绩承压，看好研发驱动成长 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 10.62 | | 一年最高最低(元) | 14.99/7.70 | | 总市值(亿元) | 98.76 | | 流通市值(亿元) | 96.57 | | 总股本(亿股) | 9.30 | | 流通股本(亿股) | 9.09 | | 近 3 个月换手率(%) | 111.0 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 万润股份 沪深300 相关研究报告 2024 年 OLED 材料业务发展良好，聚酰亚胺及半导体制造材料进展顺利 分业务看，2024 年功能性材料、生命科学与医药产品业务分别实现营收 30.19、 6.29 亿元，同比-10.30%、-28.65%；毛利率为 39.96%、38.16%，同比-3.95pcts、 +1.94pcts，2024 年公司积极开发非车用沸石分子筛产品；OLED ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30] Core Views - The company is expected to see a significant increase in its net profit margin in 2024, with a projected revenue of 4.24 billion yuan (up 36.56% year-on-year) and a net profit of 380 million yuan (up 229.5%) [5][12] - The company has expanded its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve efficiency [5][26] - The forecast for net profit from 2025 to 2027 is 366 million yuan, 459 million yuan, and 555 million yuan respectively, with corresponding P/E ratios of 13.1, 10.4, and 8.6 times [5][26] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.24 billion yuan, with a net profit of 380 million yuan and a non-GAAP net profit of 290 million yuan, reflecting a significant increase due to one-time gains from the consolidation of Shanghai Jiale [5][12] - The first quarter of 2025 saw a revenue of 1.23 billion yuan (up 35.6% year-on-year) and a net profit of 85 million yuan (up 20.1%) [5][12] OEM Business - The OEM revenue for 2024 reached 3.53 billion yuan (up 45%), accounting for 83% of total revenue, with a gross margin of 22.6% [5][26] - The bag OEM segment generated 2.37 billion yuan in revenue (up 20.3%), with expectations for continued double-digit growth in 2025 [5][26] - The clothing OEM segment saw a significant increase in revenue, with a projected growth of over 25% in 2025 due to new orders from major clients like Adidas and Uniqlo [5][26] Brand Business - The brand business generated 660 million yuan in revenue (up 5%) in 2024, with a gross margin of 25.5% [5][6] - Xiaomi's product line saw a revenue increase of over 30% in the first quarter of 2025 due to the launch of new products and channel optimization [5][6] Operational Efficiency - The company achieved a gross margin of 22.9% in 2024, with a net profit margin of 9% [5][18] - Inventory increased to 870 million yuan (up 76%) primarily due to the consolidation of Shanghai Jiale, while cash and cash equivalents stood at 530 million yuan [5][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30]. Core Views - The company is expected to see a significant increase in its net profit margin in 2024, with a projected revenue of 4.24 billion yuan (up 36.56% year-on-year) and a net profit of 380 million yuan (up 229.5%) [5][12]. - The company has expanded its OEM categories from bags to clothing, leveraging differentiated production capacity in Indonesia, which is expected to sustain order growth and improve profitability [5][26]. - The forecast for net profit from 2025 to 2027 is set at 366 million yuan, 459 million yuan, and 555 million yuan respectively, with corresponding P/E ratios of 13.1, 10.4, and 8.6 times [5][26]. Financial Summary - In 2024, the company's revenue is projected to be 4.24 billion yuan, with a gross profit margin of 22.9% and a net profit margin of 9% [5][18]. - The company reported a significant increase in its operating cash flow, with a net cash flow from operating activities of 232 million yuan in 2024 [27]. - The company's total assets are expected to grow from 5.15 billion yuan in 2024 to 7.33 billion yuan in 2027, indicating a strong growth trajectory [27].

医药生物 2025 年 04 月 26 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-04 2024-08 2024-12 医药生物 沪深300 相关研究报告 《Bima 联合司美的数据将在 ADA 大 会读出，减重进入高质量时代—行业 周报》-2025.4.20 《推荐科研服务板块国产替代的机会 —行业周报》-2025.4.13 《关注优化药品集采下的投资机会— 行业周报》-2025.4.6 Orforglipron 产业链被低估，国内相关公司有望长周 期受益 ——行业点评报告 | 余汝意（分析师） | 汪晋（联系人） | | --- | --- | | yuruyi@kysec.cn | wangjin3@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790123050021 | wangjin3@kysec.cn 证书编号：S0790123050021 目前，已经上市的 GLP-1 受体激动剂仅为结构较为复杂的多肽，在小分子药物 设计开发中，为保证药效药物研发人员设计开发出来的 Orforglip ...