| 报告日期： | 2025-03-23 | | --- | --- | | [Table_BaseData] 收盘价（元） | 19.02 | | 近 12 个月最高/最低（元） | 24.18/15.47 | | 总股本（百万股） | 507 | | 流通股本（百万股） | 507 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 96 | | 流通市值（亿元） | 96 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_StockNameRptType] 金徽酒（603919） 产品结构持续升级 ——金徽酒 2024 年报点评 [Table_Rank] 投资评级：买入（维持） -33% -17% -1% 15% 31% 3/24 6/24 9/24 12/24 金徽酒 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 主要观点： ⚫ 收入：产品结构持续升级 ⚫ 利润：费用投放稳健 ⚫ 投资建议：维持"买入" ...

舍得酒业（ [Table_StockNameRptType] 600702） 公司点评 | 调整加速，静待转机 | | --- | 1.舍得酒业 24Q3：主动调整，静待转 机 2024-10-29 2.舍得酒业 24Q2：静待市场修复 2024-08-23 3. 舍 得 酒 业 24Q1 ： 蓄 势 向 前 2024-04-30 ——舍得酒业 2024 年报点评 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-03-23 [Table_BaseData] 收盘价（元） 58.71 近 12 个月最高/最低（元） 86.25/39.56 总股本（百万股） 333 流通股本（百万股） 333 流通股比例（%） 99.85 总市值（亿元） 196 流通市值（亿元） 195 [公司价格与沪深 Table_Chart] 300 走势比较 -58% -36% -14% 9% 31% 3/24 6/24 9/24 12/24 舍得酒业 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号 ...

[Table_IndNameRptType] 农林牧渔 行业专题 3 月 USDA 上调全球玉米、小麦产量，大豆产量环比持平 [Table_IndRank] 行业评级：增持 报告日期： 2025-03-21 [Table_Chart] 行业指数与沪深 300 走势比较 -31% -19% -7% 5% 17% 29% 3/24 6/24 9/24 12/24 3/25 农林牧渔 沪深300 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com 分析师：万定宇 执业证书号：S0010524040003 邮箱：wandy@hazq.com [Table_Report] 相关报告 1.农产品行业系列报告三：2 月 USDA 下调全球玉米、大豆产量，上 调小麦产量 2024-03-02 2.农产品行业系列报告二：1 月 USDA 下调全球玉米、大豆产量，上 调小麦产量 2024-01-20 主要观点： 美国农业部 2025 年 3 月预测：2024/25 年，全球小麦产量 7.97 亿 吨，较 23/24 年增加 602 万吨，预测值环比增加 ...

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 -37% -16% 6% 27% 48% 4/23 7/23 10/23 1/24 小米集团-W 恒生指数 -50% 0% 50% 100% 小米集团-W 恒生指数 -10% 90% 190% 290% 24/03 24/06 ...

| 总股本（百万股） | 1333 | | --- | --- | | 流通股本（百万股） | 1333 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 30 | | 流通市值（亿港元） | 30 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 朝云集团 [Table_StockNameRptType] （6601.HK） 公司点评 产品战略持续推进，高质量稳利润发展 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-03-21 | | [Table_BaseData] 收盘价（港元） 2.29 | | 近 12 个月最高/最低（港元） 2.35/1.45 | 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 1. 家居护理基石稳固，宠物线下实体 门店服务业态助力高增长，高股息率 保障股东权益 2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focused on continuous product strategy advancement, achieving high-quality and stable profit growth. It offers a one-stop platform for home care, personal care, and pet products, covering various segments with seven core brands [3][4] - In the first half of 2024, the company reported revenue of 1.249 billion yuan, a year-on-year increase of 10.3%, and a net profit of 176 million yuan, up 29.6% year-on-year. The offline channel grew by 12.2%, while online revenue increased by 10.7%, with new e-commerce channels experiencing a remarkable growth rate of 300% [3][4] - The company signed a strategic cooperation agreement with Yangnong Chemical, marking the start of its fourth five-year strategic partnership, aimed at enhancing product quality and expanding its pet store network [3][4] Summary by Sections Financial Performance - The company achieved a revenue of 1.616 billion yuan in 2023, with projections of 1.813 billion yuan in 2024, 2.002 billion yuan in 2025, and 2.194 billion yuan in 2026, reflecting year-on-year growth rates of 12% for 2024 and 10% for 2025 and 2026 [9][10] - The net profit for 2023 was 175 million yuan, expected to rise to 213 million yuan in 2024, 237 million yuan in 2025, and 262 million yuan in 2026, with growth rates of 22% for 2024 and 11% for the following years [9][10] - The company maintains a strong cash flow with cash and cash equivalents totaling 2.665 billion yuan [3] Product Strategy - The company has successfully launched several products that have gained popularity, such as the Super We mosquito repellent spray and the Weiwang pine wood orange fragrance toilet cleaner, both achieving top rankings on platforms like Douyin [4][6] - The company is actively enhancing its product offerings across various segments, including high-end natural home cleaning products and innovative pet food solutions [4][6] Market Position - The company is recognized as a leading platform in China for multi-category home care, personal care, and pet products, with a significant focus on expanding its offline pet store presence [7][9] - The strategic initiatives and product innovations are expected to drive the company's growth trajectory, establishing a second growth curve through the pet business [7][9]

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 整体表现：收入利润均超出 BBG 一致预期，24Q4 收入 1090 亿元 (yoy+48.8%)，超 BBG 预期 4.4%；Non-GAAP 净利润 83.2 亿元 (yoy+69.4%)，超 BBG 预期 27.2%； | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year, exceeding expectations [4][5] - In Q4 2024, the company achieved a record revenue of 2.448 billion yuan, with a year-on-year growth of 31.35%, and a net profit of 594 million yuan, reflecting a 34.1% increase year-on-year [4][5] - The company’s gross margin for 2024 was 34.3%, a slight decrease of 0.35 percentage points from 2023, while the net margin improved by 0.36 percentage points to 22.85% [5] Revenue Breakdown - The tire mold segment accounted for 52.78% of total revenue in 2024, generating 4.651 billion yuan, with a year-on-year growth of 22.73% and a gross margin of 39.59%, down 3.1 percentage points [6] - The large component machinery segment contributed 37.81% to revenue, achieving 3.332 billion yuan, a 20.31% increase year-on-year, with a gross margin of 25.67%, up 2.66 percentage points [6] - The CNC machine tool segment, which is a key growth area, represented 4.53% of revenue, generating 399 million yuan, a 29.3% increase year-on-year [6] Financial Forecasts - Revenue forecasts for 2025-2027 are adjusted to 10.105 billion yuan, 11.498 billion yuan, and 13.046 billion yuan respectively, with net profits projected at 2.320 billion yuan, 2.651 billion yuan, and 3.037 billion yuan [8] - The current stock price corresponds to a PE ratio of 19.5 for 2025, 17 for 2026, and 14.9 for 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year, exceeding expectations [4][8] - In Q4 2024, the company achieved a record revenue of 2.448 billion yuan, with a year-on-year growth of 31.35%, and a net profit of 594 million yuan, reflecting a 34.1% increase year-on-year [4][5] - The company’s gross margin for 2024 was 34.3%, a slight decrease of 0.35 percentage points from 2023, while the net margin improved by 0.36 percentage points to 22.85% [5] Revenue Breakdown - The tire mold segment accounted for 52.78% of total revenue in 2024, generating 4.651 billion yuan, with a year-on-year growth of 22.73% and a gross margin of 39.59%, down 3.1 percentage points [6] - The large component machinery segment contributed 37.81% to revenue, achieving 3.332 billion yuan, a 20.31% increase year-on-year, with a gross margin of 25.67%, up 2.66 percentage points [6] - The CNC machine tool segment, which is a key growth area, represented 4.53% of revenue, generating 399 million yuan, a 29.3% increase year-on-year [6] Financial Forecasts - Revenue forecasts for 2025-2027 are adjusted to 10.105 billion yuan, 11.498 billion yuan, and 13.046 billion yuan respectively, with net profits projected at 2.320 billion yuan, 2.651 billion yuan, and 3.037 billion yuan [8][12] - The company’s current stock price corresponds to a PE ratio of 19.5 for 2025, 17.0 for 2026, and 14.9 for 2027 [8]