Group 1: Key Recommendations - Tianmu Lake (603136) reported a 26% year-on-year increase in net profit attributable to shareholders in Q1 2025, with steady progress on reserve projects [5][6] - Lihua Co., Ltd. (300761) demonstrated excellent cost management and upward profitability [5] Group 2: Tianmu Lake Company Overview - In 2024, Tianmu Lake's total revenue was 536 million yuan, a decrease of 14.87% year-on-year, and net profit attributable to shareholders was 105 million yuan, down 28.80% [5] - The company plans to distribute a cash dividend of 0.235 yuan per share, totaling 63 million yuan, with a payout ratio of 60.65% [5] - The gross margin for 2024 was 52.42%, a decline of 1.92 percentage points, while the net margin was 22.55%, down 4.17 percentage points [5] Group 3: Business Segment Performance of Tianmu Lake - In 2024, revenue from various business segments was as follows: scenic area 282 million yuan, hotel 159 million yuan, hot spring 42 million yuan, travel agency 9 million yuan, and water world 7 million yuan, all affected by external weather factors and changes in visitor flow [6] - In Q1 2025, the company achieved revenue of 105 million yuan, a slight decline of 1.60% year-on-year, but net profit attributable to shareholders increased by 26.45% [6] Group 4: Future Outlook for Tianmu Lake - The company is actively advancing project implementation, including the first phase of the Animal Kingdom project, and is preparing for new projects [6][7] - The opening of the Hushu Lake high-speed railway is expected to boost visitor traffic [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 138 million, 154 million, and 174 million yuan, respectively, with corresponding PE ratios of 24.92, 22.28, and 19.80 [7] Group 5: Lihua Co., Ltd. Company Overview - Lihua Co., Ltd. reported a revenue of 17.725 billion yuan in 2024, an increase of 15.44% year-on-year, and a net profit of 1.521 billion yuan, up 447.72% [8] - In Q1 2025, the company achieved revenue of 4.086 billion yuan, a year-on-year increase of 11.6%, and a net profit of 206 million yuan, up 157.47% [8] Group 6: Lihua Co., Ltd. Cost Management - The cost of yellow feather chicken continued to decline, with a total cost of 11.8 yuan per kilogram in 2024, significantly improving profitability [9] - In Q1 2025, the total cost further decreased to 11 yuan per kilogram, resulting in a slight profit for the yellow chicken segment despite a drop in prices [9] Group 7: Lihua Co., Ltd. Pig Farming Performance - In 2024, Lihua's pig output reached 1.298 million heads, a year-on-year increase of 51.8%, with sales revenue of 2.927 billion yuan, up 76.51% [10] - The average selling price of pigs was 17.30 yuan per kilogram, a year-on-year increase of 14.57% [10] - The total cost of pig farming decreased to 14.92 yuan per kilogram in 2024, with a target of 12.8 yuan per kilogram for 2025 [10] Group 8: Market Overview - The A-share market showed mixed performance, with the Shanghai Composite Index closing at 3297 points, up 0.03% [16] - The beauty care sector led the market with a 1.96% increase, while IT services and software development sectors saw significant declines [18]
东海证券晨会纪要-20250425
东海证券·2025-04-25 05:08