贵州茅台（600519） 更新报告 2024 年股东大会点评：韧性生长，价值升维 买入 2025 年 5 月 26 日 黎航荣 wayne.li@firstshanghai.com.hk (852) 2522 2101 主要数据 | 行业 | 白酒/消费 | | --- | --- | | 股价 | 1572.60 元 | | 目标价 | 1900.00 元 | | | (+20.8%) | | 股票代码 | 600519 | | 股本 | 12.56 亿股 | | 市值 | 1.98 万亿元 | | 52 周高/低 | 1880.59/1226.65 元 | | 每股净资产 | 205.67 元 | | 主要股东 | 中国贵州茅台酒厂（集 团 ） 有 限 责 任 公 司 | | | （54.07%） | | 盈利摘要 | | | | | | 股价表现 | | --- | --- | --- | --- | --- | --- | --- | | 财务年度截至12月31日 | | 2023历史 | 2024历史 | 2025预测 | 2026预测 | 2027预测 | | 营业总收入(百万元) | | 150 ...

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-05-26 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 41.86 | | --- | --- | | 总股本/流通股本（亿股）10.06 | / 10.05 | | 总市值/流通市值（亿元）421 | / 421 | | 52 周内最高/最低价 | 49.20 / 27.74 | | 资产负债率(%) | 50.6% | | 市盈率 | 34.60 | | 第一大股东 | 武汉东湖创新科技投资 | | | 有限公司-武汉国恒科 | | | 技投资基金合伙企业 | | (有限合伙) | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 华工科技(000988) l 投资建议 3D 打印强化布局，数通光模块业务加速放量 l 投资要点 聚焦"感知、联接、智能制造"三大核心业务，立足全球聚焦新 能源汽车、数字赋能两大赛道。公司积极主动融入国家战略和行业发 展，围绕客户需求持续创新，聚焦"感知、联接、智能制造"三大核心 业务，面向国内、国际两大市场，聚焦 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved operating revenue of 2.97 billion, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million, up 31.7%. The net profit excluding non-recurring items reached 330 million, growing by 73.9% [2][4]. - For Q1 2025, the company reported operating revenue of 850 million, a year-on-year growth of 28%, with a net profit attributable to shareholders of 140 million, increasing by 22.1% [2][4]. - The company's strategy of focusing on major products has been effective, with significant growth in key items such as the "Little Red Pen Eye Cream" and "Little Gold Needle" achieving GMV of 530 million and 350 million respectively, marking increases of 146% and 96% [9]. Summary by Sections Financial Performance - In 2024, the company’s revenue growth was driven by a strong performance in its main brand, which generated 2.06 billion in revenue, a 31.7% increase. The online and offline channels reported revenues of 2.54 billion and 430 million respectively, reflecting growth of 36% and 21% [9]. - The company’s net profit for Q1 2025 showed a year-on-year increase of 22%, with a net profit margin remaining stable despite rising sales expenses [9]. Product and Brand Strategy - The company continues to enhance its major product strategy, with the main brand and the "Lianhuo" brand expected to maintain robust growth. The eye care category saw a significant increase in average price, contributing to overall revenue growth [9]. Future Outlook - The company is projected to achieve net profits of 450 million, 580 million, and 750 million for the years 2025 to 2027, with corresponding EPS of 1.11, 1.44, and 1.87 [9].

公司研究 证 券 研 究 报 告 新点软件（688232）2024 年报及 2025 年一季报点评 推荐（维持） 经营质量提升，持续推进 SaaS 化运营模式 目标价：36.14 元 事项： 公司发布 2024 年报及 2025 年一季报。2024 年实现营业收入 21.5 亿元，同比 -12.1%；归母净利润为 2.0 亿元，同比+4.9%；扣非净利润为 1.1 亿元，同比 +44.0%。2025Q1 实现营业收入 2.8 亿元，同比-5.9%；归母净利润为-0.4 亿元， 同比减亏；扣非净利润为-0.6 亿元，同比减亏。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,146 | 2,354 | 2,623 | 2,974 | | 同比增速(%) | -12.1% | 9.7% | 11.4% | 13.4% | | 归母净利润(百万) | 204 | 265 | 307 | 360 | | 同比增速(%) | 4.9% ...

证券研究报告·公司点评报告·食品饮料 广州酒家（603043） 餐饮+食品双轮驱动，立足华南辐射全国 2025 年 05 月 26 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 邓洁 执业证书：S0600525030001 dengj@dwzq.com.cn -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024/5/27 2024/9/24 2025/1/22 2025/5/22 广州酒家 沪深300 市场数据 | 收盘价(元) | 16.24 | | --- | --- | | 一年最低/最高价 | 12.81/19.14 | | 市净率(倍) | 2.35 | | 流通A股市值(百万元) | 9,236.84 | | 总市值(百万元) | 9,236.84 | 基础数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

公司报告 | 季报点评 信立泰（002294） 证券研究报告 创新产品持续落地，管线优势凸显成长潜力 事件 公司发布2024 年年报和2025 年第一季度报告，2024 年实现营业收入 40.12 亿元，同比增长 19.22%，归母净利润 6.02 亿元，同比增长 3.71%，盈利水 平稳健提升；2025 年第一季度的营业收入为 10.62 亿元，同比下降 2.64%， 归母净利润为 2 亿元，同比增长 0.03%。 加大销售推广力度，开拓市场 2024 年，销售费用率为 36.71%，同比增加 6.53pct，主要因为新上市产品 推广费用增加以及产品销售量增加；管理费用率为 6.78%，同比下降 1.74pct；研发费用率为 10.50%，同比下降 1.66pct。2025Q1，销售费用率 为 38.11%，同比增长 3.55pct；管理费用率为 6.62%，同比增长 0.05pct； 研发费用率为 10.18%，同比增加 0.32pct。 制剂驱动营收结构优化，创新产品板块比重提升 2025Q1 营业收入同比略有下降，造成收入同比下降的原因主要是受到仿制 药政策影响，相关产品收入占营收比重进一步降低。从产 ...

丨证券研究报告丨 公司研究丨点评报告丨华熙生物（688363.SH） [Table_Title] 华熙生物 2024 年报及 2025 一季报点评：医疗 终端增势亮眼，护肤品业务持续调整 报告要点 [Table_Summary] 2024 年，公司实现营业收入 53.7 亿元，同比下滑 11.6%；实现归母净利润 1.7 亿元，同比下 滑 70.6%。2024Q4，公司实现营业收入 15.0 亿元，同比下滑 19.3%；实现归母净利润-1.9 亿 元，扣非归母净利润-2.2 亿元。2025Q1，公司实现营业收入 10.8 亿元，同比下滑 20.8%；实 现归母净利润 1.0 亿元，同比下滑 58.1%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华熙生物（688363.SH） cjzqdt11111 [Table_Title 华熙生物 2024 2] 年报及 2025 一季报点评：医疗 终端增势 ...

公司报告 | 季报点评 信立泰（002294） 证券研究报告 创新产品持续落地，管线优势凸显成长潜力 事件 公司发布2024 年年报和2025 年第一季度报告，2024 年实现营业收入 40.12 亿元，同比增长 19.22%，归母净利润 6.02 亿元，同比增长 3.71%，盈利水 平稳健提升；2025 年第一季度的营业收入为 10.62 亿元，同比下降 2.64%， 归母净利润为 2 亿元，同比增长 0.03%。 加大销售推广力度，开拓市场 2024 年，销售费用率为 36.71%，同比增加 6.53pct，主要因为新上市产品 推广费用增加以及产品销售量增加；管理费用率为 6.78%，同比下降 1.74pct；研发费用率为 10.50%，同比下降 1.66pct。2025Q1，销售费用率 为 38.11%，同比增长 3.55pct；管理费用率为 6.62%，同比增长 0.05pct； 研发费用率为 10.18%，同比增加 0.32pct。 制剂驱动营收结构优化，创新产品板块比重提升 2025Q1 营业收入同比略有下降，造成收入同比下降的原因主要是受到仿制 药政策影响，相关产品收入占营收比重进一步降低。从产 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In 2024, the company achieved operating revenue of 2.97 billion yuan, a year-on-year increase of 33.4%; net profit attributable to the parent company was 340 million yuan, up 31.7%; and net profit excluding non-recurring items was 330 million yuan, growing by 73.9%. In Q1 2025, the company reported operating revenue of 850 million yuan, a year-on-year growth of 28%; net profit attributable to the parent company was 140 million yuan, increasing by 22.1%; and net profit excluding non-recurring items was 130 million yuan, up 28.6% [2][4] Summary by Sections Business Performance - The company continues to solidify its big product strategy, with the main brand maintaining high growth. In 2024, revenue growth rates for each quarter were 39%, 19%, 26%, and 48%, with a significant acceleration in Q4. The main brand, Marubi, generated revenue of 2.06 billion yuan, a year-on-year increase of 31.7%. The two core products, the Little Red Pen Eye Cream and the Little Gold Needle, achieved GMV of 530 million yuan and 350 million yuan, respectively, with year-on-year growth of 146% and 96%. The Love Fire brand generated revenue of 910 million yuan, up 40.7%, with six foundation products each exceeding 100 million yuan in annual GMV [13] Financial Forecast - For 2025-2027, the company is expected to achieve net profits attributable to the parent company of 450 million yuan, 580 million yuan, and 750 million yuan, respectively, corresponding to EPS of 1.11 yuan, 1.44 yuan, and 1.87 yuan per share [13][17]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 2.02 billion yuan in 2024, representing a year-on-year growth of 4.3%, while the net profit attributable to shareholders was 660 million yuan, down 11.8% year-on-year. In Q1 2025, the revenue was 300 million yuan, a decline of 26.4% year-on-year, and the net profit attributable to shareholders was 90 million yuan, down 39.8% year-on-year [2][4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.02 billion yuan, with a net profit of 660 million yuan. The revenue growth was primarily driven by the cosmetics segment, which saw a 7.5% increase year-on-year, while the medical device segment remained stable with a 0.3% increase [9] - For Q1 2025, the company experienced a significant revenue drop of 26.4% year-on-year, attributed to proactive channel and product optimization efforts [9] Product and Channel Strategy - The company has successfully expanded its product offerings, with several products achieving annual sales exceeding 100 million yuan. The online sales channel has also seen substantial growth, with a 20% increase in revenue [9] - The company is focusing on enhancing its brand presence in e-commerce platforms, which has contributed to a significant increase in online sales [9] Profitability Metrics - The overall gross margin for 2024 was 82%, with a slight decrease of 0.5 percentage points. The net profit margin decreased by 6 percentage points to 32.8%, primarily due to an increase in sales expense ratio [9] - In Q1 2025, the net profit margin further declined by 6.7 percentage points, influenced by a rise in sales expenses and adjustments in product pricing [9] Future Outlook - The company is expected to stabilize its revenue and profitability through the formation of repeat purchases of core products and the gradual establishment of e-commerce strategies. EPS forecasts for 2025, 2026, and 2027 are projected to be 1.74 yuan, 1.89 yuan, and 2.05 yuan respectively [9]