研究报告 Research Report 27 May 2025 海天味业 Foshan Haitian Flavouring and Food (603288 CH) 短期经营稳健，长期竞争力巩固 Short-term Stability, Long-term Competitive Strength [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb44.78 目标价 Rmb50.40 HTI ESG 0.9-1.0-2.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 A- 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb249.00bn / US$34.66bn 日交易额 (3 个月均值) US$68.73mn 发行股票数目 5,561mn 自由流通股 (%) 22% 1 年股价最高 ...

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [6][9][10] Core Views - The company reported a revenue of 3.048 billion yuan in 2024, a year-on-year decrease of 6.61%, and a net profit of 672 million yuan, down 13.65% year-on-year [6][10] - The decline in revenue is primarily attributed to the drop in the sales of pre-mixed alcoholic beverages, which accounted for 87.83% of total sales, while food flavoring revenue showed stable growth [6][7] - The company is diversifying its business by developing a liquor segment, aiming to become a leader in the domestic whiskey market [6][9] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 737 million yuan, a decrease of 8.11% year-on-year, but net profit increased by 10.39% to 178 million yuan [6][10] - The gross margin for pre-mixed beverages improved to 70.03% in 2024, up 2.42 percentage points year-on-year, despite a decrease in sales volume [6][7] Sales Channels - Offline sales saw a slight decline, while ready-to-drink and digital retail channels experienced significant drops of 43.58% and 30.75% respectively [6][9] - The number of distributors decreased by 4% to 2068 by the end of 2024, impacting sales negatively [6][9] Future Projections - The company forecasts earnings per share of 0.78 yuan, 0.93 yuan, and 1.07 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 34.65, 29.13, and 25.28 [6][10]

人工晶体销售放量对冲集采降价影响，视力保健业务收入占比提升至 30%。 1）人工晶体收入 5.88 亿（+17.66%），销量同比增长 44.93%，"全视"多 焦晶体等高端产品增长迅速但占比较低，受集采影响的人工晶体价格下调较 多。2）"普诺瞳"角膜塑形镜收入 2.36 亿（+8.03%），销量同比增长 2.40%， 公司积极丰富产品布局，推出了多种规格的离焦框架镜和离焦软镜等防控产 品，使得近视防控产品营收实现 20.79%增长。3）隐形眼镜收入 4.26 亿 （+211.84%），销量同比增长 241.11%，公司加大隐形眼镜产线建设和市场 投入，核心子公司天眼收入 1.96 亿，净利润 0.08 亿；优你康收入 1.48 亿， 净利润 0.12 亿；美悦瞳收入 0.86 亿，净利润 0.02 亿。 毛净利率受产品结构变化影响，首款国产眼内镜龙晶于 25 年初获批上市。 2024 年毛利率为 66.23%（-9.78pp），主要受相对低毛利率的隐形眼镜产品 收入占比提升的影响。销售费用率 14.12%（-5.17pp），管理费用率 12.12% （+0.03pp），研发费用率 7.60%（-2.24pp ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [5]. Core Insights - The company has received approval for its asset restructuring, which is expected to enhance its asset scale and operational performance [1]. - The restructuring will lead to a significant increase in the company's total assets by 18.37% and an expected increase in operating revenue by 25.07% and net profit by 5.93% based on 2024 data [3][4]. - The company is one of the largest listed power generation companies in China, with a current installed capacity of 59.8186 million kilowatts, which will increase to 75.8786 million kilowatts post-restructuring [3]. Summary by Sections Company Overview - The company operates in 12 provinces and cities across China, showcasing a diverse range of power generation assets and a well-established industrial chain [3]. Financial Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.64 yuan, 0.69 yuan, and 0.73 yuan respectively, with corresponding price-to-earnings (PE) ratios of 9, 9, and 8 [4]. Market Position - The restructuring is anticipated to strengthen the company's market share in Jiangsu, Shanghai, Guangdong, and Guangxi regions, further solidifying its competitive advantage [3].

证券研究报告：食品饮料|公司点评报告 发布时间：2025-05-27 股票投资评级 买入|维持 个股表现 -27% -23% -19% -15% -11% -7% -3% 1% 5% 9% 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 安井食品 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 83.86 | | --- | --- | | 总股本/流通股本（亿股）2.93 / 2.93 | | | 总市值/流通市值（亿元）246 / 246 | | | 52 周内最高/最低价 | 102.97 / 68.93 | | 资产负债率(%) | 23.6% | | 市盈率 | 16.51 | | 第一大股东 | 福建国力民生科技发展 | | 有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 安井食品(603345) 战略转向新 ...

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [4][18]. Core Insights - The company reported a revenue of 10.3 billion in 2024, a decrease of 9.7% year-on-year, and a net profit of 1.262 billion, down 36.1% year-on-year. However, in Q1 2025, the company achieved a revenue of 2.48 billion, reflecting a growth of 5.4% year-on-year, and a net profit of 370 million, up 1.9% year-on-year [2][4]. - The domestic bidding trend is accelerating, leading to a recovery in performance in Q1 2025, supported by policy implementation and market recovery. The company is expected to continue to see growth as installations increase [2][3]. - The company achieved a market share increase of over 3 percentage points in 2024, despite an overall industry slowdown, with high-end products seeing a 5 percentage point increase in market share [3]. Financial Performance Summary - In 2024, the company’s revenue from CT was 3.04 billion (down 25%), MR revenue was 3.19 billion (down 2.7%), MI revenue was 1.3 billion (down 16.3%), XR revenue was 590 million (down 22.8%), and RT revenue was 320 million (up 18.1%). Maintenance revenue grew significantly to 1.356 billion, up 26.8% [3]. - The company’s overseas revenue reached 2.2 billion in 2024, a 34% increase year-on-year, with nearly 300 high-end machines sold globally [2][3]. - The report projects revenues for 2025-2027 to be 12.5 billion, 15 billion, and 17.5 billion respectively, with corresponding year-on-year growth rates of 21%, 21%, and 16% [4][6]. Product Development and Market Strategy - The company is launching several innovative products, including the uMR Jupiter 5T and uLinac HalosTx, which are expected to enhance its competitive edge in the market [3]. - The company is also focusing on AI integration with its imaging devices, which is anticipated to open new avenues for market penetration [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][26]. Core Views - The company is undergoing a strategic transformation, focusing on the separation of agency business and enhancing its own product development, which is reflected in the increase of self-developed product revenue from 50.03% to 75.07% over the past five years [2][10]. - The company is currently facing performance pressure due to market adjustments and the implementation of centralized procurement policies, with a projected revenue of 2.549 billion in 2024, down 11.98%, and a net profit of 127 million, down 59.44% [2][10]. - The company is making significant progress in the deployment of intelligent laboratory solutions and has seen a 59.21% increase in overseas revenue, reaching 162 million in 2024 [3][21]. Financial Performance Summary - In 2024, the company achieved a total revenue of 2.549 billion (down 11.98%) and a net profit of 127 million (down 59.44%), with a projected revenue of 2.616 billion in 2025 [6][10]. - The gross margin for 2024 was 55.1%, with a slight decrease of 0.2 percentage points, while the gross margin is expected to recover to 56.8% in Q1 2025 [4][22]. - The company’s operating cash flow remained robust, with a net cash flow of 638 million in 2024, despite a 29.70% decrease [24]. Revenue Breakdown - In 2024, the company’s revenue from agency products was 612 million (down 37.64%), while self-developed product revenue was 1.913 billion (up 1.75%) [3][16]. - The revenue from immunological reagents was 1.029 billion (up 8.04%), biochemical reagents was 499 million (down 13.53%), and clinical testing reagents was 214 million (up 21.77%) [3][16]. Future Earnings Forecast - The company has revised its earnings forecast for 2025-2026 downwards due to the impact of centralized procurement policies, with expected net profits of 273 million and 354 million for 2025 and 2026, respectively [4][26]. - The projected earnings per share (EPS) for 2025-2027 are 0.45, 0.58, and 0.69 yuan, with corresponding price-to-earnings ratios (PE) of 26, 20, and 17 times [4][26].

丨证券研究报告丨 公司研究丨点评报告丨华凯易佰（300592.SZ） [Table_Title] 华凯易佰 2024 年及 2025Q1 点评：盈利能力阶 段承压，存货管控轻装上阵 报告要点 [Table_Summary] 2024 年公司营业收入达到 90 亿元，同比增长 38%，归母净利润达到 1.7 亿元，同比下降 49%； 2024Q4 公司营业收入达到 29.1 亿元，同比增长 64%，归母净亏损 1912 万元，同比下降 158%。 2025Q1 公司营业收入达到 22.92 亿元，同比增长 35%，归母净亏损达到 0.15 亿元，同比下 降 118%。 分析师及联系人 research.95579.com 1 [Table_Author] 李锦 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 请阅读最后评级说明和重要声明 %% %% %% %% 华凯易佰（300592.SZ） cjzqdt11111 [Table_Title 华凯易佰 2024 2] 年及 2025Q1 点评：盈利能力阶 段承压 ...

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [6][9][14] Core Views - The company reported a revenue of 3.048 billion yuan in 2024, a year-on-year decrease of 6.61%, and a net profit of 671 million yuan, down 13.65% year-on-year [6][10] - The decline in revenue is primarily attributed to the drop in pre-mixed beverage sales, which accounted for 87.83% of total sales, while food flavor sales showed stable growth [6][7] - The company is diversifying its business by developing a liquor segment, particularly focusing on whiskey, which is expected to become a second growth engine [6][9] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 737 million yuan, a decrease of 8.11% year-on-year, but net profit increased by 10.39% to 178 million yuan [6][10] - The gross margin for pre-mixed beverages improved to 70.03% in 2024, up 2.42 percentage points year-on-year, despite a decrease in sales volume [6][7] Sales Channels - Offline sales saw a slight decline, while ready-to-drink and digital retail channels experienced significant drops of 43.58% and 30.75% respectively in 2024 [6][9] - The number of distributors decreased by 4% to 2068 by the end of 2024, impacting sales negatively [6][9] Future Projections - The company forecasts earnings per share (EPS) of 0.78 yuan, 0.93 yuan, and 1.07 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 34.65, 29.13, and 25.28 [6][10][11]

公司研究 证 券 研 究 报 告 短期营收承压，平台化建设支撑发展韧性 当前价：12.49 元 事项： ❖ 云从科技发布 2024 年年度报告及 2025 年第一季度报告。2024 年，公司实现 营业收入 3.98 亿元，同比下降 36.69%；归母净利润为-6.96 亿元；扣非净利润 为-7.22 亿元。2025 年第一季度，公司实现营业收入 0.37 亿元，同比下降 31.56%；归母净利润为-1.24 亿元，亏损较上年同期收窄；扣非净利润为-1.29 亿元，较上年同期收窄。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 398 | 448 | 560 | 727 | | 同比增速(%) | -36.7% | 12.6% | 25.0% | 29.9% | | 归母净利润(百万) | -696 | -484 | -358 | -284 | | 同比增速(%) | -8.1% | 30.5% | 26.0% | 20.7% ...