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热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  歌尔股份发布的2025年一季报显示,实现营业收入163.05亿元,同比下降15.57%;归属净利润4.69亿元,同比增加23.53%;扣非净利润2.923亿元,同比增长6.09%。

  对于一季度的收入下滑,华西证券分析称,主要系智能硬件部分客户的产品处于生命周期中后段正常降量。净利润增长主要系一季度公司外汇衍生品投资收益及对联营企业的投资收益增加,共计带来1.44亿元投资收益(去年同期为亏损0.04亿元)。

  其他财务指标方面,公司资金回笼速度加快,应收账款第一季度末余额为83.11亿元,较期初的178.81亿元减少53.52%;货币资金稳步提升至217.44亿元,较期初增加24.49%。经营活动现金流净额15.36亿元,同比增长0.13%。同时,公司一季度销售毛利率提升至12.41%,同比提升3.21个百分点;销售净利率提升至2.68%,同比提升0.79个百分点,盈利能力持续修复。

  虽然营业收入下降,但歌尔股份在报告期内仍然加大研发投入,当期研发费用为10.96亿元,同比增长32.83%。

  相较于2024年全年营收、净利润双增长的趋势,歌尔股份一季度业绩增长有所放缓。

  但环比来看,相比于去年四季度,歌尔股份一季度营收环比下降47.92%,净利润环比增长46.59%。按照往年走势,一季度通常为公司淡季,营收、净利处于一年中的低位。

  此前歌尔股份发布的2024年年报显示,公司实现营业总收入1009.54亿元,同比增长2.41%;归母净利润26.65亿元,同比增长144.93%;扣非净利润23.93亿元,同比增长178.30%;基本每股收益为0.79元,加权平均净资产收益率为8.46%。

  从业务表现看,歌尔股份精密零组件业务、智能声学整机业务以及智能硬件业务板块中的VR/MR、智能穿戴等细分产品线业务进展较为顺利,综合毛利率提升。同时,公司加强精益运营、推动盈利能力修复的各项工作取得了一定成果,整体盈利水平同比显著提升。

  4月22日,截至记者发稿,歌尔股份报20.91元,跌2.01%。

  金价飙升至纪录高位,随着外界担心美国总统特朗普可能会辞退美联储主席杰罗姆·鲍威尔,引发了人们抛售美国股票、债券和美元。

  金价周一上涨2.9%后,突破每盎司3486美元。特朗普呼吁美联储立即降息,此举被视为危及该央行的独立性,导致美元跌至2023年以来的最低水准。

  KallanishIndexServices分析师LeeLiangLe表示:“今年金价的快速上涨告诉我,市场对美国的信心比以往任何时候都低。”她说,“特朗普交易”的表述已经演变成“卖出美国”的表述。

  随着贸易紧张重创市场并削弱了人们对美元资产的信任,金价在2025年已经飙涨三分之一。流入黄金ETF和央行的买进,支撑了金价上涨,今年金价每个月都上涨。

  今年黄金的涨势愈演愈烈,一些银行逐渐更看好金价。其中,高盛预测金价明年年中可能达到每盎司4,000美元。

  不过,近期的急涨已经超出了一些备受关注的指标,表明涨势可能会在某个时候暂停。金价14天相对强弱指数突破79,高于表示资产超买的70。

  截至目前即期金价上涨1.8%,至每盎司3,484.38美元。数在周一下跌0.7%后,美元指再次下跌。银价基本持平,钯金和铂金上涨。

  出品|远见资本局

  作者|远见君

  在白酒行业深度调整之下,川酒“六朵金花”之一剑南春业绩增速也在不断下行。

  四川剑南春集团近期在微信公众号表示,2024年该公司实现全年工业总产值同比增长15.11%,营收同比增长3.74%。

  作为一家非上市公司,剑南春暂未披露具体营收数据。但根据2023年169.41亿元营收总额来计算,剑南春2024年营收或在175亿元左右,业绩增速较往年有所下滑。

  从2019年至2021年,剑南春实现了一段高速发展的时期,年营收从102.26亿元,攀升至154.23亿元。但2022年后,其业绩增速开始放缓,当年营收为157.5亿元。

  不过,在业绩放缓之际,剑南春提出了一个很具有挑战性的目标。德阳市“十四五”规划中提出,2025年德阳全市白酒产业营业收入达400亿元以上,力争实现500亿元。剑南春销售收入占德阳产区90%以上,据此推算,到2025年,剑南春目标营收应该在360亿左右。

  早在2023年底,剑南春曾提出过在2025年实现350亿销售的目标规划。如今看来,这一目标的实现可能要延后了。

  当下白酒行业深受价格倒挂、库存积压等问题困扰,行业仍处于调整阶段。中国酒业协会发布的《2024中国白酒市场中期研究报告》显示,2024年上半年,800元-1500元价位带的白酒倒挂比例高达32%,500元-800元价位带的白酒倒挂比例为29%,300元-500元价位带的倒挂比例也达到了22%。

  剑南春也不例外,2024年“双十一”前夕,市场上出现不少来源不明的水晶剑南春,在电商平台上打着“假一罚十”“破价”“补贴”等名义疯狂打折促销。为此,剑南春官方还专门写了一则《致剑南春消费者的告知书》。剑南春表示,经检测分析,这些非授权店铺打折促销的产品疑似为回收拼凑销售。

  业内分析认为,出现这种现象的原因可能是由于市场供需失衡,产能过剩与消费不足的矛盾导致经销商为清理库存而低价甩货;此外,电商平台的补贴促销活动进一步拉低了市场价格。

  据悉,52度500ML剑南春水晶剑批发价为410元,然而在某些电商平台上,参与百亿补贴活动的同款产品单价却降至355元。另据海报新闻报道,线下门店售价450元一瓶的52°500ml水晶剑南春,在线上电商平台,能以低至291元的价格买到同等规格,价差远远超过100元,价格倒挂明显。

  水晶剑是剑南春旗下的王牌产品,同时也是300~500元的次高端价格段的明星大单品,在婚宴、谢师宴、升学宴等宴席市场“出席”率非常高。不过,随着头部品牌“茅五泸汾”等头部品牌不断向次高端市场布局,300~500元的次高端价格段成为当下白酒市场竞争最为激烈的“红海”,对剑南春形成不小的压力。

  而剑南春又十分依赖水晶剑。公开信息显示,2018-2021年,水晶剑分别实现销售额约100亿元、超120亿元、130亿元以及150亿元,占总销售收入比重分别为83.33%、80%、86.67%、75%。剑南春的营收结构单品依赖的特征突出,倘若水晶剑竞争力不济,可能会对公司营收造成冲击。

  面对激烈的市场竞争,剑南春选择向高端市场突围。2023年1月,剑南春推出老酒系列,定位为水晶剑的高端延伸产品,并且定价高达818元,意在冲击800元价格带。在2023年的“618”购物节期间,剑南春又推出了一款名为皇家剑南春的高端单品,定价高达1818元,预售价为1618元。不过,在目前白酒市场调整阶段,这一系列高端产品还没有显露出明显的“破局”效益。

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