wen | quanqiucaishuo panyan

zai2024nianremenchengfenyuanliaozhong，zhongzujiaoyuandanbaibizhanyixizhiwei。

furuositeshaliwenshujuxianshi，2025nianjiaoyuandanbaishichangfenejiangchaoyueboniaosuanchengweihufupindiyidayuanliaochengfen，2027nianzhongguozhongzujiaoyuandanbaishichangguimoyouwangdadao1083yiyuan。

shishishang，zi“zhongzujiaoyuandanbaidiyigu”juzishengwu（02367. hk）yu2022nian11yuechenggonggangjiaosuoqiaozhonghou，gaiyuanliaochengbenjiubeishouxingyeguanzhu。

2021nianzhi2023nian，juzishengwuyingshounianfuhezengzhanglvkeda50.58％，guishujinglirunnianfuhezengzhanglv33.97％。2024nianshangbannian，juzishengwutongbizengzhang56.37%zhi25.25yiyuan，guishujingliruntongbizengzhang47.41%zhi9.83yiyuan。

danzaiyejikuangbiaodebiaoxiangxia，queyinzanglejuzishengwuqixiadapinpaizengsufanghuan、jinglirunlvzhoujiang、nanchuangxinquxiandegangaxianzhuang。

营销翻倍蚕食利润率

jiyuzhongzujiaoyuandanbaijishu，juzishengwuzichengliyilaiyixianhoufuhuachukefumei、kelijin、keyu、kehen、kefuping、liyan、xingan（skigin）hecangan8dapinpai，shejigongxiaoxinghufupin、yiyongfuliaohegongnengxingshipinsandalingyu。

zuoweijuzishengwuzuizaochuangzaodeliangdapinpai，kelijin、kefumeiyingshouzhanbihejichao9cheng。zhishijinxienianlai，juzishengwudeyingshouzengzhangjihudankaokefumeiladong，kelijindegongxianlizhengzaixueruo。

2024nianshangbannian，kefumeiyingshouzhanbitongbizengjia5.1gebaifendianzhi81.5%，gaishujuzai2019nianshijinwei30.3%。duibilaikan，2019nianzhi2024nianshangbannian，zhonggaoduangongnengxinghufupinpaikelijinyingshouzhanbizeyou50.3%jiangzhi15.6%。

kelijinxiaoshouexiahuadebeihou，shijuzishengwuchixuduonianqudaobiangedejieguo，zaifazhanchuqikelijinxiaoshougaoduyilaijingxiaoshangqudao。

yidianfengshiqide2019nianshujuweili，kelijincengkangqijuzishengwudebanbijiangshan，dangaipinpai6chengyingshoulaiziyujingxiaoshangkehu，qizhong5chenglaiziyudakehuxianchuangkecundianzishangwuyouxianzerengongsi（jiancheng：xianchuangkecun）。

julejie，xianchuangkecunweijuzishengwugongsichuangshirenzhiyiyanjianyachuzichuangli，gaigongsizhuyaotongguozijianyidongshejiaopingtai“chuangkeyunshang”xiaoshoujuzishengwuqixiayikelijinweizhudepinpai，bubaokuokefumei。

ciqian，chuangkeyunshangjiuyinqi“fenjidaili”deyingxiaomoshibeimeitizhiyiyouchuanxiaoweishangzhixian。suiranchuangkeyunshangjiangqichengwei“huiyuan”jizhi，xiaofeizhezaichengweihuiyuanhoucanjiapeixun，biankejiaru“chuangke”tuanduichengweifenxiaoshang。danruhui、zhekounahuojia、larenchouchengdengyingxiaoluojiyuweishangxiaoshouwangluoyouzheyiqutonggongzhimiao。

suizhe2019nian《dianzishangwufa》luodi，baoshouchuanxiaozhiyideweishangxingyekaiqidaxipai，yikelijin、hanshu、baiquelingweizhudeguohuomeizhuangweishangdaibiaobudeyijinxingdadaokuofudequdaodiaozheng。

heqitatongxingyiyang，juzishengwukaishiwajueyidtcmoshi（zhimianxiaofeizhe）weizhudexianshangzhixiaoqudaoqianli，bingtongguotoubuzhubo、kolzhongcao、mingxingdaiyandengfangshizengqiangcduanpinpaiyingxiangli。

yi2024nianshangbannianshujulaikan，juzishengwujingxiaoshangqudaoshouruzhanbiyijiangzhi31.3%，fanzhixianshangzhixiaoqudaoshouruzhanbizengzhi69.7%。

zaiciqijian，juzishengwudexiaoshoujijingxiaokaizhishuizhangchuangao，xiaoshoujijingxiaokaizhifeiyonglvyou2019niande9.80%zengzhi2023niande33.04%，2024nianshangbanniangaishujujinyibuzengzhi35.11%。

zhideyitideshi，juzishengwu2022nianiposhimujizijinjinge5.74yigangyuan，qizhong2.64yiyuanyongyuzengqiangqudaowangluojiyingxiaogongzuo。ju2024nianzhongbaoxianshi，gaibufenmuziyizaibaogaoqineishiyongwanbi。

weilai，juzishengwudeyingxiaoyalijiangjinyibukuoda。yijinxienianjuzishengwuliannianxiahuadejinglilvhuokekanchuduanni，2021nianzhi2023nianji2024nianshangbannian，juzishengwujinglilvfenbiewei53.34%、42.36%、41.09%ji38.33%。

轻研发难撑高溢价

qudaobiangehou，diejiayingxiaobuffdekefumeizhujiandaitikelijinchengweijuzishengwuxindezengzhangyinqing，8chengzuoyoudeyingshouzhanbianshizhejuzishengwude“dapinpaiyilaizheng”zhengzaijiaju。

zhideyitideshi，kelijinwei2009niansuojianpinpai，kefumeiwei2011niansuojianpinpai。2015nianzhi2019nianqijian，juzishengwuxianhoutuichude6geshejipifuhuli、baojianshipinlingyupinpai。

congyingshoujiegoukan，2024nianshangbannian，juzishengwupifuhuliqitapinpaiyingshouzhanbiwei2.6%，baojianshipinjiqitayingshouzhanbiwei0.3%，erzhehejibuzu3%。kejian，jinshinianshijianjuzishengwuyeweinengdazaochuyukefumei、kelijinxiangpimeidexinquxian。

cong2024niangepingtaishuangshiyihuodongbiankeyikanchu，kefumeichujinfengtouzhongjinbangdingduoweitoubuzhubo，lituiqixiacipaochanpin。yilijiaqizhibojianweili，qichu10wantaoyiqiangerkong，zaifanfuqiangdiaokefumeibeihuoyouxiandeqingkuangxia，jiahuozhi30wantao，gejitianyouzengzhi50wantao、80wantao、100wantao，zhidaozuihouzhijiegualiansuishikeyigoumai，quexiangjiyagaoyiyangyidiandianxiaohaoxiaofeizhe、zhizaoqiangbudaodejiaxiang。

gengweiyinyoudeshi，zaikelijinzhujianshiweidedangxia，kefumeitongguomengzayingxiaodaidongyejigaozengzhangdetaoluyezhengzaishixiao。2021nianzhi2023nianji2024nianshangbannian，kefumeideyingshouzengsufenbiewei113.07%、79.68%、72.86%ji68.61%，fanghuanqushimingxian。

shishishang，kefumeimianlinzheyufuerjiadengyizhongtongguoyiyongfuliaomianmofajiapinpaixiangsidewenti，zaidaxiangminghaohou，tongguo“gaojia”qierugongxiaoxinghufupinshichangdeluojichixubeishichangzhiyi。

2024nianshangbannian，juzishengwumaolilvgaoda82.40%，gaomaoliyuanchaoyizhongtongxing，zheiyeyuanyuqixiapinpaichanpindechaogaoyijia。

zaikefumeitianmaoqijiandianzhong，yihe5pianzhuangdezhongzujiaoyuandanbaifuliaoyiyongmianmo，richangshoujiawei188yuan/he，duibimaolilvtongyangchao80%defuerjialaikan，yihe5pianzhuangdezhongzuiiixingrenyuanhuajiaoyuandanbaiyiyongmianmo，richangshoujiawei134yuan/he。

duiyujuzishengwuqixiapinpaidegaodingjia，youyeneirenshibiaoshi，juzishengwushiyongdeyuancailiaohexinchengfenshizhongzujiaoyuandanbai，qieshidiyijiashiyonggaichengfendehufupinqiye，suoyichanpinjiageyaogaoyixie。

2024nianshangbannian，juzishengwuyuanliaochengbenzhanzongyingshoubizhongyue12.36%。youcijisuan，1pianrichangshoujia37.6yuandekefumeizhongzujiaoyuandanbaifuliaomianmo，yuanliaochengbenjin4.51yuan。

duiyujuzishengwuqixiapinpaichanpingaomaoli、gaoyijiadehelixingbudeerzhi，danqiqingyanfamoshiquebeishichangguanzhu。

fanyuewangqiyanfashujukeyifaxian，juzishengwuyanfachengbencongweichaoguoyiyuanguimo。2019nianzhi2023nian，juzishengwuyanfafeiyonglvyou1.19%zengzhi2.13%，2024nianshangbannianyoujiangzhi1.91%。

“械三证”遥遥无期

suiyanfatourubusuantuchu，danjiezhi2024nian6yuemo，juzishengwuhaiyou100gezaiyanxiangmuzhengzaijinxingzhong，bingzhengtuijinduoxiangzhongzujiaoyuandanbaijifuhuanhuochanpindeyanfajizhucegongzuo。

zhisuoyizhongdiantidaozhongzujiaoyuandanbaijifuhuanhuochanpin，yuanyujuzishengwuzhengzaijiehezishenzaijiaoyuandanbaishichangyoushi，jihuajinjunyimeizhusheleijiaoyuandanbaishichang，yebeiyeneishiweijuzishengwuweizijidazaode“dierquxian”。

ciqian，juzishengwucengzaizhaogushuzhongtoulu，gongsiyou4kuansanleiyiliaoqixiejifuhuanhuochanpinzhengzaiyanfatuijin，qizhongzhongzujiaoyuandanbaiyetizhiji、zhongzujiaoyuandanbaigutizhiji2kuanchanpinyujiyu2024niandiyijiduhuopiquzheng，shengyudezhongzujiaoyuandanbainingjiao、jifuhuanhuochanpinyujiyu2025nianshangbannianhuopiquzheng。

suizaiyimeizhushelingyuxushidaifa，danjuzishengwuqueyinchichinabudaosanleiyiliaoqixiezhucezheng，erwufadazhanshenshou。

julejie，“sanleiyiliaoqixie”shikeyongyupineizhenpicengzhushetianchongdeyiliaoqixie，xiangjiaoyuyongyufuliao、futie、ningjiaodeng“xieer”chanpin，“xiesan”chanpinshouxianyugenggaodejishumenjianyijigengyankedeshenpiliucheng。

youci，yuanjihuayu2024nianyijidunazhengde2kuan“xiesan”chanpin，juzishengwuzuizhongzai2024nianbannianbaozhongyi“womenjixutuijinzhongzujiaoyuandanbaijifuhuanhuochanpindelinchuangshenbaogongzuo”liaoliaodaiguo，bingyu2024nian8yuedezhongqiyejihuishangjiangzheiyishijiantuichizhi2025niandiyijidu。

fangyanxingye，muqianzhongguoyihuopidejiaoyuandanbaitianchongjichanpinzhuyaolaizi4jiachangshang，fenbieweizhongguotaiwanshuangmei、zhangchunbotai、helanhanfu，yijijinboshengwu（832982. bj）。qizhong，qiansanjiajunweidongwuyuanjiaoyuandanbai，erjinboshengwuzekaichuangxingyanfachugengshiherentizhushederenyuanhuajiaoyuandanbai。

2021nian6yue，jinboshengwushenqingde“zhongzuⅲxingrenyuanhuajiaoyuandanbaidongganxianwei”（shangpinming：weiyimei）zhengshihuodeyaojianjupizhun，chengweizhongguoshoukuanyeshiweiyiyikuanzhongzurenyuanhuajiaoyuandanbai。2023nian8yue，jinboshengwuyouhuopiyikuan“zhusheyongzhongzuⅲxingrenyuanhuajiaoyuandanbairongye”。

pingjiejishubileiyoushi，jinboshengwumaolilvyegaodejingrenqierengzaipansheng，2024niansanjiduyizengzhi92.37%gaowei，yuanchaoyizhongtongxing。

youjinboshengwudechenggongzaiqian，mianduizhongzudanbaishichangyijiuxiquede“xiesanzheng”，zhongqiyezhengjiasunazhengzhong。

chujuzishengwuwai，haibaokuofuerjia（301371. sz）、huaxishengwu（688363. sh）、chuangjianyiliao（873474. nq）dengduojiagongsizaishezuzhongzujiaoyuandanbaiyimeilingyu，bingzhubujinrusanleiyiliaoqixiedezhuceshenbaojieduan。

rushendubangdingbeitaini（300957. sz）dechuangjianyiliaojinchengjiaokuai，huojiangzaoyujuzishengwuhuodezhucezheng。genjuchuangjianyiliaoyu2024nian9yuegonggaozhongsuopilude6kuansanleixiezhongzujiaoyuandanbaizaiyanchanpinxianshi，you2kuanchanpinchuyuzhuceshenbaozhong，yujifenbieyu2024nianniandi、2025nianshangbannianhuopi。

ciwai，yiyiliaoqixiefuliaofajiadefuerjia，xuanzezhijijinboshengwuderenyuanhuajiaoyuandanbailingyu。fuerjiayu2024nian9yuedegonggaozhongtoulu，gongsizaiyanchanpin“zhongzuⅲxingrenyuanhuajiaoyuandanbaidongganxianwei”linchuangshiyanbeianwancheng，jiangqidonglinchuangshiyan。

haowuyiwen，zhongzujiaoyuandanbaisaidaojizhanzhenghan，zhongduolongtouqiyedouzaijijibuju。duiyuweilai，juzishengwurengxuduojiasikao，zheibingbushijigegouwujijiukeyijiejuedewenti。