Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][20]. Core Views - The company achieved a revenue of 3.868 billion RMB in 2024, representing a year-on-year growth of 20.0%, while the net profit attributable to shareholders decreased by 27.5% to 353 million RMB [1][4]. - The growth in revenue is driven by value-added services, with community value-added service revenue increasing by 30.6% to 1.217 billion RMB, and commercial operation and management service revenue rising by 29.4% to 630 million RMB [2]. - Despite the decline in net profit due to goodwill impairment, the core net profit, excluding this impairment, still grew by 5.1% year-on-year [2]. - The company has a strong cash position, with cash and deposits totaling 4.702 billion RMB, which is 0.99 times its total market value, and a dividend yield of 5% based on the latest share price [3]. - The company plans to repurchase up to 30.44 million shares, which is 2% of the total share capital, and maintains a 50% payout ratio for dividends [3]. Summary by Sections Performance Review - In 2024, the company reported a revenue of 3.868 billion RMB, a 20.0% increase year-on-year, while the net profit attributable to shareholders was 353 million RMB, down 27.5% [1]. Operational Analysis - Revenue growth was primarily driven by value-added services, with community services and commercial management services showing significant increases [2]. - The company’s gross margin decreased by 3.3 percentage points to 23.3%, attributed to declines in various service margins [2]. - The total managed area reached 69.31 million square meters, a 6.3% increase from 2023, while the contracted area also grew by 6.3% to 88.73 million square meters [2]. Profit Forecast, Valuation, and Rating - The profit forecast for 2025-2027 has been slightly adjusted, with expected net profits of 520 million RMB, 560 million RMB, and 610 million RMB, reflecting growth rates of 46.4%, 9.2%, and 8.1% respectively [4]. - The current stock price corresponds to a PE ratio of 9.13x, 8.36x, and 7.73x for the years 2025-2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating benefits from improved supply-demand dynamics in the storage industry [4]. Core Insights - The company reported FY25Q2 revenue of $8.05 billion, a 7.5% decrease quarter-over-quarter but a 38.3% increase year-over-year. GAAP net profit was $1.583 billion, down 15.3% quarter-over-quarter but up 99.6% year-over-year [1]. - The company is actively controlling production capacity, expecting improvements in supply-demand balance for DRAM and NAND markets. The DRAM market is projected to grow by 15%-20% in 2025, while NAND is expected to see low double-digit growth [2]. - The company anticipates strong demand for HBM (High Bandwidth Memory), with the HBM market expected to exceed $35 billion in 2025. The demand for HBM remains robust, with the company already sold out for 2025 [3]. Summary by Sections Performance Review - FY25Q2 revenue was $8.05 billion, with a GAAP gross margin of 36.8% and a GAAP net profit of $1.583 billion. DRAM revenue was approximately $6.1 billion, while NAND revenue was about $1.9 billion [1]. Operational Analysis - The company is focusing on production control, with expectations that its DRAM and NAND supply growth will be below industry averages. The company plans to reduce NAND wafer capacity by 10% by the end of FY25 [2]. Market Outlook - The data center server shipment growth is expected to be in the mid-single digits, driven by strong AI demand. The PC market is projected to grow in the low single digits, with AI PCs requiring at least 16GB of memory, which will boost DRAM demand [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of $6.282 billion, $9.606 billion, and $9.987 billion for FY25, FY26, and FY27, respectively. The corresponding price-to-book ratios are expected to be 2.25, 1.91, and 1.65 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 7.07 billion RMB for the year 2024, a slight increase of 0.5% year-on-year, with an adjusted net profit of 1.68 billion RMB, up 3.3% year-on-year [1]. - The second half of 2024 saw a decline in revenue to 2.93 billion RMB, down 16.5% year-on-year, and an adjusted net profit of 660 million RMB, down 19.7% year-on-year [1]. - The company is focusing on high-end and next-high-end products, with revenue from high-end products decreasing by 11% to 1.71 billion RMB, while next-high-end products saw a 9% increase to 3.00 billion RMB [2]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 7.07 billion RMB, with a year-on-year growth of 0.5% and an adjusted net profit of 1.68 billion RMB, reflecting a 3.3% increase [1]. - The second half of 2024 experienced a revenue drop to 2.93 billion RMB, a decline of 16.5% year-on-year, and an adjusted net profit of 660 million RMB, down 19.7% [1]. Operational Analysis - Revenue by product for 2024: Zhenjiu 4.48 billion RMB (-2%), Lidou 1.31 billion RMB (+18%), Xiangjiao 800 million RMB (-4%), and Kaikouxiao 340 million RMB (-12%) [2]. - The company adjusted its market expansion strategy, slowing down the growth of Zhenjiu and focusing on high-end products, which still showed double-digit growth [2][3]. Financial Quality - The overall gross margin for 2024 increased by 0.6 percentage points to 58.6%, with adjusted net profit margin rising to 23.7% [3]. - The company reported a year-end balance of 6.9 billion RMB in accrued rebates and 1.75 billion RMB in advance customer payments, showing a slight increase and decrease respectively compared to the previous year [3]. Profit Forecast and Valuation - The report projects a revenue growth of 3.0% in 2025, with adjusted net profit expected to increase by 17.1% to 1.55 billion RMB [4]. - The current stock price corresponds to a PE ratio of 15.0X for 2025, 13.3X for 2026, and 10.6X for 2027, indicating a favorable valuation [4].

基本内容 如果没有放缓缩表，3 月的 FOMC 会议其实展现出了相当程度的独立性：既不对当前的软数据过度担忧（强调硬数据依 然稳健），又认为民众对于经济的不满更多是因为更高的价格水平（强化去通胀重要性）。 但面对持续调整的美股，"特马改革"带来的不确定性激增和初见成效的反移民政策，鲍威尔也不得不做出一定的妥 协。超预期的放缓缩表以及对关税冲击的"暂时性"判断，从某种程度上给出了一个 Fed Put 的承诺。 值得注意的是，这个 Fed Put 并"不那么情愿"，所以也"没那么坚实"。 在"鸽派"和"鹰派"之间，鲍威尔选择了"鸭派"（即表面镇定，实际无主）；在"太积极"和"太不积极"之间， 鲍威尔选择了市场与白宫都不得罪；看不清形势也是客观存在的事实，所以货币没有政策，只有对策。 但在弥漫着经济政策不确定性的氛围中，选择数据依赖就意味着大概率行动将落后于曲线；即使数据依然坚实，不确 定性的进一步走高或将倒逼联储在下一次会议被迫更加积极地应对。 风险提示 1）"特马改革"的进程推进节奏 2）关税对物价超预期传导，影响联储货币政策节奏 3）特朗普移民政策的不确定性 产生薪资压力 4）全球 AI 叙事审美的扭转和对" ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company reported a revenue of 70.83 billion yuan for 2024, a year-on-year increase of 13.0%. The net profit attributable to shareholders, excluding the listing gains from Amer Sports, was 11.93 billion yuan, up 16.5% [1]. - The company plans to distribute a total dividend of 2.36 HKD for 2024, with a payout ratio of 51.4% [1]. - The multi-brand matrix continues to show rapid growth, with significant contributions from the Anta brand and FILA [1][2]. Summary by Sections Anta Brand - Anta's revenue for 2024 reached 33.52 billion yuan, reflecting a 10.6% increase. The core store strategy has significantly driven growth, with some flagship stores achieving sales efficiency three times that of traditional stores [1]. - The launch of the PG7 running shoes has been successful, selling over one million pairs within three months due to its high cost-performance ratio [1]. FILA Brand - FILA's revenue was 26.63 billion yuan, up 6.1%. The brand has successfully expanded its footwear line, with sales exceeding 23 million pairs in 2024, and aims to create a million-unit IP in footwear by 2025 [2]. - The adjustments in children's and trendy product lines have shown significant results, contributing to overall brand growth [2]. Other Brands - Other brands generated revenue of 10.68 billion yuan, a remarkable increase of 69.5%, marking the first time revenue surpassed 10 billion yuan, accounting for 15.1% of total revenue [2]. - The high store efficiency model of Descente and KOLON brands continues to thrive, with several stores achieving sales exceeding 50 million yuan [2]. Profitability and Financial Metrics - The company's gross margin for the year was 62.2%, a slight decrease of 0.4 percentage points year-on-year. The increase in low-margin online sales channels has contributed to this fluctuation [3]. - The selling expense ratio increased by 1.62 percentage points to 36.21%, primarily due to increased advertising and promotional expenses in the Olympic year [3]. - The company is expected to maintain stable profitability, with inventory turnover days at 121 days, indicating effective inventory management [3]. Outlook for 2025 - The company plans to enhance store efficiency, targeting 6,900-7,000 Anta stores and 2,600-2,700 children's stores by 2025 [4]. - Continued expansion in Southeast Asia, the Middle East, and Europe is anticipated, with overseas stores expected to contribute significantly to revenue growth [4]. - The forecast for FY25 revenue growth is between 13%-15%, with net profit projected to reach 360-390 million USD [4].

业绩简评 2025 年 3 月 19 日晚，公司发布 2024 年报：全年实现营收 239.84 亿元，同比-7.36%；归母净利 8.92 亿元，同比-59.90%；扣非归 母净利 3.84 亿元，同比-80.48%。其中，Q4 实现营收 71.73 亿元， 同比-6.33%；归母净利 2.84 亿元，同比-45.08%；扣非归母净利 0.60 亿元，同比-87.17%。年报业绩高于前期预告中值。 经营分析 分板块业绩拆分（叶片、锂膜非全资持股），整体归母净利 8.92 亿元，其中玻纤贡献 3.7 亿元、叶片贡献 1.86 亿元、锂膜贡献 0.22 亿元，倒减其他业务贡献 3.14 亿元（主要为高压复合气瓶、南玻 院、北玻有限）。24 年公司资产减值 8423 万元、信用减值 4750 万元，对业绩影响较大。 （1）玻纤：24 年玻纤及制品销售 136 万吨、同比基本持平，实现 营收 77.4 亿元，净利润 3.7 亿元。我们推算，公司玻纤及制品吨 价格 5692 元（同比-247 元），吨成本 4686 元（同比+573 元），吨 净利 272 元（同比-465 元）。参考玻纤龙头中国巨石粗纱盈利能力 环 ...

Investment Rating - The report maintains a cautious outlook on the economic environment, indicating a potential shift from "concern" to "reality" regarding recession risks, with the Federal Reserve's ability to lower interest rates being constrained [3]. Core Insights - The Federal Reserve's decision to keep the federal funds target rate in the range of 4.25%-4.50% reflects ongoing economic uncertainties, particularly related to inflation and growth forecasts [3]. - Economic growth forecasts for 2025, 2026, and 2027 have been revised downwards by 0.4pct, 0.2pct, and 0.1pct respectively, with the 2025 GDP growth now projected at 1.7% [3]. - The unemployment rate forecast for 2025 has been adjusted upwards to 4.4%, while the core PCE inflation forecast has been raised to +2.5% [3]. - The report highlights concerns over inflation driven by tariffs and the impact of Trump's policies on economic growth, suggesting a negative outlook [3][4]. Summary by Sections Economic Outlook - The Federal Reserve's recent meeting emphasized increased uncertainty in economic prospects, with a notable shift in the tone of the statements regarding inflation and growth risks [3]. - The updated economic projections indicate a significant downward bias in growth forecasts and an upward bias in unemployment rate predictions [3][8]. Inflation and Monetary Policy - The report discusses the impact of tariffs on inflation, suggesting that while recent strong commodity inflation readings reflect tariff-induced price increases, the Fed remains cautiously optimistic about the long-term inflation outlook [3][4]. - The Fed's ability to lower interest rates is limited, which may accelerate the transition of recession risks from concerns to reality [3]. Sector Recommendations - Gold is recommended as a strong investment opportunity, with expectations of price increases driven by a potential "hard landing" in the U.S. economy and a renewed Fed easing cycle [4]. - The pharmaceutical sector, particularly innovative drugs, is seen as having upside potential due to the Fed's easing cycle, with expectations of improved revenue in the medium to long term [4]. - U.S. equities are viewed as facing downward adjustments due to increasing economic risks and uncertainty in earnings growth [4].

当地时间 3 月 18 日，美联储宣布将联邦基金目标利率区间维持在 4.25%-4.50%，这是自 2024 年 9 月本轮降息周期开 启以来的连续第二次"暂停"。2024 年 9 月至 12 月，美联储连续三次会议分别降息 50/25/25bps，累计幅度达 100bps。 美联储降息自由度受限，衰退风险或从"担忧"转向"现实" 美联储 2025 年 3 月会议将联邦基金目标利率区间维持在 4.25%-4.50%，符合市场预期，这也是本轮降息周期开启后的 连续第二次"暂停"。此次会议声明和经济预测摘要(SEP)最大的变化在于，进一步反应了在特朗普极高的政策不确定性背 景下，对美国经济"滞胀"风险的担忧。一方面，本次声明的主要变化如下：1）增加了"经济前景的不确定性增加"的表 述，删除了原有的"就业和通胀目标的风险大体均衡"；2）宣布"放缓 QT 步伐"，将美国国债的每月赎回上限从 250 亿美 元降至 50 亿美元，MBS 赎回上限则保持不变。另一方面，更新的经济预测摘要"下调增长预测，并上调了通胀和失业率预 测"：1）2025/26/27 的实际 GDP 增速预测下修 0.4pct/0.2pct/0.1p ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 23.984 billion RMB for 2024, a decrease of 7.36% year-on-year, and a net profit attributable to shareholders of 0.892 billion RMB, down 59.90% year-on-year [1] - The report indicates that the company's performance exceeded the midpoint of previous forecasts [1] - The company expects a recovery in profitability driven by high demand in the wind power sector and improved supply-demand dynamics [3] Revenue and Profit Analysis - The company achieved a total revenue of 239.84 billion RMB in 2024, with a significant decline in net profit [1] - The breakdown of net profit contributions includes 0.37 billion RMB from fiberglass, 0.186 billion RMB from wind blades, and 0.022 billion RMB from lithium membranes, while other businesses contributed a loss of 0.314 billion RMB [2] - The company faced substantial asset impairments of 84.23 million RMB and credit impairments of 47.50 million RMB, impacting overall performance [2] Segment Performance - Fiberglass sales remained stable at 136,000 tons, generating revenue of 77.4 billion RMB, with a net profit of 0.37 billion RMB [2] - Wind blade sales reached 24 GW, resulting in revenue of 85.7 billion RMB, with a net profit of 0.318 billion RMB [3] - Lithium membrane sales increased by 9% to 1.9 billion square meters, generating revenue of 1.47 billion RMB, with a net profit of 0.044 billion RMB [3] Forecast and Valuation - The company forecasts net profits of 1.562 billion RMB, 2.016 billion RMB, and 2.319 billion RMB for 2025, 2026, and 2027 respectively, with corresponding dynamic P/E ratios of 16x, 12x, and 11x [4] - The report anticipates a recovery in net profit growth rates, projecting increases of 75.12% in 2025 and 29.08% in 2026 [6]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 23.984 billion RMB for 2024, a decrease of 7.36% year-on-year, and a net profit attributable to shareholders of 0.892 billion RMB, down 59.90% year-on-year [1] - The report indicates that the company’s performance exceeded the mid-point of prior forecasts [1] - The company is expected to see a recovery in net profit with projections of 1.562 billion RMB, 2.016 billion RMB, and 2.319 billion RMB for 2025, 2026, and 2027 respectively [4] Segment Analysis Fiberglass - The fiberglass segment achieved sales of 136,000 tons in 2024, with revenue of 7.74 billion RMB and a net profit contribution of 0.37 billion RMB [2] - The average selling price per ton for fiberglass was 5,692 RMB, a decrease of 247 RMB year-on-year, while the cost per ton increased by 573 RMB to 4,686 RMB [2] Wind Power Blades - The wind power blade segment sold 24 GW in 2024, generating revenue of 8.57 billion RMB and a net profit of 0.318 billion RMB [3] - The average price per GW was 3.57 billion RMB, down 0.82 billion RMB year-on-year, with a unit cost of 3.09 billion RMB [3] Lithium Membranes - The lithium membrane segment sold 1.9 billion square meters in 2024, achieving revenue of 1.47 billion RMB and a net profit of 0.044 billion RMB [3] - The selling price per square meter was 0.77 RMB, a decrease of 0.64 RMB year-on-year [3]