Investment Rating - The report maintains a "Buy" rating for Anta Sports [1][7] Core Views - The company is expected to achieve revenue and net profit growth in 2024, with revenue at 708.26 billion and net profit at 155.96 billion, representing year-on-year growth of 13.6% and 52.4% respectively [2] - The main brand's stability is attributed to online contributions, while FILA faces pressure; other brands maintain high growth [3] - The company plans to expand its store count significantly by 2025, focusing on Southeast Asia and other international markets [3][7] Financial Performance - In 2024, the company's gross margin is projected to be 62.2%, a slight decrease of 0.4 percentage points year-on-year [4] - The operating profit margin (OPM) is expected to decline to 23.4%, down 1.2 percentage points year-on-year [4] - The net profit margin is forecasted to be 22.0%, an increase of 5.6 percentage points year-on-year [4] Revenue and Profit Forecast - Revenue for 2025 is projected at 770.44 billion, with a year-on-year growth of 8.78% [9] - The net profit for 2025 is estimated at 138.74 billion, reflecting a decrease of 11.04% compared to 2024 [9] - Earnings per share (EPS) for 2025 is expected to be 4.94 yuan, with a PE ratio of 18 times [9][7] Brand Performance - Revenue from Anta, FILA, and other brands for 2024 is expected to be 335.22 billion, 266.26 billion, and 106.78 billion respectively, with year-on-year growth rates of 10.6%, 6.1%, and 53.7% [3] - The online sales channel is projected to grow significantly, with online revenue expected to reach 248.6 billion, a year-on-year increase of 21.5% [3] Dividend Policy - The company plans to distribute a final dividend of 1.18 HKD per share, resulting in a dividend yield of 2.4% [2]

Investment Rating - Industry Rating: Overweight [6] Core Insights - Diesel generator sets are critical backup power sources for data centers, with engines being the most significant cost component, accounting for approximately 50-60% of total material costs [12][16] - The demand for diesel generators is expected to rise sharply due to increasing AI infrastructure needs driven by domestic internet companies [2][19] - Domestic suppliers of diesel generators are poised to benefit from rising prices and demand, particularly those with upstream supply chain advantages and resources in the internet sector [3][30] Summary by Sections 1. Diesel Generators as Key Configurations - Diesel generator sets are essential for data centers, providing longer power backup compared to UPS systems, which only offer short-term power during outages [9] - Diesel generators account for about 23% of non-IT equipment investment in data centers [11] 2. Increasing Supply-Demand Imbalance - The demand for high-power diesel generators is increasing, with prices showing significant upward trends; for instance, the average winning bid for 2MW high-pressure water-cooled diesel generators increased by 25% and 31% for different suppliers from 2022-2023 to 2025-2026 [17][18] - The supply side is dominated by foreign companies, which are currently facing production pressures and longer expansion cycles, exacerbating the supply-demand imbalance [23][26] 3. Opportunities for Domestic Suppliers - Domestic manufacturers are expected to experience a rise in both volume and price due to the tightening supply of high-power diesel generators and the potential for domestic substitution [30][32] - Key beneficiaries include companies like KOTAI Power, Weichai Heavy Machinery, and Taihao Technology, which are well-positioned to capitalize on these trends [4][31] 4. Investment Recommendations - The report maintains a positive outlook on diesel generator sets as demand is anticipated to grow rapidly with the acceleration of intelligent computing centers [4][32] - Recommended stocks include KOTAI Power, Weichai Heavy Machinery, Taihao Technology, and Yuchai International, among others, which are expected to benefit from the upward market trends [4][32]

Investment Rating - Industry rating: Recommended [6] Core Views - The report indicates a significant decrease in gold production and sales for B2Gold in Q4 2024, with total production down 35.57% year-on-year to 186,001 ounces (5.79 tons) and total sales down 31.71% year-on-year to 187,793 ounces (5.84 tons) [2][3] - The cash operating cost per ounce sold increased by 46.14% year-on-year to $966 per ounce, while the all-in sustaining cost (AISC) rose by 32.70% year-on-year to $1,668 per ounce [2][3] - For the full year 2024, total gold production was 804,778 ounces (25.03 tons), a decrease of 24.15% compared to the previous year, and total sales were 821,168 ounces (25.54 tons), down 22.73% year-on-year [3][9] Financial Performance Summary - In Q4 2024, B2Gold reported revenue of $500 million, a 5.00% increase quarter-on-quarter but a 2.38% decrease year-on-year [4] - The net loss for Q4 2024 was $9.325 million, an improvement from a loss of $631 million in the previous quarter and a loss of $117 million in the same quarter last year [4][13] - For the full year 2024, the company reported a net loss of $626.653 million, compared to a profit of $41.588 million in the previous year [9][13] Production and Cost Guidance - For 2025, B2Gold expects total gold production to be between 970,000 and 1,075,000 ounces (30.17-33.44 tons), a significant increase from 2024 levels [10] - The forecasted cash operating costs for 2025 are expected to range from $835 to $895 per ounce, with total sustaining costs projected between $1,460 and $1,520 per ounce [10] - The Goose project is anticipated to start producing gold in Q2 2025, contributing an estimated 120,000 to 150,000 ounces in its first year of operation [11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [1]. Core Viewpoints - The collaboration between Gujia Home and Qunhe Technology has led to the launch of the industry's first AI design solution, "AI Design Brain," which covers the entire process from demand insight to production integration [2][3]. - The AI Design Brain aims to enhance the customization experience, reduce design delivery time to 5 minutes, and transform the home customization market from "high price, low frequency" to "high quality, affordable" [3][4]. - The company is expected to benefit from the recovery in the second-hand housing market and government policies promoting home renovation and consumption upgrades [5]. - Recent management changes and restructuring of shareholding are anticipated to accelerate the company's development and enhance operational efficiency [6][7]. Summary by Sections Company Overview - Gujia Home is a leading player in the soft furniture industry, focusing on becoming a user-oriented, digital, and whole-home enterprise [8]. Financial Performance - Revenue projections for 2024-2026 are estimated at 187.51 billion, 206.26 billion, and 226.89 billion yuan respectively, with net profits of 18.10 billion, 20.89 billion, and 23.59 billion yuan [8]. - The earnings per share (EPS) are forecasted to be 2.20, 2.54, and 2.87 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 12.90, 11.18, and 9.90 [8]. Market Trends - The report highlights a significant increase in second-hand housing transactions, with a 30.58% year-on-year rise in major cities, which is expected to boost home furnishing demand [5]. - The government's emphasis on consumption upgrades and green home improvement initiatives is likely to further stimulate the home furnishing sector [5]. Management and Strategy - The new management team, led by Chairman Kuang Guangxiong, is expected to leverage their experience to enhance supply chain efficiency and drive digital innovation [6][7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing revenue growth driven by light business and e-commerce, with plans to accelerate store openings in the second half of the year [3] - The company has a total market capitalization of 45.86 billion, with a recent closing price of 3.83 HKD [1] Summary by Sections Event Overview - In 2024, the company's revenue, net profit, and operating cash flow were 3.65 billion, 461.2 million, and 527 million respectively, showing a year-on-year growth of 3.0%, a decline of 13.1%, and a decline of 52.1% [2] - The decline in net profit is attributed to a decrease in gross margin and an increase in expense ratio [2] - The company declared a total dividend of 0.30 HKD per share, resulting in an annual dividend yield of 6.96% [2] Analysis and Judgments - The company plans to open 78 new stores throughout the year, with a focus on shopping malls and outlet stores [3] - Retail sales for the main brand and light business series were 2.756 billion and 894 million respectively, with year-on-year changes of -3.0% and 27.2% [3] - Online new retail sales grew by 24%, while the total number of stores increased by 2.9% to 2,773 [3] - The company’s gross margin for 2024 was 47.7%, a decrease of 0.5 percentage points year-on-year [4] Profit Forecast and Valuation - The company’s projected revenues for 2025 and 2026 are 4.10 billion and 4.60 billion respectively, with year-on-year growth rates of 12.26% and 12.33% [9] - The projected net profit for 2025 and 2026 is 504.98 million and 553.32 million respectively, with a year-on-year growth of 9.51% and 9.57% [9] - The earnings per share (EPS) for 2025 and 2026 are forecasted to be 0.42 and 0.46 respectively [9]

Investment Rating - The investment rating for the company is "Buy" [3][6] Core Insights - The company's revenue for 2024 was 39.24 billion, a year-on-year decrease of 2.73%, while the net profit attributable to shareholders was 9.45 billion, down 1.63%. However, the adjusted net profit increased by 2.47% year-on-year [1][2] - The company has shown a strong growth trend in orders, with a year-end backlog of 49.3 billion, representing a 47% increase year-on-year. The new signed orders for 2024 reached 53.6 billion, a growth of 25.5% compared to 42.8 billion in 2023 [2][5] - The company expects a revenue growth guidance of 10% to 15% for 2025, driven by cost reduction and efficiency improvements [2] Financial Performance Summary - For 2024, the company reported total revenue of 39.24 billion, with a breakdown of revenue by business segments: - Small molecule CDMO: 17.87 billion (up 6.4%) - TIDES: 5.8 billion (up 70.1%) - R&D services: 5.38 billion (down 9.2%) - Testing services: 5.67 billion (down 4.8%) - Biology services: 2.54 billion (down 0.3%) [2] - The company plans to increase capital expenditure to 7-8 billion in 2025, significantly up from 4 billion in 2024, to enhance production capacity [5][6] - The earnings per share (EPS) forecast for 2025 is adjusted to 4.17, with a projected PE ratio of 17 [6][8] Future Outlook - The company anticipates continued growth in its order book and revenue, with a focus on expanding production capacity and enhancing operational efficiency [2][5] - The company is also planning to increase shareholder returns through dividends and share buybacks, with a proposed dividend of 3.84 billion for 2024 [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has achieved revenue of 13.577 billion and net profit of 1.238 billion in 2024, with year-on-year growth of 6.5% and 20.2% respectively [2] - The company is focusing on expanding its DTC strategy, which may have short-term negative impacts on sales but is expected to enhance brand loyalty and consumer interaction in the long run [7] - The company has sold the KP brand, which is expected to reduce financial drag and allow a focus on three main brands [7] Financial Performance - In 2024, the company's gross profit margin was 43.2%, an increase of 1.4 percentage points year-on-year, driven by higher e-commerce sales and the acquisition of Saucony and Myle [4] - The operating profit margin (OPM) was 14.5%, up 0.4 percentage points year-on-year, with operating profits for the mass sports and professional sports segments increasing by 3.4% and 829.5% respectively [4] - The company’s net profit margin for 2024 was 9.1%, an increase of 1.0 percentage points year-on-year [4] Revenue and Profit Forecast - The revenue forecast for 2025 is adjusted to 14.286 billion, down from 16.140 billion, and for 2026 to 15.558 billion, down from 18.293 billion [7] - The net profit forecast for 2025 is adjusted to 1.374 billion, down from 1.556 billion, and for 2026 to 1.511 billion, down from 1.775 billion [7] - The earnings per share (EPS) forecast for 2025 is adjusted to 0.50, down from 0.59, and for 2026 to 0.54, down from 0.67 [7] Market Position and Strategy - The company is expanding its product matrix and developing retro and commuting series to meet diverse consumer needs [7] - The brand recognition of Saucony has significantly increased among Chinese consumers, ranking among the top three in domestic and international marathon events [3] - The company plans to open new flagship and concept stores in high-end shopping centers to enhance consumer experience [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved revenue of 13.577 billion, net profit of 1.238 billion, and operating cash flow of 1.228 billion in 2024, with year-on-year growth of 6.5%, 20.2%, and -2.1% respectively [2] - The net profit growth was primarily due to a significant reduction in losses from the KP brand, which decreased by 70.1% to 67 million [2] - The company plans to continue expanding its product matrix and develop retro and commuting series to meet diverse consumer needs, while also focusing on high-end store openings in first and second-tier cities [7] Financial Performance Summary - In 2024, the company's revenue from the mass sports segment (Xtep) and professional sports segment (Saucony, Myle) was 12.327 billion and 1.25 billion respectively, with year-on-year growth of 3.2% and 57.2% [3] - The gross profit margin for 2024 was 43.2%, an increase of 1.4 percentage points, driven by the higher contribution from e-commerce in the mass sports segment [4] - The company’s inventory improved, with year-end inventory at 1.596 billion, a decrease of 11.0% [5] Earnings Forecast and Valuation - The company’s revenue is projected to reach 14.286 billion in 2025, with a year-on-year growth of 5.22% [9] - The net profit for 2025 is estimated at 1.374 billion, reflecting a year-on-year increase of 10.92% [9] - The earnings per share (EPS) for 2025 is forecasted to be 0.50, with a price-to-earnings (PE) ratio of 10.69 [9]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 03 月 18 日 [Table_Title] 资产配置日报：新一致性预期正在形成 | | | 复盘与思考: 3 月 18 日，股市普涨，幅度温和；债市收到暖意，演绎修复行情。 复盘各类资产表现，股市，科技类与中小盘表现更亮眼，科创 50、创业板指均上涨 0.61%，中证 2000、万 得微盘股指上涨 0.60%、0.81%；大盘表现相对更稳，上证指数、沪深 300 指数上涨 0.11%、0.27%。债市，10 年、30 年国债收益率均下行 0.8bp 至 1.89%、2.13%，10 年国债期货主力合约上涨 0.09%，30 年期货情绪则偏 弱，下跌 0.10%。 商品市场方面，美国衰退预期与中东冲突加剧的背景下，贵金属价格持续攀升，沪金、沪银价格分别上涨 0.81%、0.34%，纽约金、纽约银价格上涨 0.98%、1.42%。工业金属方面，铜价上涨 0.19%。国内其他商品中，黑 色系的下跌趋势暂未扭转，螺纹钢、铁矿石、焦煤、热轧卷板分别下跌 1.33%、0.58%、1.83%、0.88%，仅沥青 价格上涨 0.69%，后地产链的玻璃价格 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The prices of small metals continue to rise under export controls, with a need to monitor policy changes and details in the future [20] - Nickel prices have increased, with tight current shipments and optimistic downstream demand, while supply constraints remain [20][21] - Cobalt prices have surged significantly due to supply tightening, especially following the Democratic Republic of Congo's export suspension [24][25] - Bismuth prices are on the rise due to tight raw material supply and export controls, with a focus on future policy developments [28][29] - Indium prices have increased mainly due to market sentiment rather than fundamental changes, driven by China's export controls [32][34] - Antimony prices have also risen, with significant discrepancies between domestic and international prices, influenced by export restrictions [39][40] Summary by Sections Nickel Industry - As of March 14, LME nickel settled at $16,450 per ton, up 2.49% from March 7, with total LME nickel inventory at 200,580 tons, a 1.04% increase [20] - Domestic nickel iron production is low, and the recovery of production lines in Indonesia is limited, leading to a tight supply situation [20][21] Cobalt Industry - As of March 14, electrolytic cobalt reached 248,500 yuan per ton, a 17.77% increase from March 7, with significant demand from downstream sectors [24] - The Democratic Republic of Congo's suspension of cobalt exports is expected to significantly impact global supply [25][27] Bismuth Industry - Bismuth ingot prices ranged from 152,000 to 157,000 yuan per ton as of March 14, with tight raw material supply affecting production [28][29] - Export controls implemented by China are expected to support future price increases [28] Indium Industry - The average price of refined indium was 2,975 yuan per kilogram as of March 14, reflecting a 7.21% increase from March 7, driven by sentiment rather than supply changes [32][34] - China's export controls are anticipated to support indium prices in the future [34] Antimony Industry - Domestic antimony ingot prices reached 180,000 yuan per ton, a 5.88% increase from March 7, with significant price differences between domestic and international markets [39][40] - Export restrictions are expected to continue influencing antimony prices upward [42]