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]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 03 月 17 日 [Table_Title] 资产配置日报：春寒料峭，亟需暖意 | | | 复盘与思考: 3 月 17 日，股市略微降温，重要股指涨跌互现，变动幅度不算显著；债市缺乏买盘支撑，进入"多杀多" 的极端状态，中长期限品种大幅调整。 复盘各类资产表现，股市，小微盘概念表现强势，中证 2000、万得微盘股指、北证 50 上涨 0.78%、0.92%、 1.85%；大盘及红利窄幅震荡，上证指数微涨 0.19%，沪深 300 下跌 0.24%；科技表现略偏弱，科创 50、创业板 指下跌 0.45%、0.52%。债市，10 年、30 年国债收益率大幅上行 5bp、7bp 至 1.90%、2.14%，10 年、30 年国债期 货主力合约分别下跌 0.56%、1.81%。 商品市场方面，尽管美元指数企稳，贵金属行情仍在继续，沪金、沪银价格上涨 0.53%、0.54%；工业金属 方面，沪铜价格上涨 0.62%。国内其他商品中，1-2 月固定资产投资的超预期增长未能顺利提振黑色系表现，螺 纹钢、铁矿石、焦煤、热轧卷板价格下跌 1.23%、1.14 ...

3 月 17 日，统计局公布 1-2 月经济数据。如何看待经济数据的边际变化？ 第一，生产端数据仍在 5%以上，较去年四季度小幅放缓。1-2 月工业增加值同比 5.9%，高于去年四季度的 平均值 5.6%，而服务业生产指数同比 5.6%，低于去年四季度的平均值 6.3%。工业和服务业两者加权增速 5.7%，较去年四季度的平均值 6.1%出现放缓。这也与 1-2 月综合 PMI 放缓的方向相一致，较去年四季度放缓 0.67 个百分点。 去年 11 月到今年 1-2 月，工业生产可能受到"抢出口"的提振。体现到出口交货值上，去年 11、12 月、 今年 1-2 月分别同比增 7.4%、8.8%、6.2%，而去年 9-10 月的增速在 3.4-3.7%。出口交货值对工业营收的同比 拉动，去年 9-10 月在 0.4 个百分点左右，去年 11 月到今年 1-2 月拉动效应升至 0.6 个百分点附近。从 3 月开 始，受美国再度加征 10%关税影响，"抢出口"对工业的额外拉动效应可能消失。 证券研究报告|宏观点评报告 [Table_Date] 2025 年 03 月 17 日 [Table_Title] 经济开门红，需 ...

Investment Rating - The report assigns a rating of "Buy" for the company [4] Core Views - The company is positioned as a global leader in the optoelectronic industry, focusing on a comprehensive strategy that integrates components and finished products, targeting leading clients in the technology and consumer electronics sectors [1][13] - The report highlights significant growth potential in AI-enabled XR glasses and TWS headphones, driven by advancements in AI technology and strong partnerships with major clients [2][3] Summary by Sections Company Overview - The company, established in 2001 and listed in 2008, initially focused on micro-acoustic components and successfully entered Apple's supply chain in 2010, leading to rapid revenue growth [1][13] - The strategic shift to a "parts + finished products" model in 2015 has resulted in a diversified product matrix, including precision components, smart acoustic systems, and smart hardware [1][13] AI/XR Glasses - The XR glasses market is expected to face short-term shipment pressures, but product iterations and ecosystem enhancements are anticipated to drive future growth [2] - The company is recognized as a leading XR OEM, leveraging both internal capabilities and external investments to strengthen its competitive edge [2] TWS Headphones - The global TWS headphone market is recovering, with AI technology enhancing user experience through features like real-time translation and health monitoring [3] - The company has established strong collaborations with major clients such as Apple and Huawei, facilitating stable growth in its TWS business [3] Financial Analysis - Revenue projections for 2024-2026 are estimated at 100.39 billion, 106.43 billion, and 118.30 billion CNY, with corresponding net profits of 2.65 billion, 3.48 billion, and 4.50 billion CNY, reflecting significant growth rates [7][9] - The company has shown a recovery in profitability, with a notable increase in net profit in 2024 compared to the previous year [30][37] Competitive Positioning - The company has a robust global presence with R&D centers across multiple countries, emphasizing partnerships with leading technology firms and academic institutions [25][28] - The strategic focus on high-value segments in the AR market, including optical and machine components, positions the company favorably for future growth [55][56]

Group 1 - The report highlights the release of the "Consumption Promotion Special Action Plan" by the Central Committee and the State Council, aiming to boost consumption through a comprehensive policy framework that includes income growth, consumption capacity assurance, service consumption quality improvement, and large-scale consumption upgrades [1][12]. - The plan emphasizes the importance of local implementation and cross-departmental collaboration to ensure effective outcomes, with a focus on monitoring consumption data and policy adjustments in the second quarter [1][12]. - The report notes the support for new technologies such as autonomous driving and brain-computer interfaces, promoting the integration of "AI + consumption" to foster future growth sectors like low-altitude tourism and cruise economies [1][12]. Group 2 - The exit of Deliveroo from the Hong Kong market has resulted in a duopoly between Keeta (Meituan) and Foodpanda, with Keeta capturing a 44% market share in terms of order volume as of March 2024 [2][13]. - Keeta's entry into the Hong Kong market has intensified competition, leading to Deliveroo's decision to withdraw due to prolonged profitability challenges [2][13]. - The report indicates that Keeta's strategy of offering free delivery and competitive pricing has significantly enhanced its market position in Hong Kong [2][16]. Group 3 - The National Financial Regulatory Administration has issued a notice to financial institutions to develop consumer finance, aiming to better meet the financial needs in the consumption sector and enhance public satisfaction [3][19]. - Key measures include increasing credit supply to various consumer service industries and optimizing consumer finance management to support healthy development [3][19]. - The report emphasizes that these policies are crucial for implementing the "Consumption Promotion Special Action Plan" and will require ongoing observation of their effectiveness [3][20]. Group 4 - The introduction of child-rearing subsidies in Hohhot is expected to benefit the maternal and infant industry, with specific subsidy amounts for different numbers of children [6][21]. - The report suggests that such subsidies can lower the cost of child-rearing and enhance birth rates, particularly benefiting lower-tier markets [6][24]. - Companies in the maternal and infant sector, such as Kid King and Aiyingshi, are identified as potential beneficiaries of these policies [6][24].

Investment Rating - Industry rating: Recommended [4] Core Views - The retail sales growth for January-February 2025 is 4.0% year-on-year, slightly below the expected 4.5%, with furniture, cultural office supplies, cosmetics, gold and silver jewelry, and online retail sales growing by 11.7%, 21.8%, 4.4%, 5.4%, and 7.3% respectively [1][3] - The real estate sector shows a downward trend with new housing starts, completed areas, sales areas, and residential development investment down by 28.9%, 17.7%, 3.4%, and 9.2% year-on-year respectively [2][6] - The government is expected to implement stronger fiscal and monetary policies to stabilize the real estate market, with a proposed deficit rate of 4% and a total government debt of 11.86 trillion yuan, which is an increase of 2.9 trillion yuan [2][6] Summary by Sections Retail Sector - The retail sector is expected to recover with the implementation of consumption stimulus policies, particularly in the home furnishing segment, driven by the "old-for-new" policy [3][6] - The growth rates for furniture, cultural office supplies, cosmetics, and gold and silver jewelry have improved compared to December 2024, indicating a resurgence in consumer demand [3][6] Real Estate Sector - The real estate market is anticipated to stabilize as credit demand recovers, with a notable increase in new long-term loans in February 2025, amounting to 300 billion yuan, which is an increase of 153.8 billion yuan year-on-year [2][6] - The government’s focus on stabilizing the real estate market is reflected in the recent policy announcements, which are expected to support housing demand and prices [2][6] Consumer Trends - The report highlights a significant shift towards domestic brands, with the "trendy" domestic products gaining market share as foreign brands see a decline [3][6] - Online retail continues to outperform traditional retail, with a growth rate of 7.3% in January-February 2025, indicating a steady increase in the online shopping penetration rate [3][6]