Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has reported a revenue of 690 million yuan in Q1 2025, a year-on-year decrease of 8%, while the net profit attributable to shareholders increased by 40% to 40 million yuan [1] - The divestment of the Ed Hardy brand has alleviated the company's financial burden, leading to a comparable revenue growth of 1.5% when excluding this brand [1] - The self-portrait, Laurèl, and IRO brands have shown significant growth in the Chinese market, with increases of 17%, 13%, and 14% respectively [1] - The online sales channel has performed well, with a year-on-year growth of 26%, driven by strong performances on platforms like Tmall and Douyin [1] Financial Performance Summary - For the year 2024, the company reported a revenue of 3 billion yuan, a year-on-year increase of 4%, but a net loss of 300 million yuan, a significant decline of 393% [2] - The self-portrait brand achieved a revenue of over 500 million yuan, growing by 21%, while Laurèl brand revenue reached 415 million yuan, up 19% [2] - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 3.2 billion, 3.3 billion, and 3.5 billion yuan respectively, with net profits projected at 160 million, 180 million, and 200 million yuan [4] Strategic Developments - The company is implementing a multi-brand and multi-platform strategy, which has resulted in a 32% year-on-year growth in online sales for 2024 [3] - The company has expanded its physical presence by adding 27 new stores in various cities, including Macau and Shenzhen, indicating a robust expansion strategy [3]

Investment Rating - The investment rating for the company is "Buy" with a target price set at 16.48 CNY [5][16]. Core Views - The company is implementing a youth-oriented strategy to reshape its brand image, transitioning from being recognized as the "first association brand in golf" to a multi-brand strategy in the apparel sector [3]. - The company has reported a revenue of 1.3 billion CNY in Q1 2025, a year-on-year increase of 1%, while the net profit attributable to shareholders decreased by 8% to 300 million CNY [1]. - The company plans to distribute a cash dividend of 5 CNY per 10 shares, totaling 290 million CNY, with a payout ratio of 37% [1]. Financial Performance Summary - For the year 2024, the company achieved a revenue of 4 billion CNY, a 13% increase year-on-year, with a net profit of 800 million CNY, down 14% [1][4]. - The company's revenue channels include: 1. Direct sales revenue of 2.6 billion CNY in 2024, up 7% year-on-year, with a gross margin of 81% [1]. 2. Franchise revenue of 1.1 billion CNY, up 24% year-on-year, with a gross margin of 70% [1]. 3. E-commerce revenue of 300 million CNY, up 35% year-on-year, with a gross margin of 75% [1]. - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 4.2 billion CNY, 4.4 billion CNY, and 4.8 billion CNY respectively, with net profits of 820 million CNY, 880 million CNY, and 960 million CNY [4]. Market Position and Strategy - The company is focusing on establishing a multi-brand portfolio, which includes brands like CARNAVAL DE VENISE, KENT & CURWEN, and CERRUTI 1881, to strengthen its position in the segmented apparel market [3]. - The appointment of youth actor Ding Yuxi as the brand ambassador reflects the company's commitment to engaging with younger consumers and promoting a trendy lifestyle [3].

策略报告 | 投资策略专题 知往鉴今系列 证券研究报告 2025 年 05 月 05 日 大类资产复盘笔记（202504） 1）大类资产总览：4 月大类资产普遍历经风险的集中释放，A 股超跌修复， 债市走牛，商品分化、黄金走强，全球股指涨跌不一。2）A 股：4 月主要宽 基指数均收跌，成长、周期领跌，仅稳定风格收涨，美容护理、农林牧渔行 业领涨；4 月关税落地、中方反制，宽基指数企稳修复，走出 V 字底，期间 与中方反制相关的农业板块以及资金避险的稳定板块相对抗跌。3）债券：4 月债市走牛，收益率打破一季度上行趋势、扭头下行，长端利率下行幅度更 大，期限利差收窄，利率曲线趋于平坦；存单利率与 10 年期国债利率继续 倒挂；信用利差震荡上行。4）商品：4 月商品多数走弱，原油大跌，黄金继 续走牛，美元信用下行叠加资金避险需求上行，comex 黄金 4 月 21 日突破 3400 报 3411 美元/盎司。5）海外权益：全球股指涨跌不一，美股整体走弱、 欧股、亚太分化；欧股中德国 DAX30 指数收涨；亚太股指中仅台湾加权指数、 恒生指数以及 A 股宽基指数收跌。6）美债：流动性踩踏促使美债利率一度 走高，10 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company continues to experience losses in 2024, primarily due to a significant decline in capital expenditures from operators, but the losses are narrowing and operating cash flow has turned positive [1] - The company reported a revenue of 6.491 billion yuan in 2024, a year-on-year decrease of 17%, with a net profit attributable to the parent company of -279 million yuan, a reduction in losses by 79 million yuan compared to the previous year [1] - The company is expected to face short-term performance pressure due to reduced spending from downstream operators, but areas such as satellite communications, 5G-A, and 5G-R are anticipated to become growth points in the future [5] Financial Performance Summary - In 2024, the system equipment revenue decreased by 40% to 1.392 billion yuan, while the gross margin improved by 3.2 percentage points to 39.34% [2] - The revenue from industry-specific networks and other income grew by 85% to 1.054 billion yuan, with a gross margin increase of 1.5 percentage points to 36.75% [3] - Other business segments, including integrated mobile communication services, saw a revenue decline of 21% to 2.273 billion yuan, while feeder equipment and indoor equipment revenues decreased by 19% and 16%, respectively [4] Profit Forecast and Investment Recommendations - Due to the decline in operator capital expenditures, profit forecasts have been adjusted, with expected net profits for 2025-2027 being 4.23 million yuan, 140 million yuan, and 258 million yuan respectively [5] - The company maintains an "Accumulate" rating, indicating a positive outlook despite current challenges [5]

行业报告 | 行业研究周报 建筑装饰 证券研究报告 风险提示：基建&地产投资超预期下行；央企、国企改革提效进度不及预期； 关税影响超预期。 本周 CS 建筑下跌 1.46%，跑赢沪深 300 板块 0.71pct，AI、机器人、算力相 关概念标的涨幅居前。从刚刚过去的财报季来看，25Q1 建筑板块营收、归 母净利润继续承压下滑，但专业工程领域钢结构板块收入实现 7.3%的正增 长、化工工程板块归母净利润增速为+7.4%，Q1 专业工程板块经营较为稳 健。近期资金面、基建高频数据和建筑公司新签订单均印证基建景气度在 持续修复，考虑到关税态势下财政政策有望进一步发力，加速推动实物工 作量落地。建议重点关注中西部基建及顺周期专业工程板块的投资机会， 新兴业务板块关注与算力、AI、洁净室等相关的投资标的，主题层面建议 继续关注西南水电相关品种。 24FY&25Q1 营收/归母承压，静待后续财政发力推动板块业绩修复 从刚刚过去的财报季来看，24 年 CS 建筑板块实现营收同比-4.1%，归母净 利润同比-14.4%，受地产行业下行和地方财政偏紧影响营收、归母均承压下 滑。25Q1 建筑板块营收同比-6%、归母净利润同比 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][16]. Core Views - The company is expected to benefit from government subsidies aimed at boosting home textile sales, particularly through online channels [2][4]. - The company is focusing on optimizing its product structure and developing high-quality products, which is anticipated to improve sales margins in the e-commerce channel [3][4]. - The financial forecasts for 2025-2027 have been adjusted, with projected revenues of 44 billion, 47 billion, and 49 billion respectively, and net profits of 3.9 billion, 4.1 billion, and 4.3 billion [4][8]. Financial Performance Summary - For Q1 2025, the company reported revenue of 900 million, a year-on-year increase of 1%, and a net profit of 90 million, a decrease of 4% year-on-year [1]. - In Q4 2024, the company achieved revenue of 1.5 billion, a 4% increase year-on-year, and a net profit of 160 million, a 24% increase year-on-year [1]. - The annual revenue for 2024 was 4.2 billion, a slight decrease of 0.42% year-on-year, with a net profit of 400 million, down 3% year-on-year [1]. Product Development and Innovation - The company is committed to developing high-quality products, including an ergonomically designed pillow that has received multiple certifications and patents [3]. - The company has upgraded its flagship product, the "ice cream quilt," to the 5.0 and 5.0 Pro series, which exceeds national standards for cooling performance [3]. - Collaborations with popular IPs such as Hello Kitty and others have enhanced the brand's reputation and product value [3].

行业报告 | 行业研究周报 半导体 证券研究报告 一季报总结：Q1 业绩稳健增长，Q2 关注板块复苏涨价+AI 催化弹性 板块行情与持仓：2025年 Q1半导体板块跑赢主要指数，基金持仓稳居全市场第一，前十大重仓股聚焦海光信息、 中微公司等国产各条线龙头，凸显机构对半导体的持续青睐。2025年一季度，半导体板块整体跑赢主要指数，申万 半导体指数下跌 0.26%，同期创业板指、上证综指分别下跌 4.65%、2.10%。基金持仓方面，电子行业以 18.7%的配置 比例稳居全市场第一，半导体板块持仓市值占比达 11.01%，环比提升1.67pct。前十大重仓股中，海光信息、澜起科 技、中微公司、恒玄科技、芯原股份等国产替代龙头占据主导，反映机构对半导体板块的持续聚焦。 半导体存储：江波龙/香农芯创/德明利/佰维存储/朗科科技/联芸科技/兆易创新/北京君正/普冉股份/东芯股份/恒烁股份/澜起科技/聚辰股份/深科技/ 太极实业/万润科技/协创数据 半导体材料设备零部件：中微公司/拓荆科技/北方华创/格林达/百傲化学/雅克科技/鼎龙股份（天风化工联合覆盖）/天岳先进/和远气体/正帆科技（天 风机械联合覆盖）/富创精密/精 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported significant profit growth in Q1 2025, primarily driven by substantial investment income and growth in superconducting and optical chip segments [1][4] - The optical communication segment showed strong revenue growth, while automotive wiring and power engineering revenues declined [2] - Future growth is expected from high-temperature superconducting materials and optical chips, with ongoing capacity expansion and product development [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 4.11 billion yuan, a decrease of 5% year-on-year, while net profit attributable to the parent company was 61.41 million yuan, an increase of 42% [1] - For Q1 2025, the company reported operating revenue of 877 million yuan, a year-on-year increase of 7.5%, and a net profit of 290 million yuan, a significant increase of 961% [1] - The optical communication revenue reached 1.115 billion yuan in 2024, up 36% year-on-year, with a gross margin increase of 3.26 percentage points to 16.6% [2] Business Segment Analysis - Optical communication segment: Revenue growth driven by operator orders and concentrated delivery of optical cable products [2] - Automotive wiring segment: Revenue decreased by 14% to 1.206 billion yuan, impacted by declining sales in the fuel vehicle market [2] - Power engineering segment: Revenue fell by 30% to 1.04 billion yuan due to smaller project scales compared to the previous year [2] - Superconducting and copper conductor segment: Revenue increased by 33% to 586 million yuan, although gross margin decreased by 4.66 percentage points to 10.6% [2] Future Growth Drivers - The company is expanding its high-temperature superconducting wire production capacity to 5,000 kilometers, targeting applications in various fields including nuclear fusion and medical technology [3] - In the optical chip sector, the company has established a rare IDM laser chip factory, achieving industry-leading performance metrics for its products [3] Profit Forecast and Investment Recommendations - The profit forecast for 2025-2027 has been revised upwards, with expected net profits of 365 million yuan, 139 million yuan, and 166 million yuan respectively [4] - The recommendation to maintain an "Accumulate" rating reflects the anticipated growth in superconducting and optical chip businesses [4]

金融工程 | 金工定期报告 2025 年 05 月 05 日 作者 吴先兴 分析师 SAC 执业证书编号：S1110516120001 wuxianxing@tfzq.com 相关报告 1 《金融工程：金融工程-因子跟踪周 报 ： Beta 、换手率因子表现较好 -20250504》 2025-05-04 2 《金融工程：金融工程-哪些行业进 入高估区域？——估值与基金重仓股配 置监控 2025-05-03》 2025-05-03 3 《金融工程：金融工程-净利润断层 本周超额基准 0.92%》 2025-05-03 金融工程 证券研究报告 量化择时周报：突破压力位前保持中性 突破压力位前保持中性 上周周报(20250427)认为：全 A 指数的 30 日均线构成压力位，但考虑到估 值不高，建议在压力位突破前维持中性仓位。最终 wind 全 A 维持原状。 市值维度上，上周代表小市值股票的中证 2000 上涨 0.84%，中盘股中证 500 上涨 0.08%，沪深 300 下跌 0.43%，上证 50 下跌 0.59%;上周中信一级行业中， 表现较强行业包括传媒、计算机，传媒上涨 2.86%，综合金融、房地产 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company is experiencing rapid growth in the sugar substitute market, with significant improvements in profitability. Revenue, net profit, and net profit excluding non-recurring items for 2024 are projected to be 1.152 billion, 246 million, and 231 million CNY respectively, representing year-on-year growth of 32.64%, 27.26%, and 31.72% [1]. - The company is benefiting from capacity expansion and strong demand for health-oriented sweeteners, with Q1 revenue from health sweeteners doubling [1][2]. - The overseas market is showing robust demand, with foreign revenue accounting for nearly 70% in Q1 2025, reflecting a year-on-year increase of 11% [2]. Financial Performance Summary - For 2024, the company expects a gross margin of 33.65% and a net profit margin of 21.33%, with improvements in cost management contributing to these figures [3]. - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of 33% from 2025 to 2027, reaching 1.534 billion, 1.883 billion, and 2.261 billion CNY respectively [4]. - The net profit is expected to grow at a CAGR of 37% from 2025 to 2027, reaching 335 million, 416 million, and 513 million CNY respectively [4]. Market Dynamics - The company is expanding its overseas market presence, with foreign revenue growing significantly due to increasing health trends globally [2]. - The demand for products like allulose is strong, driven by health-conscious consumers [2]. Cost Management - The improvement in gross margin is attributed to reduced operational costs from new production lines and a shift from outsourcing to in-house production of raw materials [3].