Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported impressive financial results for 2024, achieving revenue of 8.505 billion RMB, a year-on-year increase of 167.5%, and a net profit of 1.473 billion RMB, up 253.9% [1][4] - The company's brand influence is expanding, with significant contributions to revenue growth from user acquisition and same-store sales, which increased by 120.9% year-on-year [2] - The company is set to open its first store in Singapore in 2025, marking its entry into international markets [3] Financial Performance Summary - For 2024, the company achieved a gross margin of 41.2%, maintaining stability, while the adjusted net profit margin increased to 17.7% from 13.4% in 2023 [4] - The company plans to distribute a generous dividend of 6.35 RMB per share, totaling 1.07 billion RMB, which represents 73% of its 2024 profits [4] - Revenue projections for 2025-2027 are 17.92 billion RMB, 25.89 billion RMB, and 35.16 billion RMB, reflecting growth rates of 111%, 44%, and 36% respectively [5][7] Store Expansion and Market Strategy - The company added 7 new stores in 2024, bringing the total to 36 self-operated stores across 15 cities, with a focus on high-end commercial centers [3] - The company plans to open 8 new stores in mainland China and 5 in Hong Kong, Macau, and Singapore over the next two years [3] Key Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at 8.75 RMB, with forecasts of 21.03 RMB, 31.58 RMB, and 44.23 RMB for 2025, 2026, and 2027 respectively [7][9] - The price-to-earnings (P/E) ratios for the next three years are projected at 36, 24, and 17 [5][9]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 良信股份 (002706) 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 静待行业复苏，关注 AI 数据中心场景应用 [Table_ReportDate] 2025 年 4 月 3 日 | 重要财务指标 | | | 单位: | | 百万元 | | --- | --- | --- | --- | --- | --- | | 主要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 4,585 | 4,238 | 5,059 | 5,989 | 6,882 | | 同比(%) | 1 ...

Quantitative Factors and Construction Factor Name: EP(TTM) (Earnings-to-Price Ratio) - **Construction Idea**: This factor represents the earnings-to-price ratio, used as a value factor to identify undervalued stocks[23] - **Construction Process**: - The factor is calculated as the ratio of earnings per share (EPS) to the stock price - Stocks are ranked based on their EP(TTM) values, and the top 20% are selected as the long portfolio, while the bottom 20% are selected as the short portfolio - Monthly rebalancing is performed on the first trading day of each month using the opening price[23] - **Evaluation**: The factor demonstrates strong historical performance, with significant excess returns and high Rank IC values, indicating its effectiveness in capturing value[23][26] - **Formula**: $ EP(TTM) = \frac{\text{Earnings Per Share (TTM)}}{\text{Stock Price}} $[23] Factor Name: BP(LF) (Book-to-Price Ratio) - **Construction Idea**: This factor represents the book-to-price ratio, another value factor used to identify undervalued stocks[23] - **Construction Process**: - The factor is calculated as the ratio of book value per share to the stock price - Stocks are ranked based on their BP(LF) values, and the top 20% are selected as the long portfolio, while the bottom 20% are selected as the short portfolio - Monthly rebalancing is performed on the first trading day of each month using the opening price[23] - **Evaluation**: The factor shows strong historical performance, with high excess returns and Rank IC values, indicating its robustness in identifying value opportunities[23][27] - **Formula**: $ BP(LF) = \frac{\text{Book Value Per Share}}{\text{Stock Price}} $[23] Factor Name: Dividend Yield (TTM) - **Construction Idea**: This factor represents the trailing twelve-month dividend yield, used as a dividend factor to identify high-yield stocks[23] - **Construction Process**: - The factor is calculated as the ratio of dividends per share (TTM) to the stock price - Stocks are ranked based on their dividend yield values, and the top 20% are selected as the long portfolio, while the bottom 20% are selected as the short portfolio - Monthly rebalancing is performed on the first trading day of each month using the opening price[23] - **Evaluation**: The factor has demonstrated consistent performance, with significant excess returns and Rank IC values, highlighting its effectiveness in capturing high-yield opportunities[23][28] - **Formula**: $ \text{Dividend Yield (TTM)} = \frac{\text{Dividends Per Share (TTM)}}{\text{Stock Price}} $[23] --- Factor Backtesting Results EP(TTM) Factor - **Rank IC**: 5.56%[26] - **Excess Return**: 9.14%[26] - **Sharpe Ratio**: 1.19[26] BP(LF) Factor - **Rank IC**: 6.80%[27] - **Excess Return**: 11.41%[27] - **Sharpe Ratio**: 1.37[27] Dividend Yield (TTM) Factor - **Rank IC**: 5.81%[28] - **Excess Return**: 8.96%[28] - **Sharpe Ratio**: 1.37[28]

证券研究报告 [Table_ReportType] 点评报告 公司研究 [Table_StockAndRank] 良信股份 (002706) 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 静待行业复苏，关注 AI 数据中心场景应用 [Table_ReportDate] 2025 年 4 月 3 日 | 重要财务指标 | | | 单位: | | 百万元 | | --- | --- | --- | --- | --- | --- | | 主要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 4,585 | 4,238 | 5,059 | 5,989 | 6,882 | | 同比(%) | 1 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 老铺黄金(6181.HK) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com [Table_Title] 老铺黄金(6181.HK)2024 业绩点评：业绩高 增如期兑现，上市首年高比例分红 [Table_ReportDate] 2025 年 4 月 3 日 [Table_S 事件：公司披露 ummary] 2024 年业绩，实现收入 85.05 亿元，同增 167.5%，年内 利润 14.73 亿元，同增 253.9%，经调整净利润 15.02 亿元，同增 253.4%。 公司 2024 年亮眼业绩如期兑现，位于此前预告的右区间。 点评： 品牌影响力持续扩大，用户破圈、同店增长为收入高增主要贡献。公司 2024 年在单个商场的平均销售业绩为 3.28 亿元，根据弗若斯特沙利文统计，老 铺黄金在所有国内外知名珠宝品牌当中，在中国大陆的单个商场平均收入、 坪效均为第一。2 ...

证券研究报告 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 西大门：跨境电商高增，关税扰动有限 [Table_ReportDate] 2025 年 04 月 2 日 [Table_S 事件：公司发布 ummary] 2024 年报。全年实现收入 8.17 亿元（同比+28.2%），归母 净利润 1.22 亿元（同比+34.2%），扣非归母净利润 1.18 亿元（同比+34.0%）； 24Q4 实现收入 2.27 亿元（同比+22.3%），归母净利润 0.35 亿元（同比 +131.1%），扣非归母净利润 0.33 亿元（同比+112.1%）。跨境电商延续高 增助力收入稳健增长，我们认为利润表现优异主要系同比低基数及汇兑贡 献。 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 西大门(605155) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc. ...

证券研究报告 公司研究 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13062621910 邮箱：dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮箱：xuguoquan@cindasc.com 相关研究 [Table_OtherReport] 【信达汽车】宇通客车（600066.SH）： 公司全年业绩实现高增，24 年海内外 销量维持旺盛 宇通客车（600066.SH）：公司 Q2 业绩 高增，内销与销量结构有望持续向好 宇通客车（600066.SH）：公司盈利同 比大幅增长，持续高额分红 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 润本股份(603193) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com [Table_Title] 润本股份：夏季旺季将至，新品值得期待 [Table_ReportDate] 2025 年 04 月 02 日 [Table_S 事件：线下方面，渠道稳步扩张、盈利水平较优， ummary] 25 年可倒喷驱蚊液、童 锁款电热蚊香液已进驻山姆渠道；线上方面，根据蝉妈妈，25 年 3 月抖音 GMV 同比+35.4%、Q1 同比+67.3%；根据久谦，25 年 1-2 月三平台（天 猫+京东+抖音）合计 GMV 同比+55.2%，其中天猫/京东分别同比 +41.9%/+25.1%，延续靓丽增长。 核心逻辑：公司通过驱蚊-婴童-青少年，已逐步积累较大的用户群体基数； 且依拓产研销一体化，差异化质价比营销，消费者口碑优异，建立用户资产 沉淀，后续持续拓展品类有望实现持续 ...

良性调整后转债有望继续发挥不对称收益优势 —— 二季度转债投资策略 [Table_ReportTime] 2025 年 04 月 02 日 [李一爽 Table_ First固定Author 收益]首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱：liyishuang@cindasc.com 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 债券研究 [T债券able_ReportType] 专题 | [Table_A 李一爽 uthor固定收益 | ] 首席分析师 | | --- | --- | | 执业编号：S1500520050002 | | | 联系电话：+86 18817583889 | | | 邮 | 箱： liyishuang@cindasc.com | 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 188 ...

证券研究报告 公司研究 [Table_ReportType] 公司调研报告 [Table_StockAndRank] 宇通客车(600066) 投资评级 上次评级 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13062621910 邮箱：dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮箱：xuguoquan@cindasc.com 相关研究 [Table_OtherReport] 【信达汽车】宇通客车（600066.SH）： 公司全年业绩实现高增，24 年海内外 销量维持旺盛 宇通客车（6 ...