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天风证券(601162) - 天风证券股份有限公司2024年度第一期短期融资券兑付完成的公告
2025-10-13 09:16
本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 天风证券股份有限公司(以下简称"公司")于 2024 年 10 月 15 日成功发 行天风证券股份有限公司 2024 年度第一期短期融资券(以下简称"本期短期融 资券"),本期短期融资券发行规模为人民币 20 亿元,票面利率为 2.6%,短期 融资券期限为 360 天,兑付日期为 2025 年 10 月 10 日。具体内容详见公司于 2024 年 10 月 17 日登载于上海证券交易所网站(www.sse.com.cn)的《天风证券股份 有限公司关于 2024 年度第一期短期融资券发行结果公告》(公告编号:2024-044 号)。 天风证券股份有限公司 2024 年度第一期短期融资券兑付完成的公告 证券代码:601162 证券简称:天风证券 公告编号:2025-055号 天风证券股份有限公司董事会 2025年10月14日 2025 年 10 月 10 日 , 公 司 兑 付 了 本 期 短 期 融 资 券 本 息 共 计 人 民 币 2,051,287,671.23 元。 特此公 ...
研报掘金丨天风证券:维持嘉曼服饰“买入”评级,暇步士男女装占比逐步提升
Ge Long Hui A P P· 2025-10-13 06:16
Core Viewpoint - Tianfeng Securities' report indicates that Jiama Clothing's net profit attributable to shareholders in the first half of the year was 60 million, a decrease of 31% year-on-year, with Q2 net profit down 50% to 20 million [1] Group 1: Financial Performance - Jiama Clothing's net profit for the first half of the year was 60 million, reflecting a year-on-year decline of 31% [1] - In Q2, the net profit attributable to shareholders was 20 million, representing a significant decrease of 50% compared to the same period last year [1] Group 2: Business Strategy and Outlook - The company began self-operating the Hush Puppies men's and women's clothing line from mid-last year, with the revenue contribution from this segment expected to reach 10.06% by the end of 2024 [1] - In the first half of this year, the revenue contribution from the men's and women's clothing segment increased to 22.87% [1] - The company is optimistic about the future market potential of the Hush Puppies brand, supported by product upgrades, channel image renewal, and structural adjustments [1] Group 3: Investment Rating - Following the acquisition of Hush Puppies, the company has intensified store upgrades and marketing efforts, leading to an adjustment in profit forecasts while maintaining a "Buy" rating [1]
天风证券:维持九兴控股(01836)“增持”评级 扩充海外基地优化客户组合
智通财经网· 2025-10-13 06:14
Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Jiu Xing Holdings (01836), adjusting profit forecasts based on the performance in the first half of 2025 and considering last year's high base effect and operational efficiency from new capacity deployment [1] Group 1: Financial Performance - The net profit forecasts for 2025-2027 are adjusted to $160 million, $180 million, and $190 million, respectively, down from previous estimates of $180 million, $200 million, and $220 million [1] - Earnings per share (EPS) estimates are revised to $0.20, $0.21, and $0.23 for the same period, compared to earlier projections of $0.22, $0.24, and $0.26 [1] Group 2: Strategic Planning - The company is currently in a stable position, a direct result of its three-year plan (2023-2025), which aims to improve product category mix, diversify and expand the customer base, and optimize manufacturing base layout [1] - The company has set two main profit targets: achieving a 10% operating profit margin and a low double-digit annual growth rate in after-tax profit over the three-year period [1] - The company has already exceeded these targets in 2023 and 2024, expressing confidence in achieving them by the end of 2025 [1] Group 3: Operational Challenges - The company faces short-term challenges in profitability due to two main factors: a high base effect from customers advancing orders to meet demand before the Paris Olympics and operational efficiency issues related to increased capacity in Indonesia and the Philippines [2] - To meet demand and ensure customer goals, the company has shifted some production to a factory in Vietnam, resulting in increased costs, including overtime expenses [2] - Despite initial challenges, the company expects conditions to improve in the second half of the year [2] Group 4: Future Growth Plans - As the company prepares to finalize its next three-year plan (2026-2028), it remains on a growth trajectory [2] - The new plan includes an expansion of total capacity by 20 million pairs, achieved through increasing capacity at the new factory in Solo, Indonesia, starting operations at a second factory in Bangladesh, and accelerating the construction of a dedicated factory for its largest sports client in Indonesia [2] - Another focus of the upcoming three-year plan is the development of handbag and accessory manufacturing, which the company aims to establish as a significant long-term growth driver [2] - The company has recently acquired a small but experienced handbag factory in Vietnam to enhance product quality and production efficiency in its handbag business [2] - The next three-year plan will enable the company to meet cross-product category demands from brand customers, positioning itself as an ideal partner that combines high-quality standards with added value [2]
天风证券:维持九兴控股“增持”评级 扩充海外基地优化客户组合
Zhi Tong Cai Jing· 2025-10-13 06:14
Core Viewpoint - Tianfeng Securities maintains an "overweight" rating for Jiu Xing Holdings based on its performance in the first half of 2025, adjusting profit forecasts due to last year's high base effect and operational efficiency from new capacity deployment [1] Group 1: Financial Performance - The expected net profits for 2025-2027 are $160 million, $180 million, and $190 million, respectively, down from previous estimates of $180 million, $200 million, and $220 million [1] - Earnings per share (EPS) are projected to be $0.20, $0.21, and $0.23 for the same period, revised from $0.22, $0.24, and $0.26 [1] Group 2: Strategic Planning - The company is currently in a stable position, a direct result of its three-year plan (2023-2025), which aims to improve product category mix, diversify and expand the customer base, and optimize manufacturing base layout [1] - The company has set two main profit targets: achieving a 10% operating profit margin and a low double-digit annual growth rate in after-tax profits over the three-year period [1] - The company is confident in achieving these targets by the end of 2025, having already exceeded them in 2023 and 2024 [1] Group 3: Operational Challenges - The company faces short-term challenges in profitability due to two main factors: a high base effect from customers advancing orders to meet demand before the Paris Olympics and operational efficiency issues related to increased capacity in Indonesia and the Philippines [2] - To meet demand and ensure customer goals, the company has shifted some production to its factory in Vietnam, resulting in increased costs, including overtime expenses [2] - Despite initial challenges, the company expects conditions to improve in the second half of the year [2] Group 4: Future Growth Plans - As the company prepares to finalize its next three-year plan (2026-2028), it remains on a growth trajectory [2] - The new plan includes expanding total capacity by 20 million pairs, enhancing production at the new factory in Solo, Indonesia, launching operations at a second factory in Bangladesh, and accelerating the construction of a dedicated factory for its largest sports client in Indonesia [2] - Another focus of the upcoming three-year plan is to develop the handbag and accessories manufacturing business, which the company aims to establish as a significant long-term growth driver [2] - The company has recently acquired a small but experienced handbag factory in Vietnam to improve product quality and production efficiency in its handbag business [2] - The next three-year plan will enable the company to meet cross-product category demands from brand customers, positioning itself as an ideal partner that combines high-quality standards with added value [2]
调研速递|奇德新材接受天风证券等17家机构调研 透露多项业务要点
Xin Lang Cai Jing· 2025-10-12 15:37
10月10 - 11日,奇德新材在其位于广东省江门市江海区连海路323号的办公楼,接受了天风证券、芊榕 资本等17家机构及个人投资者的特定对象调研并现场参观。公司董事会秘书陈云峰、财务总监邓艳群、 证券事务代表赵美美参与接待,就公司多项业务展开交流。 碳纤维制品优势显著,汽车领域经验丰富 2025年上半年公司经营性现金流大幅好转,除季节性因素外,得益于行业结构调整与产品体系优化,前 期战略投入进入收获期。 改性尼龙业务收入下滑17.46%,源于业务与客户结构战略性调整。公司主动优化传统婴童业务,加大 汽车领域研发与市场拓展,汽车业务收入占比显著提升。尽管收入承压,但通过产品升级与高端市场开 拓,毛利率稳步提升,今年满足GRS标准的改性尼龙环保材料已获头部高端办公家具品牌认可并供货, 预计将带动整体毛利率提升。 声明:市场有风险,投资需谨慎。 本文为AI大模型基于第三方数据库自动发布,任何在本文出现的信 息(包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等)均只作为参考,不构成 个人投资建议。受限于第三方数据库质量等问题,我们无法对数据的真实性及完整性进行分辨或核验, 因此本文内容可能出现不准确 ...
银行自营的△EVA平衡点
Tianfeng Securities· 2025-10-12 03:45
Investment Rating - Industry Rating: Outperform the Market (Maintain Rating) [5] Core Insights - The report discusses the dynamic measurement of the EVA balance point for banks' asset allocation between loans and bonds, emphasizing that EVA is just one of many factors influencing asset selection [1][12] - A positive correlation is expected between the change in EVA (△EVA) and the preference for bond investments over corporate loans, indicating that as △EVA rises, banks may shift their asset allocation towards bonds [2][13] - The report identifies a critical point (α) for corporate loan EVA, suggesting that when △EVA exceeds this point, banks should increase their allocation to government bonds [3][17] Summary by Sections Section 1: Bank's EVA Balance Point - The report highlights the importance of considering various factors such as national policy, regulatory requirements, and comprehensive returns from asset operations when evaluating the EVA of loans versus bonds [1][12] - It proposes a methodology to dynamically assess the EVA balance point by analyzing historical asset structure changes [1][12] Section 2: Historical Trends and Future Projections - From 2019 to 2023, a clear positive correlation between △EVA and the ratio of bond investments to corporate loans was observed, although a divergence occurred in the second half of 2024 due to increased government bond supply and strong institutional demand [2][16] - The report anticipates a return to a more balanced strategy for banks, focusing on asset allocation rather than speculative trading, with projections for △EVA to stabilize between 0.80% and 1.25% [18][19] Section 3: Current EVA Values and Implications - The latest value for corporate loan EVA is reported at 0.74%, with expectations for stability in loan pricing and improving loan quality [4][19] - The report concludes that the balance point for the 10Y government bond yield is estimated to be between 1.75% and 1.80%, indicating a critical threshold for banks' asset pricing decisions [20][19]
研报掘金丨天风证券:维持豪悦护理“买入”评级,持续迭代产品能力及客户资源优势突出
Ge Long Hui A P P· 2025-10-11 03:09
天风证券研报指出,豪悦护理25年上半年归母净利1.5亿,同减23%,Q2归母净利0.6亿,同减47%。公 司将聚焦资源持续加大线上推广投入,促进自主品牌发展,优化产品结构,研发迭代新产品,持续与大 客户开展深度合作,以婴儿护理用品、成人护理用品等产品为重点,拓宽合作区域。同时,公司及时抓 住消费新需求,新增湿巾类系列产品品类,加大自有品牌推广投入,提升销售量。通过对消费者需求的 敏锐了解、研发结构和功能创新的产品,经过大量消费者试用和严谨论证,稳步推进易穿脱经期裤和婴 儿拉拉裤、差异化轻度失禁成人拉拉裤等新产品;陆续推进新型在线压花复合材料、超透气新型材料、 超细旦氨纶等材料应用于婴儿、成人尿裤及经期裤、卫生巾等产品。公司合作的客户既有尤妮佳、花王 等全球著名跨国公司,也有BabyCare、孩子王、亲宝宝等电商新兴渠道的国内母婴知名品牌商。考虑市 场竞争背景下公司加大自有品牌电商投入,基于25H1公司业绩表现,调整盈利预测,维持"买入"评 级。 ...
研报掘金丨天风证券:维持建霖家居“买入”评级,泰国总产能将覆盖60%以上北美订单
Ge Long Hui A P P· 2025-10-11 03:00
天风证券研报指出,建霖家居25年上半年归母净利2.4亿,同减8%,Q2归母净利1.2亿同减16%。25H1 毛利率26.82%,逆势增长0.41%。海外出货溢价为盈利水平提供支撑,但毛利率保持韧性更重要的是得 益于持续不断的内部成本改善,以及技术创新带来的产品附加值提升。外市场面对复杂环境,公司在巩 固既有市场同时,积极拓展欧洲及"一带一路"等新市场机会与新渠道客户。加大海外基地建设,着力运 营提效,完善业务协同布局,强化本地化供应能力,国际化产能的先发与规模优势加速形成。公司国内 基地与海外基地协同运作,随着新项目逐步在泰国工厂落地,泰国基地现在的出货量较去年同期大幅提 升。目前公司正在加速泰国基地扩产建设,明年泰国三期将投入使用,泰国基地总产能将覆盖60%以上 的北美订单。考虑当前面临的复杂外部环境及多重挑战,基于25H1公司业绩表现,调整盈利预测,维 持"买入"评级。 ...
研报掘金丨天风证券:维持西大门“买入”评级,业绩增速较快,盈利能力持续向好
Ge Long Hui A P P· 2025-10-11 02:25
天风证券研报指出,西大门25年上半年归母净利0.56亿,同增1%,Q2归母净利0.3亿同增3%。公司业绩 增速较快,盈利能力持续向好。目前公司在手订单2-3个月,产能可根据订单情况动态调整,可有效满 足客户要求。未来,随着公司募投产能逐渐释放,将有效缩短订单周期,更快响应客户需求。5H1公 司"年产1650万平方米建筑遮阳新材料项目"、"年产200万平方米建筑遮阳成品"等募集资金项目已全部 结项,为公司未来销售扩大提供产能支撑。针对海外市场,公司全力拓展跨境电商业务,依托亚马逊、 独立站等线上平台触达全球客户。针对国内市场,公司扩大线下直营办事处服务覆盖范围,配备专业销 售团队与安装技术团队驻点服务,全面保障客户体验。公司持续加大遮阳面料全球市场销售力度及海外 成品拓展业务,考虑在电商平台、广告宣传等方面投入增加,基于25H1公司业绩表现,调整盈利预 测,维持"买入"评级。 ...
研报掘金丨天风证券:维持五粮液“买入”评级,费投加大利润短期承压
Ge Long Hui A P P· 2025-10-10 08:04
格隆汇10月10日|天风证券研报指出,五粮液2025H1营业收入/归母净利润分别为527.71/194.92亿元 (同比+4.19%/+2.28%)对应2025Q2:2025Q2公司营业收入/归母净利润分别为158.31/46.32亿元(同比 +0.10%/-7.58%)。量价看,酒类增长主由量升驱动,结构下行使得吨价下行(销量同比+44.59%/吨价 同比-27.89%),五粮液销量/吨价分别同比+12.75%/-7.25%,其他酒销量/吨价分别同比 +58.81%/-35.31%。费投加大利润短期承压,业绩蓄水池仍较充足。考虑当前行业仍处于调整期,下调 盈利预测,维持"买入"评级。 ...