Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is expected to be strong, with significant contributions from the consolidation of Jia Le [5] - The garment manufacturing segment is experiencing revenue growth due to acquisitions and improved production efficiency [2] - The brand management segment is actively expanding new channels, with Xiaomi continuing to launch new products [3] - The company is effectively controlling expenses, with one-time investment gains from Jia Le enhancing profits [4] - Profitability is projected to improve as overseas production efficiency increases, with sustained revenue growth anticipated from 2025 to 2027 [5] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 4.24 billion yuan (up 36.6% year-on-year) and a net profit of 0.381 billion yuan (up 229.5% year-on-year) [1] - For Q1 2025, revenue was 1.234 billion yuan (up 35.6% year-on-year) and net profit was 0.085 billion yuan (up 20.1% year-on-year) [1] Manufacturing Segment - In 2024, the garment manufacturing revenue reached 3.534 billion yuan (up 44.6% year-on-year), with bag manufacturing revenue at 2.372 billion yuan (up 20.3% year-on-year) and garment manufacturing revenue at 1.162 billion yuan (up 146.4% year-on-year) [2] - The gross margin for garment manufacturing was 22.55% (down 1.33 percentage points year-on-year), primarily due to the impact of Jia Le's consolidation [2] Brand Management - Brand management revenue in 2024 was 0.658 billion yuan (up 5.1% year-on-year), with distribution revenue at 0.498 billion yuan (up 20.8% year-on-year) and online revenue at 0.160 billion yuan (down 25.2% year-on-year) [3] - The gross margin for brand management was 25.52% (down 1.03 percentage points year-on-year) [3] Profitability and Forecast - The net profit margin for 2024 was 9.0% (up 5.3 percentage points year-on-year) [4] - Revenue forecasts for 2025 to 2027 are 5.344 billion yuan, 6.222 billion yuan, and 7.190 billion yuan, respectively, with year-on-year growth rates of 26%, 16%, and 16% [5] - Expected net profit for 2025 to 2027 is 0.384 billion yuan, 0.480 billion yuan, and 0.590 billion yuan, with growth rates of 1%, 25%, and 23% respectively [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][36][41] Core Views - The company is expected to achieve a revenue growth of 37% in 2024, driven by the acquisition of Shanghai Jiale, which will contribute both one-time gains and ongoing performance post-consolidation [1][36] - The main business segments include bag and clothing OEM, with the OEM business accounting for 83% of total revenue in 2024 [1] - The company reported a significant increase in net profit, with a year-on-year growth of 229.5% to 381 million yuan in 2024, aided by the consolidation of Jiale [1][36] - The overall gross margin is expected to decline slightly due to the lower margin of Jiale, with a year-on-year decrease of 1.5 percentage points to 22.9% [1][36] - The company anticipates continued high growth in Q1 2025, with revenue of 1.234 billion yuan, a 35.6% increase year-on-year, and a net profit of 85 million yuan, up 20.1% [2][36] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.24 billion yuan, a 36.6% increase year-on-year, and a net profit of 381 million yuan [1][38] - The first quarter of 2025 saw revenue of 1.234 billion yuan, reflecting a 35.6% growth, with net profit reaching 85 million yuan [2][38] - The gross margin for Q1 2025 improved slightly to 24.7%, despite the impact of Jiale's lower margin [2][38] Business Segments - Bag OEM revenue for 2024 is projected to grow by 20.3% to 2.372 billion yuan, benefiting from client replenishment and increased orders from major clients like Nike and Decathlon [2][36] - Clothing OEM revenue is expected to surge by 146.43% to 1.162 billion yuan, primarily due to the consolidation of Jiale [2][36] - Brand business revenue grew by 5.1% to 658 million yuan, driven by collaboration with Xiaomi [2][36] Future Outlook - The company is optimistic about expanding its OEM business in Indonesia, with production capacity expected to ramp up in the next two years [36] - Profitability is anticipated to improve as Jiale's margins align with industry peers, with significant potential for margin expansion [36] - The target price is set between 22.8 and 23.8 yuan, corresponding to a PE ratio of 15-16x for 2025 [36][38]

公司报告 | 年报点评报告 开润股份（300577） 证券研究报告 嘉乐成长可期 公司发布年报及一季报 25Q1 公司营收 12 亿，同增 36%。归母净利 0.9 亿，同增 20%；扣非后归 母净利 0.8 亿，同增 7%；营收增长系服装及箱包收入增加，本期财务费用 0.3 亿，24Q1 为 686 万元，系并购企业并表后未实现汇兑损益增加所致。 24 年公司营收 42 亿，同增 37%。归母净利 3.8 亿，同增 229.5%。扣非后 归母净利 2.9 亿，同增 109.7%。 目前，开润美国业务主要为箱包及服装代工制造，占公司收入约 15%，由 印尼生产并出口。公司与客户主要采用 FOB，该模式下由客户承担货物装 运上船后的运费并自行清关支付关税。 包括印尼在内东南亚国家是继中国之后，当下全球纺织制造产品最主要生 产和出口国，美国消费市场及美国纺服品牌客户对其产能依赖度很高。东 南亚国家因其人口基数和人力成本优势，成为诸如箱包、鞋、服生产等劳 动密集型行业的重要产能地，而美国人力成本显著高于东南亚，通过关税 政策倒逼纺服制造行业回流至美国本土的可能性较低。 公司通过在中国、印尼、印度等多地建厂布局全球化 ...

Core Viewpoint - The company reported significant growth in its 2024 annual report and Q1 2025 report, with a notable increase in revenue and net profit, driven by strong performance in its OEM business and brand operations [1][2][5]. Financial Performance - In 2024, the company achieved revenue of 4.24 billion yuan, a year-on-year increase of 36.56%, and a net profit attributable to shareholders of 381 million yuan, up 229.52% [1]. - For Q4 2024, the company reported revenue of 1.215 billion yuan, a 47.91% increase year-on-year, and a net profit of 60 million yuan, marking a return to profitability [1]. - In Q1 2025, revenue reached 1.234 billion yuan, a 35.57% increase year-on-year, with a net profit of 85 million yuan, up 20.12% [1]. Business Segments - The OEM manufacturing segment generated revenue of 3.534 billion yuan in 2024, reflecting a 44.61% year-on-year growth, driven by increased demand in the sports sector and international events like the Paris Olympics [1][2]. - The brand management segment achieved revenue of 658 million yuan, a 5.07% increase year-on-year, focusing on the "Xiaomi" and "90 Points" brands and core travel product categories [2]. Profitability Metrics - The company's gross margin for 2024 was 22.86%, a decrease of 1.49 percentage points year-on-year, with a net profit margin of 8.99%, an increase of 5.26 percentage points [2][3]. - In Q4 2024, the gross margin was 22.12%, down 6.59 percentage points year-on-year, while the net profit margin was 4.97%, up 5.64 percentage points [2][3]. - For Q1 2025, the gross margin improved to 24.71%, an increase of 0.54 percentage points year-on-year, with a net profit margin of 6.92%, down 0.89 percentage points [3]. Market Position and Strategy - The company has over 70% of its production capacity located overseas, primarily in Southeast Asia, which helps mitigate the impact of tariffs and maintain competitive advantages [4]. - The company is focused on expanding its market share among existing clients and acquiring new clients, leveraging its global production capabilities [5]. Future Outlook - Revenue projections for 2025-2027 are 5.234 billion yuan, 6.140 billion yuan, and 7.055 billion yuan, representing year-on-year growth rates of 23.4%, 17.3%, and 14.9% respectively [5]. - Net profit forecasts for the same period are 367 million yuan, 460 million yuan, and 557 million yuan, with expected growth rates of -3.6%, +25.1%, and +21.1% respectively [5].

Core Insights - The company achieved a revenue growth of 37% in 2024, driven by the acquisition of Shanghai Jiale, which contributed both one-time gains and ongoing performance post-consolidation [1] - The main business segments include bag and apparel OEM and brand operations, with OEM accounting for 83% of total revenue in 2024 [1] - The company reported a total revenue of 4.24 billion yuan in 2024, a year-on-year increase of 36.6%, and a net profit attributable to shareholders of 0.381 billion yuan, up 229.5% year-on-year [1] Financial Performance - In 2024, the company recorded a revenue of 4.24 billion yuan, with a net profit of 0.381 billion yuan, benefiting from the consolidation of Shanghai Jiale, which contributed 0.848 billion yuan in revenue and 0.028 billion yuan in profit for the second half of the year [1] - A one-time gain of 0.096 billion yuan was recognized when control over Shanghai Jiale was obtained, measured at fair value [1] - The overall gross margin decreased by 1.5 percentage points to 22.9% due to the lower margin of Jiale and the impact of consolidation [1] Q4 2024 Performance - In Q4 2024, the company achieved a revenue of 1.215 billion yuan, representing a year-on-year growth of 47.9%, and a net profit of 0.060 billion yuan, marking a return to profitability [1] - The non-recurring net profit attributable to shareholders was 0.066 billion yuan, showing significant growth year-on-year [1] Q1 2025 Performance - In Q1 2025, the company continued its high growth trajectory with revenue of 1.234 billion yuan, up 35.6% year-on-year, and a net profit of 0.085 billion yuan, an increase of 20.1% [2] - The gross margin improved slightly by 0.5 percentage points to 24.7%, despite the drag from Jiale's consolidation [2] - The overall expense ratio increased by 1.9 percentage points, leading to a decline in net profit margin by 0.9 percentage points to 6.9% [2] Business Segments - The bag OEM segment generated revenue of 2.372 billion yuan in 2024, a growth of 20.3%, driven by recovery in downstream customer inventory demand and increased orders from key clients like Nike and Decathlon [2] - The apparel OEM segment saw a significant revenue increase of 146.43% to 1.162 billion yuan, primarily due to the consolidation of Shanghai Jiale [2] - The brand business reported revenue of 0.658 billion yuan, a growth of 5.1%, mainly supported by increased income from the Xiaomi brand [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a revenue of 1.2 billion in Q1 2025, representing a year-on-year growth of 36%. The net profit attributable to the parent company was 90 million, up 20% year-on-year, while the non-recurring net profit was 80 million, an increase of 7% [1] - For the full year 2024, the company expects a revenue of 4.2 billion, a growth of 37%, and a net profit of 380 million, which is a significant increase of 229.5% year-on-year [1] - The company's overseas production capacity has exceeded 70%, with a focus on Southeast Asia, particularly Indonesia, which is a major production and export hub for textile products [2] - The acquisition of Jia Le Co. has significantly enhanced revenue and improved production efficiency, with a projected revenue of 3.5 billion in 2024, a growth of 45% [3] - The brand management segment, particularly the collaboration with Xiaomi, has led to the launch of several new products and the expansion of sales channels, contributing to a revenue of 660 million in 2024, a growth of 5% [4] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 470 million, 580 million, and 700 million respectively, with EPS projected at 1.96, 2.41, and 2.93 [5] Financial Summary - The company reported total revenue of 3.1 billion in 2023, with a growth rate of 13.28%. The projected revenue for 2024 is 4.2 billion, with a growth rate of 36.56% [11] - The net profit attributable to the parent company for 2023 was 115.62 million, with a growth rate of 146.69%. The forecast for 2024 is 381 million, reflecting a growth of 229.52% [11] - The company's gross margin for 2024 is expected to be 22.86%, slightly down from the previous year [13] - The company has a total market capitalization of approximately 4.72 billion [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant revenue growth, achieving an operating income of 4.24 billion yuan in 2024, a year-on-year increase of 36.56%, and a net profit attributable to shareholders of 0.381 billion yuan, up 229.52% year-on-year [4][5] - The company is accelerating market share growth among new and existing clients, with its OEM manufacturing business generating revenue of 3.534 billion yuan, a year-on-year increase of 44.61% [5] - The company's gross margin for 2024 was 22.86%, a decrease of 1.49 percentage points year-on-year, primarily due to the consolidation of Jia Le's income, which impacted profitability [6] - The company has over 70% of its production capacity overseas, which minimizes the impact of tariff increases on its costs [7][8] - Future revenue projections for 2025-2027 are 5.234 billion yuan, 6.140 billion yuan, and 7.055 billion yuan, representing year-on-year growth rates of 23.4%, 17.3%, and 14.9% respectively [9][11] Summary by Sections Financial Performance - In Q4 2024, the company achieved an operating income of 1.215 billion yuan, a year-on-year increase of 47.91%, and a net profit of 0.06 billion yuan, returning to profitability [4] - For Q1 2025, the company reported an operating income of 1.234 billion yuan, a year-on-year increase of 35.57%, and a net profit of 0.085 billion yuan, up 20.12% year-on-year [4] Business Segments - The OEM manufacturing segment is performing well, with a focus on expanding into the apparel sector and optimizing production efficiency [5] - The brand management segment generated revenue of 0.658 billion yuan, a year-on-year increase of 5.07%, focusing on core travel product categories [5] Profitability Metrics - The company's net profit margin for 2024 was 8.99%, an increase of 5.26 percentage points year-on-year [6] - The gross margin for Q1 2025 was 24.71%, an increase of 0.54 percentage points year-on-year, indicating potential for improved profitability moving forward [6] Market Position - The company is positioned as a leading OEM in the luggage sector, leveraging its global production capabilities to enhance market share among existing clients and attract new ones [9] - The company is also focusing on brand promotion and product innovation to drive growth in its proprietary brand business [9]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 24年归母净利润增速高于收入，主要为24年并表上海嘉乐带来一次性大额投资收益而23年为投资损失所 致。分季度看，24Q1~24Q4公司单季度收入分别同比增长22.9%/12.8%/64.4%/47.9%，24年下半年以来收 入增幅提升主要为上海嘉乐自24年7月开始并表所贡献；单季度归母净利润分别同比增长 103.0%/341.1%/57.5%/扭亏。 分品类来看： 2024年旅行箱、包袋、服装、其他收入占比分别为19%/52%/27%/1%，收入分别同比增长 21.6%/16.7%/146.2%/-22.8%，其中服装收入大增主要为嘉乐并表贡献。 分地区来看： 2024年国内、国外销售收入占比分别为24%/76%，收入分别同比增长20. ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【电新】25年新增核准10台核电机组，可控核聚变领域近期频现突破——碳中和领域动态跟踪（一百五十七） 我国核电项目审批已经进入规模化核准阶段。"十五五"期间核电设备年市场需求有望突破870亿 元，其中核岛设备单年投资规模有望突破400亿元。我国可控核聚变领域近期频现突破，中国聚变 能应用"三步走"战略稳健推进。 （殷中枢/郝骞/宋黎超） 2025-04-28 （ 王招华/戴默） 2025-04-28 您可点击今日推送内容的第2条查看 【晶瑞电材（300655.SZ）】大额商誉减值影响24年业绩，拟发行股份收购湖北晶瑞股权—— 2024年报及2025 一季报点评 2024年，公司实现营收14.35亿元，同比增长10.44% ...

| | | 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 注：本次新增担保为已用担保的续做，续做前后最高保证额均为 1,200 万美元，因汇率 差异，前次担保折合人民币 8,247.72 万元，本次担保折合人民币 8,647.92 万元。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等相关文件的规定，本次担保 在预计担保额度内，无需提交公司董事会或股东大会审议。 安徽开润股份有限公司（以下简称 "公司""本公司"）于 2024 年 12 月 6 日召开第四届董事会第二十一次会议，并于 2024 年 12 月 23 日召开 2024 年第 四次临时股东大会，审议通过了《关于对外担保额度预计的议案》，预计公司及 控股子公司为子公司提供担保的总额度为人民币 373,600 万元（含等值外币）， 其中为 Korrun International Pte.Ltd（以下简称"开润国际""债务人 ...