Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company achieved a revenue of 28.68 billion RMB in 2024, reflecting a year-on-year growth of 3.9%, while the net profit attributable to the parent company decreased by 5.5% to 3.01 billion RMB [6]. - The company is expected to increase investments starting from 2025 to pursue long-term high-quality development [1]. - The target price is set at 21.19 HKD, based on a 20x PE valuation for 2025 [2][7]. Financial Performance Summary - **Revenue**: - 2022: 25.80 billion RMB - 2023: 27.60 billion RMB - 2024E: 28.68 billion RMB (3.9% growth) - 2025E: 28.95 billion RMB (0.9% growth) - 2026E: 31.32 billion RMB (8.2% growth) [2][9] - **Net Profit**: - 2022: 4.06 billion RMB - 2023: 3.19 billion RMB - 2024E: 3.01 billion RMB (5.5% decline) - 2025E: 2.56 billion RMB (15.0% decline) - 2026E: 2.99 billion RMB (16.5% growth) [2][9] - **Earnings Per Share (EPS)**: - 2022: 1.57 RMB - 2023: 1.23 RMB - 2024E: 1.17 RMB - 2025E: 0.99 RMB - 2026E: 1.15 RMB [2][9] - **Profitability Ratios**: - Gross Margin: - 2024E: 49.4% - 2025E: 49.5% - 2026E: 49.9% [2][9] - Net Margin: - 2024E: 10.5% - 2025E: 8.9% - 2026E: 9.5% [2][9] - Return on Equity (ROE): - 2024E: 11.9% - 2025E: 9.0% - 2026E: 0.0% [2][9] Market Position and Strategy - The company is focusing on optimizing its direct sales channels and has seen good performance in e-commerce, with a projected revenue growth of 10.3% in 2024 [6]. - The company plans to leverage its role as the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation from 2025 to 2028 to enhance brand strength [6].

24 年业绩符合预期，25 年起加大投入追求 中长期高质量发展 核心观点 盈利预测与投资建议 ⚫ 根据业绩公告，我们调整 24-26 年盈利预测，预计 24-26 年 EPS 分别为 1.17、0.99 和 1.15 元（原 1.2、1.37 和 1.54 元），参考可比公司，给予 2025 年 20 倍的 PE 估 值，目标价为 21.19 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：运动服饰消费低于预期、终端去库存进度和新产品推广不及预期等 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21 ...

领益智造 002600.SZ 公司研究 | 年报点评 季度营收新高，AI 终端布局百花齐放 核心观点 ⚫ 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.38/0.51/0.65 元（原 25/26 年预测分别为 0.46/0.56 元，主要上调收入预测，下调毛利率预测），根据可比公司 25年 32倍 PE 估值，对应目标价为 12.16 元，维持买入评级。 风险提示 ⚫ 北美大客户出货量不及预期风险；新业务整合与拓展不及预期风险；汇兑损失风 险；资产减值风险 1 周 1 月 3 月 12 月 绝对表现% 0.33 -5.76 7.26 69.15 相对表现% 0.32 -6.41 8.91 57.95 沪深 300% 0.01 0.65 -1.65 11.2 | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | | 执 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry as of March 31, 2025 [5]. Core Insights - The AI industry is experiencing a new cycle driven by advancements in computing power, algorithms, and applications, leading to a recommendation to increase allocations in the Hong Kong internet sector [3]. - Key companies recommended for investment include Alibaba-W (09988, Buy), Kuaishou-W (01024, Buy), and Tencent Holdings (00700, Buy) due to their strong positions in the AI value chain [3]. Summary by Sections AI Developments - Alibaba has released two significant multimodal models: QvQ-Max for video reasoning and Qwen2.5-Omni for comprehensive multimodal processing, showcasing advancements in AI capabilities [8][13]. - Kuaishou's Keling 1.6pro has achieved the top position in global video generation models, with a cumulative revenue exceeding 100 million RMB as of February 2025, indicating strong commercial traction [26][27]. Industry Dynamics - Shanghai has announced policies to enhance the intelligent computing cloud industry, aiming for a scale exceeding 200 billion RMB by 2027 [28][29]. - Strategic partnerships between China Mobile, China Unicom, and Alibaba have been established to enhance AI data center construction and cloud computing capabilities [30][31]. Model Upgrades - Deepseek V3 has undergone a significant upgrade, enhancing its reasoning and coding capabilities, positioning it among the top models in the industry [36][37]. - The launch of the Mureka O1 music reasoning model by Kunlun Wanwei has set a new standard in music generation, utilizing innovative reasoning techniques [40][41]. Market Trends - The report highlights the increasing integration of AI technologies across various sectors, with a focus on enhancing user engagement and operational efficiency [3][28]. - The overall AI application landscape is expanding, with notable advancements in multimodal capabilities and commercial applications across different industries [8][26].

固定收益 | 动态跟踪 二季度债市或可乐观一点 固定收益市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 | 齐晟 | qisheng@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521120001 | | 杜林 | dulin@orientsec.com.cn | | | 执业证书编号：S0860522080004 | | 王静颖 | wangjingying@orientsec.com.cn | | | 执业证书编号：S0860523080003 | | 徐沛翔 | xupeixiang@orientsec.com.cn | | 央行多投放流动性了吗？：固定收益市场 | 2025-03-25 | | --- | --- | | 周观察 | | | 从金融数据看近期流动性格局：固定收益 | 2025-03-17 | | 市场周观察 | | | 3-4 月债市利率向下的季节性规律能否重 | 2025-03-10 | | 现：固定收益市场周观察 | | 有关分析师的申明，见本 ...

Investment Rating - The industry investment rating is "Buy" with a positive outlook on key companies in the chemical sector [8][12]. Core Viewpoints - The report highlights that oil prices continue to rise due to increased supply risks, while the upcoming U.S. tariffs are anticipated to impact demand expectations. The focus remains on leading companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-fishing strategy [12]. - The report emphasizes the importance of monitoring chemical price increases, particularly those influenced by overseas supply fluctuations, such as bromine and IPDI. Additionally, the agricultural and food sectors are highlighted as having rigid demand, especially during the spring farming season, which is expected to drive performance recovery in the agricultural chemicals sector [12]. - Key recommendations include companies like Wanhua Chemical, Huamao Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, all of which are expected to benefit from improving market conditions and product pricing [12]. Summary by Sections 1. Core Viewpoints - Oil prices are rising due to supply risks and geopolitical uncertainties, with Brent oil price at $73.63 per barrel, up 2.0% [13]. - U.S. crude oil commercial inventory decreased to 433.6 million barrels, down 3.3 million barrels week-on-week [13]. - The report tracks 188 chemical products, with the top three price increases being chloroacetic acid (up 8.6%), DMF (up 5.6%), and trichloroethylene (up 5.5%) [14]. 2. Price Changes - The report details significant price fluctuations in chemical products, with chloroacetic acid showing a weekly increase of 8.6% and a monthly increase of 10.0% [15]. - Conversely, liquid chlorine experienced a dramatic weekly decrease of 34.8% but a monthly increase of 66.7% [15]. - The price spread for styrene increased by 102.0%, indicating strong market dynamics [18]. 3. Investment Recommendations - Wanhua Chemical (600309) is recommended for its improving profitability in MDI and upcoming project launches [12]. - Huamao Technology (603181) is noted for its recovery in growth after previous demand challenges [12]. - Runfeng Co. (301035) is highlighted for its unique global registration and sales channels [12]. - Guoguang Co. (002749) is recognized as a leader in differentiated formulations for plant growth regulators [12]. - Hualu Hengsheng (600426) is expected to benefit from recovering core product prices and declining coal prices [12].

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company has shown a recovery in performance and is actively expanding into new business areas [1] - The vitamin product segment is expected to recover, while the pharmaceutical segment remains under pressure [9] - The company is implementing a "vertical and horizontal" strategy to expand its business and new product offerings [9] Financial Performance Summary - The company's revenue for 2023 was 1,095 million, with a projected increase to 1,243 million in 2024, representing a year-on-year growth of 13.6% [5] - Operating profit is expected to rise from 207 million in 2023 to 355 million in 2024, reflecting a significant growth of 71.6% [5] - Net profit attributable to the parent company is forecasted to increase from 192 million in 2023 to 309 million in 2024, a growth of 60.8% [5] - Earnings per share are projected to grow from 0.35 in 2023 to 0.57 in 2024 [5] - The gross margin is expected to be 58.4% in 2024, with a net margin of 24.9% [5] Earnings Forecast and Investment Recommendations - The report adjusts revenue forecasts for vitamin products and pharmaceuticals while increasing the gross margin for vitamin products [3] - The projected earnings per share for 2025-2027 are 0.88, 1.05, and 1.36 respectively [3] - Based on comparable companies, a target price of 14.96 is set for 2025, corresponding to a 17 times price-to-earnings ratio [3]

投资策略 | 定期报告 从政策博弈到基本面验证 研究结论 风险提示 | | | | 张书铭 | 021-63325888*5152 | | --- | --- | | 17 | zhangshuming@orientsec.com.cn | | | 执业证书编号：S0860517080001 | | 张志鹏 | zhangzhipeng@orientsec.com.cn | | | 执业证书编号：S0860522020002 | | 段怡芊 | duanyiqian@orientsec.com.cn | | | 执业证书编号：S0860524010001 | | | 香港证监会牌照：BVI649 | | 薛俊 | 021-63325888*6005 | | | xuejun@orientsec.com.cn | | | 执业证书编号：S0860515100002 | 目 录 | 本周市场回顾 4 | | --- | | 风险提示 8 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 2 | 情绪退潮、A 股高位回落 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - Despite a lack of major catalysts in the computing power sector recently, the iteration speed of AI models remains rapid, with multimodal and agent applications expected to consume more computing power, thereby sustaining the industry's prosperity [3] - Domestic policies favoring self-controlled computing power and data security requirements are leading to increased attention and procurement of domestic AI chips and integrated machines [3] Summary by Sections Capital Expenditure and Demand - Major internet companies and telecom operators are significantly increasing their capital expenditure (Capex) in computing power, with Tencent's 2024 Capex exceeding 76.7 billion yuan, a 221% year-on-year increase, and accounting for 12% of its revenue [8] - China Telecom plans to invest 21.96 billion yuan in cloud and computing power, a 22% increase year-on-year, while China Unicom plans to invest 18 billion yuan, up 28% [8] Model and Application Iteration - The launch of OpenAI's image generation application has led to overwhelming demand, causing the company to limit usage to alleviate GPU overload [8] - The complexity of applications, such as the agent application Manus, indicates a high computing power cost, with tasks consuming significant resources [8] Policy and Market Growth - Shanghai aims for its intelligent computing cloud industry to exceed 200 billion yuan by 2027, with a target of achieving 200 EFLOPS in computing power, where self-controlled computing power should account for over 70% [8] - Other cities like Shenzhen are also setting specific goals for the intelligent computing sector [8] Investment Recommendations - For domestic computing power, recommended stocks include Haiguang Information (688041, Buy), Cambrian-U (688256, Not Rated), and Zhongke Shuguang (603019, Buy) [3] - In the computing service and IDC sector, recommended stocks include Hainan Huatie (603300, Buy) and others [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has shown steady improvement in gross margin and has fully integrated intelligent driving technology into its vehicles [1] - Revenue and profit forecasts have been adjusted, with EPS estimates for 2025-2027 set at 1.27, 1.50, and 1.84 RMB respectively, maintaining a target price of 20.65 HKD [2] - The company aims for a sales target of 2.71 million vehicles in 2025, representing a 24.5% year-on-year growth [9] Financial Performance Summary - For 2023, the company reported revenue of 179,204 million RMB, with a year-on-year growth of 21.1% [4] - The gross margin for 2024 is projected to be 15.9%, an increase of 0.6 percentage points from the previous year [9] - The net profit attributable to the parent company for 2024 is expected to reach 16,632 million RMB, reflecting a significant year-on-year growth of 213.3% [4][9] - The company plans to distribute a final dividend of 3.3 HKD per 10 shares to all shareholders [9] Sales and Market Position - Total vehicle sales reached 2.1767 million units in 2024, marking a 32.0% increase year-on-year, with new energy vehicle sales growing by 91.9% [9] - The company has set ambitious sales targets for its brands, with specific goals for 吉利 (Geely), 极氪 (Zeekr), and 领克 (Lynk & Co) [9] Future Outlook - The company is set to launch a new cycle of electric vehicles in 2025, with multiple new models planned under its upgraded Galaxy brand [9] - The integration of advanced intelligent driving systems across all new models is expected to enhance the company's competitive edge in the market [9]