Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The acquisition of the Woolrich brand marks a significant milestone for the company, enhancing its presence in the outdoor segment and establishing it as a high-potential player in functional outdoor apparel [7]. - The company plans to invest 300-400 million RMB to establish a research and development center in Shanghai, aiming to integrate global supply chain resources and enhance product development capabilities [7]. - The report anticipates a gradual recovery in domestic consumption, projecting a turnaround for the company in 2025, supported by the confidence shown by major shareholders through a recent capital increase [7]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 5,254 million RMB, with a year-on-year growth rate of 21.8%. However, revenue is expected to decline by 3.6% in the first three quarters of 2024 [6][12]. - The net profit attributable to the parent company is forecasted to be 698 million RMB for 2023, with a significant decline of 25.2% expected in the first three quarters of 2024 [6][8]. - The company expects net profits of 549 million RMB in 2024, 651 million RMB in 2025, and 752 million RMB in 2026, corresponding to price-earnings ratios of 11, 10, and 8 respectively [7][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 21% based on a target market capitalization of 34.7 billion HKD for 2025 [6][12]. Core Insights - The company achieved a revenue of 8.12 billion CNY in 2024, representing a year-on-year growth of 16%. However, it reported a net loss of 210 million CNY primarily due to goodwill impairment of 1.1 billion CNY from New Classics Media [1][6]. - Adjusted net profit, excluding the impact of goodwill impairment, was 1.14 billion CNY, showing a slight increase of 1% year-on-year [1][6]. - The online reading business stabilized with a revenue of 4.03 billion CNY in 2024, marking a 2% increase, while the paid reading segment grew by 3% [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 7.012 billion CNY - 2024: 8.121 billion CNY - 2025E: 8.164 billion CNY - 2026E: 8.591 billion CNY - 2027E: 9.056 billion CNY - Adjusted net profit forecasts are: - 2023: 1.13 billion CNY - 2024: 1.14 billion CNY - 2025E: 1.28 billion CNY - 2026E: 1.42 billion CNY - 2027E: 1.56 billion CNY [3][7]. Business Developments - New Classics Media's goodwill risk has been released, with a reported net profit of 340 million CNY in 2024, the lowest in 19 years, due to poor box office performance affecting overall results [6]. - The company plans to focus on high-quality content, which may extend the development cycle of new projects and increase production costs, leading to a decline in profit expectations over the next few years [6]. - The derivative products and other copyright operations have shown positive progress, with a revenue increase of 36% in 2024, excluding New Classics Media [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for the year 2024 met expectations, with total revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.5% year-on-year [5] - The passenger transport business showed significant growth, with revenue increasing by 31.24% to 159 million yuan, while the hotel business remained stable [5] - The company plans to distribute a cash dividend of 0.68 yuan per share, which accounts for 40.46% of the net profit attributable to shareholders for the year [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 856 million yuan, with a year-on-year growth rate of 12.0% [4] - Net profit attributable to shareholders is projected to be 211 million yuan in 2025, reflecting a year-on-year increase of 13.7% [4] - The company’s gross profit margin is expected to improve to 51.1% in 2025, up from 50.2% in 2024 [4] Business Segment Performance - The hotel business revenue increased by 1.05% to 237 million yuan, while the revenue from the cable car business decreased by 0.56% to 293 million yuan [5] - The travel agency business saw a decline in revenue by 7.53% to 62 million yuan, but its gross margin improved [5] - The establishment of a transportation conversion center has alleviated congestion during peak seasons and increased the penetration rate of the passenger transport business [5] Strategic Insights - The company is expected to benefit from the ongoing development strategy of the Huangshan area and the expansion logic of the Lion Peak project [5] - The company is enhancing its restaurant brand and has successfully registered its vegetarian cooking skills as an intangible cultural heritage [5] - The Lion Peak cable car project has received approval and is entering the construction phase, which is anticipated to improve conversion rates through the introduction of supporting wellness and leisure projects [5]

上 市 公 司 非银金融 2025 年 03 月 20 日 中国平安 (601318) ——业绩及分红均超预期，下调投资收益率假设 50bps 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： 2025 年 03 月 19 日 | | | --- | --- | | 收盘价（元） | 54.07 | | 一年内最高/最低（元） | 62.80/37.67 | | 市净率 | 1.1 | | 股息率%（分红/股价） | 4.49 | | 流通 A 股市值（百万元） | 581,937 | | 上证指数/深证成指 3,426.43/10,979.05 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 50.99 | | 资产负债率% | 89.93 | | 总股本/流通 A 股(百万) | 18,210/10,763 | | 流通 B 股/H 股（百万） | -/7,448 | 一年内股价与大盘对比走势： 03-19 04-19 05-19 06-19 07- ...

Investment Rating - The report maintains a "Buy" rating for China Jushi (600176) [6] Core Views - The company achieved record high production and sales volumes, indicating a clear upward trend from the bottom [6] - The financial performance for 2024 met expectations, with total revenue of 15.86 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.45 billion yuan, a year-on-year decrease of 19.7% [6] - The company’s gross profit margin was under pressure, recorded at 25.03%, down 2.97 percentage points year-on-year [6] - The industry is experiencing a price recovery, with expectations for further profit improvement in 2025 [6] - The company is accelerating capital expenditures with significant investments in its subsidiaries to enhance competitive advantages [6] Financial Data and Profit Forecast - Total revenue projections for the upcoming years are as follows: - 2023: 14.876 billion yuan - 2024: 15.856 billion yuan - 2025E: 18.094 billion yuan - 2026E: 19.398 billion yuan - 2027E: 20.711 billion yuan [5][8] - Net profit attributable to shareholders is forecasted as: - 2025E: 3.077 billion yuan - 2026E: 3.589 billion yuan - 2027E: 3.913 billion yuan [5][8] - The company’s earnings per share (EPS) is projected to be: - 2025E: 0.77 yuan - 2026E: 0.90 yuan - 2027E: 0.98 yuan [5][8] - The return on equity (ROE) is expected to be 9.3% in 2025, 10.0% in 2026, and 10.2% in 2027 [5][8]

部公司 电子 2025 年03 月 20 日 小米集团-W (0181 全年业绩超预期,高端化战略持续兑现 报告原因:有业绩公布需要点评 | 投资要点: | | --- | 财务数据及盈利预测 | 市神:人民币 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (百万元) | 270,970 | 365,906 | 469,359 | 572,035 | 684,427 | | 同比增长率(%) | -3 | રે રેત | 28 | 22 | 20 | | 归母净利润(百万元) | 19.274 | 27.314 | 37,624 | 45.739 | 55.769 | | 同比增长率(%) | 127 | 42 | 38 | 22 | 22 | | 每股收益(元/股) | 0.76 | 1.07 | 1.48 | 1.79 | 2.19 | | 净资产收益率(%) | 11.34 | 13.39 | 16.01 | 16.53 | 17.07 | | 市智率 | 70 | 49 | 3 ...

市公司 其础化工 2025 年 03 月 20 日 国恩股份 (002768) 内生外延开启加速成长，成本改善或助盈利提升 同研究 / 公司探 投资要点: 财务数据及盈利预测 市场数据: 2025 年 03 月 19 日 收盘价(元) 25.92 一年内最高/最低 (元) 27.03/16.86 市净家 1 5 股息率% (分红/股价) 0.69 流通 A 股市值 (百万元) 4.581 上证指数/深证成指 3,426.43/10,979.05 | | 2023 | 2024Q1-3 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 17.439 | 14.160 | 20.058 | 22,263 | 26.143 | | 同比增长率(%) | 30.1 | 11.8 | 15.0 | 11.0 | 17.4 | | 归母净利润(百万元) | 466 | 458 | ୧୮୧ | 706 | ਰੇਤੇ ਦ | | 同比增长率(%) | -29.7 | 21.2 | 40.6 | 7.7 | 32.6 | ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][9][10] Core Views - The company's Q4 2024 performance met expectations, with improvements anticipated in the amino acid sector and overall market conditions [1][9] - The company is expanding its product matrix through a cross-border acquisition, which is expected to enhance its overseas strategic layout [9][10] - The company has experienced a significant recovery in amino acid profitability, with Q4 2024 performance showing a notable increase in operational metrics [9][10] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 27,761 million, with a decline to 25,069 million in 2024, followed by a recovery to 28,129 million in 2025, and further growth expected in subsequent years [8][10] - The net profit attributable to the parent company is forecasted to decrease from 3,181 million in 2023 to 2,740 million in 2024, before rebounding to 3,063 million in 2025 [8][10] - The gross profit margin is expected to stabilize around 19.5% in 2025, with a return on equity (ROE) projected at 19.6% [8][10] Market Data - As of March 19, 2025, the closing price of the company's stock is 10.41 yuan, with a market capitalization of 29,698 million yuan [2][9] - The company has a price-to-book ratio of 2.0 and a dividend yield of 5.72% based on the most recent dividend announcements [2][9]

行 业 及 产 业 商贸零售 2025 年 03 月 19 日 金价累创新高，黄金珠宝走向产品 行 业 研 究 / 行 业 点 评 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 +品牌升级 看好 ——消费品牌研究系列之十二 相关研究 《提振内需，AI 变革——2025 春季电商 零售策略》 2025/03/11 《投资属性的消费品，金价之势有望持续 提振行业景气-黄金珠宝研究框架》 2024/03/13 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 行业点评 目录 | 1．金价创新高，关注 Q2 行业低基数拐点 | 3 | | --- | --- | | 2．行业驱动转向，品牌+产品差异化激发需求 | 4 | | 2.1 黄金佩戴消费属性加强，时尚化金饰焕新 | 4 | | 2.2 行业由渠道驱动转向产品+品牌升级驱动 | 6 | | 3．投资分析意见 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved record high revenue and market share in brokerage, indicating a long-term positive trend despite short-term performance fluctuations [6][7] - The company reported a total transaction volume (GTV) of 3.35 trillion yuan for 2024, a year-on-year increase of 6.6%, with significant contributions from existing home transactions and emerging businesses [6][7] - The company is focusing on shareholder returns, having repurchased shares worth 716 million USD and planned a cash dividend of 400 million USD, representing 5% of the market value at the end of 2024 [6] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: 77.777 billion yuan - 2024: 93.457 billion yuan (20% YoY growth) - 2025E: 110.740 billion yuan (18% YoY growth) - 2026E: 122.649 billion yuan (11% YoY growth) - 2027E: 135.786 billion yuan (11% YoY growth) [6][10] - Net profit forecasts are: - 2023: 5.883 billion yuan - 2024: 4.065 billion yuan (-31% YoY) - 2025E: 6.201 billion yuan (53% YoY) - 2026E: 7.544 billion yuan (22% YoY) - 2027E: 9.121 billion yuan (21% YoY) [6][10] - The company’s earnings per share (EPS) is projected to be: - 2023: 1.63 yuan - 2024: 1.15 yuan - 2025E: 1.76 yuan - 2026E: 2.14 yuan - 2027E: 2.58 yuan [6][10] Market Share and Business Segments - The company achieved a record high market share of 31% in existing home transactions for 2024, with a transaction volume of 2.25 trillion yuan, up 10.8% YoY [6][7] - In the new home segment, the company reported a transaction volume of 970 billion yuan, down 3.3% YoY, but maintained a market share of 11.4% [6][8] - The company’s home decoration and rental services saw significant revenue growth, with home decoration revenue increasing by 36% and rental services by 135% [6][8] Investment Analysis Opinion - The report concludes that the company’s revenue and brokerage market share are at record highs, and despite short-term performance fluctuations, the long-term outlook remains positive, thus maintaining the "Buy" rating [6][7]