Investment Rating - The investment rating for the company is "Maintain Buy" [6] Core Views - The company has demonstrated resilience in its retail pipeline business, achieving a market share increase despite a challenging external environment. The retail segment's revenue for PPR products was 2.939 billion, showing a slight decline of 1.72% year-on-year, while the overall revenue for the company decreased by 1.75% to 6.267 billion [2][5] - The company has maintained a high dividend payout, with a total dividend of 943 million for the year, achieving a payout ratio of 99%, marking a historical high in returns to shareholders [4] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 6.267 billion, a year-on-year decline of 1.75%, and a net profit attributable to shareholders of 953 million, down 33.49% year-on-year. The adjusted net profit was 917 million, a decrease of 28.08% [1][5] - The fourth quarter alone saw revenue of 2.494 billion, a decline of 5.26%, with a net profit of 329 million, down 41.09% year-on-year [1] Business Segments - The retail business showed resilience, with PPR product revenue at 2.939 billion, only slightly down by 1.72%. However, the engineering segment faced challenges, with PE and PVC product revenues at 1.423 billion and 827 million, down 6.9% and 8.09% respectively [2] - The company achieved overseas revenue of 358 million, a growth of 26.65%, supported by operations in Thailand and Singapore [2] Profitability and Margins - The overall gross margin for 2024 was 41.72%, a decrease of 2.6 percentage points. The decline in margins was attributed to competitive pricing pressures, although core retail product prices remained stable [3] - The net profit margin for the year was 15.32%, down 7.59 percentage points year-on-year, while the adjusted net profit margin was 14.63%, down 5.36 percentage points [3] Cash Flow and Dividends - The company reported a net operating cash flow of 1.147 billion, with a cash conversion ratio of 1.2, indicating strong cash flow performance [4] - The total dividend for the year was 943 million, with a plan for a year-end dividend of 786 million, reflecting a commitment to high shareholder returns [4] Future Earnings Forecast - The company has adjusted its earnings forecast for 2025-2027, expecting net profits of 1.02 billion, 1.13 billion, and 1.25 billion respectively, with corresponding P/E ratios of 19, 17, and 16 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the special steel industry and improving capacity integration capabilities [3][5]. Core Views - The company reported a year-on-year increase in net profit for Q1 2025, with a net profit of 1.384 billion yuan, reflecting a 1.76% increase [1]. - The demand for special steel is expected to grow in the long term due to favorable manufacturing policies and the maturation of the steel industry [1]. - The company aims to achieve a steel production target of 18.6 million tons and an export target of 2.65 million tons in 2025, representing a 20.3% year-on-year increase [2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 26.84 billion yuan, a decrease of 5.59% year-on-year, while the gross profit margin showed signs of improvement [1]. - The company's quarterly sales gross profit margins for 2024Q2 to 2025Q1 were 12.30%, 12.51%, 14.39%, and 13.82%, respectively [1]. - The projected net profits for 2025 to 2027 are 5.449 billion yuan, 5.969 billion yuan, and 6.305 billion yuan, with corresponding P/E ratios of 10.8, 9.9, and 9.4 [3][4]. Sales and Production - The company’s sales volume for high-end products, particularly bearing steel and automotive steel, has shown significant growth, with automotive steel sales increasing by 38% year-on-year [2]. - The export sales volume for 2024 was 2.202 million tons, with an export product gross margin of 19.06%, which is 7.12 percentage points higher than domestic products [2]. Market Outlook - The long-term outlook for the special steel industry is positive, supported by the ongoing demand from downstream manufacturing sectors and government policies [1][3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 6.08 billion in 2024, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 921 million, up 1.2% year-on-year [5][6] - The company is expected to continue its growth trajectory with projected net profits of 996 million, 1.08 billion, and 1.17 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.2%, 8.8%, and 8.1% [4][5] Revenue and Profitability - The company reported a significant increase in Q4 non-recurring profit, growing by 53%, driven by improved operational efficiency and reduced expense ratios [1] - The life sciences segment generated revenue of 2.84 billion, a 14% increase, with a gross margin of 50.4%, up 2.5 percentage points year-on-year [2] - The industrial testing segment achieved revenue of 1.2 billion, a 10% increase, with a gross margin of 45.3%, up 1.7 percentage points [2] - The trade assurance segment reported revenue of 760 million, a 9% increase, with a gross margin of 71.2%, up 6.6 percentage points [2] - The consumer products testing segment had revenue of 990 million, a 0.9% increase, with a gross margin of 43.5%, down 1.2 percentage points [2] - The medical segment faced a decline, with revenue of 290 million, down 15%, and a gross margin of 20.4%, down 19 percentage points [2] Cash Flow and Capital Expenditure - The company maintained strong operating cash flow with a net inflow of 1.06 billion in 2024, consistent with the previous year, and a net cash inflow of 790 million in Q4 [3] - Capital expenditure for the year was 690 million, representing 11% of revenue, with a focus on traditional business and new project investments [3] Strategic Initiatives - The company is accelerating its AI technology applications, with 15 pilot projects initiated by the end of 2024, focusing on defect detection and intelligent scheduling [4] - The company is actively pursuing strategic acquisitions in emerging sectors, including 100% stakes in companies in Greece and Hong Kong, enhancing its international presence [4]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector [4]. Core Viewpoints - The report highlights the improvement in the cost-performance ratio of domestic computing power, suggesting a broad space for replacement of foreign products due to export restrictions on NVIDIA's H20 chip [1][12]. - The launch of Huawei's CloudMatrix 384 super node cluster, which has achieved a performance of 300 PFlops, represents a significant advancement in domestic computing capabilities, surpassing NVIDIA's NVL72 by 67% [2][16]. - The report emphasizes that the development of domestic computing power is driven by both policy support and market demand, with 2025 expected to be a pivotal year for domestic computing power [2][12]. Summary by Sections 1. Domestic Computing Power Cost-Performance Improvement - The export restrictions on NVIDIA's H20 chip are expected to accelerate the replacement process by domestic chip manufacturers, as H20 is a mainstream computing chip in China [12][13]. - Major Chinese companies, including ByteDance and Tencent, have ordered approximately $16 billion worth of H20 chips in Q1 2025, indicating strong demand for AI accelerators [1][12]. 2. Significant Enhancement in Multi-Card Cluster Capabilities - Huawei's CloudMatrix 384 super node cluster has been launched in Wuhu Data Center, achieving a computing power of 300 PFlops, which is a 67% improvement over NVIDIA's NVL72 [2][16]. - The CloudMatrix 384 is positioned as a competitive alternative to NVIDIA's offerings, providing robust AI inference capabilities [15][16]. 3. Market Review - The report notes a slight decline of 0.64% in the semiconductor sector from April 14 to April 18, 2025, with specific stocks showing significant gains [43][46]. - The semiconductor sector's performance is contrasted with the overall electronic sector, which has seen varying degrees of performance across different sub-sectors [48]. 4. Related Stocks - Key stocks highlighted in the report include SMIC, Hua Hong Semiconductor, and various chip manufacturers and supporting companies, indicating a focus on domestic semiconductor development [51].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 怡和嘉业（301367.SZ） 海外去库存影响消退，看好 2025 年恢复性增长 怡和嘉业发布 2024 年年度报告。2024 年实现营业收入 8.43 亿元，同比 下滑 24.85%；归母净利润 1.55 亿元，同比下滑 47.74%；扣非后归母净 利润 0.92 亿元，同比下滑 61.79%。分季度看，2024Q4 实现营业收入 2.41 亿元，同比增长 36.29%；归母净利润 3026 万元，同比增长 12.65%；扣 非后归母净利润 697 万元，同比下滑 40.22%。 观点：美国市场去库存影响基本消退，2024 下半年收入端呈逐季改善态 势，利润端增速不及收入端主要系期间费用率增长所致。耗材产品引领收 入增长，去库存影响消退后 2025 年呼吸诊疗业务有望迎来恢复性增长。 海外本土化布局深化，与 RH 续签协议，有望进一步提升全球市占率。 美国市场去库存影响基本消退，下半年收入端逐季改善，利润端增速不及 收入端主要系期间费用率有所增长。美国市场去库存影响逐渐消退，2024 下 半 年 收 入 端 呈 逐 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 HAZZYS、要品牌开店符合预期，2025 年预计趋势持续。分品牌：2024 年 HAZZYS/报喜 鸟要品牌/宝鸟/恺米切&乐飞叶&TB 品牌销售收入分别为 17.8/15.9/10.1/5.0 亿元，同比分 别+1%/-8%/-3%/+13%。 1）HAZZYS：2024 年收入+1%至 17.8 亿元（其中 H1/H2 分别同比持平/+2%），占比 35%。 ①产品，聚焦通勤、休闲、运动三大场景，升级面料创新产品，通过大单品策略提升配饰品 类的运情效率。②渠道数量稳步扩张，2024 年净加主 21 家至 478 家（其中直情+17 家至 344 家/主盟+4 家至 134 家），们根断销 2025 年有望保持快速新开店加幅 10%~15%、同 时关闭低效门店，目前品牌仍以直情为要、布局高线城市。 2）报喜鸟要品牌：2024 年收入-8%至 15.9 亿元（其中 H1/H2 分别同比-4%/-12%），占比 32%。①产品强调面料功能性与舒适性，重视研发创新，运动西服等产品受到好评。②渠道 结构优化，2024 年净 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 6.08 billion in 2024, representing an 8.6% year-on-year growth, with a net profit attributable to shareholders of 921 million, up 1.2% year-on-year [5][6] - The company is focusing on digital transformation and AI technology applications, with 15 AI application pilot projects initiated by the end of 2024 [4] - The company is actively pursuing strategic acquisitions in emerging sectors, including 100% stakes in NAIAS in Greece and Dahu Asia Pacific in Hong Kong [4] Summary by Sections Financial Performance - In Q4, the company reported a significant increase in non-recurring profit, growing by 53%, driven by improved operational efficiency and reduced expense ratios [1] - The company’s revenue for 2024 was 60.8 billion, with a quarterly breakdown of 12 billion in Q1, 16 billion in Q2, 16 billion in Q3, and 17 billion in Q4 [1] - The overall gross margin for 2024 improved to 49.5%, a 1.4 percentage point increase year-on-year [2] Business Segments - Life Sciences segment revenue reached 2.84 billion, up 14%, with a gross margin of 50.4% [2] - Industrial Testing segment revenue was 1.2 billion, up 10%, with a gross margin of 45.3% [2] - Trade Assurance segment revenue was 760 million, up 9%, with a gross margin of 71.2% [2] - Consumer Products Testing segment revenue was 990 million, up 0.9%, with a gross margin of 43.5% [2] - Pharmaceutical segment revenue was 290 million, down 15%, with a gross margin of 20.4% [2] Cash Flow and Capital Expenditure - The company reported a net cash inflow of 1.06 billion from operating activities in 2024, maintaining a net cash ratio of 115% [3] - Capital expenditure for the year was 690 million, accounting for 11% of revenue, with a focus on traditional and new projects [3] Future Outlook - The company forecasts net profits of 996 million, 1.084 billion, and 1.171 billion for 2025, 2026, and 2027 respectively, with expected growth rates of 8.2%, 8.8%, and 8.1% [4][5]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 报喜鸟（002154.SZ） 2024 年利润端短期承压，开店情况符合预期 2024 年：收入同比-2%/归母净利润同比-29%。2024 全年公司收入为 51.5 亿元，同比- 2%；归母净利润为 4.9 亿元，同比-29%；扣非归母净利润为 4.4 亿元，同比-28%。1）盈 利质量方面：2024 全年公司毛利率同比+0.3pct 至 65%，销售/管理/财务费用率同比分别 +2.7/+0.3/+0.3pct 至 41.3%/7.4%/-0.6%（（们根据经营情情况断销销售费用率加主要系：： ①直情渠道存在刚性销售费用；②情销推广力度主大）；计提资产减值损失 1.4 亿元（上一 年同期为 1.2 亿元）；综合以上，净利率同比-3.8pct 至 10.1%。2）公司 2024 年合计拟分配 现金股利 1.75 亿元，股利支付率约 35%，以 2025/4/18 收盘价计算的股息率约为 3%。 2024Q4：收入同比+2%/归母净利润同比-44%。2024Q4 公司收入为 16.2 亿元，同比 +2%；归母净利润为 0 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [6] Core Views - The company achieved a revenue of 6.267 billion yuan in 2024, a year-on-year decline of 1.75%, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year [1] - Despite the overall revenue decline, the retail segment showed resilience, with PPR series products generating 2.939 billion yuan in revenue, a slight decrease of 1.72%, while the company increased its market share in the retail sector [2] - The company plans to maintain high dividend payouts, with a total dividend of 943 million yuan for the year, achieving a payout ratio of 99% [4] Financial Performance - The company's comprehensive gross margin for 2024 was 41.72%, a decrease of 2.6 percentage points year-on-year, primarily due to price adjustments in response to intense competition [3] - Operating cash flow for 2024 was 1.147 billion yuan, with a net profit cash conversion ratio of 1.2, indicating strong cash flow performance [4] - The company expects net profits for 2025-2027 to be 1.018 billion yuan, 1.126 billion yuan, and 1.252 billion yuan, respectively, with corresponding P/E ratios of 19, 17, and 16 [4][5] Market Position - The company has expanded its market share in the retail pipeline sector despite a challenging external environment, with overseas revenue growing by 26.65% to 358 million yuan [2] - The engineering segment faced challenges due to macroeconomic conditions, with PE and PVC series products generating revenues of 1.423 billion yuan and 827 million yuan, down 6.9% and 8.09% year-on-year, respectively [2] Dividend Policy - The company has set a record high for dividend payouts, with a total of 943 million yuan for the year, reflecting its commitment to returning value to shareholders [4]

周观点：国产算力性价比提升，替代空间广阔 2025 年 4 月 16 日英伟达披露，公司的 H20 被美国列入了限制出口名单，该限 制将造成英伟达 55 亿美元的减记损失。我们认为，在美国对 H20 的出口限制下， 国产芯片有望扛下算力需求大旗，替代空间广阔。 证券研究报告 | 行业周报 gszqdatemark 2025 04 19 年 月 日 电子 H20 为中国主流算力芯片，出口限制下国产厂商替代空间广阔。TrendForce 集邦 咨询分析师龚明德表示，目前中国市场主要 GPU 供应仍以 NVIDIA（ H20）等为主 力，腾讯和字节跳动一直是英伟达在中国市场的最大的两个客户，据 Omdia 数据， 2024 年字节跳动和腾讯分别订购了约 23 万颗英伟达的 AI 加速器 其中绝大部分 是 H20），购买量高居全球第二和第三，仅次于微软 购买了 48.5 万颗英伟达的 AI 芯片）。2025 年 4 月 2 日，《The Information》报道，字节跳动、阿里巴巴集团 和腾讯控股在内的多家中国公司在 2025Q1 订购了至少价值 160 亿美元的 H20。 基于新型高速总线架构的 CloudMa ...