Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant revenue growth, with a 34.43% year-on-year increase in 2024, reaching 2.663 billion yuan, and a net profit growth of 87.38%, amounting to 226 million yuan [1] - The company is expanding its production capacity and improving its product mix, particularly in high-end products, which is expected to enhance profitability [2] - The company is diversifying into the automotive parts industry, which is anticipated to provide new profit growth points [3] - Future net profits are projected to be 272 million yuan in 2025, 300 million yuan in 2026, and 324 million yuan in 2027, with corresponding P/E ratios of 12.1, 11.0, and 10.2 [4] Financial Performance - In 2024, the company achieved a gross profit margin of 19.58% in Q1, which improved to 22.74% in Q1 2025, indicating a positive trend in profitability [1] - The company’s revenue is expected to grow at a decreasing rate, with projections of 10.0% growth in 2025, followed by 4.5% and 4.4% in 2026 and 2027 respectively [4] - The net profit margin is projected to improve from 8.5% in 2024 to 10.1% in 2027, reflecting enhanced operational efficiency [4] Production and Market Position - The company’s production capacity for stainless steel is set to reach 160,000 tons, making it the leader in the domestic market for small-diameter seamless steel pipes used in ultra-supercritical boilers [2] - The sales volume of alloy steel products increased by approximately 21.68% in the first half of 2024, while stainless steel product sales surged by about 81.06% [2] Strategic Initiatives - The company has acquired a 68% stake in Jiangsu Ruimei Automotive Parts Co., aiming to strengthen its position in the automotive parts sector [3] - The establishment of a wholly-owned subsidiary focused on lightweight manufacturing for automotive parts is expected to enhance the company's resilience and profitability [3]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 18 年 月 日 鸿路钢构（002541.SZ） 24 年盈利阶段性承压，静待后续盈利恢复 24 年盈利阶段性承压，25 年有望逐步恢复。公司 2024 年实现营收 215.1 亿元，同降 8.6%，考虑到钢结构销量同增 1.8%，营收下降主因钢结构售 价跟随钢价下行；实现扣非后归母净利润 4.8 亿元，同降 45%，降幅较大 主因：1）钢材成本以移动加权平均法计算，钢结构售价下行速度快于成 本，毛利率下降；2）期间费用率上升；3）坏账计提有所增多。实现归母 净利润 7.7 亿元，同降 35%，降幅小于扣非后归母净利润，主因政府补助 规模与上年基本持平。分季度看，Q1-4 营收分别 YoY-12%/-3%/-6%/- 14%；扣非后归母净利润分别 YoY-39%/-52%/-52%/-29%；归母净利润 分别 YoY+1%/-36%/-32%/-60%。Q4 经营性业绩降幅有所收窄，但确认 政府补助偏少，致使归母净利润增速回落较大。吨净利方面，2024 年以产 量计算的扣非后吨净利 107 元，YoY-88 元（若以销量计算则为 111 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is facing performance pressure due to external environmental factors, with a cautious expansion strategy focusing on new stores and menu adjustments [2][3] - In 2024, the company achieved revenue of 6.074 billion yuan, a year-on-year increase of 1.5%, while the net profit attributable to shareholders was 56 million yuan, a significant decrease of 87.7% [1][3] - The company plans to optimize its brand portfolio and enhance supply chain capabilities, with new store openings and menu innovations expected to drive future growth [3][8] Financial Performance Summary - In 2024, the company reported a core operating profit of 252 million yuan, down 60.1% year-on-year [1] - For the second half of 2024, the company recorded a net profit of -16 million yuan, compared to 231 million yuan in the same period last year [3] - The revenue breakdown by brand for 2024 shows that Taier, Jiumaojiu, Song Hotpot, and other brands generated revenues of 4.413 billion, 546 million, 895 million, and 220 million yuan respectively, with year-on-year changes of -1.4%, -13.2%, +11.0%, and +201.4% [1] Store Expansion and Operations - The company opened 150 new stores in 2024, including 95 Taier stores and 28 Song Hotpot stores, while closing 69 stores [2] - As of the end of 2024, the total number of Taier stores reached 634, with a year-on-year increase of 56 stores [2] - The same-store sales for Taier decreased by 18.8% in 2024, while Song Hotpot saw a decline of 31.6% [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 6.761 billion, 7.878 billion, and 9.292 billion yuan respectively, with corresponding net profits of 99 million, 263 million, and 411 million yuan [9] - The company is expected to maintain a cautious approach to expansion while optimizing existing stores and menu offerings [8]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown steady revenue growth in Q1 2025, with a year-on-year increase in revenue in the single digits. The retail discount level is between 70-75%, and inventory turnover days are around 4 months, indicating stable operational quality [1][2]. - The e-commerce business is performing exceptionally well, with expected sales growth of over 20% due to the Spring Festival. The company is optimizing its store structure and plans to initiate a Direct-to-Consumer (DTC) transformation in the second half of 2025 to enhance retail efficiency [1][2]. - The company's subsidiary, Saucony, has become a new growth driver, with revenue growth exceeding 40% in Q1 2025. The brand has already surpassed 1 billion yuan in revenue in 2024 and is undergoing a brand revitalization process [2]. - For 2025, the company is expected to achieve a revenue growth of approximately 7% and a net profit growth of around 10% [2][3]. Financial Summary - The company's projected financials for 2025 include: - Revenue: 14,519 million yuan, a year-on-year growth of 6.9% - Net profit: 1,365 million yuan, a year-on-year growth of 10.3% - Earnings per share (EPS): 0.49 yuan [4][3]. - The company is expected to maintain a Price-to-Earnings (P/E) ratio of 9 times in 2025, indicating a favorable valuation [3][4].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 04 18 年 月 日 百济神州-U（688235.SH） 百创新药济世惠民，创新全球化龙头迎来经营拐点 前瞻国际视野，打造创新全球化龙头。百济神州自 2010 年成立以来，已 发展成为一家覆盖临床前研究、全球临床试验运营、自主规模化药物生产 与商业化的全方位一体化的全球性公司。通过全球化商业布局、国际化前 瞻创新视野，率先自主推动中国原研创新药在美国获批，并成为首个在纳 斯达克、港交所和上交所科创板三地上市的生物科技公司。 夯实血液瘤领导地位，产品互补迭代构筑护城河。泽布替尼 2019 年在美 国首次获批上市，为公司血液瘤先行产品，实现了国药出海零的突破，也 是唯一在头对头 3 期国际临床中击败伊布替尼取得优效的新一代 BTK 抑 制剂。在最为关键的 CLL 美国市场，泽布替尼已在新患处方中超越伊布替 尼和阿可替尼，位列市场份额第一。公司充分利用 BTKi 领先优势，开发 潜在同类最佳 BCL-2 抑制剂 sonrotoclax、BTK 蛋白降解剂 BGB-16673， 探索固定疗程联合方案以打造可持续的产品组合，并广泛覆盖 B 细胞淋巴 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company is facing performance pressure due to external environmental factors, with a cautious expansion strategy focusing on new stores and menu adjustments [2][3] - The company reported a revenue of 6.074 billion yuan for 2024, a year-on-year increase of 1.5%, but a significant decline in net profit attributable to shareholders, down 87.7% to 56 million yuan [1][3] - The company is optimizing its brand portfolio and enhancing supply chain capabilities, with new store formats and menu updates expected to drive future growth [8] Financial Performance - For 2024, the company achieved a revenue of 60.74 billion yuan, with a core operating profit of 2.52 billion yuan, reflecting a year-on-year decrease of 60.1% [1] - In the second half of 2024, the company reported a net profit of -16 million yuan, compared to 231 million yuan in the same period last year [3] - The company plans to achieve revenues of 67.61 billion yuan, 78.78 billion yuan, and 92.92 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 99 million yuan, 263 million yuan, and 411 million yuan [8][9] Store Expansion and Operations - The company opened 150 new stores in 2024, including 95 for the Taier brand and 28 for the Song Hotpot brand, while closing 69 stores [2] - As of the end of 2024, the total number of Taier stores reached 634, with a same-store sales decline of 18.8% [2] - The company is enhancing its supply chain capabilities with a new center expected to be operational by 2025, which will support core brand ingredient processing and sales [8]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown steady growth in Q1 2025, with a single-digit percentage increase in revenue for the main brand, and a healthy inventory turnover of approximately 4 months [1][2]. - The e-commerce segment is expected to perform exceptionally well, with anticipated growth rates exceeding 20% due to the influence of the Spring Festival [1][2]. - The company is focusing on optimizing its offline store structure while enhancing the efficiency of its retail operations, with plans to initiate a Direct-to-Consumer (DTC) transformation in the second half of 2025 [1][2]. - The subsidiary brand, Saucony, has become a new growth driver, with a revenue increase of over 40% in Q1 2025 and a projected revenue exceeding 1 billion yuan in 2024 [2]. - The company expects a revenue growth of around 7% and a net profit growth of approximately 10% for the year 2025 [2]. Financial Summary - The company’s projected financials for 2025 include a revenue of 14.519 billion yuan and a net profit of 1.365 billion yuan, reflecting a year-on-year growth of 6.9% and 10.3% respectively [4]. - The earnings per share (EPS) for 2025 is estimated at 0.49 yuan, with a price-to-earnings (P/E) ratio of 9 times [3][4]. - The company’s net asset return (ROE) is projected to be 13.6% in 2025, with a gradual decline to 12.4% by 2027 [4].

百济神州-U（688235.SH） 百创新药济世惠民，创新全球化龙头迎来经营拐点 前瞻国际视野，打造创新全球化龙头。百济神州自 2010 年成立以来，已 发展成为一家覆盖临床前研究、全球临床试验运营、自主规模化药物生产 与商业化的全方位一体化的全球性公司。通过全球化商业布局、国际化前 瞻创新视野，率先自主推动中国原研创新药在美国获批，并成为首个在纳 斯达克、港交所和上交所科创板三地上市的生物科技公司。 夯实血液瘤领导地位，产品互补迭代构筑护城河。泽布替尼 2019 年在美 国首次获批上市，为公司血液瘤先行产品，实现了国药出海零的突破，也 是唯一在头对头 3 期国际临床中击败伊布替尼取得优效的新一代 BTK 抑 制剂。在最为关键的 CLL 美国市场，泽布替尼已在新患处方中超越伊布替 尼和阿可替尼，位列市场份额第一。公司充分利用 BTKi 领先优势，开发 潜在同类最佳 BCL-2 抑制剂 sonrotoclax、BTK 蛋白降解剂 BGB-16673， 探索固定疗程联合方案以打造可持续的产品组合，并广泛覆盖 B 细胞淋巴 瘤、AML/MDS、MM、Richter's Transformation 等适应症领域。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to face revenue pressure in 2024, with a projected revenue of 1.376 billion yuan, a year-on-year decline of 41.44%. However, the first quarter of 2025 shows promising performance with a revenue of 382 million yuan, a year-on-year increase of 29.81% [1] - The company is leveraging 3D and VR technologies to revitalize existing spaces and create new cultural tourism experiences, with a focus on urban renewal and digital reconstruction of existing spaces [2] - The company is integrating traditional cultural IP with immersive interaction technology to build a closed-loop system of "IP-Scene-Operation," focusing on high-quality projects in economically developed areas [3] - The company has strengthened its accounts receivable management, achieving a sales cash collection ratio of 131.72%, and is optimizing resource allocation to high-return projects [4] Financial Overview - In 2024, the company reported a revenue of 1.376 billion yuan, with a net profit attributable to the parent company of -135 million yuan. The projected revenues for 2025-2027 are 1.597 billion yuan, 1.836 billion yuan, and 2.038 billion yuan, respectively, with expected growth rates of 16.0%, 15.0%, and 11.0% [5] - The net profit attributable to the parent company is expected to recover significantly from -135 million yuan in 2024 to 157 million yuan in 2025, with a projected growth of 215.6% [5] - The company’s P/E ratios for 2025-2027 are projected to be 34, 23.1, and 21.6, respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to face revenue pressure in 2024, with a projected revenue of 1.376 billion, a year-on-year decline of 41.44%. However, the first quarter of 2025 shows promising performance with a revenue of 382 million, a year-on-year increase of 29.81% [1] - The company is leveraging 3D and VR technologies to revitalize existing spaces and create new cultural tourism experiences, with a focus on urban renewal and digital reconstruction of existing spaces [2] - The company is integrating traditional cultural IP with immersive interactive technology to establish a closed-loop system of "IP-Scene-Operation," enhancing cultural experience projects and driving new growth in the cultural tourism economy [3] - The company has strengthened its accounts receivable management, achieving a sales cash collection ratio of 131.72%, and is focusing on optimizing project selection to ensure efficient resource allocation [4] - The company is expected to benefit from the national cultural industry digitalization strategy, with projected revenues of 1.597 billion, 1.836 billion, and 2.038 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 16.0%, 15.0%, and 11.0% [4] Financial Summary - In 2024, the company reported a revenue of 1.376 billion, a decline of 41.44% year-on-year, and a net profit attributable to shareholders of -135 million [5] - The projected earnings per share (EPS) for 2025 is 0.26, with a price-to-earnings (P/E) ratio of 34.0 [5] - The company’s gross profit margin for the cultural and brand digital experience space business was 21.37%, a decrease of 2.49 percentage points year-on-year [3]