Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Views - The company is expected to achieve a revenue growth of 19% year-on-year in 2024, reaching 24.01 billion yuan, and a net profit growth of 20%, amounting to 3.84 billion yuan. The dividend distribution is anticipated to exceed previous expectations, with a total proposed payout of 2.684 billion yuan, translating to a dividend per share of 2.3 yuan and a payout ratio of approximately 70% [1][5]. Summary by Sections Financial Performance - In 2024, the company is projected to have a revenue of 24.01 billion yuan, a 19% increase year-on-year, and a net profit of 3.84 billion yuan, reflecting a 20% growth. The gross profit margin is expected to rise by 1.2 percentage points to 26.8% [1]. - For Q4 2024, the company reported a revenue of 6.5 billion yuan, a 12% increase year-on-year, and a net profit of 1 billion yuan, up 9% from the previous year [2]. Orders and Client Relationships - The company is deepening cooperation with core clients and anticipates rapid order growth from new clients like Adidas in 2025. Revenue from different product categories shows significant growth, particularly in outdoor footwear and sandals, with total revenue from core clients reaching 204.1 billion yuan from the US, 30.6 billion yuan from Europe, and 4.9 billion yuan from other regions [3]. Production Capacity - The company is expected to expand its production capacity significantly, with total capacity reaching 22.9 million pairs and total output at 22.1 million pairs in 2024. The capacity utilization rate is projected to be 97%, indicating a near-saturation state [4]. Operational Management - The company has shown healthy inventory management with a year-end inventory increase of 13.8% to 3.12 billion yuan. The operating cash flow for 2024 is estimated at 4.62 billion yuan, approximately 1.2 times the net profit for the same period, indicating strong cash flow management [5]. Investment Outlook - The company is positioned as a leading global sports shoe manufacturer, with expectations for a 15% growth in revenue and performance in 2025, driven by new customer collaborations and accelerated capacity expansion. The projected net profits for 2025 to 2027 are estimated at 4.387 billion yuan, 5.062 billion yuan, and 5.832 billion yuan, respectively [5].

安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...

证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...

证券研究报告 | 宏观研究 宏观点评 关税如何影响物价?一兼评 CPI和 PPI 延续为负 事件:3月 CPI同比-0.1%,预期-0.1%,前值-0.7%:核心 CPI 同比 0.5%, 前值-0.1%;PPI同比-2.5%,预期-2.2%,前值-2.2%。 核心观点:3月CPI、PPI延续负增,核心CPI仍然偏弱,其中:CPI同比 降幅收窄,低基数是主要支撑,环比仍弱,食品、出行、油价是拖累;PPI 同比降幅再度扩大,潜在出口转弱、油价、国内大宗价格等是拖累。此外, 特朗普"对等关税"落地,对国内物价有 4条传导路径,综合看,预计对 国内 CPI 影响有限,但很可能会加剧 PPI 的下行压力(出口下降1个百分 点,施累 PPI 约 0.2 个百分点)。往后看,考虑潜在的出口下行等约束,叠 加需求偏弱等约束仍在,预计 2025年物价可能延续低位,继续提示:低物 价叠加关税扰动,降准降息的必要性和迫切性加大,最快4月有望看到。 1、整体看,3月物价的核心特征在于:CPI、PPI延续负增,核心 CPI 仍 然偏弱,需求不足仍是核心约束。具体看: | 作者 | | | --- | --- | | 分析师 | 熊园 ...

深耕母线二十年，母线领域"小而美"龙头，业务涵盖配电、光伏、储能三大 行业。公司深耕母线行业二十年，涵盖配电设备、光伏新材、储能系统三大业 务，公司自建立初期专注于母线业务，随后围绕原有业务不断进行拓展和延 伸，完善产业布局，积极加强对光伏、储能等新能源行业的市场开拓。目前公 司已经发展成为国内输配电及控制设备制造行业中母线细分行业的知名企 业，是国内母线产品主要生产供应商。 证券研究报告 |首次覆盖报告 gszqdatemark 2025 04 10 年 月 日 威腾电气（688226.SH） 数据中心母线龙头，AIDC 借势启航 与海外巨头保持深度合作，彰显行业地位。公司已获得广泛的客户认可，具有 良好的客户口碑，且与多个海外巨头如 ABB、GE、西屋电气保持深度合作。 2024 年公司与 ABB 合资成立"江苏威腾 ABB 母线有限公司"，合作覆盖 ABB 低压母线产品在中国的研发、生产和销售，旨在进一步提升母线产品竞争力。 公司深度绑定海外巨头彰显其行业地位，与 ABB 合作后有望进一步提高行业 话语权，抢占市场份额，为出海奠定基础。 率先布局数据中心专用母线，有望受益于 AI 算力发展。公司早在上市 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.19%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.23% year-on-year. The bank's non-performing loan ratio at the end of Q4 2024 was 0.76%, with a provision coverage ratio of 389.35%, showing a stable asset quality [1][2][4][12]. Performance Summary 1. **Financial Performance**: - The net interest income grew by 17.32% year-on-year, with the net interest margin at 1.86%, a slight increase from the previous quarter. The decline in interest margin was only 2 basis points year-on-year, a significant improvement compared to a 14 basis points decline in the previous year [2][3]. - The bank's fee and commission income decreased by 19.28% year-on-year, but the decline rate has narrowed compared to previous quarters [3]. - Other non-interest income fell by 6.22% year-on-year, primarily due to market fluctuations affecting the fair value of derivative financial instruments [3]. 2. **Asset Quality**: - The non-performing loan ratio remained stable at 0.76% at the end of Q4 2024. The bank's ability to cover risks is reflected in a provision coverage ratio of 389.35% [4][9]. - The bank actively managed its non-performing loans, disposing of 14.2 billion yuan in 2024, which is an increase of 5.8 billion yuan year-on-year [9]. 3. **Asset and Liability Management**: - Total assets and loans reached 3.13 trillion yuan and 1.48 trillion yuan respectively, with year-on-year growth rates of 15.25% and 17.83% [10]. - The total deposits increased by 17.24% year-on-year, with a significant portion of deposits being time deposits, which accounted for 82.6% of the total deposit growth [10]. 4. **Profit Centers**: - The bank's subsidiaries, including leasing and consumer finance, showed significant growth, with total assets of 136.5 billion yuan and 60.1 billion yuan respectively, reflecting a year-on-year increase of 15.8% and 31.7% [11][12]. - The bank's wealth management strategy continued to progress, with personal customer financial assets reaching 1.13 trillion yuan, a year-on-year increase of 14.3% [12]. 5. **Future Outlook**: - The bank is expected to maintain a stable asset quality and continue to grow its net interest income, with a focus on expanding its retail and corporate loan portfolios [12].

证券研究报告 |首次覆盖报告 gszqdatemark 2025 04 10 年 月 日 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,636 | 2,848 | 3,481 | 4,491 | 5,979 | | 增长率 yoy（%） | 30.5 | 74.0 | 22.2 | 29.0 | 33.1 | | 归母净利润（百万元） | 70 | 120 | 95 | 204 | 309 | | 增长率 yoy（%） | 16.9 | 72.3 | -21.4 | 115.2 | 51.8 | | EPS 最新摊薄（元/股） | 0.37 | 0.64 | 0.50 | 1.09 | 1.65 | | 净资产收益率（%） | 7.7 | 11.7 | 8.6 | 11.2 | 15.2 | | P/E（倍） | 80.0 | 46.4 | 59.1 | 27.5 | 18.1 | | P/B（倍） | 6.1 | 5.4 | 5.1 | 3.1 | ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.19%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.23% year-on-year. The bank's non-performing loan ratio at the end of Q4 2024 was 0.76%, with a provision coverage ratio of 389.35%, showing a stable asset quality [1][4][12]. Performance Summary 1. **Financial Performance**: - The bank's net interest income grew by 17.32% year-on-year, with a net interest margin of 1.86%. The growth in revenue was primarily driven by a reduction in the decline of interest margins and a smaller decrease in non-interest income [2][3]. - Non-interest income from fees and commissions decreased by 19.28% year-on-year, but the decline rate has narrowed compared to previous quarters [3][12]. 2. **Asset Quality**: - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 389.35%. The bank has actively managed its non-performing loans, disposing of 14.2 billion yuan in 2024, which is an increase of 5.8 billion yuan year-on-year [4][9][12]. 3. **Asset and Liability Management**: - Total assets and loans reached 3.13 trillion yuan and 1.48 trillion yuan respectively, with year-on-year growth rates of 15.25% and 17.83%. The bank's deposits also increased significantly, with a total deposit amount of 1.84 trillion yuan, up 17.24% year-on-year [10][12]. 4. **Profit Center Performance**: - The bank's subsidiaries, including leasing and consumer finance, showed significant growth, with total assets of 136.5 billion yuan and 60.1 billion yuan respectively, reflecting year-on-year increases of 15.8% and 31.7% [11][12]. 5. **Wealth Management**: - The bank's wealth management strategy has been effective, with personal financial assets reaching 1.13 trillion yuan, an increase of 141.2 billion yuan year-on-year [12].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 10 年 月 日 甬金股份（603995.SH） 盈利增速加快，规模持续扩张 事件：公司发布 2024年年度报告。2024 年公司实现营业收入418.61亿元，同比增长4.98%； 归属于上市公司股东的净利润 8.05 亿元，同比增长 77.75%；基本每股收益 2.19 元；公司 拟向全体股东每 10 股派发现金红利 5 元(含税)。 季度利润增速加快，销售净利率环比改善。公司 2024Q4 实现归母净利 2.21 亿元，同比增 长 60.86%，环比增长 41.82%；实现扣非归母净利 2.18 亿元，同比增长 57.92%，环比增 长 42.79%；公司 2024Q1-2024Q4 逐季销售毛利率分别为 4.79%、6.67%、5.61%、5.75%， 逐季销售净利率分别为 1.78%、3.30%、1.97%、2.07%。2024 年广东甬金三期项目产能 充分释放、浙江甬金产能利用率显著提升，越南甬金项目基本满产对公司当年业绩增量贡献 较大，2024 年国内不锈钢表观消费量为 3385 万吨，同比增加 131 万吨，增幅 4.03 ...

规模持续扩张，加速深加工转型。公司多项目稳步推进，根据年报，新项目中靖江甬金年加 工 40 万吨不锈钢板带生产线已投入试生产；新越科技年加工 8 万吨 BA 不锈钢带生产线已 投产，二期年加工 18 万吨 2B 不锈钢带生产线主设备已基本安装完成；河南中源钛业年产 1.5 万吨钛合金材料生产线已正式投产；浙江镨赛年产 7.5 万吨柱状电池专用外壳材料生产 线已基本调试完成，经小批量送样后正在进一步优化改进。公司未来产销量增长潜力大，目 前公司在建项目包括新越科技年加工 26 万吨精密不锈钢带项目（二期）年加工 18 万吨 2B 不锈钢带生产线预计 2025 年上半年试生产；浙江镨赛负责实施的年产 22.5 万吨柱状电池专 用外壳材料项目（二期）预计年底试生产；四川攀金新材年产 2 万吨钛合金新材料项目（一 期）按计划已开工建设，预计年底进入试生产阶段；泰国甬金年加工 26 万吨精密不锈钢板 带项目（一期）项目按计划开工建设，预计 2026 年三季度进入试生产阶段；土耳其项目尽 快完成前期审批工作，适时开工建设。除了传统主业不锈钢加工外，公司业务逐步向金属深 加工环节扩张，从专注钢铁行业逐步扩展到有色金属等领域 ...