Investment Rating - The report maintains a "Buy" rating for the company, with an expected PE of 14 times for 2025 [4][6]. Core Views - The company reported a revenue of 3.08 billion yuan and a net profit of 210 million yuan for Q1 2025, reflecting a year-on-year decline of 2% and 38% respectively [1]. - The retail channel is expected to show steady growth, with a cautious accounting approach leading to better performance in retail sales compared to revenue [2]. - The company is focusing on optimizing its store structure, with a net increase of 299 direct stores and 96 franchise stores expected in 2024 [2]. - The children's clothing segment is anticipated to grow healthily, while the adult casual wear segment is expected to decline due to industry conditions [3]. - Inventory levels increased by 29.4% year-on-year to 3.35 billion yuan, with a healthy inventory turnover structure [4]. Financial Summary - For 2025, the company is projected to achieve revenues of 15.77 billion yuan, with a year-on-year growth rate of 7.8% [5]. - The net profit for 2025 is estimated at 1.23 billion yuan, reflecting an 8.5% year-on-year increase [5]. - The latest diluted EPS is projected to be 0.46 yuan per share for 2025 [5]. - The company’s return on equity (ROE) is expected to be 10.2% in 2025, increasing to 12.2% by 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved total operating revenue of 9.39 billion yuan in 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% [1]. - In Q1 2025, the company reported total operating revenue of 2.42 billion yuan, a year-on-year increase of 2.56%, and a net profit attributable to shareholders of 618 million yuan, up 2.61% [1]. - The company's non-recurring net profit margin reached over 28% in Q1 2025, reflecting significant improvements in cost control and management capabilities [1]. Summary by Sections Excavator Sector - The excavator market in China saw a total sales volume of 201,131 units in 2024, marking a year-on-year growth of 3.13%, with domestic sales increasing by 11.7% [2]. - The domestic market shows strong growth momentum, particularly in sectors such as water conservancy projects and rural revitalization, which are driving demand for small excavators [2]. - The traditional peak season for the engineering machinery industry occurs from March to May, with revenue recognition expected in Q2 [2]. Screw Rod Business - The screw rod business is currently in a phase of temporary scale disadvantage due to ongoing investments in electric drive strategies and linear actuator projects [3]. - The company has invested 1.4 billion yuan in the linear actuator project, which is now entering the mass production phase [3]. - Early investment periods may exert pressure on the company's performance, as significant expenditures are required without immediate revenue generation [3]. Financial Projections - The company is projected to achieve net profits of 2.8 billion yuan, 3.1 billion yuan, and 3.5 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 12%, 11%, and 12% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 34, 31, and 27 for the years 2025, 2026, and 2027 [4].

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [5] Core Views - Suzhou Bank reported a revenue of 12.2 billion yuan in 2024, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.1 billion yuan, up 10.16% year-on-year. For Q1 2025, the revenue was 3.2 billion yuan, a 0.76% increase year-on-year, with a net profit of 1.6 billion yuan, growing 6.80% year-on-year [1][2] - The bank's non-performing loan (NPL) ratio stood at 0.83% at the end of Q1 2025, unchanged from the end of the previous year, while the provision coverage ratio decreased by 36 percentage points to 447.20% [1][3] Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the operating income and net profit attributable to shareholders grew by 0.76% and 6.80% year-on-year, respectively. The net interest income decreased by 0.57% year-on-year, but the decline was less severe compared to the previous year [2] - **Fee Income**: Net fee and commission income increased by 22.48% year-on-year, benefiting from a low base effect from the previous year [2] - **Asset Quality**: The NPL ratio for corporate loans was 0.51%, down 13 basis points from Q2 2024, primarily due to a significant decrease in the NPL ratio for the real estate sector [3] - **Loan Growth**: As of Q1 2025, total assets and loans reached 727.2 billion yuan and 362.9 billion yuan, respectively, with year-on-year growth of 12.18% and 12.74% [4] Asset and Liability Management - **Deposits**: Total deposits at the end of Q1 2025 amounted to 463.0 billion yuan, reflecting a year-on-year increase of 12.63% [9] - **Loan Composition**: The net increase in loans for Q1 2025 was 29.5 billion yuan, with corporate loans contributing significantly to this growth [4][9] Financial Metrics - **Earnings Per Share (EPS)**: EPS for 2024 is projected at 1.32 yuan, with a growth rate of 6.81% expected for 2025 [11][12] - **Dividend Payout**: The dividend payout ratio for 2024 reached 32.50%, an increase from 31.08% in 2023 [1]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company is expected to improve quality, reduce costs, and enhance efficiency, making it a preferred choice for investment [2][3] - The company's 2024 revenue is projected to be CNY 35.85 billion, a decrease of 16.89% year-on-year, with a net profit of CNY 2.45 billion, down 69.08% year-on-year [1][4] - For Q1 2025, the company reported revenue of CNY 6.968 billion, a decline of 19.53% year-on-year, and a net profit of CNY 657 million, down 48.95% year-on-year [1] Financial Performance - The company’s revenue and profit are expected to decline in 2024, with a forecasted revenue of CNY 32.95 billion in 2025, and net profit of CNY 2.21 billion [5] - The company plans to distribute a cash dividend of CNY 0.41 per share, totaling CNY 1.226 billion, resulting in a dividend yield of approximately 3.7% [4] - The projected net profits for 2025-2027 are CNY 2.21 billion, CNY 2.64 billion, and CNY 2.96 billion, with corresponding P/E ratios of 15.0X, 12.5X, and 11.2X [4] Production and Capacity - The company aims to maintain coal production at a scale of 50 million tons in 2025, with revenue exceeding CNY 30 billion [9] - The company has obtained exploration rights for the Shama block, increasing coal resources by over 800 million tons, supporting future development [9] - The company has 18 production mines with advanced capacity of 49.7 million tons per year, and ongoing projects are expected to add approximately 8.5 million tons per year [9] Market Conditions - The decline in both price and volume of coal has negatively impacted the company's performance in 2024 [2] - The average selling price of coal in 2024 is expected to be CNY 646 per ton, down 11.3% year-on-year, with a projected cost of CNY 391 per ton, up 12.4% year-on-year [9]

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 事件：苏州银行披露 2024 年报及 2025 年一季报，2024 年实现营收 122 亿元，同比增长 3.01%，归母净利润 51 亿元，同比增长 10.16%。2025 年一季度实现营收 32 亿元，同比增长 0.76%，归母净利润 16 亿元，同比 增长 6.80%。2025Q1 末不良率、拨备覆盖率分别为 0.83%、447.20%， 较上年末分别持平、下降 36pc。2024 年全年分红比例达 32.50%，较 2023 年（31.08%）进一步提升。 1、业绩表现：息差降幅同比收窄 25Q1 营业收入、归母净利润同比增速分别为 0.76%、6.80%，分别较 24A 下降 2.3pc、下降 3.4pc，其中息差降幅同比收窄、手续费收入增长、业务 成本节约等对业绩形成正向贡献，具体来看： 1）利息净收入：同比下降 0.57%，较 24A 降幅收窄 6.2pc，25Q1 净息差 为 1.34%，较 24A 下降 4bps（24Q1 下降 16bps），息差同比降幅明显收 窄，主要得益于负债端成本持续优化，其中 25 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, despite a 12-day shift in the Spring Festival [1]. - The decline in net profit by 8.2% year-on-year is attributed to cost pressures and reduced foreign exchange gains, leading to a net profit margin decrease of 2.3 percentage points to 11.3% [2]. - The company is focusing on enhancing its core product categories and expanding its market channels, which is expected to support continued strong performance [2]. Financial Performance - Revenue projections for 2025-2027 are expected to grow by 17.7%, 14.7%, and 13.3%, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [3]. - The net profit for the same period is projected to increase by 14.1%, 16.4%, and 13.7%, reaching 330 million, 390 million, and 440 million yuan respectively [3]. - The company’s gross margin is forecasted to be 29.9% in Q1 2025, with a slight year-on-year decrease of 0.1 percentage points [2]. Product and Channel Strategy - The company is focusing on health-oriented snack foods in the fish, egg, and bean categories, with a strong emphasis on product quality upgrades [1]. - The company has expanded its sales system significantly, enhancing traditional channel operations and entering over 40 overseas markets [1][2]. - The company is actively promoting deep-sea anchovies and leading the quail egg industry with its soft-boiled quail eggs, aiming to strengthen brand recognition [1].

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 29.56 billion yuan, down 20.9% year-on-year, and net profit at 2.27 billion yuan, down 46.75% [1][4] - The first quarter of 2025 also showed a decline in revenue and net profit, with revenue at 4.50 billion yuan, down 29.17% year-on-year, and net profit at 255 million yuan, down 56.29% [1] - The company aims to enhance efficiency and reduce costs, with a focus on improving coal production and optimizing washing processes to increase the added value of its coal business [3][4] - A cash dividend of 6.9 yuan per 10 shares is proposed for 2024, representing 60.3% of the net profit attributable to shareholders, resulting in a dividend yield of approximately 6.8% [3] - The company expects a significant increase in raw coal production in 2025, targeting no less than 35 million tons [3][4] Financial Summary - For 2024, the company achieved a revenue of 29.56 billion yuan, with a year-on-year decline of 20.9%, and a net profit of 2.27 billion yuan, down 46.7% [4] - The projected net profits for 2025-2027 are 1.24 billion yuan, 1.62 billion yuan, and 1.83 billion yuan, with corresponding P/E ratios of 16.1X, 12.3X, and 10.9X [3][4] - The company's coal production in 2024 was 32.98 million tons, a decrease of 15.4% year-on-year, with sales at 26.73 million tons, down 23.3% [8] - The average selling price of self-produced coal in 2024 was 646 yuan per ton, down 5.4% year-on-year, while the cost was 308 yuan per ton, up 9.7% [8]

Investment Rating - The report maintains a "Buy" rating for Huaneng International [5] Core Views - The company reported a Q1 2025 revenue of 60.335 billion yuan, a year-on-year decrease of 7.7%, while the net profit attributable to shareholders increased by 8.19% to 4.973 billion yuan, driven by lower fuel costs [1] - Coal power generation decreased by 10.11% year-on-year, while gas power generation increased by 6.24%, with total profits for coal and gas power rising significantly [1] - The company is expanding its renewable energy capacity, with wind and solar installations increasing, leading to a year-on-year growth in renewable energy output [2] Financial Performance Summary - For Q1 2025, coal and gas power generation volumes were 82.937 billion kWh and 7.601 billion kWh, respectively, with profits of 3.982 billion yuan and 0.753 billion yuan, reflecting a significant year-on-year profit increase of 40.96% and 40.58% [1] - The profit per kWh for coal and gas power improved to 0.048 yuan and 0.099 yuan, respectively, indicating a notable enhancement in profitability despite lower demand [1] - The company added 903.7 MW of wind and 1531.66 MW of solar capacity in Q1 2025, with total profits from these segments at 2.252 billion yuan and 0.564 billion yuan, respectively [2] Earnings Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 12.082 billion yuan, 12.226 billion yuan, and 13.083 billion yuan, respectively, with corresponding EPS of 0.77 yuan, 0.78 yuan, and 0.83 yuan per share [2] - The projected P/E ratios for 2025, 2026, and 2027 are 9.4, 9.3, and 8.7 times, respectively, indicating a favorable valuation outlook [2]

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 新泉股份（603179.SH） 业绩符合预期，切入座椅领域支撑未来增长 事件：公司发布 2024 年报及 2025 一季报。2024 年，公司收入 133 亿元， 同比+25%；归母净利润 9.8 亿元，同比+21%；2025 年 Q1，公司收入 35 亿元，同比+15%；归母净利润 2.1 亿元，同比+4%。 业绩符合预期，全球化布局稳步推进。2024 年/2025Q1，国内新能源车销 量分别为 1287/308 万辆，同比+36%/+47%。受益于海外市场开拓+多元 化客户结构，公司 2024Q4/2025Q1 收入分别实现 37/35 亿元，同比 +12%/+15%，环比+6%/-4%；归母净利润分别为 2.9/2.1 亿元，同比 +19%/+4%，环比+6%/-27%。公司持续推进墨西哥、斯洛伐克等生产基 地建设，积极拓展中高端外资和合资品牌客户，且获得部分新车型项目仪 表板、保险杠等产品的定点开发和制造，支撑未来业绩增长。 会计准则变更影响毛利率，汇兑收益变化影响净利率。，公司销售毛利率 17.5%，同比-3.3 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.8%, and a net profit attributable to shareholders of 1.05 billion yuan, up 7.8% year-on-year [1] - The company experienced strong growth in overseas sales, with a 21.7% increase in foreign revenue for 2024, while domestic sales faced pressure with a decline of 4.4% [2] - The gross margin for 2024 decreased by 1.8 percentage points to 20.9%, primarily due to intensified market competition and changes in sales structure [3] - In Q1 2025, the company reported a net profit of 250 million yuan, a significant increase of 43.0% year-on-year, indicating improved profitability [4] Revenue Breakdown - In 2024, the company's revenue from kitchen appliances, home appliances, and other products was 11.51 billion yuan, 2.92 billion yuan, and 2.08 billion yuan respectively, with year-on-year growth rates of 16.3%, 17.4%, and 7.4% [2] - For Q1 2025, the company’s revenue from foreign and domestic markets showed a year-on-year increase of 15.8% and a decline of 4.9% respectively [2] Profitability Metrics - The gross margin for Q1 2025 improved by 0.5 percentage points to 22.4%, attributed to cost reduction and efficiency enhancement measures [4] - The net profit margin for Q1 2025 increased by 1.3 percentage points to 6.9% [4] Financial Forecast - The company is projected to achieve net profits of 1.16 billion yuan, 1.27 billion yuan, and 1.38 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.5%, 9.4%, and 8.5% [4]