Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [7][10]. Core Views - The company is expected to benefit from the acceleration of offshore wind power approvals and the introduction of construction plans for offshore photovoltaic projects, which will enhance its marine engineering revenue [7][8]. - The recent name change to "Hua Dian Ke Gong" is anticipated to foster deeper business collaboration with its controlling shareholder, potentially leading to positive changes in management structure and operational synergies [7][8]. - The company has secured significant contracts in both offshore wind and photovoltaic sectors, indicating strong growth potential in these areas [7][8]. Financial Summary - Revenue is projected to decline by 20.6% in 2022, followed by a further decline of 12.6% in 2023, before rebounding with growth rates of 18.3% in 2024 and 26.8% in 2025 [3][8]. - The net profit attributable to the parent company is expected to drop by 68.5% in 2023, but is forecasted to recover significantly with growth rates of 136.6% in 2024 and 47.5% in 2025 [3][8]. - The company's earnings per share (EPS) is projected to be 0.08 yuan in 2023, increasing to 0.20 yuan in 2024 and 0.29 yuan in 2025 [3][8]. Valuation Metrics - The report estimates a reasonable value of 7.17 yuan per share based on a projected price-to-earnings (P/E) ratio of 25 for 2025 [7][8]. - The company's current P/E ratio is noted at 78.72 for 2023, which is expected to decrease to 35.05 in 2024 and further to 23.76 in 2025 [3][8]. - The EV/EBITDA ratio is projected to decline from 16.67 in 2023 to 10.28 in 2024, and further to 6.70 in 2025, indicating improving valuation as earnings recover [3][8].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 17.07 CNY per share based on a 15x PE valuation for 2025 [35][59]. Core Insights - The company has achieved significant growth in offshore wind power, with a shipment volume of 2.48 GW in 2023, representing a 203% year-on-year increase and capturing a 25.7% market share, making it the second-largest offshore wind turbine manufacturer in China [1]. - The company is recognized for its early adoption of semi-direct drive technology, which has led to a competitive advantage in the offshore wind market [3]. - The company has successfully developed floating wind turbine technology, with the MySE16.6(T) platform being the largest floating wind power platform globally, capable of generating approximately 54 million kWh annually [5][7]. - The company is actively expanding its domestic and international market presence, with a focus on government collaborations and establishing production bases in various provinces [8][9]. Summary by Sections Offshore Wind Power Market - The company has a strong position in the offshore wind market, with a gross margin of 7.92% for its 6MW and above offshore models, significantly higher than the overall wind turbine sales margin of 6.35% [1]. - The company ranked third in bidding capacity with 400 MW in the first three quarters of 2024, indicating a robust pipeline despite potential declines in offshore wind business due to high delivery volumes in 2023 [1]. Technological Advancements - The company has developed a comprehensive product line of semi-direct drive offshore wind turbines ranging from 5 to 25 MW, showcasing its technological leadership [3]. - The MySE18.X-20MW model won a gold award in the "Best Drive System" category at the Windpower Monthly awards, highlighting the company's innovation in offshore wind technology [5]. Domestic and International Expansion - The company is leveraging its geographical advantages in Guangdong, where it has established significant production capacity and enjoys favorable policies for offshore wind projects [7]. - The company has signed agreements with local governments in multiple provinces to enhance its order acquisition capabilities and has established over 20 production bases nationwide [8]. Financial Performance and Projections - The company is projected to achieve revenues of 30.9 billion CNY in 2024, with a growth rate of 10.9%, and expects to reach 45.1 billion CNY by 2026 [35][59]. - The forecasted net profit for 2024 is 1.416 billion CNY, with significant growth anticipated in subsequent years [35][59].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.05 CNY per share, based on a 22x PE valuation for 2025 [29][30] Core Views - The company's traditional architectural design business has slowed down, prompting a strategic shift towards the digital culture sector, particularly micro-short dramas [1][40] - The micro-short drama market is rapidly expanding, with the market size reaching 37.39 billion CNY in 2023, a tenfold increase from two years ago, and is expected to surpass 100 billion CNY by 2027 [1][40] - The company has established a digital culture subsidiary and partnered with the Jiangxi government to develop a digital film and television industry base, leveraging policy support in the region [1][64] Business Transformation and Digital Culture Sector - The company has invested 100 million CNY to establish a digital culture industry development fund and set up a subsidiary, Huayang Digital Culture (Jiangxi) Company, focusing on micro-short dramas [32][35] - The company plans to collaborate with multiple platforms for content distribution and marketing, with a focus on paid content and advertising as primary revenue streams [7][9] - The micro-short drama industry is characterized by high revenue but low profitability, with significant costs associated with marketing and platform fees [7][49] Financial Performance and Projections - The company's revenue is expected to decline in 2024 due to the slowdown in its traditional architectural design business, but it is projected to recover in 2025 and 2026, with net profits of 151 million CNY, 188 million CNY, and 213 million CNY respectively [13][36] - The architectural design business, particularly in residential projects, is expected to see a decline in 2024 but recover in 2025 and 2026, with growth rates of -25%, 10%, and 10% respectively [70][72] - The engineering consulting business is expected to stabilize, with revenue growth of -15%, 15%, and 15% from 2024 to 2026, and a stable gross margin of around 40% [48][72] Industry and Market Analysis - The micro-short drama industry is highly competitive, with platforms dominating the revenue share due to their control over user traffic and marketing channels [7][9] - The company's entry into the micro-short drama market is seen as a strategic move to diversify its revenue streams and capitalize on the growing demand for digital content [1][40] - The company's partnership with the Jiangxi government provides a strategic advantage, with policy support for digital culture and streamlined approval processes for content production [64]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.61 CNY per share based on a 16x PE valuation for 2025 [11]. Core Views - The company has announced a restrictive stock incentive plan for 2024, indicating strong confidence in its performance over the next two years. The plan includes granting 1.2846 million shares at a price of 10.62 CNY per share, with performance targets set for net profit and revenue [2]. - The company expects significant earnings growth, with projected EPS of 1.28 CNY, 1.91 CNY, and 2.51 CNY for 2024, 2025, and 2026 respectively [2]. - The company’s core business strategy remains focused on three main areas: insulated boxes, water sports products, and inflatable mattresses, with anticipated growth from overseas production facilities [10]. Financial Summary - Revenue is projected to grow from 823 million CNY in 2023 to 1.833 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35.5% [14]. - Net profit is expected to increase from 131 million CNY in 2023 to 355 million CNY in 2026, with a notable growth rate of 31.2% in 2026 [14]. - The company’s EBITDA is forecasted to rise from 186 million CNY in 2023 to 476 million CNY in 2026, indicating improving operational efficiency [14].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 39.25 CNY per share, reflecting a 35x PE for 2025 [55][63]. Core Insights - The company has shown strong growth momentum since the end of 2022, achieving seven consecutive quarters of high growth. The expected net profits for 2024, 2025, and 2026 are projected to be 3.5 billion, 4.5 billion, and 5.5 billion CNY respectively [7][63]. - The main brand, Marubi, is focusing on big product lines and enhancing online channel development, with significant sales growth observed in key products [11][63]. - The sub-brand, Lianhuo, has maintained high profit margins while achieving substantial revenue growth, indicating a strong second growth curve for the company [5][11]. Financial Summary - The total revenue for 2024 is projected to be 2.906 billion CNY, with a year-on-year growth rate of 30.6%. The gross margin is expected to improve to 71.9% [12][64]. - The company's net profit for 2024 is estimated at 353 million CNY, reflecting a 36.2% increase compared to the previous year [12][64]. - The report highlights a significant increase in the gross merchandise volume (GMV) for key products on platforms like Douyin, with the small red pen eye cream achieving a GMV of 426 million CNY, up 202% year-on-year [11][63]. Brand Performance - Marubi brand revenue growth rates for 2024, 2025, and 2026 are projected at 27.2%, 22.5%, and 18.8% respectively, while Lianhuo is expected to grow at 40%, 35%, and 30% during the same period [11][12]. - The report emphasizes the company's successful adjustments in product offerings and e-commerce operations, which have contributed to its recovery and growth in a challenging market environment [7][11]. Market Context - The beauty and cosmetics industry has faced pressures due to the pandemic, but the report indicates a recovery in consumer demand and a favorable outlook for the company [7][15]. - The competitive landscape remains intense, with the need for continuous product innovation to maintain market share [15].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 11.42 HKD based on a reasonable value of 10.57 CNY per share [27][54]. Core Insights - The women's apparel industry is expanding due to the rise of the middle class and the "she economy," driving growth in the mid-to-high-end women's clothing market [53][132]. - The competitive landscape in China's women's apparel market is fragmented, with many mid-to-high-end companies adopting multi-brand strategies. The company has demonstrated superior multi-brand management capabilities, leading to higher revenue growth compared to its peers [53][194]. Company Overview - The company is a multi-brand women's apparel group with three retail brands exceeding 1 billion CNY in revenue, achieving growth rates that outpace the industry [8][60]. - The company has a strong focus on shareholder returns, maintaining a dividend payout ratio above 50% since 2020 [8][155]. - The management team is experienced, with a concentrated and stable shareholding structure led by the founding family [8][122]. Industry Analysis - The mid-to-high-end women's apparel market in China is projected to grow significantly, with the market size expected to increase from approximately 1,436 billion CNY in 2014 to 2,533 billion CNY in 2023, reflecting a CAGR of 6.5% [130][132]. - The market is characterized by a low concentration of major players, indicating significant room for growth compared to markets in North America and Europe [135][166]. Competitive Advantages - The company excels in multi-brand operations, leveraging a platform-based structure that enhances collaboration among brands and strengthens brand identity [53][199]. - The product design and development are aligned with customer aesthetics, and the company has made significant investments in its design and R&D teams, increasing the number of designers to 562 in 2023 [204][205]. - The company maintains a strong focus on marketing, with marketing expenses reaching 37.78 billion CNY in 2023, reflecting a 16.8% year-on-year increase [217][218]. Future Outlook - The company aims to enhance its position as a globally recognized Chinese luxury brand management group, focusing on continuous improvement across brand, product, channel, and supply chain [56][250]. - Revenue forecasts for 2024-2026 predict a gradual increase, with expected revenues of 71.06 billion CNY in 2024, 79.44 billion CNY in 2025, and 87.84 billion CNY in 2026, reflecting growth rates of 2.8%, 11.8%, and 10.6% respectively [233][253].

Investment Rating - The report assigns a reasonable value of 3.28 yuan to the company, with a current price of 2.72 yuan, indicating potential upside [44]. Core Insights - The company is positioned to benefit from accelerated investments in water conservancy and urban renewal projects, particularly in the Yangtze River Delta region, which has a lower fiscal pressure and greater potential for investment expansion [48]. - The company has secured significant contracts in water conservancy projects, with a total bid amount of 3.59 billion yuan in the first half of 2024, representing 1.7% of all new contracts signed [24][28]. - The company is actively expanding its renewable energy initiatives, focusing on photovoltaic and energy storage projects, with a notable increase in installed capacity in Shanghai [17][29]. Summary by Sections Water Conservancy and Management - The company is expanding its water conservancy and management business, focusing on various projects such as flood control, sewage treatment, and smart water management [3][4]. - In 2023, the total investment in water conservancy reached 1.1996 trillion yuan, a year-on-year increase of 10.1%, while water supply fixed asset investment was 281.7 billion yuan, up 4.3% [19][20]. Renewable Energy - The photovoltaic sector is experiencing robust growth, with a nationwide increase in installed capacity of 206.3 GW in 2024, a year-on-year increase of 25.88% [14][15]. - The company has invested in multiple distributed photovoltaic projects, achieving a total installed capacity of approximately 18 MW and generating over 10,861 MWh of electricity, which has led to significant carbon emissions reductions [17][18]. Nuclear Power - The company is entering the advanced nuclear power sector, focusing on thorium molten salt reactor technology, with a projected global market size of 4.155 billion USD by 2030 [6][11]. - The company has signed agreements for the installation and operation of thorium molten salt reactors, indicating a strategic move into this emerging energy sector [11][12]. Financial Performance - The company's revenue for 2023 was 30.4628 billion yuan, with a projected decline of 5.1% in 2024, followed by a recovery in subsequent years [45]. - The net profit attributable to shareholders is expected to grow steadily, reaching 1.793 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 7.1% [45].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 11.85 CNY per share based on a 16x PE valuation for 2025 [32][133]. Core Insights - The company has a strong foothold in the high-end natural cowhide leather market, having been established for 32 years and focusing on R&D, production, and sales [210]. - The company has expanded its product lines to include automotive interior leather and second-layer leather products, enhancing its growth potential [211]. - The automotive interior leather market is experiencing robust demand, driven by the increasing penetration of new energy vehicles and the company's entry into the supply chains of major automotive brands [78][91]. Summary by Sections Company Overview - The company is recognized as a leader in the domestic cowhide leather industry, with a comprehensive product range that includes leather for shoes, bags, automotive interiors, and furniture [210]. - It has established partnerships with numerous well-known brands, enhancing its market position [210]. Industry Analysis - The leather and footwear industry has faced challenges in recent years, but there are signs of recovery in 2024, particularly in the automotive interior leather segment [29][171]. - The automotive interior leather market is projected to grow significantly, with increasing demand from both traditional and new energy vehicle manufacturers [73][78]. Financial Performance - The company reported revenues of 2.7 billion CNY in 2023, with a year-on-year growth of 35.8% [30]. - The forecast for 2024-2026 indicates continued revenue growth, with expected revenues of 2.8 billion CNY in 2024 and 3.2 billion CNY in 2025 [30][127]. Growth Strategy - The company is actively expanding its overseas production capacity, particularly in Indonesia, to meet the demands of international brands and enhance supply chain stability [116]. - It emphasizes innovation and sustainability in its operations, aiming to lead in green leather production [119][121]. Investment Outlook - The company is expected to maintain a strong growth trajectory, with projected EPS of 0.54 CNY in 2024 and 0.74 CNY in 2025 [30][133]. - The strategic focus on high-end products and expanding into new markets positions the company favorably for future growth [88][124].

4% 数据来源：Bloomberg，广发证券发展研究中心 数据来源：Bloomberg，广发证券发展研究中心 [本报告联系人： Table_Cont act er] [Table_Page] 行业专题研究|纺织服饰 2024 年 12 月 30 日 证券研究报告 | --- | --- | --- | --- | --- | |----------------|-------------------------------------|----------|------------------------------|--------------------------------------------| | [Table_Title] | 纺织服饰行业全球观察之耐克 \nFY25Q2 | | | ：北美、大中华区动销承压，库存水平保持平稳 | | [Tabl 分析师： | 糜韩杰 | 分析师： | 李咏红 | | | e_Author] | SAC 执证号： S0260516020001 | | SAC 执证号： S0260523100001 | | | | SFC CE.no: BPH764 | | | ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The reasonable value of the company is estimated at 21.57 CNY per share [3] - The company is expected to achieve significant revenue growth driven by its domestic formulation business and the expansion of its product lines in both raw materials and overseas formulations [11][14][76] Summary by Sections Domestic Formulations - The domestic formulation business has seen rapid growth, with revenue reaching 3.476 billion CNY in 2023, supported by improved approval efficiency and market share gains through centralized procurement [20][36] - The company has successfully participated in multiple rounds of national centralized procurement, which has allowed it to quickly capture market share and expand its retail market presence [20][42] - The company aims to continue focusing on high-demand, competitive formulation products, with a projected revenue of 4.171 billion CNY in 2024, growing to 5.232 billion CNY by 2026 [99] Raw Materials - The raw material business is a cornerstone of the company's development, with a revenue of 3.16 billion CNY in 2023 and a gross margin of 47.8% [60] - The company has strategically positioned itself in high-volume, patent-expiring products, which are expected to enter a rapid growth phase as generics become available [55][62] - Revenue from raw materials is projected to grow from 3.476 billion CNY in 2024 to 4.718 billion CNY by 2026, with improving gross margins [99] Overseas Formulations - The overseas formulation business has rebounded significantly, achieving revenue of 1.46 billion CNY in 2023, a 49.6% increase year-on-year [76] - The company has rapidly accumulated ANDA approvals, with 24 approvals in 2022 and a return to pre-ban levels of around 10 approvals per year in 2023 [69][81] - The overseas formulation revenue is expected to grow from 1.528 billion CNY in 2024 to 1.685 billion CNY by 2026, maintaining a gross margin of around 43% [100] Biopharmaceutical Layout - The company is actively expanding into biopharmaceuticals, with 15 products in development across various therapeutic areas, including autoimmune diseases and oncology [85][94] - The biopharmaceutical segment is anticipated to provide a second growth curve for the company, complementing its existing product lines [85] Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.265 billion CNY, 1.498 billion CNY, and 1.777 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21.44, 18.11, and 15.27 [107][135] - The investment recommendation is to buy, with a target price of 21.57 CNY per share based on a 25x PE valuation for 2024 [135]