[Table_MainInfo] 行业研究/商业贸易 证券研究报告 行业信息点评 2025 年 03 月 25 日 Tel:(021)23154125 市场表现 [Table_QuoteInfo] -11.85% -1.56% 8.74% 19.04% 29.33% 39.63% 2024/3 2024/6 2024/9 2024/12 商业贸易 海通综指 Email:lhk11523@haitong.com 资料来源：海通证券研究所 证书:S0850517040002 相关研究 | [Table_ReportInfo] 《1-2 月社零增 4%稳中向好，促消费政 | | --- | | 策出台提振信心》2025.03.18 | | 《全年维度看珠宝板块投资机会》 | | 2025.03.17 | | 《生育补贴政策密集出台，看好母婴相关 | | 产业链》2025.03.16 | 分析师:李宏科 零售&社服行业 2025 年一季报前瞻 [Table_InvestInfo] 投资评级 优于大市 维持 （1）黄金珠宝：1-2M25 限额以上金银珠宝零售额同比+5.4%，结束 24 年 4 月以 来的同比下滑趋势； ...

证券研究报告 （优于大市，维持） 《海外新能源车销量月报：2月美国销量同 比+5%，欧洲销量同比+19%》 马天一（电力设备及新能源联席首席分析师） SAC号码：S0850523030004 联系人：李依雯 2025年3月25日 摘要 请务必阅读正文之后的信息披露和法律声明 2 欧洲：2025年2月新能源车销量17.4万辆，同比+19.1%，环比+2.1%，德、英、意销量增长显著；1-2月 累计销量15.6万辆，同比-45.3%；2月渗透率24.0%，同比+4.3pct，环比+0.7pct。其中，销量前三的国 家为：1）德国：2月新能源车销量5.5万辆，同比+32.2%，环比+6.3%；渗透率27.3%，同比+8.0pct， 环比+2.1pct；2）法国：2月新能源车销量3.2万辆，同比-15.4%，环比+28.3%；渗透率22.5%，同比- 3.9pct，环比+0.8pct；3）英国：2月新能源车销量2.9万辆，同比+35.2%，环比-32.5%；渗透率33.9%， 同比+9.1pct，环比+3.6pct。 美国：2025年2月新能源车销量12.0万辆，同比+4.9%，环比+0.8%。1-2月新能源车累计销 ...

特步国际（1368）公司年报点评 2025 年 3 月 25 日 [Table_InvestInfo] 股票数据 | [Table_StockInfo] 3 月 24 日收盘价（港元） | 5.27 | | --- | --- | | 周股价波动（港元） 52 | 3.70-7.13 | | 总股本（百万股） | 2775 | | 总市值（百万港元） | 14622 | [《Ta24bQle4_主R品ep牌o流rtI水nf回o暖] ，索康尼全年收入规 模有望破 10 亿》2025.01.17 [Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 Email:lx11040@haitong.com 《24Q3 索康尼持续高增，看好盈利水平提升》 2024.11.6 《主品牌电商表现亮眼，专业运动收入高增 72%》2024.08.25 《24Q2 主品牌折扣库存改善》2024.07.24 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） -0.2 % 相对涨幅（%） -1.1 % 资料来源：海通证券研究所 分析师:盛开 Tel:(021)2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][13]. Core Views - The core local business segment's profit exceeded expectations, and Keeta is building a second growth curve [6][13]. - In Q4 2024, the company reported revenue of 88.5 billion yuan, a year-on-year increase of 20.1%, and adjusted EBITDA of 11.5 billion yuan, a year-on-year increase of 207.7% [6][10]. - As of December 31, 2024, the company had cash and cash equivalents of 70.8 billion yuan [6][12]. Summary by Sections Business Overview - The company is expanding its multi-category supply and increasing support for merchants in its takeaway and instant retail businesses. New models like "Pin Hao Fan" and "Brand Satellite Stores" are being introduced to help merchants increase sales and attract new customers [7]. - The company launched a 1 billion yuan "Merchant Support Plan" in Q4 2024 to optimize merchant efficiency and innovation through cash and subsidies [7]. Performance Metrics - The core local business generated revenue of 65.6 billion yuan, a year-on-year increase of 18.9%, with operating profit of 12.9 billion yuan, up 60.9%, and an operating margin of 19.7% [9]. - New business revenue in Q4 2024 was 22.9 billion yuan, a year-on-year increase of 23.5%, with operating losses narrowing to 2.2 billion yuan, a 55.0% improvement [9]. Financial Data and Forecasts - The company forecasts revenues of 337.6 billion yuan for 2024, 394.2 billion yuan for 2025, and 455.4 billion yuan for 2026, with year-on-year growth rates of 21.99%, 16.76%, and 15.53% respectively [10]. - The net profit for 2024 is projected at 35.8 billion yuan, with a year-on-year growth of 158.43% [10]. - The estimated reasonable market value for 2025 is between 1.09 trillion and 1.27 trillion Hong Kong dollars, translating to a reasonable share price range of 179 to 209 Hong Kong dollars [13][15].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 越秀服务（6626）公司年报点评 2025 年 03 月 25 日 [Table_InvestInfo] 股票数据 | 0[3Ta月b2le4_日S收to盘ck价（In港fo元] ） | 2.87 | | --- | --- | | 周股价波动（港元） 52 | 2.48-3.94 | | 总股本（百万股） | 1509 | | 总市值（亿港元） | 43 | | 相关研究 | | [《Ta越b秀le服_R务e（p0o6r6t2In6.fHoK] ）2024 年中期业绩公 告点评：收入净利双增，市场拓展成效显著》 2024.08.25 市场表现 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 1.78 4.63 11.74 | 绝对涨幅（%） | 1.78 | 4.63 | 11.74 | | --- | --- | --- | --- | | 相对涨幅（%） | -5.44 | -3.40 | 1.14 | | 资料来源：海通证券研究所 | | | | 分析师:涂力磊 Tel:021-2318 ...

最新研究与资讯 2025 年 03 月 25 日 | [Table_Marketinfo] | | | | --- | --- | --- | | 重要市场数据 | | | | 名称 日涨跌% | 周涨跌% | 年涨跌% | | 海通风格指数 | | | | 大盘 100 | 0.76 | -0.16 | -3.13 | | --- | --- | --- | --- | | 小盘 200 | -1.11 | -3.63 | 7.92 | | 表现最好前五行业 | | | | | 有色金属 | 1.35 | 0.25 | 13.16 | | 旅游服务 | 1.34 | -0.42 | -2.02 | | 家电器具 | 1.05 | -0.53 | 2.05 | | 金融指数 | 0.73 | -0.68 | -0.79 | | 煤炭指数 | 0.72 | 0.06 | -11.28 | | 表现最差前五行业 | | | | | 综合行业 | -1.70 | -2.79 | -3.80 | | 信息服务 | -1.61 | -6.01 | 7.13 | | 造纸指数 | -1.60 | -4.10 | -2.1 ...

Investment Rating - The investment rating for the company is "Outperform" [2] Core Insights - The company reported a revenue of 14.8 billion yuan for 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 624 million yuan, which is a 29.7% increase year-on-year [6][10] - The company added 965 new workshop stores in 2024, with over 90% of the stores being profitable for more than six months [6][10] - The gross margin for 2024 was 25.4%, an increase of 0.7 percentage points, driven by upstream bargaining power and product structure optimization [10] Financial Analysis - In 2024, the company achieved a total revenue of 14.8 billion yuan, with automotive products and services contributing 13.8 billion yuan, a 9.1% increase year-on-year [8] - The revenue from advertising, franchising, and other services was 960 million yuan, showing a slight growth of 0.3% [8] - The company expects revenues for 2025 to reach approximately 16.4 billion yuan, with adjusted net profits projected at 760 million yuan [10][13] Market Performance - The company's stock closed at 18.16 HKD on March 24, with a 52-week price range of 13.84 to 29 HKD [2] - The company has shown a relative performance against the Hang Seng Index, with a 1-month absolute increase of 8.1% and a relative increase of 6.3% [4] Future Outlook - The company aims to maintain its pricing power while improving gross margins through scale advantages in 2025 [6][10] - The penetration rate of the fast repair business among users exceeded 10% in 2024, with certain product categories experiencing over 50% growth [7][10]

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司年报点评 2025 年 3 月 25 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 | [Table_StockInfo] 3 月 24 日收盘价（港元） | 18.02 | | --- | --- | | 52 周股价波动（港元） 9.90-19.44 | | | 总股本（百万股） | 829 | | 总市值（百万港元） | 14930 | | 相关研究 | | | [Table_ReportInfo] 《24Q4 量增超预期，看好产能扩张+新客订单 | | | 带动盈利水平提升》2025.01.15 | | | 《24Q3 订单稳健增长，入通后流动性改善》 | | | 2024.10.22 | | | 《发布 3 年回购和特别股息方案，9 月入港股通 | | | 在即》2024.8.26 | | | 《发布盈利预喜，预计 24H1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is expected to achieve significant revenue growth driven by volume increases in both adult and children's footwear and apparel, with a projected revenue increase of 19.6% to 10.074 billion yuan in 2024 [6] - The company has shown a stable profit level, with net profit expected to grow by 19.5% to 1.149 billion yuan in 2024, maintaining a net profit margin of 11.4% [6] - The company is focusing on expanding its store network and optimizing its channel structure, with a particular emphasis on the new "super product" stores aimed at capturing market opportunities [6] Financial Summary - Revenue projections for the company are as follows: - 2023: 8.423 billion yuan - 2024: 10.074 billion yuan - 2025E: 11.486 billion yuan - 2026E: 12.914 billion yuan - 2027E: 14.355 billion yuan - Year-over-year revenue growth rates are projected at 21.0% for 2023, 19.6% for 2024, 14.0% for 2025, 12.4% for 2026, and 11.2% for 2027 [5] - Net profit projections are as follows: - 2023: 961 million yuan - 2024: 1.149 billion yuan - 2025E: 1.292 billion yuan - 2026E: 1.501 billion yuan - 2027E: 1.672 billion yuan - Year-over-year net profit growth rates are projected at 28.7% for 2023, 19.5% for 2024, 12.5% for 2025, 16.2% for 2026, and 11.3% for 2027 [5] - The company plans to pay a final dividend of 0.10 HKD per share, with a total payout ratio of 45%, an increase of 4.8 percentage points year-over-year [6] Market Performance - The company's stock closed at 4.52 HKD on March 24, 2025, with a 52-week price range of 3.02-4.98 HKD [2] - The company has shown an absolute price increase of 13.3% over the past month and a relative increase of 10.9% compared to the Hang Seng Index [4] Strategic Initiatives - The company is expanding its online sales channels, with e-commerce revenue expected to grow by 12.2% in 2024, while also making progress in overseas market development [6] - The introduction of new product lines and the optimization of the store network are expected to enhance store efficiency significantly [6]

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2025 年 03 月 25 日 [Table_Title] 相关研究 [Table_ReportInfo] 《A股下周恐难打破震荡格局——量化择 时和拥挤度预警周报（20250323）》 2025.03.23 《本周多数高频因子回撤，AI 增强组合维 持强势表现——高频选股因子周报 （202500317-20250321）》2025.03.22 《本周三大指增组合超额收益均为正— —量化选股周报（2025.03.14- 2025.03.21）》2025.03.22 小盘 50 组合维持强势表现——风格 Smart beta 组合 跟踪周报（2025.03.17-2025.03.21） [Table_Summary] 投资要点： 风险提示：市场环境变动风险，有效因子变动风险。 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 联系人:卓洢萱 Tel:(021)23183938 Email:zyx15314@haitong.com 请务必阅读正文之 ...