[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 新大陆（000997）公司跟踪报告 2025 年 03 月 13 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 12日收盘价（元）] | 26.94 | | --- | --- | | 52 周股价波动（元） | 11.85-26.94 | | 总股本/流通 A 股（百万股） | 1032/1026 | | 总市值/流通市值（百万元） | 27804/27650 | | 相关研究 | | [Table_ReportInfo] 《首次回购股份完成，AI 应用落地加速》 2025.02.13 《Q3 利润两位数增长，高分红+回购强势彰显 信心》2024.10.28 《盈利能力改善，海外布局加速》2024.08.31 市场表现 [Table_QuoteInfo] -36.84% -21.84% -6.84% 8.16% 23.16% 2024/3 2024/6 2024/9 2024/12 新大陆 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company, MLILY, is a leading manufacturer of memory foam mattresses, focusing on enhancing deep sleep for consumers. It has established a strong presence in over 110 countries, including the US, UK, and Japan, and is recognized for its innovative "zero pressure" mattress concept [8][9] - The company is expected to face short-term challenges but is positioned for recovery and growth in the coming years, with projected revenue growth and profitability improvements starting in 2025 [6][9] Financial Performance and Forecast - Revenue for 2022 was 8017 million yuan, with a slight decline to 7976 million yuan in 2023. Forecasts indicate a recovery to 8670 million yuan in 2024, 9567 million yuan in 2025, and 10318 million yuan in 2026, reflecting year-on-year growth rates of 8.7%, 10.3%, and 7.8% respectively [7][11] - Net profit is projected to turn from a loss of 152 million yuan in 2024 to a profit of 234 million yuan in 2025 and 282 million yuan in 2026, indicating a significant turnaround [7][11] - The company’s gross margin is expected to stabilize around 38.9% in 2025 and 2026, with improvements in operational efficiency [7][11] Business Segments - The company operates through three main business segments: 1. **Store Sales**: Expected to generate 2603 million yuan in 2024, with a slight recovery in subsequent years [10][11] 2. **Online Sales**: Anticipated to grow significantly, with projected revenues of 1787 million yuan in 2024, increasing to 2756 million yuan by 2026 [10][11] 3. **Bulk Sales**: Expected to see steady growth, with revenues forecasted at 4080 million yuan in 2024 and continuing to rise [10][11] Market Position and Competitive Advantage - The company is positioned to benefit from the recent US anti-dumping tax rulings, which may enhance its competitive advantage in the US market due to its local manufacturing capabilities [9] - The company is actively upgrading its store formats and expanding its online presence to capture a larger market share and improve customer engagement [10][11] Valuation - The company is valued based on a projected PE ratio of 15 to 18 for 2025, suggesting a reasonable price range of 6.98 to 7.39 yuan per share [8][9]

- Model Name: Value Smart Beta Portfolio; Model Construction Idea: Based on high beta elasticity and long-term stable excess returns, selecting historically low-correlated value style; Model Construction Process: Constructed Value 50 Portfolio and Value Balanced 50 Portfolio based on the above idea[9]; Model Evaluation: Demonstrates stable performance with excess returns over the benchmark[9] - Model Name: Growth Smart Beta Portfolio; Model Construction Idea: Based on high beta elasticity and long-term stable excess returns, selecting historically low-correlated growth style; Model Construction Process: Constructed Growth 50 Portfolio and Growth Balanced 50 Portfolio based on the above idea[9]; Model Evaluation: Shows potential for high returns with some volatility[9] - Model Name: Small Cap Smart Beta Portfolio; Model Construction Idea: Based on high beta elasticity and long-term stable excess returns, selecting historically low-correlated small cap style; Model Construction Process: Constructed Small Cap 50 Portfolio and Small Cap Balanced 50 Portfolio based on the above idea[9]; Model Evaluation: High returns with higher risk compared to other styles[9] Model Backtest Results - Value Smart Beta Portfolio, Weekly Return: 1.57%, Monthly Return: 1.57%, Yearly Return: -1.44%, Excess Return: 0.26%, Maximum Relative Drawdown: 2.26%[10] - Value Balanced 50 Portfolio, Weekly Return: 2.67%, Monthly Return: 2.67%, Yearly Return: -0.76%, Excess Return: 1.36%, Maximum Relative Drawdown: 3.99%[10] - Growth Smart Beta Portfolio, Weekly Return: 0.64%, Monthly Return: 0.64%, Yearly Return: 3.96%, Excess Return: -1.09%, Maximum Relative Drawdown: 2.49%[10] - Growth Balanced 50 Portfolio, Weekly Return: 2.40%, Monthly Return: 2.40%, Yearly Return: 10.72%, Excess Return: 0.66%, Maximum Relative Drawdown: 1.77%[10] - Small Cap Smart Beta Portfolio, Weekly Return: 1.68%, Monthly Return: 1.68%, Yearly Return: 8.39%, Excess Return: -2.32%, Maximum Relative Drawdown: 6.23%[10] - Small Cap Balanced 50 Portfolio, Weekly Return: 4.67%, Monthly Return: 4.67%, Yearly Return: 13.21%, Excess Return: 0.67%, Maximum Relative Drawdown: 3.67%[10]

[Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_MainInfo] 行业研究/公用事业 证券研究报告 行业周报 2025 年 03 月 13 日 [Table_QuoteInfo] -15.30% -10.37% -5.44% -0.51% 4.42% 9.35% 2023/4 2023/7 2023/10 2024/1 公用事业 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《广东电价好转，继续看好电价、煤价双 | | --- | | 提振》2025.03.03 | | 《电价企稳，煤价下跌，火电上涨》 | | 2025.02.27 | | 《深化新能源市场电价，促高质量发展》 | | 2025.02.16 | 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S0850515120001 分析师:傅逸帆 Tel:(021)23185698 Email:ys14098@haitong.com 联系人:胡鸿程 Tel:(021)23185962 Email:hhc1560 ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 横店东磁（002056）公司年报点评 2025 年 03 月 13 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 12日收盘价（元）] | 15.11 | | --- | --- | | 52 周股价波动（元） | 11.10-16.37 | | 总股本/流通 A 股（百万股） | 1627/1625 | | 总市值/流通市值（百万元） | 24580/24555 | 相关研究 [Table_ReportInfo] 《光伏业务保持合理盈利，锂电和磁材经营业 绩优异》2024.08.24 市场表现 [Table_QuoteInfo] -23.26% -14.26% -5.26% 3.74% 12.74% 2024/3 2024/6 2024/9 2024/12 横店东磁 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 15.7 20.2 10.1 相对涨幅（%） 15.5 15.0 12.7 资料来源：海通证券研究所 分析师:徐柏乔 24Q ...

Investment Rating - The report assigns an "Outperform" rating for the company [1]. Core Views - The company is a leading retail chain in the eyewear industry, focusing on providing fashionable and personalized eyewear products along with professional vision health solutions [6]. - The company is exploring the smart eyewear segment and has established partnerships with various brands to enhance its service offerings [6]. - The financial outlook indicates a positive growth trajectory, with expected revenue and profit increases in the coming years [10]. Financial Data and Forecast - Revenue is projected to grow from 1,176 million yuan in 2023 to 1,586 million yuan in 2026, with year-on-year growth rates of 22.2%, 7.1%, 12.2%, and 12.3% respectively [5]. - Net profit is expected to fluctuate, with estimates of 128 million yuan in 2023, 124 million yuan in 2024, 152 million yuan in 2025, and 172 million yuan in 2026, reflecting year-on-year growth rates of 68.9%, -3.2%, 22.3%, and 13.4% respectively [5][10]. - The company maintains a gross margin of approximately 61.8% to 63.1% over the forecast period, indicating strong profitability [5]. Business Segmentation and Growth - The company’s revenue from optical glasses and fitting services is expected to grow at a compound annual growth rate (CAGR) of 5% to 10% from 2023 to 2026 [8]. - Revenue from the ready-made glasses segment is projected to grow significantly, with a CAGR of 15% to 20% during the same period [8]. - The contact lens segment is also expected to see growth, with revenue increasing at a CAGR of 10% to 15% [8]. Market Position and Strategy - The company operates a diverse brand matrix with six major eyewear retail brands, each targeting different market segments [6]. - The company has established strong partnerships with large retail chains and public health institutions to enhance its market presence [6]. - The company is actively pursuing digital transformation and upgrading its operational capabilities to improve customer experience and service delivery [6].

[Table_MainInfo] 政策研究 证券研究报告 联系人： 何韫露 Tel: (021)23185849 政策专题报告 2025 年 3 月 13 日 Email: hyl15943@haitong.com [Table_Title] 相关研究 | [Table_ReportInfo] 新质生产力与创新一体化共铸长三角区 | | --- | | 域经济高地——区域经济专题报告（5） | | 2024.10.10 | | 政策东风劲，创新楫高悬，生物医药竞逐 | | 全球浪尖——上海先导产业专题报告（1） | | 2025.02.07 | 分析师： 李明亮 Tel: (021)23185835 Email: lml@haitong.com 证书： S0850511010039 录 目 | 1. | 中美主导，生成式人工智能加速产业化………………………………………………………………………………………………………… 6 | | --- | --- | | 2. | 中国人工智能在国际上地位持续提升,但与美国差距依旧明显…………………… 7 | | | 2.1 基础研究存在产学研脱节现象 . | | | 2. ...