Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company reported a revenue of 28.676 billion yuan for 2024, a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3.013 billion yuan, a decrease of 5.5% [1][3] - The board proposed a final dividend of 20.73 cents per share, with a payout ratio of 50% for the year [1] - The overall retail sales remained stable, with online channels showing low double-digit growth while offline channels experienced a slight decline [3][4] Revenue and Profit Analysis - In 2024, revenue from footwear, apparel, accessories, and equipment was 14.3 billion, 12.05 billion, 2.325 billion, and a year-on-year growth of 6.8%, -2.9%, and 29.3% respectively [4] - The retail sales for running, fitness, basketball, and sports lifestyle categories accounted for 28%, 15%, 21%, and 33% of total sales, with year-on-year growth rates of 25%, 6%, -21%, and -6% respectively [4] - The company’s gross margin improved to 49.4%, up 1.0 percentage points year-on-year, primarily due to better margins in the e-commerce channel [5][7] Channel Performance - Direct sales revenue decreased by 0.3% to 6.883 billion yuan, with the number of direct stores declining by 13.4% to 1,297 [5] - Wholesale revenue increased by 2.6% to 12.957 billion yuan, with wholesale stores growing by 1.6% to 4,820 [5] - E-commerce revenue grew by 10.3% to 8.305 billion yuan, with significant improvements in customer traffic and conversion rates [5][8] Future Outlook - The company is expected to continue optimizing its channel structure and enhancing customer experience, which will support steady business growth [8] - Projected revenues for 2025-2027 are 29.093 billion, 30.177 billion, and 31.517 billion yuan, with year-on-year growth rates of 1.5%, 3.7%, and 4.4% respectively [8][10]

新股研究 新股周报（2025.03.31-2025.04.03） 3 月份双创板块新股首日涨幅下降，科创板胜科纳米上市 2025 年 3 月 31 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，3 月份科创板新股首日涨幅下降但开板估值上升 周内新股市场活跃度下降，近 6 个月上市新股周内共有 11 只股票录得正涨幅(占比 22.45%，前值 26.09%)。 科创板：上周科创板胜科纳米上市，上市首日涨幅 241.41%，首日开板估值 154.01 倍。 周内先锋精科、思看科技录得周涨幅为正，胜科纳米录得周跌幅超-10%。 创业板：上周创业板浙江华业、浙江华远、矽电股份上市。周内惠通科技、博苑股份录 得周涨幅为正，弘景光电、浙江华业等录得周跌幅超-10%。 沪深主板：上周沪深主板无新股上市。周内天和磁材录得周涨幅超 10%，江南新材、新 亚电缆录得周跌幅约-10%。 山西证券新股研究团队 新股周期：2 月份无新股上市，创业板新股发行 PE 下降，主板新股发行 PE 上升。3 月 份科创板胜科纳米、创业板毓恬冠佳/常友科技/汉朔科技/弘景光电/恒鑫生活/浙江华业/ 浙江华远/矽电股份、主板汇通控股/永杰 ...

煤炭 行业周报（20250324-20250330） 同步大市-A(维持) 2025 年 3 月 31 日 行业研究/行业周报 资料来源：最闻 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 年后二宗矿权交易达成，一级市场估值维持强势 相关报告： 【山证煤炭】龙头股 2024 年度业绩好于 预 期 - 【 山 证 煤 炭 】 行 业 周 报 （20250317-20250323）： 2025.3.24 静待需求恢复 2025.3.21 胡博 投资要点 动态数据跟踪 动力煤：淡季影响显现，内贸煤价格小幅回落。本周产地煤矿生产维持 正常水平。需求方面，供暖季节临近结束，居民用电进入淡季，电厂整体负 荷季节性回落，电煤日耗较弱；下游复工及基建仍有待提高，工业原料用煤 需求维持刚需；港口疏港推进，本周煤炭调入小于调出，北方港口煤炭库存 小幅降低，综合影响下，港口煤价继续小幅下行。展望二季度，稳经济政策 或将继续出台，非电用煤需求预计继续恢复增长；同时，海外煤价企稳，煤 炭关税、贸易政策近期多 ...

2025 年 3 月 31 日 行业研究/行业周报 太阳能行业近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】 1-2 月光伏新增装机 39.5GW，产业链价格持续结构性上涨 2025.3.24 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 请务必阅读最后股票评级说明和免责声明 1 价格追踪 分析师： 多晶硅价格：根据 Infolink 数据，本周致密料均价为 40.0 元/kg，较上周 持平；颗粒硅均价为 38.0 元/ ...

新股研究 新股周报（2025.03.31-2025.04.03） 3 月份双创板块新股首日涨幅下降，科创板胜科纳米上市 2025 年 3 月 31 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，3 月份科创板新股首日涨幅下降但开板估值上升 周内新股市场活跃度下降，近 6 个月上市新股周内共有 11 只股票录得正涨幅(占比 22.45%，前值 26.09%)。 科创板：上周科创板胜科纳米上市，上市首日涨幅 241.41%，首日开板估值 154.01 倍。 周内先锋精科、思看科技录得周涨幅为正，胜科纳米录得周跌幅超-10%。 创业板：上周创业板浙江华业、浙江华远、矽电股份上市。周内惠通科技、博苑股份录 得周涨幅为正，弘景光电、浙江华业等录得周跌幅超-10%。 2025/01：思看科技（3D 视觉数字化产品/3D 扫描仪） 沪深主板：上周沪深主板无新股上市。周内天和磁材录得周涨幅超 10%，江南新材、新 亚电缆录得周跌幅约-10%。 山西证券新股研究团队 新股周期：2 月份无新股上市，创业板新股发行 PE 下降，主板新股发行 PE 上升。3 月 份科创板胜科纳米、创业板毓恬冠佳/常友科技/汉朔科技/弘景光 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][10]. Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit of 179 million yuan, up 491.56% [5][6]. - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to significant revenue growth and improved profit margins [6][7]. - The company is actively expanding its product applications into emerging fields, with notable revenue contributions from international clients [7][8]. Financial Performance - In 2024, the company reported a gross margin of 25.90%, an increase of 10.09 percentage points year-on-year, with a main business gross margin of 32.92%, up 15.39 percentage points [6][12]. - The company’s revenue for Q4 2024 was 487 million yuan, reflecting a 14.32% increase year-on-year, while the net profit for the same quarter was 36 million yuan, up 59.74% [5][6]. - The company’s silicon carbide substrate products generated 1.474 billion yuan in revenue, accounting for 83.35% of total revenue, with international business revenue reaching 840 million yuan, a 104.43% increase [7][9]. Product and Market Position - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has launched the industry's first 12-inch silicon carbide substrate [10][9]. - The company holds a 22.80% market share in the global conductive silicon carbide substrate market, ranking second worldwide [9][10]. - The company is expanding its product matrix to include larger substrates, with ongoing development in 8-inch and 12-inch products [8][9]. Future Projections - The company is projected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan for the years 2025, 2026, and 2027, respectively [10][12]. - The expected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [10][12].

Investment Rating - The report maintains an "Accumulate-A" rating for the company Tianyue Advanced (688234.SH) [1] Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit attributable to shareholders of 179 million yuan, up 491.56% [2][3] - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to a significant increase in revenue and profitability [2][3] - The company is positioned as the second-largest global manufacturer of conductive silicon carbide substrates, with a market share of 22.80% [6][7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.768 billion yuan, with a net profit of 179 million yuan, marking a significant improvement from a loss in the previous year [2][3] - The gross margin for the year was 25.90%, an increase of 10.09 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][3] Product and Market Development - The main business segment, silicon carbide semiconductor materials, generated revenue of 1.474 billion yuan, accounting for 83.35% of total revenue, with a year-on-year growth of 35.72% [3] - The company has successfully expanded its international business, with overseas revenue reaching 840 million yuan, a 104.43% increase, representing 47.53% of total revenue [3] - The production capacity for silicon carbide substrates reached 410,200 pieces in 2024, a year-on-year increase of 56.56% [3] Future Projections - The company is expected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan in 2025, 2026, and 2027, respectively [7] - The projected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [7]

研究早观点 2025 年 3 月 31 日 星期一 市场走势 【今日要点】 【山证纺服】申洲国际 2024 年报点评 【公司评论】联瑞新材(688300.SH)：联瑞新材-高端产品销量持续提升，核 心技术储备丰富 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,351.31 | -0.67 | | 深证成指 | | 10,607.33 | -0.57 | | 沪深 | 300 | 3,915.17 | -0.44 | | 中小板指 | | 6,647.84 | -0.58 | | 创业板指 | | 2,128.21 | -0.79 | | 科创 | 50 | 1,029.48 | -1.07 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【山证纺服】申洲国际 2024 年报点评 王冯 wan ...

纺织制造 申洲国际（02313.HK） 买入-A(维持) 2024 年业绩超预期，核心客户份额保持提升 2025 年 3 月 28 日 公司研究/公司快报 事件描述 3 月 25 日，公司披露 2024 年年报，2024 年，公司实现收入 286.63 亿元，同比增长 14.8%，实现归母净利润 62.41 亿元，同比增长 36.9%。公司董事会建议派发末期股息每 股 1.28 港元，全年派息率 55.8%。 公司近一年市场表现 事件点评 公司 2024 年营收增长超预期，展现业绩弹性。营收端，2024 年，公司实现收入 286.63 亿元，同比增长 14.8%。量价拆分看，2024 年，我们估算公司销量同比增长 21%，销售均 价下跌同比下跌 5%，均价下跌主要由于产品结构变化，均价相对更低的休闲服装及内衣 产品收入占比提升。业绩端，2024 年，公司实现归母净利润 62.41 亿元，同比增长 36.9%。 2024 年，公司业绩端表现显著好于收入端，主因产能利用率回升带动销售毛利率同比提 升、管理费用率同比下降、资产处置收益增加。2024 年，公司努力提升服务质量、拓展 市场需求；进一步扩充产能规模，提升 ...

研究早观点 2025 年 3 月 28 日 星期五 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 市场走势 【今日要点】 【行业评论】太阳能：202502 光伏行业月度报告-2025 年 1-2 月光伏新 增装机同比增长 7.5%，组件出口额同比下降 【山证煤炭】中国神华（601088.SH）年报点评：-运输板块部分弥补 煤价下行，业绩稳健分红可期 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 3,373.75 | 0.15 | 效初显，降本增效推动业绩高增 | | 深证成指 | | 10,668.10 | 0.23 | | | 沪深 | 300 | 3,932.41 | 0.33 | | | 中小板指 | | 6,686.62 | 0.52 | | | 创业板指 | | 2,145.10 | 0.24 | | | 科创 | 50 | 1,040.57 | 1.12 | | 资料来源：最闻 分析师： 【公司评论】 ...