Investment Rating - The report maintains a "Buy-B" rating for the company [1][8]. Core Views - The company has a rich pipeline of products under development and is accelerating its international expansion through acquisitions [1][6]. - In 2024, the company achieved a revenue of 3.026 billion yuan, representing a year-on-year growth of 5.45%, and a net profit of 1.958 billion yuan, also up by 5.33% [2][4]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares, which accounts for 58.51% of the net profit attributable to shareholders [2]. Financial Performance - The company reported a gross margin of 94.64%, a net margin of 64.66%, and an overall expense ratio of 22.21% for the period [4]. - The revenue from solution products was 1.744 billion yuan, with a gross margin of 93.76%, while gel products generated 1.216 billion yuan with a gross margin of 97.98% [3]. - The company has three products in the registration application stage and three in clinical trials, indicating a robust product pipeline [3][4]. Regional Performance - Revenue from different regions showed varied growth: North China +33.21%, Central China +19.84%, while East China saw a decline of -4.08% [3]. - Direct sales accounted for 66.37% of total sales, while distribution sales made up 33.63% [3]. Acquisition Strategy - The company plans to acquire 85% of the Korean medical beauty company Regen Biotech for 190 million USD, which will enhance its product line and accelerate internationalization [6]. - The target company reported a revenue of 72 million yuan and a net profit of 30 million yuan for the first nine months of 2024 [6]. Earnings Forecast - The projected EPS for 2025, 2026, and 2027 are 7.06 yuan, 7.93 yuan, and 8.66 yuan respectively, with corresponding P/E ratios of 26.9, 24.0, and 22.0 [6][10].

Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020.HK) [1] Core Views - In 2024, Anta Sports achieved a revenue of 70.826 billion yuan, representing a year-on-year growth of 13.6%, and a net profit attributable to shareholders of 15.596 billion yuan, up 52.4% year-on-year [1][3] - The company plans to distribute a final dividend of 1.18 HKD per share, with an annual payout ratio of 51.4% [1] - The outdoor sports brand revenue is expected to exceed 10 billion yuan in 2024 [1] Revenue Performance - In 2024, the e-commerce channel revenue grew by 21.8% year-on-year, accounting for 35.1% of total revenue, an increase of 2.3 percentage points [3] - The retail sales of Anta brand, FILA brand, and other brands grew by high single digits, mid single digits, and 40%-45% respectively [3] - The revenue from the Anta brand reached 33.522 billion yuan, a 10.6% increase, while FILA brand revenue was 26.626 billion yuan, up 6.1% [4][5] Profitability Analysis - The overall gross margin for the company decreased by 0.4 percentage points to 62.2%, while the operating profit margin fell by 1.2 percentage points to 23.4% [7] - The net profit margin attributable to shareholders increased by 5.6 percentage points to 22.0% [7] - The company’s net cash position was 31.4 billion yuan, down 6.5% year-on-year [7] Future Earnings Projections - The report forecasts earnings per share (EPS) of 4.99, 5.57, and 6.35 yuan for the years 2025, 2026, and 2027 respectively [8] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.1, 16.2, and 14.2 times respectively [8] Market Positioning - Anta Sports is focusing on a strategy of single focus, multi-brand, and globalization, which has led to steady revenue growth and an increase in market share [8] - The company is increasing investments in brand, channel, and product development, despite some fluctuations in profitability [8]

Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020.HK) [1][8] Core Views - In 2024, Anta Sports achieved a revenue of 70.826 billion yuan, representing a year-on-year growth of 13.6%, and a net profit attributable to shareholders of 15.596 billion yuan, up 52.4% year-on-year [1][3] - The company plans to distribute a final dividend of 1.18 HKD per share, with an annual payout ratio of 51.4% [1][3] - The outdoor sports brand revenue is expected to exceed 10 billion yuan [1][8] Revenue and Profitability - In 2024, the e-commerce channel revenue grew by 21.8%, accounting for 35.1% of total revenue, while offline channels showed slower growth [3][4] - The Anta brand revenue increased by 10.6% to 33.522 billion yuan, while FILA brand revenue grew by 6.1% to 26.626 billion yuan [4][5] - The overall revenue from other brands surpassed 10 billion yuan, with a year-on-year growth of 53.7% [5][6] Financial Metrics - The gross margin for Anta Sports decreased by 0.4 percentage points to 62.2%, while the operating profit margin fell by 1.2 percentage points to 23.4% [7][8] - The report forecasts earnings per share (EPS) for 2025-2027 to be 4.99, 5.57, and 6.35 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 18.1, 16.2, and 14.2 [8][10]

Investment Rating - The report assigns a "Buy-A" investment rating for the company, indicating a positive outlook for its stock performance in the coming months [1][6]. Core Insights - The company reported a revenue of 185.6 billion yuan for 2024, a year-on-year decline of 6.0%, but achieved a net profit of 18.3 billion yuan, reflecting a slight increase of 0.5% [2][3]. - The solar segment showed significant growth, with revenues of 110.7 billion yuan and shipments of 17.2 GW, marking a year-on-year increase of 73% [3]. - The company is expected to benefit from the release of production capacity in Indonesia, which is projected to enhance profit margins significantly in 2025 [3]. - The magnetic materials segment generated 45.8 billion yuan in revenue, with a year-on-year growth of 17%, solidifying the company's leading position in the market [4]. - The lithium battery segment achieved revenues of 24.2 billion yuan, with a shipment of 531 million units, reflecting a growth of 56% year-on-year [5]. Financial Performance Summary - The company’s projected net profits for 2025, 2026, and 2027 are 2.3 billion yuan, 2.7 billion yuan, and 3.1 billion yuan respectively, with corresponding P/E ratios of 11.3, 9.5, and 8.3 [6][9]. - The revenue forecast for the upcoming years shows a recovery trend, with expected revenues of 20.5 billion yuan in 2025, 24.8 billion yuan in 2026, and 28.9 billion yuan in 2027, indicating a compound annual growth rate [12]. - The company maintains a strong return on equity (ROE) of 17.8% for 2024, with projections of 18.3% for 2025 and beyond [9][12].

Investment Rating - The report assigns an "Accumulate-A" investment rating for the company, indicating a positive outlook for the stock [6]. Core Views - The company reported better-than-expected performance in Q4, with significant profit growth driven by the release of production capacity in Indonesia [1][3]. - The solar segment achieved a revenue of 11.07 billion yuan in 2024, with a shipment of 17.2 GW, reflecting a year-on-year growth of 73% [3]. - The company is expected to maintain stable performance in its magnetic materials segment, with a revenue of 4.58 billion yuan in 2024, showing a 17% increase [4]. - The lithium battery sector is also performing well, with a revenue of 2.42 billion yuan in 2024, marking a 56% year-on-year growth [5]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 18.56 billion yuan, a decrease of 6% year-on-year, while the net profit attributable to shareholders was 1.83 billion yuan, a slight increase of 0.5% [1][9]. - The Q4 performance was particularly strong, with a revenue of 4.98 billion yuan, up 25.4% year-on-year, and a net profit of 0.91 billion yuan, representing a 4.4 times increase [1]. Production Capacity and Growth - The company has a total battery cell capacity of 23 GW and module capacity of 17 GW, with expected shipments exceeding 20 GW this year [3]. - The Indonesian production capacity is anticipated to contribute significantly to profit margins, with an estimated shipment of 3.5 GW in 2025 [3]. Market Position - The company is the largest producer of ferrite magnetic materials globally, with a production capacity of 290,000 tons [4]. - The copper inductors used in AI servers are expected to see a compound annual growth rate exceeding 20% in the coming years [4]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 2.30 billion yuan, 2.73 billion yuan, and 3.12 billion yuan, respectively, with corresponding P/E ratios of 11.3, 9.5, and 8.3 [6][9].

投资要点： 开发科技是国际领先的智能计量终端及智慧能源管理系统解决方案提供商， 公司主营业务为智能电、水、气表等智能计量终端以及 AMI 系统软件的研 发、生产及销售。公司是全球最早参与智能电表研发及部署的企业之一，累 计向 40 余国出口超 9000 万套智能计量设备。 分析师： 智慧能源体系完善，产品更新换代，共同驱动行业需求。在全球能源结 构向清洁化、智能化加速转型的背景下，智慧能源体系的深化建设与产品技 术标准的升级换代，共同构筑行业增长的核心动能。 一方面，各国"双碳" 政策与新型电力系统建设推动能源管理向数字化纵深发展； 另一方面，技 术标准迭代驱动存量设备进入换装周期。此外，新能源并网、虚拟电厂等场 景的拓展，进一步要求智能计量终端向高精度、高兼容性及多源数据协同演 进，带动软硬件一体化解决方案（如开发科技的 AMI 系统）渗透率提升。 先发优势奠定根基，海外影响力显著，海内外持续发力。开发科技自 1998 年率先参与欧洲智能电表研发及部署以来，在欧洲市场树立标杆（2023 年市 占率 12.14%，英国市场唯一自主品牌中企），并深度参与沙特、乌兹别克斯 坦等国家级智慧能源项目；同时向中东、南美 ...

开发科技（920029.BJ） 领先的智能计量终端及智慧能源管理系统解决方案提供商 2025 年 3 月 20 日 公司研究/新股覆盖研究 投资要点： 开发科技是国际领先的智能计量终端及智慧能源管理系统解决方案提供商， 公司主营业务为智能电、水、气表等智能计量终端以及 AMI 系统软件的研 发、生产及销售。公司是全球最早参与智能电表研发及部署的企业之一，累 计向 40 余国出口超 9000 万套智能计量设备。 分析师： 智慧能源体系完善，产品更新换代，共同驱动行业需求。在全球能源结 构向清洁化、智能化加速转型的背景下，智慧能源体系的深化建设与产品技 术标准的升级换代，共同构筑行业增长的核心动能。 一方面，各国"双碳" 政策与新型电力系统建设推动能源管理向数字化纵深发展； 另一方面，技 术标准迭代驱动存量设备进入换装周期。此外，新能源并网、虚拟电厂等场 景的拓展，进一步要求智能计量终端向高精度、高兼容性及多源数据协同演 进，带动软硬件一体化解决方案（如开发科技的 AMI 系统）渗透率提升。 先发优势奠定根基，海外影响力显著，海内外持续发力。开发科技自 1998 年率先参与欧洲智能电表研发及部署以来，在欧洲市场树 ...

Core Insights - The report highlights the significant growth in revenue and net profit for the company, driven by the successful introduction of MEMS accelerometers and an increase in market penetration [9][11] - The non-bank financial sector is benefiting from capital market support, which is enhancing consumer spending and showcasing the advantages of brokerage wealth management [6][7] - The report anticipates continued revenue growth for the company in the coming years, with projected revenues of 5.88 billion, 8.22 billion, and 11.29 billion for 2025-2027, reflecting year-on-year growth rates of 45.5%, 39.7%, and 37.3% respectively [9][11] Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,426.43, down 0.10%, while the Shenzhen Component Index fell by 0.32% [4] - The report notes a significant increase in the sales and management of brokerage funds, with a notable rise in the market share of brokerage firms in various fund categories [7] Company Performance - The company reported a revenue of 4.05 billion, a year-on-year increase of 27.57%, and a net profit of 2.22 billion, up 34.33% [9] - The revenue composition indicates that MEMS gyroscopes and accelerometers are the primary contributors, with respective revenues of 3.51 billion and 278.4 million [9] - The company has increased its R&D investment to 1.09 billion, a 36.52% increase, to enhance product competitiveness and support future growth [9] Industry Commentary - The non-bank financial sector is expected to continue benefiting from policies aimed at boosting consumer spending and enhancing market stability [6][7] - The report emphasizes the importance of long-term capital in the market, particularly for state-owned enterprises, to improve market management and fairness [7] Future Outlook - The company is expected to maintain a strong growth trajectory, with anticipated net profits of 3.11 billion, 4.26 billion, and 5.76 billion for 2025-2027, reflecting growth rates of 40.2%, 36.7%, and 35.3% respectively [9][11] - The report suggests that the introduction of new products and the expansion of production capabilities will further enhance the company's market position and profitability [11][12]

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for future performance [9]. Core Insights - The report highlights that the capital market is boosting consumption, with brokerage firms showcasing advantages in wealth management [6][9]. - The company has demonstrated steady revenue and net profit growth, with a significant increase in the revenue from MEMS accelerometers, driven by successful product launches and market penetration [9]. - The report emphasizes the importance of expanding channels for property income, as outlined in the government's consumption stimulus plan, which aims to enhance market stability and investor confidence [7][9]. Summary by Sections Market Trends - Major domestic indices showed mixed performance, with the Shanghai Composite Index closing at 3,426.43, down 0.10%, while the Shenzhen Component Index closed at 10,979.05, down 0.32% [4]. Company Performance - The company reported a revenue of 405 million yuan for 2024, a year-on-year increase of 27.57%, and a net profit of 222 million yuan, up 34.33% [9]. - The revenue from MEMS accelerometers reached 27.84 million yuan, reflecting a growth of 68.57% year-on-year, contributing significantly to overall sales [9]. Investment Recommendations - The company is projected to achieve revenues of 588 million yuan, 822 million yuan, and 1.129 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 311 million yuan, 426 million yuan, and 576 million yuan [9]. - The report suggests that the company’s focus on R&D and product innovation will enhance its competitive edge and support future growth [9].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company's revenue for 2024 reached 405 million yuan, representing a year-on-year growth of 27.57%, while the net profit attributable to the parent company was 222 million yuan, up 34.33% year-on-year. The growth in revenue and profit is primarily driven by the rapid increase in MEMS accelerometer sales and the expansion of product applications [1][2]. - The company has significantly improved its gross margin and net margin in 2024, with gross margin at 85.03%, an increase of 2.02 percentage points year-on-year, and net margin at 54.93%, up 2.76 percentage points year-on-year. This improvement is attributed to the optimization of product structure following the launch of new MEMS accelerometer products [2][6]. Financial Performance - In 2024, the company achieved a revenue of 405 million yuan, with a year-on-year growth of 27.57%. The net profit attributable to the parent company was 222 million yuan, reflecting a year-on-year increase of 34.33%. The basic earnings per share (EPS) was 0.56 yuan, up 27.27% year-on-year [1][8]. - The revenue composition for 2024 included 351 million yuan from MEMS gyroscopes, 27.84 million yuan from MEMS accelerometers, 21.4 million yuan from inertial measurement units, and 4.23 million yuan from technical services, with respective revenue shares of 86.75%, 6.88%, 5.29%, and 1.05% [1][2]. - The company’s R&D expenses for 2024 were 109 million yuan, a year-on-year increase of 36.52%, indicating a commitment to enhancing product competitiveness [3][6]. Future Projections - The company is expected to achieve revenues of 588 million yuan, 822 million yuan, and 1.129 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45.5%, 39.7%, and 37.3% [6][8]. - The projected net profits for the same years are 311 million yuan, 426 million yuan, and 576 million yuan, with corresponding growth rates of 40.2%, 36.7%, and 35.3% [6][8].