国际化战略："两进两出"走国际化道路，同时夯实国内竞争力 "两进两出"，两个引进来，一个是引进国外的管理和技术；另一方面是从原材料 角度，不同国家、不同地域的资源禀赋不一样，引进优质的原材料对食品企业来说 很重要。两个走出去，一个是把本土生产的东西卖到海外；另一个是资本输出，在 当地建立供应链、企业、渠道，把品牌影响扩大。 产品端：丸子/小龙虾已具备明显优势；预制菜增速稳定，竞争实力有望提升 渠道端：大 B 渠道表现出了较为显著的抗风险能力。公司紧跟渠道发展趋势，主 动积极地向大 B 渠道靠拢。目前，大 B 渠道已取得明显进展，产品已在部分区域 开展试销工作。 并购方向：收并购是必然的，出海首选东南亚市场。具体来看：1）出海首选东南 亚市场，综合考虑了人口、市场、饮食习惯、消费意愿等因素；2）欧美市场对火 锅有喜爱，希望在满足准入前提下将火锅食材推广至欧美；3）雀巢多品牌是通过 在消费市场所在地并购形成，地方品牌/食品企业更懂当地消费习惯和口味，所以 当地主流产品、主流品牌是并购考虑方向。 公司报告 | 公司点评 安井食品（603345） 证券研究报告 目光放眼国际，加强 B 端布局 事件：2024 年 12 ...

公司报告 | 首次覆盖报告 粤高速 A（000429） 证券研究报告 | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,168.63 | 4,879.07 | 4,723.11 | 4,875.30 | 5,004.51 | | 增长率(%) | (21.17) | 17.04 | (3.20) | 3.22 | 2.65 | | EBITDA(百万元) | 3,676.18 | 4,399.40 | 4,107.84 | 4,258.27 | 4,371.04 | | 归属母公司净利润(百万元) | 1,277.07 | 1,633.81 | 1,572.86 | 1,625.80 | 1,666.82 | | 增长率(%) | (24.90) | 27.93 | (3.73) | 3.37 | 2.52 | | EPS(元/股) | 0.61 | 0.78 | 0.75 | 0.78 | 0.80 | | 市盈率(P/E) | 22.02 | 17. ...

公司报告 | 公司点评 锦泓集团（603518） 证券研究报告 公司发布 2024 年度业绩快报 预计公司 24Q4 单季度实现营收 14.72 亿元，同比+1.59%，归母净利润 1.45 亿元，同比+35.51%，扣非归母净利润 1.39 亿元，同比+32.38%。 公司预计 24 年度实现营收 43.95 亿元，同比-3.30%，归母净利润 3.07 亿元， 同比+3.02%，扣非归母净利润 2.81 亿元，同比+4.07%。 24 年营收同比下滑主要受外部消费环境变化等相关因素的影响，公司线上 业务稳中有增，线下业务略有下滑；利润同比增加主要原因是公司运营质 量和运营效率持续提升，销售费率得到有效控制，财务费用同比大幅减少。 此前，公司发布限制性股票激励计划，设定 2024 年解除限售（100%）条 件为净利润值不低于 3.06 亿元，根据业绩快报，公司 24 年度预计稳定达 成激励目标。 IP 资产价值及影响力不断提升 Teenie Weenie 品牌拥有极其丰富的 IP 资产"矿山"，公司对这些卡通形象、 家族故事、品牌故事、品牌 LOGO 及商标使用权等 IP 资产进行深度挖掘与 加工，与头部供 ...

公司报告 | 公司点评 作者 孙谦 分析师 SAC 执业证书编号：S1110521050004 sunqiana@tfzq.com 飞科电器（603868） 证券研究报告 双品牌战略调整，公司业绩显著承压 事件：公司 2024 年预计实现归母净利润 4.6 亿元，同比-54.45%；预计实 现扣非归母净利润 3.6 亿元，同比-58.81%。其中 24Q4 预计实现归母净利 润-19.4 万元，23Q4 实现 1.9 亿元；预计 24Q4 实现扣非归母净利润-1183.4 万元，23Q4 实现 1.7 亿元。 行业增速表现较弱，公司业绩显著承压。行业层面，公司核心主营剃须刀 的行业销额增速下滑。根据奥维数据显示，24 年剃须刀行业销额同比-10.5% （其中 24Q1-3 销额同比-15.3%）。公司收入占比较高的电吹风销额增速表 现好于剃须刀，但在 24Q4 销额增速同比放缓。根据奥维数据显示，24 年 电吹风行业销额增速+10.2%（其中 24Q1-3 销额同比+18.1%）。公司层面， 24 年由于公司处于飞科和博锐双品牌结构战略调整的市场衔接过渡期以 及消费环境变化的双重影响，导致公司经营情况承压较大 ...

Investment Rating - Maintains a "Buy" rating with a 6-month outlook [5] Core Views - The company is in a critical year of its fifth five-year plan (2022-2027), with a strong track record of exceeding performance targets annually [1] - The company operates 40 self-owned schools with a capacity for 180,000 students, currently serving 90,000, indicating significant growth potential [1] - The managed school business is expanding, with over 100 school segments in the pipeline and an additional 30 segments expected by September [1] - The company's diversified business segments, including study tours and educational technology, are thriving, with strong market positioning and potential for external expansion [2] - The company's competition training system has produced over 60 provincial-level award winners and multiple national team members, with successful external commercialization of its competition courses [3] - The company's AI-driven educational products have demonstrated significant effectiveness, with a 36-point average score improvement and an 86% improvement rate among students in a pilot program [2] Financial Projections - Expected revenues for FY25-27 are RMB 4.6 billion, RMB 6.4 billion, and RMB 8.8 billion, respectively [5] - Adjusted net profits for FY25-27 are projected to be RMB 800 million, RMB 1.1 billion, and RMB 1.4 billion, respectively [5] - EPS for FY25-27 is forecasted to be RMB 0.38, RMB 0.51, and RMB 0.67, respectively [5] Business Segments - The company's study tour business integrates knowledge learning with practical experiences, covering various fields such as history, natural sciences, technology, and arts, attracting top private schools for collaboration [2] - The educational technology platform, "Cloud Platform," has successfully implemented AI in classrooms and study rooms, with a notable pilot program showing a 97% university admission rate among participants [2] - The competition training system has been standardized and successfully exported, with a recent contract signed with a school in Fujian for competition course services [3] Market Performance - The company's stock price has shown significant growth, with a 34% increase over the past year, outperforming the Hang Seng Index [7]

Macroeconomic and Market Strategy - The performance of the equity market is closely tied to the inflection point of corporate earnings, with the market bottom typically leading the earnings inflection by 1-2 quarters. Stocks tend to perform well during Pringle stages 2-4 [2] - The key to breaking out of the bottoming phase lies in the sustainability of M1 recovery, with medium and long-term loans to households being a more critical indicator than those to enterprises. Both indicators tend to rise during the equity market's bottoming phase [2] - Higher-frequency leading indicators focus on funding costs, with interest rate declines stabilizing during Pringle stages 1 and 2, often coinciding with or preceding economic recovery [2] - The Pringle cycle's leading, coincident, and lagging indicators all showed improvement in December, with a rebound in social financing pulse, narrowing M1 year-on-year decline, M2 recovery, and continued growth in medium and long-term household loans [2] Fixed Income and Monetary Policy - Short-term exchange rate uncertainty has increased, with potential for stepwise depreciation in the medium term. The central bank maintains confidence in stabilizing the exchange rate [4] - The central bank has paused treasury purchases to reduce interest rate market volatility but will use other tools to maintain liquidity equilibrium, with seasonal easing expected around the Spring Festival [4] - The central bank emphasizes maintaining a stable liquidity environment to guard against external shocks and stabilize expectations, while continuing to support capital market development [4] Export and Trade Outlook - China's exports grew by 5.9% in 2024 (USD terms), with a record trade surplus of $992.2 billion. The export sector has become more adept at handling trade frictions through strategies like overseas expansion and cost transfer [4] - Despite potential tariff increases, China's export sector is expected to remain resilient in 2025, with PPI deflation narrowing from -2.2% in 2024 to -1.4%, reducing the drag on export growth from price factors [4] Transportation and Infrastructure - Yuexiu Transport has maintained a high ROE of around 15% and a dividend payout ratio of 70% from 2016-2023, with toll revenue growing significantly due to increasing traffic volume [7] - The company's "participation → increase → control" model is expected to continue, with potential for further acquisitions and increased profitability. Forecasted net profits for 2024-2026 are 1.57, 1.63, and 1.67 billion yuan respectively [7] Medical Devices and Healthcare - Sanyou Medical plans to acquire the remaining 48.1846% stake in ShuiMu TianPeng for 415.6757 million yuan, expanding its product line from orthopedic implants to active surgical medical devices [9] - The acquisition is expected to create synergies in product offerings and customer channels, with projected revenues of 462, 695, and 904 million yuan for 2024-2026 [9] Consumer and Tourism Sector - The cultural tourism consumption policy aims to make the tourism industry a pillar industry, with expectations of continued resilience in 2025 following the "weakened cycle, strong resilience" pattern of 2023 and 2024 [10] - The policy focuses on enriching consumption benefits, meeting diverse age group needs, expanding quality product supply, and cultivating new consumption scenarios [10] Food and Beverage Industry - LiGao Foods expects stable revenue growth in 2025 through traditional supermarket channel optimization and new channel expansion, with projected revenues of 4.08, 4.66, and 5.41 billion yuan for 2024-2026 [17] - The company's UHT production line is operating at full capacity, with potential for further capacity release, while new production lines in Foshan are ramping up [17] Technology and Manufacturing - Anjoy Food Group is pursuing an internationalization strategy through "two imports and two exports" - importing management and technology while exporting products and capital, with a focus on Southeast Asia [28] - The company has made significant progress in large B-end channels and plans to continue product upgrades and new product development, particularly in frozen prepared dishes [28]

Investment Rating - The report initiates coverage on Tianneng Power (00819) with a "Buy" rating and a target price of HKD 10.02, based on a 2025 PE of 6x [5][68] Core Views - Tianneng Power is a leading player in the lead-acid battery market for electric two-wheelers, with a market share exceeding 40% in China [3][12] - The lead-acid battery market is expected to benefit from the recovery of the electric two-wheeler industry, driven by policies such as the new national standard and trade-in programs [1][12] - The report forecasts that the lead-acid battery market for two- and three-wheelers in China will reach 323GWh by 2030, with a market size of RMB 113.1 billion [2][34] - Tianneng Power's lead-acid battery business has a high ROE, and the company is refocusing on this segment after reducing capital expenditure in the lithium battery business [4][56] Industry Analysis - Lead-acid batteries remain the dominant choice for electric two-wheelers due to their safety, economic value, and mature after-sales service network [2][30] - The penetration rate of lithium batteries in new electric two-wheelers is less than 10%, and lead-acid batteries are expected to maintain their leading position [2][29] - The new national standard for electric bicycles may relax weight limits, potentially increasing the battery capacity of lead-acid batteries [26][34] - Trade-in policies encourage the replacement of lithium batteries with lead-acid batteries, with additional subsidies of RMB 100 for such replacements [27][29] Company Strengths - Tianneng Power has a strong distribution network with over 400,000 terminal stores and partnerships with more than 3,000 distributors [4][51] - The company's lead-acid battery business has a high ROE, with historical ROE levels of 25% and 28% in 2019 and 2020, respectively [4][56] - Tianneng Power's lead-acid battery business has a consumer goods attribute, with 75% of its products sold directly to end consumers [4][51] - The company has a significant cost advantage in lead-acid batteries due to economies of scale and efficient production capabilities [49][54] Financial Projections - Revenue for 2024-2026 is projected to be RMB 88.63 billion, RMB 94.45 billion, and RMB 101.16 billion, with year-on-year growth rates of -12%, 14%, and 12%, respectively [5][64] - Net profit for 2024-2026 is expected to be RMB 1.39 billion, RMB 2 billion, and RMB 2.38 billion, with year-on-year growth rates of -24%, 44%, and 19%, respectively [5][64] - The lead-acid battery business is expected to generate revenue of RMB 37.33 billion, RMB 42.93 billion, and RMB 48.08 billion in 2024-2026, with growth rates of -12%, 15%, and 12%, respectively [66][67] Market Position and Competition - Tianneng Power holds a leading position in the lead-acid battery market for electric two-wheelers, with a market share of over 40% [3][12] - The company's main competitors include Chaowei Power, which has a lower gross margin but higher net margin compared to Tianneng Power [45][46] - Tianneng Power's lead-acid battery business has a higher net margin than Chaowei Power, attributed to better cost control and economies of scale [45][46]

公司报告 | 公司点评 匠心家居（301061） 证券研究报告 本土化及产品创新优势凸显 产品创新是公司较为核心竞争力 美国智能家具行业竞争虽然比较充分，但始终讲究规则，公司创新和知识 产权成果可以得到比较好的保护。公司核心竞争力在于对创新有着坚定的 信念、追求和始终如一的贯彻执行，不怕困难，不追求"弯道超车"。 公司创新不是简单的行业内的改变和升级，公司始终追求原创设计，敢于 并善于进行不同行业的科技与技术整合。在公司国际团队和内部垂直整合 能力的加持下，创新的速度和效率相对较高。 积极参与和客户有关的各种慈善、社区活动，助力本土化 随着客户数量的增加、与客户之间互动的不断增多，公司开始积极参与和 客户有关的各种慈善捐赠及社区活动，包括但不限于： City of Hope（希望之城）；ADL（Anti-Defamation League，反诽谤联盟）； AHA（American Heart Association，美国心脏学会）；American Homing Furnishings Hall of Fame（美国家居业名人堂基金会）；Habitat for Humanity （国际仁人家园）。 公司高层会 ...

Investment Rating - The report maintains a "Buy" rating for 361 Degrees (01361) [6][7] Core Views - The company is expected to perform well in 2025, with optimistic projections for its future performance [1] - 361 Degrees has shown strong growth in its main brand and children's wear segment, with offline retail sales increasing by approximately 10% and 10%-15% respectively in Q4 2024 [1] - The e-commerce platform recorded a significant year-on-year growth of 30%-35% in overall turnover during Q4 2024 [1] Product Innovation - The company has focused on technology-driven product innovation, launching several new products in Q4 2024, including the "ULTRA Series Extreme Down," "Winter Dry Down Technology Down Jacket," and the "JOKER1" signature shoe for Nikola Jokic [2] - Other notable products include the "361° Yupeng Windbreaker," the "Speed FLOAT2" running shoe with top-tier cushioning, and the "361° x Oee" New Year collaboration series [2] Brand Influence and Professional Positioning - 361 Degrees has expanded its brand influence through strategic partnerships with marathons in cities like Fuzhou, Beijing, and Nanjing, and by hosting the 10KM Speed Series in Nanjing and Xi'an [3] - The company successfully held brand day events, launched new products, and organized the Women's Fitness City Pop-up events in cities such as Suzhou, Shenzhen, Hangzhou, and Chengdu [3] - The brand has also strengthened its professional positioning by becoming the official sportswear provider for the 2025 Asian Winter Games in Harbin and establishing a strategic partnership with Zhengzhou No. 9 High School in football [3] E-commerce Channel Development - The company has deepened its e-commerce channel construction, leveraging the National Day and "Double 11" shopping festivals to enhance brand exposure and product recognition [4] - Key products such as the "Feiran 3.5" and "Feiran 3" running shoes, the "Rain Screen 8th Generation" with FLYTEX waterproof membrane, and the "361° Studio" co-creation series performed exceptionally well during the "Double 11" period [4] Professionalism and Global Strategy - 361 Degrees has emphasized technology as the driving force for its growth, adopting a "technology-first, brand-first" development strategy [5] - The company is increasing its investment in professional sports, aiming to build a resource matrix that includes major sports events, professional teams, elite athletes, and endorsements [5] - With a global strategic vision, the company is working to establish emotional connections with a broader user base [5] Financial Projections - The report forecasts revenues of 10.09 billion RMB, 11.69 billion RMB, and 13.45 billion RMB for 2024, 2025, and 2026 respectively [6] - Net profits attributable to the parent company are projected to be 1.11 billion RMB, 1.29 billion RMB, and 1.53 billion RMB for the same periods [6] - The corresponding EPS is expected to be 0.54 RMB, 0.62 RMB, and 0.74 RMB per share, with P/E ratios of 7X, 6X, and 5X respectively [6] Industry and Market Data - The company operates in the non-essential consumer goods sector, specifically in textiles and apparel [7] - As of the report date, the company's total market capitalization on the Hong Kong stock exchange is 8.33 billion HKD, with a total share capital of 2.07 billion shares [7] - The company's net asset value per share is 4.94 HKD, with a debt-to-asset ratio of 27.10% [7]

Industry and Market Trends - The market has narrowed down the main themes for 2025 to three scenarios: undervalued dividend stocks, tech driven by ByteDance's AI, and the recovery of consumer stocks with valuation repair and consumption stratification [3] - The performance of undervalued dividend stocks depends on the progress of AI industry trends, particularly breakthroughs in AI applications and consumer-facing technologies [3] - Consumer stocks are expected to recover due to low valuations, declining interest rates, and policy-driven recovery cycles, making them a potential investment theme for 2025 [3] - The AI industry trend's performance in 2025 will depend on the progress of AI applications, with consumer-facing companies likely to benefit more than hardware-focused manufacturers [26] Company Analysis Tianneng Power (00819) - Tianneng Power is a leading lead-acid battery manufacturer for two-wheeled vehicles, benefiting from the recovery of the electric two-wheeler market [4] - The company has a strong distribution network with over 40,000 retail outlets and maintains a high ROE in its lead-acid battery business [4] - Revenue is expected to grow from 886.3 billion yuan in 2024 to 1,011.6 billion yuan in 2026, with net profit increasing from 1.39 billion yuan to 2.38 billion yuan [5] - The company's lead-acid battery business has a consumer-facing attribute, with 75% of its products sold directly to end consumers [49] Ruihong Mould (002997) - Ruihong Mould has established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co Ltd, to enter the robotics industry [44] - The company is strategically positioned in Anhui, a region actively developing robotics, with plans to build a significant robotics ecosystem by 2027 [44] - Net profit is forecasted to grow from 349 million yuan in 2024 to 568 million yuan in 2026, with a PE ratio of 23x, 18x, and 14x respectively [45] Excellence New Energy (688196) - Excellence New Energy's 2024 net profit is expected to increase by 90.81% year-on-year, driven by successful overseas channel expansion and cost control measures [33] - The company is constructing a 100,000-ton HVO/SAF production line, with an additional 50,000-ton natural fatty alcohol production line set to begin operations in 2025 [35] - Revenue is projected to grow from 3.503 billion yuan in 2024 to 6.525 billion yuan in 2026, with net profit increasing from 150 million yuan to 677 million yuan [36] Aikede (600933) - Aikede is acquiring a 71% stake in Zhuobo, a company specializing in micro-motor precision components, to expand its product portfolio in the automotive sector [37] - The acquisition will enhance Aikede's capabilities in robotics development, leveraging Zhuobo's expertise in micro-motor technology [38] - Net profit is expected to grow from 1.02 billion yuan in 2024 to 1.4 billion yuan in 2026, with a PE ratio of 16x, 13x, and 12x respectively [39] 361 Degrees (01361) - 361 Degrees reported a 10% year-on-year increase in offline retail sales for its main brand in Q4 2024, with e-commerce platform sales growing by 30%-35% [40] - The company has launched several new products, including the "ULTRA Series" down jackets and the "JOKER1" signature shoe, to strengthen its brand influence [41] - Revenue is forecasted to grow from 10.09 billion yuan in 2024 to 13.45 billion yuan in 2026, with net profit increasing from 1.11 billion yuan to 1.53 billion yuan [42] Zhongwang Textile (605003) - Zhongwang Textile's 2024 net profit is expected to decline by 71.97%-75.15% year-on-year, primarily due to the absence of one-time income from a property demolition compensation in 2023 [50] - The company is accelerating its overseas capacity deployment, with new orders coming from markets in Australia, the Middle East, and South Africa [51] - EPS is projected to be 0.8 yuan, 1 yuan, and 1.2 yuan for 2024, 2025, and 2026 respectively, with PE ratios of 23x, 18x, and 15x [52]