Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [25]. Core Views - The company reported a revenue of 6.267 billion yuan in 2024, a decrease of 1.75% year-on-year, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year [4][6]. - The company is facing intense market competition, with a decline in demand due to weakened real estate and infrastructure investments, leading to a challenging operating environment [5][6]. - The company is actively pursuing international expansion, with overseas revenue reaching 358 million yuan, a growth of 26.65% year-on-year, indicating a positive trend in its international strategy [5][6]. Financial Performance Summary - Revenue and Profit Forecast: - 2023A: Revenue of 6.378 billion yuan, net profit of 1.432 billion yuan - 2024A: Revenue of 6.267 billion yuan, net profit of 953 million yuan - 2025E: Revenue of 6.583 billion yuan, net profit of 1.025 billion yuan - 2026E: Revenue of 6.929 billion yuan, net profit of 1.105 billion yuan - 2027E: Revenue of 7.311 billion yuan, net profit of 1.220 billion yuan [3][6]. - Profitability Metrics: - Gross margin for 2024 is reported at 41.72%, a decrease of 2.59 percentage points year-on-year [5][6]. - The company aims for a revenue target of 6.580 billion yuan in 2025, representing a 5% increase year-on-year [5][6]. Market Position and Strategy - The company is expanding its product categories and enhancing its marketing strategies to adapt to market changes and competition [5][6]. - The company has implemented significant cash dividends, distributing 1.00 yuan per share in the first half of 2024 and planning to distribute 5.00 yuan per share for the full year, totaling 943 million yuan, which reflects its strong cash flow and low debt ratio [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [15]. Core Views - The company is positioned to benefit significantly from the cyclical upturn in the sewing industry, with a projected revenue growth of 15% in 2024 and a substantial increase in net profit by 51% [4][9]. - The company has successfully implemented a "focus on explosive products" strategy, enhancing its market share and brand competitiveness through technological advancements and strategic partnerships [6][10]. - The global sewing equipment market is experiencing a recovery, with notable growth in both domestic and international demand, particularly in emerging markets [8][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 60.94 billion yuan, a year-on-year increase of 15.11%, and a net profit of 8.12 billion yuan, up 50.86% [4]. - The fourth quarter of 2024 saw a revenue of 13.87 billion yuan, reflecting a 16.21% year-on-year growth, with net profit reaching 1.93 billion yuan, a 53.03% increase [4]. Growth Drivers - The company’s industrial sewing machine sales reached 2.1211 million units in 2024, marking an 8.10% increase, with revenue from this segment at 5.264 billion yuan, up 14.69% [10]. - The company has signed contracts with 10 world-class benchmark clients, further promoting its high-end market expansion [6]. Profitability Metrics - The gross margin for 2024 was 32.76%, an increase of 4.34 percentage points year-on-year, while the net margin improved to 13.57%, up 3.37 percentage points [6]. - The company’s R&D expenses were 488 million yuan in 2024, a 23.67% increase, reflecting its commitment to innovation and product development [7]. Market Outlook - The global sewing machinery export value reached 3.424 billion USD in 2024, a year-on-year increase of 18.39%, indicating a recovery to near 2022 levels [8]. - The domestic market for industrial sewing equipment is estimated to have grown by 27% in 2024, with a total sales volume of approximately 2.35 million units [8].

汽车零部件 Email：maoyx@zts.com.cn 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 | 总股本(百万股) | 183.01 | | --- | --- | | 流通股本(百万股) | 59.47 | | 市价(元) | 27.72 | | 市值(百万元) | 5,073.03 | | 流通市值(百万元) | 1,648.40 | 1、《业绩创单季新高，增长潜力持 续释放》2024-10-28 2、《悬架弹簧业务增长亮眼，产能 释放下业绩持续兑现》2024-08-19 3、《弹簧稳健增长叠加稳定杆上量， 产 能 扩 张 下 业 绩 持 续 释 放 》 2024-05-04 华纬科技（001380.SZ） 证券研究报告/公司点评报告 2025 年 04 月 15 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | ...

油电转型低点已过，看好出口增量及新能源扭亏贡献利润弹性 乘用车 长安汽车（000625.SZ） 证券研究报告/公司点评报告 2025 年 04 月 15 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | 151,298 | 159,733 | 191,680 | 243,705 | 292,446 | | | | 增长率 yoy% | 25% | 6% | 20% | 27% | 20% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | 11,327 | 7,321 | 9,135 | 10,684 | 12,875 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | 45% | -35% | 25% | 17% | 21% | | | | 每股收益（元） | ...

华泰苏州恒泰租赁住房 REIT 启动询价 评级：无评级 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 64 | | 行业总市值(亿元) | 1871.44 | | 行业流通市值(亿元) | 858.19 | 相关报告 房地产 证券研究报告/行业定期报告 2025 年 04 月 14 日 报告摘要 本周行情回顾： 本周 REITs 指数下跌 1.18%，沪深 300 累计下跌 2.87%，中证 500 指数下跌 4.52%， 中证全债指数上涨 0.33%，中债 1 年期国债指数上涨 0.06%，中债 10 年期国债指数 上涨 0.45%，中证转债指数下跌 1.70%。上市以来 REITs 与十年期国债、一年期国债、 中证转债相关性分别为-0.08、-0.21、0.63，与沪深 300、中证 500 相关性分别为 0.27、 0.33。 行业基本情况： 行业-市场走势对比 重点事件：1）富国首创水务 REIT 等 5 只 REITs 发布分红公告。2）华夏特变电工新能 源 REIT ...

证券研究报告 信用业务周报 美关税政策对全球资产有何影响？ 2025年4月14日 中泰证券研究所 分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 • 一、如何看待美关税政策对全球资产影响？ 3 • 4月2日美国总统特朗普提出"对等关税"政策，并表态将大幅提升对华商品征税水平。本轮事件对于全 球金融市场影响较大，上周美债、黄金等资产也遭受了一定程度的短期大幅抛售。 • 周初黄金下跌或与流动性造成的抛压相关。上周五美股跌幅较大，部分机构可能被要求补足保证金而 抛售黄金用于补足流动性。但是，特朗普政策冲击下，宏观因素支持黄金上涨：第一，强关税带来的 强衰退预期使得实际利率下行，黄金保值需求上升。第二，宏观不确定性上升，支持黄金避险属性。 第三，"美国优先"主义或使得美元信用下滑，而黄金作为超越主权的全球资产，将受益于美元信用收 缩。故流动性危机告一段落后，金价持续补涨并刷新新高。美债方面，近期经济数据公布，且伴随特 朗普政策持续发酵，美债收益率上行。一方面，强关税预期带动美国通胀预期上行，驱动 ...

| 预计关税影响有限，期待阿迪放量 | | --- | ——华利集团 24 快报点评 纺织制造 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 基本状况 | 总股本(百万股) | 1,167.00 | | --- | --- | | 流通股本(百万股) | 1,166.99 | | 市价(元) | 56.14 | | 市值(百万元) | 65,515.38 | | 流通市值(百万元) | 65,514.95 | 1、《收入符合预期，阿迪放量可期》 2025-03-14 放量》2024-10-30 2024-08-23 华利集团（300979.SZ） 证券研究报告/公司点评报告 2025 年 04 月 14 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E ...

华泰苏州恒泰租赁住房 REIT 启动询价 评级：无评级 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 64 | | 行业总市值(亿元) | 1871.44 | | 行业流通市值(亿元) | 858.19 | 请务必阅读正文之后的重要声明部分 相关报告 房地产 证券研究报告/行业定期报告 2025 年 04 月 14 日 报告摘要 本周行情回顾： 本周 REITs 指数下跌 1.18%，沪深 300 累计下跌 2.87%，中证 500 指数下跌 4.52%， 中证全债指数上涨 0.33%，中债 1 年期国债指数上涨 0.06%，中债 10 年期国债指数 上涨 0.45%，中证转债指数下跌 1.70%。上市以来 REITs 与十年期国债、一年期国债、 中证转债相关性分别为-0.08、-0.21、0.63，与沪深 300、中证 500 相关性分别为 0.27、 0.33。 行业基本情况： 行业-市场走势对比 重点事件：1）富国首创水务 REIT 等 5 只 REITs 发布分红公告。2 ...

银行角度看 3 月社融：政府债维持高增，低基数下信贷增长有所恢复 | 上市公司数 | 42 | | --- | --- | | 行业总市值(亿元) | 133,861.24 | | 行业流通市值(亿元) | 132,776.39 | 1、《深度丨"对等关税"对我国银行 健，投资价值凸显》2025-04-06 方案落地》2025-03-31 银行 证券研究报告/行业点评报告 2025 年 04 月 14 日 | 执业证书编号：S0740517030004 | | --- | | Email：daizf@zts.com.cn | | 分析师：邓美君 | | 执业证书编号：S0740519050002 | | Email：dengmj@zts.com.cn | | 分析师：马志豪 | 执业证书编号：S0740523110002 Email：mazh@zts.com.cn 期》2025-03-31 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

盈利改善在途，林浆纸一体化优势日益显著 ——太阳纸业 24 年报点评 造纸 太阳纸业（002078.SZ） 证券研究报告/公司点评报告 2025 年 04 月 14 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：张潇 | | 营业收入（百万元） | | 39,544 | 40,727 | 43,292 | 46,756 | 50,029 | | | | 增长率 yoy% | | -1% | 3% | 6% | 8% | 7% | | 执业证书编号：S0740523030001 | | 归母净利润（百万元） | | 3,086 | 3,101 | 3,426 | 3,921 | 4,326 | | Email：zhangxiao06@zts.com.cn | | 增长率 yoy% | | 10% | 1% | 10% | 14% | 10% | ...