Investment Rating - The report initiates coverage with a "Buy" rating for Amer Sports, highlighting its future growth potential [4]. Core Insights - Amer Sports is positioned as a leading global multi-brand operator in the sports and outdoor sector, with a strong portfolio including brands like Arc'teryx, Salomon, and Wilson. The company has shown significant revenue growth, with a 23% year-on-year increase in 2023, reaching $4.4 billion [2][4]. - The report emphasizes the company's robust channel and product operation capabilities, particularly under the Direct-to-Consumer (DTC) model, which has led to improved profitability and revenue growth [4][23]. - Amer Sports is expected to leverage Anta's distribution advantages to accelerate its penetration into the Chinese market, where outdoor sports apparel is experiencing rapid growth [3][4]. Summary by Sections Company Overview - Amer Sports operates multiple well-known brands across various sports categories, including professional sports, outdoor activities, and ball sports. The company has expanded its brand matrix through acquisitions and is now a leading player in the global market [2][6]. Industry Context - The outdoor sports apparel market in China is growing rapidly, with a CAGR of approximately 20% over the past three years. Amer Sports has been increasing its presence in this market since its acquisition by Anta in 2019, with significant growth in the Greater China region [3][4]. Financial Performance - In 2023, Amer Sports reported revenues of $4.368 billion, a 23.1% increase year-on-year, and an adjusted EBITDA of $611 million, reflecting a 34.8% growth from the previous year. The company has improved its net loss position, narrowing it by 17.6% compared to 2022 [9][10]. - The report forecasts revenue growth for 2024-2026, with expected revenues of $70.9 billion, $79.6 billion, and $88.4 billion, respectively, indicating a positive growth trajectory [4][11]. Growth Drivers - The company is expected to achieve double-digit revenue growth in 2024, driven by strong brand positioning, product innovation, and effective channel strategies. The anticipated earnings per share for 2024 is projected to be between $0.30 and $0.40 [20][21]. - Amer Sports is focusing on enhancing its operational efficiency and profitability through strategic initiatives, including optimizing its debt structure following its IPO [10][11]. Market Positioning - Amer Sports has a diversified product portfolio and a strong brand presence across various regions, with 40% of its revenue coming from the Americas and 33% from Europe, the Middle East, and Africa [2][18]. - The company is committed to innovation and sustainability, continuously investing in research and development to meet evolving consumer demands [15][17].

煤价下行业绩下滑，现金分红比例略超预期 山西焦煤(000983.SZ)/煤炭 证券研究报告/公司点评 2024年4月23日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：10.59元 指标 2022A 2023A 2024E 2025E 2026E 分析师：杜冲 营业收入（百万元） 65,183 55,523 54,426 56,751 58,605 增长率yoy% 44% -15% -2% 4% 3% 执业证书编号：S0740522040001 净利润（百万元） 10,722 6,771 6,875 7,457 7,898 电话： 增长率yoy% 157% -37% 2% 8% 6% 每股收益（元） 1.89 1.19 1.21 1.31 1.39 Email：duchong@zts.com.cn 每股现金流量 2.98 2.41 1.98 1.05 3.83 联系人：鲁昊 净资产收益率 25% 14% 13% 13% 13% 电话： P/E 5.6 8.9 8.7 8.1 7.6 P/B 1.8 1.6 1 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [11][24]. Core Views - The company has shown stable revenue growth and improved profitability, with a strong start in Q1 2024 [14][24]. - The recovery in industry demand is expected to drive growth across the company's two core businesses and two extended industries [15]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 2.789 billion yuan, a year-on-year decrease of 1.64%, while net profit reached 126 million yuan, an increase of 20.75% [3][4]. - For Q1 2024, the company reported revenue of 625 million yuan, a year-on-year increase of 3.64%, and net profit of 34 million yuan, a significant increase of 88.70% [3][4]. Growth Potential - The company is focusing on high-end product development, particularly in the textile carding equipment sector, which has shown promising growth due to industry upgrades [5]. - The stainless steel decorative panel business, which accounted for 70.03% of total revenue in 2023, is expected to benefit from the "dual carbon" policy and the new round of "old-for-new" policies in the home appliance sector [5]. Profitability - The company's gross margin and net margin improved in 2023, reaching 15.44% and 4.50%, respectively, with further increases in Q1 2024 to 18.09% and 5.52% [4][5]. - The focus on high-end clients and product structure optimization has contributed to the sustained improvement in profitability [4]. Cash Flow - The company has maintained positive net cash flow from operating activities since 2018, with 2023 showing a net cash flow of 242 million yuan, exceeding profit levels [4]. Market Outlook - The textile industry is expected to experience accelerated transformation, benefiting the company as it is the only listed firm in the textile carding equipment sector in China [5]. - The company is also making strides in the special steel wire and equipment manufacturing sectors, with advancements in technology and product offerings [5][6].

新澳股份（603889）/轻纺 证券研究报告/公司点评 2024 年 4 月 23 日 请务必阅读正文之后的重要声明部分 公司点评 - 2 - 请务必阅读正文之后的重要声明部分 | --- | --- | --- | |---------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | ...

[Table_Title] 评级：买入（维持） 市场价格：9.25 元 [Table_Profit] 基本状况 总股本(百万股) 1,268 流通股本(百万股) 1,044 市价(元) 9.25 市值(百万元) 11,725 流通市值(百万元) 9,654 研究助理：杨雷 Q1 业绩超预期，需求复苏降本增效 ◼ 公告摘要：公司发布 2024 年一季报，报告期实现营收 23.18 亿元，同比增长 16. 2%，归母净利润 1.76 亿元，同比增长 82.29%，扣非后归母净利润 1.69 亿元， 同比增长 85.48%。 公司点评 来源：wind，中泰证券研究所 | --- | --- | --- | |----------|-------|--------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | 增持 | 预期未来 6~12 个月内相对同期基准指数涨幅在 5%~15% 之间 | | 股票评级 | 持有 | 预期未来 6~ ...

精测电子：景气低迷业绩承压，量测+先进封装打开高增双赛道 精测电子(300567.SZ)/电子 证券研究报告/公司点评 2024年4月23日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：56.79元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,731 2,429 2,900 3,750 4,690 分析师：王芳 增长率yoy% 13% -11% 19.4% 29.3% 25.1% 执业证书编号：S0740521120002 净利润（百万元） 272 150 300 360 460 Email：wangfang02@zts.com.cn 增长率yoy% 41% -45% 100.1% 19.9% 27.7% 每股收益（元） 0.98 0.54 1.08 1.29 1.65 分析师：杨旭 每股现金流量 -0.03 -0.11 3.47 -0.67 -0.20 执业证书编号：S0740521120001 净资产收益率 8% 4% 7% 8% 9% Email：yan ...

Investment Rating - The report assigns a "Buy" rating to the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [6]. Core Insights - The company has demonstrated stable revenue growth, with innovative business segments achieving rapid expansion, particularly in cloud security and data security [2][3]. - The company's net profit for 2023 is projected to be 7.41 billion yuan, reflecting an 18.37% year-on-year increase, while the net profit margin is expected to remain strong [2]. - The report highlights the company's focus on ESG (Environmental, Social, and Governance) factors in its sustainable development strategy, indicating a commitment to responsible business practices [2]. Financial Summary - Revenue for 2023 is estimated at 45.07 billion yuan, with a year-on-year growth rate of 1.58% [2]. - The projected net profit for 2024 is 9.29 billion yuan, with a growth rate of 25% [2]. - Earnings per share (EPS) is expected to increase from 0.78 yuan in 2023 to 0.97 yuan in 2024 [2]. - The company's return on equity (ROE) is projected to improve from 6.2% in 2023 to 7.3% in 2024 [4]. Business Development - The company has successfully integrated its operations with China Mobile, enhancing collaborative effects and expanding its customer base [2]. - New business segments, including cloud security, have contributed significantly to revenue, with cloud security revenue accounting for 34.50% of total income [2]. - The report notes a significant improvement in operational efficiency and cost management, with a reduction in total expenses compared to the previous year [2]. Market Position - The company maintains a leading position in profitability within the industry, with a gross margin projected at 57.8% for 2023 [4]. - The report anticipates continued growth in the company's market share, driven by innovative product offerings and strategic partnerships [2].

还原减值 Q4盈利超预期，车端&电驱执行器业务持续推进 拓普集团（601689.SH）/汽车 证券研究报告/公司点评 2024年4月23日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） 公司盈利预测及[Ta估bl值e_ Finance] 市场价格：54.26元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 15,993 19,701 28,111 35,114 42,269 分析师：何俊艺 增长率yoy% 40% 23% 43% 25% 20% 执业证书编号：S0740523020004 净利润（百万元） 1,700 2,151 2,973 3,894 4,756 分析师：毛䶮玄 增长率yoy% 67% 26% 38% 31% 22% 每股收益（元） 1.54 1.95 2.70 3.53 4.32 执业证书编号：S0740523020003 每股现金流量 2.07 3.05 3.71 4.47 5.03 分析师：刘欣畅 净资产收益率 16% 19% 18% 19% 19% 执业证书编号：S0740522120003 P/E 35.2 ...

合同资产 0 0 0 0 研发费用 74 103 134 163 来源：wind，中泰证券研究所 ◼ 2023 年全年营收利润高速增长，期间费用控制得当。2023 年全年实现营业收入 1 8.27 亿元，同比+59.11%。其中，新能源铁芯收入 8.01 亿元，同比+92.74%，主 要受益于联电产能爬坡+金康（供赛力斯）、弗迪动力（供比亚迪）等客户的开拓。 EGR 业务收入 5.62 亿元，同比+97.33%，主要受益于乘用车混动渗透率提升，公 司下游客户比亚迪、吉利、奇瑞等均为混动领先企业，贡献增量。利润端来看，2 023 年公司毛利率为 17.79%，同比-1.13pct。其中，新能源铁芯毛利率 12.01% （同比-3.50pct），主要系公司铁芯产线仍在爬坡期，产能利用率较低所致、EGR 毛利率 23.86%（同比-0.41pct）。费用端来看，2023 年销售费用率 1.04%（同比0.10pct）、管理费用率 3.51%（-0.80pct）、研发费用率 4.06%（-0.46pct）、财务费 用率 1.19%（同比-0.64%），期间费用控制得当。 会计年度 2023 2024E 2025E 2 ...

【中泰研究丨晨会聚焦】固收肖雨：城投非股权资产整合，影响几何？ 执业证书编号：S0740517030004 电话： 今日重点>> 晨报内容回顾： 今日重点 - 2 - 请务必阅读正文之后的重要声明部分 中泰证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会许可的证券投资咨 询业务资格。 。本公司不会因接收人收到本报告而视其为客户。 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力 求独立、客观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性 和完整性，且本报告中的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。 本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修 改。本报告所载的资料、工具、意见、信息及推测只提供给客户作参考之用，不构成任何投资、法 律、会计或税务的最终操作建议，本公司不就报告中的内容对最终操作建议做出任何担保。本报告 中所指的投资及服务可能不适合个别客户，不构成客户私人咨询建议。 市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致 ...