2025 年 04 月 14 日 行业研究 评级：推荐(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 S0350523120001 | | | | qinyf@ghzq.com.cn | | 联系人 | ： | 黄诗汶 S0350124040004 | | | | huangsw01@ghzq.com.cn | | 联系人 | ： | 郝天宇 S0350124060016 | | | | haoty@ghzq.com.cn | [Table_Title] 关税变局下内需走强，板块韧性凸显 ——食品饮料行业周报 | 行业相对表现 | | | 2025/04/11 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 食品饮料 | 0.8% | 7.4% | -3.9% | | 沪深 300 | -4.8% | 0.5% | 7.0% | 相关报告 《食品饮料行业周报：春糖总结：白酒 ...

2025 年 04 月 14 日 北交所行业研究 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn 联系人 ： 禹露 S0350124070012 yul06@ghzq.com.cn [Table_Title] 本周整体市场波动较大，鼎佳精密、岷山环能两 家企业上会通过 ——北交所行业周报 | 行业相对表现 | | | 2025/04/11 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 北证 | 50 | -9.41% | 25.37% | 53.70% | | 沪深 | 300 | -4.54% | 0.48% | 7.01% | 相关报告 《北交所行业周报：北交所出台自律管理规则，本 周天工股份完成注册、下周两家企业上会（推荐） *中小盘*罗琨》——2025-04-07 《北交所行业周报：近期北证 50 指数有所回调， 本周开发科技上市（推荐）*中小盘*罗琨》—— 2025-03-31 《商业航天行业报告：商业航天方兴未艾，低轨卫 星星座建设加速（推荐）*中小盘*罗琨》—— 2025 ...

2025 年 04 月 14 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 万鹏辉 S0350524050003 wanph@ghzq.com.cn ——开立医疗（300633）2024 年年报点评 最近一年走势 | 相对沪深 表现 300 | | | 2025/04/11 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 开立医疗 | 1.6% | 12.3% | -16.2% | | 沪深 300 | -4.8% | 0.5% | 7.0% | | 市场数据 | | | 2025/04/11 | | 当前价格（元） | | | 30.71 | | 周价格区间（元） 52 | | | 25.04-44.07 | | 总市值（百万） | | | 13,288.60 | | 流通市值（百万） | | | 13,288.60 | | 总股本（万股） | | | 43,271.24 | | 流通股本（万股） | | | 43,271.24 | | 日均成交额（百万） | | | 145.56 | | 近一月换手（%） | | | 1.44 | 相关 ...

2025 年 04 月 14 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 61 期 1.1、业绩稳步增长，磷矿产能扩张看好成长性--川恒股份/农化制品 (002895/212208) 公司点评 分析师：李永磊 S0350521080004 分析师：董伯骏 S0350521080009 分析师：李娟廷 S0350524090007 观点精粹: 事件: 最新报告摘要 业绩稳步增长，磷矿产能扩张看好成长性--川恒股份/农化制品(002895/212208) 公司点评 Q4 亏损环比收窄，嘉兴项目放量加速--瑞华泰/塑料(688323/212205) 科创板公司动态研究 单季度营收增速转正，资产质量持续改善--工商银行/国有大型银行Ⅱ(601398/214802) 公司点评 盈利能力改善，资产质量提升--浦发银行/股份制银行Ⅱ(600000/214803) 公司点评 计算机行业深度报告：关税对自主可控的影响拆解——计算机"自主可控"系列报告（3）--行业 PPT 报告 南极电商(002127.S ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable operational performance in Q1 2025, with significant growth in brand revenues, particularly for the Anta and FILA brands, which recorded high single-digit growth year-on-year. Other brands experienced a remarkable revenue growth of 65%-70% [5][7] - The company plans to acquire the outdoor brand Wolfskin, which is expected to accelerate its internationalization process and enhance its product structure and retail efficiency through supply chain optimization [7] - Revenue forecasts for 2025-2027 are projected at RMB 788.5 billion, RMB 878.5 billion, and RMB 970.2 billion, respectively, with year-on-year growth rates of 11.3%, 11.4%, and 10.4%. The net profit attributable to the parent company is expected to be RMB 134.5 billion, RMB 154.9 billion, and RMB 172.5 billion, with corresponding growth rates of -13.8%, +15.2%, and +11.3% [7][9] Summary by Sections Recent Performance - In Q1 2025, Anta brand revenue showed high single-digit growth year-on-year, while FILA also continued its positive trend with high single-digit growth. Other brands achieved a revenue increase of 65%-70% [5][7] Acquisition Plans - The company announced plans to acquire the European outdoor brand Wolfskin for USD 290 million in cash, which is expected to enhance its international presence and leverage Wolfskin's established network and brand strength in Europe [7] Financial Projections - The company forecasts revenues of RMB 788.5 billion, RMB 878.5 billion, and RMB 970.2 billion for 2025, 2026, and 2027, respectively, with net profits of RMB 134.5 billion, RMB 154.9 billion, and RMB 172.5 billion. The projected P/E ratios are 16, 14, and 13 for the respective years [9][10]

证券研究报告 2025年04月11日 互联网电商 南极电商(002127.SZ)深度报告：国民品牌重塑，大牌平替 未来可期 评级：买入(首次覆盖) 芦冠宇(证券分析师) S0350521110002 lugy@ghzq.com.cn | 最近一年走势 | | | | | 市场数据 | 2025/04/10 | | --- | --- | --- | --- | --- | --- | --- | | 92% | | 南极电商 | 沪深300 | | 当前价格（元） | 3.88 | | 69% | | | | | 52周价格区间（元） | 2.48-5.61 | | | | | | | 总市值（百万） | 9,524.90 | | 46% | | | | | 流通市值（百万） | 7,739.45 | | 23% | | | | | 总股本（万股） | 245,487.04 | | | | | | | 流通股本（万股） | 199,470.42 | | 0% | | | | | 日均成交额（百万） | 189.88 | | -23% | | | | | 近一月换手（%） | 2.18 | | 2024/04/ ...

证券研究报告 2025年04月11日 计算机 计算机行业深度报告： 关税对自主可控的影响拆解 ——计算机"自主可控"系列报告（3） 评级：推荐(维持) 最近一年走势 相关报告 -26% -9% 8% 25% 42% 59% 2024/04/10 2024/10/10 2025/04/10 计算机 沪深300 《DeepSeek研究框架——计算机人工智能系列深度报告（推荐）*计算机*刘 熹》——2025-02-14 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机 | -17.2% | 9.9% | 23.0% | | 沪深300 | -4.9% | 0.1% | 6.6% | 《服务器电源：AI芯片功耗提升，高功率电源景气上行——AI算力"卖水人" 系列（五）（推荐）*计算机*刘熹》——2025-03-10 《计算机事件点评：国家推进"人工智能+"，互联网Capex增长提高算力景 气度（推荐）*计算机*刘熹》——2025-03-09 核心提要 刘熹(证券分析师) S0350523040001 liux10@ghzq.com.cn ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The acquisition of 100% equity in New Trend Media is expected to enhance performance and reshape the competitive landscape of the elevator media industry [2][6] - The estimated valuation for New Trend Media is 8.3 billion yuan, which is significantly discounted compared to its previous valuation of 12 billion yuan after investment from Baidu [6] - The acquisition is anticipated to expand the company's resource points, increase the number of smart screens, and improve media quality, contributing to performance growth [7][11] Recent Performance - The company's stock performance over the last year shows a 10.2% increase, outperforming the CSI 300 index, which declined by 4.9% [4] - As of April 10, 2025, the company's market capitalization is approximately 103.69 billion yuan, with a current stock price of 7.18 yuan [4] Financial Projections - Revenue forecasts for the company are 130.72 billion yuan in 2024, 140.40 billion yuan in 2025, and 149.85 billion yuan in 2026, with corresponding net profits of 53.10 billion yuan, 58.27 billion yuan, and 62.36 billion yuan [10][11] - The projected growth rates for revenue and net profit are 10% and 10% respectively for 2024 and 2025 [10] - The report anticipates a diluted earnings per share (EPS) of 0.37 yuan in 2024, increasing to 0.40 yuan in 2025 [10] Historical Context - The report references past acquisitions, noting that the company experienced significant revenue growth following the acquisitions of Framework Media and JuZhong Media in 2005 and 2006, respectively [8][9]

2025 年 04 月 11 日 晨会纪要 最新报告摘要 工业 AI 龙头点亮全球"灯塔工厂"，"AI+人形机器人"构筑增长新引擎--中控技术/自动化设备(688777/216407) 科创板公司动态研究 淘天货币化率持续改善，云计算业务加速增长--阿里巴巴-W/互联网电商(09988/214506) 点评报告（港股美 股） 极兔速递（1519.HK）深度报告：打破分歧，未来可期--极兔速递-W/物流(01519/214208) 公司 PPT 报告（港 股美股） 骥步致远，笃行向前--安徽合力/工程机械(600761/216406) 公司点评 产品升级、学校网络和招生结构优化，看好利润持续释放--中国东方教育/教育(00667/214611) 点评报告（港 股美股） 2024 年完成股票激励一期解锁条件，2025 年加速转型前景光明--潍柴动力/汽车零部件(000338/212802) 公 司动态研究 合合信息(688615.SH)深度报告：多年专注打磨"扫描全能王"，定位 AI 和大数据赛道--合合信息/软件开发 (688615/217104) 科创板公司 PPT 报告 合同负债支撑收入增长，素质教育版图持 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has successfully transitioned to quality education, which is expected to support revenue growth. In 2024, it achieved a revenue of 1.1 billion HKD, representing a year-on-year increase of 125.2%. The net profit attributable to the parent company was 190 million HKD, up 110.9% year-on-year [4][6]. - The company's contract liabilities at the end of 2024 were 600 million HKD, a year-on-year increase of 184.3%, which is anticipated to support revenue growth in 2025. The introduction of AI products is expected to enhance efficiency for both teachers and students [7]. Summary by Sections Financial Performance - In 2024, the company generated revenue of 1.1 billion HKD, with segments of quality education, full-time review, and tutoring contributing 710 million, 210 million, and 180 million HKD respectively, showing year-on-year growth rates of 411.7%, 1%, and 25.2% [6]. - The net profit for 2024 was 190 million HKD, with a lower growth rate compared to revenue due to adjustments in revenue structure leading to a decline in gross margin and an increase in sales and management expense ratios [6]. Future Projections - The company is projected to achieve revenues of 2.02 billion, 2.28 billion, and 2.54 billion HKD for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 320 million, 380 million, and 420 million HKD [7][8]. - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 9x, 8x, and 7x respectively, indicating a favorable valuation outlook [7][8]. Market Position - The company is recognized as a leader in K12 education in South China, successfully expanding its market presence in Guangzhou, Shenzhen, and Foshan. The increasing demand for education in the Greater Bay Area is expected to enhance its competitive position [7].