Investment Rating - Buy (Maintained) [1] Core Views - The company's main brand showed accelerated growth in Q4 2024, with e-commerce performing particularly well, driven by extended Double 11 promotions [8] - Saucony continued its strong growth trajectory, with Q4 2024 sales up 50% YoY and full-year growth exceeding 60% [8] - The company is expected to further expand its running shoe product matrix in 2025, including the launch of the 7th generation of the 160 series and other segmented products [8] - The main brand's discount rate improved YoY, and inventory levels remained healthy at around 4 months [8] - The company is expected to increase store openings in high-tier cities for Saucony in 2025, while also expanding into commuter and retro product lines [8] Financial Forecasts - Revenue is expected to grow from RMB 14,346 million in 2023A to RMB 17,520 million in 2026E, with a CAGR of 6.9% [1] - Net profit attributable to shareholders is projected to increase from RMB 1,030 million in 2023A to RMB 1,648 million in 2026E, with a CAGR of 16.9% [1] - EPS is forecasted to rise from RMB 0.38 in 2023A to RMB 0.61 in 2026E [1] - P/E ratio is expected to decline from 13.42x in 2023A to 8.39x in 2026E, indicating potential undervaluation [1] Operational Highlights - Main brand's Q4 2024 retail sales grew by high single digits YoY, with e-commerce sales up over 20% [8] - Saucony's Q4 2024 retail sales increased by 50% YoY, with full-year growth exceeding 60% [8] - The company maintained a healthy inventory turnover of around 4 months [8] - The main brand's discount rate improved to 7-7.5折 in Q4 2024, compared to the previous quarter [8] Market Data - Closing price: HKD 5.60 [6] - 52-week range: HKD 3.68 - HKD 7.13 [6] - P/B ratio: 1.57x [6] - Market capitalization: HKD 15,028.44 million [6] Financial Ratios - ROE is expected to increase from 11.62% in 2023A to 13.43% in 2026E [9] - Gross margin is projected to improve from 42.17% in 2023A to 44.43% in 2026E [9] - Net profit margin is forecasted to rise from 7.18% in 2023A to 9.41% in 2026E [9] - Debt-to-asset ratio is expected to decline from 48.50% in 2023A to 43.90% in 2026E [9]

证券研究报告·公司点评报告·电力 长江电力（600900） Q4 来水转弱、全年电量稳增，十年期国债收 益率下行，红利标杆空间打开 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 68863 | 78112 | 84168 | 85242 | 85879 | | 同比（%） | 23.75 | 13.43 | 7.75 | 1.28 | 0.75 | | 归母净利润（百万元） | 23726 | 27239 | 32858 | 34182 | 35425 | | 同比（%） | (9.69) | 14.81 | 20.63 | 4.03 | 3.63 | | EPS-最新摊薄（元/股） | 0.97 | 1.11 | 1.34 | 1.40 | 1.45 | | P/E（现价&最新摊薄） | 29.69 | 25.86 | 21.44 | 20.61 | 19.89 | [Table_Tag] [Table_Su ...

证券研究报告·宏观报告·宏观点评 宏观点评 20250110 货币政策：合理理解"适度宽松"的"度" 2025 年 01 月 10 日 [Table_Tag] [Table_Summary] 事件 ◼ 2024 年 12 月中央经济工作会议提出货币政策要"适度宽松"，引发市场 利率快速下行，10 年期国债收益率从 2.0%快速下行到目前 1.60%左右， 利率下行幅度达到 40bps，不仅导致市场利率和政策利率的利差收窄到 2020 年以来最低值，而且长期债券利率和短端 7 天期逆回购利率出现 "倒挂"。 观点 ◼ 利率过快下行、对降息幅度的定价，或隐含着市场对货币政策"适度宽 松"的片面理解，2025 年货币政策宽松也有"度"，"适度"不仅包括适 时降息降准，也包括多种政策工具呵护流动性。 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 王洋 执业证书：S0600524120012 wangyang@dwzq.com.cn 2025-01-10 《"两新"政策加力扩围驱动市场回 暖》 2025-01-08 东吴证券研究所 1 / 6 请务必阅读正文之 ...

证券研究报告·宏观报告·宏观点评 宏观点评 20250110 科技板块带动市场情绪上行 2025 年 01 月 10 日 [Table_Tag] [Table_Summary] 事件 观点 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 潘京 执业证书：S0600524120011 panj@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 相关研究 《"两新"政策加力扩围驱动市场回 暖》 2025-01-08 《关税"迷雾"的背后：特朗普关税 工具如何落地？》 2025-01-07 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 ◼ A 股成交额稳定在 1.1 万亿附近，市场情绪有所提振。沪指下跌 0.58% 至 3211.39 点，较 24 年末下跌 4.19%；创业板指上涨 0.11%至 2010.66 点，较 24 年末下跌 6.11%；风格指数方面，代表大盘股的沪深 300 下跌 0.25%至 3779.88 点，较 24 年末下跌 3.94%；中证 500 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-01-10 宏观策略 [Table_MacroStrategy] 宏观点评 20250108："两新"政策加力扩围驱动市场回暖 A 股成交额回升，创业板指下跌 0.98%，上证指数上涨 0.02%。沪指 上涨 0.02%至 3230.17 点，较 24 年末下跌 3.63%；创业板指下跌 0.98%至 2008.44 点，较 24 年末下跌 6.22%；风格指数方面，代表大盘股的沪深 300 下跌 0.18%至 3789.22 点，较 24 年末下跌 3.70%；中证 500 下跌 0.42% 至 5461.59 点，较 24 年末下跌 4.61%。行业层面，家用电器上涨 2.23%， 综合上涨 1.94%，机械设备上涨 0.76%，有色金属下跌 1.33%，钢铁下跌 1.20%，基础化工下跌 1.14%。市场成交额为 12576.29 亿元，较前一交易 日放量 1684.81 亿元，北向资金总成交 2527.71 亿元；南向资金净买入 121.70 亿元。。 板块方面，国务院政策例行吹风会强 调以旧换新的家电产品类别增加，进一步完善汽车置换更新补贴 ...

Investment Rating - Buy (maintained) [1] Core Views - Anta Sports' Q4 2024 performance showed improvement across all brands, with FILA exceeding growth expectations [1] - The company's multi-brand strategy continues to drive growth, with other brands achieving over 40% year-on-year growth [8] - Anta Sports has repurchased 22.87 million shares, totaling 1.638 billion yuan as of January 9, 2025 [8] Financial Performance Revenue and Profit - 2024E revenue: 69.359 billion yuan, up 11.23% year-on-year [1] - 2024E net profit attributable to parent company: 13.536 billion yuan, up 32.23% year-on-year [1] - 2026E revenue forecast: 84.865 billion yuan, with net profit of 15.367 billion yuan [1] Key Financial Ratios - 2024E P/E ratio: 14.92x [1] - 2024E ROE: 20.79% [9] - 2024E gross margin: 63.07% [9] Brand Performance Anta Brand - Q4 2024 sales growth: high single-digit year-on-year [8] - Full-year 2024 sales growth: close to double-digit [8] - Key drivers: new store formats and successful product launches (e.g., PG7 running shoes with over 1 million pairs sold) [8] FILA Brand - Q4 2024 sales growth: high single-digit year-on-year, exceeding expectations [8] - Full-year 2024 sales growth: mid-to-high single-digit [8] - Maintained brand leadership in sportswear fashion segment [8] Other Brands (Kolon Sport, Descente) - Q4 2024 sales growth: 60-65% for Kolon Sport, nearly 50% for Descente [8] - Full-year 2024 sales growth: 40-45%, exceeding targets [8] - Combined sales exceeded 10 billion yuan [8] Market Data - Closing price (HKD): 78.60 [5] - Market capitalization: 221.905 billion HKD [5] - 52-week range: 60.20 - 107.50 HKD [5] Financial Forecasts Balance Sheet - 2024E total assets: 97.786 billion yuan [9] - 2024E cash and equivalents: 17.194 billion yuan [9] Income Statement - 2024E operating income: 69.359 billion yuan [9] - 2024E operating profit: 15.783 billion yuan [9] Cash Flow - 2024E operating cash flow: 11.861 billion yuan [9] - 2024E capital expenditure: 2 billion yuan [9]

证券研究报告·公司点评报告·通用设备 纽威股份（603699） 拟投资纽威流体二期扩产项目，助力高端化 转型&长期成长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4059 | 5544 | 6181 | 7377 | 8811 | | 同比（%） | 2.46 | 36.59 | 11.48 | 19.34 | 19.45 | | 归母净利润（百万元） | 466.12 | 721.80 | 1,013.19 | 1,238.85 | 1,510.47 | | 同比（%） | 23.49 | 54.85 | 40.37 | 22.27 | 21.93 | | EPS-最新摊薄（元/股） | 0.61 | 0.94 | 1.32 | 1.61 | 1.97 | | P/E（现价&最新摊薄） | 40.04 | 25.86 | 18.42 | 15.06 | 12.36 | [关键词： Table_Tag#产能 ...

证券研究报告·行业深度报告·证券Ⅱ 证券Ⅱ行业深度报告 wuxs@dwzq.com.cn 研究助理 罗宇康 谋时而动，顺势而为——"券商·二十年"复 盘报告 执业证书：S0600123090002 luoyk@dwzq.com.cn 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 01 月 09 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 heting@dwzq.com.cn 证券分析师 武欣姝 执业证书：S0600524060001 行业走势 -13% -6% 1% 8% 15% 22% 29% 36% 43% 50% 57% 2024/1/9 2024/5/10 2024/9/9 2025/1/9 证券Ⅱ 沪深300 相关研究 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 券商股估值中枢与 ROE 密切相关，2012 年后 ROE 和估值弹性区间收 窄。2012 年创新大会前，券商收入以通道业务为主，ROE 维持较高水 平，200 ...

证券研究报告·北交所公司深度报告·专用设备 无锡鼎邦（872931） 油浆蒸发器订单需求充足，布局海外打开成 长空间 增持（首次） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 366.85 | 438.45 | 415.86 | 483.94 | 542.12 | | 同比 | 18.36 | 19.52 | (5.15) | 16.37 | 12.02 | | 归母净利润（百万元） | 40.41 | 47.07 | 42.65 | 53.90 | 61.91 | | 同比 | 103.22 | 16.47 | (9.38) | 26.37 | 14.86 | | EPS-最新摊薄（元/股） | 0.43 | 0.50 | 0.45 | 0.57 | 0.66 | | P/E（现价&最新摊薄） | 26.17 | 22.47 | 24.80 | 19.62 | 17.08 | [Table_Tag] [Table_Sum ...

增持（维持） 证券研究报告·行业点评报告·汽车 汽车行业点评报告 以旧换新政策落地，乘用车 2025 年持续高景 气可期 [Table_Tag] [Table_Summary] 投资要点 2025 年 01 月 09 日 证券分析师 黄细里 执业证书：S0600524100001 mengl@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 2024/1/9 2024/5/9 2024/9/7 2025/1/6 汽车 沪深300 相关研究 《2025 年特斯拉产业链投资策略：新 一轮周期的起点！》 2025-01-07 《汽车周观点：重视红利风格，首选 宇通客车》 2025-01-05 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 证券分析师 孟璐 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 2024 年政策及实施效果回顾：超预期。2024 年乘用车报废/置换换新政 策取得积极成效，其中汽车报废更新超过 290 万辆，置换更新超过 370 万辆。与我们 2024 年 ...