证券研究报告 投资评级： 买入（首次） ——公路运营板块龙头，布局全国公路网络 投资要点： 交通运输 | 铁路公路 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 13 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 月 12 | 日 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 12.84 | | | | | 一 年 内 / 最 | 最 | 高 | | | 14.22/10.26 | | | 低 | | （元） | | | | | | | | | | 总市值（百万元） | | | ...

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [4][49]. Core Insights - The company is a leading player in the highway operation sector, focusing on nationwide highway network development and has a strong cash dividend yield [5][8]. - The company has a robust growth trajectory, with a compound annual growth rate (CAGR) of 9.81% in revenue and 12.65% in net profit from 2016 to 2023 [5][18]. - The company emphasizes investor returns, having distributed a total of 14.066 billion yuan in cash dividends from 2017 to 2023, with an average annual payout ratio of 45.50% [5][25]. Summary by Sections Company Overview - The company, a subsidiary of China Merchants Group, operates over 14,700 kilometers of highways across 22 provincial regions in China and holds stakes in 26 highway companies, including 16 listed firms [5][12][29]. - The average remaining toll collection period for the company's controlled highways is 12.96 years, with over 80% of assets having more than 10 years left, providing ample time for traffic growth and revenue generation [30]. Financial Performance - The company forecasts revenue growth, with expected revenues of 12,379 million yuan in 2024, 12,989 million yuan in 2025, and 13,649 million yuan in 2026, reflecting a growth rate of 27.21%, 4.92%, and 5.08% respectively [4][48]. - The projected net profit for 2024, 2025, and 2026 is 5,795 million yuan, 5,665 million yuan, and 5,878 million yuan, with corresponding price-to-earnings (P/E) ratios of 15.1x, 15.5x, and 14.9x [6][49]. Business Segments - The company operates in three main segments: investment and operation, traffic technology, and smart transportation, with the investment and operation segment contributing 80.67% of revenue in the first half of 2024 [15][36]. - The traffic technology segment has shown a steady increase in revenue contribution, rising from 29.32% in 2018 to 34.19% in 2023, indicating a growing importance of this segment in the overall business model [41][42]. Market Position - The company is positioned as a leader in the domestic highway operation sector, continuously enhancing its asset scale and operational efficiency, which is expected to drive further revenue and profit growth [8][49]. - The company has a diversified revenue structure, with significant contributions from core assets such as the Yongtaiwen Expressway and the Jingtaix Expressway, which accounted for 20.35% and 14.77% of revenue in 2023 respectively [30].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has experienced revenue growth driven by a high manufacturing environment, with footwear shipment volume increasing nearly 17% [5][7] - For FY24, the company achieved revenue of $8.182 billion, a year-on-year increase of 3.7%, with manufacturing revenue growing by 11.1% [7] - The gross profit for FY24 was $1.993 billion, reflecting a 3.5% increase year-on-year, and the net profit attributable to shareholders was $392 million, up 42.8% year-on-year [7] Financial Performance Summary - Revenue projections for FY25 to FY27 are estimated at $8.674 billion, $9.131 billion, and $9.541 billion respectively, with corresponding net profits of $501 million, $571 million, and $604 million [6][8] - The company’s earnings per share (EPS) are projected to be $0.31, $0.36, and $0.38 for FY25, FY26, and FY27 respectively [6][8] - The return on equity (ROE) is expected to improve from 8.84% in FY25 to 10.36% in FY27 [6][8] Manufacturing Business Insights - The manufacturing segment reported a revenue of $5.621 billion for FY24, with a gross margin of 19.9%, an increase of 0.7 percentage points year-on-year [7] - Footwear shipment volume reached 255 million pairs, a year-on-year increase of 16.9%, with capacity utilization rising to 93%, the highest since FY21 [7] - The company’s footwear shipments from Indonesia increased by 28.6%, contributing to 54% of total shipments, benefiting from lower labor costs [7] Retail Business Insights - The retail segment saw a revenue decline of 8.0% (in RMB terms) for FY24, but the gross margin improved to 34.2%, up 0.5 percentage points year-on-year [7] - The company is diversifying its brand portfolio by increasing investments in emerging sports brands and aims to restore growth in its retail business [7]

证券研究报告 纺织服饰 | 纺织制造 港股|公司点评报告 hyzqdatemark 2025 年 03 月 13 日 市场表现： | 基本数据 | 2025 | 年 | 03 月 | 11 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 15.10 | | | 一年内最高/最低（港 | | | | 18.40/8.37 | | | 元） | | | | | | | 总市值（百万港元） | | | | 24,228.80 | | | 流通市值（百万港元） | | | | 24,228.80 | | | 资产负债率（%） | | | | 33.37 | | | 资料来源：聚源数据 | | | | | | 裕元集团(00551.HK) 投资评级： 买入（维持） ——制造高景气驱动集团营收增长，鞋履出货量增长近 17% 投资要点： 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com | 盈利预测与估值（美元） | | | | | ...

Group 1: Pet Economy - The core of the pet economy's growth is the "personification and family integration" of pets, with the market size in China increasing from 170.8 billion in 2018 to over 300 billion by 2024 [2][9][10] - The report highlights that the younger generation, particularly those born after 2000, is driving this growth, with a pet ownership penetration rate of 24% among those over 20 years old [10][11] - The pet food market is currently valued at 100 billion, with expectations for it to double in the future, indicating significant growth potential [10][11] Group 2: Industry Trends - The pet industry is expected to grow by 7% in 2024, significantly outpacing the retail sales growth of 3.5%, particularly in the e-commerce channel [2][11] - The report predicts that the concentration of the top five brands in the pet food industry will increase by over 20 percentage points in the next five years, indicating a trend towards brand consolidation [2][11] - Domestic brands are rapidly gaining market share, having surpassed foreign brands, and are expected to continue strengthening their competitive advantages [10][11] Group 3: Company Analysis - Lianmei Holdings - Lianmei Holdings operates in dual sectors of heating and media, showcasing strong operational efficiency and cost control, with a significant cash position of 6.608 billion as of September 2024 [12][15] - The company is expected to maintain a dividend payout ratio of over 50% from 2022 to 2024, indicating a stable cash flow and potential for future increases [15] - The company's market valuation is calculated at 12.9 billion, with a net cash position of 5 billion, suggesting a reasonable valuation based on its operational cash flow [15] Group 4: Company Analysis - Klate - Klate is recognized as a national-level "single champion" in ventilation and cooling systems, with expected revenue growth of 4.06% in 2024, reaching 529 million [18][19] - The company has seen significant order growth in the rail transit and marine engineering sectors, with a notable increase in revenue from these segments [19][20] - Klate's strategic expansion into international markets, including the establishment of a subsidiary in Mexico, aims to enhance its service capabilities in Europe and North America [20][21]

证券研究报告 晨会 风险提示：原材料价格波动风险；国内市场竞争加剧的风险；企业因管理不当出现 食品安全的风险；全球贸易摩擦加剧的风险；市场空间测算偏差的风险。 公用环保 联美控股(600167.SH)首次覆盖：供热传媒双主业运行，打造精致现金牛 资产。公司为联美集团旗下核心上市公司，业务呈现供热和传媒双主业格局。传媒 业务为 2018 年收购的兆讯传媒，其 2022 年单独登陆创业板，公司目前持股 75%。 与同城的惠天热电相比，公司毛利率与最终业绩表现显著突出，体现公司更强的运 行效率与成本管控能力。对于公司而言，无论是供热业务还是高铁传媒业务，本质 都类似于一次性投资，陆续收回成本收益的现金牛业务。从货币现金来看，公司 2024 年 9 月底在手货币现金 66.08 亿元，有息负债仅约 16 亿元，扣除有息负债后的净现 金高达 50 亿元。通过利息收入倒算的存款利率长年在 3%以上，证明公司大额存款 的可能性较高。由此计算，截至 2025 年 3 月 10 日收盘价，公司市值为 129 亿元， 扣除上述计算的净现金 50 亿元后，公司经营资产的权益估值为 79 亿元，仅相当于 公司 5-6 年的经营性现金 ...

证券研究报告 基础化工 | 橡胶 北交所|首次覆盖报告 hyzqdatemark 2025 年 03 月 12 日 证券分析师 利通科技(832225.BJ) 投资评级： 增持（首次） ——橡胶软管及组合件"小巨人"，布局高分子材料研发和多产品领域拓展 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 橡胶软管及组合件国家级专精特新"小巨人"，2024 年预计实现归母净利润 1.10 亿元。公 司专注于高中低压橡胶软管及软管组合件，主要产品为钢丝缠绕液压橡胶软管、钢丝编织液 压橡胶软管及软管总成。公司产品配套国内知名工程机械厂商，如三一集团、徐工集团、山 河智能、中铁装备等；知名煤矿机械厂商，如郑煤机、中煤北京煤矿机械等；知名农业机械 厂商，如洛阳一拖、河北英虎等；此外石油钻采系列软管总成配套国内外石油天然气等相关 企业。公司预计 2024 年度实现营业收入 4.84 亿元、归母净利润 1.10 亿元、扣非归母净利润 1.03 亿元，基本每股收益预计 0.87 元。 基本盘：液压软管部分实现进口替代，石油管取得 API 17K 产品认证。液压软管、工业软管 构筑公司业务基本盘，两者在总营收中的占 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "single champion" in ventilation and cooling systems, with expected revenue growth of 4% in 2024. The main business includes research, production, and sales of high-end ventilation equipment for rail transit, energy, marine engineering, and other specialized industrial applications [6][7] - The company anticipates achieving a revenue of 529 million yuan in 2024, with a year-on-year growth of 4.06%, and a net profit attributable to shareholders of 54.55 million yuan [6][7] - Significant growth is expected in the first half of 2024 for rail transit and marine engineering fans, with a notable increase in orders in the nuclear power sector [6][7] Summary by Sections Market Performance - The closing price is 25.60 yuan, with a market capitalization of 1,879.04 million yuan and a circulating market value of 952.59 million yuan [3] Financial Data - The company’s total assets are projected to reach 837 million yuan by 2025, with a debt ratio of 36.61% and a net asset value per share of 6.27 yuan [3][10] Revenue and Profit Forecast - Revenue is expected to grow from 508 million yuan in 2023 to 739 million yuan in 2026, with corresponding net profits of 61 million yuan in 2023 and 78 million yuan in 2026 [8][10] - The projected earnings per share (EPS) are 0.74 yuan for 2024, increasing to 1.07 yuan by 2026 [7][8] Business Opportunities - The company is benefiting from government policies promoting the replacement of old equipment in the shipping and rail sectors, which is expected to enhance its market penetration [6] - The establishment of a subsidiary in Mexico aims to expand services in the European and North American markets, enhancing international competitiveness [6] Research and Development - The company has developed new products such as the ECL630-1 centrifugal fan for data centers, which has been recognized for its energy efficiency [6][7]

Investment Rating - The report maintains a "Positive" investment rating for the pet economy sector, driven by the Z generation and opportunities in domestic brands [4]. Core Insights - The pet economy in China is experiencing robust growth, with market size projected to increase from 170.8 billion in 2018 to over 300 billion by 2024, fueled by the emotional connection of pets as family members [5][25]. - The penetration rate of pet ownership in China is currently at 21%, significantly lower than the 60% in the US and 40% in Japan, indicating substantial growth potential [38][24]. - The rise of domestic brands is reshaping the market, as they leverage e-commerce and social media to capture market share from foreign brands, which are losing ground [25][29]. Summary by Sections 1. Young Consumers and Pet Ownership - The emotional value of pets has transformed them into family members, driving the growth of the pet economy [5][16]. - The number of cats in China is expected to exceed 70 million by 2024, with the rise of cat ownership attributed to lifestyle changes and social media influence [18][21]. - The shift towards pet-friendly environments is facilitating pet ownership, with increasing numbers of pet-friendly venues emerging [22]. 2. Growth Opportunities in Pet Consumption - The pet industry is projected to grow by 7% in 2024, outpacing the overall retail growth of 3.5%, driven by resilient consumer spending [7]. - The average annual spending per pet is expected to increase, with significant room for growth in the pet food market, currently valued at 100 billion [7][45]. - The report highlights the importance of the "育儿式养宠" (parenting-style pet care) approach among younger consumers, leading to increased spending on high-quality and personalized pet products [47]. 3. Rise of Domestic Brands - Domestic brands are rapidly gaining market share, with their sales growth outpacing that of foreign brands, which are struggling to adapt to new consumer behaviors [25][30]. - The market share of foreign brands like Mars and Nestlé has declined significantly, from 23% to 17% in recent years, as domestic brands capitalize on e-commerce and social media [29][30]. - The report anticipates that domestic brands will capture over 40% of the market by 2029, driven by innovation and competitive pricing [30]. 4. Market Dynamics and Future Trends - The pet food market is expected to reach 1.072 trillion in 2024, with a potential market size of 2.284 trillion, indicating significant untapped potential [48]. - The report emphasizes the need for brands to innovate and build trust with consumers, particularly in the context of rising quality concerns among foreign brands [34][35]. - The emotional connection consumers have with pets is leading to new business opportunities across various segments, including food, healthcare, and services [36].

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "single champion" in ventilation and cooling systems, with expected revenue growth of 4% in 2024. The main business includes the R&D, production, sales, and maintenance services of high-end ventilation equipment for rail transit, energy, marine engineering, and other industries [6][7] - The company anticipates achieving a revenue of 529 million yuan in 2024, with a year-on-year growth of 4.06%, and a net profit attributable to shareholders of 54.55 million yuan [6][7] - Significant revenue growth is expected in the first half of 2024 for rail transit and marine engineering fans, with existing orders in the nuclear power sector amounting to 141 million yuan [6][7] - The company is benefiting from policies supporting equipment upgrades, and has established a subsidiary in Mexico to enhance services in Europe and North America [6][7] - The "ECL630-1 data center centrifugal fan" has been included in the Ministry of Industry and Information Technology's recommended directory, indicating strong R&D capabilities [6][7] Summary by Sections Market Performance - The closing price is 25.60 yuan, with a market capitalization of 1,879.04 million yuan and a circulating market value of 952.59 million yuan [3] Financial Forecasts - Revenue projections for 2024-2026 are 529 million yuan, 623 million yuan, and 739 million yuan respectively, with corresponding net profits of 55 million yuan, 65 million yuan, and 78 million yuan [8][10] - The company expects a net profit margin of approximately 10.44% in 2025 and a return on equity (ROE) of 12.80% in the same year [8][10] Business Segments - Revenue contributions from various segments in 2024 are expected to be 32% from rail transit fans, 21% from marine engineering fans, 19% from refrigeration fans, 18% from cooling towers, and 10% from energy ventilation equipment [6][7]