Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company has shown steady growth in revenue and profits, with a reported revenue of 1.314 billion yuan for 2024, representing a year-on-year increase of 27.70% [1] - The company is focusing on its core business of energy-saving and environmental protection equipment, achieving a significant revenue growth of 45.81% in the first half of 2024 [2] - The company is expected to benefit from the clear trend of energy conservation and carbon reduction in its target industries, supported by various government policies [3] - The company is actively developing emerging businesses, such as hydrogen energy equipment, and has made strategic investments to optimize its asset structure [4] Financial Summary - The company is projected to achieve revenues of 1.257 billion yuan in 2024, 1.814 billion yuan in 2025, and 2.299 billion yuan in 2026, with respective growth rates of 22.12%, 44.33%, and 26.75% [5] - The forecasted net profit for 2024 is 94 million yuan, increasing to 200 million yuan in 2025 and 237 million yuan in 2026, with growth rates of 8.56%, 112.49%, and 18.39% respectively [5] - The earnings per share are expected to rise from 0.76 yuan in 2024 to 1.62 yuan in 2025 and 1.92 yuan in 2026 [5]

公司是我国领先的汽车车灯总成制造商和设计方案提供商，产品主要包括汽车前 部灯具、后部灯具和内外饰车灯等。客户涵盖德国大众、一汽-大众、上汽大 众、戴姆勒、北京奔驰、德国宝马、华晨宝马、通用汽车、上汽通用、日本丰 田、一汽丰田、广汽丰田、日本日产、东风日产、广汽本田、东风本田、一汽红 旗、奇瑞汽车、吉利汽车、理想汽车、蔚来汽车、小鹏汽车、赛力斯、江淮汽 车、北汽新能源及某国际知名新能源车企等多家国内外汽车整车制造企业。 证券研究报告 | 公司点评 | 汽车零部件 车灯均价持续提升，海外营收稳步增长 ——星宇股份 2024 年报点评 投资要点 ❑ 公司公告：2024 年实现营业收入 132.5 亿元，同比+29.32%；归母净利润 14.08 亿元，同比+ 27.78%；实现扣非净利润 13.61 亿元，同比+30.17%；销售/管理/ 研发费用率分别为 0.42%/2.29%/4.95%，同比-0.64/-0.36/-1.01pct，销售毛利率/ 净利率 19.3%/10.6%，同比-1.9/-0.12pct。 其中 Q4 营收 40.3 亿元，同比+33.73%/环比+14.78%；归母净利润 4.3 亿元， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][9] Core Insights - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit of 2.005 billion yuan, up 29.62% year-on-year [1] - The intelligent driving business showed strong growth, with a revenue increase of 63.06% year-on-year, and the company secured new project orders from several international automotive brands [2][4] - The company’s overseas order scale exceeded 5 billion yuan, with a year-on-year growth rate of over 120% [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 8.643 billion yuan, a 16.21% increase year-on-year, and a net profit of 598 million yuan, which is a 1.99% increase year-on-year [1] - The comprehensive gross margin for 2024 was 19.9%, slightly down by 0.6 percentage points from 2023, primarily due to a decline in the gross margin of the intelligent cockpit business [2] - The company’s expenses for sales, research and development, and management grew by 9% year-on-year, significantly lower than the revenue growth rate, leading to a decrease in expense ratio by 2 percentage points to 11% [3] Business Segments - Revenue from the intelligent cockpit, intelligent driving, and connected services segments were 18.230 billion yuan, 7.314 billion yuan, and 2.074 billion yuan respectively, with year-on-year growth rates of 15.36%, 63.06%, and 27.99% [2] - The intelligent driving business's gross margin improved significantly, with a year-on-year increase of approximately 3.7 percentage points to 19.9% [2] Future Outlook - The company expects to maintain revenue growth in 2025, with projected revenues of 35.048 billion yuan, 43.436 billion yuan, and 51.146 billion yuan for 2025, 2026, and 2027 respectively [9] - The company has secured new project orders from major automotive manufacturers, indicating a strong pipeline for future growth [4][8]

证券研究报告 | 公司点评 | 汽车零部件 车灯均价持续提升，海外营收稳步增长 ——星宇股份 2024 年报点评 投资要点 ❑ 公司公告：2024 年实现营业收入 132.5 亿元，同比+29.32%；归母净利润 14.08 亿元，同比+ 27.78%；实现扣非净利润 13.61 亿元，同比+30.17%；销售/管理/ 研发费用率分别为 0.42%/2.29%/4.95%，同比-0.64/-0.36/-1.01pct，销售毛利率/ 净利率 19.3%/10.6%，同比-1.9/-0.12pct。 其中 Q4 营收 40.3 亿元，同比+33.73%/环比+14.78%；归母净利润 4.3 亿元，同比 +34.49%/环比+12.56%；销售毛利率/净利率 17.6%/10.7%。 公司是我国领先的汽车车灯总成制造商和设计方案提供商，产品主要包括汽车前 部灯具、后部灯具和内外饰车灯等。客户涵盖德国大众、一汽-大众、上汽大 众、戴姆勒、北京奔驰、德国宝马、华晨宝马、通用汽车、上汽通用、日本丰 田、一汽丰田、广汽丰田、日本日产、东风日产、广汽本田、东风本田、一汽红 旗、奇瑞汽车、吉利汽车、理想汽车、蔚来汽车、小鹏汽 ...

Investment Rating - The report assigns a "Buy" rating for Kun Pharmaceutical Group, marking its first coverage with a target price of 21.73 CNY, indicating a potential upside of 25% from the current price of 17.45 CNY [5][8]. Core Insights - Kun Pharmaceutical Group, a subsidiary of China Resources Group, has successfully advanced its state-owned enterprise reform since joining China Resources Sanjiu in 2023, focusing on the aging health sector, which is expected to drive performance beyond expectations [1]. - The company benefits from a robust market position in the cardiovascular sector, driven by an aging population and a decrease in upstream Chinese medicinal material prices, which is likely to alleviate cost pressures [2][32]. Summary by Sections Company Overview - Kun Pharmaceutical Group, established in 1951 and listed in 2000, aims to become a leader in the aging health industry, focusing on high-quality traditional Chinese medicine and chronic disease management [15][23]. - The company has restructured its marketing organization to enhance its focus on the "777" brand and the "Kun Chinese Medicine 1381" series, targeting chronic disease management and premium traditional Chinese medicine [16][23]. Market Dynamics - The aging population in China is expected to continue increasing, with 21.1% of the population aged 60 and above by the end of 2023, which will benefit the elderly medication market [32][33]. - The cardiovascular traditional Chinese medicine market is projected to grow, despite some segments experiencing declines due to policy impacts on injection drugs [36][40]. Financial Projections - Revenue forecasts for 2025-2027 are 94.86 billion CNY, 108.87 billion CNY, and 125.99 billion CNY, with year-on-year growth rates of 12.91%, 14.77%, and 15.73% respectively [5][6]. - Net profit estimates for the same period are 7.83 billion CNY, 9.29 billion CNY, and 11.10 billion CNY, reflecting growth rates of 20.86%, 18.63%, and 19.44% respectively [5][6]. Brand and Marketing Strategy - The company has established a comprehensive marketing strategy that integrates various channels, including hospitals, retail pharmacies, and e-commerce, to enhance its market presence [25][30]. - The introduction of the "777" brand aims to strengthen consumer recognition of the key ingredient, total saponins of Panax notoginseng, in its products [29][50]. Competitive Landscape - The market share of Kun Pharmaceutical Group's key products, such as the blood-activating soft capsule and the injection form, has shown significant growth, indicating a strong competitive position in the cardiovascular market [38][39]. - The overall market concentration in the cardiovascular traditional Chinese medicine sector has increased, with the top 10 companies capturing a larger share of the market [36][38].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [1] - The intelligent driving business showed strong growth, with a revenue increase of 63.06% year-on-year, and the overall new project order annualized sales exceeded 27 billion yuan, laying a solid foundation for future growth [2][4] - The company successfully expanded its overseas orders, surpassing 5 billion yuan, with a year-on-year growth of over 120% [4] Financial Performance - In Q4 2024, the company reported a revenue of 8.643 billion yuan, a year-on-year increase of 16.21%, while the net profit attributable to shareholders was 598 million yuan, up 1.99% year-on-year [1] - The overall gross margin for 2024 was 19.9%, slightly down from the previous year, but the gross margin for the intelligent driving business improved by approximately 3.7 percentage points to 19.9% [2][3] - The company effectively controlled expenses, with total sales, research and management expenses growing by only 9% year-on-year, significantly lower than the revenue growth rate [3] Business Segments - The intelligent cockpit segment generated revenue of 18.230 billion yuan, growing by 15.36% year-on-year, while the intelligent driving segment reached 7.314 billion yuan, with a growth rate of 63.06% [2] - The company secured new project orders from several international automotive brands, including TATA Motors, Volkswagen, and Toyota, indicating strong market demand [4][8] Future Outlook - The company expects to maintain revenue growth in 2025, with projected revenues of 35.048 billion yuan, representing a growth rate of 26.90% [9] - The forecast for net profit attributable to shareholders for 2025 is 2.661 billion yuan, reflecting a year-on-year increase of 32.74% [11]

Investment Rating - The report assigns a "Buy" rating for Kun Pharmaceutical Group, marking its first coverage with a target price of 21.73 CNY, indicating a potential upside of 25% from the current price of 17.45 CNY [5][8]. Core Insights - Kun Pharmaceutical Group, a subsidiary of China Resources Group, has been successfully advancing state-owned enterprise reforms since joining China Resources Sanjiu in 2023, focusing on the aging health sector, which is expected to drive performance beyond expectations [1][2]. - The company benefits from a strong brand culture and significant improvements in operational efficiency through channel reforms and management restructuring within the China Resources system [2][5]. Summary by Sections Company Overview - Kun Pharmaceutical Group, established in 1951 and listed in 2000, aims to become a leader in the aging health industry and a provider of premium traditional Chinese medicine, focusing on the "Three Seven" industry chain and chronic disease management [15][23]. - The company has initiated a marketing organization transformation in 2023, establishing three core business units centered around chronic disease management and premium traditional Chinese medicine [16]. Market Dynamics - The cardiovascular market is expected to benefit from the aging population, with a significant portion of patients being over 60 years old, which supports the company's stable growth [32][33]. - The market for cardiovascular traditional Chinese medicine is projected to grow, despite some segments experiencing price declines due to policy impacts [36][40]. Financial Projections - Revenue forecasts for 2025-2027 are 94.86 billion CNY, 108.87 billion CNY, and 125.99 billion CNY, with year-on-year growth rates of 12.91%, 14.77%, and 15.73% respectively [5][6]. - Net profit estimates for the same period are 7.83 billion CNY, 9.29 billion CNY, and 11.10 billion CNY, reflecting growth rates of 20.86%, 18.63%, and 19.44% [5][6]. Catalysts for Growth - Key catalysts include successful channel reforms for the premium national medicine series in 2025, exceeding expectations in medical and retail terminal coverage, and the implementation of a new equity incentive plan [4][5].

证券研究报告 大众品2025年十大预测 ---大众品2025Q2策略 行业评级：看好 2025年3月19日 分析师 杨骥 孙天一 杜宛泽 邮箱 yangji@stocke.com.cn suntianyi@stocke.com.cn duwanze@stocke.com.cn 电话 13911632184 18621835115 17621373969 证书编号 S1230522030003 S1230521070002 S1230521070001 投资建议：关注高景气和成本周期两条主线，同时关注25年零售 变革大年有望带来的食饮投资机会，龙头个股优先 00 风险提示：食品安全风险、原材料价格上涨、终端需求疲软、行业数据存在主观分类和筛选，存在实际情况与数据结论不符的风险。 2 市场认为：25年食饮投资机会来自于促消费政策驱动消费数据的修复。 与众不同的认知：我们觉得今年食饮投资机会不仅来自于数据的触底改善，更需关注顺应产业趋势下有望长大的公司。例如：质价比/功能化消 费趋势下能推出大单品的公司，零售/渠道变革收益标的，极致供应链模式铸就出的行业龙头，成本周期驱动盈利弹性释放的板块和通过出海突 围打造第二成 ...

宏观专题研究 证券研究报告 | 宏观专题研究 | 中国宏观 报告日期:2025年03月20日 鸽派发言"关税通胀临时论"出现 -3月美联储议息会议传递的信号 核心观点 本月联储利率按兵不动&缩表速度调降符合预期,但鸽派言论"关税通胀临时论"出 现。鲍威尔并未将本次点阵图中通胀预期的上修明确归咎为关税的影响,且认为需要 重点关注"关税"对通胀的影响是否为临时性的(transitory)。 我们认为这一表述是本次会议中最为鸽派的信号,即联储可能不会急于对关税导致通 胀的"一次性冲击"进行过度反应。换言之,如果未来的实际经济数据呈现出"滞胀" 特征时,联储可能更关注"滞"而非"胀"。 展望未来,近期表退预期上修和美股回落后,特朗普国内民调有所走弱,考虑到特朗 普的执政基础并不稳定(尤其明年面临中选压力,共和党在众议院的席位仅领先民主 党5席,差距是过去百年最小,从中选角度考虑施政容错率较低),我们认为美国经济 分析师:李超 执业证书号: S1230520030002 lichaol@stocke.com.cn 分析师:林成炜 执业证书号: S1230522080006 linchengwei(@stocke.com ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported strong performance for 2024, with revenue of 70.8 billion, a year-on-year increase of 13.6%, and net profit attributable to shareholders of 15.6 billion, up 52.4% [1] - The main brand, Anta, achieved a high single-digit growth in revenue, with reported income of 33.5 billion, a year-on-year increase of 10.6% [2] - FILA brand showed healthy growth with reported income of 26.6 billion, a year-on-year increase of 6.1% [3] - Other brands experienced significant growth, with revenue increasing by 53.7% to 10.7 billion [4] - Amer Sports reported a revenue of 5.18 billion USD, a year-on-year increase of 18%, with the Greater China region leading growth at 54% [5] - The company expects revenue growth of 10% in 2025, 8% in 2026, and 7% in 2027, with net profit projected to be 13.4 billion, 14.7 billion, and 16.1 billion respectively [6] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 70.8 billion, with a net profit of 15.6 billion, reflecting a strong performance [1] - The cash dividend payout ratio was 51.4%, maintaining a normal level [1] Brand Performance - Anta brand revenue reached 33.5 billion, with DTC and e-commerce growing by 7.2% and 20.7% respectively [2] - FILA brand revenue was 26.6 billion, with a focus on enhancing product functionality and quality [3] - Other brands saw a revenue increase of 53.7%, with a notable performance from Descente and Kolon [4] Future Outlook - The company plans to continue focusing on product innovation and expanding its global brand presence [2][3] - The leadership change in FILA is expected to drive further brand innovation and growth [3] - The company maintains a positive outlook on revenue growth and profitability for the coming years [6]