Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a Q1 2025 revenue of $2.03 billion, a year-on-year increase of 1.3%, with a net profit of $75.76 million, down 24.2% year-on-year. The manufacturing segment generated $1.33 billion in revenue, up 5.9% year-on-year, while the retail segment saw revenue of $700 million, down 6.5% year-on-year [1][2][4] Summary by Sections Manufacturing Business - The manufacturing segment's revenue reached $1.33 billion in Q1 2025, with a shipment volume of 61.9 million pairs, reflecting a 5.3% year-on-year increase. The average selling price (ASP) was $20.00, down 2.5% year-on-year. Revenue in April 2025 increased by 10.5% year-on-year, supported by strong orders from key clients like Adidas and Asics [2][3] - The capacity utilization rate was 91% in Q1 2025, up 3 percentage points year-on-year. However, uneven capacity loading and rising labor costs pressured profit margins, leading to a gross margin of 17.7%, down 2.6 percentage points year-on-year [3] Retail Business - The retail segment generated $700 million in revenue, down 6.5% year-on-year, primarily due to weak consumer demand in China and a decline in foot traffic. Online retail revenue, however, grew by 20% year-on-year, with live-streaming sales increasing by 230% [4] - The gross margin for the retail segment was 32.7%, down 0.5 percentage points year-on-year, while the net profit margin was 2.7%, down 0.5 percentage points [4] Earnings Forecast and Valuation - The company expects to achieve revenues of $8.5 billion, $9.0 billion, and $9.6 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3%, 6%, and 7%. The net profit is projected to be $410 million, $460 million, and $520 million for the same years, corresponding to growth rates of 5%, 13%, and 12% [5][11]

舍得酒业(600702) 报告日期：2025 年 05 月 14 日 短期业绩承压，股权激励提振信心 ——舍得酒业更新报告 投资要点 ❑ 产品结构承压，关注政商务消费需求恢复 1 ）利润端：25Q1 白酒收入 14.42 亿元，同比-26.5%，或因渠道库存消化，蓄力 后续健康发展。25Q1 公司毛利率/净利率同比-4.8/ -4.2pcts 至 69.4%/21.9%。 25Q1 管理费用率同比-0.01pct 至 7.89%，未来有望继续下降。 销售费用率同比 +3.03pct 至 19.36% ，我们认为或因春节期间市场费用投放力度加大。 2）资产端：应收账款及票据 4.95 亿元（同比-19%，下同），存货 53.51 亿元 （+18%），应付票据及账款 12.59 亿元（+22%），合同负债 2.06 亿（-12%），24 年末为 1.65 亿元。 3）现金流：销售收现 16.23 亿（-15%），经营性净现金流为 2.24 亿（+107%）。 ❑ 品味舍得短期承压，电商渠道增速较快 1）分产品：25Q1 中高档酒/普通酒实现收入 12.34 亿元/2.08 亿元，同比- 28.46%/-12.59 ...

❑ 催化剂：白酒需求恢复超预期；宴席恢复表现超预期；批价持续上行。 "双品牌"战略，稳中有进 ——水井坊更新报告 投资要点 ❑ 核心产品放量带动产品结构升级，确立"双子星"战略。 1）分产品：24 年高档酒/中档酒收入 47.64 亿元/2.64 亿元，分别同比 +1.99%/+28.78%。25Q1 高档酒/中档酒收入 8.51 亿元/0.49 亿元，分别同比 +6.71%/-34.21%。臻酿八号表现较优，产品结构持续升级。 2）分市场：24 年公司国内/国外分别实现收入 49.70/0.58 亿元，同比 +2.79%/+44.60%。24 年国内净增加经销商 6 家至 56 家，国外经销商 5 家。25Q1 国内收入 8.98 亿元（+4.30%），国外 0.02 亿元（-84.35%） ❑ 销售费用收缩，渠道持续管理精细化提升。 1）24 年毛/净利率同比-0.4/+0.09pct 至 82.76%/25.71%，25Q1 毛/净利率同比 +1.5/-0.12pct 至 81.97%/19.84%。 2）24 年销售/管理费用率同比-0.13/+0.89pct 至 25.06%/8.20%，25Q1 ...

Group 1: Market Trends - Bank self-operated investments will continue to be a significant source of funds for the bond market, with total asset growth for listed banks in 2024 at 7.87% for state-owned banks, 4.87% for joint-stock banks, 10.75% for city commercial banks, and 6.05% for rural commercial banks[12][14]. - The investment proportion in the bond market is expected to increase as banks adjust strategies to "invest to supplement credit," with state-owned banks' investment growth reaching 16.25% in 2024, the highest in five years[12][14]. Group 2: Credit Quality and Risks - The average non-performing loan (NPL) ratio for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks in 2024 is 1.23%, 1.22%, 1.76%, and 2.80% respectively, indicating a slight increase in city commercial banks' NPLs due to aggressive expansion strategies[20][21]. - Personal retail loan quality is showing signs of deterioration, with banks like Bohai Bank and Guizhou Bank reporting increases in NPL ratios by over 1 percentage point in 2024[22]. Group 3: Investment Strategies - The proportion of FVOCI accounts has significantly increased, with state-owned banks at 27.03%, joint-stock banks at 25.12%, city commercial banks at 26.87%, and rural commercial banks at 41.94%, reflecting a shift towards optimizing investment structures to benefit from bond market conditions[32]. - The reliance on bond market investments is increasing, with the investment/total asset ratios for state-owned, joint-stock, city commercial, and rural commercial banks at 28.73%, 30.90%, 38.44%, and 35.09% respectively in 2024[31]. Group 4: Liability Management - The cost of liabilities remains rigid, with the trend of increasing fixed-term deposits continuing, particularly in city commercial banks where the proportion of fixed-term deposits increased by 4.6 percentage points[42][43]. - The deposit structure is shifting towards "strong retail, weak corporate," with personal deposits for state-owned banks at 59.86%, joint-stock banks at 33.54%, city commercial banks at 46.10%, and rural commercial banks at 68.99%[42].

证券研究报告 | 公司点评 | 医疗器械 华大智造(688114) 报告日期：2025 年 05 月 13 日 装机量大幅提升，替代有望加速 ——华大智造 2024 年及 2025 年一季报点评报告 投资要点 公司 2024 年收入 30.13 亿元，同比增长 3.48%，归母净利润-6.01 亿元；其中 Q4 收入 11.43 亿元，同比增长 61.64%，归母净利润-1.37 亿元，装机量大幅提升拉 动四季度收入超预期。2025 年 Q1 收入 4.55 亿元，同比下降 14.26%，归母净利 润-1.33 亿元。我们认为，随着国产替代的持续加速以及海外拓展，2025 年核心 板块收入增长可期。 华大智造：国产替代加速，海外拓展持续 装机量快速增长，2025 年国产替代有望持续加速 2024 年公司基因测序仪业务实现收入 23.48 亿元，同比增长 2.47%，按照产品类 型看，仪器设备收入 9.60 亿元，同比增长 6.92%，试剂耗材收入 13.73 亿元，同 比增长 1.43%。2024 年公司实现新增销售装机近 1270 台，创历史同期新高，较 去年同期增长约 49%。2025 年 2 月 4 日 ...

证券研究报告 | 公司点评 | 化学制药 复星医药(600196) 报告日期：2025 年 05 月 14 日 创新持续发力，国际化渐入佳境 ——复星医药更新点评 投资要点 ❑ 研发保持高投入，我们看好国际化&创新化持续兑现驱动公司持续增长。 ❑ 业绩：利润快速增长，现金流提升 公司披露 2024 年业绩：2024 年实现营业收入 410.67 亿元(YOY-0.80%)。其中， 创新产品收入稳步增长，核心品种创新型抗 PD-1 单抗斯鲁利单抗注射液（汉斯 状）、CAR-T 细胞治疗产品奕凯达（阿基仑赛注射液）、止吐药物奥康泽（奈妥 匹坦帕洛诺司琼胶囊）以及长效重组人粒细胞集落刺激因子产品珮金（拓培非格 司亭注射液）、心衰和高血压治疗药物一心坦（沙库巴曲缬沙坦钠片）均实现较 快增长。 现金流：有所提升，经营质量较佳。2024 年实现经营现金流 44.77 亿元，同比增 长 31.13%，高于当期经营性利润的增速, 同时通过资产结构优化和严格控制资本 性支出等多项措施，实现自由现金流的提升。 利润端快速增长，费用率下降。2024 年实现归母净利润 27.70 亿元，同比增加 16.08%。扣非净利润 23.14 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved a revenue of 9.1 billion yuan in Q1 2025, representing a year-on-year increase of 14%, and a net profit attributable to shareholders of 231 million yuan, up 178% [1][2] - The company maintains its positioning in the mass liquor market, focusing on core products and enhancing brand advantages, while optimizing product structure through product renewal and channel development [1][2] - The white liquor business shows stable growth, while the pork business continues to reduce losses [1][2] Financial Summary - Revenue forecast for 2024 is 9.13 billion yuan, with a growth rate of 13.85%, and for 2025, it is projected at 8.60 billion yuan, with a growth rate of 5.78% [3] - The net profit attributable to shareholders is forecasted to be 231 million yuan in 2024, increasing to 293 million yuan in 2025, reflecting a growth rate of 26.89% [3] - Earnings per share are expected to be 0.31 yuan in 2024 and 0.40 yuan in 2025 [3] Product Strategy - The company focuses on core product adjustments to achieve product renewal, leveraging the brand advantage of Niulan Mountain and enhancing the classic Erguotou product series [2] - The company is expected to face revenue growth fluctuations due to the ongoing development of new products and the impact of the pork cycle [2] Market Catalysts - Potential catalysts include better-than-expected sales of new products, market expansion exceeding expectations, and improvements in the pork business profitability [2]

证券研究报告 | 公司点评 | 化学制药 医保放量驱动业绩高增，看好数据催化 ——迪哲医药 2024 年报&2025Q1 业绩点评 投资要点 ❑ 2025Q1 舒沃替尼、戈利昔替尼医保放量驱动业绩高增，商业化管线兑现加速。 舒沃替尼 NDA 获得 FDA 优先审评，DZD8586、DZD6008 即将在 2025 ASCO 公布数据，公司管线差异化优势强，看好商业化加速及更多数据读出催化。 ❑ 业绩：25Q1 医保落地驱动业绩高增 2024 年公司实现销售收入 3.60 亿元，同比增长 294.24%，其中公司 在 2024 年年 末对经销商的库存进行了医保价格的差价补偿，因差额补偿影响 2024 年收入约 5200 万元。2025Q1 公司营业收入达 1.60 亿元，同比增长 96.32%，得益于两款 核心产品舒沃替尼与戈利昔替尼自 2025 年 1 月 1 日起正式执行新版国家医保目 录，驱动业绩高增。 ❑ 催化：看好商业加速和数据读出催化 舒沃替尼： 2025 年 1 月，舒沃替尼用于既往经含铂化疗治疗时或治疗后出现疾 病进展的 EGFR Exon20ins 突变型晚期 NSCLC 的新药上市申请获美国 ...

证券研究报告 | 公司深度 | 电机Ⅱ 微特减速电机隐形冠军，持续拓展下游应用场景 ——江南奕帆深度报告 投资要点 ❑ 深耕微特减速电机领域，持续拓展下游应用场景 公司专注于定制化微特减速电机的研发、制造和销售。公司产品线丰富多样，包 括永磁直流电动机、交直流两用电动机、三相异步电动机和单相电容电动机等， 共计超 3,000 种规格型号。2024 年以来公司业绩持续回暖。2024 年，公司实现营 业收入 2.82 亿元，同比增长 61.69%；归母净利润 0.95 亿元，同比增长 98.51%。 2025Q1，公司实现营业收入 0.55 亿元，同比增长 35.97%；归母净利润 0.17 亿 元，同比增长 28.31%。 ❑ 减速电机千亿赛道，下游应用领域广泛 减速电机是指电机和减速机构的集成体，下游包括输配电、房车、新能源汽车、 太阳能追踪器、太阳能电池板清洗机器人、电动自行车、人形机器人等行业。 2023 年中国市场减速机及配套电机市场规模为 884 亿元，预计 2030 年将达到 1156 亿元，20242030 年的复合增长率 CAGR 为 5.12%。 ❑ 工艺技术及产品质量行业领先，下游客户质优面 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 05 月 14 日 浙商早知道 市场总览 重要推荐 【浙商家电 张云添/芦家宁】TCL 智家（002668）公司点评：冰箱 ODM 出口龙头，有望受益于冰箱出口景气延 续 ——20250512 重要观点 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 2025 年 05 月 14 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 大势：5 月 13 日上证指数上涨 0.17%，沪深 300 上涨 0.15%，科创 50 下跌 0.15%，中证 1000 下跌 0.27%，创业 板指下跌 0.12%，恒生指数下跌 1.87%。 行业：5 月 13 日表现最好的行业分别是银行（+1.52%)、美容护理（+1.18%)、医药生物（+0.9%)、交通运输 （+0.72%)、煤炭（+0.62%)，表现最差的行业分别是国防军工（-3.07%)、计算机（-0.8%)、机械设备（- 0.66%)、电子（-0.64%)、通信（-0.61%)。 资金：5 ...