Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of $3.6 billion for 2024, a year-on-year decrease of 2.5%, but a slight decline of 0.2% when excluding foreign exchange impacts. Adjusted EBITDA was $680 million, down 3.7% year-on-year, and net profit attributable to shareholders was $350 million, down 12.9% year-on-year. In Q4 alone, revenue reached $940 million, a year-on-year decrease of 0.6%, with adjusted EBITDA of $190 million, up 7.7% year-on-year, and net profit of $110 million, up 22.7% year-on-year [1][5][12]. Summary by Sections Revenue Performance - In Q4, North America, Europe, and China saw positive revenue growth, while India and South Korea experienced declines, leading to a 7% year-on-year drop in Asian revenue. Specifically, revenue from China was $70 million (up 2%), India $50 million (down 28%), Japan $50 million (up 3%), and South Korea $30 million (down 17%). North America generated $350 million (up 4%), with the U.S. contributing $330 million (up 4%). Europe achieved $210 million (up 5%), with Belgium at $60 million (up 16%) and Germany at $30 million (down 7%) [2][3]. Brand and Channel Performance - In Q4, the brands TUMI and Samsonite saw revenue growth, with TUMI at $250 million (up 4%) and Samsonite at $480 million (up 3%). The DTC (Direct-to-Consumer) channel showed stable performance, with revenues of $280 million (up 0.1%) and $130 million (up 1.2%) for DTC self-operated and DTC e-commerce channels, respectively. The company plans to open 67 new stores, increasing the total to 1,119, demonstrating confidence in growth despite a weak retail environment [3][4]. Profitability and Margins - The gross margin for Q4 was 60.2%, an increase of 0.3 percentage points year-on-year, attributed to higher-end brand performance and discount control. The adjusted EBITDA margin reached 20.7%, a historical high, while the net profit margin was 12.2%, down 3.5 percentage points year-on-year due to a high base from previous impairment reversals [4][5]. Earnings Forecast and Valuation - The company is expected to achieve revenues of $3.7 billion, $3.8 billion, and $3.9 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.8%, 4.1%, and 3.5%. Net profit attributable to shareholders is projected to be $370 million, $410 million, and $460 million for the same years, with growth rates of 6.2%, 10.8%, and 12.8%. The price-to-earnings ratio is estimated to be 10, 9, and 8 times for the respective years [5][12][13].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][10]. Core Insights - The company is a leading supplier in the electronic and electrical field, with a diversified product portfolio that includes smart home appliance controls, industrial automation, and precision connection products [1]. - The company has made significant advancements in AI power supply development, positioning itself as a key player in the data center and AI server power supply market [8]. - The company has been included in NVIDIA's server supplier list, which is expected to enhance its business prospects in the AI power sector [8]. Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are estimated at 85.15 billion, 109.50 billion, and 137.40 billion CNY, respectively, with year-over-year growth rates of 26.07%, 28.60%, and 25.48% [2][8]. - Expected net profits for the same period are forecasted to be 6.35 billion, 8.21 billion, and 10.00 billion CNY, with corresponding year-over-year growth rates of 0.94%, 29.26%, and 21.82% [2][8]. - The earnings per share (EPS) is projected to be 1.16, 1.50, and 1.83 CNY for 2024, 2025, and 2026, respectively, with price-to-earnings (P/E) ratios of 58.3, 45.1, and 37.0 [2][8]. Business Performance - In Q1-Q3 of 2024, the company reported a revenue of 59.0 billion CNY, reflecting a year-over-year increase of 21.1%, with a net profit of 3.6 billion CNY, up 18.1% [8]. - The company has achieved a leading position in high-power, high-efficiency network power technology, which supports its future growth [8]. - The collaboration with NVIDIA is expected to drive demand for the company's innovative power solutions, particularly with the upcoming GB300 product launch [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4]. Core Insights - The company is a leading supplier in the electronic and electrical field, with a diversified product portfolio that includes smart home appliance controls, industrial automation, and precision connection products [1]. - The company has made significant advancements in AI power supply development, positioning itself as a key player in the data center and AI server power supply market [8]. - The company has entered the NVIDIA server supplier list, enhancing its prospects in the AI power supply business [8]. Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are expected to be 85.15 billion, 109.50 billion, and 137.40 billion CNY, representing year-over-year growth rates of 26.07%, 28.60%, and 25.48% respectively [2]. - Expected net profits for the same period are forecasted at 6.35 billion, 8.21 billion, and 10.00 billion CNY, with year-over-year growth rates of 0.94%, 29.26%, and 21.82% [2]. - The earnings per share (EPS) is projected to be 1.16, 1.50, and 1.83 CNY, with corresponding price-to-earnings (P/E) ratios of 58.3, 45.1, and 37.0 [2]. Business Performance - In the first three quarters of 2024, the company reported a revenue of 59.0 billion CNY, a year-over-year increase of 21.1%, and a net profit of 3.6 billion CNY, reflecting an 18.1% growth [8]. - The company has achieved a leading position in high-power, high-efficiency network power technology, which supports its future growth [8]. - The introduction of innovative power solutions compatible with NVIDIA's MGX platform is expected to enhance the company's performance [8].

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company reported a revenue of $3.6 billion for 2024, a year-on-year decrease of 2.5%, but a slight decrease of 0.2% when excluding foreign exchange impacts. Adjusted EBITDA was $680 million, down 3.7% year-on-year, and net profit attributable to shareholders was $350 million, down 12.9% year-on-year. In Q4 alone, revenue reached $940 million, a year-on-year decrease of 0.6%, with adjusted EBITDA of $190 million, up 7.7% year-on-year, and net profit of $110 million, up 22.7% year-on-year [1][5] Summary by Sections Revenue Performance - In Q4, North America, Europe, and China saw positive revenue growth, while India and South Korea experienced declines, leading to a 7% year-on-year decrease in Asian revenue. Specifically, revenue from China was $70 million (up 2% year-on-year), India was $50 million (down 28% year-on-year), Japan was $50 million (up 3% year-on-year), and South Korea was $30 million (down 17% year-on-year) [2] Brand and Channel Performance - In Q4, revenue from the brands Samsonite, TUMI, and American Tourister was $480 million, $250 million, and $150 million, respectively, showing year-on-year growth of 3%, 4%, and a decline of 9%. The DTC (Direct-to-Consumer) channel showed stable performance with revenues of $280 million, $130 million, and $540 million from wholesale, DTC self-operated, and DTC e-commerce channels, respectively [3] Profitability and Margins - The gross margin for Q4 was 60.2%, an increase of 0.3 percentage points year-on-year, primarily due to the higher growth rate of the premium TUMI brand and effective discount control. The adjusted EBITDA margin reached 20.7%, a historical high, while the net profit margin was 12.2%, reflecting a year-on-year decline mainly due to a high base from previous impairment reversals [4] Earnings Forecast and Valuation - The company is expected to achieve revenues of $3.7 billion, $3.8 billion, and $3.9 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.8%, 4.1%, and 3.5%. Net profit attributable to shareholders is projected to be $370 million, $410 million, and $460 million for the same years, with corresponding growth rates of 6.2%, 10.8%, and 12.8%. The price-to-earnings ratio is estimated to be 10, 9, and 8 times for 2025, 2026, and 2027, respectively [5][12]

2025 年 1-2 月经济：生产扩张，经济向上 ——2025 年 1-2 月宏观数据解读 证券研究报告 | 宏观深度报告 | 中国宏观 1-2 月份，全国规模以上工业增加值同比增长 5.9%，高于市场预期，与我们预期 （5.4%）较为接近。工业稳增长政策助力工业生产开门红，结构上，节后大企业 复工节奏快于中小企业，工业大省、重点行业是稳增长重点。如我们前期提示， 装备制造业是工业稳增长的重点。1-2 月份，装备制造业增加值同比增长 10.6%， 比上年全年加快 2.9 个百分点，对工业增长形成有力支撑。1-2 月服务业生产指数 同比增长 5.6%，延续积极态势，主要在于生产性服务业活跃度较高，工业企业生 产活跃积极带动生产性服务业，同时资本市场活跃对金融业有所支撑。 ❑ 1-2 月社零同比增速抬升，政策发力与汽车拖累并存 1-2 月社会消费品零售总额同比+4.0%（前值+3.7%），社零读数较上个月回升 0.3 个百分点，其中除汽车以外的消费品零售额同比增长 4.8%。结构上，其一，缘于 消费品以旧换新政策发力、消费结构升级驱动的影响，通讯器材、体娱用品、文 化办公用品零售额领跑其他品类，对社零形成支撑，其 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57%. The net profit attributable to the parent company was 1.557 billion yuan, up 35.29% year-on-year [7] - The company is actively implementing its "1238" strategy, which focuses on a dual-driven development model of pharmaceuticals and health consumer products, along with a three-industry integration of the gelatin industry chain [7] - The company plans to enhance brand exposure and terminal promotion, with sales expenses expected to increase to 1.973 billion yuan in 2024, a rise of 32.77% year-on-year [7] - The gross profit margin for 2024 is projected to be 72.42%, an increase of 2.18 percentage points year-on-year, primarily due to the higher proportion of high-margin gelatin products [7] - The company has shown significant improvement in operational efficiency, with accounts receivable turnover days reduced by 14.27 days to 23.51 days [7] - A high cash dividend payout ratio is noted, with a total cash dividend of 1.555 billion yuan for the year [7] Financial Summary - Revenue projections for 2025-2027 are 6.972 billion yuan, 8.074 billion yuan, and 9.283 billion yuan, respectively, with year-on-year growth rates of 17.75%, 15.80%, and 14.97% [3][8] - The net profit attributable to the parent company is expected to reach 1.943 billion yuan in 2025, 2.359 billion yuan in 2026, and 2.860 billion yuan in 2027, with growth rates of 24.80%, 21.41%, and 21.25% respectively [3][8] - Earnings per share (EPS) are projected to be 3.02 yuan in 2025, 3.66 yuan in 2026, and 4.44 yuan in 2027 [3][8] - The price-to-earnings (P/E) ratio is expected to decrease from 24.29 in 2024 to 13.22 in 2027 [3][8]

资料来源：浙商证券研究所 东阿阿胶(000423) 报告日期：2025 年 03 月 18 日 投资评级: 买入(维持) 分析师：孙建 证券研究报告 | 公司点评 | 中药Ⅱ 经营效率提升显著，聚焦 25 年增长与突破 ——东阿阿胶 2024 年年报点评 投资要点 ❑ 风险提示：政策调整风险、成本波动风险、二线产品放量不及预期。 财务摘要 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 5,921 | 6,972 | 8,074 | 9,283 | | (+/-) (%) | 25.57% | 17.75% | 15.80% | 14.97% | | 归母净利润 | 1,557 | 1,943 | 2,359 | 2,860 | | (+/-) (%) | 35.29% | 24.80% | 21.41% | 21.25% | | 每股收益(元) | 2.42 | 3.02 | 3.66 | 4.44 | | P/E | 24.29 | 19.46 | 16.03 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][21]. Core Insights - The company has received small batch orders for hollow cup motors in the humanoid robot sector, indicating a strong product reserve in this area. The company has been a leading supplier in the hollow cup motor market since 2014 and is well-positioned for growth in humanoid robotics [1][9]. - The humanoid robot industry is expected to accelerate, with a projected demand of approximately 2.04 million units in China and the US by 2030, representing a market space of about 305 billion yuan, with hollow cup motors accounting for around 7% of the value, equating to approximately 20.4 billion yuan [2]. - The smart controller business is anticipated to benefit from the AI wave, with a market CAGR of 13% over the past five years, suggesting a potential for accelerated demand in the coming years [2]. - The company is undervalued when viewed solely as a smart controller manufacturer, as it is transitioning towards a more integrated approach with control technology as its foundation [2]. Financial Summary - The company’s projected revenues are as follows: - 2023: 8,992 million yuan - 2024: 10,542 million yuan (up 17.2%) - 2025: 12,116 million yuan (up 14.9%) - 2026: 14,273 million yuan (up 17.8%) [3][20]. - The projected net profit attributable to the parent company is: - 2023: 516 million yuan - 2024: 670 million yuan (up 30%) - 2025: 887 million yuan (up 32.5%) - 2026: 1,085 million yuan (up 22.2%) [3][20]. - The company maintains a long-term R&D investment ratio of 7-10% of revenue, with a total of 1,138 invention patents, indicating a strong focus on innovation [11][15]. Additional Insights - The company has established a dedicated business unit for humanoid robots, reflecting its commitment to this growing market [10]. - The company’s stock option incentive plan for 2024 aims for revenue targets of 11.6 billion yuan, 13.8 billion yuan, and 16 billion yuan for 2025-2027, respectively [8]. - The company has been recognized as a national high-tech enterprise, which will provide a 15% income tax rate benefit from 2024 to 2026, potentially enhancing profit margins [7][16].

浙商早知道 证券研究报告 | 浙商早知道 报告日期：2025 年 03 月 18 日 2025 年 03 月 18 日 大势：3 月 17 日上证指数上涨 0.19%，沪深 300 下跌 0.24%，科创 50 下跌 0.45%，中证 1000 上涨 0.28%，创业板 指下跌 0.52%，恒生指数上涨 0.77%。 行业：3 月 17 日表现最好的行业分别是建筑材料（+2.05%)、环保（+1.88%)、综合（+1.6%)、房地产（+0.96%)、 汽车（+0.93%)，表现最差的行业分别是有色金属（-0.79%)、美容护理（-0.73%)、钢铁（-0.6%)、非银金融（-0.59%)、 煤炭（-0.35%)。 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 资金：3 月 17 日全 A 总成交额为 16209 亿元，南下资金净流入 104.83 亿港元。 重要推荐 【浙商电新 邱世梁/陈明雨】大金重工（002487）公司深度：风电出海选塔桩，塔桩龙头看大金——20250317 http://www.stocke.com. ...

证券研究报告 | 宏观专题研究 | 中国宏观 展望未来消费政策发力路径，我们认为在结构转型的大背景下，把消费作为逆周期的 发力手段需要一个凝聚共识的阶段，所以我们预判消费发力是一个渐进的过程。但我 们也同样提示，若中美贸易摩擦超预期，逆周期调节力度可能明显增强，消费领域超 常规逆周期政策可能包括发放全国消费券，以及给中低收入群体直接发补贴。资金来 源可能结合特别国债、央行利润上缴及中央财政共同出资，极端情况下或依赖央行扩 表支持。 ❑ 重点通过"增收组合拳"促进消费，而非"现金派发" 《提振消费专项行动方案》（后文简称"方案"）将"城乡居民增收促进行动" 置于首位，通过工资性收入、财产性收入、农民增收、账款清欠四维发力。我们 认为该举措体现了国家将收入分配改革作为扩大内需的核心抓手，而非直接"现 金派发"，体现了对长期可持续发展与短期刺激的平衡考量。 具体而言：其一，覆盖居民收入主要构成，其中工资性收入和财产性收入在居民 人均可支配收入中占比 65%，是居民的收入的主要来源，增收政策把握了核心矛 盾。其二，强调供需两端综合发力，此前的消费政策大多从供给侧入手，强调以 供给引领创造需求。这次《方案》在需求侧加大 ...