山西证券：研究早观点-20250304

Market Trends - The Shanghai Composite Index closed at 3,316.93 with a slight decrease of -0.12%, indicating a potential opening for growth opportunities [3] - The Shenzhen Component Index increased by 0.36%, while the ChiNext Index rose by 1.20%, suggesting a mixed performance across different market segments [3] Coal Industry Insights - The coal market is experiencing a decline in port inventories, with a focus on the strength of non-electric demand. The current coal prices remain weak, with the price of thermal coal at 701 CNY/ton, down 3.84% week-on-week [7] - Metallurgical coal production is stable, with downstream operations increasing, leading to a slight recovery in demand. The price of coking coal is under pressure but is expected to stabilize as macroeconomic policies are anticipated to improve demand [7][10] - The black coal industry is seeing price fluctuations, with coking coal prices decreasing, but demand is expected to rise post the National People's Congress, potentially increasing coking coal demand [8][10] Investment Recommendations - The report suggests focusing on high-dividend stocks and stable high-dividend companies within the coal sector, particularly recommending companies like China Shenhua, Shaanxi Coal, and Zhongmei Energy for their strong performance and potential [10] - Companies with low non-coal business ratios, such as Xinjie Energy and Haohua Energy, are considered undervalued, while those with significant non-coal business ratios, like Shaanxi Energy and Electric Power Investment Energy, are also seen as undervalued [10] Amer Company Performance - Amer reported a revenue increase of 23% year-on-year for Q4 2024, reaching 1.636 billion USD, with growth across various segments, particularly in Technical Apparel and Outdoor Performance [13][14] - The adjusted gross margin improved by 3.7 percentage points to 56.4%, and the adjusted net profit surged by 388% to 90 million USD, indicating strong operational efficiency [15] - For 2025, Amer expects revenue growth of 13%-15% and a gross margin of 56.5%-57.0%, reflecting a positive outlook for the upcoming year [15]