华源证券：华源晨会精粹-20250314

Group 1: Key Points of Yu Yuan Group (00551.HK) - The company reported FY24 revenue of $8.18 billion, a year-on-year increase of 3.7$390 million, reflecting a significant year-on-year growth of 42.8% [6][7] - The manufacturing segment saw a nearly 17% increase in footwear shipments, with capacity utilization rising to 93%, the highest since FY21, leading to a gross margin increase to 19.9% [7][8] Group 2: Retail Business Insights - The retail segment experienced an 8.0% decline in revenue due to offline consumption demand and core brand impacts, but gross margin improved to 34.2% [8] - The company is diversifying its brand portfolio by increasing investments in emerging high-growth sports brands, which is expected to help restore growth in retail [8] Group 3: Key Points of China Merchants Highway (001965.SZ) - As a leading player in highway operations, the company has invested and operated over 14,700 kilometers of highways across 22 provincial regions, with a cumulative cash dividend of 14.066 billion yuan from 2017 to 2023 [10][11] - The company has a robust revenue growth with a CAGR of 9.81% in revenue and 12.65% in net profit from 2016 to 2023 [10][11] - The average remaining toll collection period for the company's assets is 12.96 years, with over 80% of assets having more than 10 years remaining, providing ample time for traffic growth and revenue release [11] Group 4: Growth and Innovation in Highway Operations - The company is focusing on "transport technology + intelligent transportation + transportation ecology" to build a second growth curve, with the revenue share from the highway industry chain increasing from 29.32% to 34.19% from 2018 to 2023 [11] - The support for digital transformation in transportation is expected to further enhance the technological premium and synergy effects of this business cluster [11] Group 5: Key Points of Li Tong Technology (832225.BJ) - The company specializes in high, medium, and low-pressure rubber hoses and is expected to achieve a net profit of 110 million yuan in 2024 [13][14] - The hydraulic hose segment has begun to replace some high-performance imported products, with key clients including SANY and XCMG [14][15] - The company is expanding into new business areas, including urban underground pipeline management services and ultra-high-pressure food sterilization equipment, which are expected to broaden its growth prospects [16][17] Group 6: Market Outlook and Financial Projections - The company anticipates net profits of 110 million, 133 million, and 158 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.86, 1.04, and 1.24 yuan per share [17] - The positive outlook is supported by the stabilization of the engineering machinery industry and steady growth in downstream oil drilling demand [17]