ANLI(SZ:300218) CMS·2025-04-28 13:03Investment Rating - The report maintains an "Accumulate" investment rating for the company [3]. Core Views - The company reported a revenue of 555 million yuan in Q1 2025, representing a year-on-year growth of 2.59%, and a net profit attributable to shareholders of 46 million yuan, up 12.47% year-on-year [1]. - The company has become a strategic partner with Nike, enhancing customer collaboration and expanding its product offerings [6]. - The company is actively optimizing its production capacity with new production lines planned for 2025 [6]. Financial Data and Valuation - Projected total revenue for 2025 is 2.971 billion yuan, with a year-on-year growth of 24% [2]. - The projected net profit attributable to shareholders for 2025 is 256 million yuan, also reflecting a 32% year-on-year increase [2]. - The current price-to-earnings (PE) ratio is projected to be 11.3 for 2025, decreasing to 7.4 by 2027 [2][3]. Performance Metrics - The company achieved a gross margin of 25.9% and a net margin of 8.6% in 2025E [13]. - Return on equity (ROE) is expected to rise to 16.8% in 2025, indicating improved profitability [13]. - The company maintains a low debt-to-asset ratio of 29.9% in 2025, reflecting strong financial stability [13].