山西证券研究早观点-20250520

Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,367.58, unchanged, while the Shenzhen Component Index fell by 0.08% to 10,171.09 [4] - The new stock market activity has decreased, with the first-day gains and opening valuations of new stocks on the Sci-Tech Innovation Board and the Growth Enterprise Market both declining in May [5] Company Insights - On Running reported a revenue of 727 million Swiss francs in Q1 2025, a year-on-year increase of 43.0%, with a net profit of 56.7 million Swiss francs, down 38.0% year-on-year [8][11] - The company achieved a gross margin of 59.9% in Q1 2025, a slight increase from the previous year, and inventory decreased by 4.7% to 399 million Swiss francs [11] - Yingjie Electric's revenue for 2024 was 1.78 billion yuan, a slight increase of 0.59%, but net profit decreased by 25.19% due to increased R&D and asset impairment losses [23][21] Industry Dynamics - The coal industry is experiencing a return to supply-demand logic, with thermal coal prices expected to stabilize as summer inventory demands increase [13][16] - The textile and apparel sector saw a 1.01% increase, with specific segments like accessories and home goods performing well [12] - The semiconductor and electronic materials sectors are showing growth, with Yingjie Electric's semiconductor-related revenue increasing by 6.41% year-on-year [23][21] Investment Recommendations - The report suggests focusing on companies with strong performance in the textile sector, particularly those benefiting from government subsidies [12] - In the coal sector, companies like Xinjie Energy and Huahua Energy are highlighted as undervalued opportunities [16] - For On Running, the forecast for 2025 indicates a revenue growth of at least 28%, reaching 2.86 billion Swiss francs [11]