Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Viewpoints - The company's performance in 2024 was impacted by a weak film market, with total revenue of 4.082 billion yuan, a year-on-year decrease of 14.19%. The entertainment content service accounted for 48% of total revenue, online entertainment ticketing services 47.1%, and advertising services and others 4.9%. The net profit attributable to shareholders was 182 million yuan, down 80.02% year-on-year, while adjusted net profit was 310 million yuan, a decrease of 69.9% [2][5] Revenue Breakdown - Entertainment content services generated 1.96 billion yuan in 2024, a year-on-year decrease of 14.8%, primarily due to underperforming box office results of certain films. Online entertainment ticketing services brought in 1.922 billion yuan, down 14.9% year-on-year, attributed to a decline in the total box office of the Chinese film market. Advertising services and other revenues increased by 1.2% to 201 million yuan [9] Market Coverage and Competitive Strength - The company achieved record highs in both the number of films participated in and market coverage, with 63 domestic films released in 2024, including 36 films under its control, generating a total box office of 23.2 billion yuan. The company participated in 8 of the top 10 domestic films by box office in 2024 [9] Future Prospects - The company is optimistic about its content pipeline for 2025, with several films scheduled for release, including the first 3D animation "Time's Son" on May 30, and other animated films and projects in development. The live performance market is also showing strong demand, with the company providing ticketing services for both domestic and international artists [9] Technological Advancements - The company is continuously updating its "Cat Eye Professional Version" and "Cat Eye Research Institute," exploring more collaboration scenarios in "AI + Film." The "Cat Eye Professional Version" covers major global markets, providing domestic users with insights into overseas markets, while the "Cat Eye Research Institute" offers in-depth data services for films [9]

吉利汽车（0175.HK）系列点评二十四 25Q1 业绩超预期 规模效应驱动盈利改善 2025 年 04 月 11 日 ➢ 事件概述：4 月 10 日，公司发布了"会计政策变更"和"正面盈利预告" 两个公告： 1）"会计政策变更"公告： 0175 就共同控制下实体企业合并的会计政策变更为 合并实体的资产负债按控股方的现有账面值列账。就 2025 年 2 月 14 日极氪与 领克完成的战略整合公告所述的未审计收益人民币 64.7 亿元，在本次会计政策 变更后将不再形成。其余详细的追溯财务调整将会在季报披露。 2）"正面盈利预告"公告：在上述变更后,0175 预计其 2025 年 1 季度的归母利 润为人民币 52-58 亿元，同比增长 220-270%，其中汇兑税后净收益占人民币 20-23 亿元。1 季度的销量增长及新能源业务持续改善带动盈利增长。 ➢ Q1 业绩超预期 规模化提振盈利。2025Q1，公司乘用车累计销量 70.4 万 辆，同比+47.9%；新能源累计 33.9 万辆，同比+135.4%。出口方面，2025Q1 海外销量 8.9 万辆，同比+2.0%，环比-1.3%。按中值计算，2025Q1 归 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a turnaround in profitability, with a net profit of 1.07 billion RMB, driven by improved gross margins in development business and reduced inventory impairment [2] - The company has made significant progress in its commercial layout and property management business, with non-development revenue growing by 1.3% year-on-year [3] - The company’s industry position has improved, ranking 12th in sales with a total sales of 98.3 billion RMB, despite a year-on-year decline of 30.4% [4] - Financially, the company remains stable with a decrease in interest-bearing debt and a net debt-to-adjusted capital ratio of 67% [4] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 59.05 billion RMB, a decrease of 18% year-on-year, with a gross margin of 14.6%, up by 2.1 percentage points [2] - The core net profit for 2024 is projected at 1.33 billion RMB, marking a significant recovery from losses in 2023 [5] Business Development - The company has successfully listed its commercial REIT, enhancing asset liquidity, although its commercial leasing and retail revenue fell by 6% to 1.7 billion RMB [3] - The property management segment achieved revenue of 2.97 billion RMB, reflecting a 10% year-on-year growth [3] Market Position and Land Acquisition - The company acquired 22 new land parcels primarily in first and second-tier cities, with a total land acquisition cost exceeding 42.9 billion RMB [4] - The sales performance in Q1 2025 showed a 4.5% year-on-year increase, indicating a stabilization in sales [4] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 1.13 billion RMB and 1.27 billion RMB respectively, with a new forecast for 2027 at 1.4 billion RMB [5] - The current stock price corresponds to a PE ratio of 13.3 for 2025, indicating a stable operational outlook [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a P/E of 13 times for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a year-on-year increase of 68% [1][3]. - The company has secured two new steer-by-wire orders in 2024, which are anticipated to be implemented by 2026, indicating a strong position in the autonomous driving sector [2][3]. - The report highlights the company's revenue growth potential driven by the trends of electrification and intelligence in the automotive industry, with expected revenues of USD 43 billion, USD 46 billion, and USD 50 billion for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - For 2024, the company is projected to achieve revenues of USD 4.28 billion, a year-on-year increase of 1.6%, with an adjusted EBITDA of USD 424 million, reflecting a 22.5% growth [1][5]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [5][12]. - The company’s EBITDA margin is projected to reach 9.9% in 2024, an increase of 1.7 percentage points year-on-year [1][5]. Product and Market Insights - The steer-by-wire technology is highlighted as a key innovation, allowing for more flexible vehicle design and enhanced driving precision, which is crucial for advanced autonomous driving [2][3]. - The company has also received its first rear-wheel steering order in 2024, which is expected to enhance driving experience in larger vehicle models [3][5]. - The revenue breakdown shows that North America accounts for 51% of total revenue, followed by Asia-Pacific at 31% and EMEASA at 17% [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a 13x P/E for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a 68% year-over-year increase [1][3]. - The company is benefiting from the trend towards steer-by-wire technology and has secured two steer-by-wire orders expected to be implemented by 2026 [2][3]. - The report highlights the potential for the company's rear-wheel steering technology, which is set to debut at the Shanghai Auto Show in April 2024, with an order already secured from a Chinese automaker [3]. Financial Performance - For 2024, the company anticipates revenues of USD 4.28 billion, a 1.6% increase year-over-year, with an adjusted growth of 2.5% after currency and commodity adjustments [1]. - The EBITDA for 2024 is projected at USD 424 million, a 22.5% increase from the previous year, with an EBITDA margin of 9.9% [1][3]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [1][3]. Product Segmentation - Revenue from various product lines for 2024 is projected as follows: EPS at USD 2.89 billion, CIS at USD 440 million, HPS at USD 180 million, and DL at USD 770 million [1][3]. - The company has a strong order book, with USD 6 billion in orders expected to be completed in 2024, and another USD 6 billion anticipated for 2025 [1][2]. Market Outlook - The company is well-positioned to capitalize on the electric and intelligent vehicle trends, with expected revenues of USD 4.34 billion in 2025 and USD 4.63 billion in 2026 [3][5]. - The report emphasizes the growing importance of steer-by-wire technology in the context of advanced driver-assistance systems and autonomous driving [2][3].

证券研究报告 | 公司点评报告 2025 年 4 月 11 日 京东集团-SW（09618.HK）25Q1 前瞻 Q1 GMV 及收入维持较快增长，利润表现预计符合预期 我们预计 25Q1 京东集团总收入同比+10.6%，Non-gaap 归母净利润同比 +15%。Q1 带电类国补驱动及日百品类稳健经营下 GMV 及收入预计维持双位 数较快增长，利润增长预计符合预期，京东自营电商壁垒坚实，当前关税政策 影响下市场转向内需，后续若刺激消费政策出台京东作为消费互联网龙头有望 显著受益，看好公司增长韧性以及供应链强议价能力下的利润提升空间，维持 "强烈推荐"评级。 风险提示：宏观经济风险；行业竞争加剧。 财务数据与估值 | 会计年度 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | | 1084662 | 1158819 | 1251543 | 1329509 | 1397248 | | 同比增长 | | 4% | 7% | 8% | 6% | 5% | | NON- ...

事项： 4 月 10 日，公司公告 2025 第一季度零售表现，2025 第一季度，安踏主品牌录得高单位数正增长，FILA 录 得高单位数正增长，其他品牌录得 65-70%正增长；此外，公司公告收购世界领先户外服饰、鞋履及装备专 业品牌德国狼爪（Jack Wolfskin)，基础对价为现金 2.9 亿美元。在满足其他惯常交割条件后，本次收购 预计将于 2025 年第二季末或第三季初完成。 国信纺服观点： 1、2025 第一季度：较高基数上各品牌流水增长出色，集团整体流水增长双位数，库存水平健康、折扣稳 定； 证券研究报告 | 2025年04月11日 安踏体育（02020.HK） 第一季度集团流水增长双位数，收购德国户外品牌狼爪 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a total revenue of 2.451 billion yuan for 2024, a decline of 10.66% year-on-year, with a net profit attributable to shareholders of 98 million yuan, down 15.03% year-on-year. In the second half of 2024, revenue was 1.192 billion yuan, a decrease of 10.34%, but net profit increased significantly by 371.96% to 65 million yuan [1]. - The company is focusing on optimizing store efficiency by closing underperforming locations and enhancing the quality of its stores. The total number of stores at the end of 2024 was 3,031, with a net closure of 785 stores. The average revenue per store increased by 6.7% for self-operated stores and 13.7% for franchised stores [2]. - The gross profit margin improved to 56.79%, an increase of 4.37 percentage points year-on-year, primarily due to reduced raw material costs and a higher proportion of self-operated stores, which have a better gross margin [3]. - The company plans to expand into new channels, including supermarkets, membership stores, and convenience stores, with a focus on differentiated product offerings. The introduction of a proprietary beverage brand and new product lines aims to enhance consumer experience and sales [3]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 2.451 billion yuan, with a year-on-year decline of 10.66%. The net profit attributable to shareholders was 98 million yuan, down 15.03% [1]. - The revenue breakdown shows that duck and duck-related products generated 1.956 billion yuan, down 7.79%, while other products and franchise fees saw declines of 21.34% and 5.93%, respectively [2]. Store Operations - The company closed 785 stores in 2024, focusing on improving store quality rather than quantity. The total number of self-operated and franchised stores was 1,591 and 1,440, respectively [2]. - The average revenue per self-operated store increased by 6.7%, while franchised stores saw a 13.7% increase [2]. Profitability and Cost Management - The gross profit margin for 2024 was 56.79%, an increase of 4.37 percentage points year-on-year, attributed to lower raw material costs and a higher proportion of self-operated stores [3]. - The sales expense ratio increased to 40.34%, up 4.52 percentage points, due to increased investment in high-potential self-operated stores [3]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, projecting net profits of 130 million yuan and 158 million yuan, respectively, reflecting a significant downward revision of 53.57% and 50.25% from previous estimates [4]. - The company aims to enhance its store performance and expand into new channels, which is expected to provide additional revenue streams [3].

证券研究报告 | 公司点评 | 文娱用品 安踏体育(02020) 报告日期：2025 年 04 月 10 日 Q1 超预期，收购德国狼爪户外矩阵进一步丰满 ——安踏体育点评报告 ❑ FILA：超预期稳健增长 25Q1 FILA 品牌流水增长高单位数，其中预计大货增长中单位数，儿童增长低双位 数，潮牌增长中双位数，儿童和潮牌延续了 24Q4 的回暖势头，分渠道来看，线上增长中 双位数，快于线下。本季度线上线下折扣略有加深，库销比保持在可控范围内，大货中 专业运动、户外增速表现领跑，潮牌重塑后户外机能风受到消费者欢迎，后续新 CEO 预 计也会继续在大货商品、零售渠道、组织架构进行积极调整。 ❑ 其他品牌：成长火力全开 25Q1 Descente 流水增长接近 60%，KOLON 流水增长接近翻倍，MaiaActive 流水增 长 30%以上，户外及女子运动多点开花，增长火力全开的同时运营质量极高， DESCENTE 及 KOLON 折扣和库销比表现维持高水准。 ❑ 收购德国狼爪、户外版图进一步丰满 德国狼爪 Wolfskin1981 年成立，作为德国代表的专业户外品牌主要在徒步、自行 车、滑雪、露营场景提供户外 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company aims to become a global leader in the robotics technology platform, achieving a revenue of 1.65 billion RMB in 2024, a year-on-year increase of 47.2% [1][6] - The company has a strong order backlog, particularly benefiting from the rapid development of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving [2] - The company is expanding its product offerings in the robotics sector, leveraging its hardware, chips, and AI technologies [3] Revenue and Profitability - In 2024, the company reported total revenue of 1.65 billion RMB, with a net loss of 480 million RMB, an improvement from a loss of 4.34 billion RMB in 2023 [1][6] - Revenue from ADAS products reached 1.34 billion RMB, up 71.84% year-on-year, with laser radar sales increasing by 114% [1][15] - The company's gross margin improved to 17.20%, an increase of 8.8 percentage points year-on-year, while the net margin was -29.22%, reflecting a significant improvement [25][28] Product and Market Development - The company has established partnerships with over 310 automotive manufacturers and tier-one suppliers globally, expanding its presence in overseas markets [2][52] - The company launched new products such as the MX and EM4 laser radars, which have gained traction among multiple automotive manufacturers [2][65] - The company is also focusing on the robotics sector, providing advanced components and solutions, and has formed strategic partnerships with over 10 humanoid robot companies [3][56] Financial Forecast - The report maintains its profit forecast, projecting revenues of 2.49 billion RMB, 3.62 billion RMB, and 5.28 billion RMB for 2025, 2026, and 2027 respectively, with expected net profits of -280 million RMB, 60 million RMB, and 460 million RMB [4][6]