Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6]. Core Insights - The company is enhancing its product offerings with innovative urban light outdoor series and stylish sun protection clothing, catering to the diverse needs of young consumers [1]. - The new line of jackets balances fashion and functionality, featuring water resistance, windproof, and breathability, suitable for both urban and outdoor settings [1]. - The brand is transitioning from being recognized as a global leader in down jackets to a comprehensive leader in the category, focusing on brand awareness and consumer perception [2]. - The company is leveraging smart logistics and inventory management to enhance operational efficiency and maintain a competitive edge in the industry [3]. - Adjustments to revenue forecasts have been made, with projected revenues for FY25-27 at RMB 25.7 billion, RMB 28.6 billion, and RMB 32.2 billion respectively, alongside net profits of RMB 3.5 billion, RMB 3.9 billion, and RMB 4.4 billion [4]. Summary by Sections Product Development - The company is launching a new urban light outdoor series and stylish sun protection clothing, which includes various designs to meet the preferences of young consumers [1]. Brand Strategy - The brand aims to solidify its position as a global leader in down jackets through integrated brand strategies and enhanced consumer engagement [2]. Operational Efficiency - The company employs a smart logistics system to manage inventory across multiple channels, ensuring quick response times and efficient stock management [3]. Financial Projections - The report revises the financial outlook, projecting revenues and net profits for the upcoming fiscal years, indicating a slight decrease from previous estimates [4].

投资建议 2024 年，受益于全球运动鞋履订单需求复苏及生产效率提升，公司制造业务订单及 盈利强劲复苏，零售业务受到国内消费环境影响，收入规模有所下滑。展望 2025 年，根 据公司披露的月度收益公告，2025 年 1-2 月，制造业务营收同比增长 7.3%，零售业务营 收同比下降 4.3%，我们预计 2025 年上半年公司制造业务恢复常态增长，零售业务或继续 有所承压，全年维度来看，预计制造业务稳健增长，零售业务有望实现正增长。预计公 司 2025-2027 年营业收入分别为 84.93/90.03/94.56 亿美元，同比增长 3.8%/6.0%/5.0%； 请务必阅读最后股票评级说明和免责声明 1 纺织制造 裕元集团（00551.HK） 买入-A(维持) 2024 年业绩弹性释放，2025 年 1-2 月制造业务营收增长 7% 2025 年 3 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 3 月 11 日，公司披露 2024 年年报，2024 年，公司实现收入 81.82 亿美元，同比增 长 3.7%，实现归母净利润 3.92 亿美元，同比增长 42.8%。公司董事会建议派发末期股息 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [3][14]. Core Insights - The company's revenue for 2024 is projected at 6.646 billion RMB, a decline of 15.8% year-on-year, primarily due to the slowdown in the telecommunications industry and cost-cutting measures by operator clients [1]. - Traditional business revenue, particularly from BSS, is under pressure, with a forecasted revenue of 4.046 billion RMB for 2024, down 18.9% year-on-year [1]. - New business segments (OSS, vertical industries, and smart operations) generated 2.599 billion RMB in revenue, a decrease of 10.3%, but their contribution to total revenue increased by 2.4 percentage points to 39.1% [1]. - The company is focusing on expanding its AI model delivery business, which is expected to grow significantly, with projected revenues of 200-300 million RMB in 2025 [2]. - The company plans to replicate its domestic BSS and OSS experiences in overseas markets, engaging with operators in Hong Kong and the Philippines [1]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit of 2.484 billion RMB, a decrease of 16.5%, resulting in a gross margin of 37.4% [1]. - Net profit for 2024 is expected to be 516 million RMB, corresponding to a net profit margin of 7.8% [1]. - The company anticipates a recovery in net profit to 636 million RMB in 2025, reflecting a growth rate of 16.8% [3]. Revenue Forecast - Revenue is projected to increase to 7.191 billion RMB in 2025, representing an 8.2% growth from 2024 [4]. - The company expects a gradual recovery in traditional business segments, with BSS revenue potentially stabilizing in 2025 [1][3]. Dividend Policy - The company has announced a total dividend of 0.412 HKD per share for 2024, reflecting its commitment to shareholder returns [2].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company achieved a revenue of USD 8.182 billion in 2024, representing a year-on-year growth of 3.7%, and a net profit attributable to shareholders of USD 392 million, which is a significant increase of 42.8% year-on-year [2][4] - The board proposed a final dividend of HKD 0.9 per share, combined with an interim dividend of HKD 0.4 per share, resulting in an annual payout ratio of 69% [2] - The manufacturing business showed strong order growth in 2024, with a revenue of USD 5.621 billion, up 11.1% year-on-year, driven by improved capacity utilization and production efficiency [4] - The retail business faced challenges with a revenue decline of 8.0% year-on-year, attributed to reduced foot traffic in physical stores and a net decrease of 75 stores in mainland China [5] Summary by Sections Financial Performance - In 2024, the manufacturing business's output volume reached 255 million pairs of shoes, a 16.9% increase year-on-year, although the average selling price decreased by 5.1% to USD 20.25 per pair [4] - The manufacturing business's capacity utilization improved to 93%, up 14 percentage points year-on-year, contributing to a gross margin increase of 0.7 percentage points to 19.9% [4] - The retail business's gross margin improved slightly to 34.2%, with a net profit of USD 49.2 million, reflecting a 0.2% year-on-year growth [5] Future Outlook - For 2025, the company expects a recovery in manufacturing business revenue, with a projected growth of 3.8% to USD 8.493 billion, while retail revenue is anticipated to decline by 4.3% [5] - The company forecasts net profits of USD 465 million, USD 502 million, and USD 532 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% [10][12]

[Table_Info1] [Table_Title] 证券研究报告 / 港股公司报告 终端表现领先行业，盈利能力保持稳健 ---361 度 2024 年报点评 事件： [Table_Summary] 公司发布 2024 年报，全年营收同增 19.6%至 100.7 亿元，净利润同增 19.5%至 11.5 亿元。全年派发普通股股息每股 26.5 港仙，派息比率 45%。 点评： 终端表现持续领先行业。2024 年 Q1 至 Q4，主品牌零售额分别同比增长 高双位数/10%/10%/10%，在整体零售环境仍有一定压力的情况下，公司 终端表现持续领先行业。全年成人鞋类/服装收入分别同比增长 22.1%/15.1%至 42.9/30.9 亿元。此外，2024 年公司童装品牌收入同比增 长 19.5%至 23.4 亿元，占集团营收的 23.2%。童装鞋类/服装收入分别同 比增长 17.5%/22.6%至 11/12.1 亿元。 门店形象持续升级，推出超品店新业态。截至 2024 年末，361 度成人门 店同比净增 16 家至 5750 家。单店面积同比增加 11 平方米至 149 平方 米，第十代终端形象门店持续推 ...

证券研究报告 | 2025年03月13日 联想集团（00992.HK） 优于大市 FY2025Q3 财报点评：ISG 业务扭亏为盈，业绩稳健增长 基础设施方案业务（ISG）扭亏为盈，AI 驱动业绩增长。FY2025 前三季度公 司实现营收 520.93 亿美元，同比+21.1%；实现净利润 12.95 亿美元，同比 +69.7%。分季度看，FY25Q3 实现营收 187.96 亿美元，同比+19.4%、环比+5.3%； 实现净利润 6.93 亿美元，同比+105.5%、环比+93.2%,主要由于单季度获得 2.82 亿美金的一次性所得税抵免。其中，FY2025 前三季度智能设备业务集 团、基础设施方案业务集团、方案服务业务集团分别实现收入 387.20、 104.04、63.07 亿美元，分别同比+13.4%、+62.8%、+11.6%。分季度看，FY25Q3 智能设备业务集团、基础设施方案业务集团、方案服务业务集团分别实现收 入 137.84、39.38、22.57 亿美元，分别同比+11.5%、+59.2%、+11.7%，其 中基础设施方案业务集团（ISG）实现经营溢利 100.2 万美元，首次单季度 扭 ...

2025 年 3 月 13 日 公司研究 智能赋能中医诊疗，名医"AI 分身"值得期待 ——固生堂（2273.HK）事件点评报告 要点 事件：近期，固生堂中医集团宣布重磅合作——欧洲科学院外籍院士、清华大 学人工智能研究院常务副院长孙茂松受聘出任集团人工智能高级顾问。此前， 公司宣布正式接入 DeepSeek，成为行业发展的又一里程碑，公司正积极为"中 医+AI"探索智能化诊疗、个性化服务与高效化管理做出新尝试。 点评： 打造名医的"AI 分身"，助力中医医疗新变革。基于真实、庞大的数据源，固生 堂正在打造名医的"AI 分身"。AI 可以基于专家共识通过深度学习算法，对专 家专属数据进行反复训练，能够复制头部专家的诊疗能力，模拟专家思维方式， 更好地服务广大患者。DeepSeek 深度学习算法构建的能力可以方便基层医生 和青年医生迅速掌握名医的诊疗思路，实现名医经验的传承与创新发展，大幅 缩短临床经验积累周期，提升优质医疗资源供给能力。公司预计有望在 25 年 7 月发布数名头部专家的"AI 分身"接入线上线下的诊疗场景，我们认为积极打 造名医的"AI 分身"有望推动中医诊疗突破优质中医资源的供给瓶颈，助力公 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

Investment Rating - The report initiates coverage with a "BUY" rating for the company [5][17][20]. Core Insights - The company is positioned in the commercialization stage, focusing on innovative drug development across oncology, cardiovascular-metabolic, autoimmune, and ophthalmology sectors, with over 10 innovative drugs launched in China and three products under NMPA review [2][13][27]. - A diversified product portfolio is expected to drive significant revenue growth, with projected product sales exceeding RMB 8.2 billion in 2024, representing over 40% year-on-year growth [2][14][20]. - The oncology pipeline includes advanced products such as IBI363 and IBI343, which are in various clinical stages and show promising early efficacy and safety data [3][15][47]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are RMB 82.4 billion, RMB 107.1 billion, and RMB 132.9 billion, respectively, with a narrowing net loss expected in 2024 and a return to profitability by 2025 [5][20][22]. - The target price is set at HK$ 59.6, indicating a potential upside of 53% from the current price [5][20][17]. Product Pipeline and Development - The company has a robust pipeline with four innovative drugs in phase III clinical stages and over 20 drugs in clinical development, including key products targeting obesity, diabetes, and various cancers [4][16][21]. - The non-oncology pipeline is also gaining traction, with significant products like mazdutide expected to receive approval in the first half of 2025, enhancing the company's market position in the cardiovascular and metabolic sectors [4][16][23]. Market Position and Competitive Advantage - The company has established a leading position in the GLP-1 market with mazdutide, which is anticipated to capture significant market share due to its first-mover advantage and commercialization capabilities [23][24]. - The oncology strategy focuses on "IO+ADC," leveraging advanced antibody technology and differentiated linker-payload platforms to enhance drug efficacy and safety [3][47].