Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, HLA, is deepening its collaboration with Adidas to build a "Sports+" ecosystem, moving beyond traditional commercial partnerships to enhance brand empowerment and channel synergy [2]. - HLA's main brand is showing steady growth, with a total of 5,723 stores as of mid-2025, and a positive revenue growth trend observed in the first three quarters of 2025 [3]. - The company is expanding its overseas presence, with 111 international stores, and is actively exploring new markets in Central Asia, the Middle East, and Africa [3]. - HLA's partnership with Adidas is expected to strengthen its brand influence and channel competitiveness, creating a dual-driven growth model of a stable core business and emerging growth points [3]. Financial Summary - Total revenue for 2024 is projected at 20,957 million yuan, with a year-on-year growth rate of -2.7%. Revenue is expected to increase to 22,425 million yuan in 2025, reflecting a growth rate of 7.0% [4]. - The net profit attributable to the parent company is forecasted to be 2,334 million yuan in 2025, with a year-on-year growth of 8.1% [4]. - Earnings per share (EPS) is expected to rise from 0.45 yuan in 2024 to 0.49 yuan in 2025 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 13.73 in 2024 to 12.70 in 2025 [4].

Investment Rating - The investment rating for the company is maintained as "Buy" [3] Core Insights - The company is collaborating with adidas to build a "Sports+" ecosystem, focusing on product reach, community empowerment, and public welfare [8] - The main brand of the company holds a 5.6% market share in the Chinese menswear market, leading the sector [8] - The company has opened 23 city outlet stores as of the first half of 2025, with plans for rapid expansion [8] - The partnership with international sports brands has proven successful, contributing significant revenue [8] - The company is positioned as a leader in the national apparel sector, with a focus on new growth areas such as city outlets and sports collaborations [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 21,649 million, with a year-on-year growth rate of 3.3% [7] - The net profit attributable to the parent company is expected to be 2,168 million in 2025, reflecting a slight increase of 0.4% year-on-year [7] - Earnings per share are forecasted to be 0.45 yuan in 2025, with a projected PE ratio of 14 [7] - The gross margin is expected to be 44.8% in 2025, with a return on equity (ROE) of 12.6% [7]

2025 年 12 月 29 日 公司点评 买入/维持 英维克(002837) 目标价: 昨收盘:110.59 乘液冷东风，海外客户有望逐步突破 ◼ 走势比较 (30%) 28% 86% 144% 202% 260% 24/12/30 25/3/12 25/5/23 25/8/3 25/10/14 25/12/25 英维克 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 9.77/8.5 | | --- | --- | | 总市值/流通(亿元) | 1,079.97/940. | | | 23 | | 12 个月内最高/最低价 | 116.5/23.6 | | (元) | | 相关研究报告 证券分析师：李仁波 电话：0755-83688853 E-MAIL：lirb@tpyzq.com 分析师登记编号：S1190520040002 事件：公司 2025 年前三季度英维克实现营收约 40.26 亿元，同比 +40.19%，归母净利润约 3.99 亿元，同比+13.13%，扣非净利润 3.84 亿 元，同比增长 14.76%。2025Q3 单季度营收 14.53 亿元（yoy+25.34%，环 比-11% ...

同研究 /公司深 | 2025 年 12 月 29 日 | | --- | 锐捷网络 (301165) 敏锐迅捷的 AI 智算网络筑基者 报告原因:首次覆盖 (首次评级) | 市场数据: 2025 年 12 月 26 日 | | | --- | --- | | 82.80 收盘价（元） | | | 一年内最高/最低（元） 106.80/47.21 | | | 13.3 | 市净率 | | 股息率%（分红/股价） 0.73 | | | 流通 A 股市值 (百万元) 65,864 | | | ┣证指数/深证成指 3.963.68/13.603.89 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.24 | | 资产负债率% | 47.15 | | 总股本/流通 A 股 (百万) | 795/795 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比走势: 户深300指数 相关研究 证券分析师 李国盛 A0230521080003 ligs@swsresearch. ...

Investment Rating - The report assigns an "Accumulate" rating for the first time [2]. Core Insights - The company is driven by dual engines of "building materials" and "new economic investments," indicating a promising future [4][36]. - The cement business remains robust, with industry-leading profitability metrics, providing a solid performance foundation [4][13]. - The company has entered a harvest phase for its equity investments, particularly in semiconductor, new energy, and new materials sectors, which are expected to mitigate cyclical risks and foster new growth engines [30][36]. - The company has shown a significant recovery in performance, with net profit for the first three quarters of 2025 reaching 5.51 billion, a year-on-year increase of 45.9% [37]. - The company maintains a generous dividend policy, with a commitment to distribute at least 35% of net profit as cash dividends, translating to a dividend yield of approximately 3.47% based on current market capitalization [42]. Summary by Sections Company Overview - Gansu Shafeng Cement Co., Ltd. primarily engages in the production and sale of cement and related building materials, with a focus on optimizing resources and expanding into related industries [11]. Cement Business Stability and Profitability - The traditional cement business, despite facing industry cycles, has maintained high gross margins and return on equity (ROE), positioning the company favorably within the industry [4][13]. - In 2024, cement and related materials accounted for 96.72% of total revenue, with cement alone contributing 70.55% [13]. Equity Investment Harvest Phase - The company has strategically invested over 1.7 billion in key technology sectors, with equity investments contributing approximately 31% to net profit in the first three quarters of 2025 [30][36]. Performance Recovery - The company reported a net profit of 5.51 billion for the first three quarters of 2025, marking a significant recovery from previous years [37]. Generous Dividend Policy - The company has a history of consistent dividend payouts, with a planned minimum cash dividend of 4 billion annually for 2025-2026, reflecting a strong commitment to shareholder returns [42]. Investment Outlook - The report forecasts earnings per share (EPS) of 0.72, 0.87, and 0.92 for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [43].

兆易创新 603986.SH 公司研究 | 动态跟踪 | | | 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 2.47、3.96、5.00 元（原 25-26 年预测为 2.38、3.04 元），主要调整了营业收入与费用率。根据可比公司 26 年平均 65 倍 PE 估值，给予 257.40 元目标价，维持买入评级。 风险提示 需求复苏不及预期、价格上涨不及预期、新产品进展不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,761 | 7,356 | 9,452 | 12,461 | 15,871 | | 同比增长 (%) | -29.1% | 27.7% | 28.5% | 31.8% | 27.4% | | 营业利润(百万元) | 120 | 1,117 | 1,678 | 2,751 | 3,585 | | 同比增长 (%) | -94.6% | 832.8% | 50.2% | 63.9% | 3 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [9]. Core Insights - The company has signed significant contracts totaling 2.54 billion yuan and 3.92 billion yuan, reflecting its strategic focus on expanding its market position in the aerospace sector [6][9]. - The company's "One Core, Two Wings" strategy is being implemented, aiming to enhance its role as a key supplier of materials for aircraft engines and expand into other high-end manufacturing sectors [9]. - The establishment of a new electromagnetic testing system marks a significant advancement in the company's testing capabilities, supporting product development and providing services to various industries [9]. - The company is recognized as a leading domestic enterprise in special materials, with a strong market position and a broad scope for growth due to increasing defense modernization demands [9]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,139 million yuan in 2024 to 2,157 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 22.5% [8]. - The net profit attributable to the parent company is expected to increase from 414 million yuan in 2024 to 762 million yuan in 2027, reflecting a strong growth trajectory [8]. - The earnings per share (EPS) is forecasted to rise from 1.65 yuan in 2025 to 2.80 yuan in 2027, indicating improving profitability [8]. - The company's return on equity (ROE) is anticipated to improve from 9.2% in 2025 to 12.8% in 2027, showcasing enhanced efficiency in generating profits from shareholders' equity [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that exceeds the market by more than 20% [7]. Core Insights - The company has achieved a significant breakthrough in the lithium battery equipment sector with the successful delivery of its first CVD fluidized bed equipment for silicon-carbon anode materials, marking a key market achievement [7]. - The company has launched an equity incentive plan, granting up to 5.7 million restricted shares, which represents approximately 1.81% of the total share capital, aimed at retaining core personnel [7]. - The company is experiencing a decline in orders, with a total order backlog of 9.94 billion yuan as of September 30, 2025, reflecting a 26% year-on-year decrease primarily due to a downturn in the photovoltaic sector [7]. Financial Data and Profit Forecast - Total revenue is projected to be 6.46 billion yuan in 2025, with a year-on-year decrease of 29.8% [6]. - The net profit attributable to the parent company is expected to be 519 million yuan in 2025, down 59.3% year-on-year [6]. - The earnings per share (EPS) is forecasted to be 1.65 yuan in 2025, with a significant decline from previous years [6]. - The company’s gross margin is expected to be 29.5% in 2025, slightly lower than previous years [6]. - The return on equity (ROE) is projected to be 11.7% in 2025, indicating a recovery trend in subsequent years [6].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 29 年 月 日 珠海冠宇（688772.SH） 消费类电池标杆，解锁 AI 终端新成长 从消费龙头到多领域布局，以创新与韧性构筑新版图。公司的发展始于 1998 年创始人徐延铭对锂电池领域的探索，凭借在消费电池领域的技术 积累，迅速成长为全球领先的笔记本电脑电池供应商，于 2015 年发展为 全球前五的聚合物锂电池供应商。2021 年，公司在科创板成功上市，此 后，持续深化战略布局，各项业务快速发展，持续保持在消费类电池领域 的行业头部领先地位。2025 年，公司发展势头进一步向好，前三季度营业 总收入同比增长 21.2%至 103.21 亿元，归母净利润同比增长 44.4%至 3.87 亿元，盈利能力持续改善，业绩成长拐点已现。 消费类电池：受益端侧 AI 渗透加速，公司持续强化技术壁垒。AI 的创新 与应用正为消费电子行业注入新的增长动力，显著提升了现有产品的智能 化体验，更催生了 AI 手机、AI 眼镜等新兴品类，拓展了市场需求边界。 根据 Precedence research，2024 年全球消费电子市场规模为 8.1 千亿 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Viewpoints - The company is driven by dual engines of "building materials" and "new economy investments," showing promising growth potential [4][36]. - The cement business remains robust with industry-leading profitability, supported by optimized regional layouts and refined operations [4][13]. - The company has entered a harvest period for equity investments, particularly in semiconductor, new energy, and new materials sectors, which are expected to mitigate cyclical risks of the main business [4][30]. - The company has a strong commitment to dividends, with a planned cash dividend of no less than 35% of net profit for 2025-2026, translating to a dividend yield of approximately 3.47% based on current market capitalization [4][42]. Summary by Sections Company Overview - Gansu Shangfeng Cement Co., Ltd. primarily engages in the production and sale of cement and related building materials, with a focus on optimizing resources and expanding into new economic sectors [11]. Cement Business Stability and Profitability - The cement business accounts for 96.72% of revenue, with cement sales contributing 70.55% and clinker sales 16.88% [13]. - The company maintains a leading position in key profitability metrics such as gross margin and return on equity (ROE) [23][29]. - Despite a decline in cement production and sales, the company achieved a net profit of 5.51 billion and a net profit attributable to shareholders of 5.28 billion for the first three quarters of 2025, reflecting year-on-year increases of 45.9% and 30.56% respectively [4][37]. Equity Investment Harvest Period - The company has invested over 1.7 billion in equity investments, contributing approximately 31% to net profit in the first three quarters of 2025 [30][35]. - The strategic focus on sectors supported by national policies is expected to create new growth engines [30]. Performance Recovery - The company reported a total revenue of 54.48 billion for 2024, a decrease of 14.83% year-on-year, but the decline has narrowed in 2025 [37]. - The operating cash flow reached 7.55 billion, indicating a 2.34% year-on-year increase, with a low debt ratio of 42.65% [38]. Generous Dividends and Investor Returns - The company has consistently returned value to shareholders, with a dividend payout ratio of 95.73% in 2024 [42]. - Future dividend plans include a minimum of 4 billion in cash dividends annually, reinforcing the company's commitment to shareholder returns [42]. Summary and Investment Recommendations - The company is well-positioned for sustainable growth, with a strong foundation in its cement business and promising prospects in new economic sectors [43]. - Earnings per share (EPS) are projected to be 0.72, 0.87, and 0.92 for 2025-2027, with corresponding price-to-earnings (PE) ratios of 16.56, 13.8, and 13 [43].