Core Insights - Chunjun Power (春风动力) reported a revenue of 15.04 billion yuan for 2024, marking a year-on-year increase of 24.2% and a net profit of 1.47 billion yuan, up 46.1% [1][2] - The company plans to invest 3.5 billion yuan to establish a production base with an annual capacity of 3 million sets of motorcycles, electric vehicles, and core components [1][3] Financial Performance - In 2024, Chunjun Power achieved a net profit of 1.47 billion yuan, with a non-recurring net profit of 1.44 billion yuan, reflecting increases of 46.1% and 48.5% respectively [1] - For Q1 2024, the company reported revenues of 4.25 billion yuan, a year-on-year growth of 38.86%, and a net profit of 415 million yuan, up 49.6% [2] Business Segments - The all-terrain vehicle (ATV) segment generated sales revenue of 7.21 billion yuan, an increase of 10.85% year-on-year, driven by optimized product structure and marketing strategies [1] - Motorcycle sales reached 290,000 units, generating revenue of 6.037 billion yuan, reflecting a year-on-year growth of 37.14% [1] Electric Vehicle Growth - The electric vehicle segment, under the brand Jikong, saw exponential growth with sales surpassing 100,000 units and revenue reaching 397 million yuan, a staggering increase of 414.15% [2] - Jikong's market expansion included a 1489% increase in channel numbers, covering over 30 countries and regions, enhancing brand recognition [2] Industry Trends - The motorcycle industry in China is experiencing significant growth, with total exports reaching 11.0163 million units in 2024, a year-on-year increase of 26.72% [3] - The electric two-wheeler market is projected to grow at a compound annual growth rate (CAGR) of 7% from 2023 to 2028, with expected sales reaching 84 million units by 2028 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2024 was impacted by asset impairment and a decline in gross margin, with a focus on polyurethane expansion and the improvement of the petrochemical industry chain [1][6] - The company is expected to solidify its market position as a global leader in the polyurethane industry with ongoing capacity expansions [8][9] Financial Performance Summary - In 2024, the company achieved revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [5][9] - For Q4 2024, revenue was 34.47 billion yuan, down 19.49% year-on-year, and net profit was 1.94 billion yuan, down 52.83% year-on-year [5] - In Q1 2025, revenue was 43.07 billion yuan, a decrease of 6.70% year-on-year, while net profit was 3.08 billion yuan, down 25.87% year-on-year [5][7] Business Segment Performance - In 2024, the polyurethane segment generated revenue of 75.8 billion yuan, up 12.6% year-on-year, while the petrochemical segment generated 72.5 billion yuan, up 4.6% year-on-year [6] - The fine chemicals and new materials segment achieved revenue of 28.3 billion yuan, a year-on-year increase of 18.6% [6] - In Q1 2025, the polyurethane segment's revenue was 18.4 billion yuan, up 5.3% year-on-year, while the petrochemical segment's revenue decreased by 11.8% to 16.3 billion yuan [7] Capacity Expansion and Strategic Developments - By the end of 2024, the company had an MDI capacity of 3.8 million tons/year and TDI capacity of 1.11 million tons/year, with further expansions planned [8] - The company is enhancing its petrochemical business through the construction of integrated facilities and strategic partnerships to ensure stable raw material supply [8] Profit Forecast and Valuation - Due to the decline in gross margins and significant asset impairment provisions, the company's earnings forecast for 2025-2026 has been revised downwards [9] - The projected net profits for 2025-2027 are 14.79 billion yuan, 17.20 billion yuan, and 19.39 billion yuan respectively [10][9]

证券研究报告 | 2025年04月15日 万华化学（600309.SH） 优于大市 业绩短期承压，聚氨酯龙头有序扩张 精细化学品及新材料板块产销量同比增加。2025 年一季度公司精细化学品 及新材料板块营收 73.7 亿元，产量/销量为 62/54 万吨。2024 年 TPU 三 期、POE、PEBA、聚碳酸酯二元醇（PCDL）等多个项目投产，有效拓展 产线；2025 年 MS 和 XLPE 项目计划投产，将进一步完善产品结构。 公司核心产品聚氨酯有序扩张。目前公司 MDI 和 TDI 年产能分别为 380 和 111 万吨，稳居全球首位。万华福建 MDI 技改扩能项目预计将于 2026 年 二季度新增 70 万吨产能，万华福建第二套 33 万吨 TDI 项目预计 2025 年 5 月份建成投产，届时 MDI 和 TDI 产能将分别达 450 和 144 万吨。 风险提示：项目投产不及预期；原材料价格上涨；下游需求不及预期等。 投资建议：公司作为聚氨酯行业龙头，产能有序扩张，但由于下游需求疲弱、 中美贸易摩擦等不利因素影响，我们谨慎下调公司 2025-2026 年归母净利润 预测为 139.25/140.64 ...

作 者丨费心懿 编 辑丨巫燕玲 港股动力电池板块迎来新玩家，掌舵人背靠"玻璃大亨"曹德旺家族的雄厚实力。 4月1 4日，正力新能( 3 6 7 7 .HK)在港交所主板上市，中金公司、招银国际担任联席保荐人。 此前全球发售结果显示，其公开发售约1 . 2 1 5亿股股份，其中香港公开发售占1 0%，国际发售 占9 0%。每股最终定价为8 . 2 7港元，净筹资金近1 0亿港元。 上 市 首 日 ， 该 股 表 现 稳 健 ， 早 盘 高 开 2 . 3% ， 全 天 报 收 8 . 3 9 港 元 / 股 ， 微 涨 1 . 4 5% 。 最 新 市 值 2 1 0亿港元。 2 0 2 2年11月，正力新能停止向威马汽车交付用于BEV（纯电动汽车）的三元锂电池产品。同 时，威马汽车事件使正力新能的三元锂电池销量锐减，从2 0 2 2年的2 . 9GWh降低至2 0 2 3年的 1 . 5GWh，三元锂电池销售收入从2 0 2 2年的2 6 . 2 9亿元减少至2 0 2 3年的1 4 . 4 8亿元。 从经营表现来看，正力新能刚刚实现扭亏。 数 据 显 示 ， 2 0 2 1 年 、 2 0 2 2 年 和 ...

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-04-14 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 华利集团 纺织服饰 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.14 | | --- | --- | | 总股本/流通股本（亿股）11.67 | / 11.67 | | 总市值/流通市值（亿元）655 | / 655 | | 52 周内最高/最低价 | 79.34 / 48.22 | | 资产负债率(%) | 23.4% | | 市盈率 | 17.06 | | 第一大股东 | 俊耀集团有限公司 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 华利集团(300979) 新锐客户增长强劲，积极扩张产能 l 事件点评 销量快速增长，新客户表现靓丽。分量价来看，公司 24 年销售 运动鞋 2.23 亿双，同增 ...

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-04-14 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 华利集团 纺织服饰 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.14 | | --- | --- | | 总股本/流通股本（亿股）11.67 | / 11.67 | | 总市值/流通市值（亿元）655 | / 655 | | 52 周内最高/最低价 | 79.34 / 48.22 | | 资产负债率(%) | 23.4% | | 市盈率 | 17.06 | | 第一大股东 | 俊耀集团有限公司 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com l 盈利预测及投资建议 公司新客户扩展顺利+老客户份额提升，积极扩张产能满足客户 需求，精细化管理下盈利稳健，在贸易摩擦下仍具增长韧性。我们预 计公司 25 年- ...

摘要 订单饱满，产能翻倍扩张进行时。 今日，正 力新能 正式 在香港交易所挂牌上市。这是继中创新航后，第 二 家 正式 登陆港股的中 国动力电池企业。 该公司此次 IPO 发行价定为 8.27 港元 / 股。 上市首日，其股价收盘报 8.39 港元 / 股，较发 行价上涨 1.45% 。公司 总 市值达到 210.5 亿元。 正力新能选择在此时上市，正值其市场需求强劲、订单饱满的关键时期。公司方面表示， 目前已 获定点项目的需求已超过其现有 总设计产能，产品处于供不应求状态。 同时， 公司基本面也持续向好， 2024 年实现净利润 9101 万元人民币，结束了此前连续三年的 亏损，进入盈利 向上 通道。 在此背景下， 正力新能寻求通过资本市场获得支持，这不仅是为了加速产能扩张以响应强劲的市 场需求，也是为了支撑其在电动航空、储能、下一代电池技术（如固态、大圆柱、钠离子）等领域 的多元化技术研发与布局。这些前瞻性的投入同样需要大量资金。 公司计划将此次香港 IPO 募集资金净额的 80% ，约 7.5 亿港元（约合 7 亿元人民币），主要 用于扩张其位于江苏常熟总部的电池产能，从而为其整体战略的推进提供关键支撑 ...

其他纺织 华利集团（300979.SZ） 买入-A(维持) 2024 年分红超预期，产能加速扩张 2025 年 4 月 14 日 公司研究/公司快报 公司近一年市场表现 事件描述 4 月 10 日，公司披露 2024 年年报，2024 年，公司实现营业收入 240.06 亿元，同 比增长 19.35%，实现归母净利润 38.40 亿元，同比增长 20.00%，实现扣非净利润 37.81 亿元，同比增长 18.83%。公司拟向全体股东每 10 股派发现金红利 23 元（含税），派息 率 69.89%。 事件点评 市场数据：2025 年 4 月 11 日 11.67/11.67 2024 年公司实现量价齐升，受到基数影响，业绩增速逐季放缓。2024 年，公司实 现营收 240.06 亿元，同比增长 19.35%，销售数量方面，2024 年，公司鞋履销售量 2.23 亿双，同比增长 17.53%。销售均价方面，2024 年，人民币均价约 107 元/双，同比增长 约 1.6%。分季度看，24Q1-24Q4 营收分别为 47.65、67.07、60.39、64.95 亿元，同比 增长 30.15%、20.83%、18 ...

24 年业绩符合预期、高分红，制造龙头保持积极扩产节奏 ——华利集团（300979.SZ）2024 年年报点评 买入（维持） 当前价：56.14 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 2025 年 4 月 13 日 公司研究 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | --- | 总股本(亿股) 11.67 总市值(亿元)： 655.15 一年最低/最高(元)： 47.77/85.00 近 3 月换手率： 15.64% 股价相对走势 -22% -10% 3% 15% 28% 04/24 07/24 10/24 01/25 华利集团 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -11.10 | -2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Views - The company is expected to achieve a revenue growth of 19% year-on-year in 2024, reaching 24.01 billion yuan, and a net profit growth of 20%, amounting to 3.84 billion yuan. The dividend distribution is anticipated to exceed previous expectations, with a total proposed payout of 2.684 billion yuan, translating to a dividend per share of 2.3 yuan and a payout ratio of approximately 70% [1][5]. Summary by Sections Financial Performance - In 2024, the company is projected to have a revenue of 24.01 billion yuan, a 19% increase year-on-year, and a net profit of 3.84 billion yuan, reflecting a 20% growth. The gross profit margin is expected to rise by 1.2 percentage points to 26.8% [1]. - For Q4 2024, the company reported a revenue of 6.5 billion yuan, a 12% increase year-on-year, and a net profit of 1 billion yuan, up 9% from the previous year [2]. Orders and Client Relationships - The company is deepening cooperation with core clients and anticipates rapid order growth from new clients like Adidas in 2025. Revenue from different product categories shows significant growth, particularly in outdoor footwear and sandals, with total revenue from core clients reaching 204.1 billion yuan from the US, 30.6 billion yuan from Europe, and 4.9 billion yuan from other regions [3]. Production Capacity - The company is expected to expand its production capacity significantly, with total capacity reaching 22.9 million pairs and total output at 22.1 million pairs in 2024. The capacity utilization rate is projected to be 97%, indicating a near-saturation state [4]. Operational Management - The company has shown healthy inventory management with a year-end inventory increase of 13.8% to 3.12 billion yuan. The operating cash flow for 2024 is estimated at 4.62 billion yuan, approximately 1.2 times the net profit for the same period, indicating strong cash flow management [5]. Investment Outlook - The company is positioned as a leading global sports shoe manufacturer, with expectations for a 15% growth in revenue and performance in 2025, driven by new customer collaborations and accelerated capacity expansion. The projected net profits for 2025 to 2027 are estimated at 4.387 billion yuan, 5.062 billion yuan, and 5.832 billion yuan, respectively [5].