Core Viewpoint - In 2024, HLA's revenue and net profit declined due to a slower-than-expected recovery in the consumer market, with a significant drop in net profit by 26.88% year-on-year. However, the first quarter of 2025 showed unexpected growth, with a net profit of 935 million yuan, up 5.46% year-on-year [1][2]. Financial Performance - In 2024, HLA achieved a revenue of 20.957 billion yuan, a decrease of 2.65% year-on-year, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [2]. - The main revenue contributors, pants and T-shirts, saw significant declines in revenue and gross margin, with pants revenue at 3.766 billion yuan (down 12.14%) and T-shirts at 2.918 billion yuan (down 8.20%) [2]. - Inventory levels increased notably, with pants and T-shirts inventory rising by 22.30% and 19.03%, respectively, and shoe inventory surging by 143.28%. Total inventory at the end of 2024 reached 11.987 billion yuan, up 28.38% [2]. Store Operations - In 2024, HLA experienced a significant number of store closures, with 431 franchise stores closed compared to 78 new openings, while direct stores saw 341 new openings and 125 closures. By the end of 2024, there were 1,468 direct stores and 4,365 franchise stores [2]. - Direct stores contributed significantly to gross profit, with a gross margin of 62.85%, compared to 40.95% for franchise and other stores [2]. Sales Channels - HLA's offline revenue declined from 17.496 billion yuan in 2023 to 15.743 billion yuan in 2024, with offline sales accounting for 78.08% of total revenue, down from 84.30% [3]. - Conversely, online sales grew significantly, reaching 4.419 billion yuan in 2024, an increase of over 30%, and accounting for 21.92% of total revenue [3]. - In the first quarter of 2025, online sales reached 1.014 billion yuan, up approximately 20%, contributing to a total revenue of 6.187 billion yuan, a slight increase of 0.16% year-on-year [3].

业绩超预期 4月30日涨停分析 今日共73股涨停，连板股总数10只，26股封板未遂，封板率为73%（不含ST股、退市股）。焦点股方面，机器人上游PEEK材料概念股中欣氟材7天5板，业 绩超预期的鸿博股份与渝三峡Ａ4连板，参股AI企业的东珠生态6天4板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 宁波东力 | 6天3板 | 10.04% | 13:48 | 机器人 | | 002164 | | | | | | 全筑股份 | 2天2板 | 10.00% | 09:30 | 机器人 | | 603030 | | | | +基建 | | 中超控股 | 首板 | 10.00% | 09:30 | 机器人 | | 002471 | | | | | | 精工科技 | 首板 | 9.97% | 11:01 | 机器人+低 | | 002006 | | | | 空经济 | | 振江股份 | 首板 | 10.01% | 11:23 | 外骨骼 | | 603507 | | | | 机器人 | | 新兴装备 | 首板 | 9.99% | ...

纳斯达克上周上涨6.5%，四月份迄今已上涨1%。Callahan认为，这一反弹由多个因素推动：超预期财报 （科技、媒体和电信行业展现最高超预期）、波动性降低（VIX回落至20中段）、利率环境稳定（10年 期约4.25%）、仓位更加清晰（根据高盛数据，科技股敞口接近多年低点）以及政策前景改善（美国经 济政策不确定性指数回落至3月水平）。 但有一个残酷的事实：即使公司财报超预期也不能在资本市场上获得应有的认可。Callahan报告指出， 在当前宏观环境下，业绩超预期的公司在次日（T+1）平均仅上涨50个基点，远低于101个基点的历史 平均水平，而未达预期的公司则下跌247个基点，比下跌206个基点的历史平均水平更为严重。 美股正处于科技巨头财报飓风的风眼中，投资者面临的严峻现实是：即使业绩超预期，股价也难获应有 回报。 本周，美股将迎来一系列重量级科技巨头（包括Meta、微软、亚马逊和苹果等）的财报。知名TMT分 析师Peter Callahan在最新报告中指出，在当下复杂的宏观环境下，投资者应密切关注这些公司的前景指 引，而非仅仅关注当季业绩，因为当前的市场环境已经清晰表明：即便业绩超预期，也未必能获得预期 中 ...

| 连板数 | 晋级率 | | 2025-4-28 | | --- | --- | --- | --- | | 3 #4 | 1/1=100% | 东贝集团 (机器人) | | | 2进3 | 2/5=40% | 华银电力 (业绩+电力) | | | 1讲2 | 10/57=17% | 珀莱雅 (业绩+化妆品) | | | | | 华电能源(电力) | | | | | 绿康生化(实控人变更) | | | | | 中电鑫龙 (业绩+算力+机器人) | | | | | 上海物贸(上海+统一大市场) | | | 其他涨停 | | 天沃科技 11天7板 (摘帽) | | | | | 永安药业6天4板 (化工) | | 4月28日连板股分析：高位股持续退潮 业绩超预期个股受追捧 今日共40股涨停，连板股总数13只，其中三连板及以上个股3只，上一交易日共8只连板股，连板股晋级率37.50%（不含ST股、退市股）。个股方面，全市 场超4100只个股下跌，近百股跌超9%。当前正值2024年报及2025年一季报披露高峰，已有超50家主板公司因触发"净利润为负且营收不到3亿元"的新规条 件，面临退市风险警示。"披星戴帽"风险压制 ...

Core Viewpoint - The article highlights the upcoming earnings report season in April, emphasizing the importance of company performance amid rising external uncertainties and market volatility. It suggests that sectors and companies with better-than-expected performance may stand out during this period [1]. Earnings Preview - A-shares' earnings in Q1 2025 are expected to show flat or slightly negative year-on-year growth due to external demand pressures and macroeconomic challenges. February CPI showed a negative year-on-year growth for the first time in 12 months, while PPI remains low despite marginal improvements [1]. - The impact of increased tariffs from the U.S. on Chinese exports is noted, with February exports showing a year-on-year decline of 3.0%, marking the first negative growth since March of the previous year. The overall earnings growth for A-shares is projected to be around zero or slightly negative [1][2]. Sector Analysis Financial Sector - The brokerage and insurance sectors are expected to benefit from higher market activity in Q1 [2]. Non-Financial Sector - High-demand industries are relatively scarce, but sectors supported by policies, such as non-ferrous metals and certain TMT (Technology, Media, and Telecommunications) areas, may present structural highlights [2]. - Energy and raw materials sectors are expected to have generally flat performance, with non-ferrous metals benefiting from rising gold and copper prices [3]. - The manufacturing sector is showing overall flat performance with some localized recovery, supported by export demand [4]. - The consumer sector's demand remains weak, although policy support areas like "trade-in" programs are performing well [5]. TMT Sector - The communication equipment sector is expected to benefit from increased capital expenditure in the internet sector, while consumer electronics may see mixed results [6]. - The semiconductor sector is maintaining good demand in areas related to computing power, despite being in a traditional off-season [6]. Financial and Real Estate Sector - The banking sector remains stable, while brokerages may benefit from increased trading activity. The insurance sector's performance may vary, and the real estate sector continues to face downward pressure [6]. Investment Focus - Investors are advised to focus on sectors with potential for earnings surprises or improvements during the earnings disclosure period. Key areas to watch include sectors recovering from cyclical lows, such as semiconductors and consumer electronics, and industries achieving supply-side clearing in a mild recovery environment [7].