美国运动鞋品牌Skechers斯凯奇日前宣布已达成协议，同意被私募巨头3G资本以94亿美元收 购，交易预计将于2025年第三季度完成，交易完成后斯凯奇普通股将不再于纽交所上市。此 消息宣布后，当地时间本周一美股盘前斯凯奇股票大涨超25%至61.90美元。目前，斯凯奇 市值约为73.8亿美元，但较巅峰时期缩水了30%。南都记者联络斯凯奇方面，截至发稿还未 回复。 路透社消息指，3G资本同意以每股63美元的现金收购斯凯奇所有流通股，较该股上周五收盘价有28% 的溢价，较斯凯奇15天成交量加权平均股价溢价30%。交易还包含一项选择权，即斯凯奇公司现有股东 可选择以每股57美元的现金以及一家新成立的私人控股公司的一个非上市、不可转让的股权单位，该公 司在交易完成后将成为斯凯奇的母公司。据悉，这种让普通股东保留股权的做法在私有化交易中并不常 见，显示了3G资本对斯凯奇长期增长前景的信心。此外，斯凯奇将继续由董事长兼首席执行官Robert Greenberg、总裁Michael Greenberg和首席运营官David Weinberg领导，并执行现有战略举措。 3G资本成立于2004年，由被称为"巴西三雄"雷曼、斯库彼 ...

舟山接收站：接卸量与产能利用率提高，预计25-26 年核心利润快速增长1Q25 舟山接收站接卸量55.17 万吨（yoy+28.6%），季度产能利用率为29%（yoy+6pp）；4#储罐通过保税罐验收，拓展保税业务； 舟山接收站形成与国家管网的多站/多点能力互换，实现三方引流3 船，支点作用显现。舟山接收站三 期项目有望于2025 年下半年投产，年周转能力有望从750 万吨提升至1,000 万吨，储气能力有望从5 亿 方提升至10 亿方以上。我们预计2025-26 年新奥舟山核心利润yoy+25%/+17%。 私有化交易方案正常推进，当前股价隐含新奥股份H 股潜在折价41%公司股东大会将于2025/5/28 举 行，若独立股东赞成票数超2/3，将达成交易先决条件之一。参考交易方案，2025/4/25 股价隐含公司在 H 股潜在折价比例为41%，高于公用事业A+H 平均折价率（34%）。若私有化落地，我们预计将强化资 源-设施-管理协同，释放资源池整合红利。 新奥股份发布一季报，1Q25 实现营收337 亿元（yoy-1.4%），归母净利9.76亿元（yoy-9.6%），核心利 润10.83 亿元（yoy+0. ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] - The expected dividend yield for 2025 is 5.4% [1] Summary by Relevant Sections Retail Gas Volume - In Q1 2025, the company achieved retail gas volume of 7.258 billion cubic meters, a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit from retail gas in 2025 [2] Comprehensive Energy Sales - The company reported a comprehensive energy sales volume of 10.039 billion kWh in Q1 2025, a year-on-year increase of 9.9% [3] - The expected gross profit growth for comprehensive energy in 2025 is projected to be 12% [3] Smart Home Services - The penetration rate for smart home services reached 3.7% in Q1 2025, a decrease of 0.3 percentage points year-on-year [3] - The expected gross profit growth for smart home services in 2025 is projected to be 10% [3] Financial Forecasts - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB respectively, reflecting a CAGR of 5% over three years [5] - The target price has been slightly revised down to 68.6 HKD, based on a 10x PE for 2025E [5] Key Financial Metrics - The company’s revenue for 2025 is projected at 113.873 billion RMB, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] Summary by Sections Sales and Revenue - In Q1 2025, the company achieved a total gas sales volume of 7.258 billion cubic meters, representing a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit for retail gas in 2025 [2] Energy Sales and Smart Home Services - The company reported a 9.9% year-on-year increase in comprehensive energy sales volume, reaching 100.39 billion kWh in Q1 2025 [3] - The penetration rate for smart home services decreased to 3.7%, with a year-on-year decline of 0.3 percentage points [3] - The company anticipates a gross profit growth of at least 10% for smart home services in 2025 [3] Financial Projections - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB, respectively [5] - The target price is set at 68.6 HKD, based on a 10x 2025E PE ratio [5] Key Financial Metrics - The company is projected to have a revenue of 113.873 billion RMB in 2025, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB, with a projected ROE of 15.32% [6]