出于对公司发展前景的信心及投资价值的认可，多家上市公司控股股东发起增持"接力赛"。 4月22日晚间，雪天盐业、派能科技、太平鸟齐发控股股东增持公告，其中雪天盐业控股股东湖南盐业集团有 限公司（简称"湖南盐业集团"）刚刚完成上一轮增持，又火速发起下一轮增持计划。 回溯2024年6月，湖南盐业集团发布增持计划，拟斥资1亿元至2亿元增持雪天盐业股份。截至目前，湖南盐业 集团已通过集中竞价交易方式累计增持1895.74万股，占总股本的1.16%，合计增持金额为1亿元，已超前述增 持计划下限，增持实施完毕。 前轮增持计划刚刚完成，湖南盐业集团又马不停蹄地开始筹划新一轮增持。根据公告，该公司本轮对雪天盐业 的累计增持金额不低于1.5亿元，不超过3亿元，后续将根据股票价格波动情况及二级市场整体趋势择机逐步实 施。 截至目前，湖南盐业集团及其一致行动人直接持有雪天盐业35.88%股份，此外还通过"23轻盐EB"担保及信托 专户持有上市公司25.29%股份，合计实际控制的有表决权股份比例为61.17%。 派能科技控股股东中兴新通讯有限公司（以下简称"中兴新"）增持行动颇为迅速。4月22日，中兴新以自有资 金2675.97万元增 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][17]. Core Views - The company reported a revenue of 400 million RMB in Q4 2024, representing a year-on-year increase of 41%, and a net profit attributable to shareholders of 20 million RMB, up 79% year-on-year [1]. - For the full year 2024, the company achieved a revenue of 1.3 billion RMB, a 30% increase year-on-year, with a net profit of 100 million RMB, reflecting a 10% growth [1]. - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling 23.56 million RMB, with a payout ratio of 20% [1]. Product Performance - The functional safety gloves segment generated 1.2 billion RMB in revenue, a 30% increase year-on-year, with sales volume up 25% and prices up 3% [2]. - The ultra-high molecular weight polyethylene fiber and its composite materials contributed 40 million RMB in revenue, a 49% increase year-on-year, with sales volume up 58% but prices down 6% [2]. - The company produced 2,124.71 tons of ultra-high molecular weight polyethylene fiber, with 544.09 tons sold externally, primarily used in military, safety protection, and high-end home textiles [2]. Production Capacity and Projects - The domestic project for producing 72 million pairs of functional safety gloves is fully completed, with production ramp-up progressing steadily [3]. - The Vietnam project for producing 16 million pairs of functional safety gloves is expected to begin trial production by June 2025 [3]. - The company plans to increase its ultra-high molecular weight polyethylene fiber capacity by 12,000 tons, with the first phase of 4,800 tons already under construction and expected to release capacity by September 2025 [3][4]. Financial Projections - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 156 million RMB, 199 million RMB, and 270 million RMB respectively [5]. - Revenue is projected to grow from 1.27 billion RMB in 2024 to 2.87 billion RMB by 2027, with a compound annual growth rate of approximately 30% [10]. - The company’s net profit margin is expected to stabilize around 9.43% by 2027, with an estimated EPS of 1.70 RMB [10][12].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 HAZZYS、要品牌开店符合预期，2025 年预计趋势持续。分品牌：2024 年 HAZZYS/报喜 鸟要品牌/宝鸟/恺米切&乐飞叶&TB 品牌销售收入分别为 17.8/15.9/10.1/5.0 亿元，同比分 别+1%/-8%/-3%/+13%。 1）HAZZYS：2024 年收入+1%至 17.8 亿元（其中 H1/H2 分别同比持平/+2%），占比 35%。 ①产品，聚焦通勤、休闲、运动三大场景，升级面料创新产品，通过大单品策略提升配饰品 类的运情效率。②渠道数量稳步扩张，2024 年净加主 21 家至 478 家（其中直情+17 家至 344 家/主盟+4 家至 134 家），们根断销 2025 年有望保持快速新开店加幅 10%~15%、同 时关闭低效门店，目前品牌仍以直情为要、布局高线城市。 2）报喜鸟要品牌：2024 年收入-8%至 15.9 亿元（其中 H1/H2 分别同比-4%/-12%），占比 32%。①产品强调面料功能性与舒适性，重视研发创新，运动西服等产品受到好评。②渠道 结构优化，2024 年净 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 报喜鸟（002154.SZ） 2024 年利润端短期承压，开店情况符合预期 2024 年：收入同比-2%/归母净利润同比-29%。2024 全年公司收入为 51.5 亿元，同比- 2%；归母净利润为 4.9 亿元，同比-29%；扣非归母净利润为 4.4 亿元，同比-28%。1）盈 利质量方面：2024 全年公司毛利率同比+0.3pct 至 65%，销售/管理/财务费用率同比分别 +2.7/+0.3/+0.3pct 至 41.3%/7.4%/-0.6%（（们根据经营情情况断销销售费用率加主要系：： ①直情渠道存在刚性销售费用；②情销推广力度主大）；计提资产减值损失 1.4 亿元（上一 年同期为 1.2 亿元）；综合以上，净利率同比-3.8pct 至 10.1%。2）公司 2024 年合计拟分配 现金股利 1.75 亿元，股利支付率约 35%，以 2025/4/18 收盘价计算的股息率约为 3%。 2024Q4：收入同比+2%/归母净利润同比-44%。2024Q4 公司收入为 16.2 亿元，同比 +2%；归母净利润为 0 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown steady growth in Q1 2025, with a single-digit percentage increase in revenue for the main brand, and a healthy inventory turnover of approximately 4 months [1][2]. - The e-commerce segment is expected to perform exceptionally well, with anticipated growth rates exceeding 20% due to the influence of the Spring Festival [1][2]. - The company is focusing on optimizing its offline store structure while enhancing the efficiency of its retail operations, with plans to initiate a Direct-to-Consumer (DTC) transformation in the second half of 2025 [1][2]. - The subsidiary brand, Saucony, has become a new growth driver, with a revenue increase of over 40% in Q1 2025 and a projected revenue exceeding 1 billion yuan in 2024 [2]. - The company expects a revenue growth of around 7% and a net profit growth of approximately 10% for the year 2025 [2]. Financial Summary - The company’s projected financials for 2025 include a revenue of 14.519 billion yuan and a net profit of 1.365 billion yuan, reflecting a year-on-year growth of 6.9% and 10.3% respectively [4]. - The earnings per share (EPS) for 2025 is estimated at 0.49 yuan, with a price-to-earnings (P/E) ratio of 9 times [3][4]. - The company’s net asset return (ROE) is projected to be 13.6% in 2025, with a gradual decline to 12.4% by 2027 [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][40]. Core Views - The company achieved a revenue growth of 7.1% year-on-year in 2024, reaching 14.626 billion yuan, with a net profit of 1.137 billion yuan, reflecting a 1.4% increase [1][4]. - The fourth quarter of 2024 saw a revenue increase of 9.8% year-on-year, with a net profit growth of 32.1% [2][4]. - The children's clothing segment performed particularly well, with revenue of 10.268 billion yuan, a 9.6% increase, and a gross margin improvement [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 14.626 billion yuan, with a net profit of 1.137 billion yuan and a gross margin of 43.8% [1][5]. - The fourth quarter revenue was 5.227 billion yuan, with a net profit of 382 million yuan, marking significant growth compared to the previous year [2][5]. - The company maintained a healthy inventory turnover, reducing turnover days by 19 days to 140 days [1][4]. Revenue Breakdown - By category, children's clothing accounted for 70.2% of total revenue, while casual wear contributed 41.90 billion yuan [3][4]. - Online sales reached 6.672 billion yuan, reflecting a 7.1% increase, while direct sales and franchise channels also showed positive growth [3][4]. Future Outlook - The company plans to continue expanding its store network, with expectations for revenue growth to remain strong in 2025 [4][36]. - The estimated net profits for 2025-2027 are projected to be 1.213 billion yuan, 1.295 billion yuan, and 1.385 billion yuan, respectively, indicating steady growth [4][5]. - The reasonable valuation range for the company has been adjusted to 7.2-7.7 yuan, reflecting an increase in valuation levels due to favorable consumption policies [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue increased by 19.6% to 10.07 billion, with a gross margin of 41.5%, and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel sales growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength in running and basketball categories, while optimizing store structure [2] Children's Business - The children's segment revenue grew by 19.5% to 2.34 billion, supported by a strong product matrix and sponsorship of youth events [3] - The number of children's stores increased slightly, with improved store efficiency [3] E-commerce Business - E-commerce revenue rose by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer engagement [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the holiday season [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]

行 业 研 究 | 第1 海 证 学 | | --- | | Bohai Securities | [Table_MainInfo] 文化纸温和上涨可期，上海推动 IP、宠物消费发展 ――轻工制造&纺织服饰行业周报 推荐组合：欧派家居（603833）、索菲亚（002572）、探路者（300005）、 森马服饰（002563）、乖宝宠物（301498）。 风险提示 宏观经济波动；原材料成本上涨；新产能无法及时消化；大客户流失。 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 12 行业周报 | | 分析师： 袁艺博 | | | SAC NO： S1150521120002 | | | 2025 | 年 月 2 | 17 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | [Table_Author] 证券分析师 | | [Table_Summary] | | | | | | | | | | 袁艺博 | | 投资要点： | | | | | | | | | | | |  行业要 ...