Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to face challenges due to weak domestic demand but is anticipated to benefit from external sales and new automotive interior leather models, supporting revenue growth [4][5] - The revenue and net profit forecasts for 2024 are 2.95 billion and 140 million yuan, respectively, with a year-over-year change of +9.3% and -24% [4] - The company aims to maintain its strategy as a one-stop supplier of cowhide materials, with successful external sales expansion and new automotive models driving revenue growth [4][5] Financial Summary - The total market capitalization is 2.725 billion yuan, with a circulating market capitalization of 2.697 billion yuan [1] - The company's revenue for 2024 is projected at 2.951 billion yuan, with a year-over-year growth of 9.3% [7] - The net profit for 2024 is expected to be 140 million yuan, reflecting a decline of 24% year-over-year [7] - The gross margin for 2024 is estimated at 21.4%, with a net margin of 4.8% [6][7] - The earnings per share (EPS) for 2025 is projected to be 0.57 yuan, with a price-to-earnings (P/E) ratio of 16.1 [7] Business Performance - The company reported a revenue of 1.44 billion yuan in 2024, with a slight decline of 1% year-over-year, while net profit decreased by 49% to 57 million yuan [5] - The first quarter of 2025 saw a revenue of 296 million yuan, down 3% year-over-year, with a net profit of 8 million yuan, reflecting a significant decline of 61.8% [5] - The automotive leather segment is performing well, with revenue from automotive leather expected to reach 730 million yuan in 2024, a growth of 19.8% [5]

公 司 研 究 兴业科技（002674.SZ） 2025 年 05 月 06 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 9.23 | | 一年最高最低(元) | 13.02/7.72 | | 总市值(亿元) | 27.25 | | 流通市值(亿元) | 26.97 | | 总股本(亿股) | 2.95 | | 流通股本(亿股) | 2.92 | | 近 3 个月换手率(%) | 90.23 | 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 兴业科技 沪深300 纺织服饰/纺织制造 相关研究报告 《Q3 外销与汽车皮革增速亮眼，静待 内需订单改善—公司信息更新报告》 -2024.10.30 《H1 资产减值拖累利润，汽车内饰皮 革盈利好于预期—公司信息更新报 告》-2024.8.22 主业内销需求疲软致业绩承压，期待宏兴及外销发力 ——公司信息更新报告 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | --- | ...

Group 1 - The article discusses various upcoming industry reports and presentations, highlighting key topics and speakers [1][4][12] - The first event focuses on Kailong Co., with a performance exchange meeting scheduled for May 6, featuring Wang Liang and Sun, the company's deputy general manager [1] - The second event is a deep report on Pearl River Beer, taking place on May 7, led by analysts Guo Mengjie and Lin Xuxi [1] Group 2 - The third event on May 7 will cover the black electrical appliances industry, specifically emerging markets, with insights from analysts Meng Xin and Zhao Mengfei [1][8] - The fourth event on May 8 will present a deep report on Yixin Group, led by financial analyst Xia Mianang [1][12] - The final event on May 8 will recommend stable medical products, presented by analyst Guo Bin [1]

公司报告 | 季报点评 伟星股份（002003） 证券研究报告 关注内需景气及关税进展 公司发布 25 年一季报 营收 10 亿，同比+22%，归母净利润 1 亿，同比+29%，扣非归母净利润 1 亿，同比+30%； 维持盈利预测，维持"买入"评级 毛利率 39%，同比+1pct，归母净利率 10%，同比+1pct； 销售费率 9%，同比持平；管理费率 11%，同比-2pct；研发费率 4%，同比 -1pct； 经营活动产生的现金流量净额同比-66%，主因购买商品、接受劳务支付的 现金增加； 投资活动产生的现金流量净额同比+31%，主因购建固定资产、无形资产和 其他长期资产支付的现金减少。 积极应对关税变化 从产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付 给客户自有或其指定的成衣加工等企业，因而公司国际业务的出口区域基 本集中在孟加拉、越南等国际服装加工出口较多的国家或地区，直接出口 到欧美源头国家的业务量非常低。因此，终端消费国或区域调整成衣等商 品的关税对公司业务的直接影响有限。 公司将加强与下游品牌服饰客户及成衣加工企业的交流，积极商讨并评估 相关影响；另一方面，公司坚定推进国际化战略 ...

公司报告 | 季报点评 伟星股份（002003） 证券研究报告 关注内需景气及关税进展 公司发布 25 年一季报 营收 10 亿，同比+22%，归母净利润 1 亿，同比+29%，扣非归母净利润 1 亿，同比+30%； 毛利率 39%，同比+1pct，归母净利率 10%，同比+1pct； 投资活动产生的现金流量净额同比+31%，主因购建固定资产、无形资产和 其他长期资产支付的现金减少。 积极应对关税变化 从产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付 给客户自有或其指定的成衣加工等企业，因而公司国际业务的出口区域基 本集中在孟加拉、越南等国际服装加工出口较多的国家或地区，直接出口 到欧美源头国家的业务量非常低。因此，终端消费国或区域调整成衣等商 品的关税对公司业务的直接影响有限。 公司将加强与下游品牌服饰客户及成衣加工企业的交流，积极商讨并评估 相关影响；另一方面，公司坚定推进国际化战略，持续做好与源头品牌的 对接与开发工作，努力提升市场份额，实现稳健发展。 在产能规划上，在贸易环境和国际客户需求明朗之前，公司能够对国内外 工业园产能进行合理的调配，有效发挥公司快速反应和产品运输半径大的 优势 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company's revenue for Q1 2025 was 5.4 billion, a year-on-year increase of 12%, while the net profit attributable to the parent company was 760 million, a decrease of 3% [1]. - The company is experiencing significant growth in new customer orders due to strategic expansion and deepening cooperation with emerging sports brands [1][2]. - The initial phase of new factory operations is impacting overall gross margin due to employee training periods, but the company is implementing measures to enhance operational efficiency [1]. - The company is adjusting its production strategy in response to changes in tariff policies, which affect supply chain decisions [3]. Financial Performance and Forecast - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 4 billion, 4.7 billion, and 5.5 billion respectively, with corresponding EPS of 3.41, 3.99, and 4.68 [4]. - Revenue projections for 2025 are set at 27.15 billion, with a growth rate of 13.1% [5]. - The company’s EBITDA for 2025 is forecasted to be 5.97 billion, with a net profit margin of 14.67% [11]. Customer Base and Market Strategy - The company has a diverse customer base, primarily consisting of listed companies, with many clients showing growth in their performance [2]. - The company is continuously expanding its new customer base, which is crucial for stable growth [2]. Production and Operational Strategy - The company has accelerated the construction and production pace of new factories to meet rising capacity demands, with two new finished shoe factories already operational in Q1 2025 [1]. - The company is focusing on optimizing training mechanisms and advancing the deployment of intelligent production equipment to improve operational efficiency in new factories [1].

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [5][4]. Core Views - The company continues to advance its automotive interior leather business, with a focus on expanding production capacity in Indonesia and Vietnam [2][4]. - The financial performance for Q1 2025 shows a revenue of 600 million, a year-on-year increase of 5%, but a significant decline in net profit attributable to shareholders, down 45% year-on-year [1][4]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, with an expected payout of 40 million, resulting in a payout ratio of 31% [1]. Financial Performance Summary - For the full year 2024, the company reported a revenue of 3 billion, a year-on-year increase of 9%, and a net profit attributable to shareholders of 140 million, down 24% year-on-year [1][4]. - The revenue breakdown for 2024 shows that leather for shoes and bags generated 2 billion, accounting for 68% of total revenue, while automotive interior leather contributed 700 million, representing 24% of total revenue [2]. - The gross margin for automotive interior leather improved by 4 percentage points year-on-year to 34% [2]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 150 million, 180 million, and 230 million respectively [4]. - The earnings per share (EPS) estimates have been revised to 0.5, 0.6, and 0.8 yuan for 2025-2027 [4]. Market Position and Growth Potential - The company has successfully entered the supply chains of international sports brands such as Adidas and COLEHAAN, indicating strong market positioning [2]. - The overseas revenue increased by 97% year-on-year, highlighting the potential for growth in international markets due to the investment in production capacity in Southeast Asia [2].

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [5] Core Views - The company continues to advance its automotive interior leather business, with a focus on expanding production capacity in Indonesia and Vietnam [2][4] - The company reported a revenue of 600 million in Q1 2025, a year-on-year increase of 5%, while the net profit attributable to shareholders decreased by 45% to 20 million [1] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, with an expected payout of 40 million and a payout ratio of 31% [1] Financial Performance Summary - For the full year 2024, the company achieved a revenue of 3 billion, a year-on-year increase of 9%, with a net profit of 140 million, down 24% [1] - The revenue from leather for shoes and bags was 2 billion, up 8%, accounting for 68% of total revenue, while automotive interior leather revenue was 700 million, up 20%, accounting for 24% [2] - The gross margin for automotive interior leather improved by 4 percentage points to 34% [2] Subsidiary Performance - The subsidiary Hongxing Automotive Leather reported a net profit of 150 million, up 51%, attributed to increased sales and improved gross margin [3] - The subsidiary Lianhua Leather reported a net loss of 10 million, down 62%, due to increased financial expenses and exchange losses [3] Earnings Forecast - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 150 million, 180 million, and 230 million respectively [4] - The EPS for 2025-2027 is projected to be 0.5, 0.6, and 0.8 yuan respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company experienced a revenue of 5.4 billion in Q1 2025, representing a 12% year-on-year increase, while the net profit attributable to the parent company was 760 million, a decrease of 3% year-on-year [1]. - The company is strategically expanding its customer base and deepening cooperation with emerging sports brands, leading to a significant increase in new customer orders in Q1 2025 [1][2]. - The initial phase of new factory operations has impacted overall gross margin due to employee training periods, but the company is implementing measures to enhance operational efficiency [1]. - The company is adjusting its production strategy in response to changes in tariff policies, which affect supply chain decisions for its clients [3]. Financial Performance and Forecast - The company adjusted its profit forecast for 2025-2027, expecting net profits of 4 billion, 4.7 billion, and 5.5 billion respectively, with corresponding EPS of 3.41, 3.99, and 4.68 [4]. - Revenue projections for 2025 are set at 27.15 billion, with a growth rate of 13.1%, and expected to reach 35.84 billion by 2027 [5]. - The company’s EBITDA for 2025 is forecasted at 5.97 billion, with a slight decrease from previous estimates [5]. Customer Base and Market Position - The company has a diverse customer base, primarily consisting of publicly listed companies, with many showing growth in their performance [2]. - The company maintains a strong competitive position within the supply chains of clients, ensuring order share even when some clients experience slower revenue growth [2].

证券研究报告 | 2025年04月30日 华利集团（300979.SZ） 优于大市 第一季度收入增长 12%，新厂爬坡拖累毛利率 部分新客户表现优异销量增长带动收入增长双位数，新厂爬坡拖累毛利 率。2025 年第一季度公司实现营业收入 53.53 亿元，同比增长 12.3%，主要 受阿迪达斯、昂跑、NB 等新客户订单销量增长驱动；归母净利润 7.62 亿元， 同比下滑 3.2%。毛利率同比下滑 5.5 百分点至 22.9%，主要受新投产工厂效 率爬坡影响，继 2024 年上半年和下半年各投产 2 家成品鞋工厂之后，2025 年第一季度 2 家成品鞋工厂已经投产。期间费用率同比优化 2.0 百分点，其 中财务费用率同比下降 0.6 百分点至-0.5%，主要受益于汇兑收益增加，今 年 Q1 汇兑收益为 900 万，去年同期损失 1700 万；此外管理费用率同比-1.5 百分点至 3.7%。在毛利率承压影响下，营业利润率同比-3.4 百分点至 17.6%， 归母净利率同比-2.3 百分点至 14.2%。 销量保持高个位数快速增长，新老客户结构更加均衡。拆分量价来看， Q1 销售运动鞋 0.49 亿双，同比+8.2% ...