21世纪经济报道特约记者庞华玮 广州报道近期，中概股回流的议题再度引发市场关注。 5月7日，证监会主席吴清在国新办新闻发布会上明确表态，将"创造条件支持优质中概股回归内地和香 港股市"，并宣布深化跨境监管合作等开放举措。 极氪或成为美国滥施关税背景下中概股回流的"第一股"。 同日，吉利汽车控股有限公司（下称"吉利汽车"）宣布，计划收购极氪智能科技有限公司（下称"极 氪"）已发行全部股份。吉利汽车目前持有极氪约65.7%的股份，如交易完成，极氪将与吉利汽车实现 完全合并，实现私有化并于纽交所退市。极氪计划私有化并从美股退市，或成为此轮中概股回流的"第 一股"。 业内认为，在美国滥施关税的影响下，中概股"回流潮"出现的可能性较大。与此同时，当前国内政策环 境不断优化，正创造条件支持优质中概股企业回归内地和香港股市。 极氪拟从美股退市 5月7日，在香港上市的吉利汽车宣布，计划收购在美国纽约证券交易所上市的极氪已发行全部股份。 根据吉利汽车公告，其收购所有已发行及发行在外的极氪股份及美国存托股票，建议购买价为每股极氪 股份2.57美元或每股美国存托股票25.66美元，该价格较最后交易日美国存托股票于纽交所的收市交易价 ...

商贸零售/互联网电商 华凯易佰（300592.SZ） 主营业务稳健增长，库存因素短期拖累盈利能力 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-05 2024-09 2025-01 华凯易佰 沪深300 相关研究报告 《上半年营收稳健增长，新业务投入 等拖累业绩表现—公司信息更新报 告》-2024.8.26 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司 2024 年及 2025Q1 经营端表现稳健，业绩端短期承压明显 公司发布年报、一季报：2024 年实现营收 90.22 亿元（同比+38.4%，下同）、归 母净利润 1.70 亿元（-48.8%）；2025Q1 实现营收 22.92 亿元（+35.1%），归母净 利润-0.15 亿元（2024 年同期为 0.82 亿元）。考虑去库存及贸易风险影响，我们 下调公司 2025-2026 年盈利预测并新增 2027 年盈利预测，预计 2025-2027 年归 母净利润为 2.66/3.61/4.52 亿元（2025-2026 年原值 5.09/6.13 亿元），对应 EP ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to shareholders was 214 million yuan, down 36.2% [4][5] - In Q1 2025, the company achieved a revenue of 2.458 billion yuan, up 36.6%, but the net profit attributable to shareholders decreased by 45.3% to 47 million yuan [4][5] - The company is expected to continue its brand strategy and expand into non-US markets, which may enhance brand influence and market share [4][6] - Due to inventory impacts, profit forecasts for 2025-2026 have been adjusted downwards, with new profit estimates for 2027 introduced [4] Financial Performance Summary - The company’s revenue for 2024 was 10.275 billion yuan, with a gross margin of 43.8%, down 2.1 percentage points from the previous year [5][7] - The company’s inventory turnover days increased to 81 days in 2024, reflecting a slowdown in inventory turnover [5] - The revenue breakdown for 2024 shows significant growth in apparel and accessories, with revenues of 7.447 billion yuan (up 59.4%) and 2.324 billion yuan (up 33.9%) respectively [5] Future Outlook - The company aims to enhance its brand premium and market share through a robust brand incubation strategy and expansion into overseas markets [6] - The projected net profits for 2025, 2026, and 2027 are 371 million yuan, 511 million yuan, and 665 million yuan respectively, with corresponding EPS of 0.93, 1.28, and 1.66 yuan [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a brand upgrade, which is expected to drive long-term growth despite short-term profit impacts due to increased marketing expenses [8] - The company's revenue for 2024 is projected to be 3.36 billion yuan, a year-on-year increase of 24.75%, while the net profit attributable to the parent company is expected to be -236.59 million yuan, a year-on-year decrease of 312% [8] - The company has made significant investments in marketing to support its brand upgrade, which has led to a temporary increase in sales expenses [8] - The company anticipates improvements in profitability as marketing expenses stabilize and business scales up [8] Financial Summary - Total revenue projections for the company are as follows: 2.69 billion yuan in 2023, 3.36 billion yuan in 2024, 4.92 billion yuan in 2025, 6.46 billion yuan in 2026, and 7.62 billion yuan in 2027 [1] - The net profit attributable to the parent company is expected to recover from -236.59 million yuan in 2024 to 249.76 million yuan in 2025, and further to 563.95 million yuan in 2026, reaching 753.17 million yuan in 2027 [1] - The earnings per share (EPS) is projected to be -0.10 yuan in 2024, improving to 0.10 yuan in 2025, and reaching 0.23 yuan in 2026, and 0.31 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is expected to be -48.04 in 2024, improving to 45.51 in 2025, and further decreasing to 20.15 in 2026, and 15.09 in 2027 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.766 billion yuan in 2024, representing a year-on-year growth of 29.26%, and a net profit of 106.4 million yuan, up 94.58% year-on-year [7] - The self-owned brand "Zhenjia" has shown significant growth, with a revenue of 501 million yuan in 2024, a year-on-year increase of 90.28%, contributing to 28.37% of the company's total revenue [7] - The company has successfully launched the health product line "Feicui," which has rapidly gained traction, ranking high in various e-commerce platforms [7] - The brand management business has also demonstrated strong growth, with a revenue of 501 million yuan in 2024, up 212.24% year-on-year [7] - The company has adjusted its net profit forecasts for 2025-2026 upwards due to better-than-expected growth in self-owned brands, with 2025 net profit now projected at 190 million yuan [7] Financial Summary - Total revenue is projected to reach 2.685 billion yuan in 2025, with a year-on-year growth of 52.06% [1] - The net profit for 2025 is estimated at 189.82 million yuan, reflecting a year-on-year increase of 79.70% [1] - The earnings per share (EPS) is expected to be 1.16 yuan in 2025, with a price-to-earnings (P/E) ratio of 43.13 [1] - The gross margin is expected to improve to 52.62% in 2025, up from 44.57% in 2024 [8] - The company's total assets are projected to be 1.511 billion yuan in 2025, with a debt-to-asset ratio of 28.34% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a brand upgrade, which is expected to drive long-term growth despite short-term profit impacts due to increased marketing expenses [8] - The company's revenue for 2024 is projected to be 3.36 billion yuan, a year-on-year increase of 24.75%, while the net profit attributable to the parent company is expected to be -236.59 million yuan, a year-on-year decrease of 312% [8] - The first quarter of 2025 shows a revenue of 729 million yuan, a year-on-year increase of 2.03%, but a net profit of -14 million yuan, a year-on-year decrease of 129% [8] - The company is focusing on high-quality product development and marketing strategies to enhance brand recognition and market share [8] Financial Performance Summary - Total revenue is expected to grow from 2.69 billion yuan in 2023 to 4.92 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of 46.49% [1][21] - The net profit attributable to the parent company is projected to turn positive by 2025, reaching 249.76 million yuan, with a significant increase in subsequent years [1][21] - The earnings per share (EPS) is expected to improve from -0.10 yuan in 2024 to 0.10 yuan in 2025, indicating a recovery in profitability [1][21] Brand and Market Strategy - The company is enhancing its "Nanji Ren" brand by employing high-quality materials and experienced design teams to compete with luxury brands [8] - The "Bai Jia Hao" brand has achieved significant growth, ranking fourth in women's clothing sales on Douyin, indicating strong market performance and potential for further expansion [8] - The marketing strategy includes increased spending on promotions and endorsements, which is expected to yield long-term benefits as brand recognition improves [8]

A股互联网电商板块下挫，跨境通跌超5%，三态股份、*ST有树跌超3%，星徽股份、青木科技、壹网 壹创跌幅居前。 ...

先来看下对下一个交易日有预判作用的"神器"——中信期货在股指期货上的增减持情况。它在沪深300 股指期货上多单方面加仓1704手，空单方面加仓1981手，给出了"偏空"的信号——预判失误。 | | | 多头背合排序 | | | | 2013 313 3 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 排序 | 机构名称 | 多車里 | 増減 | 排序 | 机构名称 | 空車量 | 増減 | | 1 | 避重期货 | 8442 | 344 | 1 | 中信期货 | 8396 | 1981 | | 2 | 国泰君安 | 6144 | 1051 | 2 | 表要期货 | 7037 | 1 72 | | 3 | 中信期货 | 5837 | 1 704 | 3 | 国泰君安 | 8539 | 060 | | र्वे | 瑞期期货 | 4280 | 660 | र्वे | 母單期货 | 3262 | 927 | | 5 | 东证期货 | 2257 | -238 | ട | 中規期货 | 2945 | 513 | | 6 | 中信建投 | 1902 | 1 ...

Group 1 - The report highlights that in Q4 2024, the company achieved a record high revenue of 7.79 billion yuan, marking a year-on-year increase of 5.43% and a quarter-on-quarter increase of 17.99% [4][5] - The company reported a net profit attributable to shareholders of 0.14 billion yuan in Q4 2024, which represents a significant year-on-year decrease of 82.53% and a quarter-on-quarter decrease of 53.21% [5][6] - The company is focusing on accelerating project construction as a key strategy for growth, with the TianTai intelligent manufacturing production base project expected to enhance production capacity significantly [9][10] Group 2 - The report indicates that Zhongfu Industrial's revenue for 2024 reached 22.76 billion yuan, reflecting a year-on-year increase of 21.12%, while the net profit attributable to shareholders was 0.7 billion yuan, down 39.3% [12][13] - In Q4 2024, Zhongfu Industrial's revenue was 6.03 billion yuan, up 17.05% year-on-year, but the net profit was negative at -0.24 billion yuan, a drastic decline of 106.46% [12][13] - The report notes that the decline in aluminum oxide prices is expected to significantly reduce production costs for Zhongfu Industrial, enhancing profit margins in the future [13][14] Group 3 - The report states that Meinian Health achieved a revenue of 10.7 billion yuan in 2024, a decrease of 1.76% year-on-year, with a net profit of 2.82 billion yuan, down 44.18% [17][18] - The company reported that its health check service revenue was 10.3 billion yuan, with a total of 15.38 million visits, indicating a 12% decline in customer visits [18][19] - The integration of AI technology is expected to enhance revenue generation and operational efficiency, with AI-related income reaching 220 million yuan in 2024 [18][20] Group 4 - The report discusses the global first humanoid robot marathon held in Beijing, indicating a growing interest and investment in humanoid robotics [21][22] - The establishment of the K-Humanoid Robot Alliance in South Korea, with a budget of 200 billion won (approximately 10.24 billion yuan), signifies a national commitment to advancing humanoid robotics [23][24] - The report emphasizes that the humanoid robot industry is poised for significant investment opportunities, likening its potential to the "ChatGPT moment" in technology [31][32] Group 5 - The report indicates that Electric Science Digital achieved a revenue of 10.7 billion yuan in 2024, reflecting a year-on-year increase of 7.05%, with a net profit of 5.51 billion yuan, up 10.77% [33][34] - The company is focusing on digital products and industry digitalization, with significant growth in its digital finance and smart manufacturing sectors [34][35] - The report projects that the company's revenue will continue to grow, with estimates of 11.84 billion yuan, 13.17 billion yuan, and 14.98 billion yuan for 2025-2027 [39][40] Group 6 - The report highlights that Huading Co. achieved a revenue of 1.156 billion yuan in Q1 2025, a year-on-year decrease of 44.53%, while the net profit increased by 17.26% to 0.94 billion yuan [41][42] - The company’s nylon segment reported a revenue of 1.133 billion yuan, with a production increase of 3.99% year-on-year [44][45] - The report notes ongoing project investments aimed at enhancing production capacity and market share in the high-end nylon segment [46]

| 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3276.73 | -3 61(-0.11%) | | 深证指数 | 9781.65 | +22.6(0.23%) | | 创业板指 | 1913.97 | +5.19(0.27%) | | | 日期:4月18日 制图:21投资通 | | 周五外盘 纽约股市三大股指4月18日休市。欧洲三大股指4月18日休市。 | 名旅 | 报价 | 涨跌幅 | | --- | --- | --- | | 道琼斯 纳斯达克 | | | | 标普500 | | | | 富时100 | | 休市 | | COMEX黄金 | | | | WTI原油 | | | | 美元指数 | 99.39 | -0.06% | | 美元离岸人民币 | 7.30 | -0.01% | | | 注:美元指数、汇率为最新价,数据截至北京时间6:30,其它为收盘价 制图:21投资通 | | 上周A股 过去一周（4月14日—18日），三大股指多数下跌。截至4月18日收盘，上证指数报3276.73点，周涨 1.19%；深成指报9781.65点，周跌0.54%；创业 ...