Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - Short-term performance is expected to improve due to the release of overseas production capacity and new customer growth in the automotive leather segment, indicating potential earnings elasticity. Long-term, the company is expanding its export business into the sports industry, having entered the supply chains of global sports brands like Adidas and VF, which could enhance growth and valuation prospects. New businesses, such as Hongxing and Baotai, are positioned for high growth due to industry demand, contributing to the company's overall growth outlook. The projected net profit for the company from 2025 to 2027 is estimated at 170 million, 190 million, and 210 million yuan, representing year-on-year growth of 20%, 13%, and 11%, with corresponding P/E ratios of 16, 14, and 13 times [2][4][6]. Financial Performance Summary - In 2024, the company achieved revenue of 2.951 billion yuan, with a net profit attributable to the parent company of 142 million yuan, reflecting a year-on-year revenue increase of 9% but a decline in net profit by 24%. In Q4 2024, the company reported revenue of 937 million yuan and a net profit of 32 million yuan, showing significant growth compared to the previous year. For Q1 2025, revenue was 627 million yuan, with a net profit of 19 million yuan, indicating a year-on-year revenue increase of 5% but a decline in net profit by 45% [4][5][6]. Business Segment Analysis - The main business segment, focused on footwear and bags, is expected to see a slight decline in revenue due to a weak domestic consumption environment affecting the internal sales portion. Conversely, the automotive leather segment is projected to grow by 20% to 720 million yuan, driven by strong sales from core customers. The second-layer leather business is also expected to see significant revenue growth due to a resurgence in demand for retro styles, although profit margins may be impacted by raw material price fluctuations [5][6]. Profitability Insights - The overall gross margin for 2024 remained stable at 21.4%, with a slight increase of 0.02 percentage points year-on-year. However, asset impairment losses significantly impacted net profit, leading to a decline in net profit margin to 4.8%. In Q1 2025, the gross margin improved to 20.7%, but net profit margin decreased to 3.0% due to increased financial expenses and asset impairment losses [6][4].

证券代码：300591 证券简称：万里马 编号：2025-001 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及人员姓名 | 线上参与公司2024年度网上业绩说明会的全体投资者 | | 时间 | 2025年05月13日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长 林大洲 | | | 财务总监 许晓敏 | | | 独立董事 孔祥婷 | | | 董事会秘书 苏继祥 保荐代表人 方军 | | | 1.管理层如何解释连续三年亏损？2025年扭亏的具体措施及量化目 | | | 标是什么？ | | | 答：尊敬的投资者您好，感谢您对公司的关注。近年来业绩亏损主 | | | 要是受超预期因素影响以及在消费需求不足的背景下，行业竞争加 | | | 剧致主营业务收入下降，固定成本费用抵减利润。2025年，公司在 | | | 聚焦单兵单警防护产品的同时 ...

摘要 • 关税政策对中国就业市场的影响估计在 1%到 1.5%之间，低于最初预期的 3%，实际影响或通过广东省工业企业劳动生产率和出口与就业同比例减少 两种方法估算，减少就业人数在 600 万到 1,000 万之间。 • 出口对经济贡献高于就业占比的原因包括劳动生产率提升、产业结构向资 本和技术密集型转型，以及新兴领域创造更多就业机会，降低了出口产业 的劳动力吸引力。 • 简化关税影响测算的关键假设包括：关税仅影响货物贸易，制造业出口占 比超 90%，以及基准关税水平为额外加征 34%。 • 评估关税对就业的影响需考虑出口对就业的非显著影响（0.16%- 0.2%），以及政策传导的时滞效应，当前就业压力虽存在但未如部分媒体 渲染般严重。 • 轻工业如皮革、木材家具和电子行业受关税影响较大，特别是依赖美国营 收和劳动密集型产业，但因其在国内就业占比不高，总量冲击相对较小。 • 中国 GDP 增速放缓导致失业率上升，经济发展新格局下，外循环占比高的 行业吸纳就业能力强，而内循环占比高的行业相对较弱，带来结构性矛盾。 • 服务业发展面临需求层次、非线性增长和区域差异等挑战，需通过政策支 持和结构调整，提高第三产业比 ...

Core Viewpoint - The report by Tianfeng Securities on Xingye Technology highlights the company's ongoing development in the automotive interior leather business, maintaining a "buy" rating for the stock [1]. Financial Performance - For Q1 2025, the company reported revenue of 600 million, a year-on-year increase of 5%, while net profit attributable to shareholders was 20 million, down 45% year-on-year [1]. - In Q4 2024, revenue was 900 million, up 24% year-on-year, with net profit attributable to shareholders at 30 million, a significant increase of 150% year-on-year [1]. - The full year 2024 saw revenue of 3 billion, a 9% increase year-on-year, but net profit attributable to shareholders decreased by 24% to 140 million [1]. Dividend and Management Changes - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, amounting to an expected payout of 40 million, with a dividend payout ratio of 31% [2]. - Wu Meili resigned as the board secretary but continues as the vice president, while Zhang Liang has been appointed as the new board secretary [2]. Product Segmentation and Market Expansion - Revenue from leather for shoes and bags in 2024 was 2 billion, an 8% increase, accounting for 68% of total revenue, with a gross margin of 18% [3]. - Revenue from automotive interior leather reached 700 million, a 20% increase, representing 24% of total revenue, with a gross margin of 34% [3]. - The company has successfully entered the supply chains of international brands such as Adidas and COLEHAAN [3]. Regional Performance - Revenue from East China was 1.9 billion, an 8% increase, accounting for 65% of total revenue, with a gross margin of 22% [3]. - Revenue from South China was 600 million, down 1%, representing 21% of total revenue, with a gross margin of 22% [3]. - International revenue surged by 97% to 300 million, accounting for 10% of total revenue, with a gross margin of 21% [3]. Subsidiary Performance - The subsidiary Hongxing Automotive Leather reported a net profit of 150 million, up 51% year-on-year, driven by increased sales and improved gross margins [4]. - Lianhua Leather reported a net loss of 10 million, down 62% year-on-year, primarily due to increased financial expenses [4]. 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 [5]. - Earnings per share (EPS) are projected to be 0.5, 0.6, and 0.8 yuan for 2025, 2026, and 2027 respectively [5]. - Price-to-earnings (PE) ratios are expected to be 20x, 16x, and 12x for the respective years [5].