2025 年 8 月 26 日 耐用消费品及服装: 中性 证券研究报告 / 公司更新报告 李宁 (2331 HK, 买入, 目标价: HK$23.30) 目标价: HK$23.30 当前股价: HK$20.28 股价上行/下行空间 +15% 52 周最高/最低价 (HK$) 21.00/12.56 市值 (US$mn) 6,709 当前发行数量(百万股) 2,585 三个月平均日交易額 (US$mn) 52 流通盘占比 (%) 100 主要股东 (%) Viva China 11 按 2025 年 8 月 25 日收市数据 资料来源: FactSet | 主要调整 | | | | | --- | --- | --- | --- | | | 现值 | 原值 | 变动 | | 评级 | 买入 | 买入 | N/A | | 目标价 (HK$) | 23.30 | 19.30 | 21% | | 2025E EPS (RMB) | 0.93 | 0.93 | 0% | | 2026E EPS (RMB) | 0.96 | 0.96 | 0% | | 2027E EPS (RMB) | 1.00 | 1.00 | 0% ...

浙江朗迪集团股份有限公司（以下简称"公司"）于2024年9月20日召开了第七届董事会第十二次会议， 审议通过了《关于拟投资建设泰国生产基地的议案》，同意在泰国投资新建生产基地，该项目计划投资 金额不超过人民币1.1亿元，包括但不限于购买土地、购建固定资产等相关事项，实际投资金额以中国 及当地主管部门批准金额为准；授权公司经营管理层及其合法授权人员就泰国生产基地投资事项制定与 实施具体方案、申请投资备案登记、设立泰国子公司及海外结构搭建、签署土地购买等相关协议或文 件，及办理其他与本事项相关的一切事宜。具体内容详见公司2024年9月21日在上海证券交易所网站 （www.sse.com.cn）披露的《朗迪集团关于拟投资建设泰国生产基地的公告》（公告编号：2024- 046）。 2024年11月，公司完成朗迪叶轮机械(泰国)有限公司（以下简称"泰国朗迪"）的设立登记。具体内容详 见公司2024年11月26日在上海证券交易所网站（www.sse.com.cn）披露的《朗迪集团关于投资建设泰国 生产基地的进展公告》（公告编号：2024-050）。 2025年1月，公司完成泰国朗迪的备案登记事宜，并收到了宁波市商务局颁发 ...

Core Viewpoint - The company, Meixin Technology, has seen a stock price increase of 4.20% with a total market capitalization of 2.39 billion yuan, benefiting from the depreciation of the RMB and its significant overseas revenue [1][2]. Company Overview - Meixin Technology Co., Ltd. is located in Huizhou, Guangdong Province, and was established on June 16, 2004. It was listed on March 13, 2024. The company primarily engages in the research, production, and sales of wood-plastic composite materials and products [3][7]. - The main revenue composition includes wall panels (41.02%), outdoor flooring (39.24%), composite flooring (7.30%), accessories (6.34%), and other profiles (5.76%) [7]. Financial Performance - For the period from January to March 2025, Meixin Technology reported operating revenue of 213 million yuan, a year-on-year decrease of 0.78%, and a net profit attributable to the parent company of 16.15 million yuan, down 9.64% year-on-year [7]. Market Activity - The stock has a trading volume of 82.82 million yuan and a turnover rate of 5.71%. The main net inflow of funds today was 2.09 million yuan, accounting for 0.03% of the total, indicating a lack of clear trend in main funds [1][4][5]. - The average trading cost of the stock is 18.72 yuan, with the current price approaching a resistance level of 20.14 yuan, suggesting potential for a price correction if this level is not surpassed [6]. Dividend Information - Since its A-share listing, Meixin Technology has distributed a total of 39.23 million yuan in dividends [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a slight increase in revenue for the first half of 2025, with a year-on-year growth of 1.1%, while net profit attributable to the parent company decreased by 7.2% [2] - The company plans to invest approximately 23 billion Indian Rupees (around 27.6 million USD) to establish a production base in an economic zone in India, with preliminary construction already underway [2][3] - The company has a strong market position as a leading global sports shoe manufacturer, benefiting from vertical integration and a significant share of the global sports brand market [5] Summary by Sections Financial Performance - For the first half of 2025, the company's revenue and net profit attributable to the parent company were 406 million USD and 171 million USD, respectively, with a year-on-year growth of 1.1% and a decline of 7.2% [2] - The second quarter of 2025 saw revenue and net profit of 203.1 million USD and 95 million USD, with a year-on-year decline of 0.35% in revenue but a 13.02% increase in net profit [2] - The company plans to distribute a dividend of 0.4 HKD per share, resulting in a payout ratio of 47.77% and an annualized dividend yield of 6.4% [2] Manufacturing Insights - The manufacturing segment's revenue and net profit for the first half of 2025 were 279.8 million USD and 155 million USD, reflecting a year-on-year growth of 6.2% and a slight decline of 0.3% in net profit [3] - The manufacturing gross margin and net margin were 17.7% and 5.5%, respectively, with a year-on-year decrease of 1.4 and 0.4 percentage points [3] - The company has increased its workforce to 292,300 employees, a 5.5% year-on-year increase, with manufacturing staff growing by 6.6% [3] Retail Business Performance - The retail segment experienced a decline in revenue and net profit for the first half of 2025, with figures of 915.9 million CNY and 188 million CNY, representing a year-on-year decrease of 8.26% and 44% [4] - The number of direct-operated stores decreased by 1.16% year-on-year to 3,408, with a closure of 40 stores since the end of 2024 [4] - Despite challenges, the company reported a robust growth of 16% in omni-channel revenue, with live streaming sales increasing by over 100% [4] Investment Recommendations - The company is expected to face short-term order pressures due to tariffs and inflation, but medium-term growth is anticipated as production capacity is expanded and orders recover [5] - Revenue forecasts for 2025-2027 have been adjusted downwards to 8.218 billion USD, 8.546 billion USD, and 8.822 billion USD, respectively, with net profit forecasts revised to 373.67 million USD, 414.02 million USD, and 450.05 million USD [5][7] - The company maintains a favorable valuation with a projected PE ratio of 7, 6, and 6 for 2025-2027, supporting the "Buy" rating [5][7]

Group 1 - Jian Sheng Group reported H1 2025 revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow of 1.17 billion, 142 million, 136 million, and 252 million yuan respectively, with year-on-year growth of 0.19%, -14.46%, -15.84%, and 146.96% [1] - The decline in net profit is attributed to fluctuating tariffs, a weak market, and overstaffing, compounded by increased management expenses due to new executive hires [1] - In Q2 2025, revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 610 million, 82 million, and 75 million yuan respectively, with year-on-year declines of 1.52%, 2.23%, and 8.39% [1] Group 2 - Under Armour reported FY2026 Q1 revenue, operating profit, and net loss of 113.4 million, 3 million, and -3 million USD respectively, with year-on-year changes of -4.2%, a turnaround to profit, and a 99.1% increase in losses [2] - By product category, revenue from apparel, footwear, and accessories was 74.7 million, 26.6 million, and 10 million USD respectively, with year-on-year changes of -1.5%, 14.3%, and 8.1% [2] - The company expects FY2026 Q2 revenue to decline by 6% to 7%, considering ongoing uncertainties in trade policies and macroeconomic conditions [2] Group 3 - Huali Group reported H1 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 12.661 billion, 1.664 billion, and 1.677 billion yuan respectively, with year-on-year changes of 10.36%, -11.42%, and -9.12% [3] - In Q2 2025, revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 7.308 billion, 902 million, and 926 million yuan respectively, with year-on-year changes of 9.0%, -17.3%, and -13.3% [3] - The company is adjusting its customer structure and resource allocation to ensure timely delivery of orders amid macroeconomic pressures and rising costs due to trade disputes [3] Group 4 - The textile and apparel industry is experiencing weak brand consumption, with home textiles performing slightly better than clothing due to online sales and subsidies [4] - Manufacturing orders were poor from April to May, and Q3 is expected to remain pessimistic, prompting recommendations for companies with strong profit certainty and growth recovery logic [4] - Online sales data from Taobao and Tmall in July 2025 showed improvements in the growth rate of sports and leisure apparel, with notable increases in specific categories [4] Group 5 - As of August 7, the China Cotton 3128B Index was 15,191 yuan/ton, with a 0.25% increase, while the medium import cotton price index was 13,420 yuan/ton, also up by 0.25% [6] - The domestic cotton price is higher than the foreign cotton price by 1,771 yuan/ton, with the China Cotton 3128B Index up 3.27% year-to-date [6]

Group 1 - A new company, Xingtai Shunlin Railway Accessories Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Li Guoqiang [1] - The business scope includes manufacturing and sales of high-speed rail equipment and accessories, as well as various mechanical and electrical equipment [1]

智通财经APP讯，九号公司(689009.SH)发布2025年半年度报告，该公司营业收入为117.42亿元，同比增 长76.14%。归属于上市公司股东的净利润为12.42亿元，同比增长108.45%。归属于上市公司股东的扣除 非经常性损益的净利润为13.12亿元，同比增长125.32%。基本每份存托凭证收益为1.73元。此外，拟向 全体存托凭证持有人每10份派发现金红利4.23元(含税)。 公告显示，公司第二季度实现营业收入66.30亿元，同比增长61.54%，归属于上市公司股东的净利润 7.86亿元，同比增长70.77%，归属于上市公司股东的股份支付费用1.03亿元，剔除股份支付费用影响后 的归属于上市公司股东的净利润8.88亿元，同比增长83.76%。电动两轮车销量138.87万台，收入39.60亿 元；自主品牌零售滑板车销量38.38万台，收入9.29亿元；全地形车销量0.80万台，收入3.23亿元。ToB 产品直营收入4.34亿元。配件及其他收入合计9.83亿元。 ...

Core Insights - The company reported a revenue of 6.63 billion yuan for the second quarter, representing a year-on-year growth of 61.54% [1] - The net profit attributable to shareholders reached 786 million yuan, showing a year-on-year increase of 70.77% [1] Revenue Breakdown - Electric two-wheeler sales amounted to 1.3887 million units, generating revenue of 3.96 billion yuan [1] - Self-branded retail scooter sales totaled 383,800 units, contributing 929 million yuan in revenue [1] - All-terrain vehicle sales were 8,000 units, with revenue of 323 million yuan [1] - Direct sales from ToB products generated 434 million yuan [1] - Revenue from accessories and other sources totaled 983 million yuan [1]

Core Viewpoint - The government is intensifying subsidies for the automotive aftermarket, with Tuhu Car Service becoming the sole partner for the 2025 vehicle trade-in program in Zaoyang Economic Development Zone, Hubei [1] Group 1: Government Subsidies and Market Impact - Tuhu Car Service has engaged in a government subsidy project aimed at upgrading consumer spending in the automotive aftermarket, allowing users to enjoy dual benefits of "government subsidies + platform discounts" when purchasing products through the Tuhu app [1] - The automotive aftermarket is experiencing a surge in trade-in activities, with government subsidies driving record-high performance metrics on the Tuhu platform [1] - On June 18, Tuhu Car Service achieved sales exceeding 150 million, with international tire brand sales increasing by over 82% year-on-year, and engine oil sales ranking first nationally [1] Group 2: Service Network and Standardization - Tuhu Car Service operates over 7,000 service centers across more than 300 cities and 1,700 counties in mainland China, providing a robust network for the effective implementation of subsidies [3] - The company has established a standardized service system to ensure consistent quality and efficiency across all service centers, enhancing user experience regardless of location [3] - Tuhu's after-sales service, including lifetime warranties on tires, aims to safeguard the entire consumer experience throughout the service process [3] Group 3: Future Development - The government subsidy project is expected to further reduce vehicle maintenance costs, allowing more users to benefit from integrated online and offline automotive services, while promoting digitalization, transparency, and standardization in the automotive aftermarket [3]

Core Viewpoint - Zhuzhou Times New Material Technology Co., Ltd. is planning to issue shares to specific investors to raise funds for investment in rail transit, wind power, and automotive components, amidst a complex economic environment that poses various risks to its operations and market performance [2][4]. Company Overview - The company, established on May 24, 1994, has a total share capital of 82,444.82 million RMB and is listed on the Shanghai Stock Exchange under the stock code 600458 [15][16]. - The main business includes manufacturing and selling high-speed rail equipment, key systems and components for rail transit, synthetic materials, and various engineering services [15][19]. Financial Performance - The company anticipates achieving an overall revenue of 20 billion RMB in 2024, with expectations for further growth following the completion of its fundraising projects [4]. - The company has a significant amount of accounts receivable, which may increase as the business scales, posing potential financial risks if economic conditions worsen [4]. Industry Characteristics - The new energy sector, particularly rail transit and wind power, is characterized by cyclical demand influenced by government policies and economic conditions [2][3]. - The rail transit industry is experiencing stable growth, supported by government initiatives and infrastructure investments, with China being a major player in the global market [26][27]. Risks and Challenges - The company faces operational risks associated with rapid expansion, including challenges in management, technology development, and market penetration [3][4]. - Financial risks are present due to potential increases in costs related to fixed asset investments and the possibility of bad debts from accounts receivable [4][5]. - Market demand fluctuations and competition in the high polymer composite materials sector could impact the company's market share and profitability [2][3].