OJacntuoabrey r1 12,22,0 21051 0 BuildFinogo dM, Baetevreiraalsge | &C oTombpa 公accn 司oy | 研R Ce 究osme paarcnhy Research 纺织服装 | 公司研究 一季度表现符合预期，电商增长亮眼，运营质量提升 2024年4月21日 赢家时尚 (03709:HK) 买入 公司发布 2024 年一季度运营表现，销售表现符合预期。一季度公司收入规模 17 亿元，同比增 长低单位数（数据来自公司公告及公开电话会交流，下同）。其中，主品牌 Koradior 由于一季 维持 度关闭了一定数量的低质量门店，收入小幅下降3%。第二大品牌NAERSI取得5%的增长，第三 大品牌NEXY.CO品牌取得9%的增长，La Koradior品牌增长17%，新品牌FUUNNY FEELLN 大幅增长21%。其余3个中等梯队的品牌下降个位数。整体而言，公司在1-2月高基数、3月天 市场数据：2024年4月19日 气影响春装换季需求、加盟商退货等因素干扰下，仍有低单位数增长，表现符合预期。 收盘价（港币） 12.46 分渠道看，线上抖音、 ...

Financial Data and Key Metrics - The media (Shenwan) index fell by 4.48% this week, more than the ChiNext index (-0.39%) [1] - TMT sectors continued to decline this week, with communications down 0.67%, computers down 3.94%, and electronics down 2.59% [1] - The Hang Seng Tech Index dropped by 5.65%, and the Nasdaq Golden Dragon China Index fell by 2.09%, outperforming the Nasdaq's -5.52% [1] Business Line Data and Key Metrics - Local publishing state-owned enterprises (SOEs) showed a clear trend of increasing dividend amounts and dividend-to-adjusted net profit ratios in 2023 [3] - Shandong Publishing increased its dividend by 355 million yuan in 2023, while Xinhua Winshare's dividend grew by 296 million yuan [3] - Most publishing SOEs had a dividend-to-adjusted net profit ratio exceeding 50%, indicating strong dividend willingness and capability [3] Market Data and Key Metrics - The advertising market in January saw a 3.7% year-on-year increase, with elevator LCD and poster ads rising over 20% [13] - Food, beverages, and alcohol remained the main drivers of ad spending, with household appliances and personal care products re-entering the top ad spend categories [13] Company Strategy and Industry Competition - Focus Media plans to distribute at least 80% of its adjusted net profit as cash dividends annually over the next three years [3] - Local publishing SOEs are leveraging their educational publishing businesses to explore new educational formats and services [5] - AI video is expected to be a major theme in 2024, driving growth in the film and gaming sectors [17] Management Commentary on Operating Environment and Future Outlook - The macroeconomic recovery and the resilience of Focus Media's business model are highlighted as key factors for future growth [13] - The film industry is expected to remain strong, with a positive outlook for the May Day holiday box office [17] - The gaming industry is projected to maintain double-digit growth in 2024, despite increased competition [20] Other Important Information - The new "National Nine Articles" emphasize the value of high-dividend, low-valuation SOEs with strong external growth capabilities [7] - AI is seen as a transformative force in content production, with companies needing to adapt to remain competitive [23] Summary of Q&A Session - No specific Q&A session details were provided in the content

大家好欢迎参加声望红颜交韵一周回顾展望电话会议目前所有参会者均处于静音状态现在开始播报我们的声明声明播完后主持人可直接开始发言 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家好我是申万教运的首席分析师严海今天呢我来给大家汇报一下这个最新的这个航运板块的一个这个情况嘛主要我们还是分成这个两部分第一呢也是上周其实大家关注比较高的这个美国针对中国这个造船还是物流的这个301调查 第二是我们更新一下中东局势紧张对最近的情况的一个更新首先我们重申一下现在的核心的推荐跟观点就是一条线其实是 造船板块尤其是这个中国重工的最近的这个订单呢其实是非常超预期的这个整个产能也释放出来了这个市值订单比现在我们估计来是0.8其实是低于这个船舶房屋这个一左右的一个水平的所以他会迎来一轮这个相对我们确定的一个这个补涨行情第二呢就是这个干散货的这个周期其实是已经起来了这个 重点标的是这个招商轮船跟港股的太平洋航运第三就是 ...

大家好欢迎参加声望红媛家电这个位置如何看家电目前所有参会者均处于静音状态下面拨报名自由声明拨办完毕后主持人可直接发言谢谢 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 好的各位投资者大家晚上好首先非常感谢大家在周末的时间这个习生休息的时间来参加我们今天晚上这一场的这个家电行业的一个行业观点汇报那么整个会议的背景是这样子的就是因为以往过去的这个历史上来看的话我们行业观点其实更多的是在我们这个有一个消费品的阅读观点会议啊 包括我们还有跟地产链组联合的不定期的一个电话会议以及我们平时还有一些像社林数据解读的一些电话会议里面其实都会适当的去阐述一下家电行业的一些最新观点但是因为确实参加每一个会议给我们的时间有限大概就在5分钟左右然后我们团队其实日常的录影的频率是比较高的其实日常工作中还是跟市场还是传递观点的机会还是比较多的那么今天晚上这个会议其实是 最近这两周的时间吧应该说整个家电板块的表现比较好应该大家关注度 ...

【申万大化工团队】化工品景气持续修复，还有哪些产品有投资 机会 20240421 基础化工：宋涛18601045266/马听哗18930809609/任杰19512256636/赵文琪 18705457423/邵靖宇18721868607/周超18810299533 石油化工：宋涛18601045266/刘子栋13034568711/陈悦13914735301 一、石化板块在油价高位震荡的情况下，建议重点关注上游资源品 资深高级分析师：刘子栋13034568711 油价近期利多和利空因素都比较明显。利空因素主要在于美国原油库存的变化，最近一个 多月一直是处在累库的状态，而美国原油产量一直维持1310万桶左右，所以原油的需求相 对没有太好的表现。从美国炼厂的开工率上看，美国最近一个月炼厂开工率是在88%左 右，并且还是在小幅缓慢下滑的，说明确实需求是受到了抑制。我们判断是高油价环境对 于原油的需求来说已经是存在了一定的压力，4月份以来的汽柴油的裂解价差环比3月份 也是出现了明显的下降。所以我们判断，高油价对于原油需求已经是存在一定的负面影响 了，油价继续再往上冲的话，至少基本面上是不太能够支撑的 油价还是会有继 ...

请注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 现在和大家聊一聊车展下周北京车展就要来了有几个看点我们其实在周中的时候就发了一个车展指南的材料在这里做一个再做一个简单的总结首先我觉得最大的看点就是头部的这几家公司的一些重磅的新车对这个肯定需要和大家介绍一下第一个就是比亚迪比亚迪有两台非常重要的车第一个是腾试的 真正再一次品牌向上的一个动作就是那台帕美ZT9我觉得这台车还是值得期待一下的确之前预热和整个至少这次在造型上面的这个口碑还是不错的这个自动的这个价格还是需要需要去有一些认真的对待然后第二台比较重要的车就是那个TL 作为它DMI5.0的第一台车KL的定价当然目前的预期在13 12到14 5之间对这个是用来填补Plus和Han之间的一个细分市场而且是一套全新的动力构成更重要的意义在于预期是DMI5.0上来之后整个价格带会重新往回收一收对这个 这台车的这个意义其实比我觉得比同时对于整体就比较对于整体的这个包括引力包括 ...

大家好欢迎参加深闻红云化工化工品景气持续修复还有哪些产品有投资机会目前所有参会者均处于静音状态现在开始播报免责声明声明播报完毕后主持人可直接开始发言 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家晚上好我是深化化工首席宋涛然后其实我们在最近几次电话会包括投资品的电话会里面也提到了相应化工品的一个紧急度加插了一个修复当然最近可能上涨的包括关注的热点已经开始分散了从之前的包括轮胎、浮化工包括一些化工的龙头也开始分散到一些七分的一些板块 然后包括油价还在一个持续的增长上的一个过程那这里今天晚上我们也除开传统的一些重要标的一些更新以外我们也就是把一些就是有可能潜在的一些上涨的一些系统领域跟各位领导也汇报一下那首先请我们那个实话的飞行师刘子冬先讲一下整个 石化的一些观点以及一些新的领域的一些重要标的一些推荐有请子冬好的各位投资者大家晚上好我来汇报一下石化板块的整体观点首先说油价的变化近期其实对于油价 ...

大家好欢迎参加声望红颜交易永泰运二三年年宝交流电话会主持人和参会者均处于静音状态下面开始播报声明声明播报完毕后主持人可直接开始发言谢谢 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资人大家好,我是神万交运的首席分析师严寒永泰运是我们一直跟踪的一个公司整个化工品物流以及跨境物流我们也是持续在密切跟踪永泰运发完二三年年报,我们今天也请到了董秘韩总跟我们做一个比较详细的交流 下面我们先请韩总对年报包括近期经营情况 化工品物流行业的近况做一个简单的讲解后面我们进入提问时间今天跟我一起主持的还有覆盖永开云的严田鹏老师下面我们请韩总开始谢谢严总 谢谢我们神万这边主持这样的一个会议 我这边的话把公司23年的一些经营情况向各位投资人做一些简要的一个汇报前面我们在4月10号做了年报的一个披露之后后续的话大家相关的一些详细数据应该也都看到了所以这里的话具体的一些详细的数据信息我就不做过多的赘述了23年的话公司经营发 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for SF Intra-City (9699 HK) [4][10] Core Views - SF Intra-City is a leading third-party on-demand delivery platform with improving profitability, achieving its first profit since IPO in 2023 [4][7] - The company adopts a full-scene business model, covering food delivery, local retail, local e-commerce, and local services, benefiting from economies of scale and network effects [4][7] - The on-demand delivery industry is driven by new consumption models, with clear competition patterns and the rising value of third-party platforms due to private domain traffic construction [4][8] - SF Intra-City leverages the SF brand, with its last-mile business ensuring a stable revenue base and non-catering scenarios contributing more to its order structure [4][9] - The company's tea drink delivery revenue grew 75% YoY in 2023, with deepened cooperation with brands like Luckin, CHAGEE, and McDonald's [4][9] Financial Projections - Revenue is expected to reach RMB 14 94 billion in 2024, RMB 17 57 billion in 2025, and RMB 20 30 billion in 2026 [4][10] - The current market cap implies PS multiples of 0 57x for 2024E, 0 48x for 2025E, and 0 42x for 2026E, with a 17% upside potential based on a fair PS valuation of 0 66x for 2024 [4][10] Industry Analysis - The on-demand delivery industry is entering a mature phase, with high-value-added scenarios like local retail and near-field e-commerce becoming future growth drivers [35][36] - Demand is driven by rising disposable income, expanding local consumer markets, and changing consumer habits, with the industry's order volume expected to reach 957 8 billion by 2026 [44][46] - The rapid growth of instant tea drink stores and the IPO wave among new tea drink brands create opportunities for delivery platforms [51][57] - Third-party on-demand delivery platforms are gaining traction due to their independent order sources, diversified service scenarios, and comprehensive delivery capabilities [62][63] Company Positioning - SF Intra-City benefits from the SF brand, leveraging its parent company's resources and customer base to secure stable orders and ensure revenue growth [69][70] - The company's last-mile business accounts for a significant portion of its revenue, providing a stable income base [71][73] - As an independent third-party platform, SF Intra-City is not constrained by platform competition, making it a preferred choice for merchants seeking diversified traffic channels [74][75] - The company is optimizing its order structure, with non-catering scenarios contributing 40% to its intra-city delivery revenue in 2023, driven by growth in local retail, near-field e-commerce, and near-field services [77]

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The sales performance of the company met expectations, with a high single-digit year-on-year growth in the main brand's total channel revenue for Q1 2024, driven primarily by sales volume growth [2] - The company has seen strong growth in its new brands, with all four new brands achieving over 50% growth in Q1 2024, indicating a successful strategy to create a second growth curve [2][3] - The inventory levels are healthy, with a discount rate gradually improving, and the company expects to maintain double-digit growth guidance for the main brand throughout the year [2][3] Summary by Sections Sales Performance - In Q1 2024, the main brand's total channel revenue grew by a high single-digit percentage year-on-year, with stable pricing and significant sales volume growth [2] - The children's clothing segment outperformed the adult segment, with approximately 10% growth in revenue, while e-commerce growth exceeded 25% [2] New Brand Development - The professional sports division's brands, such as Saucony and Myle, saw a revenue increase of 98.9% to 800 million yuan, while fashion sports brands like Gaiswei and Paladin grew by 14.3% to 1.6 billion yuan [2] - Saucony has established a strong position in the high-end running market, with an average monthly store efficiency of 300,000 yuan [2][3] Inventory and Discount Management - The main brand's discount rate was between 70-75% in Q1, with an inventory turnover ratio of 4-4.5 months, indicating a healthy inventory level [2] - The company anticipates a further reduction in inventory turnover to around 4 months in Q2, which will support an increase in discount rates to 75% [2] Market Strategy - The company focuses on third- and fourth-tier cities, with over 70% of its stores located in lower-tier markets, leveraging its first-mover advantage [3] - The average monthly store efficiency for the main brand is approximately 195,000 yuan, with upgraded stores performing significantly better [3] Financial Projections - The company forecasts revenues of 12.93 billion yuan for FY2022, 14.35 billion yuan for FY2023, and 15.99 billion yuan for FY2024, with corresponding net profits of 922 million yuan, 1.03 billion yuan, and 1.15 billion yuan [9][4] - The projected PE ratios for FY2024 to FY2026 are 12, 11, and 9 respectively, indicating a favorable valuation outlook [4]