[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 新城控股（601155）公司年报点评 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 02日收盘价（元）] 12.36 | | --- | | 52 周股价波动（元） 7.95-16.70 | | 总股本/流通 A 股（百万股） 2256/2256 | | 总市值/流通市值（百万元） 27879/27879 | | 相关研究 | | [Table_ReportInfo] 《商业收入保持稳定，出租率持续提升》 | | 2024.11.18 | | 《毛利率转升，租金收入贡献稳定现金流》 | | 2024.09.05 | | 《减值计提影响利润，租金收入再提升》 | | 2024.05.29 | | 市场表现 | | [Table_QuoteInfo] 新城控股 | | 海通综指 | -14.01% 4.99% 23.99% 42.99% 61.99% 2024/4 2024/7 2024/10 2025/1 沪深 300 对比 1M ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company is expected to achieve a revenue growth of 3.9% in 2024, driven by professional categories such as running and fitness [7]. - The gross margin is projected to improve to 49.4%, while net profit is expected to decline by 5.5% to 3.01 billion [7]. - The company is focusing on optimizing channel structures and enhancing operational efficiency to expand its influence in the professional sports market [7]. Financial Data and Forecast - Revenue (in million) for 2023 is 27,598.49, projected to be 28,675.64 in 2024, with a year-on-year growth of 3.9% [6]. - Net profit (in million) for 2023 is 3,186.91, expected to decrease to 3,012.92 in 2024, reflecting a decline of 5.46% [6]. - The diluted EPS for 2024 is projected at 1.17, with a gross margin of 49.37% [6][10]. - The company anticipates a net profit of 27.3 billion and 28.6 billion for 2025 and 2026, respectively, with a PE valuation range of 13-15X for 2025 [7]. Market Performance - The company's stock price closed at 15.78 HKD, with a 52-week price range of 12.56-24.60 HKD [2]. - The total market capitalization is 40,788 million HKD [2]. - The company has faced challenges in offline traffic, with a reported decline in daily customer flow by 10-20% [7]. Revenue Breakdown - The revenue from the Li Ning brand is expected to reach 26.82 billion, with a year-on-year growth of 3.4% [7]. - Revenue from footwear, apparel, and equipment is projected at 14.3 billion, 12.05 billion, and 2.32 billion, respectively, with footwear showing a growth of 6.8% [7]. Inventory and Efficiency - The company maintains a healthy inventory structure with a turnover period of 64 days and an inventory cost increase of 4.2% year-on-year [7]. - The overall inventory turnover ratio is 4.0 months, indicating a stable inventory management strategy [7]. Valuation and Estimates - The estimated reasonable value range for the stock is between 14.92 and 17.22 HKD per share based on the projected earnings [7]. - The company is expected to maintain a dividend yield of approximately 3.71% in 2024 [10].

[Table_MainInfo] 基金研究 证券研究报告 基金季报 2025 年 4 月 2 日 [Table_Title] 相关研究 [Table_ReportInfo] 《海通证券：基金公司权益及固定收益类 资 产 业 绩 排 行 榜 （ 2025.04.02 ）》 2025.04.02 《 海通证券 - 基 金 系 列 评 级 一 览 （2025.01.27）》2025.01.27 《海通证券-2024 年四季度基金份额点 评》2025.01.24 2025 年 1 季度基金公司业绩点评 [Table_Summary] 投资要点： 分析师:魏玮 Tel:(021)23185677 Email:ww14694@haitong.com 证书:S0850524070003 首席分析师 [Table_AuthorInfo] :倪韵婷 Tel:(021)23185605 Email:niyt@haitong.com 证书:S0850511010017 联系人:刘雨婷 Tel:(021)23185707 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] Email:lyt16228@ha ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 佳讯飞鸿（300213）公司研究报告 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 0[4Table_StockInfo 月 01 日收盘价（元）] | 8.66 | | --- | --- | | 52 周股价波动（元） | 5.13-11.24 | | 总股本/流通 A 股（百万股） | 594/551 | | 总市值/流通市值（百万元） | 5142/4773 | | 市场表现 | | [Table_QuoteInfo] -26.65% -11.65% 3.35% 18.35% 33.35% 48.35% 2024/4 2024/7 2024/10 2025/1 佳讯飞鸿 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | -5.4 | 13.7 | 7.3 | | 相对涨幅（%） | -5.3 | 11.9 | 9.7 | | 资料来源：海通证券研究所 | | | | ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 明源云（0909）公司研究报告 2025 年 04 月 02 日 [Table_InvestInfo] 股票数据 | 0[4Ta月b0le1_日S收to盘ck价In（fo港] 元） | 3.00 | | --- | --- | | 52 周股价波动（港元） | 1.57-4.65 | | 总股本/流通股（百万股） | 1944/1944 | | 总市值/流通市值（百万港元） | 5832/5832 | 市场表现 [Table_QuoteInfo] 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@haitong.com 证书:S0850523090001 分析师:杨昊翊 Tel:(021)23185620 | 沪深 对比 300 | 1M | M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 11.59 | 16.41 | 8.16 | | 相对涨幅（%） | -14.59 | -1.24 | -10.29 | | 资料来源：海通 ...

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 4[Table_StockInfo 月 1 日收盘价（港元）] | 20.1 | | --- | --- | | 52 周股价波动（港元） | 15.33-23.95 | | 总股本/流通 H 股（百万股） | 2761/2761 | | 总市值/流通市值（百万港元） | 55496/55496 | | 相关研究 | | | [Table_ReportInfo] 《限制性股票激励落地，坚定长期发展》 | | | 2024.06.26 | | 《重卡龙头，出海尖兵》2024.05.27 市场表现 [Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 中国重汽（3808）公司年报点评 2025 年 04 月 02 日 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 4.0 45.3 56.6 相对涨幅（%） 1.9 29.4 39.8 资料来源：海通证券研究所 国内重卡高端化，轻卡减亏 [Table_Summary] 投资要点： 分析师:刘一鸣 Tel:(021)2315414 ...

[Table_MainInfo] 公司研究/信息服务 证券研究报告 东方通（300379）公司研究报告 2025 年 04 月 02 日 | 04[Table_StockInfo 月 01 日收盘价（元）] | 15.40 | | --- | --- | | 52 周股价波动（元） | 7.26-23.98 | | 总股本/流通 A 股（百万股） | 558/527 | | 总市值/流通市值（百万元） | 8592/8110 | | 市场表现 | | [Table_QuoteInfo] -36.18% -11.18% 13.82% 38.82% 63.82% 2024/4 2024/7 2024/10 2025/1 东方通 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | -5.9 | 8.8 | 2.1 | | 相对涨幅（%） | -5.8 | 7.0 | 3.3 | | 资料来源：海通证券研究所 | | | | [Table_AuthorInfo] | 分析师:杨林 | | --- | | Tel:(021)23 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3] Core Views - The company is expected to achieve steady growth with a significant reduction in net losses, driven by strong performance in its core business and the introduction of new product lines [7][8] - The establishment of Paradigm Group marks a strategic shift towards a dual business model focusing on both B2B and B2C markets, with the consumer electronics segment anticipated to become a key growth driver [7][8] Financial Performance and Forecast - Revenue is projected to grow from 42.04 billion in 2023 to 66.01 billion in 2025, reflecting a year-on-year growth of 25% [7] - The net profit is expected to turn positive by 2025, with a forecasted net profit of 0.49 billion, following a significant reduction in losses from 9.09 billion in 2023 to 0.27 billion in 2024 [7] - The gross margin is expected to stabilize around 44% in 2025, with a gradual increase to 47% by 2027 [7] Business Segments and Growth Drivers - The AI platform business, particularly the "Xianzhi AI Platform," has shown exceptional growth, with revenues increasing by 46.7% in 2024 [7] - The company is focusing on expanding its customer base and enhancing service depth, with benchmark users averaging revenue close to 19.1 million [7] - The consumer electronics segment, Phancy, aims to provide AI-integrated hardware and software solutions, leveraging the company's proprietary AI capabilities [7][8] Strategic Initiatives - The company is heavily investing in R&D, with expenses reaching 2.17 billion in 2024, representing 41.2% of revenue [7] - The launch of the ModelHubAIoT solution is expected to facilitate the deployment of AI models on edge devices, addressing privacy and real-time needs [8] - Collaboration with major partners like Huawei to develop integrated AI solutions is anticipated to enhance product offerings and market reach [8] Valuation and Price Target - The company is valued at a price-to-sales ratio of 5-6 times for 2025, with a target price range of 71.66 to 85.99 HKD [8]

[Table_MainInfo] 公司研究/信息服务/计算机 证券研究报告 万国数据-SW（9698）公司研究报告 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 4[Table_StockInfo 月 1 日收盘价（港元）] | 24.55 | | --- | --- | | 52 周股价波动（港元） | 5.66-48.30 | | 总股本/流通 H 股（百万股） | 1524/1469 | | 总市值/流通市值（百万元） | 37425/36060 | Email:ym13254@haitong.com 相关研究 [Table_ReportInfo] 《国内 IDC 龙头企业，海外业务高速成长》 20250125 市场表现 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | -37.28 | 19.14 | 32.31 | | --- | --- | --- | --- | | 相对涨幅（%） | -35.76 | 2.39 | 13.51 | | 资料来源：海通证券研究所 | | | | 分析 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][6] Core Insights - The company is a leading player in the domestic dairy farming industry, benefiting from a cyclical recovery in the market [4][6] - The company has a strong market position with a significant increase in market share from 19% to approximately 26% from 2019 to 2024 [6] - The company is expected to see a rebound in raw milk prices due to a reduction in supply and an increase in demand driven by government policies [6][9] - The company has a diversified product matrix, including organic and specialty milk products, which contribute to higher profit margins compared to regular milk [6][9] Financial Data and Forecasts - Revenue projections for the company are as follows: - 2023: 18,694 million CNY - 2024: 20,096 million CNY - 2025: 21,766 million CNY - 2026: 23,712 million CNY - 2027: 25,879 million CNY - Year-on-year growth rates for revenue are projected to be 3.6% in 2023, 7.5% in 2024, 8.3% in 2025, 8.9% in 2026, and 9.1% in 2027 [5][6] - Net profit is expected to turn positive by 2025, with projections of 679 million CNY in 2025, 1,748 million CNY in 2026, and 2,945 million CNY in 2027 [5][6] - The company’s gross margin is projected to improve from 23.9% in 2023 to 33.92% by 2027 [5][6] Industry Analysis - The domestic raw milk supply is characterized by a significant reduction in dairy cattle numbers, with a projected decline of 4.5% in Holstein cattle by 2024 [6][9] - The competitive landscape of the dairy industry is fragmented, with the top five companies holding a market share of approximately 19% [6][9] - The company benefits from a stable demand from its major shareholder, Yili Group, which accounts for about 95% of its raw milk revenue [6][9] Valuation Metrics - The company is expected to trade at a P/E ratio of 16-20 times by 2025, with a target price range of 3.00 to 3.75 HKD per share [6][9]