Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a turnaround in profitability, with a net profit of 1.07 billion RMB, driven by improved gross margins in development business and reduced inventory impairment [2] - The company has made significant progress in its commercial layout and property management business, with non-development revenue growing by 1.3% year-on-year [3] - The company’s industry position has improved, ranking 12th in sales with a total sales of 98.3 billion RMB, despite a year-on-year decline of 30.4% [4] - Financially, the company remains stable with a decrease in interest-bearing debt and a net debt-to-adjusted capital ratio of 67% [4] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 59.05 billion RMB, a decrease of 18% year-on-year, with a gross margin of 14.6%, up by 2.1 percentage points [2] - The core net profit for 2024 is projected at 1.33 billion RMB, marking a significant recovery from losses in 2023 [5] Business Development - The company has successfully listed its commercial REIT, enhancing asset liquidity, although its commercial leasing and retail revenue fell by 6% to 1.7 billion RMB [3] - The property management segment achieved revenue of 2.97 billion RMB, reflecting a 10% year-on-year growth [3] Market Position and Land Acquisition - The company acquired 22 new land parcels primarily in first and second-tier cities, with a total land acquisition cost exceeding 42.9 billion RMB [4] - The sales performance in Q1 2025 showed a 4.5% year-on-year increase, indicating a stabilization in sales [4] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 1.13 billion RMB and 1.27 billion RMB respectively, with a new forecast for 2027 at 1.4 billion RMB [5] - The current stock price corresponds to a PE ratio of 13.3 for 2025, indicating a stable operational outlook [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a P/E of 13 times for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a year-on-year increase of 68% [1][3]. - The company has secured two new steer-by-wire orders in 2024, which are anticipated to be implemented by 2026, indicating a strong position in the autonomous driving sector [2][3]. - The report highlights the company's revenue growth potential driven by the trends of electrification and intelligence in the automotive industry, with expected revenues of USD 43 billion, USD 46 billion, and USD 50 billion for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - For 2024, the company is projected to achieve revenues of USD 4.28 billion, a year-on-year increase of 1.6%, with an adjusted EBITDA of USD 424 million, reflecting a 22.5% growth [1][5]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [5][12]. - The company’s EBITDA margin is projected to reach 9.9% in 2024, an increase of 1.7 percentage points year-on-year [1][5]. Product and Market Insights - The steer-by-wire technology is highlighted as a key innovation, allowing for more flexible vehicle design and enhanced driving precision, which is crucial for advanced autonomous driving [2][3]. - The company has also received its first rear-wheel steering order in 2024, which is expected to enhance driving experience in larger vehicle models [3][5]. - The revenue breakdown shows that North America accounts for 51% of total revenue, followed by Asia-Pacific at 31% and EMEASA at 17% [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a 13x P/E for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a 68% year-over-year increase [1][3]. - The company is benefiting from the trend towards steer-by-wire technology and has secured two steer-by-wire orders expected to be implemented by 2026 [2][3]. - The report highlights the potential for the company's rear-wheel steering technology, which is set to debut at the Shanghai Auto Show in April 2024, with an order already secured from a Chinese automaker [3]. Financial Performance - For 2024, the company anticipates revenues of USD 4.28 billion, a 1.6% increase year-over-year, with an adjusted growth of 2.5% after currency and commodity adjustments [1]. - The EBITDA for 2024 is projected at USD 424 million, a 22.5% increase from the previous year, with an EBITDA margin of 9.9% [1][3]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [1][3]. Product Segmentation - Revenue from various product lines for 2024 is projected as follows: EPS at USD 2.89 billion, CIS at USD 440 million, HPS at USD 180 million, and DL at USD 770 million [1][3]. - The company has a strong order book, with USD 6 billion in orders expected to be completed in 2024, and another USD 6 billion anticipated for 2025 [1][2]. Market Outlook - The company is well-positioned to capitalize on the electric and intelligent vehicle trends, with expected revenues of USD 4.34 billion in 2025 and USD 4.63 billion in 2026 [3][5]. - The report emphasizes the growing importance of steer-by-wire technology in the context of advanced driver-assistance systems and autonomous driving [2][3].

证券研究报告 | 公司点评报告 2025 年 4 月 11 日 京东集团-SW（09618.HK）25Q1 前瞻 Q1 GMV 及收入维持较快增长，利润表现预计符合预期 我们预计 25Q1 京东集团总收入同比+10.6%，Non-gaap 归母净利润同比 +15%。Q1 带电类国补驱动及日百品类稳健经营下 GMV 及收入预计维持双位 数较快增长，利润增长预计符合预期，京东自营电商壁垒坚实，当前关税政策 影响下市场转向内需，后续若刺激消费政策出台京东作为消费互联网龙头有望 显著受益，看好公司增长韧性以及供应链强议价能力下的利润提升空间，维持 "强烈推荐"评级。 风险提示：宏观经济风险；行业竞争加剧。 财务数据与估值 | 会计年度 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | | 1084662 | 1158819 | 1251543 | 1329509 | 1397248 | | 同比增长 | | 4% | 7% | 8% | 6% | 5% | | NON- ...

事项： 4 月 10 日，公司公告 2025 第一季度零售表现，2025 第一季度，安踏主品牌录得高单位数正增长，FILA 录 得高单位数正增长，其他品牌录得 65-70%正增长；此外，公司公告收购世界领先户外服饰、鞋履及装备专 业品牌德国狼爪（Jack Wolfskin)，基础对价为现金 2.9 亿美元。在满足其他惯常交割条件后，本次收购 预计将于 2025 年第二季末或第三季初完成。 国信纺服观点： 1、2025 第一季度：较高基数上各品牌流水增长出色，集团整体流水增长双位数，库存水平健康、折扣稳 定； 证券研究报告 | 2025年04月11日 安踏体育（02020.HK） 第一季度集团流水增长双位数，收购德国户外品牌狼爪 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005 ...

证券研究报告 | 公司点评 | 文娱用品 安踏体育(02020) 报告日期：2025 年 04 月 10 日 Q1 超预期，收购德国狼爪户外矩阵进一步丰满 ——安踏体育点评报告 ❑ FILA：超预期稳健增长 25Q1 FILA 品牌流水增长高单位数，其中预计大货增长中单位数，儿童增长低双位 数，潮牌增长中双位数，儿童和潮牌延续了 24Q4 的回暖势头，分渠道来看，线上增长中 双位数，快于线下。本季度线上线下折扣略有加深，库销比保持在可控范围内，大货中 专业运动、户外增速表现领跑，潮牌重塑后户外机能风受到消费者欢迎，后续新 CEO 预 计也会继续在大货商品、零售渠道、组织架构进行积极调整。 ❑ 其他品牌：成长火力全开 25Q1 Descente 流水增长接近 60%，KOLON 流水增长接近翻倍，MaiaActive 流水增 长 30%以上，户外及女子运动多点开花，增长火力全开的同时运营质量极高， DESCENTE 及 KOLON 折扣和库销比表现维持高水准。 ❑ 收购德国狼爪、户外版图进一步丰满 德国狼爪 Wolfskin1981 年成立，作为德国代表的专业户外品牌主要在徒步、自行 车、滑雪、露营场景提供户外 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a total revenue of 2.451 billion yuan for 2024, a decline of 10.66% year-on-year, with a net profit attributable to shareholders of 98 million yuan, down 15.03% year-on-year. In the second half of 2024, revenue was 1.192 billion yuan, a decrease of 10.34%, but net profit increased significantly by 371.96% to 65 million yuan [1]. - The company is focusing on optimizing store efficiency by closing underperforming locations and enhancing the quality of its stores. The total number of stores at the end of 2024 was 3,031, with a net closure of 785 stores. The average revenue per store increased by 6.7% for self-operated stores and 13.7% for franchised stores [2]. - The gross profit margin improved to 56.79%, an increase of 4.37 percentage points year-on-year, primarily due to reduced raw material costs and a higher proportion of self-operated stores, which have a better gross margin [3]. - The company plans to expand into new channels, including supermarkets, membership stores, and convenience stores, with a focus on differentiated product offerings. The introduction of a proprietary beverage brand and new product lines aims to enhance consumer experience and sales [3]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 2.451 billion yuan, with a year-on-year decline of 10.66%. The net profit attributable to shareholders was 98 million yuan, down 15.03% [1]. - The revenue breakdown shows that duck and duck-related products generated 1.956 billion yuan, down 7.79%, while other products and franchise fees saw declines of 21.34% and 5.93%, respectively [2]. Store Operations - The company closed 785 stores in 2024, focusing on improving store quality rather than quantity. The total number of self-operated and franchised stores was 1,591 and 1,440, respectively [2]. - The average revenue per self-operated store increased by 6.7%, while franchised stores saw a 13.7% increase [2]. Profitability and Cost Management - The gross profit margin for 2024 was 56.79%, an increase of 4.37 percentage points year-on-year, attributed to lower raw material costs and a higher proportion of self-operated stores [3]. - The sales expense ratio increased to 40.34%, up 4.52 percentage points, due to increased investment in high-potential self-operated stores [3]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, projecting net profits of 130 million yuan and 158 million yuan, respectively, reflecting a significant downward revision of 53.57% and 50.25% from previous estimates [4]. - The company aims to enhance its store performance and expand into new channels, which is expected to provide additional revenue streams [3].

证券研究报告 | 2025年04月11日 速腾聚创（02498.HK） 优于大市 2024 年收入同比增长 47%，致力于成为全球领先的机器人技术平台公司 2024 年公司实现营业收入 16.5 亿元，同比增长 47%。2024 年，速腾聚 创实现总收入为 16.5 亿元，同比+47.2%，净利润为-4.8 亿元，2023 年 为-43.4 亿元，其中 2024 年金融工具公允价值变动为-280 万元（2023 年为-34.7 亿元），2024 年经营亏损 5.8 亿元，相比 2023 年的 9.4 亿 元收窄。2024 年，1）用于 ADAS 的产品收入 13.4 亿元，同比+71.84%， ADAS 激光雷达销量 51.98 万台，同比+114%；2）用于机器人及其他的产 品收入为 1.98 亿元，同比增长 6.4%，用于机器人及其他产品的激光雷 达销量 2.44 万台，同比+47%。 研发与经营活动降本增效，毛利率同比提升。2024 年，公司毛利率 17.20%，同比+8.8pct，净利率-29.22%，同比+357.4pct。2024 年，公 司三费率为 53.96%，同比-41.31pct。 车端， ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is recognized as a leading player in the Chinese soft drink market, with a dual-engine development strategy focusing on packaged water and beverages. It has shown robust growth with a revenue CAGR of approximately 16% and a net profit CAGR of about 27% from 2018 to 2023 [9][15]. - The report emphasizes the company's strong competitive advantages, including a solid supply chain, diversified product offerings, effective branding strategies, and extensive distribution channels. These factors contribute to its resilience and long-term value [9][15]. - The report forecasts revenue growth for the company, projecting revenues of 494.88 billion, 552.17 billion, and 608.07 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 141.48 billion, 159.76 billion, and 178.49 billion yuan [1][9]. Summary by Sections Introduction - The company has maintained a long-term focus on quality, achieving significant growth through strategic positioning in the natural water segment and innovative product offerings [15]. Development of the Soft Drink Leader - The company has successfully expanded its product range since its establishment in 1996, now offering packaged water, tea beverages, functional drinks, and juices, which collectively drive its growth [16]. Competitive Advantages - The company has established a robust supply chain with 12 premium water sources and advanced production capabilities, ensuring quality and efficiency [38]. - Its product strategy includes a diverse portfolio that meets various consumer needs, with a strong emphasis on health and natural ingredients [39]. Industry Outlook - The packaged water market in China is expected to continue growing, with increasing per capita consumption and expanding market opportunities [9][15]. - The beverage market is also projected to grow steadily, particularly in segments like sugar-free tea, which has seen rapid expansion [9][15]. Financial Forecast and Valuation - The report anticipates continued revenue and profit growth, with projected earnings per share (EPS) increasing from 1.07 yuan in 2023 to 1.59 yuan by 2027, reflecting a positive outlook for the company's financial performance [1][9].

安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...