Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Views - The company reported a significant decline in profits for Q1 2025, with pre-tax and post-tax profits of 260 million and 190 million CNY, respectively, representing year-on-year decreases of 36.3% and 43.4% [2]. - The overseas compliance trend is improving, and the proprietary brand business is expected to continue performing well. The revenue is anticipated to grow due to stricter regulations on illegal vaping products and the expansion of the compliant market [2]. - Increased marketing investments in proprietary brand business and rising stock incentive amortization and R&D expenses are impacting short-term profit performance, but the overall profit impact is seen as temporary [3]. - The company is rationally addressing tariff impacts on its HNB (Heat-not-Burn) business, with a focus on markets in Japan and Europe, while the growth logic for HNB remains unchanged [4]. Financial Performance Summary - The company’s revenue for 2023 was 11,168 million CNY, with a projected growth rate of -8.04% for 2024, followed by a recovery with growth rates of 10.79%, 23.78%, and 20.45% for 2025, 2026, and 2027, respectively [7]. - The net profit attributable to the parent company for 2023 was 1,645 million CNY, with a significant decline of 34.47% expected in 2024, followed by a gradual recovery [7]. - The diluted EPS is projected to be 0.20, 0.40, and 0.56 CNY for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 46, 23, and 17 [4][7].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected performance that exceeds the benchmark index by more than 15% [1][11]. Core Insights - The company experienced a slight decline in revenue for 2024, with total revenue reported at 6.589 billion yuan, a decrease of 4.68% year-on-year. The net profit attributable to shareholders was 469 million yuan, down 44.10% year-on-year [1][3]. - The decline in revenue was primarily driven by a negative operating leverage effect, with online channels showing growth while offline direct and distribution channels saw revenue declines. The online channel revenue grew by 16.57% to 1.129 billion yuan, accounting for 17.14% of total revenue [3][4]. - The company plans to strengthen brand building and enhance operational efficiency in offline channels while focusing on online platforms like Xiaohongshu to maintain competitive advantages [9]. Financial Performance Summary - For 2024, the company reported a gross margin of 75.4%, an increase of 1.1 percentage points year-on-year. However, the net profit margin fell to 7.1%, down 5.0 percentage points year-on-year due to increased sales and management expense ratios [5][10]. - The company’s inventory increased by 36.4% year-on-year, reaching 1.572 billion yuan by the end of 2024. The net cash flow from operating activities decreased by 36.51% to 996 million yuan [5][10]. - The forecast for 2025-2027 indicates expected earnings per share (EPS) of 0.89, 1.00, and 1.09 yuan, with corresponding price-to-earnings (P/E) ratios of 7.9, 7.0, and 6.4 times [9][10]. Revenue Breakdown - By brand, La Koradior achieved revenue of 2.156 billion yuan, a decline of 9.68%, while NEXY.CO saw a slight increase of 0.79% to 1.012 billion yuan. The online channel's strong performance was attributed to platforms like Vipshop and Douyin [4][5]. - The offline channels reported a revenue of 5.172 billion yuan, down 6.97% year-on-year, while the distribution channel revenue fell by 25.17% to 287 million yuan [4][5]. Market Position and Strategy - The company is facing a challenging domestic consumption environment, with net store closures in direct and distribution channels. However, the rapid growth of online channels presents a potential for recovery and performance elasticity as the market stabilizes [6][9].

纺织服饰 赢家时尚（03709.HK） 买入-B(维持) 2024 年盈利能力稳中有升，线上渠道快速增长 2025 年 4 月 8 日 公司研究/公司快报 公司近一年市场表现 事件描述 3 月 25 日，公司发布 2024 年度业绩。2024 年，公司实现营收 65.89 亿 元，同比下降 4.68%；实现归母净利润 4.69 亿元，同比下降 44.10%。 事件点评 2024 年公司营收小幅下降，负经营杠杆致使业绩表现弱于营收。营收端， 2024 年，公司实现营收 65.89 亿元，同比下降 4.68%。分渠道角度看，营收增 长主要由电商渠道增长带动，线下直营及经销渠道收入同比下滑。业绩端， 2024 年，公司实现归母净利润 4.69 亿元，同比下降 44.10%。2024 年，公司业 绩降幅高于营收降幅，主因销售费用率及管理费用率提升、其它收入及收益下 降，部分被销售毛利率同比改善所抵消。 13.420/6.560 7.04/7.04 资料来源：最闻，山西证券研究所 高端品牌 La Koradior 营收增长超过 10%，线上渠道表现靓丽。分品牌 看 ， 2024 年 ， Koradior 实 现 营 收 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company achieved a revenue of 54.213 billion RMB in 2024, representing a year-on-year growth of 22.48%. The profit attributable to equity holders was 3.862 billion RMB, up 25.20% year-on-year [1]. - The company's thermal power segment showed stable improvement, with a net profit of 1.557 billion RMB, a year-on-year increase of 18.37%. The hydropower segment turned profitable with a net profit of 0.515 billion RMB, while the wind and solar segments reported net profits of 3.183 billion RMB and 1.721 billion RMB, growing 2.14% and 14.43% respectively [2]. - The company's installed capacity reached 49.3909 million kW by the end of 2024, an increase of 4.3721 million kW or 9.71% year-on-year. Clean energy capacity accounted for 80.12% of total capacity, with significant growth in wind and solar electricity sales [3]. - The company announced a total dividend of 2.620 billion RMB for 2024, a 59.84% increase year-on-year, with a dividend payout ratio of 67.83%, up 14.70 percentage points [4]. - The company is actively restructuring its hydropower assets to establish a clean energy flagship platform, with significant potential for future asset integration [5]. - Profit forecasts have been adjusted, with expected net profits of 4.046 billion RMB and 4.531 billion RMB for 2025 and 2026, reflecting year-on-year growth of 20.27% and 11.97% respectively [6]. Summary by Sections Financial Performance - Revenue for 2024 was 54.213 billion RMB, a 22.48% increase year-on-year [1] - Net profit attributable to equity holders was 3.862 billion RMB, up 25.20% year-on-year [1] - The thermal power segment's net profit was 1.557 billion RMB, an 18.37% increase [2] Installed Capacity and Growth - Total installed capacity reached 49.3909 million kW, a 9.71% increase [3] - Clean energy capacity accounted for 80.12% of total capacity [3] - Wind electricity sales increased by 41.85% and solar sales by 60.37% [3] Dividends and Shareholder Returns - Total dividends for 2024 were 2.620 billion RMB, a 59.84% increase [4] - Dividend payout ratio reached 67.83%, an increase of 14.70 percentage points [4] Strategic Initiatives - The company is restructuring hydropower assets to enhance its clean energy platform [5] - Future asset integration potential is significant [5] Profit Forecasts - Expected net profits for 2025 and 2026 are 4.046 billion RMB and 4.531 billion RMB, with growth rates of 20.27% and 11.97% respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company achieved a revenue of 54.213 billion RMB in 2024, representing a year-on-year growth of 22.48%. The profit attributable to equity holders was 3.862 billion RMB, up 25.20% year-on-year [1]. - The thermal power segment showed stable improvement with a net profit of 1.557 billion RMB, a year-on-year increase of 18.37%. The hydropower segment turned profitable with a net profit of 0.515 billion RMB, while the wind and solar segments reported net profits of 3.183 billion RMB and 1.721 billion RMB, growing 2.14% and 14.43% respectively [2]. - The company's installed capacity reached 49.3909 million kW by the end of 2024, a 9.71% increase year-on-year. Clean energy capacity accounted for 80.12% of the total, with significant growth in wind and solar electricity sales [3]. - The company announced a total dividend of 2.620 billion RMB for 2024, a 59.84% increase year-on-year, with a dividend payout ratio of 67.83% [4]. - The company is actively restructuring its hydropower assets to enhance its position as a leading clean energy platform under the State Power Investment Corporation [5]. - Profit forecasts have been adjusted, with expected net profits of 4.046 billion RMB and 4.531 billion RMB for 2025 and 2026, reflecting year-on-year growth of 20.27% and 11.97% respectively [6]. Summary by Sections Financial Performance - Revenue for 2024 was 54.213 billion RMB, up 22.48% year-on-year [1] - Net profit attributable to equity holders was 3.862 billion RMB, a 25.20% increase [1] - The thermal power segment net profit was 1.557 billion RMB, an 18.37% increase [2] Installed Capacity and Growth - Total installed capacity reached 49.3909 million kW, a 9.71% increase [3] - Clean energy capacity accounted for 80.12% of total installed capacity [3] - Wind electricity sales increased by 41.85% to 26.237 billion kWh, and solar sales grew by 60.37% to 23.425 billion kWh [3] Dividend and Shareholder Returns - Total dividend for 2024 was 2.620 billion RMB, a 59.84% increase [4] - Dividend payout ratio reached 67.83%, up 14.70 percentage points year-on-year [4] Strategic Initiatives - The company is restructuring hydropower assets to strengthen its clean energy platform [5] - Future asset integration opportunities are anticipated within the State Power Investment Corporation [5] Profit Forecasts - Expected net profits for 2025 and 2026 are 4.046 billion RMB and 4.531 billion RMB, with growth rates of 20.27% and 11.97% respectively [6]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has shown steady growth in its vaping segment, while the future of Heat-Not-Burn (HNB) products looks promising, although increased expenditure is impacting short-term profitability [1][2] - The company is expected to face challenges with disposable products due to tightening regulations in various countries, but there is potential for growth in the APV and HNB segments [2][3] - The U.S. market is crucial for the company, with expectations for the launch of new HNB products, which could enhance market share and revenue [3] Financial Performance Summary - In Q1 2025, the company reported a net profit of 192 million yuan, a decrease of 43.4% year-on-year, with total comprehensive income of 208 million yuan, down 32.9% year-on-year [1] - Revenue for 2024 is projected at 11.799 billion yuan, with a growth rate of 6%, and net profit expected to be 1.303 billion yuan, reflecting a decline of 21% year-on-year [5][6] - The company’s adjusted net profit forecasts for 2025, 2026, and 2027 are 1.411 billion yuan, 2.337 billion yuan, and 3.032 billion yuan, respectively, with corresponding P/E ratios of 39.9X, 24.1X, and 18.6X [4][5] Market and Product Insights - The company is positioned as a key supplier for British American Tobacco, which is expanding its HNB product offerings in various markets, including the U.S. [3] - The anticipated launch of the IQOS ILUMA in the U.S. is expected to further pressure traditional cigarette sales, leading to increased focus on HNB product development [3] - The company is expected to benefit from its unique production capabilities and technology, which may help mitigate tariff pressures in the U.S. market [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company is experiencing steady growth in its vaping segment, while the future of Heat-Not-Burn (HNB) products looks promising, although increased expenses are impacting short-term profitability [1] - The company reported a net profit of 192 million yuan for Q1 2025, a decrease of 43.4% year-on-year, with total comprehensive income of 208 million yuan, down 32.9% year-on-year [1] - The report anticipates a stable revenue stream for Q1, with profit pressure primarily due to increased expenses and a higher tax rate compared to the previous year [1] Summary by Sections Market Environment - The report highlights regulatory changes affecting disposable vaping products in Belgium, France, and the UK, which are expected to pressure the company's performance in this segment [2] - The company is expected to see a recovery in its APV and refillable products overseas, with a trend of year-on-year improvement anticipated [2] HNB Product Development - The company is positioned to benefit from the expansion of HNB products in the US market, with expectations for the launch of new products by PMI [3] - The report notes that the US market is crucial for the company, with projected revenue and adjusted operating profit contributions of 44% and 54%, respectively [3] Financial Projections - The company is projected to achieve adjusted net profits of 1.41 billion yuan in 2025, 2.34 billion yuan in 2026, and 3.03 billion yuan in 2027, with corresponding P/E ratios of 39.9X, 24.1X, and 18.6X [4] - Total revenue is expected to grow from 11.8 billion yuan in 2024 to 17.1 billion yuan in 2027, with a compound annual growth rate of approximately 23% [5] - The report outlines a decrease in net profit for 2024, followed by a recovery in subsequent years, with growth rates of 8% in 2025 and 66% in 2026 [5][7] Key Financial Metrics - The company’s total assets are projected to increase from 27.65 billion yuan in 2024 to 35.85 billion yuan in 2027, indicating a strong growth trajectory [6][7] - The report provides detailed financial metrics, including operating income, net profit, and earnings per share (EPS), with EPS expected to rise from 0.21 yuan in 2024 to 0.49 yuan in 2027 [5][6]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a profit of 1.47 billion yuan in 2024, representing a year-on-year growth of 254%, with a dividend payout ratio of 73% [1] - Revenue for 2024 reached 8.5 billion yuan, an increase of 167.5% year-on-year, aligning with the upper end of the profit forecast [1] - The company's same-store sales growth exceeded 120%, ranking first in revenue and sales efficiency among jewelry brands in mainland China [2] - The gross margin remained stable at 41.2%, while the net profit margin increased significantly to 17.3% [3] - The company is expanding its brand influence and optimizing its product offerings, with plans to open 7 new stores and upgrade 4 existing ones in 2024 [4] Financial Summary - The company forecasts revenues of 17.85 billion yuan in 2025, 24.92 billion yuan in 2026, and 31.12 billion yuan in 2027, with respective year-on-year growth rates of 110%, 40%, and 25% [5] - The projected net profit for 2025 is 3.58 billion yuan, with a year-on-year growth of 143% [5] - The earnings per share (EPS) are expected to be 9.47 yuan in 2024, increasing to 38.63 yuan by 2027 [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue for 2024 is projected to be 8.624 billion HKD, representing a year-on-year increase of 17.05%. However, the net profit attributable to shareholders is expected to decline by 31.2% to 342 million HKD due to increased dividend withholding tax and fair value changes [8][20] - The increase in uranium prices has significantly boosted the company's pre-tax performance, but the net profit has decreased due to new tax regulations in Kazakhstan and losses from the exchange of shares with Paladin [8][20] - The average sales price of uranium is 75.04 USD/lb U3O8, while the average production cost has risen to 80.80 USD/lb U3O8, reflecting a 4 USD increase year-on-year [12][13] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 86.24 billion HKD, with a pre-tax profit of 8.14 billion HKD, marking a 48.3% increase year-on-year. However, the net profit attributable to shareholders fell to 342 million HKD, a decrease of 31.2% [8][20] - The company's uranium trading revenue was 86.24 billion HKD, with a segment loss of 0.95 billion HKD. Investment income from other segments was 10.16 billion HKD, with significant contributions from Fission Uranium and Paladin [8][20] Production and Costs - The company self-traded 1,294 tons of uranium in 2024, maintaining production levels from the previous year. The production cost increased to an average of 80.80 USD/lb U3O8 due to rising raw material prices and increased underground resource usage tax [12][13] - The average production cost across mines rose to 24 USD/lb U3O8, primarily due to a supply shortage of sulfuric acid and increased taxes linked to higher sales prices [12][13] Market Trends - The spot price of natural uranium peaked above 100 USD/lb U3O8 at the beginning of 2024 but subsequently declined, with a 27.7% decrease in trading volume year-on-year. Long-term contract prices, however, showed a stable upward trend, rising from 58 USD/lb U3O8 to 80 USD/lb U3O8 [14][20] - The report anticipates a downward adjustment in profit forecasts due to declining spot prices and increased resource usage tax rates, projecting net profits of 635 million HKD, 785 million HKD, and 836 million HKD for 2025-2027 [20]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company plans to acquire 100% equity of Yintech Financial for approximately HKD 108.8 million and purchase its core information system for HKD 18.16 million, marking its entry into overseas finance [1] - The acquisition aims to enhance the company's comprehensive financial service capabilities and expand its overseas financial footprint, particularly in key markets like Hong Kong and the United States [7] - The expected financial performance post-acquisition includes a significant increase in net profit, with projections of CNY 1.293 billion, CNY 1.701 billion, and CNY 2.245 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 375%, 32%, and 32% [7] Financial Projections - Total revenue is projected to grow from CNY 1.965 billion in 2023 to CNY 4.692 billion by 2027, with a compound annual growth rate (CAGR) of approximately 13.36% [1] - The company's net profit is expected to rebound significantly, with a forecasted increase from CNY 191 million in 2023 to CNY 2.245 billion in 2027 [1] - The earnings per share (EPS) is projected to rise from CNY 0.46 in 2023 to CNY 5.44 by 2027, indicating strong profitability growth [1] Acquisition Rationale - The acquisition of Yintech Financial and its core information system is intended to ensure business continuity, reduce technology dependency risks, and avoid redundant development costs [7] - The phased payment structure for the acquisition is designed to alleviate short-term cash flow pressures, with payments distributed over four stages [7] - The integration of Yintech's licensed operations is expected to strengthen the company's capabilities in cross-border financial services, enhancing its competitive position in the market [7]