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热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  国泰海通发布研报称,特步国际(01368)主品牌跑鞋领域竞争力强劲,索康尼打开第二增长曲线,该行维持2025-2027年归母净利预测为13.7/14.9/16.1亿元人民币,对应PE分别为9.1/8.4/7.8X,考虑到公司为第三大国产运动集团,给予2025年低于行业平均的12XPE,目标价6.45港元(按照1港元=0.92元人民币换算),维持“增持”评级。

  国泰海通主要观点如下:

  Q1主品牌流水中单增长,索康尼靓丽高增。主品牌Q1全渠道流水同比增长中单位数,折扣为7-7.5折,同比持平,库销比约为4个月,维持健康。索康尼Q1全渠道流水同比增长40%以上。

  主品牌Q1功能性跑鞋销售优异,DTC修炼长期内功

  分渠道来看主品牌2025Q1线下流水同比增长低单位数、线上流水同比增长20%以上;分产品来看,功能性跑鞋Q1流水实现双位数增长,充分展现公司跑鞋领域竞争力,服装领域计划推出户外、防晒等类型新品有望提振服装类产品销售表现。根据业绩会交流,4月至今公司流水符合预期,DTC改革如期推进,渠道和商品管理准备中,预计2025H2开始回收店铺,到2026年总计回收计划400-500家,该行认为短期对2025年利润或有轻微影响,中长期有望提高运营效率、提升客户体验和增强品牌忠诚度。

  索康尼Q1流水亮眼,远期展望乐观

  索康尼2025Q1流水同比高增40%以上,根据业绩会交流,4月至今表现优异,针对2025年公司维持30-40%增长指引,预计新开店30家,以高层级市场大店为主中长期来看,索康尼定位双精英跑步人群,空间广阔,预计3-5年收入有望翻倍,计划每年新开店20-30家,店效存在较大增长空间经营利润率有望达到15%以上。

  风险提示:行业竞争加剧,拓店不及预期等。

  来源:雷锋网

  雷峰网获悉,微软云中国数字云原生事业部(简称DN)副总经理袁志明,已于近期离职。

  DN部门主要服务泛互、游戏等客户,是微软云的主力营收部门,由田灼负责并向微软云中国一号位侯阳汇报。袁志明在DN部门期间,主要负责东区、南区业务,客户以肩腰部泛互公司为主,向田灼汇报。

  关于袁志明离职原因,有业内人称主要是“东区难做”。尽管东区拥有Temu等客户,但与北区相比,业务规模仍显得较小。“北区这两年太猛了,不少叫得上名的互联网公司都是微软AI云服务用量大户。”

  关于袁志明接下来的去向,有多位接近人士表示,其接下来可能会加入阿里云。近两年,阿里云大力推进出海战略,正持续从AWS、谷歌云、微软云等处吸纳外资云人才。

  据了解,袁志明在科技行业拥有20多年经验,曾任职于SAP、谷歌等公司,后加入微软并工作了8年多。其离职后,原职位有补位需求。眼下正值微软云中国新旧财年交替,组织调整相对频繁,雷峰网将持续关注。

  北交所上市委即将于4月23日审议湖南广信科技股份有限公司(以下简称“广信科技”)的IPO申请。这家曾在2017年创业板折戟的企业,如今以“净利润三年暴增234倍”的亮眼数据卷土重来。然而,在业绩狂飙的背后,经销商“空壳化”、实控人大额负债未清等问题交织,使其IPO之路布满荆棘。 

  73%收入单据“无章可循”

  广信科技是绝缘纤维材料及其成型制品的专业供应商,产品主要应用于输变电系统、电气化铁路及轨道交通牵引变压系统、新能源产业以及军工装备等领域。

  根据北交所问询函披露,2022-2024年报告期内,广信科技73.94%的收入确认单据仅凭客户签字,未加盖公章,涉及金额高达4.26亿元。业内人士指出,此类操作可能通过提前确认收入虚增利润,若客户事后否认交易,或将引发大规模财务调整。 

  广信科技前二十大经销商中,13家员工不足10人,核心经销商沈阳市广信缘物资销售中心仅有1名员工,报告期内合计贡献数千万元销售额。该经销商实控人王洪兴同时持有广信科技股份,存在利益输送嫌疑。 

  公司应收账款异常激增。2022年到2024年前三季度,公司营收同比增速分别为31.76%、38.05%、43.60%,而各期应收款项增速分别为69.77%、2.95%、22.13%,异常变动说明可能通过放宽信用政策刺激销售。 

  “不差钱”募资争议:账上躺亿元现金仍募资补流 

  截至2024年末,广信科技账面货币资金达1.01亿元,其中98%为可随时支取的银行存款,且资产负债率仅13.59%,远低于行业均值37.84%。然而,公司仍计划募资2亿元,其中3000万元用于补流。尤其是,公司2024年短期借款清零,债务压力近乎于零。

  招股书披露,魏冬云和魏雅琴为父女关系,二人合计持有广信科技总股本的60.80%,系公司的控股股东和共同实际控制人。魏冬云、魏雅琴因对赌协议形成2400万元债务,截至报告期末仍有2000万元未偿还,需通过上市后分红、股权质押等方式筹资。 

  监管问询及市场质疑的焦点已明确指向广信科技三大核心问题一是收入真实性:经销商网络是否存在体外资金循环?二是募资必要性:低负债、高现金背景下补流是否合理?三是业绩可持续性:逆行业增长是否依赖财务调节? 

  若无法合理解释上述问题,广信科技或重蹈2017年创业板被否覆辙。而对于投资者而言,这场“高增长”盛宴背后,需关注“上市即变脸”的风险。 

  注:本文创作借助AI工具收集整理市场数据和行业信息,结合辅助观点分析和撰写成文。

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