Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company reported a revenue of 42.75 billion yuan for 2024, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 4.71 billion yuan, up 4.6% year-on-year. The core operating profit for 2024 was 6.23 billion yuan, reflecting an 18.7% increase year-on-year, with a core operating profit margin of 14.6%, an increase of 1.9 percentage points [4][7]. - The company anticipates a year-end dividend of 2.53 billion yuan, with an overall dividend payout ratio of approximately 95%, corresponding to a dividend yield of about 5% [4][7]. Revenue Breakdown - The restaurant operating revenue was 40.40 billion yuan, a 2.9% increase year-on-year, with revenue contributions from first, second, third-tier cities, and Hong Kong/Macau/Taiwan at 17.7%, 38.7%, 40.0%, and 3.6% respectively. Other restaurant revenue grew by 39.6% to 480 million yuan, driven by the "Pomegranate Plan" and various innovative dining brands [5]. - The takeaway business generated 1.25 billion yuan, up 20.4% year-on-year, attributed to the launch of a single-person meal service in the second half of 2023. Sales from condiments and ingredients decreased by 27.1% to 580 million yuan [5]. Brand Development and Performance - As of the end of 2024, the company operated a total of 1,368 restaurants, including 1,355 self-operated and 13 franchised, with 62 new openings and 70 closures or relocations. The introduction of a franchise model has seen over 70% of applications coming from third-tier cities and below [6]. - The average customer spending was 97.5 yuan, a decrease of approximately 1.6% year-on-year, while the average table turnover rate was 4.1 times per day, an increase of 0.3 times per day [6]. Cost and Profitability Analysis - The cost of raw materials and consumables decreased by 4.3% to 16.21 billion yuan, accounting for 37.9% of revenue, while employee costs rose by 8.2% to 14.11 billion yuan, making up 33.0% of revenue [7]. - The company expects continued improvements in single-store efficiency and accelerated expansion through its franchise strategy and brand incubation, projecting net profits of 5.15 billion yuan, 5.59 billion yuan, and 6.07 billion yuan for 2025-2027, with respective year-on-year growth rates of 9.3%, 8.6%, and 8.5% [7][10]. Valuation and Price Target - The reasonable value range for the stock is estimated between 19.4 and 23.0 Hong Kong dollars per share, based on a 20-23 times PE ratio and a 10-12 times EV/EBITDA ratio for 2025 [7][10].

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业专题报告 2025 年 03 月 27 日 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《DeepSeek V3 完成小版本升级，推理/ 开发/中文/搜索等多领域能力均有增强》 2025.03.27 《计算机行业跟踪周报 372 期：华为将持 续投入 AI，腾讯计划加大 Capex》 2025.03.23 《消费贷新政落地，收单行业有望受益消 费复苏》2025.03.22 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@haitong.com 证书:S0850523090001 联系人:朱瑶 Tel:(021)23187261 Email:zy15988@haitong.com 联系人:张盛海 Tel:(021)23183956 Email:zsh16249@haitong ...

[Table_MainInfo] 资料来源：海通证券研究所 行业研究/信息服务 证券研究报告 行业跟踪报告 2025 年 03 月 27 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -19.79% -5.78% 8.22% 22.23% 36.23% 50.24% 2024/3 2024/6 2024/9 2024/12 信息服务 海通综指 相关研究 [Table_ReportInfo] 《计算机行业跟踪周报 372 期：华为将持 续投入 AI，腾讯计划加大 Capex》 2025.03.23 《消费贷新政落地，收单行业有望受益消 费复苏》2025.03.22 《《人工智能生成合成内容标识办法》发 布，推动人工智能产业健康有序发展》 2025.03.17 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨昊翊 Tel:(021)23185620 Email:yhy15080@haitong.com Email:ym13254@haitong.c ...

[Table_MainInfo] 每日报告精选 证券研究报告 | | | | 名称 | 日涨跌% | 周涨跌% | 年涨跌% | | --- | --- | --- | --- | | 海通风格指数 | | | | | 大盘 100 | -0.50 | -0.68 | -3.09 | | 小盘 200 | 0.78 | -3.92 | 7.61 | | 表现最好前五行业 | | | | | 农业指数 | 1.49 | 0.29 | 0.83 | | 汽车汽配 | 1.19 | -2.82 | 6.59 | | 综合行业 | 1.13 | -0.65 | -1.68 | | 非金属 | 0.88 | -2.28 | 8.82 | | 纺织服装 | 0.84 | -3.57 | 2.49 | | 表现最差前五行业 | | | | | 金融指数 | -0.75 | -1.93 | -1.23 | | 有色金属 | -0.56 | -1.22 | 13.19 | | 公用事业 | -0.42 | 0.85 | -3.41 | | 钢铁指数 | -0.20 | -0.16 | 8.79 | | 家电器具 | -0.20 ...

线控转向是转向系统下一代技术形态，能大幅提升驾乘体验，且深度赋能高阶智能驾驶， 耐世特已取得四项线控转向定点。线控转向技术难度大，我们判断，公司凭借技术优势， 或将长期在线控转向赛道保持领先身位，以及在全球市场份额更进一步。 2020年以来耐世特亚太区收入实现连年增长，进入2025年公司将在新产品研发、新客户 拓展方面持续加码亚太区市场拓展。 我们预计公司 2025-2027 年营收分别为 45/48/51 亿 美 元 ， 归母净利润分别为 1.47/1.69/1.93亿美元，EPS分别为0.06/0.07/0.08美元。参考可比公司，给予公司2025 年15~17 x PE，对应合理价值区间6.84~7.75港元（按1港元≈0.13美元汇率换算）；参 考可比公司，给与公司2025年1.0~1.2 x PS，对应合理价值区间13.92~16.70港元。综 上，耐世特合理价值区间6.84~7.75港元，维持"优于大市"评级。 证券研究报告 （优于大市，维持） 《转向系统百年老店加码亚太区， 线控转向赛道再领先》 刘一鸣（汽车行业首席分析师） SAC号码：SS0850522120003 石佳艺（联系人） 2025 ...

[Table_MainInfo] 公司研究/食品 证券研究报告 农夫山泉（9633.HK）年度报告 2025 年 03 月 26 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 3[Table_StockInfo 月 26 日收盘价（HKD] ） | 33.70 | | --- | --- | | 52 周股价波动（HKD） | 32.00-39.50 | | 总股本（亿股） | 112.46 | 总市值/流通市值（亿 HKD） 《继续看好茶饮料业务高增长及未来盈利 能 力持续向上》2024.01.18 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 9.05 2.65 6.52 相对涨幅（%） 9.62 -13.45 -11.85 资料来源：海通证券研究所 逆境中收入平稳，盈利维持高水平，期待 25 年包装水复苏 [Table_Summary] 投资要点： 主要财务数据及预测 相关研究 [Table_ReportInfo] 《农夫山泉（9633）24 年半年报点评：短期 网络事件致包装水业务承压，茶饮料继续高增 驱动整体业绩稳健 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9] Core Views - The report highlights that the company's revenue growth has slowed down in the third quarter, but it continues to maintain strong profitability [3][9] - The company is advancing its "big single product" strategy, focusing on health food development, particularly in fish products, which have shown robust growth [7][9] - The company has successfully expanded its international sales, achieving a 90.05% year-on-year growth in overseas revenue [9] Financial Data and Forecast - The company achieved a revenue of 24.12 billion yuan in 2024, representing a year-on-year growth of 16.79%, with a net profit of 2.91 billion yuan, up 39.01% year-on-year [7][9] - Revenue projections for 2025-2027 are 28.34 billion yuan, 33.17 billion yuan, and 39.07 billion yuan respectively, with corresponding net profits of 3.35 billion yuan, 4.20 billion yuan, and 5.21 billion yuan [9][13] - The gross profit margin is expected to improve from 30.5% in 2024 to 31.6% by 2027 [6][13] Product Performance - Fish products generated revenue of 15.33 billion yuan in 2024, growing by 18.76% year-on-year, maintaining the leading position in the leisure fish product sector [7][9] - The company has developed a strong product matrix including six major health product series, with significant growth in quail eggs and meat products as well [7][9] Channel Development - The company has achieved a 22.58% year-on-year growth in offline sales, totaling 20.21 billion yuan, while online sales faced a decline of 6.15% [8][9] - The number of distributors increased from 3,057 to 3,406, indicating a robust expansion in distribution channels [8][9] International Strategy - The company has expanded its international trade channels, exporting to nearly 40 countries and regions, with plans for further overseas market development [9]

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 融创服务（1516）公司年报点评 2025 年 03 月 26 日 [Table_InvestInfo] 股票数据 | 0[3Ta月b2le5_日S收to盘ck价（In港fo元] ） | 1.68 | | --- | --- | | 52 周股价波动（港元） | 1.44-3.18 | | 总股本（亿股） | 30.57 | | 总市值（亿港元） | 51 | | 相关研究 | | 2024.09.02 《现金水平持续改善，业务发展聚焦质量》 2024.03.31 《现金水平持续改善，业务发展聚焦质量》 2024.03.30 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M | 绝对涨幅（%） | -7.0 | 10.7 | -0.5 | | --- | --- | --- | --- | | 相对涨幅（%） | 2.1 | 6.8 | -0.1 | | 资料来源：海通证券研究所 | | | | 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510 ...

分析师:曹君豪 Tel:(021)23185657 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 [Table_MainInfo] 金融工程研究 证券研究报告 [Table_Title] 相关研究 [Table_ReportInfo] 《大额买入与资金流向跟踪 （20250317-20250321）》2025.03.24 《小盘 50 组合维持强势表现——风格 Smart beta 组 合 跟 踪 周 报 （2025.03.17-2025.03.21）》2025.03.24 《A 股下周恐难打破震荡格局——量化择 时 和拥 挤度 预警周 报（ 20250323 ）》 2025.03.23 Email:cjh13945@haitong.com 证书:S0850524010001 [Table_AuthorInfo] ⚫ 固收+产品业绩跟踪。截至 2025.03.21，全市场共有 1158 只固收+基金，规模合 计 15694.60 亿元。上周（2025.03.17-2025.03.21，下同）共发行 5 只新产品。 混 ...

Investment Rating - The report maintains an "Outperform" rating for the company [6][10]. Core Views - The company's profitability has improved due to price increases and declining costs, with expectations for revenue acceleration in 2025 [6][10]. - The beverage segment, particularly tea drinks, continues to show strong momentum, contributing significantly to overall profitability [8][10]. - The company is focused on enhancing its core products, optimizing gross margin structure, and innovating product offerings to meet changing consumer trends [9][10]. Financial Summary - Main revenue for 2023 is projected at 80,418 million, with a year-on-year growth of 2% [7]. - Net profit for 2023 is expected to be 3,117 million, reflecting a year-on-year decrease of 18% [7]. - The gross margin is anticipated to improve to 33.10% in 2024, up from 30.42% in 2023 [7]. - The company plans to distribute a total cash dividend of 37.45 billion for 2024, with a payout ratio of 100% [8]. Segment Performance - The beverage business achieved revenue of 516.21 billion in 2024, with a year-on-year growth of 1.3% [8]. - The tea beverage segment generated revenue of 217 billion, marking an 8.2% increase year-on-year [8]. - The instant noodle segment reported revenue of 284.14 billion, a slight decline of 1.3% year-on-year, but with improved gross margin [8][9]. Profitability Forecast - The company forecasts net profits of 4,239 million, 4,694 million, and 5,154 million for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.75, 0.83, and 0.91 [10]. - The report suggests a PE valuation range of 18-22 times for 2025, translating to a per-share value range of 13.50-16.50 HKD [10].