Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company shows steady revenue growth and is actively expanding its non-residential business segments [5] - In 2024, the company achieved a revenue of 14.02 billion HKD, representing a year-on-year growth of 7.5% [5] - The gross profit for the same period was 2.33 billion HKD, with a growth of 12.4%, attributed to the increase in managed property area and enhanced value-added services [5] - The net profit attributable to the parent company increased by 12.5% to 1.51 billion HKD [5] - The company is expanding its management scale, with a total of 2,232 managed properties across 167 cities, and a managed area increase of 7.4% to 430 million square meters [5] Revenue and Profit Forecast - The forecast for 2025-2027 indicates a compound annual growth rate (CAGR) of 10.6% for net profit attributable to the parent company [5] - Revenue projections for 2025, 2026, and 2027 are 15.28 billion HKD, 16.50 billion HKD, and 17.90 billion HKD respectively, with growth rates of 9%, 8%, and 8% [2][7] - The earnings per share (EPS) are expected to rise from 0.46 HKD in 2024 to 0.62 HKD in 2027 [2][7] Business Segments Performance - Property management services revenue grew by 13.3% to 10.67 billion HKD, accounting for 72.1% of total revenue [5] - The gross margin for property management services improved to 16.0% [5] - Value-added services revenue decreased by 6.5% to 3.21 billion HKD, with non-residential value-added services declining by 14.7% [5] - The sales of parking spaces dropped by 27.9% to 140 million HKD, with a total of 2,224 spaces sold [5] Financial Metrics - The company’s return on equity (ROE) is projected to decline from 29.57% in 2024 to 23.27% in 2027 [2][10] - The price-to-earnings (P/E) ratio is expected to decrease from 10.39 in 2024 to 8.20 in 2027 [2][10] - The gross margin is anticipated to improve from 16.6% in 2024 to 17.1% in 2027 [2][7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of —— yuan over the next six months [1]. Core Insights - The company has made significant progress in its transition to new energy and is beginning to enter the robotics sector, indicating a strategic shift towards high-end intelligent manufacturing [1][7]. - The company reported a revenue of 1.647 billion yuan for 2024, representing a year-on-year growth of 21.83%, with a net profit attributable to the parent company of 185.28 million yuan, up 78.96% year-on-year [7][10]. - The company is expanding its production capacity significantly, aiming for 4 million crankshafts by 2025, with a new super factory expected to start full production in July 2025 [8][10]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 1,647.57 million yuan, with projected revenues of 2,390.19 million yuan in 2025, 3,166.96 million yuan in 2026, and 3,901.61 million yuan in 2027, reflecting growth rates of 21.83%, 45.07%, 32.50%, and 23.20% respectively [2][10]. - The net profit attributable to the parent company is expected to grow from 185.28 million yuan in 2024 to 538 million yuan in 2027, with growth rates of 78.96%, 53.13%, 42.24%, and 33.31% respectively [2][10]. Business Segments - The crankshaft business generated 1.036 billion yuan in revenue in 2024, with a growth rate of 41.32% and a gross margin of 30.25% [10]. - The company has successfully entered the supply chains of major clients such as Geely and BYD, with six new projects confirmed, two of which began mass production in 2024 [7][10]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares for the 2024 fiscal year, amounting to 1.27 billion yuan, which represents 68.34% of the net profit attributable to shareholders [7][10]. - The total planned distribution, including share buybacks, is 1.77 billion yuan, accounting for 95.38% of net profit, demonstrating strong financial confidence [7][10]. Future Outlook - The company forecasts a compound annual growth rate (CAGR) of 42.7% for net profit over the next three years, with expected net profits of 2.8 billion yuan in 2025, 4.0 billion yuan in 2026, and 5.4 billion yuan in 2027 [7][10].

Investment Rating - The report maintains a "Buy" rating for Nongfu Spring (9633.HK) with a target price of HKD 43.35, based on a current price of HKD 34.10 [1]. Core Insights - The report highlights that the bottled water segment is under short-term pressure, but recovery is expected as the peak season approaches. The company is also seeing growth in its tea beverage segment [1][8]. - The company reported a revenue of CNY 428.96 billion for 2024, a year-on-year increase of 0.54%, and a net profit of CNY 121.23 billion, up 0.36% year-on-year. The second half of 2024 saw a revenue decline of 6.7% [8][11]. - The report emphasizes the company's strong market position in bottled water and the ongoing high growth trend in its tea beverage business, supported by innovative product offerings and effective marketing strategies [8][9]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are CNY 493.18 billion, CNY 553.39 billion, and CNY 604.03 billion, respectively, with growth rates of 14.97%, 12.21%, and 9.15% [3][11]. - **Net Profit Forecast**: Projected net profits for the same years are CNY 141.25 billion, CNY 161.30 billion, and CNY 179.16 billion, with growth rates of 16.51%, 14.19%, and 11.07% [3][11]. - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are CNY 1.26, CNY 1.43, and CNY 1.59, respectively [3][11]. - **Return on Equity (ROE)**: The ROE is projected to be 37.23% in 2025, 36.34% in 2026, and 34.75% in 2027 [3][11]. - **Price-to-Earnings (PE) Ratio**: The PE ratio is expected to decrease from 31.63 in 2024 to 21.41 in 2027 [3][11]. Business Segment Performance - **Bottled Water**: Revenue for 2024 was CNY 159.52 billion, down 21.3% year-on-year. The volume is expected to recover with a projected growth of 18% in 2025 [11][12]. - **Tea Beverages**: Revenue increased by 32.3% to CNY 167.45 billion in 2024, with continued strong growth expected [11][12]. - **Functional Beverages**: Revenue for 2024 was CNY 40.85 billion, with a growth forecast of 15.6% for 2025 [11][12]. - **Juice Beverages**: Revenue was CNY 11.82 billion in 2024, with a decline expected in the coming years [11][12]. Market Position and Strategy - The report notes that the company is well-positioned in the bottled water market and is expected to recover market share as the impact of recent controversies diminishes. The tea beverage segment continues to thrive, particularly in the no-sugar category [8][9][10]. - The company is focusing on product innovation and expanding its product matrix to align with health trends, which is expected to support long-term growth [8][9].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Insights - The company reported a revenue of 428.12 million HKD for 2024, with a projected growth rate of 20.91% [2] - The company is expected to accelerate the global value of its early-stage pipeline with the launch of CM310 [1][7] - The company has received regulatory approvals for its key product, Siponimod, for three major indications, indicating imminent market entry [7] - Multiple successful licensing agreements have been established, enhancing the company's global development capabilities [7] - The company has developed a comprehensive technical platform for drug development, covering various innovative therapies [7] - Revenue forecasts for 2025-2027 are projected at 700.62 million HKD, 1.47 billion HKD, and 2.66 billion HKD respectively, driven by the commercialization of CM310 and other products [2][9] Financial Summary - The company's net profit attributable to the parent company is projected to improve from a loss of 515.24 million HKD in 2024 to a profit of 193.03 million HKD by 2027 [2] - Earnings per share (EPS) is expected to transition from -1.84 HKD in 2024 to 0.69 HKD in 2027 [2] - The return on equity (ROE) is forecasted to shift from -20.82% in 2024 to 10.79% in 2027, indicating a potential turnaround in profitability [2][10]

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Insights - The company reported a revenue of 428.12 million RMB for 2024, with a projected revenue growth rate of 63.65% for 2025, reaching 700.62 million RMB [2][9] - The company is set to launch its product CM310, which is expected to significantly contribute to revenue growth in the coming years [7] - The company has received regulatory approvals for its product, including three indications for the drug Siponimod, which is anticipated to drive sales [7] - Multiple licensing agreements have been established to accelerate global development and commercialization of its drug candidates, enhancing the company's market position [7] - The company has developed a comprehensive technology platform for drug development, covering various therapeutic areas including immunology and oncology [7] Financial Projections - Revenue projections for the company are as follows: 2025E at 700.62 million RMB, 2026E at 1,471.31 million RMB, and 2027E at 2,662.34 million RMB, indicating a strong growth trajectory [2][9] - The net profit attributable to the parent company is expected to improve from a loss of 555.68 million RMB in 2025E to a profit of 193.03 million RMB in 2027E [2][9] - The earnings per share (EPS) is projected to turn positive by 2027, with an EPS of 0.69 RMB [2][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1][7]. Core Insights - The company has shown impressive revenue growth, with a projected increase in revenue from 32.5 billion yuan in 2024 to 69.9 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 22.78% [2][10]. - The net profit attributable to the parent company is expected to grow from 287.67 million yuan in 2024 to 629.52 million yuan in 2027, with a notable increase in earnings per share (EPS) from 0.67 yuan to 1.47 yuan during the same period [2][12]. - The company is focusing on optimizing its product structure, with an increasing proportion of mid-to-high-end products, which is expected to enhance gross margins [7][9]. Financial Performance Summary - In 2024, the company achieved a revenue of 32.5 billion yuan, a year-on-year increase of 51.8%, and a net profit of 2.9 billion yuan, up 20.7% from the previous year [7]. - The gross margin for the year was reported at 53.2%, an increase of 2.9 percentage points, driven by the optimization of the product mix [7]. - The company’s sales expenses increased due to heightened marketing efforts, resulting in a total expense ratio of 43.4% [7]. Revenue and Profit Forecast - The forecast for 2025-2027 indicates a steady increase in revenue and net profit, with EPS projected to be 0.88 yuan in 2025, 1.16 yuan in 2026, and 1.47 yuan in 2027 [2][12]. - The price-to-earnings (PE) ratio is expected to decrease from 35 in 2024 to 16 by 2027, indicating a potentially attractive valuation as earnings grow [2][12]. Market Expansion and Channel Development - The company is accelerating its e-commerce channel development, with online sales expected to grow significantly, reflecting a 103.8% increase in 2024 [7][10]. - The offline channel is also expanding, particularly in core markets such as Sichuan and Yunnan, with revenue growth of 11.5% and 18.9% respectively [7][10]. Product Development and Innovation - The company is focusing on the development of new products, particularly in the probiotic series, which is expected to become a flagship product [7][9]. - The company’s product categories include sanitary napkins, baby diapers, and ODM, with sanitary napkins showing the highest revenue growth of 59.9% in 2024 [7][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company has shown impressive revenue growth, with a year-on-year increase of 51.8% in 2024, reaching 3.25 billion yuan. The net profit attributable to the parent company also increased by 20.7% to 287.67 million yuan [7]. - The company is successfully expanding its product range and channels, particularly in the e-commerce sector, which saw a revenue increase of 103.8% year-on-year [7]. - The report highlights the company's focus on high-end product lines, which has led to an improvement in gross margin, reaching 53.2% in 2024, up by 2.9 percentage points [7]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 4.46 billion yuan in 2025, 5.70 billion yuan in 2026, and 6.99 billion yuan in 2027, with growth rates of 37.08%, 27.70%, and 22.78% respectively [2]. - **Net Profit Forecast**: The net profit attributable to the parent company is expected to grow to 376.50 million yuan in 2025, 499.71 million yuan in 2026, and 629.52 million yuan in 2027, with growth rates of 30.88%, 32.73%, and 25.98% respectively [2]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.67 yuan in 2024 to 1.47 yuan in 2027 [2]. - **Return on Equity (ROE)**: ROE is expected to rise from 19.84% in 2024 to 32.02% in 2027 [2]. Product and Channel Development - The company has successfully optimized its product structure, with a significant increase in the proportion of mid-to-high-end products. The gross margin for sanitary napkin products reached 55.6%, up by 1.2 percentage points [7]. - E-commerce and offline channels have both shown strong growth, with e-commerce revenue doubling and offline revenue increasing by 26.7% [7]. - The company is focusing on expanding its market presence in key regions, including Guangdong, Hunan, Hubei, Hebei, and Jiangsu, with expected revenue growth rates of 80%, 60%, and 50% from 2025 to 2027 [9]. Market Position and Strategy - The company is positioning itself as a leading player in the sanitary napkin market, with a strategic focus on enhancing brand recognition and expanding its consumer base through increased marketing efforts [7]. - Following a short-term public relations challenge, the company has implemented measures to restore its business, particularly in the e-commerce sector, where it has seen positive feedback from initiatives like transparent factory live streams [7].

Investment Rating - The report suggests maintaining attention on the company, indicating a neutral investment rating for the next six months [7]. Core Insights - The company experienced a significant decline in revenue and net profit in 2024, with revenue at 35.0 billion yuan, down 16.8% year-on-year, and net profit at 3.6 billion yuan, down 30.5% year-on-year. This decline is attributed to the pain of reform and a decrease in core product sales [7]. - Despite the challenges, the company is focusing on marketing reforms and innovation in drug development, with 31 projects under research and development [7]. - The company’s investment income remained stable, with a notable contribution from its subsidiary, which achieved a net profit of 6.9 billion yuan, up 22.1% [7]. Financial Summary - Revenue projections for 2025-2027 are 37.78 billion yuan, 41.34 billion yuan, and 45.35 billion yuan, respectively, with expected growth rates of 7.8%, 9.4%, and 9.7% [2]. - The net profit forecast for the same period is 5.27 billion yuan, 6.59 billion yuan, and 8.16 billion yuan, with growth rates of 45.5%, 25.0%, and 23.9% [2]. - The company’s earnings per share (EPS) are projected to increase from 3.44 yuan in 2025 to 5.32 yuan in 2027 [2]. Business Segments - The pediatric segment, particularly the product Longmu Zhuanggu Granules, is expected to recover with a projected sales growth rate of 10% from 2025 to 2027 [8]. - The gynecology segment, including products like Xiaojin Capsules and Jianpi Shengxue Granules, is anticipated to see significant growth, with sales growth rates of 5% and 20%, respectively [8]. - The specialty Chinese medicine segment is projected to grow at 25% annually, driven by products like Jianmin Throat Tablets and Bian Tong Capsules [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.48 CNY over the next six months, while the current price is 28.64 CNY [1]. Core Insights - The company has a strong focus on pediatric medication, with steady progress in new product development. The main product, Yikexin, continues to be a cornerstone of performance, holding the top market share in its category. The expansion of its age applicability from 0-6 years to 0-18 years is expected to enhance its product portfolio [7][10]. - The company reported a total revenue of 2.134 billion CNY for 2024, a decrease of 14.1% year-on-year, and a net profit attributable to the parent company of 515.59 million CNY, down 11.9% year-on-year. The revenue decline is attributed to intensified competition, lower birth rates, and regional procurement policies affecting Vitamin AD [7][8]. - The company is increasing its R&D investment, with a research expense ratio of 4.8% in 2024, up 0.9 percentage points from 2023. It aims to enhance its product series through targeted pediatric drug development [7][8]. Financial Summary - Revenue projections for 2025-2027 are 2.344 billion CNY (+9.8%), 2.598 billion CNY (+10.8%), and 2.905 billion CNY (+11.8%) respectively. Net profit is expected to be 533.18 million CNY (+3.4%), 559.66 million CNY (+4.97%), and 633.55 million CNY (+13.2%) for the same years [2][9]. - The earnings per share (EPS) forecast for 2025-2027 is 2.28 CNY, 2.39 CNY, and 2.70 CNY respectively, with corresponding dynamic price-to-earnings (PE) ratios of 13, 12, and 11 [2][9]. - The company’s total market capitalization is approximately 6.932 billion CNY, with total assets of 4.931 billion CNY and a net asset value per share of 12.43 CNY [4][12]. Market Position and Competitive Landscape - The company is positioned as a leader in the pediatric medication market, with a focus on innovative product development and strategic marketing initiatives. The competitive landscape includes companies like Jianmin Group and Jichuan Pharmaceutical, which are also focused on pediatric medications [10][11].

[ T able_StockInfo] 2025 年 03 月 24 日 证券研究报告•2024 年年报点评 巨星农牧（603477）农林牧渔 目标价：23.55 元（6 个月） 买入 （维持） 当前价：19.49 元 生猪业务驱动业绩反转，成本控制与产能扩张构筑成长动能 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6,078 | 8,153 | 10,494 | 12,546 | | 增长率 | 50.43% | 34.13% | 28.72% | 19.55% | | 归属母公司净利润（百万元） | 519 | 802 | 1,108 | 1,441 | | 增长率 | 180.36% | 54.73% | 38.06% | 30.09% | | 每股收益 EPS（元） | 1.02 | 1.57 | 2.17 | 2.83 | | 净资产收益率 ROE | 15.71% | 19.56% | 21.26% | 21.67% | | PE ...