研究报告 Research Report 1 Apr 2025 时代天使 Angelalign (6699 HK) 2024 年海外案例数超市场预期，关注国内消费复苏情况及海外第二增长曲线 In 2024, the Number of Overseas Cases Exceeded Market Expectations. Pay Attention to the Recovery of Domestic Consumption and the Second Growth Curve Overseas [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$55.25 目标价 HK$103.50 HTI ESG 3.5-3.5-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.39bn / US$1.21bn 日交易额 (3 个月均值) US$6.63mn 发行股票数目 ...

研究报告 Research Report 1 Apr 2025 顺丰控股 S.F. Holding (002352 CH) 2024 年业绩点评：归母净利润同比+23.51%，持续向新兴板块渗透 FY24 Performance Review: Net Profit Surges 23.51% YoY with Rapid Growth in Emerging Sectors [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持中性 Maintain NEUTRAL 评级 中性 NEUTRAL 现价 Rmb43.12 目标价 Rmb48.50 HTI ESG 4.0-4.0-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 AA- 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb213.82bn / US$29.44bn 日交易额 (3 个月均值) US$110.45mn 发行股票数目 4 ...

[Table_Title] 研究报告 2025 年 3 月 31 日 博禄（BOROUGE UH） 全球聚烯烃行业龙头，稳固全球成本和利润领先地位 Scott Darling Catherine Li 点评 博禄背景：博禄是一家总部位于阿布扎比的全球多元化石化公司，也是全球最大的石化生产商之一。其主要股东 是阿联酋国家能源公司阿布扎比国家石油公司集团和欧洲先进可持续聚烯烃解决方案提供商北欧化工，详见近期 报告。博禄在阿布扎比鲁崴斯运营着全球最大的单体一体化聚烯烃生产基地之一，并在中东和北非地区、欧洲和 亚洲设有物流中心、仓库和运输枢纽，同时在上海设有复合材料生产工厂。博禄的主要产品由聚乙烯和聚丙烯组 成，其销售主要集中在欧洲、亚洲和美洲（分别占 2024 财年总销售额的 39%、25%和 23%）。北欧化工和博禄都 在其聚烯烃产品中采用 Borstar®技术。 打造全球聚烯烃行业龙头--博禄集团国际（BGI）：近日，阿布扎比国家石油公司集团（持有博禄 54%股权）与 OMV 公司（持有博禄 75%股权）宣布了一项战略方案，计划合并博禄（聚烯烃额定产能 500 万吨/年，其中博禄 4 期产能为 140 万吨/年 ...

中化化肥 Sinofert Holdings (297 HK) 股东应占溢利同比增长 69.49%，公司受益于钾肥价格上涨 NPAtS up 69.49% YOY in 2024, the company benefits from the increase in potash fertilizer price. [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$1.26 目标价 HK$1.41 HTI ESG 4.1-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$8.85bn / US$1.14bn 日交易额 (3 个月均值) US$6.15mn 发行股票数目 7,024mn 自由流通股 (%) 39% 1 年股价最高最低值 HK$1.26-HK$0.80 注：现价 HK$1.26 为 2025 年 03 月 31 日收盘价 资料来源： Factset ...

[Table_Title] 研究报告 Research Report 31 Mar 2025 日本策略 Japan Strategy 海上观日 Japan Stock Market Weekly Review 美国征收额外关税不是新的新闻，丰田等日本车企因其在美国销售的汽 车中有较大部份是在美国生产的，被很多市场人士认为受关税的负面影 响相对较小。但美国总统特朗普 26 日宣布美国将对所有的进口汽车征 收 25%关税之后，越来越多的人开始担心额外关税不仅会导致进口汽车 部分的利润下降，美国汽车市场整体需求也很可能面临萎缩，不少研究 机构纷纷下调了 25 年美国新车销量预期，这导致汽车股遭到进一步抛 售。 季屏子 Pingzi Ji pz.ji@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 市场观察： 上周对美国关税政策的担忧左右日本市场，日经 225 指数按周下跌 1.48%收于 37120，TOPIX 指数 按周下跌 1.67%收于 275 ...

研究报告 Research Report 28 Mar 2025 爱美客 Imeik Technology Development (300896 CH) 2024 年业绩稳健增长，关注海外收并购进展 A Steady Growth for 2024, and Eyes on Overseas Mergers and Acquisitions [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb184.13 目标价 Rmb299.47 HTI ESG 4.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb55.72bn / US$7.67bn 日交易额 (3 个月均值) US$89.44mn 发行股票数目 302.59mn 自由流通股 (%) 48% 1 年股价最高最低值 Rmb282.72-Rmb134.05 注：现价 Rmb184.13 为 2025 年 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 5.27 HKD per share based on a 14x PE valuation for 2025E [9]. Core Insights - The company reported total revenue of 21.49 billion RMB for 2024, reflecting a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 861 million RMB, up 3.36% year-on-year. The second half of the year showed significant revenue growth improvement, driven by average price increases despite a decline in sales volume [2][8]. - The gross profit margin increased by 2.61 percentage points to 37.79%, with gross profit rising by 7.65% year-on-year. The sales expense ratio increased due to heightened market competition and promotional spending [2][8]. - The company is focusing on restructuring to enhance customer experience and operational efficiency, with notable performance in the soda and functional drinks categories [2][8]. Financial Data and Forecast - Total revenue projections for 2025-2027 are 23.13 billion RMB, 24.62 billion RMB, and 26.05 billion RMB, respectively. Net profit attributable to shareholders is expected to be 975 million RMB, 1.10 billion RMB, and 1.24 billion RMB for the same years, with corresponding EPS of 0.35 RMB, 0.39 RMB, and 0.44 RMB [2][5][8]. - The company achieved revenue of 16.37 billion RMB in the soda category for 2024, a year-on-year increase of 2.50%, maintaining the leading market share [3][8]. - The juice category reported revenue of 3.13 billion RMB, down 7.46% year-on-year, focusing on profit packaging development [3][8]. Business Strategy and Performance - The company is optimizing its customer structure and marketing network, achieving significant growth in direct sales and maintaining a controllable business revenue ratio of approximately 90% [4][5]. - The smart retail business has shown rapid revenue growth, and the COFCO Enjoy Club has also seen revenue increases with improved average product prices [2][8]. - The company is expanding its product offerings, including new packaging for soda and innovative marketing strategies targeting younger consumers [3][4][8].

研究报告 Research Report 28 Mar 2025 达势股份 DPC Dash (1405 HK) 点评报告：同店连续 30 个季度正增长，经营杠杆持续释放 Review Report: SSSG Increases for 30 Consecutive Quarters, Operating Leverage Keeps Releasing [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$114.30 目标价 HK$125.90 HTI ESG 4.3-4.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$14.95bn / US$1.92bn 日交易额 (3 个月均值) US$3.33mn 发行股票数目 130.78mn 自由流通股 (%) 54% 1 年股价最高最低值 HK$114.30-HK$50.15 注：现价 HK$114.30 为 20 ...

研究报告 Research Report 28 Mar 2025 东南亚必需消费 & 可选消费 Southeast Asia Staples & Discretionary 东南亚消费行业 2 月跟踪报告：消费信心表现分化，仅越南与新加坡股市收涨 Confidence Shows Divergence, with Only the VN and SGP Stock Markets Closed Higher [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | | | | 市盈率 P/E | | | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | HAI Southeast Asia Staples | | | | | | HAI Southeast Asia Discretionary | MSCI China | | | | | 160 | | | | | | 140 | | | | | | 120 | | | | | | 100 ...

研究报告 Research Report 28 Mar 2025 康诺亚生物 Keymed Biosciences (2162 HK) 对外合作+商业化销售双轮驱动 Dual-engine Growth Driven by Partnerships and Commercial Sales [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$44.80 目标价 HK$70.75 HTI ESG 2.7-3.0-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$12.53bn / US$1.61bn 日交易额 (3 个月均值) US$7.60mn 发行股票数目 279.74mn 自由流通股 (%) 62% 1 年股价最高最低值 HK$46.85-HK$27.45 注：现价 HK$40.65 为 2025 年 03 月 26 日收盘价 资料来源： Factset 1mth ...