[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 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][2][7] Core Views - The company achieved steady growth in 2024, with revenue of Rmb 3.03 billion (+5.5%) and net profit of Rmb 1.96 billion (+5.3%), maintaining a gross profit margin of 94.6% [3][11] - The company is focusing on overseas mergers and acquisitions, particularly the proposed acquisition of REGEN in South Korea, which is expected to significantly contribute to revenue and profits in 2026 [4][16] Financial Performance - Revenue and profit growth for 2024: Revenue of Rmb 3,026 million, net profit of Rmb 1,958 million, with a gross profit margin of 94.6% [3][11] - Q4 2024 performance showed a revenue decline of 7.0% to Rmb 650 million and a net profit decline of 15.5% to Rmb 370 million [12] - Revenue by product category: Solution-based products Rmb 1.74 billion (+4.4%), Gel-based products Rmb 1.22 billion (+5.0%), Facial implant threads Rmb 6.804 million (+15.0%), Other revenue Rmb 59.192 million (+68.5%) [13][14] Research and Development - Increased R&D investment with a ratio of 10.0% in 2024, focusing on new product pipelines and clinical trials [4][15] - The company has received clinical trial approvals for several new products, indicating a commitment to innovation [15] Acquisition Strategy - The proposed acquisition of REGEN for US$190 million is expected to enhance the company's product offerings and production capacity, with the second factory in South Korea expected to start production in Q2 2025 [4][16] - The target company reported revenue of Rmb 72.23 million and net profit of Rmb 29.5 million from January to September 2024 [16] Earnings Forecast and Valuation - Revenue projections for 2025 and 2026 are Rmb 3.30 billion and Rmb 3.60 billion, respectively, with year-on-year growth of 9.2% and 9.1% [5][17] - The target price is set at Rmb 299.47 per share, corresponding to a P/E ratio of 45x for 2025 and 42x for 2026 [7][17]

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 ...

28 Mar 2025 科伦博泰生物-B Sichuan Kelun-Biotech Biopharmaceutical (6990 HK) 研发合作收入+商业化销售双轮驱动 研究报告 Research Report R&D Collaboration Revenue and Commercial Sales as Dual Growth Drivers [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$288.00 目标价 HK$297.20 HTI ESG 3.0-3.0-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$37.85bn / US$4.87bn 日交易额 (3 个月均值) US$9.86mn 发行股票数目 131.43mn 自由流通股 (%) 14% 1 年股价最高最低值 HK$288.00-HK$132.50 注：现价 HK$256.40 为 2 ...

研究报告 Research Report 27 Mar 2025 华润医药 China Resources Pharmaceutical (3320 HK) 2024 年业绩符合预期，各业务均实现稳健增长 FY24 results: in line; all segments achieved robust growth 点评 各业务均实现稳健增长 制药业务：实现收入 463 亿元（同比+6.6%），其中，中药/化药/ 生物药/营养保健品收入分别为 242/175/22/24 亿元，同比增速分 别为+12.2%/+2.8%/+3.3%/-11.8%。制药业务整体实现毛利率 59.4% （同比+0.4pcts），主要得益于产品结构变化，以及工艺改进、生 产环节效率提升。截至 2024 年，公司总计生产 840 种药品，其中 439 种在医保目录内，205 种在基药目录内。 分销业务：实现收入 2132 亿元（同比+5.5%），毛利率 5.9%（同 比持平）。药品分销业务方面，华润医药持续强化渠道合作，积 极布局数字化医疗服务管理，目前已经为辉瑞、阿斯利康、施贵 宝等 60 多家药企提供解决方案。公司与辉瑞签署战 ...