眼科短期承压，牙科业务/爱康健持续发力。①眼科业务收入 12.11 亿港 元（-4.34%），其中香港眼科业务总计-2.09%，屈光手术量下滑与手术组 合变动下手术单价提升相抵；内地眼科业务总计-6.93%，主要系手术单 价就市况而下调（-16.97%）；②牙科业务收入 5.07 亿港元（+18.50%） 维持强劲增长，主要系主打港人医疗的内地爱康健业务持续扩张，长者 医疗券政策自 2024 年 8 月 14 日正式落地，年内直接收入 1510 万港元、 患者额外消费 1830 万港元；③其他医疗服务收入 0.38 亿港元（-19.87%）， 主要系香港肿瘤中心战略收缩；④视力辅助产品收入 1.56 亿港元（- 3.82%）主要系内地产品需求降低。 深港融合加速，差异化跨境医疗路径已现雏形。公司重点布局深港口岸 医疗生态，2024 年为业务调整重组阶段：①深圳爱康健口腔医院纳入大 湾区长者医疗券试点，政策红利释放增量空间，持续受益于港人北上需 求；②年内关停业绩表现欠佳的佛山眼科医院、南山眼科诊所（与爱康 健沈虹门诊合并）和深圳两间亏损的牙科诊所，同时为维持覆盖面，拟 在福田口岸新建 1 间牙科诊所，2025 ...

[Table_Title] 证券研究报告 / 公司点评报告 Q4 业绩暂时承压，丰富管线奠定长期发展基础 报告摘要： [Table_Summary] 事件： 爱美客发布 2024 年报，2024 年公司实现营收 30.26 亿元/+5.45%，归母 净利润 19.58 亿元/+5.33%，扣非归母净利润 18.72 亿元/+2.20%，非经 常性损益 0.86 亿元，主要来自公允价值变动损益和委托投资损益。Q4 单季度公司实现营收 6.50 亿元/-7.00%，归母净利润 3.72 亿元/- 15.47%，扣非归母净利润 3.41 亿元/-21.67%。拟每 10 股派发现金红利 38 元（含税）。 点评： "嗨体"渗透率进一步提高，濡白天使市场地位稳固。2024 年公司实 现营收 30.26 亿元/+5.45%，分产品看：1）溶液类产品营收 17.44 亿/占 比 57.64%/+4.40%，销量 634.63 万支/+23.44%，单价 275 元/-15.43%； "嗨体"或继续享受市场下沉红利，销量稳步增长；截至 2024 年末， 公司营销网络覆盖全国 31 个省、市、自治区，销售人员达 542 名/ ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock's performance in the next six months [6][19]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 2.855 billion and 3.155 billion yuan in 2024, representing a year-on-year growth of 32.73% to 46.68% [1]. - The automotive business is a key driver of growth, with eight major product lines contributing significantly to revenue. The NVH (Noise, Vibration, and Harshness) segment remains foundational, accounting for 49.5% of total revenue in the first half of 2024 [2]. - The company is expanding into the robotics sector, having established an electric drive division and signed an investment agreement to build a production base for core robotic components, with an investment of 5 billion yuan [3]. Financial Summary - The projected total revenue for 2024-2026 is 26.536 billion, 34.352 billion, and 41.775 billion yuan, respectively, with net profits expected to be 3.059 billion, 3.893 billion, and 4.844 billion yuan [4]. - Earnings per share (EPS) are forecasted to be 1.76, 2.24, and 2.79 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 35, 27, and 22 [3][4]. - The company’s revenue growth rates are projected at 34.7% for 2024, 29.5% for 2025, and 21.6% for 2026, while net profit growth rates are expected to be 42.2%, 27.3%, and 24.4% for the same years [16].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company's performance has significantly improved due to rising gold prices, with a reported net profit of 2.173 billion, a year-on-year increase of 52.6% [1][2]. - The company is expected to continue its growth trajectory through domestic mining potential and overseas acquisitions, enhancing its resource reserves and production capacity [3]. Financial Performance - In 2024, the company achieved gold production of 8.04 tons, a year-on-year increase of 14.7%, and gold sales of 8.05 tons, up 7.3% [2]. - The average selling price of mined gold increased from 449.6 yuan per gram to 549.6 yuan per gram, a rise of 22.2%, while the cost of gold sales decreased from 176.4 yuan per gram to 145.4 yuan per gram, a decline of 17.6% [2]. - The gross profit margin for the gold segment increased significantly, contributing to the overall profit growth [2]. Resource Expansion and Acquisitions - The company has increased its resource reserves through geological exploration, adding 12.7 tons of gold and 95.7 tons of silver in 2024 [3]. - The acquisition of Osino Mining has added 127.2 tons of gold resources, expected to yield an annual production of 5 tons post-commissioning [3]. - Ongoing integration of mining rights around the Mangshi gold mine is anticipated to further enhance resource reserves [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.06 billion, 3.60 billion, and 4.57 billion for the years 2025, 2026, and 2027, respectively, reflecting a strong growth outlook [3]. - The report highlights a favorable price and volume outlook for the company's gold business, justifying the "Accumulate" rating [3].

Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism, indicating a positive outlook for the company's stock performance in the near term [5]. Core Views - Jiuhua Tourism achieved a revenue of 764 million yuan in 2024, representing a year-on-year growth of 5.64%. The net profit attributable to the parent company was 186 million yuan, up by 6.5% [1][2]. - The company experienced a significant increase in customer traffic, with over 10 million visitors to Jiuhua Mountain Scenic Area, leading to tourism revenue exceeding 10 billion yuan [2]. - The operational efficiency and profitability of Jiuhua Tourism have shown steady improvement, with a gross profit margin of 50.2% in 2024, an increase of 0.6 percentage points year-on-year [2][3]. Financial Summary - In 2024, Jiuhua Tourism's revenue was 764 million yuan, with a projected increase to 834 million yuan in 2025, reflecting a growth rate of 9.15% [4]. - The net profit attributable to the parent company is expected to grow from 186 million yuan in 2024 to 205 million yuan in 2025, indicating a growth rate of 9.94% [4]. - The earnings per share (EPS) for 2024 is projected at 1.68 yuan, with a forecasted increase to 1.85 yuan in 2025 [4]. Business Development - The company is actively advancing key project constructions, including the completion of the transportation hub project and the commencement of the Lion Peak Scenic Area cable car project, which are expected to enhance regional development [3]. - The operational improvements and new projects are anticipated to sustain high-quality growth, especially with the extended peak season during the 2025 Spring Festival [3].

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin [9] Core Views - The company achieved revenue of 1.824 billion yuan in Q4 2024, representing a year-on-year increase of 15.4%, exceeding the upper limit of the previous guidance [1] - Non-GAAP operating profit reached 659 million yuan, up 26.8%, while Non-GAAP net profit was 722 million yuan, an increase of 14.9% [1] - The company expects Q1 2025 revenue to be between 1.90 billion and 1.92 billion yuan, reflecting a growth of 11.5% to 12.7% [1] - The spring recruitment data shows a positive improvement trend, with the number of active job postings and new job postings reaching historical highs [3] - The company continues to invest in AI technology, which is expected to drive cost reduction and new product revenue [3] Financial Summary - In Q4 2024, B-end revenue was 1.804 billion yuan, up 15.2%, with a total of 6.1 million enterprise paying customers, a 17.3% increase [2] - The average monthly active users (MAU) reached 52.7 million, a 27.9% increase year-on-year [2] - The company's gross margin for Q4 2024 was 82.8%, with a Non-GAAP operating profit margin of 36.1% [2] - The financial forecast for 2025-2027 estimates Non-GAAP operating profits of 3.044 billion, 3.530 billion, and 3.953 billion yuan, respectively [3] - Non-GAAP net profits are projected to be 3.247 billion, 3.630 billion, and 3.990 billion yuan for the same period [3] Market Position - The company has established a competitive advantage in the online recruitment sector through its "mobile + intelligent matching + direct chat" business model [3] - The contribution of key accounts (KA) to B-end revenue increased by 3 percentage points year-on-year, with KA customers generating 1.772 billion yuan in revenue, a 40% increase [2]

Investment Rating - The report assigns a "Buy" rating for Far East Horizon (3360.HK) with a target price of HKD 7.4, indicating a potential upside from the current price of HKD 6.43 [4]. Core Insights - Far East Horizon is a comprehensive group straddling financial and industrial sectors, backed by state-owned enterprises, with a stable shareholding structure and experienced management [1][12]. - The company has diversified its operations from leasing to a comprehensive service provider, with main business segments including financial and consulting services, equipment operation, and hospital operation, contributing 57.5%, 30.68%, and 10.84% to revenue in 2024, respectively [1][13]. - The company has maintained a stable dividend payout ratio of around 30% since its listing in 2011, with a notable increase to 56.2% in 2024, and a dividend yield of 9.7%, surpassing the industry average of 6.2% [3][4]. Summary by Sections Company Overview - Far East Horizon operates as an independent business leasing company and is the largest in China, serving over 30,000 clients with a cumulative funding scale of approximately CNY 1 trillion [13]. - The company has a stable shareholding structure with major shareholders including Sinochem Capital Investment Management (21.29%) and others, ensuring strategic consistency [1][12]. Financial Performance - In 2024, the company reported total assets of CNY 360.39 billion and equity of CNY 48.99 billion, with a slight increase in total assets by 2.5% year-on-year [14]. - Revenue from financial and consulting services decreased by 7.1% to CNY 217.06 billion, while equipment operation revenue increased by 20.5% to CNY 115.81 billion [24]. - The overall operating income for 2024 was CNY 400.41 billion, reflecting a decline of 1.43% compared to the previous year [30]. Business Segments - The financial and consulting services segment remains the largest revenue contributor, although its share has decreased, while the equipment operation segment has shown significant growth [24]. - The hospital operation segment reported a revenue of CNY 40.93 billion, a decrease of 3.4% year-on-year, but with a gross profit increase of 7.5% to CNY 8.09 billion [3][14]. Future Projections - Revenue projections for 2025 to 2027 are CNY 385.4 billion, CNY 398.2 billion, and CNY 417.9 billion, with expected growth rates of 2.1%, 3.3%, and 5.0%, respectively [3]. - The company anticipates achieving net profits of CNY 40.1 billion, CNY 42.3 billion, and CNY 44.8 billion over the same period, with corresponding EPS of CNY 0.87, CNY 0.92, and CNY 0.97 [3].

- The quantitative research team of Xinda Aoya has a top-tier member configuration and a leading research system[1][2][3] - The team manages several actively managed equity quantitative products, each with different index tracking characteristics, and all have achieved stable excess returns over various periods[3][13] - The product design fully analyzes the industry distribution, style characteristics, and component features of the tracked index, and explores applicable factors based on the index characteristics[3] - The team combines broader earnings forecast expansion information, uses dynamic weights and machine learning methods to form portfolios, reduces correlation between strategies, and enhances the stability of product excess returns[3][13] - The "index+" products managed by the team have ranked among the top in the market in terms of excess returns since their inception, and their risk-adjusted returns are in the top 20% of similar products[3][13] Quantitative Models and Construction Methods 1. **Model Name: Index+ Products** - **Model Construction Idea:** Fully analyze the industry distribution, style characteristics, and component features of the tracked index, and explore applicable factors based on the index characteristics[3] - **Model Construction Process:** Combine broader earnings forecast expansion information, use dynamic weights and machine learning methods to form portfolios, reduce correlation between strategies, and enhance the stability of product excess returns[3][13] - **Model Evaluation:** The "index+" products have achieved stable excess returns and ranked among the top in the market[3][13] Model Backtesting Results 1. **Xinda Multi-Factor CSI 500**, Excess Return: 1.66%, Excess Volatility: 4.65%, Excess Sharpe: 4.64, Annualized Excess: 8.71%, Excess Sharpe Rank: 4/63[14] 2. **Xinda Star Selection CSI 1000**, Excess Return: 0.36%, Excess Volatility: 5.91%, Excess Sharpe: 0.51, Annualized Excess: 13.61%, Excess Sharpe Rank: 18/39[14] 3. **Xinda Core Selection CSI 300**, Excess Return: 1.49%, Excess Volatility: 3.70%, Excess Sharpe: 2.47, Annualized Excess: 4.95%, Excess Sharpe Rank: 14/58[14] 4. **Xinda Star Yuxuan CSI 2000**, Excess Return: 0.37%, Excess Volatility: 8.80%, Excess Sharpe: 0.42, Annualized Excess: 15.68%[14] 5. **Xinda Star Liang CSI 2000**, Excess Return: -2.47%, Excess Volatility: 11.34%, Annualized Excess: 14.80%[14] 6. **Xinda Sci-Tech Innovation 50**, Excess Return: 2.80%, Excess Volatility: 5.39%, Excess Sharpe: 3.56, Annualized Excess: 16.44%[14] 7. **Xinda Dividend Selection CSI Dividend**, Excess Return: 0.09%, Excess Volatility: 2.44%, Excess Sharpe: 0.19, Annualized Excess: 4.88%[14] 8. **Xinda State-Owned Enterprise Selection CSI SOE**, Excess Return: 0.60%, Excess Volatility: 3.15%, Excess Sharpe: 1.14, Annualized Excess: 10.82%[14] 9. **Xinda Ningjun Selection Mixed Fund Index**, Excess Return: -3.87%, Excess Volatility: 5.63%, Annualized Excess: 0.36%[14]

[Table_Info1] 国防军工 [Table_Date] 发布时间：2025-03-17 [Table_Invest] 优于大势 [Table_Title] 证券研究报告 / 行业周报 深海科技首次纳入政府工作报告，关注深海科技投资机会 报告摘要： [Table_Summary] 板块回顾：上周申万国防军工指数上涨 2.57%，上证指数上涨 1.39%，深 证成指上涨 1.24%，创业板指数上涨 0.97%，沪深 300 指数上涨 1.59%， 国防军工板块涨幅在 31 个申万一级行业中排名第 9。截至周五收盘，申 万国防军工板块 PE(TTM)为 68.17 倍，各子板块中航天装备为 109.68 倍， 航空装备为 59.16 倍，地面兵装为 61.96 倍，航海装备为 84.03 倍，军工 电子为 73.09 倍。 持续关注低空经济产业发展机会。亿航智能发布 2024Q4 及全年财报。 2024 年，亿航智能 EH216 系列无人驾驶航空器交付数量达到 216 架， 较 2023 年的 52 架增长 315.4%。总收入为 4.562 亿元，同比增长 288.5%， 首次实现全财年非美国通用会计准则 ...

[Table_Info1] 证券研究报告 东盟专题系列 2——从泛亚铁路到泛东亚经贸发展 ---东北固收专题报告 报告摘要： [Table_Summary] 铁路的建设将会如何改变一个地区的经济格局？泛亚铁路中的中老铁 路可以作为一个观察样本。老挝是东盟唯一的内陆国，长久以来其经 济发展饱受陆锁国之苦，尽管有大量的矿产资源，但苦于没有出海 口，因而无法有效的将矿产资源运输出去、换取发展的资金。但是中 老铁路的建设改变了这一局面。2021 年铁路通车之后，货物运输效率 大幅提升、运输成本降低，老挝也因此有了低成本输出货物换取发展 机会的可能性，经济受益显著。对中国来说，中老铁路的建设也意义 重大。中国在铁矿石、钾肥、橡胶等资源的进口中，可以逐步摆脱对 澳大利亚、加拿大、俄罗斯、泰国和印尼等地区的"单一或高度依 赖"，进口来源更加多元化，从而分散风险。某种程度上，中老铁路 对相关国家经贸格局的影响仅仅是一个缩影，后续随着中越铁路、中 泰铁路等线路陆续建成并投入运行，可以想见，中国和越南、中国和 泰国之间的经贸紧密度也将进一步强化。 截至目前，多数东盟国家的对华出口仍与其自身禀赋强相关，后续的看 点在于：随着各国发 ...