Investment Rating - The report maintains a "Buy" rating for Hong Kong and China Gas Company Limited [1] Core Views - The company's core profit is steadily recovering, and growth in green energy is expected [1] - The company reported a total revenue of HKD 55.473 billion for 2024, a decrease of 2.6% year-on-year, while the attributable net profit was HKD 5.712 billion, down 5.9% [5] - The core profit for the year was HKD 59.55 billion, reflecting a year-on-year increase of 5.1%, aligning with expectations [5] - The company plans to distribute a final dividend of HKD 0.23 per share, resulting in a total dividend of HKD 0.35 per share for the year, yielding a dividend rate of 5.31% based on the closing price on March 19 [5] Financial Data and Profit Forecast - Revenue (in million HKD) is projected as follows: 2023: 56,971, 2024: 55,473, 2025E: 55,525, 2026E: 57,637, 2027E: 59,285 [2] - Attributable net profit (in million HKD) is forecasted as: 2023: 6,070, 2024: 5,712, 2025E: 6,131, 2026E: 6,543, 2027E: 6,911 [2] - The net asset return rate is expected to improve from 8.55% in 2023 to 9.61% in 2027 [2] - The price-to-earnings ratio is projected to decrease from 20.3 in 2023 to 17.8 in 2027 [2] Business Performance - The Hong Kong gas sales volume for 2024 is expected to be 27,159 TJ, with a slight increase of 0.1% year-on-year [5] - The company has increased its maintenance fees and basic pricing, indicating a strong pricing power in the Hong Kong market [5] - The mainland gas sales volume is projected to reach 36.36 billion m³ in 2025, with a year-on-year growth of 4.8% [5] - The gross margin for city gas sales is expected to improve, with a target of 0.54 HKD/m³ for 2025 [5] Renewable Energy Growth - The company's photovoltaic power generation is expected to increase by 95% to 1.83 billion kWh in 2024, with net profits from renewable energy activities reaching HKD 4.79 billion [5] - The company is expanding its green methanol production capacity by 50% to 150,000 tons in Inner Mongolia [5] Conclusion - The report concludes that the company's core profit is steadily increasing, and the overall business performance is stable, maintaining a "Buy" rating [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance for 2024 aligns with market expectations, achieving a revenue of 9.162 billion yuan, a year-on-year increase of 52.4%, and a net profit of 1.931 billion yuan, also up by 52.87% [6][7] - The demand for the company's CPU products in sectors such as telecommunications and finance is robust, with a broad applicability in the domestic processor market [6] - The company's DCU is well-suited for the AI ecosystem, featuring a comprehensive software stack and compatibility with major domestic internet firms [6] - The gross margin has significantly improved, attributed to strong product competitiveness and pricing advantages, with a gross margin of 63.7% for 2024, up by 4.1 percentage points year-on-year [6] - Inventory levels have increased significantly, reaching 5.425 billion yuan, reflecting confidence in market demand and supply chain stability [6] - The revenue and profit forecasts for 2025 and 2026 have been raised due to accelerated shipments in the financial sector and increased demand for DCUs, with projected revenues of 13.582 billion yuan and 17.530 billion yuan respectively [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 6.012 billion yuan - 2024: 9.162 billion yuan - 2025E: 13.582 billion yuan - 2026E: 17.530 billion yuan - 2027E: 21.403 billion yuan - Net profit projections are: - 2023: 1.263 billion yuan - 2024: 1.931 billion yuan - 2025E: 2.942 billion yuan - 2026E: 3.948 billion yuan - 2027E: 4.654 billion yuan - The company's gross margin is expected to stabilize around 60% from 2025 onwards, with a projected PE ratio of 121 for 2025 [4][6][7]

业 研 究 / 行 业 点 评 看好 ——一周一刻钟，大事快评（W098） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 2025 年 03 月 19 日 福达股份更新& Ai+策略会&小 鹏、零跑新车发布 行 业 及 产 业 行 汽车 ⚫ 3 月 16 日福达股份发布公告，将通过分期增资方式、收购股权方式获得长坂（扬州） 机器人科技有限公司（标的公司）合计 35%股权。另外，公司在通过增资方式成为标的 公司股东后，拟与标的公司共同出资设立合资公司。长坂科技与福达通过技术协同加速 机器人产业布局。长坂专注精密丝杠及专用机床设备，在工业机器人领域积淀深厚；福 达凭借电驱齿轮技术于 2024 年切入减速器赛道，二者分别掌握直线（丝杠）与旋转 （减速器）执行器技术，形成互补优势。合作分三步推进：首期福达以 1800 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The report highlights that the beer upgrade continues while the white liquor business benefits from synergy. The company has shown resilience in its performance despite a slight decline in revenue and profit [6]. - The company is undergoing a structural upgrade in its beer business, with a focus on high-end products, which is expected to drive profit growth [6]. - The white liquor segment is also expected to contribute positively to profits if economic conditions improve [6]. Financial Data and Profit Forecast - Revenue for 2023 is projected at 38,932 million RMB, with a slight decline to 38,635 million RMB in 2024, followed by a recovery to 39,286 million RMB in 2025 [5][7]. - The net profit attributable to shareholders is expected to decrease from 5,153 million RMB in 2023 to 4,739 million RMB in 2024, before increasing to 5,279 million RMB in 2025 [5][7]. - The company’s price-to-earnings ratio is projected to be 16.6 for 2023, decreasing to 14.0 by 2027, indicating a potential for value appreciation [5]. Business Performance Insights - The beer business generated revenue of 36,486 million RMB in 2024, with a slight decline in sales volume but an increase in average price per ton [6]. - The high-end beer segment (priced above 10 RMB) saw a 9% increase in sales volume, with notable growth in brands like Heineken [6]. - The white liquor business achieved revenue of 2,150 million RMB in 2024, with a 35% increase in sales volume for the flagship product, indicating strong market performance [6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a total sales volume of 190,000 vehicles in 2024, representing a year-on-year increase of 34.2%. Total revenue reached 40.87 billion yuan, up 33.2% year-on-year, with a gross margin of 14.3%, an increase of 12.8 percentage points year-on-year. The net loss was 5.79 billion yuan, a reduction of 4.59 billion yuan compared to the previous year [5][6] - The launch of new models, such as the Mona M03 and P7+, significantly boosted sales, with Q4 2024 sales reaching 92,000 vehicles, a 52.1% increase year-on-year and a 96.6% increase quarter-on-quarter. The new models accounted for 60.7% of total Q4 sales [6][7] - The company is entering a new model cycle, with significant sales growth potential. The updated G6 and G9 models were launched, and the company expects total sales to reach 490,000 vehicles in 2025, a year-on-year increase of 158% [6][7] - The company is accelerating its international expansion, with plans to enter markets in Southeast Asia and Europe. Local production in Indonesia is set to begin in the second half of 2025, which is expected to contribute significantly to profitability [6][7] - The company forecasts revenues of 87.72 billion yuan in 2025 and a net profit of 425 million yuan, with continued growth expected through 2027 [6][7]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future recovery and growth [4][21]. Core Insights - The investment side of the real estate market remains weak, with a significant decline in new construction and overall investment levels [4][20]. - The sales side has also seen a slight decrease, with sales area and sales revenue both declining year-on-year, although the average sales price has increased [32][31]. - Funding sources for real estate development are under pressure, but there are signs of improvement in financing conditions [33][34]. Summary by Sections Investment Side - In January-February 2025, real estate development investment totaled 1,072 billion yuan, down 9.8% year-on-year, with new construction down 29.6% and completed projects down 15.6% [4][20]. - The residential investment accounted for 75.1% of total investment, with a year-on-year decline of 9.2% [5][20]. - Regional investment performance varied, with the eastern region down 11.4%, central region down 8.7%, and western region down 3.3% [5][20]. Sales Side - The total sales area for real estate in January-February 2025 was 110 million square meters, a decrease of 5.1% year-on-year, while sales revenue was 1 trillion yuan, down 2.9% [32][20]. - The average sales price increased by 2.6% year-on-year, indicating some resilience in pricing despite overall sales volume decline [31][32]. - The residential sales area decreased by 3.4%, while non-residential sales saw a more significant drop of 15.0% [32][31]. Funding Side - Total funding sources for real estate development in January-February 2025 were 1.6 trillion yuan, down 3.6% year-on-year [33][34]. - Domestic loans decreased by 6.1%, while self-raised funds saw a smaller decline of 2.1% [34][33]. - The report notes that while funding remains tight, recent policy adjustments are expected to gradually improve the funding environment [33][34].

Investment Rating - The report gives an "Overweight" rating for the home appliance industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The "old-for-new" policy in 2024 is expected to significantly boost the home appliance market, expanding the subsidy range to include eight categories, which will drive demand [3]. - In the first two months of 2025, the kitchen appliance categories showed strong double-digit growth, with notable increases in sales volume and revenue for range hoods and gas stoves [3]. - The report highlights the potential for continued market activation due to increased government support, with a special bond of 300 billion yuan allocated for consumer upgrades [3]. Summary by Sections Market Performance - The report notes that in January and February 2025, range hoods achieved sales of 166,000 units, up 33% year-on-year, with revenue reaching 667 million yuan, a 42% increase [3]. - Gas stoves saw sales of 181,900 units, a 14% increase, with revenue of 379 million yuan, up 34% [3]. Investment Recommendations - The report recommends investing in established brands such as Robam Appliances, Vatti Corporation, and Vanward Electric, which are expected to benefit from the new subsidy policies [3]. - The report emphasizes the low base effect for the industry in the first eight months of 2025, suggesting strong sales growth potential [3]. Company Valuations - Key companies in the home appliance sector are rated as "Buy," including Midea Group, Gree Electric, and Haier Smart Home, with projected net profits for 2025 showing significant growth [4]. - The report provides a detailed valuation table for various companies, indicating their expected earnings per share and price-to-earnings ratios for 2024 to 2026 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 slightly exceeded expectations, with an overall revenue of 29.95 billion yuan, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders increased by 33.38% to 2.16 billion yuan [6] - The gross margin improved to 12.28% in 2024, up by 1.53 percentage points year-on-year, driven by the rising profitability of offshore engineering projects [6] - The company has a strong order backlog of approximately 40 billion yuan, ensuring future revenue stability [6] - The capital expenditure in the offshore oil and gas sector is expected to continue rising, providing more opportunities for the company [6] - The earnings forecast for 2025 and 2026 has been slightly adjusted downwards to 2.3 billion yuan and 2.7 billion yuan respectively, with a new forecast for 2027 set at 3 billion yuan [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 30.75 billion yuan in 2023, 29.95 billion yuan in 2024, 34.48 billion yuan in 2025, 38.69 billion yuan in 2026, and 43.60 billion yuan in 2027 [5][8] - The net profit attributable to shareholders is projected to be 1.62 billion yuan in 2023, 2.16 billion yuan in 2024, 2.34 billion yuan in 2025, 2.71 billion yuan in 2026, and 2.99 billion yuan in 2027 [5][8] - The gross margin is expected to improve from 10.7% in 2023 to 12.9% in 2025, and then slightly decrease to 13.3% in 2027 [5][8] - The return on equity (ROE) is projected to increase from 6.5% in 2023 to 8.3% in 2025, remaining stable at 8.8% in 2026 and 2027 [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance has been impacted by impairment losses, but it demonstrates significant financing advantages and share buybacks reflect confidence in its future [7] - The company holds high-quality land reserves in core cities, particularly in the Greater Bay Area, which is expected to benefit from industry optimization as the market stabilizes [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 178.948 billion yuan, with a year-on-year growth rate of 2.3% [5] - The net profit attributable to the parent company for 2024 is forecasted to be 4.039 billion yuan, reflecting a year-on-year decline of 36.1% due to impairment provisions [5] - The earnings per share for 2024 is estimated at 0.37 yuan, down 43.1% year-on-year [7] - The company's gross margin is expected to be 14.6% in 2024, a decrease of 1.3 percentage points year-on-year [7] - The company has a weighted average financing cost of 2.99%, which is a 48 basis points improvement year-on-year [7] Sales and Land Acquisition - The company achieved sales of 219.3 billion yuan in 2024, a decrease of 25.3% year-on-year, ranking fifth in the industry [7] - The land acquisition amount for 2024 is 48.6 billion yuan, with a land acquisition area of 2.25 million square meters [7] - The average sales price per square meter in 2024 is 23,000 yuan, down 2.4% year-on-year [7] Investment Analysis - The report suggests that the company's impairment losses have negatively affected its performance, but its financing advantages and focus on core cities position it well for future recovery [7] - The forecast for net profit attributable to the parent company for 2025 is adjusted to 4.230 billion yuan, down from previous estimates due to increased impairment losses [7] - The current price corresponds to a price-to-earnings ratio of 21 times for 2025, maintaining the "Buy" rating based on the quality of land reserves in key cities [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance slightly exceeded expectations, with a notable recovery in profitability driven by the continuous improvement in olefin price spreads [6] - The Inner Mongolia Phase I project, with a capacity of 3 million tons of coal-to-olefins, is expected to be a major growth driver for the company in the coming year [6] - The company has also made progress on the Xinjiang project, which is anticipated to open up long-term growth opportunities due to its low-cost raw materials [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 29,136 million - 2024: 32,983 million (YoY +13.2%) - 2025E: 55,372 million (YoY +67.9%) - 2026E: 56,490 million (YoY +2.0%) - 2027E: 59,240 million (YoY +4.9%) [5][8] - Net profit forecasts are as follows: - 2023: 5,651 million - 2024: 6,338 million (YoY +12.2%) - 2025E: 13,541 million (YoY +113.7%) - 2026E: 15,077 million (YoY +11.3%) - 2027E: 16,010 million (YoY +6.2%) [5][8] - The company maintains a projected PE ratio of 9 for 2025, 8 for 2026, and 8 for 2027 [6]