业绩简评 3 月 24 日公司披露 2024 年年报，归母净利润同比+36.2%，人民币 口径下 NBV 同比+94.2%。 经营分析 整体业绩：净利润、EV 均实现较好增长。1）利润：全年归母净利 润同比+36.2%至 84.3 亿港元，其中 H2 同比+148%；全年寿险、境 内财险、境外财险、再保险业务分别同比+12%、+831%、-5%、+188%， 资产管理业务实现 5.4 亿净利润（上年同期亏损 0.6 亿港元），主 要受益于管理费收入增加与降本增效。寿险增速较低主要为审慎 目的，计提较多的所得税，税前净利润同比+93.7%。2）资产：集 团归母净资产较 23 年末、24H1 末分别-8.3%、-8.0%，主要受利率 下行影响。3）EV：集团归母内含价值同比+12.9%，假设变动使得 EV 折价 23.8%。寿险归母 EV 同比+13.9%，假设变动折价 26.0%。 寿险：同口径下 NBV 同比+90.0%（人民币口径同比+94.2%）；主要 由 NBV Margin 同比+ 16.6pct 至 32.5%驱动，新单保费-2.8%。假 设变动使得 NBV 折价 36.2%。1）个险渠道：NBV ...

Investment Rating - The report maintains a positive outlook on the consumer sector, particularly highlighting the recovery in retail sales and the support from government policies [2][6]. Core Insights - Retail sales data shows a year-on-year growth of 4.0% in January-February 2025, with non-automotive retail sales increasing by 4.8% [2][15]. - The hospitality sector is showing signs of recovery, with a notable increase in RevPAR for high-end hotels [4][22]. - The report emphasizes the growth potential of specific companies like Gu Ming and Hua Zhu, which are expected to outperform the market [3][21]. Summary by Sections Weekly Insights - The consumer sector is experiencing steady recovery, with significant growth in service consumption, particularly in dining and travel services [2][15]. - Key companies such as Jiu Hua and Hua Zhu have reported better-than-expected earnings, indicating strong performance in the domestic market [2][19]. Industry Data Tracking - Hotel RevPAR has shown a year-on-year increase of 0.9% in the 11th week of 2025, with first-tier cities leading the growth [4][22]. - The report suggests a focus on business travel, especially in first-tier cities, as the sector continues to recover [4][22]. Market Review - Over the past two weeks, the hospitality and restaurant sectors have outperformed the broader market, with notable increases in their respective indices [5][24]. - The report highlights the strong performance of the social services sector, ranking 10th among 31 industry sectors [5][24]. Investment Recommendations - The report recommends focusing on new consumer growth stocks like Gu Ming and Da Shi, as well as leading companies such as Bai Sheng China and Hua Zhu [6][14]. - It suggests a strategic allocation towards sectors with strong dividend yields and growth potential, particularly in tourism and education [20][21].

Investment Rating - The report has downgraded the investment rating to "Accumulate" [5] Core Views - In 2024, the company achieved operating revenue of 233.86 billion RMB, a year-on-year increase of 33.3%, and a net profit attributable to shareholders of 49.1 billion RMB, a year-on-year increase of 105.8% [4] - The container shipping market experienced moderate growth in cargo volume, with the CCFI composite index averaging 1551 points in 2024, up 65.4% year-on-year [4] - The company plans to distribute a dividend of 1.03 RMB per share, representing approximately 50% of its net profit for 2024, resulting in a dividend yield of 11% [5] - The fleet structure is being optimized to adapt to emerging market trade developments, with a total capacity of 3.319 million TEU by the end of 2024, an increase of 9.1% from the beginning of the year [5] Summary by Relevant Sections Financial Performance - The company forecasts operating revenue for 2023 at 175.45 billion RMB, with a projected decline of 55.14% [3] - The net profit attributable to shareholders is expected to be 23.86 billion RMB in 2023, reflecting a decrease of 78.23% [3] - The diluted earnings per share for 2023 is estimated at 1.485 RMB [3] Market Analysis - The container shipping business saw a cargo volume of 25.939 million TEU in 2024, a year-on-year increase of 10.1% [4] - The average revenue per container for foreign trade routes was estimated at 1375 USD/TEU, up 30% year-on-year [4] Dividend and Share Buyback - The company has initiated a share buyback program, planning to repurchase between 50 million to 100 million shares at a price not exceeding 20 RMB per share [5] - The company has been included in multiple dividend indices, reflecting its sustainable return capability [5] Profit Forecast Adjustments - The net profit forecasts for 2025 and 2026 have been adjusted to 20 billion RMB and 14.1 billion RMB, respectively, with a new forecast for 2027 at 10.5 billion RMB [5]

业绩简评 2025 年 3 月 21 日，公司披露 24 年年报，期内实现营收 30.2 亿元， 同比+18.6%；归母净利 3.9 亿元，同比+18.0%。其中，24Q4 实现 营收 6.9 亿元，同比+31.1%；归母净利 0.6 亿元，同比-2.1%。业 绩符合市场预期，25 年收入目标 32.8 亿（同比+8.6%）、净利目标 4.1 亿（+5.1%）。 经营分析 考虑行业需求恢复节奏偏弱，我们下调 25-26 年归母净利 8%/10%， 预计 25-27 年收入分别为 33.0/36.8/41.9 亿元，分别+9%/+11%/ +14%；归母净利润分别为4.3/4.9/5.9亿元，分别+10%/+16%/+20%， 对应 EPS 为 1.06/1.26/1.48 元，对应 PE 分别为 23/20/16X，维持 "买入"评级。 风险提示 区域市场竞争加剧，省外扩张低于预期，行业政策风险，食品安 全风险。 0 50 100 150 200 250 300 350 400 450 500 15.00 17.00 19.00 21.00 23.00 25.00 240325 240625 240925 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - In 2024, the company achieved revenue of 3.026 billion RMB, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 1.958 billion RMB, up 5.3% year-on-year [1]. - The company is experiencing a mixed performance in its product lines, with injection gel and solution products showing growth despite a weak overall market demand in the medical aesthetics sector [2]. - The company has made significant progress in its product pipeline, with multiple research and development projects advancing, which lays a foundation for future growth [3]. Financial Performance - The company reported a revenue of 30.26 billion RMB in 2024, with a net profit of 19.58 billion RMB, and a non-recurring net profit of 18.72 billion RMB [1]. - For the fourth quarter of 2024, the company recorded a revenue of 6.5 billion RMB, a decrease of 7% year-on-year, and a net profit of 3.72 billion RMB, down 15.5% year-on-year [1]. - The revenue from solution injection products was 17.44 billion RMB, growing by 4.4% year-on-year, while gel injection products generated 12.16 billion RMB, up 5.01% year-on-year [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 estimates net profits of 2.381 billion RMB, 2.874 billion RMB, and 3.368 billion RMB, representing year-on-year growth rates of 22%, 21%, and 17% respectively [4]. - The earnings per share (EPS) for the same period are projected to be 7.87 RMB, 9.50 RMB, and 11.13 RMB, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 17 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 6.609 billion RMB for 2024, representing a year-on-year increase of 67.49%, and a net profit attributable to shareholders of 0.96 billion RMB, up 45.03% year-on-year [1]. - The construction business has significantly contributed to the sustained high growth in performance since its initiation in 2022, with construction revenue reaching 5.926 billion RMB, a year-on-year increase of 83.12% [2]. - New contract signings for 2024 totaled 5.57 billion RMB, a decrease of 62.7% year-on-year, with engineering consulting contracts slightly increasing while construction contracts were adversely affected by the real estate sector [2]. - The company improved its cash flow, with a net operating cash flow of 4.71 billion RMB, up 5.69% year-on-year, and total cash collections reaching 6.155 billion RMB, an increase of 78% [3]. - The report forecasts net profits for 2025-2027 to be 1.29 billion RMB, 1.29 billion RMB, and 1.61 billion RMB, with respective growth rates of 34.9%, 0.3%, and 24.5% [4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 6.609 billion RMB, with a growth rate of 67.5% [7]. - Net profit for 2024 is expected to be 0.96 billion RMB, reflecting a growth rate of 45% [7]. - The diluted earnings per share for 2024 is estimated at 0.37 RMB [7]. Future Projections - Revenue projections for 2025 and 2026 are 8.675 billion RMB and 6.95 billion RMB, respectively, with growth rates of 31.3% and -19.9% [7]. - The company anticipates a return on equity (ROE) of 11.2% in 2025, increasing to 12.2% by 2027 [7]. Market Sentiment - The report indicates a consistent "Buy" sentiment in the market, with multiple recent recommendations supporting this view [11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 4Q24 at 4.71 billion yuan, a year-on-year increase of 22.7%, with an adjusted net profit of 790 million yuan, reflecting a 20% increase year-on-year [1]. - For the full year 2024, the company achieved a revenue of 16.99 billion yuan, up 22.8% year-on-year, and an adjusted net profit of 2.72 billion yuan, a 15% increase year-on-year [1]. - The gross profit margin reached a historical high of 47% in 4Q24, driven by rapid growth in overseas direct markets and an increase in the proportion of IP products [1]. Summary by Sections Financial Performance - 4Q24 revenue was 4.71 billion yuan, with a net profit margin of 16.8% [1]. - The company expects adjusted net profits for 2025, 2026, and 2027 to be 3.27 billion yuan, 4.08 billion yuan, and 4.94 billion yuan respectively, with corresponding P/E ratios of 13, 11, and 9 times [3]. Domestic Market - By the end of 2024, the company had 4,386 stores in China, with a net increase of 460 stores [2]. - Same-store sales in China faced pressure, with a slight decline expected in 2024, but a focus on optimizing same-store performance is planned for 2025 [2]. International Market - The company's overseas revenue grew significantly, with a 41.9% increase in revenue and a 27.4% increase in GMV for 2024 [2]. - The number of overseas stores reached 3,118, with a notable increase in direct stores [2]. Cost Structure - The report indicates that expenses related to direct store operations, depreciation, and logistics have increased significantly, but operational leverage is expected to improve in 2025 [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 3.8 billion, 5 billion, and 6.3 billion yuan for 2025-2027, corresponding to PE ratios of 27, 20, and 16 times respectively [4] Core Insights - The company achieved a revenue of 3.254 billion yuan in 2024, representing a year-on-year growth of 51.8%, with a net profit of 288 million yuan, up 20.7% year-on-year [1] - The company is focusing on expanding its market share in e-commerce and peripheral provinces, with significant revenue growth in these areas [2] - The increase in the proportion of health-related products has positively impacted the average selling price and gross profit margins [3] Summary by Sections Financial Performance - In 2024, the company reported revenues of 3.254 billion yuan, with a growth rate of 51.8% compared to the previous year. The net profit attributable to the parent company was 288 million yuan, reflecting a growth of 20.7% [1][6] - The fourth quarter of 2024 saw revenues of 929 million yuan, a year-on-year increase of 39.1%, but the net profit decreased by 12% to 49 million yuan [1] Revenue Breakdown - Revenue by region in 2024: Sichuan-Chongqing (760 million yuan, +11.5%), Yunnan-Guizhou-Shaanxi (430 million yuan, +18.9%), peripheral areas (430 million yuan, +82.1%), and e-commerce channels (1.52 billion yuan, +104%) [2] - Product revenue in 2024: sanitary napkins (3.047 billion yuan, +59.9%), diapers (94 million yuan, -20.5%), and ODM business (114 million yuan, -6.1%) [2] Profitability and Costs - The overall average selling price increased by 3.8% in 2024, with gross margins of 53.2% and 55.8% for overall and free point brands respectively [3] - The sales expense ratio was 37.7%, up 6.5 percentage points year-on-year, primarily due to increased marketing and brand promotion efforts [3] Market Position and Strategy - The company has rapidly responded to public relations challenges and is focused on enhancing its brand image and market presence [3] - The report expresses confidence in the company's growth trajectory as a leading regional brand, supported by product optimization and channel expansion [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company reported a significant decline in revenue and net profit for the year 2024, with revenue at 5.36 billion RMB, down 24.4% year-on-year, and net profit at 346 million RMB, down 80.5% year-on-year [1][4]. - The company's performance is under pressure due to a downturn in industry demand, leading to a net loss in Q4 2024 [2][4]. - The report forecasts a gradual recovery in revenue and net profit from 2025 to 2027, with expected revenue growth rates of 1.5%, 6.6%, and 13.4% respectively [4][7]. Summary by Sections Performance Review - In 2024, the company achieved revenue of 5.36 billion RMB, a decrease of 24.4% year-on-year, and a net profit of 346 million RMB, down 80.5% year-on-year. Q4 2024 revenue was 900 million RMB, down 51.1% year-on-year, resulting in a net loss of 320 million RMB [1]. Operational Analysis - The company's revenue structure weakened, with high-end and regular liquor sales at 4.1 billion RMB and 690 million RMB respectively, both showing declines of 27.6% and 23.4% year-on-year. Q4 2024 saw even steeper declines of 60.3% and 26.3% [2]. - The overall gross margin decreased by 9.0 percentage points to 65.5% due to rising costs and declining sales [2][3]. Financial Metrics - The report indicates a significant drop in net profit margin to 6.5% in 2024, down 18.6 percentage points, attributed to a decrease in gross margin and an increase in sales expenses [3]. - The company’s dividend payout ratio for 2024 was 40.9%, reflecting ongoing capital expenditure needs despite the downturn [3]. Profit Forecast and Valuation - The report projects a 57% and 56% reduction in net profit for 2025 and 2026, with expected net profits of 453 million RMB and 530 million RMB respectively. The earnings per share (EPS) is forecasted to be 1.36 RMB in 2025 and 1.59 RMB in 2026 [4][7].

Investment Rating - The report maintains a "Buy" rating for the hydrogen and fuel cell industry [5] Core Insights - The hydrogen and fuel cell industry is experiencing significant growth, with a notable increase in fuel cell system installations and vehicle registrations, driven by strong policy support and market demand [5][39] - The integration of system suppliers and automotive manufacturers is becoming a trend, enhancing sales channels and collaboration within the industry [2][5] - The green hydrogen sector is seeing a surge in demonstration projects and bidding activities, indicating a robust pipeline for future growth [4][39] Summary by Sections Fuel Cell System Installations - In February 2025, the installed capacity of fuel cell systems reached 26.88 MW, a year-on-year increase of 269.3% [9] - Cumulatively, from January to February 2025, the total installed capacity was 40.84 MW, reflecting a 4% decrease year-on-year due to seasonal fluctuations [9] Vehicle Registrations - In February 2025, the number of registered fuel cell vehicles was 288, marking a 433% increase year-on-year, although production and sales figures showed a decline [15] - Cumulatively, from January to February 2025, the total number of registered vehicles was 415, a slight increase of 1% year-on-year [15] Leading Companies - Hyundai Hydrogen Energy led the monthly installation of fuel cell systems in February 2025 with 9.4 MW, accounting for 35% of the market [2][18] - In terms of vehicle registrations, Hyundai also ranked first with 144 units in February 2025, representing 50% of the total [26] Demonstration Projects - The Guangdong demonstration city cluster showed the highest vehicle deployment in February 2025, with 144 units, all from Shenzhen [3][29] - The green hydrogen sector is witnessing a significant increase in project bidding, with approximately 620 MW of projects tendered in early 2025, an eightfold increase year-on-year [4][39] Market Trends - The report highlights a trend towards closer collaboration between system suppliers and automotive manufacturers, which is expected to enhance market dynamics and efficiency [2][5] - The average bidding price for electrolyzers has decreased significantly, with alkaline electrolyzers averaging 0.84 yuan per watt, indicating a trend towards cost reduction in hydrogen production [5][39]