[Table_MainInfo] 每日报告精选 证券研究报告 宏观 需求尚稳，仍需提振——3 月全国 PMI 数据解读。服务业景气度稳中有升，行 业分化。一方面，水上运输、航空运输、邮政、电信广播电视及卫星传输服务、 货币金融服务等行业商务活动指数均位于 55.0%以上较高景气区间；另一方面， 随着春节效应逐步消退，与居民消费相关的餐饮、生态保护及公共设施管理、 文化体育娱乐等行业商务活动指数有所回落。 最新研究与资讯 2025 年 04 月 01 日 | [Table_Marketinfo] 重要市场数据 | | | | | --- | --- | --- | --- | | 名称 日涨跌% | | 周涨跌% | 年涨跌% | | 海通风格指数 | | | | | 大盘 100 | 0.11 | -0.14 | -3.26 | | 小盘 200 | -1.23 | -3.22 | 4.44 | | 表现最好前五行业 | | | | | 石油然气 | 1.28 | 1.41 | -6.65 | | 通讯服务 | 0.14 | -2.88 | 8.46 | | 金融指数 | 0.03 | -0.27 | -1. ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 衢州发展（600208）公司信息点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 Email:xiey@haitong.com | 03[Table_StockInfo 月 31日收盘价（元）] | 3.10 | | --- | --- | | 52 周股价波动（元） | 1.55-3.66 | | 总股本/流通 A 股（百万股） | 8509/8508 | | 总市值/流通市值（百万元） | 26378/26374 | | 相关研究 | | | [Table_ReportInfo] 《衢州国资成功入股，企业经营华丽转身》 | | | 2024.12.22 | | | 《结算推升营收，前三季度销售收入增加》 | | | 2024.11.11 | | 市场表现 [Table_QuoteInfo] -24.88% -6.88% 11.12% 29.12% 47.12% 65.12% 2024/4 2024/7 2024/10 2025/1 衢州发展 海通综指 沪深 300 对比 ...

亚太股份（002284）公司年报点评 2025 年 04 月 01 日 [Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] | 9.72 | | --- | --- | | 52 周股价波动（元） | 6.24-10.26 | | 总股本/流通 A 股（百万股） | 739/731 | | 总市值/流通市值（百万元） | 7184/7107 | | 相关研究 | | | [Table_ReportInfo] 《 加 速 海 外 布 局 ， 获 海 外 | EPB 定点》 | 2024.11.05 市场表现 [Table_QuoteInfo] -19.67% -9.67% 0.33% 10.33% 20.33% 30.33% 2024/4 2024/7 2024/10 2025/1 亚太股份 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | 8.2 | 21.8 | 19.9 | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Viewpoints - The company is positioned as a leading supplier in the high-end equipment and intelligent manufacturing sectors in China, with a strong focus on automatic control technologies and a top-tier technical team [8] - The report anticipates significant revenue growth driven by the company's core components and control systems, with projected revenue increases of 12% in 2024, 34% in 2025, and 26% in 2026 for core components, and 50% in 2024, 55% in 2025, and 45% in 2026 for control systems [8] - The company is expected to benefit from the rapid development of AI-driven robotics, leveraging its extensive experience in the robotics field [8] Financial Data and Forecasts - The company's revenue is projected to grow from 404 million yuan in 2023 to 777 million yuan in 2026, with year-on-year growth rates of 16%, 10%, 35%, and 29% respectively [6][10] - Net profit is expected to increase from 62 million yuan in 2024 to 175 million yuan in 2026, with corresponding year-on-year growth rates of 20%, 110.4%, and 34.7% [6][10] - The report forecasts a diluted EPS of 0.15 yuan in 2024, 0.32 yuan in 2025, and 0.44 yuan in 2026 [6][10] Business Segmentation - The revenue from core motion control components is expected to be 261.08 million yuan in 2024, with a year-on-year growth of 4% and a gross margin of 52% [6] - Revenue from motion control systems is projected to be 56.98 million yuan in 2024, with a gross margin of 38% [6] - Revenue from motion control complete machines is anticipated to reach 95.26 million yuan in 2024, with a significant year-on-year growth of 40% and a gross margin of 30% [6] Valuation Metrics - The report assigns a dynamic PE ratio of 115-135 for 2025, with a reasonable value range of 37.28-43.77 yuan over the next six months [8][10] - The company’s current stock price is 36.54 yuan, with a market capitalization of approximately 146.16 billion yuan [2][7]

Economic Overview - The CPI for Shanghai, Anhui, Jiangsu, and Zhejiang in February 2025 showed negative growth of -0.7%, -0.7%, -1.1%, and -0.9% respectively, indicating a weaker performance compared to previous years[3] - In January-February 2025, the total retail sales of consumer goods in Shanghai, Jiangsu, and Zhejiang were CNY 277.74 billion, CNY 811.63 billion, and CNY 603.9 billion, with year-on-year changes of -1.0%, 5.1%, and 2.7% respectively[10] - Anhui's retail sales grew by 7.5%, accelerating by 2.1 percentage points compared to the entire year of 2024[10] Trade and Investment - In January-February 2025, Shanghai's total foreign trade amounted to CNY 645.85 billion, a decrease of 4.7% year-on-year, with exports growing by 12.7% to CNY 299.95 billion[11] - Anhui's total import and export value reached CNY 141.53 billion, up 14.8% year-on-year, with exports growing by 18%[12] - Jiangsu's foreign trade in January-February 2025 was CNY 864.28 billion, a year-on-year increase of 1.7%, with exports growing by 4.8%[14] Industrial Development - The industrial added value in Anhui and Zhejiang grew by over 8% in January-February 2025, while Shanghai's growth was only 3.6%[3] - High-tech manufacturing sectors, including computers and new energy vehicles, experienced rapid growth, with the electronic industry in Jiangsu seeing double-digit growth driven by semiconductor and AI demand[3] - In January-February 2025, 70% of industries in Anhui, Jiangsu, and Zhejiang achieved positive growth, with high-tech manufacturing and related sectors maintaining high increases[17] Robotics Sector - As of February 28, 2025, the Yangtze River Delta region had 54 listed companies in the robotics sector, accounting for over 50% of the total listed companies in this field, with a total market value of 27.6% of the robotics sector[28] - Shanghai is a leading city in the robotics industry, focusing on humanoid robot innovation, with a projected output of over 10,000 units in 2025[35] - The humanoid robot industry is rapidly developing, with significant government support and a projected increase in production capacity, marking 2025 as a potential year for mass production[27]

Investment Rating - The report maintains an "Outperform" rating for the company [5][23]. Core Insights - The company is focusing on business adjustments and enhancing its core operations while providing generous dividends to shareholders [7][9]. - The company has shown stable growth in its cyclical business, achieving a revenue of 36.22 billion yuan in 2024, representing a year-on-year increase of 9.2% [8][10]. - The company plans to distribute 100% of its core net profit as dividends, with a total dividend of 1.900 yuan per share for the fiscal year 2024 [9][10]. - The company is leveraging technology applications, particularly AI, to drive growth and improve operational efficiency [13][14]. Financial Data and Forecasts - Revenue and Profit Forecasts: - Revenue is projected to grow from 33.18 billion yuan in 2023 to 36.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.2% [6][31]. - Net profit is expected to decrease from 1.95 billion yuan in 2023 to 1.15 billion yuan in 2024, reflecting a significant decline of 41.2% [6][31]. - The company anticipates a recovery in net profit to 1.48 billion yuan in 2025, with a year-on-year growth of 29% [6][31]. - Key Financial Ratios: - The gross margin is projected to be 13.0% in 2024, down from 14.5% in 2023 [11][31]. - The return on equity (ROE) is expected to improve from 7.0% in 2024 to 13.8% by 2027 [6][31]. Business Segment Performance - The company reported a revenue of 20.91 billion yuan from community space residential services in 2024, a year-on-year increase of 11.6% [10][17]. - Revenue from property and facility management services reached 9.97 billion yuan, growing by 20.1% compared to the previous year [18][20]. - The AIoT and BPaaS solutions segment generated 3.02 billion yuan in revenue, reflecting an 8.6% increase year-on-year [10][20]. Strategic Initiatives - The company is actively pursuing a diversified customer strategy, with revenue from non-developer clients increasing from 83.2% in 2023 to 88.2% in 2024 [13][14]. - The company has implemented an "asset-to-receivable" debt reduction model, recovering over 3 billion yuan in receivables in the second half of 2024 [13][14]. - The company is expanding its residential property scale, with a reported revenue of 19.23 billion yuan from residential property services in 2024, marking a 13.1% increase [17][20].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The company has demonstrated rapid revenue growth, with a reported revenue of 6.27 billion HKD for 2024, reflecting a year-over-year increase of 28.6%. The net profit attributable to the parent company reached 1.068 billion HKD, up 21.37% year-over-year [8][9]. - The company is focusing on expanding its product matrix by launching new products that cater to consumer preferences, particularly in the vegetable product category, which saw a significant revenue increase of 59.1% in 2024 [8][9]. - The company is enhancing its distribution channels, with a total of 1,879 offline distributors and a strong online presence, achieving a revenue of 7.05 billion HKD from online channels, up 38.06% year-over-year [8][9]. Financial Data and Forecast - Total revenue is projected to grow from 4.887 billion HKD in 2023 to 8.093 billion HKD in 2025, with a year-over-year growth rate of 29% for both 2024 and 2025 [7][11]. - Net profit is expected to increase from 880 million HKD in 2023 to 1.3 billion HKD in 2025, with a year-over-year growth rate of 22% [7][11]. - The company’s gross margin is projected to remain stable, with a slight decrease to 46.81% in 2025, while the net profit margin is expected to be around 16.07% [7][11]. Market Performance - The company's stock has shown strong performance, with a closing price of 15.22 HKD as of March 31, 2025, and a 52-week price range of 6.91-15.22 HKD [2][9]. - The company’s revenue growth is supported by effective business strategies, including channel development and brand building, leading to a robust market presence [8][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve profitability in the current year, with an improvement in its sales industry ranking [5] - The report highlights a focus on sales quality and a reduction in debt pressure within the year [3] Financial Performance and Forecast - Total revenue for 2023 is projected at 72,564.06 million, with a year-on-year decrease of 12.9%. For 2024, revenue is expected to decline further to 59,052.95 million, a drop of 18.6% [6] - Net profit for 2024 is forecasted at 1,064.81 million, a significant turnaround from a loss of 6,896.64 million in 2023, representing a year-on-year increase of 115.4% [6] - The company anticipates an EPS of 0.05 in 2024, increasing to 0.12 in 2025 [6] - The gross margin is expected to improve from 12.5% in 2023 to 14.6% in 2024 [6] Market Position and Sales - The company’s signed sales amount for 2024 is projected at 982.55 billion, reflecting a decrease of 30.4% year-on-year, ranking it 12th in the industry [7] - The company holds 397 projects in urban operations, property development, commercial leasing, and hotel operations, with an unsold area of approximately 77.96 million square meters [7] Cash Flow and Debt Management - As of the end of 2024, the company has cash and cash equivalents of 30.805 billion, a slight decrease of 0.4% year-on-year. Interest-bearing debt is projected at 122.801 billion, down 3.6% [7] - The net debt to adjusted capital ratio is expected to decrease to 67% by the end of 2024, a reduction of 6 percentage points from 2023 [7] Valuation - The report estimates a 2025 EPS of approximately 0.12, suggesting a valuation range of 1.24 to 1.48 per share, translating to 1.34 to 1.61 Hong Kong dollars per share [7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved a revenue of 4,232.24 million RMB in 2024, representing a year-on-year increase of 7.8%. The net profit attributable to shareholders was 312.09 million RMB, up 3.1% year-on-year. The board proposed a total dividend of 13.94 HKD cents per share for the year, a decrease of 26.6% compared to the previous year [7]. - The company's property management service revenue reached 3,619.42 million RMB, accounting for 85.5% of total revenue, with a year-on-year increase of 12.4%. The managed area increased to approximately 72.20 million square meters, a growth of 12.7% year-on-year [7]. - The company actively reduced non-owner value-added services, resulting in a 15.9% decline in value-added service revenue to approximately 570.93 million RMB. However, owner value-added service revenue grew by 13.8% [7]. - The gross margin decreased from 19.0% in 2023 to 18.7% in 2024, primarily due to increased competition in the external market [7]. - The company is expected to have an EPS of 0.28 RMB in 2025 and 0.31 RMB in 2026, with a target valuation range of 2.24 to 2.80 RMB (2.43 to 3.03 HKD) based on a dynamic PE of 8-10X for 2025 [7]. Financial Data and Forecast - Revenue is projected to grow from 3,926.81 million RMB in 2023 to 5,836.07 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 11.3% [6]. - Net profit is expected to increase from 302.69 million RMB in 2023 to 416.29 million RMB in 2027, with a year-on-year growth rate of 9.7% in 2025 and 10.8% in 2026 [6]. - The gross margin is forecasted to decline gradually from 19.0% in 2023 to 17.3% in 2027 [6]. - The return on equity is expected to remain stable around 8.4% to 8.6% from 2024 to 2027 [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][18]. Core Insights - The company demonstrated resilience in its performance, achieving a revenue of RMB 278.8 billion in 2024, representing a year-on-year increase of 11%. The core net profit was RMB 25.42 billion, with a significant contribution from recurring business [6][7]. - The overall gross margin and net profit margin for 2024 were 21.6% and 9.2%, respectively, both showing a decline compared to the previous year [6][7]. - The company maintained a dividend payout ratio of 37%, with an expected annual dividend of RMB 1.319 per share [6][7]. Financial Performance - Revenue projections for the company are as follows: RMB 2,511 billion in 2023, RMB 2,788 billion in 2024, and expected growth to RMB 3,950 billion by 2027, with a compound annual growth rate of approximately 12.6% [4][21]. - The net profit for 2024 is projected at RMB 25.6 billion, with a decline of 18.5% from the previous year, but expected to recover in subsequent years [4][21]. - The company’s gross margin is expected to stabilize around 21% from 2025 onwards, while the return on equity (ROE) is projected to be around 8.5% by 2027 [4][21]. Market Position and Business Segments - The company achieved a contract signing amount of RMB 261.1 billion in 2024, ranking third in the industry, with a market share in 25 major cities [9][10]. - The operational performance of shopping centers reached a retail sales figure of RMB 195.3 billion, with an operating profit margin of 61%, marking a historical high [10][11]. - The asset management business grew to a scale of RMB 462.1 billion by the end of 2024, indicating a strong foothold in the market [11][12]. Investment Outlook - The company is expected to have an EPS of RMB 3.46 for 2025, with a price-to-earnings (PE) ratio of 10-11 times, suggesting a reasonable market capitalization range of RMB 269.5 billion to RMB 296.5 billion [18][19]. - The estimated fair value per share is projected to be between HKD 37.80 and HKD 41.58 [18][19].