Market Performance - The large-cap index (大盘 100) increased by 0.76% daily but decreased by 0.16% weekly and 3.13% annually[3] - The small-cap index (小盘 200) decreased by 1.11% daily and 3.63% weekly, but increased by 7.92% annually[3] - The best-performing sector was non-ferrous metals, with a daily increase of 1.35% and an annual increase of 13.16%[3] Company Insights - Sinopec (中国石化) reported a revenue of CNY 30,745.62 billion in 2024, a decrease of 4.29% year-on-year, and a net profit of CNY 503.13 billion, down 16.79%[9] - The fourth quarter saw a net profit of CNY 60.66 billion, down 19.09% year-on-year and 29.00% quarter-on-quarter[9] - Light Technology (莱特光电) is projected to achieve a net profit of CNY 1.67 billion in 2024, with a significant annual growth rate of 116.68%[22] Economic Outlook - The People's Bank of China (央行) is expected to lower short-term interest rates, with a focus on maintaining liquidity and supporting economic growth[5] - The MLF operation on March 25, 2025, involved a net injection of CNY 4,500 billion, indicating a shift towards a more streamlined interest rate system[12] Healthcare Sector - By the end of 2024, the basic medical insurance fund's total income is projected to reach CNY 34,809.95 billion, a year-on-year increase of 3.91%[15] - The number of insured individuals is expected to reach 1.326 billion, maintaining a coverage rate of 95%[15] - The average hospitalization cost decreased to CNY 8,443.63, with a decline of 8.26% for employees and 4.94% for residents[16]

Investment Rating - The investment rating for the company is "Outperform" [2] Core Insights - The company reported a revenue of 14.8 billion yuan for 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 624 million yuan, which is a 29.7% increase year-on-year [6][10] - The company added 965 new workshop stores in 2024, with over 90% of the stores being profitable for more than six months [6][10] - The gross margin for 2024 was 25.4%, an increase of 0.7 percentage points, driven by upstream bargaining power and product structure optimization [10] Financial Analysis - In 2024, the company achieved a total revenue of 14.8 billion yuan, with automotive products and services contributing 13.8 billion yuan, a 9.1% increase year-on-year [8] - The revenue from advertising, franchising, and other services was 960 million yuan, showing a slight growth of 0.3% [8] - The company expects revenues for 2025 to reach approximately 16.4 billion yuan, with adjusted net profits projected at 760 million yuan [10][13] Market Performance - The company's stock closed at 18.16 HKD on March 24, with a 52-week price range of 13.84 to 29 HKD [2] - The company has shown a relative performance against the Hang Seng Index, with a 1-month absolute increase of 8.1% and a relative increase of 6.3% [4] Future Outlook - The company aims to maintain its pricing power while improving gross margins through scale advantages in 2025 [6][10] - The penetration rate of the fast repair business among users exceeded 10% in 2024, with certain product categories experiencing over 50% growth [7][10]

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司年报点评 2025 年 3 月 25 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 | [Table_StockInfo] 3 月 24 日收盘价（港元） | 18.02 | | --- | --- | | 52 周股价波动（港元） 9.90-19.44 | | | 总股本（百万股） | 829 | | 总市值（百万港元） | 14930 | | 相关研究 | | | [Table_ReportInfo] 《24Q4 量增超预期，看好产能扩张+新客订单 | | | 带动盈利水平提升》2025.01.15 | | | 《24Q3 订单稳健增长，入通后流动性改善》 | | | 2024.10.22 | | | 《发布 3 年回购和特别股息方案，9 月入港股通 | | | 在即》2024.8.26 | | | 《发布盈利预喜，预计 24H1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is expected to achieve significant revenue growth driven by volume increases in both adult and children's footwear and apparel, with a projected revenue increase of 19.6% to 10.074 billion yuan in 2024 [6] - The company has shown a stable profit level, with net profit expected to grow by 19.5% to 1.149 billion yuan in 2024, maintaining a net profit margin of 11.4% [6] - The company is focusing on expanding its store network and optimizing its channel structure, with a particular emphasis on the new "super product" stores aimed at capturing market opportunities [6] Financial Summary - Revenue projections for the company are as follows: - 2023: 8.423 billion yuan - 2024: 10.074 billion yuan - 2025E: 11.486 billion yuan - 2026E: 12.914 billion yuan - 2027E: 14.355 billion yuan - Year-over-year revenue growth rates are projected at 21.0% for 2023, 19.6% for 2024, 14.0% for 2025, 12.4% for 2026, and 11.2% for 2027 [5] - Net profit projections are as follows: - 2023: 961 million yuan - 2024: 1.149 billion yuan - 2025E: 1.292 billion yuan - 2026E: 1.501 billion yuan - 2027E: 1.672 billion yuan - Year-over-year net profit growth rates are projected at 28.7% for 2023, 19.5% for 2024, 12.5% for 2025, 16.2% for 2026, and 11.3% for 2027 [5] - The company plans to pay a final dividend of 0.10 HKD per share, with a total payout ratio of 45%, an increase of 4.8 percentage points year-over-year [6] Market Performance - The company's stock closed at 4.52 HKD on March 24, 2025, with a 52-week price range of 3.02-4.98 HKD [2] - The company has shown an absolute price increase of 13.3% over the past month and a relative increase of 10.9% compared to the Hang Seng Index [4] Strategic Initiatives - The company is expanding its online sales channels, with e-commerce revenue expected to grow by 12.2% in 2024, while also making progress in overseas market development [6] - The introduction of new product lines and the optimization of the store network are expected to enhance store efficiency significantly [6]

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2025 年 03 月 25 日 [Table_Title] 相关研究 [Table_ReportInfo] 《A股下周恐难打破震荡格局——量化择 时和拥挤度预警周报（20250323）》 2025.03.23 《本周多数高频因子回撤，AI 增强组合维 持强势表现——高频选股因子周报 （202500317-20250321）》2025.03.22 《本周三大指增组合超额收益均为正— —量化选股周报（2025.03.14- 2025.03.21）》2025.03.22 小盘 50 组合维持强势表现——风格 Smart beta 组合 跟踪周报（2025.03.17-2025.03.21） [Table_Summary] 投资要点： 风险提示：市场环境变动风险，有效因子变动风险。 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 联系人:卓洢萱 Tel:(021)23183938 Email:zyx15314@haitong.com 请务必阅读正文之 ...

[Table_MainInfo] 公司研究/机械工业/其他专用机械 证券研究报告 景业智能（688290）公司研究报告 2025 年 03 月 20 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 03[Table_StockInfo 月 20 日收盘价（元）] | 61.61 | | --- | --- | | 52 周股价波动（元） | 24.57-74.50 | | 总股本/流通 A 股（百万股） | 102/61 | | 总市值/流通市值（百万元） | 6296/3748 | 市场表现 [Table_QuoteInfo] -43.62% -22.62% -1.62% 19.38% 40.38% 61.38% 2024/3 2024/6 2024/9 2024/12 景业智能 海通综指 沪深 300 对比 1M 2M 3M | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 13.4 | 47.2 | 45.4 | | 相对涨幅（%） | 12.2 | 43.4 | 44.2 | | ...

Investment Rating - The report assigns an "Outperform" rating for the company [2] Core Insights - The company has shown continuous improvement in profitability, with both organic and external growth strategies being effectively implemented [5] - The revenue for 2024 is projected to be 13,074 million HKD, reflecting a year-on-year growth of 10.5% [6] - The net profit for 2024 is expected to reach 853.74 million HKD, indicating a significant year-on-year increase of 42.6% [6] - The report highlights the company's strong performance in both import and export of tobacco products, with notable growth in various segments [6] Financial Performance Summary - Revenue and Profit Forecasts: - 2023: Revenue of 11,836.22 million HKD, Net Profit of 598.77 million HKD - 2024: Revenue of 13,074.24 million HKD, Net Profit of 853.74 million HKD - 2025E: Revenue of 14,590.45 million HKD, Net Profit of 965.40 million HKD - 2026E: Revenue of 15,989.09 million HKD, Net Profit of 1,124.04 million HKD - 2027E: Revenue of 17,346.28 million HKD, Net Profit of 1,287.66 million HKD [6][10] - Earnings Per Share (EPS) is projected to grow from 1.23 HKD in 2024 to 1.86 HKD by 2027 [10] - The gross margin is expected to improve from 10.54% in 2024 to 11.59% in 2027, driven by a higher proportion of high-margin products [10] Business Segment Performance - Import Business: - Revenue from tobacco leaf imports is projected to be 8,254.25 million HKD in 2024, with a growth rate of 2.17% [9] - Export Business: - Tobacco leaf export revenue is expected to reach 2,061.54 million HKD in 2024, with a growth rate of 24.78% [9] - Cigarette export revenue is forecasted at 1,573.64 million HKD in 2024, with a growth rate of 30.19% [9] - New Tobacco Products: - Revenue from new tobacco products is projected to be 135.18 million HKD in 2024, with a growth rate of 4.00% [9] Valuation and Price Target - The report estimates a reasonable valuation range for the company at 28.00 to 29.40 HKD for 2025, based on a price-to-earnings (PE) ratio of 20 to 21 times [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Insights - The company reported total revenue of $4.28 billion in 2024, a year-on-year increase of 1.6%, and a net profit attributable to the parent company of $62 million, up 68% year-on-year [6]. - North America showed signs of profit recovery, with an EBITDA margin of 8.1%, an increase of 2.3 percentage points year-on-year, while the Asia-Pacific region's revenue grew by 10% [6]. - The company has secured multiple cutting-edge technology contracts, including steer-by-wire and rear-wheel steering systems, which are expected to enhance market expansion [6]. Financial Data and Forecasts - Revenue projections for 2025-2027 are $4.48 billion, $4.76 billion, and $5.11 billion respectively, with year-on-year growth rates of 4.7%, 6.2%, and 7.5% [7][9]. - Net profit forecasts for the same period are $147 million, $169 million, and $193 million, reflecting significant growth rates of 138.3%, 14.9%, and 14.0% respectively [9]. - The company’s gross margin is expected to improve from 10.5% in 2024 to 12.6% by 2027 [7]. Regional Performance - North America is projected to generate revenues of $2.24 billion in 2025, with a modest growth rate of 2% [7]. - The Asia-Pacific region is expected to see revenues rise to $1.50 billion in 2025, maintaining a robust growth rate of 12% [7]. - The Europe, Central Asia, and South America region is forecasted to have revenues of $732 million in 2025, with a slight growth of 2% [7]. Valuation and Price Target - The company is assigned a price-to-earnings (P/E) ratio of 15-17x for 2025, leading to a fair value range of HKD 6.84 to HKD 7.75 [6][8]. - The price-to-sales (P/S) ratio is estimated at 1.0-1.2x for 2025, corresponding to a fair value range of HKD 13.92 to HKD 16.70 [6][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [3] Core Views - The company is a leading manufacturer of electric bicycle motors and related electrical systems, with a strong capability in providing complete solutions for various types of electric bicycles [9] - The company is expected to face a decline in profit for 2024 due to geopolitical conflicts and inflation affecting overseas demand, with a projected net profit of 50-65 million yuan, a year-on-year decrease of 49.16%-60.89% [9] - Despite short-term challenges, the electric bicycle market is expected to recover in the long term, particularly in the U.S. where government incentives are likely to stimulate growth [9] - The company is committed to market responsiveness and continuous product innovation, launching new technologies and products to enhance user experience [9] - Profit forecasts indicate a recovery in net profit for 2025, with an expected increase of 97.8% year-on-year [9] Financial Data and Forecasts - Revenue for 2023 is projected at 1.648 billion yuan, with a decline of 42.2% year-on-year, followed by a recovery to 1.539 billion yuan in 2025 [8][12] - Net profit is expected to be 128 million yuan in 2023, dropping to 58 million yuan in 2024, and recovering to 115 million yuan in 2025 [8][12] - The company’s gross margin is forecasted to improve from 26.1% in 2024 to 30.8% in 2026 [12][13] - The price-to-earnings (P/E) ratio for 2024 and 2025 is projected at 126.3 and 63.9 respectively, while the price-to-book (P/B) ratio is expected to be 2.59 and 2.55 [9][12] Business Segments - Electric bicycle motor sales are expected to decline by 45.66% in 2023 but recover with a growth rate of 30.63% in 2025 [12] - The integrated wheel motor segment is projected to remain stable with a slight decline of 2.15% annually [12] - The battery segment is expected to see a recovery with a growth rate of 20% in 2025 [12]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22][23] Core Insights - The company is experiencing orderly business expansion, with a significant increase in non-property transaction services, which accounted for 34% of total net income in 2024, up 9.1 percentage points year-on-year [6][8][14] - The total transaction volume for 2024 reached 33,494 billion, a year-on-year increase of 6.6%, while net income was 935 million, reflecting a 20.2% increase [6][7][12] - The adjusted net profit for 2025 is projected to be 103.50 billion, with a net profit of 56.97 billion, leading to a valuation range of 62.87-71.44 RMB, equivalent to 68.33-77.65 HKD per share [22][23] Financial Performance Summary - In 2024, the company's total revenue was 93,457 million, a 20.2% increase from 2023, while net profit was 4,065 million, down 30.9% year-on-year [5][12][27] - The gross profit margin decreased from 28% in 2023 to 25% in 2024, primarily due to a decline in the contribution margin from the existing housing business [11][27] - The company has implemented a share repurchase plan, spending approximately 7.16 billion USD in 2024, which represents about 3.89% of the total shares issued at the end of 2023 [6][8] Business Segment Performance - The existing housing business generated net income of 28.2 billion in 2024, remaining stable compared to 2023, while the total transaction volume increased by 10.8% to 22,465 billion [6][14] - The new housing business saw net income rise to 33.7 billion, a 10.1% increase, despite a 3.3% decline in total transaction volume [17][21] - The home decoration and furniture business achieved net income of 14.8 billion, a 36.1% increase, driven by synergies with property transactions [18][21] User and Store Metrics - By the end of 2024, the company had 51,573 stores, a 17.7% increase year-on-year, with active agents numbering 499,937, up 16.9% [13][21] - The average monthly active user count remained stable at 43.2 million, indicating consistent user engagement [13][21]