证券研究报告 ＃industryId＃ 消费行业 ＃02285.HK ＃泉dy峰Com控pa股ny＃ 港股通（沪、深） ＃title＃ ＃investSuggestion＃ ＃ 去库周期见底，收入及利润有望获得修复 买入 维持 ( ） ＃createTime1＃ 2024年3月31日 投资要点 ＃ sum行ma业ry＃ 周期和劳氏去库存导致收入承压：2023年公司收入13.7亿美元，同比 ＃市场ma数rk据etData＃ 减少30.9%，其中OPE/电动工具收入分别同比变动-33.7%/-27.3%，主要因 日期 2024.3.28 整体需求环境影响、不利的天气、下游零售商采取保守的库存策略（公司 收盘价(港元) 19.66 2023年来自劳氏的收入占比34.5%，同比减少15.3个百分点）；录得毛利 总股本(亿股) 5.11 率28.1%，同比下降2.3个百分点，主要因为存货减值拨备；销售及分销开 总市值(亿港元) 100 支同比增14.0%，主要用于扩大经销商渠道的投资以及保修拨备等；管理 总资产(亿美元) 17.96 费用同比增加7.8%，主要用于数字化转型投资；研发费用同比增加7.5%， 主要用于商 ...

证券研究报告 ＃industryId＃ 物业管理 ＃01209.HK ＃华dy润Com万pa象ny＃生活 港股通（沪、深） ＃investSuggestion＃ ＃ 买入 维持 ( ） ＃title＃ 业绩高速增长，派息率提升 ＃createTime1＃ 2024年03月 29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃ 日期 2024.03.28  2023年业绩好于预期，派息率提升：公司2023年营业收入147.7亿元， 收盘价(港元) 24.75 同比增长22.9%；其中住宅物业管理和商业运营及物业管理的收入分别为 总股本(亿股) 22.82 96.0和51.7亿元，分别同比增长23.1%和22.6%。归母核心净利润为29.2 亿元，同比增长31.2%，业绩好于预期。公司末期每股派息0.481元，加 总市值(亿港元) 564.92 上中期每股派息0.223元，全年每股派息为0.704元，派息率由45%提升 总资产(亿元) 277.83 至55%。 净资产(亿元) 159.48  盈利能力持续提升：公司2023年毛利率为31.8%，同比提升1.7个百分 每股净资产(元) 6.9 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][21]. Core Views - The company demonstrated solid performance with a revenue of 251.14 billion yuan in 2023, reflecting a year-on-year growth of 21.3%. The core net profit attributable to shareholders was 27.77 billion yuan, up 2.9% year-on-year. The total dividend per share for the year was 1.441 yuan, also a 2.9% increase, with a payout ratio of 37% of core net profit, resulting in a dividend yield exceeding 6% [5][19]. - The company is focusing on core cities, maintaining sales scale with contract sales of 307.03 billion yuan in 2023, a 1.9% increase year-on-year. The company added 13.25 million square meters of land reserves in 2023, with 93% of investments in first- and second-tier cities. By the end of 2023, total land reserves reached 62.5 million square meters, with sufficient saleable value of 530.8 billion yuan for 2024, 88% of which is located in high-tier cities [12][19]. - The company accelerated the opening of shopping centers, achieving rental income of 17.9 billion yuan in 2023, a 29.7% increase year-on-year, with a compound annual growth rate of 17.5% from 2019 to 2023. The company opened 10 new shopping centers in 2023, bringing the total to 76, with 16 more expected to open in 2024 [15][19]. - The establishment of a large asset management platform is expected to enhance asset value release. The successful issuance of public REITs in March is seen as an effective attempt to release asset value. The company has a wealth of quality assets and an experienced management team, which supports the integration of quality industry assets [15][19]. Financial Summary - As of the end of 2023, the company's net debt ratio decreased by 6.2 percentage points to 32.6%, and the average financing cost fell by 19 basis points to a new low of 3.56% [19][21]. - The projected revenues for 2024 and 2025 are 263.3 billion yuan and 276.5 billion yuan, respectively, with expected year-on-year growth of 4.8% and 5.0%. The core net profit is projected to be 27.8 billion yuan and 29.4 billion yuan for the same years, with growth rates of 0.1% and 6.0% [3][21].

海 外 研 证券研究报告 究 ＃industryId＃ 食品饮料行业 ＃00322 .HK ＃康dy师Com傅pa控ny＃股 港股通（沪、深） dyStockco ＃inve 增stSu 持ggest ion＃ i维nv＃ d e＃ ( e持stS ） 饮品 业务增收＃ ，tit方le＃ 便 面业务增利 uggesti onC han ＃createTime1＃ 2024年 03月 28日 ge＃ 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 司 ⚫ 饮品业务带动全年营收稳健增长。2023 年，康师傅控股营收为 804.2 亿 日期 2024.03.27 跟 元（人民币，下同），同比增长 2.2%，增速同比-4.1pcts。方便面业务营 收盘价（港元） 8.72 收为 287.9 亿元，同比减少 2.8%，占公司总收入 35.8%，同比-1.8pcts； 踪 总股本（亿股） 56.34 饮品业务营收为 509.4 亿元，同比增长 5.4%，占公司总收入 63.3%，同 报 总市值（亿港元） 491.32 比+1.9pcts。 告 归母净资产（亿元） 138.95 总资产（亿元） 531 ...

Investment Rating - The report maintains a rating of "Add" for the company [4][6]. Core Insights - The company reported a revenue increase of 14.8% year-on-year to 3.54 billion yuan in 2023, with a net profit growth of 18.4% to 530 million yuan. The second half of the year saw a revenue increase of 21.6% to 2.05 billion yuan and a net profit increase of 36.1% to 260 million yuan [5][6]. - The men's wear segment showed strong performance, particularly in the light business category, which led to a significant revenue increase. The company aims to maintain a revenue growth target of 15% for 2024 [5][6]. - The company has successfully improved its gross margin by 2.2 percentage points to 48.2% due to the increased contribution from the light business segment [5][6]. Financial Summary - For 2023, the company achieved a revenue of 3.54 billion yuan, with a year-on-year growth of 14.8%. The projected revenues for 2024, 2025, and 2026 are 4.02 billion yuan, 4.42 billion yuan, and 4.87 billion yuan, respectively, with growth rates of 13.5%, 10.0%, and 10.0% [6][7]. - The net profit for 2023 was 530 million yuan, with projections of 588 million yuan, 658 million yuan, and 736 million yuan for the following years, reflecting growth rates of 10.8% and 11.9% [6][7]. - The gross margin is expected to slightly improve to 48.3% in 2024 and reach 48.7% by 2026 [6][7]. Operational Highlights - The company opened a net of 51 new stores in 2023, with 8 in the main series and 43 in the light business segment. The total number of self-operated, consignment, and distribution stores at year-end was 297, 936, and 1462, respectively [5][6]. - The company has enhanced its e-commerce capabilities, resulting in a 17.6% year-on-year increase in new retail sales, significantly improving profit margins [5][6]. - Inventory management has been effective, with a 6.7% year-on-year decrease in inventory to 830 million yuan and an average inventory turnover period reduced by 25 days to 170 days [5][6].

海 外 研 证券研究报告 究 ＃industryId＃ 酒店出行 ＃investSuggestion＃ ＃ ＃01179 .HK ＃华dy住Com集pa团ny＃- S dyStockco investS d e＃ 买入 ( u 维gg 持esti ） R evPA R 恢复优于＃ 行tit 业le＃ ， 2023 年境外扭亏 onChan ge＃ ＃createTime1＃ 2024年 3月 27 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 维ma 持ry “＃买 入”评级：公司的RevPAR保持优于行业的复苏速度，境外主动整合，盈利能力持 司 日期 2024.3.27 续恢复，境内坚持下沉和中高档市场战略，并积极清理老旧产品线，原相对薄弱区域如华 跟 收盘价（港元） 29.75 南能力也在逐步提升，同时公司数字化能力领先，中央预订系统培育了较好的客户粘性。 踪 总股本（亿股） 32.65 我们小幅上调盈利预测，预计公司2024E/2025E/2026E营业收入为241/259/279亿元人民 报 总市值（亿港元） 971.47 币，同比增长 10.0%/7.8%/7.6%；归母净利 ...

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company reported a 14.1% year-on-year increase in revenue for 2023, reaching 24.52 billion RMB, and a 60.5% increase in net profit attributable to shareholders, totaling 1.90 billion RMB [2] - The company plans to distribute a final dividend of 0.087 HKD per share, with a total payout ratio of 75% for the year [2] - The report anticipates that the company may exceed its performance guidance due to the flexibility in profit margins from water price increases and adjustments in overseas debt structure [2] Financial Summary - Revenue for 2023 was 24,519 million RMB, with a projected growth of 5.2%, 4.3%, and 4.8% for 2024, 2025, and 2026 respectively [3] - Net profit attributable to shareholders for 2023 was 1,896 million RMB, with expected growth rates of 6.6%, 10.3%, and 11.9% for the following three years [3] - The EBITDA margin improved by 3.2 percentage points to 36.4% in 2023 [2] - The company’s total assets were reported at 165.5 billion RMB, with net assets of 31.4 billion RMB [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 3,302 million yuan, a year-on-year increase of 24.3%. The gross margin was 52.2%, and the net profit attributable to shareholders was 974 million yuan, reflecting a 30.8% year-on-year growth [7]. - The company maintains a high dividend payout due to ample cash flow, with a net cash inflow from operations of 955 million yuan in 2023, a 31.8% increase year-on-year. The total cash and cash equivalents stood at 2,044 million yuan, up 5.8% year-on-year, resulting in a dividend per share of 0.4 yuan plus a special dividend of 0.1 yuan, corresponding to a dividend yield of 8.9% as of March 22 [7]. - The company anticipates steady growth in construction fees from new projects, with a total of 10.37 billion yuan in new project fees, a 20.5% increase year-on-year. State-owned enterprises are becoming the main clients, with a project reserve that includes approximately 52.5 million square meters under construction, representing an 11.4% year-on-year increase [7]. - The company is positioned as a leader in the construction agency industry, with sufficient project reserves and a focus on operational efficiency to ensure project conversion. Future net profits are projected to be 1,238 million yuan, 1,556 million yuan, and 1,897 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.2%, 25.7%, and 21.9% [7]. Financial Metrics Summary - Revenue (million yuan): 3,302 in 2023, projected to be 4,029 in 2024, 4,968 in 2025, and 5,977 in 2026, with year-on-year growth rates of 24.3%, 22.0%, 23.3%, and 20.3% respectively [5]. - Net profit attributable to shareholders (million yuan): 974 in 2023, projected to be 1,238 in 2024, 1,556 in 2025, and 1,897 in 2026, with year-on-year growth rates of 30.8%, 27.2%, 25.7%, and 21.9% respectively [5]. - Gross margin: 52.2% in 2023, projected to be 51.6% in 2024 and 2025, and 51.7% in 2026 [5].

海 外 研 证券研究报告 究 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ ＃03900 .HK ＃绿dy城Com中pa国ny＃ 港股通（沪、深） 买入 ( i维nve持stS ） dyStockco uggesti d e＃ 合预期，权＃ 益title＃ 业 绩符 提 升有望增厚利润 onC han ge ＃ ＃createTime1＃ 2024年 03月 28 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 公ma 司ry＃ 2 023 年业绩符合预期：2023 年，公司实现营收 1313.83 亿元，同比增 司 日期 2024.03.27 长3.3%；因地产行业下行及限价影响令售价低于预期，公司年内继续计提非 跟 收盘价（港元） 6.00 金融资产减值亏损约 13.91 亿元以及预期信用亏损模式下的减值亏损 2.3 亿 踪 总股本（亿股） 25.32 元；综合毛利率也同比下降 4.3 个百分点至 13.0%，其中物业销售毛利率同 总市值（亿港元） 152 比下降5个百分点至11.3%；归母净利润为31.18亿元，同比增长13.1%，主 报 要因汇兑亏损 ...

海 外 研 证券研究报告 究 ＃industryId＃ 汽车 ＃investSuggestion＃ ＃ ＃09863 .HK ＃零dy跑Com汽pa车ny＃ 港股通（沪、深） dyStockco investSug d e＃ 造成本优势＃t ，itle 海＃ 增持 （ 首ges次tion ）Ch 自研创 外出口潜力可期 ange＃ ＃ createTime1＃ 2024年 3月 27 日 ＃marketData＃ 投资要点 市场数据 公 ＃全s 域um 自m 研ar 形y＃成 日期 2024/3/26 成本领先优势，公司2023年首次全年毛利转正。零跑采取"全域自研+垂直整合" 司 收盘价（港元） 25.2 的独特商业模式，依托过去5年47亿元的研发投入，实现三电核心零部件自主研发制造，自 跟 总股本（百万股） 1,337 研零部件占整车BOM成本的60%，形成了业内领先的产品力和成本优势。未来零跑还将开拓 三电零部件外供，拓展新增长点。2023年零跑汽车的总交付量为144,155辆，同比增长29.7%。 踪 总市值（亿港元） 337 2023年全年收入167.47亿元，同比增长35.2%，保持高速增长态势。 ...