Investment Rating - The report assigns a "Buy" rating for China Oriental Education (0667.HK) as part of its initial coverage [2][10]. Core Insights - The company is expected to benefit from product upgrades, optimization of school networks, and recruitment structure, leading to sustained profit growth [2][10]. - In 2024, the company achieved a revenue of 4.12 billion yuan, a year-on-year increase of 3.5%, and a net profit of 510 million yuan, reflecting a significant year-on-year growth of 88% [4][7]. - The report highlights a strong performance relative to the Hang Seng Index, with a 1-month, 3-month, and 12-month performance of 42.4%, 90.0%, and 123.0% respectively [6]. Financial Performance - Revenue and Profit: In 2024, the company reported a revenue of 4.12 billion yuan and a gross profit of 2.12 billion yuan, with a gross margin of 51.4%, up by 3.4 percentage points year-on-year [7][10]. - Dividend: The company plans to distribute a dividend of 0.22 HKD per share in 2024, totaling approximately 479 million HKD, with a payout ratio of 78.2% [7][10]. - Cash Position: As of the end of 2024, the company had cash reserves of 3 billion yuan, representing 31.7% of total assets [7][10]. Business Strategy - The company is focusing on optimizing its product system to adapt to market demand changes and is actively reducing the number of schools to enhance revenue and profit per school [10]. - The average tuition fee has increased by 3.6% due to a higher proportion of 1-2 year courses, despite a 6.2% decline in total enrollment [8][10]. - The company has established vocational education industrial parks in key provinces to improve resource allocation efficiency and reduce rental costs [10]. Forecasts - Revenue projections for 2025-2027 are estimated at 44.2 billion yuan, 47.7 billion yuan, and 51.5 billion yuan respectively, with net profits of 6.3 billion yuan, 7.6 billion yuan, and 9.2 billion yuan [9][10]. - The report anticipates a continuous improvement in profitability, with a projected PE ratio of 15, 13, and 11 for the years 2025, 2026, and 2027 respectively [10][11].

2025 年 04 月 10 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 59 期 观点精粹: 最新报告摘要 加热器产能持续扩充，模块类新品加速开发--珂玛科技/半导体(301611/212701) 公司点评 高分红持续兑现，主业经营稳中向好--广日股份/专用设备(600894/216402) 公司点评 主业发展强劲，未来三年分红计划彰显发展信心--华立科技/文娱用品(301011/213605) 公司动态研究 热值提升大幅对冲煤价下行，Q1 吨毛利实现同比上涨 8 元/吨--新集能源/煤炭开采(601918/217401) 公司点 评 证券研究报告 1、最新报告摘要 1.1、加热器产能持续扩充，模块类新品加速开发--珂玛科技/半导体 (301611/212701) 公司点评 分析师：杜先康 S0350523080003 事件: 珂玛科技 4 月 7 日发布 2024 年报：2024 年公司实现收入 8.57 亿元，同比增长 78.45%；实现归母净利润 3.11 亿元，同比增长 279 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company has demonstrated stable operational performance with a focus on high dividends, achieving a cash dividend payout ratio of 144% in 2024, resulting in a dividend yield of 9.25% [9][10]. - The company is expected to benefit from the growth of Hitachi Elevator and the upward trend in its main businesses, including elevator assembly and after-market services [9]. Summary by Sections Recent Performance - In 2024, the company reported revenue of 7.26 billion yuan, a year-on-year decrease of 1.68%, while net profit attributable to shareholders was 812 million yuan, an increase of 6.56% [5]. - The gross margin was 15.42%, up by 1.02 percentage points, and the net profit margin was 10.95%, up by 1.19 percentage points [5]. Business Segments 1. **Hitachi Elevator**: - Revenue from Hitachi Elevator (China) was 27.56 billion yuan, a slight increase of 0.1%, with net profit of 3.32 billion yuan, down by 4.5% [6]. - The company received an investment income of 726 million yuan from Hitachi Elevator, a decrease of 6.6% [6]. 2. **Elevator Components and Logistics**: - Revenue was 3.96 billion yuan, a decrease of 0.5%, with a gross margin of 7.24% [6]. - The company made progress in expanding its customer base and product offerings [6]. 3. **Complete Elevator Business**: - The company sold 28,700 elevators in 2024, an increase of 1%, with revenue of 3.1 billion yuan, a decrease of 2% [6]. - The gross margin for this segment was 25.08%, an increase of 2.19 percentage points [6]. 4. **After-Market Services**: - The company benefited from policies promoting the installation and replacement of elevators in old buildings, with a year-on-year increase of 63% in renovation orders [7]. - The self-maintenance rate for elevators exceeded 20%, with plans to increase this through various strategies [7]. Financial Forecast - The company is projected to achieve revenues of 7.623 billion yuan in 2025, 8.053 billion yuan in 2026, and 8.490 billion yuan in 2027, with corresponding net profits of 871 million yuan, 947 million yuan, and 1.030 billion yuan respectively [8][9]. - The expected P/E ratios for the next three years are 11, 10, and 9 times [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The report highlights that the increase in coal quality has significantly offset the decline in coal prices, leading to a year-on-year increase in gross profit per ton of coal by 8 CNY in Q1 [5]. - The company has shown growth in both production and sales, with raw coal production increasing by 10.5% year-on-year to 5.54 million tons, and commodity coal production rising by 6.3% to 4.99 million tons [5]. - The report anticipates that the company's performance will be supported by the increase in coal quality and the rise in electricity generation, despite the current weak coal prices [9]. Summary by Sections Recent Performance - The company's stock performance relative to the CSI 300 index shows a decline of 23.0% over the past 12 months, while the index itself has increased by 3.2% [3]. - As of April 8, 2025, the current stock price is 6.53 CNY, with a market capitalization of approximately 16.92 billion CNY [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 131.7 billion CNY, 145.9 billion CNY, and 175.7 billion CNY, respectively, with growth rates of 3%, 11%, and 20% [8]. - The net profit attributable to the parent company is forecasted to be 23.04 billion CNY in 2025, with a slight decrease of 4% from the previous year, followed by increases of 15% and 19% in the subsequent years [9]. Operational Highlights - The company has successfully increased its electricity generation by 47% year-on-year in Q1, with total electricity generation reaching 3.6 billion kWh [5]. - The report notes that the construction of power plants is progressing smoothly, enhancing the company's coal-electricity integration strategy [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company's core business is experiencing strong growth, with significant performance improvements and a three-year dividend plan reflecting confidence in long-term development [2][3]. - The company reported a revenue of 1.017 billion yuan in 2024, representing a year-over-year increase of 24.65%, and a net profit attributable to shareholders of 84.65 million yuan, up 62.93% year-over-year [6]. - The company is expanding its overseas market presence, with overseas revenue reaching 134 million yuan in 2024, a year-over-year increase of 30.39% [6]. Financial Performance - The company expects revenues of 1.163 billion yuan in 2025, 1.256 billion yuan in 2026, and 1.320 billion yuan in 2027, with corresponding net profits of 110 million yuan, 133 million yuan, and 148 million yuan respectively [9][10]. - The gross profit margin for 2024 is projected at 29.97%, with a net profit margin of 8.32% [6]. - The company plans to distribute a cash dividend of 2 yuan for every 10 shares, totaling 29.34 million yuan, which is 34.66% of the net profit attributable to shareholders [6]. Business Segments - Revenue from gaming and amusement equipment sales is expected to reach 549 million yuan in 2024, with a gross margin of 27.44% [6]. - Revenue from anime IP derivative products is projected at 327 million yuan, with a gross margin of 42.75% [6]. - The amusement park operation segment is expected to generate 106 million yuan in revenue, although it shows a slight decline of 1.70% year-over-year [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [1][9][11] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 857 million yuan, a year-on-year increase of 78.45%, and a net profit of 311 million yuan, up 279.88% year-on-year [4][5] - The semiconductor module products are entering a rapid growth phase, with advanced ceramic materials revenue increasing by 94.54% to 768 million yuan, and semiconductor structural components revenue growing by 106.52% to 401 million yuan [5][6] - The company has a complete industrial chain for advanced ceramics and is one of the few domestic firms mastering the technology for ceramic materials, component manufacturing, surface treatment, and product testing [6][8] Financial Performance - In Q4 2024, the company reported revenue of 241 million yuan, a year-on-year increase of 88.97%, and a net profit of 85 million yuan, up 244.04% year-on-year [4][5] - The gross margin for advanced ceramic materials components was 63.19%, reflecting a year-on-year increase of 19.23 percentage points [6] - The company’s net profit margin reached 36.27%, an increase of 19.23 percentage points year-on-year [6] Production Capacity and Product Development - By the end of 2024, the company’s ceramic heater production capacity increased to over 100 units per month, more than tripling since the beginning of the year [8] - The company plans to expand its production capacity to nearly 200 units per month by the end of 2025, with new production facilities in Suzhou expected to be operational [8] - The company has developed multiple products in the ceramic heater and ultra-pure silicon carbide kit categories, with ongoing efforts to enhance production capabilities [7][8] Future Projections - Revenue projections for 2025-2027 are estimated at 1.16 billion, 1.48 billion, and 1.83 billion yuan, respectively, with corresponding net profits of 437 million, 541 million, and 672 million yuan [9][10] - The report anticipates a continued strong growth trajectory, with a projected PE ratio decreasing from 50 in 2025 to 33 in 2027, indicating improving valuation metrics [9][10]

2025 年 04 月 09 日 晨会纪要 研究所： 证券研究报告 1、最新报告摘要 1.1、品质直播再升级，关注淘宝直播新阶段--行业动态研究（港股美股） 分析师：陈梦竹 S0350521090003 分析师：张娟娟 S0350523110004 分析师：罗婉琦 S0350524050002 事件： 2025 年 3 月 31 日淘宝直播在一年一度的直播盛典上宣布，2025 年全面加码品质直播，新增 110 亿投入，目 标成交和用户规模两年翻番，并帮助更多生态伙伴用品质实现确定性增长，行业将全面迈入品质直播时代。 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 58 期 观点精粹: 最新报告摘要 品质直播再升级，关注淘宝直播新阶段--行业动态研究（港股美股） 如何看美国当前的债务现状？--宏观专题研究 业务结构持续优化，云与信创赋能业绩增长--太极股份/IT 服务Ⅱ(002368/217103) 公司点评 2024 年净利润同比+90.8%，云服务盈利 1.33 亿元--浪潮数字企业/软件开发(00596/217 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][30]. Core Views - The company has shown significant improvement in net profit, with a year-on-year increase of 90.8% in 2024, despite a slight revenue decline of 1.62% [4][12]. - The cloud service business has been a key driver, achieving a revenue growth of 38.1% and turning a profit of 1.33 billion yuan [5][13]. - The overall financial outlook is positive, with projected revenue growth for 2025-2027 and a favorable price-to-earnings ratio [11][30]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 8.201 billion yuan, a decrease of 1.62% year-on-year, while net profit reached 385 million yuan, an increase of 90.8% [4][12]. - The adjusted net profit after excluding non-recurring items was 427 million yuan, reflecting a substantial growth of 632.47% [4][12]. Cloud Service Business - The cloud service segment generated revenues of 2.761 billion yuan, with a year-on-year growth of 38.1%, and achieved an operating profit of 1.33 billion yuan, recovering from a loss of 560 million yuan in the previous year [5][13]. - The management software and IoT solutions also contributed positively, with revenues of 2.556 billion yuan and 2.883 billion yuan, respectively [5][13]. Market Position and Strategy - The company is enhancing its cloud service offerings, integrating AI capabilities through platforms like the Haiyue model and DeepSeek, which have been successfully implemented in several large enterprises [6][23]. - It is also focusing on the small and medium-sized enterprise market, promoting integrated solutions and expanding its customer base in the financial sector [8][25]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 9.076 billion yuan, 10.022 billion yuan, and 10.996 billion yuan, respectively, with corresponding net profits of 520 million yuan, 695 million yuan, and 893 million yuan [11][30]. - The expected earnings per share (EPS) for the same period are projected to be 0.46 yuan, 0.61 yuan, and 0.78 yuan [11][30].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company's business structure is continuously optimizing, with significant performance improvement noted in the second half of 2024 [4]. - The company achieved a revenue of 7.836 billion yuan in 2024, a year-on-year decrease of 14.77%, while the net profit attributable to shareholders was 191 million yuan, down 49.08% [3][10]. - The gross margin for 2024 was 24.08%, an increase of 0.60 percentage points year-on-year [3][4]. Business Performance Summary - In 2024, the cloud and data services segment generated revenue of 1.173 billion yuan, a year-on-year increase of 12.34%, accounting for 14.97% of total revenue [4]. - The self-developed software products segment reported revenue of 1.931 billion yuan, a decline of 6.25%, representing 24.65% of total revenue [4]. - The industry solutions segment saw revenue of 3.438 billion yuan, down 15.98%, making up 43.87% of total revenue [4]. - The digital infrastructure segment experienced a significant decline in revenue, totaling 1.150 billion yuan, down 37.70%, accounting for 14.68% of total revenue [4]. Growth Drivers - The company is actively participating in digital government projects, contributing to the construction of the Hengqin Guangdong-Macao Deep Cooperation Zone and Hainan Free Trade Port [5]. - The database business, particularly through its subsidiary, achieved revenue of 433 million yuan in 2024, a growth of 16.02% [5]. - The company is enhancing its cloud services capabilities, with its Beijing municipal government cloud platform passing technical capability assessments [8]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 8.957 billion yuan, 9.969 billion yuan, and 10.992 billion yuan, respectively, with corresponding net profits of 284 million yuan, 343 million yuan, and 408 million yuan [10][11]. - The earnings per share (EPS) are forecasted to be 0.46 yuan in 2025, 0.55 yuan in 2026, and 0.65 yuan in 2027 [10][11].

Investment Rating - The report maintains a "Recommended" rating for the industry [1][21]. Core Insights - The live commerce industry is at a pivotal moment, with 2024 marking a turning point due to regulatory policies and a shift towards quality-driven live streaming [7][14]. - Taobao Live is leading the new "Quality Live Streaming" model, emphasizing professional hosts, brand merchandise, and platform guarantees [15][18]. - The report highlights a significant investment of 11 billion yuan by Taobao Live in 2025, aiming for a doubling of transaction volume and user base over two years [18][21]. Summary by Sections 1. Quality Live Streaming as a Turning Point - The live commerce sector is facing challenges that necessitate a demand for quality live streaming, driven by regulatory changes and consumer trust issues [14][16]. - Taobao Live's model combines professional hosts, a vast inventory of quality brands, and robust platform support to ensure consumer protection [15][19]. - In 2024, Taobao Live reported over 200 million active buyers, with core host transactions increasing by 31% year-on-year [16][17]. 2. New Phase of Quality Live Streaming - Taobao Live's strategy for 2025 includes a substantial investment of 11 billion yuan, with a target of over 50% growth in transaction speed and doubling user numbers [18][21]. - The platform aims to enhance user growth by leveraging its extensive ecosystem, which includes 1 billion active buyers across Alibaba's platforms [18][19]. - The report notes that Taobao Live will continue to expand its quality merchandise pool and improve its platform mechanisms to drive user engagement [19][20]. 3. Industry Rating and Investment Strategy - The report maintains a "Recommended" rating for the overseas industry, suggesting that the shift towards quality live streaming presents significant investment opportunities [21]. - Alibaba Group (9988.HK) is highlighted as a key stock recommendation, benefiting from steady commercialization strategies and growth in its cloud business [22][23].