Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][11]. Core Insights - The company is expected to achieve a net profit of RMB 2.7 billion in 2024, reflecting a year-over-year increase of 50.4%, which aligns with market expectations [6][8]. - Revenue for 2024 is projected to be RMB 13.5 billion, representing a year-over-year growth of 23.1% [8]. - The company anticipates significant revenue growth in the second half of 2024, with expected revenue of RMB 6.9 billion, a year-over-year increase of 54.8% [8]. - The company plans to distribute a dividend of HKD 0.072 per share [8]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology sector, with a current H-share price of HKD 5.62 and a target price of HKD 7.3 [2][5]. Financial Performance - The company reported a comprehensive gross margin of 60.0% for 2024, with a net profit margin of 20.3%, an increase of 3.7 percentage points year-over-year [8]. - The revenue breakdown shows that hip joint replacement implants account for 55% of total revenue, knee joint replacement implants for 30%, spinal and trauma implants for 10%, and custom products and services for 4% [3][8]. Earnings Forecast - The company is projected to achieve net profits of RMB 3.5 billion, RMB 4.4 billion, and RMB 5.3 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 28.8%, 24.9%, and 19.4% [8][10]. - The earnings per share (EPS) are expected to be RMB 0.31, RMB 0.39, and RMB 0.47 for the same years [10]. Market Position - The company has a market share of approximately 20% in the joint replacement market and has seen an increase in contributions from tier 1 hospitals [8].

2025 年 3 月 26 日 | H70507@capital.com.tw | | --- | | 费倩然 目标价(元) 27.5 | 公司基本资讯 | 产业别 | | 化工 | | --- | --- | --- | | A 股价(2025/3/26) | | 23.52 | | 上证指数(2025/3/26) | | 3368.70 | | 股价 12 个月高/低 | | 24.89/17.41 | | 总发行股数(百万) | | 1834.33 | | A 股数(百万) | | 1834.33 | | A 市值(亿元) | | 431.43 | | 主要股东 | | 云天化集团有 | | | | 限责任公司 | | | | (38.12%) | | 每股净值(元) | | 12.19 | | 股价/账面净值 | | 1.93 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 13.9 | 3.6 29.0 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 2024.08.12 | 19.66 | 买进 | | 产品组合 | | | --- | --- | | ...

2025 年 3 月 26 日 | H70507@capital.com.tw | | --- | | 费倩然 目标价(元) 27.5 | 公司基本资讯 | 产业别 | | 化工 | | --- | --- | --- | | A 股价(2025/3/26) | | 23.52 | | 上证指数(2025/3/26) | | 3368.70 | | 股价 12 个月高/低 | | 24.89/17.41 | | 总发行股数(百万) | | 1834.33 | | A 股数(百万) | | 1834.33 | | A 市值(亿元) | | 431.43 | | 主要股东 | | 云天化集团有 | | | | 限责任公司 | | | | (38.12%) | | 每股净值(元) | | 12.19 | | 股价/账面净值 | | 1.93 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 13.9 | 3.6 29.0 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 2024.08.12 | 19.66 | 买进 | | 产品组合 | | | --- | --- | | ...

2025 年 03 月 26 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 160 | 公司基本资讯 | 产业别 | 轻工制造 | | --- | --- | | H 股价(2025/03/25) | 126.90 | | 恒生指数(2025/03/25) | 23,344.3 | | 股价 12 个月高/低 | 136.3/22.8 | | 总发行股数(百万) | 1,342.94 | | H 股数(百万) | 1,342.94 | | H 市值(亿元) | 631.85 | | 主要股东 | 王宁(50.34%) | | 每股净值(元) | 7.96 | | 股价/账面净值 | 15.95 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 16.32% 33.93% 443.65 | 近期评等 | | | | 产品组合 | | | --- | --- | | 手办 | 53.2% | | 毛绒 | 21.7% | | MEGA | 12.9% | | 衍生品及其他 | 12.2% | 股价相对大盘走势 C o m p a n ...

2025 年 03 月 26 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 160 | 公司基本资讯 | 产业别 | 轻工制造 | | --- | --- | | H 股价(2025/03/25) | 126.90 | | 恒生指数(2025/03/25) | 23,344.3 | | 股价 12 个月高/低 | 136.3/22.8 | | 总发行股数(百万) | 1,342.94 | | H 股数(百万) | 1,342.94 | | H 市值(亿元) | 631.85 | | 主要股东 | 王宁(50.34%) | | 每股净值(元) | 7.96 | | 股价/账面净值 | 15.95 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 16.32% 33.93% 443.65 | 近期评等 | | | | 产品组合 | | | --- | --- | | 手办 | 53.2% | | 毛绒 | 21.7% | | MEGA | 12.9% | | 衍生品及其他 | 12.2% | 股价相对大盘走势 C o m p a n ...

m 2024 年 2 月 14 日 沈嘉婕 H70455@capital.com.tw 目标价(元/港元) 442RMB/467HKD 公司基本资讯 | 产业别 | 汽车 | | --- | --- | | H 股价(2025/03/25) | 389.20 | | 恒生指数(2025/03/25) | 23,344.3 | | 股价 12 个月高/低 | 424.2/194.55 | | 总发行股数(百万) | 3,039.07 | | H 股数(百万) | 1,227.80 | | H 市值(亿元) | 7,325.53 | | 主要股东 | 王传福 | | | (16.93%) | | 每股净值(元) | 58.56 | | 股价/账面净值 | 6.65 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 0.05% 44.26% 88.68% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-2-14 | 341.3 | 买进 | | 产品组合 | | | | 汽车业务 | | 79.5% | 股价相对大盘走势 C o m p a ...

m 2024 年 2 月 14 日 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-2-14 | 341.3 | 买进 | | 产品组合 | | | | 汽车业务 | | 79.5% | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 沈嘉婕 H70455@capital.com.tw 目标价(元/港元) 442RMB/467HKD 比亚迪(01211.HK /002594.SZ) Buy 买进 公司基本资讯 公司 2024 年净利润 YOY+34%，销量保持高增，建议"买进" | 产业别 | 汽车 | | --- | --- | | H 股价(2025/03/25) | 389.20 | | 恒生指数(2025/03/25) | 23,344.3 | | 股价 12 个月高/低 | 424.2/194.55 | | 总发行股数(百万) | 3,039.07 | | H 股数(百万) | 1,227.80 | | H 市值(亿元) | 7,325.53 | | 主要股东 ...

Investment Rating - The report assigns a "BUY" rating to the company, indicating a potential upside of 15% to 35% from the current price [6]. Core Insights - The company achieved a revenue of RMB 23.89 billion in 2024, representing a year-on-year increase of 9.2%, but net profit decreased by 25.4% to RMB 3.05 billion [6]. - The adjusted EBITDA for the year was RMB 6.8 billion, up 7.9% year-on-year, with the Huazhu segment contributing RMB 7 billion, a 12.9% increase [6]. - The company plans to maintain a rapid pace of hotel openings, targeting 2,300 new hotels in 2025 while closing 600 [6]. - The report forecasts net profits of RMB 3.47 billion, RMB 4.08 billion, and RMB 4.82 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 1.11, RMB 1.30, and RMB 1.54 [8]. Summary by Sections Company Overview - The company operates in the social services industry, with a current H-share price of HKD 28.50 and a market capitalization of RMB 77.71 billion [2]. Financial Performance - The company reported total revenue of RMB 23.89 billion for 2024, with a breakdown of RMB 13.8 billion from leasing and owned hotels (up 0.3%) and RMB 9.5 billion from management and franchising (up 23.4%) [6]. - The net profit for the Huazhu segment was approximately RMB 3.6 billion, down 56.7% year-on-year, primarily due to foreign exchange losses and increased withholding tax [6]. Future Outlook - The company expects to maintain a high occupancy rate of 81.2% in 2024, with growth driven by its asset-light strategy and rapid expansion [6]. - A shareholder return plan totaling USD 2 billion over three years is set to enhance shareholder value, with an expected total of USD 770 million in dividends and share buybacks for the year [6].

2025 年 3 月 20 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | | | 目标价(港币) | 65.0 | 公司基本资讯 | 产业别 | | | | | 电子 | | --- | --- | --- | --- | --- | --- | | H 股价(2025/03/20) | | | | | 56.50 | | 恒生指数(2025/03/20) | | | 24,220.0 | | | | 股价 12 个月高/低 | | | 58.2/13.08 | | | | 总发行股数(百万) | | | 25,111.69 | | | | H 股数(百万) | | | 20,595.40 | | | | H 市值(亿元) | | | 5,127.34 | | | | | | | ARK Trust (Hong | | | | 主要股东 | | | | | Kong) | | | | Limited(25.02% | | | | | | | | | | ) | | 每股净值(元) | | | | | 7.52 | | 股价/账面净值 | | | | | ...

2025 年 3 月 20 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | | | 目标价(港币) | 65.0 | 公司基本资讯 | 产业别 | | | | | 电子 | | --- | --- | --- | --- | --- | --- | | H 股价(2025/03/20) | | | | | 56.50 | | 恒生指数(2025/03/20) | | | 24,220.0 | | | | 股价 12 个月高/低 | | | 58.2/13.08 | | | | 总发行股数(百万) | | | 25,111.69 | | | | H 股数(百万) | | | 20,595.40 | | | | H 市值(亿元) | | | 5,127.34 | | | | | | | ARK Trust (Hong | | | | 主要股东 | | | | | Kong) | | | | Limited(25.02% | | | | | | | | | | ) | | 每股净值(元) | | | | | 7.52 | | 股价/账面净值 | | | | | ...