SDICSI 2025 年 04 月 10 日 移卡(9923.HK) 2H24 业绩不及预期，2025 年支付业务有望恢复增长 移卡 2H24 收入低于市场预期 11%，支付业务（收入占比 89%）低于预期 6%， 主要因 GPV 降幅大于预期。2024 年海外业务取得阶段性进展，全年 GPV 11 亿 元，预计中长期仍有较大提升潜力。我们预计 2025 年支付业务恢复同比高个 位数增长，收入增速快于 GPV 增速，带动利润企稳回升。给予 2025 年 13 倍 市盈率估值，目标价 8.2 港元，维持增持评级。 报告摘要 2H24 业绩不及预期：总收入 15 亿元，同比降 20%，较彭博一致预期低 11%， 其中一站式支付较市场预期低 6%（8,600 万元），商户解决方案较市场预期低 43%（2.4 亿元）。毛利同比增 15%，好于市场预期 2%，主要因支付业务毛利好 于预期，整体毛利率 28%，同比及环比均提升 9 个百分点。归母净利润 5100 万元，利润率 3.4%，对比去年同期为亏损 2,200 万元。经调整 EBITDA 为 2.2 亿 元，同比降 17%，EBITDA 利润率 14.7%。 支 ...

业绩大幅增长，与宇树科技达成合作 2024 年长城汽车总营收为 2022.0 亿元，同比增长 16.7%；归母净利润为 126.9 亿元，同比增长 80.8%，业绩创新高。长城与宇树科技达成战略合作，代表长城 开始向具身智能方向拓展。维持目标价 18.0 港元，对应 25 年的 10.0 倍预测市盈 率，距离现价有 58%上涨空间，买入评级。 投资建议。维持目标价 18.0 港元，对应 25 年的 10.0 倍预测市盈率，距离现价有 58%上涨空间，买入评级。 风险提示：行业竞争加剧；价格不及预期 | (年结 31/12；RMB | 百万元) | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | --- | | 销售收入 | | 173,212 | 202,195 | 231,413 | 273,808 | 332,786 | | 增长率（%） | | 26% | 17% | 14% | 18% | 22% | | 净利润 | | 7,022 | 12,692 | 14,344 | 1 ...

SDICSI 2025 年 4 月 7 日 滨海投资 (2886.HK) 接驳压力释放，业绩有望企稳回升 事件：公司公布 2024 年业绩。2024 年公司实现收入 61.98 亿港元，同比下降 3%； 毛利 5.69 亿港元，同比下降 24%；年内利润 2.09 亿港元，同比下降 21%；归母净 利润 2.00 亿港元，同比下降 22%。宣派股息每股 7.6 港仙，派息率 52%，股息率 7%（以最近市价）。公司 24 年业绩承压，主要受暖冬以及接驳业务的影响，25 年预 计接驳影响减弱，在毛差进一步恢复和燃气销气量不断提升的预期下，业绩有望企稳 回升。公司坚持分红派息，长期回报股东。我们预计公司 25E/26E/27E 年 EPS 为 0.18/0.20/0.21 港币，目标价 1.36 港元，对应 P/E 7.8x。维持"买入"评级。 报告摘要 气量增长符合行业趋势，毛差下半年恢复较快。公司实现销气总量 25.15 亿方 （yoy+13%),其中管道天然气销售 17.14 亿方（yoy+6.5%），管输气 8.01 亿方 （yoy+32%)。符合行业增长趋势，但略微不及指引。主要是受暖冬影响较大，影响 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.5, indicating a potential upside of 54% from the current price of HKD 4.2 [6][4]. Core Insights - The company achieved a revenue of RMB 23.13 billion in 2024, a slight decrease of 1% year-on-year, while the net profit attributable to shareholders increased by 23% to RMB 1.46 billion [2][4]. - The company has announced a dividend policy for 2025-2027, committing to a distribution rate of no less than 25% of audited net profit and a minimum dividend of RMB 0.24 per share [2][4]. - The report anticipates net profits for 2025-2027 to reach RMB 1.1 billion, RMB 1.88 billion, and RMB 2.82 billion, reflecting year-on-year changes of -25%, +71%, and +50% respectively [4][6]. Revenue and Profit Analysis - Urea revenue was RMB 7.31 billion, up 6% year-on-year, but prices fell by 17% due to increased industry capacity and export restrictions, leading to a 4 percentage point decline in gross margin to 25% [3]. - Compound fertilizer revenue decreased by 2% to RMB 6 billion, with a gross margin increase of 2.1 percentage points to 15% [3]. - Methanol revenue rose by 15% to RMB 2.68 billion, with a gross margin increase of 9.2 percentage points to 8.6% [3]. - The company is facing an oversupply issue in the urea market, with an expected addition of 6.6 million tons of capacity in 2025 [3]. Capacity Expansion - The company is expanding its production capacity, with several projects coming online, including a 60,000-ton formaldehyde project and a 300,000-ton compound fertilizer project [4]. - By the end of 2027, the company's fertilizer production capacity is expected to exceed 13 million tons, making it the largest fertilizer producer in China [4].

SDICSI 2025 年 3 月 28 日 中广核矿业 (1164.HK) 资源优势支撑长期价值，短期承压静待周期反转 事件：中广核矿业 2024 年营收增长 17%至 86.24 亿港元，但受所得税增加以及 非常规性一次性损益影响，净利润同比下滑 31%至 3.42 亿港元。公司坐拥低成 本铀矿资源，贸易业务短期承压但具备弹性。全球核电扩张与铀价周期上行趋势 明确，公司作为中国铀资源龙头长期价值凸显，可逢低布局，维持"买入"评 级。 报告摘要 除税前利润大幅增长 48%，受非常规损益影响归母净利润下滑。2024 年中广核 矿业实现营收 86.24 亿港元，同比增长 17%；毛利亏损 0.66 亿港元；实现除税 前利润 8.14 亿港元，同比大幅上升 48%；实现净利润 3.42 亿港元，同比下降 31%；实现每股基本盈利 4.50 港仙，同比下降 31%。公司 24 年毛利亏损主要是 因为国际铀价上涨大幅超预期，价格与所签包销价格框架形成倒挂导致毛利亏 损，新的价格框架将会在今年下半年签订，并将会充分考虑市场因素，预计毛利 亏损情况将会得到解决。此外，净利润下降由于已终止业务亏损以及所得税费用 大幅上升， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.20 HKD [6] Core Insights - The company achieved a revenue of 5.09 billion RMB in FY2024, representing a year-on-year growth of 53.9%, with social business revenue contributing 4.63 billion RMB, up 58.1% [1][2] - The acquisition of minority stakes is expected to significantly enhance the company's net profit attributable to the parent company in FY2025 [3] - The company is focusing on AI integration to improve commercial efficiency, with a notable increase in ARPU for its SUGO product [3] Summary by Sections Financial Performance - In FY2024, the company recorded a gross margin of 51.2%, a slight decrease of 0.9 percentage points year-on-year, while the net profit attributable to the parent company was 480.3 million RMB, down 6.3% [1][4] - The revenue growth rate for FY2025 is projected at 26.4%, with net profit expected to rebound significantly [4] Business Segments - The social business segment saw robust growth, with products like MICO and YoHo contributing stable cash flow, while newer products SUGO and TopTop showed explosive growth [2] - The innovative business segment, particularly premium games, achieved a revenue of 705 million RMB, marking an 80.4% increase year-on-year [2] Market Strategy - The company is strategically focusing on the MENA market, where its core social products experienced over 60% revenue growth [2] - The integration of AI technologies is enhancing product development and user engagement, leading to improved commercial outcomes [3]

SDICSI 2025 年 3 月 24 日 安踏体育(2020.HK) 新店型卓有成效，Amer 成功实现扭亏 其他品牌：24 年其他品牌规模破百亿，体现了公司多品牌战略的成功，整体收入 同比增长 53.7%至 107 亿元。迪桑特/可隆店铺数分别同比增长 21%/16%，迪桑 特线下高端零售模式持续迭代，未来将通过大店升级计划提升品牌形象，24 年底 中国+东南亚门店数为 226 家。可隆坚持高端户外定位，深耕北方市场外，也将加 大对南方市场的投入和布局，24 年在华南地区新增超过 20 家门店，24 年底中国 门店数为 191 家。毛利率方面同比下降 0.7pp 至 72.2%。 投资建议：公司作为中国体育用品行业的龙头企业，将优先享受行业发展带来的红 利。综合考虑，我们预测 2025-2027 年 EPS 为 4.78/5.35/5.97 元，给予 2025 年 25 倍 PE，目标价 128 港元，维持"买入"评级。 风险提示：宏观下行，零售环境恶化；行业竞争加剧；新品牌发展不及预期。 财务及估值摘要 | (年结 31/12；人民币百万) | 2023A | 2024A | 2025E | 2026 ...

Investment Rating - The report assigns a "Buy" rating for the company, expecting a future investment return of 5% to 15% over the next six months [4]. Core Insights - The company achieved a revenue of 3.03 billion RMB in 2024, representing a year-on-year growth of 5.4%, while the net profit attributable to shareholders was 1.96 billion RMB, also up by 5.3% year-on-year [2][5]. - In Q4, the company experienced a revenue decline of 7.0% year-on-year and a net profit decrease of 15.5% year-on-year, which was slightly below market expectations [2][4]. - The company is increasing its R&D efforts, with a research and development expense ratio of 10.0% in 2024, up by 1.3 percentage points from the previous year [3]. Financial Performance Summary - For 2024, the company reported a gross margin of 94.6%, a slight decrease of 0.5 percentage points compared to the same period in 2023, while the net profit margin remained stable at 64.7% [2][5]. - The company plans to distribute a total cash dividend of 1.15 billion RMB to shareholders, which accounts for 58.5% of the net profit attributable to shareholders [2]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 2.09 billion RMB, 2.34 billion RMB, and 2.59 billion RMB, respectively, with corresponding growth rates of 6.8%, 12.0%, and 10.6% [4][5]. Strategic Developments - The company is making strides towards internationalization by acquiring 85% of the Korean company REGEN Biotech for 190 million USD, which is expected to enhance future performance [4]. - The company has several products in the registration and clinical trial stages, including A-type botulinum toxin and minoxidil topical solution, indicating a strong pipeline for future growth [3].

SDICSI 2025 年 3 月 21 日 特步国际 (1368.HK) KP 剥离后资源聚焦，索康尼继续发力 事件：近日，特步国际公布 2024 年全年业绩表现，收入同比增长 6.5%，归母 净利润同比增长 20.2%。含特别息全年派息比例达 138.2%。我们预测 2025- 2027 年 EPS 为 0.54/0.61/0.67 元，目标价 7 港元，维持"买入"评级。 报告摘要 持续聚焦跑步赛道，子品牌索康尼表现优异。公司全年收入录得 135.8 亿元， 同比增长 6.5%，归母净利润录得 12.4 亿元，同比增长 20.2%。分品牌来看， 大众运动（特步主品牌）收入同比增长 3.2%至 123.3 亿元，专业运动（索康 尼+迈乐）收入同比增长 57.2%至 12.5 亿元。其中，索康尼品牌势能持续向上， 过去五年复合增速超过 100%，公司持续围绕精英运动生活来打造品牌的高端 形象，并加强渠道拓展。截至 2024 年底，索康尼在中国内地已有 145 家门店， 9 月索康尼全球首家概念店在深圳万象城开业，11 月首家城市体验店在北京合 生汇开业。此外，公司还推出了 OG、通勤系列，拓宽产品矩阵。毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 23.9, representing a potential upside of 30% from the recent closing price of HKD 18.38 [4]. Core Insights - The core OTA business continues to show a robust growth trend, with a 20% year-on-year increase in revenue and a 44% increase in operating profit for the fourth quarter. Overall revenue and adjusted net profit exceeded expectations by 5% and 7%, respectively [1][2]. - The company is expected to achieve an 18% year-on-year revenue growth in its core OTA business in 2025, outpacing the industry average, with an operating profit margin projected to improve to 28% [1][3]. Financial Performance Summary - In Q4, total revenue reached HKD 4.4 billion, a 13% year-on-year increase, with core OTA revenue growing by 20%. Accommodation booking revenue increased by 29%, driven by stable growth in room nights, while transportation ticketing revenue rose by 17% due to enhanced monetization from value-added services [2]. - The adjusted net profit for the fourth quarter was HKD 660 million, reflecting a 37% year-on-year increase, with a net profit margin of 15.6% [2][5]. - The average revenue per user (APU) for 2024 is projected to be HKD 2.38 billion, a 2% increase year-on-year, with annual user spending calculated at HKD 1,073, up 4% year-on-year [2][3]. AI Product Development - The company has launched its self-developed AI model, Chengxin AI, which integrates with DeepSeek to provide "AI + real-time booking" services. This application of AI is expected to enhance user interaction and order conversion efficiency, with potential long-term cost reduction in operations [3]. Valuation and Market Sentiment - The report adjusts the valuation multiple to 16.0 times the 2025 earnings, reflecting improved market sentiment. The target price has been raised to HKD 23.9 from HKD 22.5 [4].