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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.36 [7]. Core Views - The company's performance in 2024 was under pressure, primarily due to a warm winter and connection business impacts, but is expected to stabilize and recover in 2025 as these pressures ease [1][4]. - The company continues to prioritize shareholder returns through dividends, with a current dividend yield of 7% [3][4]. Revenue and Profitability - In 2024, the company reported revenue of HKD 6.198 billion, a decrease of 3% year-on-year, and a gross profit of HKD 569 million, down 24% [1][5]. - The net profit for 2024 was HKD 209 million, reflecting a 22% decline compared to the previous year [1][5]. - The company expects revenue growth in the coming years, projecting revenues of HKD 6.509 billion, HKD 6.878 billion, and HKD 7.268 billion for 2025, 2026, and 2027 respectively, with growth rates of 5% for 2025 and 5.7% for the following years [4][5]. Gas Sales and Margins - The total gas sales volume for 2024 was 2.515 billion cubic meters, representing a year-on-year increase of 13%, with pipeline gas sales at 1.714 billion cubic meters, up 6.5% [2]. - The company anticipates total gas sales of 2.7 billion cubic meters in 2025, a 9% increase year-on-year, with pipeline gas sales expected to reach approximately 1.9 billion cubic meters [2]. - The gross margin for 2024 was HKD 0.41 per cubic meter, down from the previous year, but is expected to recover to HKD 0.52 per cubic meter in 2025 [2][4]. Connection and Value-Added Services - The company added 70,000 new connections in 2024, impacted by a downturn in the real estate market, but expects the number of new connections to stabilize in 2025 [3]. - The value-added services segment achieved a gross profit of HKD 54.7 million in 2024, a 9.6% increase year-on-year, with a compound annual growth rate of approximately 42% over the past four years [3]. Debt and Shareholder Returns - The company reduced interest-bearing debt by HKD 570 million in 2024, optimizing its debt structure [3]. - The company plans to increase dividends by no less than 10% annually from 2025 to 2027, based on a dividend per share of HKD 0.076 [3].

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7 HKD [1][4][6] Core Insights - The company reported a revenue of 13.58 billion RMB for 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.24 billion RMB, which is a 20.2% increase year-on-year [2][4] - The professional sports segment, including the Saucony brand, saw a significant revenue increase of 57.2% to 1.25 billion RMB, while the main brand, Xtep, grew by 3.2% to 12.33 billion RMB [2][3] - The company has focused on enhancing its brand image and expanding its product matrix, with the Saucony brand achieving a compound annual growth rate of over 100% over the past five years [2][3] Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025E Revenue: 14.40 billion RMB, Net Profit: 1.38 billion RMB, EPS: 0.54 RMB - 2026E Revenue: 15.70 billion RMB, Net Profit: 1.54 billion RMB, EPS: 0.61 RMB - 2027E Revenue: 16.85 billion RMB, Net Profit: 1.69 billion RMB, EPS: 0.67 RMB [5][13] - The overall gross margin improved by 1 percentage point to 43.2%, driven by a significant increase in the gross margin of the professional sports segment [2][3][14] Strategic Developments - The company announced the divestiture of its fashion sports division, which is expected to alleviate profit pressure and allow for a focus on the main brand and Saucony, potentially leading to faster growth [3][4] - Management changes are anticipated to enhance the company's overseas expansion efforts, particularly in Southeast Asia [3][4]

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].