Zhi Tong Cai Jing·2025-03-31 05:26Group 1: Jiangxi Copper (JXC) - The company reported a net profit of 6.9 billion RMB for 2024, with earnings per share of 2.0 RMB, reflecting a year-on-year growth of 2-3% [1] - Excluding one-time items, the recurring net profit reached 8.3 billion RMB, a 26% increase year-on-year, aligning with expectations and exceeding Bloomberg consensus [1] - The company announced a dividend of 0.698 RMB per share, with a payout ratio exceeding 35% [1] - The 2025 profit forecast was adjusted down by 2%, while the 2026 forecast was raised by 28%, incorporating the latest copper price predictions [1] - As a pure copper play, Jiangxi Copper is expected to benefit from high copper prices, maintaining recurring net profits in the range of 8.8 to 9.0 billion RMB [1] - The H-share valuation is attractive, with a projected P/E ratio of 5 times for 2025, and the target price is maintained at 21.8 HKD [1] Group 2: Jiumaojiu (9922.HK) - The company reported revenue and net profit for the second half of 2024 at 3 billion RMB and 16 million RMB, respectively, in line with previous profit warnings [3] - The net profit was 32 million RMB lower than market expectations due to higher-than-expected impairment losses [3] - Restaurant profitability exceeded expectations, with improved gross margins and lower rental expense ratios [3] - The company declared a dividend of 0.02 HKD, with a total payout ratio of approximately 92.5% for 2025 [3] - No specific store opening targets were set, with plans to adjust based on market conditions to ensure satisfactory performance [3] Group 3: Aikang Medical (1789.HK) - The company reported revenue of 689 million RMB for 2025, a year-on-year increase of 54.8%, and a net profit of 135 million RMB, up 172% [18] - The net profit margin is expected to stabilize around 20%, with gross margins improving due to increased sales of volume-based procurement products [19] - The company aims to capture more market share in top-tier hospitals, with market share in the top 10 hospitals increasing from 8% to 19% [20] - Overseas revenue grew by 21%, with a goal to increase the overseas revenue share from 20% to 30% over the next five years [21] - The second-generation knee joint robotic system is expected to receive regulatory approval in 2025, contributing to revenue growth [22]