3月14日，作为能源革命的践行者与引领者，港华智慧能源（01083）交出了一份年度高质量答卷，在营收规模、核心利 润增长等直观数据上均有不俗的表现。 智通财经APP观测到，从盘面来看，在财报发布下一交易日(3月17日)，港华智慧能源盘中一度涨超9%，后虽有所回 落，但全日涨幅仍达7.93%。若拉长时间来看，三月份以来，公司股价累计涨幅已达到近15%，股价的升势已充分反映 资本市场对这份财报的肯定。 与此同时，公司良好的业绩增长和值得期待的发展前景也受到了包括中金、花旗、华泰证券等境内外券商的看好，纷纷 于绩后出具分析报告，展现了各大券商分析师对于公司价值的认可。 | 券商/国际投行 | 投资评级 | 目标价(港元/股) | | | --- | --- | --- | --- | | 中金 | 跑赢行业 | | 3.8 | | 华泰证券 | 买入 | | 4 | | 建银国际 | 跑赢行业 | | 4.1 | | 花旗 | 买人 | | 3.85 | | 中银国际 | 买人 | | 4.99 | | 汇丰 | 维持买入 | | 3.8 | | 大和 | 跑赢行业 | | 3.45 | | 兴业证券 | 维持增持 ...

当前，全球能源革命正加速重构工业格局，电池技术作为核心驱动力，已成为推动可持续发展的关键赛 道。刘静瑜董事长在交流中表示："能源是人类社会的基础需求，'能源+'战略的本质是以电池技术为根 基，并通过持续创新让能源效率最大化。"面对行业三大壁垒——技术研发、资源整合与数智化运营， 中创新航选择以实力破局，以硬科技和数智化软实力结合，以真正达成定义产品的能力。 图2：投资者参观中创新航展厅现场 聚焦细分市场，当前乘用车领域行业竞争从"价格战"转向"价值战"的趋势愈发明显。而中创新航凭借独 供小鹏汽车5C磷酸铁锂超充电池、全球首款分体式飞行汽车eVTOL专属的高镍R46大圆柱电池等标杆产 品具备行业内领先的核心竞争力。与此同时，商用车赛道迎来爆发式增长，中创新航针对重卡、轻卡场 景推出的高适配性产品已实现规模化应用，2025年销量预计以倍数级增长。在储能领域，随着2025年市 场化元年临近，中创新航率先突破1.5万次循环寿命技术，推动"光储同寿"落地，助力储能度电成本持 续下降。 3月27日，电池专家中创新航(03931.HK)在成都基地举办投资者交流会，现场共150余名来自基金、保 险、银行、券商的投资者齐聚一堂 ...

公司3月14日公告披露，已与全球知名AI内容平台GIBO达成战略合作协议，持有其不超过5%股份。根 据协议，中达集团将为GIBO提供媒体关系管理、内容创作等服务，深度绑定AI生态。作为亚洲领先的 AIGC动画流媒体平台，GIBO年收入增长率达300%，其AIGC技术已广泛应用于影视、游戏领域，或成 为中达集团切入AI内容生产的重要入口。目前GIBO正通过与Bukit Jalil Global Acquisition 1 Ltd的De- SPAC合并推进美股上市进程，估值达82.8亿美元。 二级市场上，中达集团控股呈现量价齐升走势，3月以来累计涨幅达110%，成交量较前期放大超十倍。 市场已逐步认可其新晋AIGC概念股身份，公司AI布局的战略价值正加速兑现。 展望未来，公司投资价值主要体现在三方面：特别股息派发提升短期配置吸引力；GIBO上市进程及AI 投资收益构成中期价值催化；通过战略投资构建的AI资产组合，则有望在行业技术革命中形成长期竞 争壁垒，其中GIBO上市带来的投资收益或将成为核心价值支撑。 2025年3月27日，港股上市公司中达集团控股(00139.HK)公告将于4月9日召开董事会，审议特别股息派 ...

Core Insights - The company aims to have five innovative drugs enter international multi-center phase III clinical trials by 2030 [1] - The strategic goal for the second decade includes achieving positive EBITDA by 2025 and reaching 20 billion RMB in revenue by 2027 [1] - In 2024, the company reported total revenue of 9.42 billion RMB, a year-on-year increase of 51.8%, and product revenue of 8.23 billion RMB, up 43.6% [1] Financial Performance - The company achieved a Non-IFRS profit of 332 million RMB and an EBITDA of 412 million RMB [1] - The company has successfully turned EBITDA positive one year ahead of schedule [1] Product Development - The core products, including DabuShu and DaYouTong, are experiencing rapid growth and maintaining a leading market share [2] - The company is building a commercialization system in the chronic disease sector, with products already on the market [2] - The drug Xinbimen has been included in the national medical insurance directory as of 2025, and Xinbimin has recently been approved for the treatment of thyroid eye disease [2] Pipeline and Future Prospects - The cornerstone product, Masitide, is set to undergo phase III clinical studies for obesity-related conditions and metabolic diseases [3] - Masitide is the first dual-target weight loss drug to be submitted for market approval in China, enhancing its market potential [3] - The company expects to have six new products approved by 2025, bolstering confidence in achieving the 20 billion RMB sales target by 2027 [4]

智通财经APP获悉，中金发布研报称，考虑华润医疗(01515)住院和门诊次均收入下降，下调2025年净利 润20.8%至5.66亿元，同比持平，引入2026年净利润5.92亿元，同比增加4.5%。基于对公司通过加强学 科建设提升区域影响力的看好，维持跑赢行业评级和目标价5.0港元，对应2025/2026年10.8/10.2倍市盈 率，对应23.2%上行空间。 截至2024年底，公司在中国10个省、市共管理运营105家医疗机构(三级医院13个，二级医院22个，一级 医院及社区中心41个，诊所及其他医疗机构29个)，公司自有医院运营床位数合计18,567张，床位使用 率为82.9%。2024年，公司自有医院常规门诊量和住院量分别为1032.56万人次和56.01万人次。 医院业务方面，2024年门诊和住院人次同比保持增长 2024年，公司医院业务收入人民币91.85亿元，同比下滑2.4%;其中，门诊人次增加1.3%，住院人次增加 1.0%;门诊服务收入人民币36.65亿元，同比下滑1.0%，住院服务收入人民币52.94亿元，同比下滑 3.3%，主要受医保控费影响门诊和住院次均收入同比略下滑。2024年，医院毛利为 ...

消息面上，近日，第二届博鳌乐城干细胞大会在海南博鳌乐城国际医疗旅游先行区正式开幕。大会首次公布中国干细胞行业的价格收费标准、准入标准及首 批获准收费项目清单，标志着国内干细胞产业迈入规范化、高质量发展的新阶段。 财通证券认为，随着更多项目的获批与实施，预计未来将有更多基于干细胞的先进治疗手段惠及民众。并且随着国内商保推动等因素带来多层次医疗保障体 系的建立，国内医疗创新行业有望迎来多重增量，看多创新药政策新周期带来的产业链共振上升，具有高科技属性的医药医疗公司将更受市场青睐。关注 一：具有真创新能力的新药公司，将具备更大的估值弹性。关注二：细胞与基因治疗相关公司。 恒生医疗ETF紧密跟踪恒生医疗保健指数，恒生医疗保健指数提供一项市场参考指标，反映在香港上市、主要经营医疗保健业务证券的整体表现。 规模方面，恒生医疗ETF近1年规模增长34.09亿元，实现显著增长，新增规模位居可比基金1/3。 数据显示，杠杆资金持续布局中。恒生医疗ETF最新融资买入额达3.42亿元，最新融资余额达6.09亿元。 绝对收益方面，截至2025年3月27日，恒生医疗ETF自成立以来，最高单月回报为28.34%，最长连涨月数为4个月，最 ...

Core Viewpoint - China Pacific Insurance (02328) maintains an "outperform" rating, with a target price increase of 17.6% to HKD 14.7, reflecting a positive outlook for 2025 despite challenges in 2024 due to natural disaster losses [1] Group 1: Financial Performance - In 2024, the company's premium income increased by 4.3% year-on-year to CNY 538.1 billion, while market share decreased by 0.7 percentage points to 31.8% [2] - Net profit rose by 30.9% to CNY 32.2 billion, aligning with expectations, driven by improved stock market conditions [3] - Total investment assets grew by 4.3% year-on-year, with total investment return increasing by 2.0 percentage points to 5.5% [3] Group 2: Underwriting and Cost Ratios - The combined ratio (CoR) for 2024 increased by 1.0 percentage point to 98.8%, primarily due to higher-than-expected natural disaster losses [2] - The combined loss ratio rose by 2.4 percentage points to 73%, with the net loss from major disasters exceeding the average of the past five years by 50.9% [2] - The CoR for auto insurance improved by 0.1 percentage point to 96.8%, while the non-auto insurance CoR decreased by 2.8 percentage points to 101.9% [2] Group 3: Dividend and Long-term Outlook - The annual dividend per share increased by 10.4% to CNY 0.54, slightly below expectations, but the long-term operational trend supports strong future dividend capacity [4] - The company is viewed as a long-term stable investment option, considering dividend growth and net asset increases [4]

Core Insights - In 2024, Pop Mart achieved a record annual revenue of 13.038 billion yuan, representing a year-on-year growth of 106.9% [1] - The second half of the year saw revenue reach 8.480 billion yuan, with a year-on-year increase of 143.2%, and profit growth soaring by 283.3% [1] - Key highlights include a significant rise in overseas market revenue, which accounted for 38.9% of total revenue, driven by IP operations and product structure optimization [1] Group 1: Overseas Market Growth - The revenue from Hong Kong, Macau, Taiwan, and overseas markets reached 5.066 billion yuan, with a year-on-year increase of 375.2%, making up 38.9% of total revenue [2] - Southeast Asia was the standout region, generating 2.403 billion yuan (up 619.1%), accounting for 18.4% of total revenue; North America also saw a significant growth of 556.9%, with revenue of 723 million yuan [2] - The company accelerated its offline channel expansion, adding 50 retail stores to reach a total of 130, and increasing the number of robot stores by 73 to 192, with new locations in Vietnam and Italy [2] Group 2: IP Operations and Product Strategy - In 2024, 13 IPs generated over 1 billion yuan in revenue, with THEMONSTERS leading at 3.041 billion yuan (up 726.6%), followed by MOLLY at 2.093 billion yuan (up 105.2%) and CRYBABY at 1.165 billion yuan (up 1537.2%) [3] - The diversified product strategy and penetration into overseas markets have strengthened the core IPs, with LABUBU's plush products driving a 1289% increase in plush category revenue to 2.832 billion yuan [3] Group 3: Profitability and Cost Management - The overall gross margin improved by 5.46 percentage points to 66.79%, with the second half gross margin reaching 68.26% [5] - Continuous improvement in expenses led to a decrease in sales expense ratio by 3.82 percentage points to 28.00% and a reduction in management expense ratio by 3.96 percentage points to 7.26% [5] - The net profit margin increased to 26.10%, driven by scale effects and enhanced supply chain efficiency [5] Group 4: Product Diversification and Membership Engagement - The revenue from figurines accounted for 53.2% (6.936 billion yuan) of total revenue, remaining the core category; plush products increased their revenue share to 21.7% [6] - The MEGA series and derivative products saw significant growth, with revenues of 1.684 billion yuan (up 146.1%) and 1.586 billion yuan (up 156.2%), respectively [6] - The total registered members in mainland China reached 46.083 million, with 11.729 million new members, contributing 92.7% of sales and a repurchase rate of 49.4% [7] Conclusion - Pop Mart's IP-centric strategy has fully materialized in 2024, with overseas expansion and product innovation serving as dual engines for growth [8] - The enhancement of supply chain capabilities, deepening global channels, and expanding the IP ecosystem have clarified the company's "brand upward" path [8]

成本下降使毛利率及现金EBITDA改善，公允价值变动及商誉减值影响24年报表净利润 尽管受原奶售价下降影响，但受益于公斤奶饲料成本下降16.7%及单产提升带来的内生效益改善，24年 毛利率小幅扩张2.8ppt。得益于毛利率改善，公司24年现金EBITDA同增20%，表现良好。 行业存栏量开始持续去化，周期反转趋势未来利好龙头业绩改善。 根据草根调研，目前牧业85-90%面临亏损压力，行业存栏量于2024年3月已开始环比减少，24年行业存 栏量同比下降，25年1-2月延续去化趋势，该行预计2025年行业有望继续去化。根据统计局数据，2024 年我国牛奶产量4,079万吨，同比-2.8%，该行预计2024年国内原奶供需缺口或约为高单位数至10%左 右，考虑上游去化，该行预计2025年供需缺口有望改善、原奶价格或有望企稳，2026-2027年原奶价格 或有望逐渐进入上行周期。牧业目前处于周期底部，拉长周期看该行认为目前是左侧投资较好时间点。 公司单产延续提升，奶价降幅好于行业 受益于基因改良、技术提升等举措，2024年公司成乳牛单产同比小幅提升1.6%至12.8吨;2024年底公司 牛群规模49.1万头，剔除并表贡 ...

3月27日，碧桂园服务（6098.HK）发布2024年年报。数据显示，其全年收入为439.93亿元，同比增长3.2%；毛利为84亿元，同比下降3.8%，但净利润18.75 亿元，同比上涨262.8%，股东应占核心利润30.38亿元，不及上一会计年度。 截至2024年底，碧桂园服务的的收费管理面积达到约10.37亿平方米，"三供一业"业务的收费管理面积约0.9亿平方米，两者合计为11.27亿平方米。 碧桂园服务集团总裁徐彬淮表示，2024年公司在收入、利润、现金流等核心指标上基本达成了年初制定的目标。 从左往右起依次为，碧桂园服务集团投资者关系总经理林文韬，执行总裁、首席财务官黄鹏，执行董事、总裁徐彬淮，副总裁、运营管理中心总经理张艳 芝，副总裁、首席技术官赵晓光 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2023年 | | | 人民幣千元 | 人民幣千元 | | 來自「三 供 一 業 J業 務 以 外 的 物 業 管 理 及 相 關 服 務 之 收 入 | | | | 一物業管理服務 | 25,910,364 | 24.698,514 | | 一社 ...