招银国际每日投资策略-2025-04-03

Market Overview - Global markets showed mixed performance with the Hang Seng Index closing at 23,203, down 0.02% for the day but up 36.11% year-to-date [1] - The S&P 500 and Nasdaq in the US rose by 0.67% and 0.87% respectively, while European markets experienced declines, particularly in healthcare and real estate sectors [3] Company Analysis 用友 (Yonyou) - Reported total revenue of 9.2 billion RMB for 2024, a decrease of 7% year-on-year, attributed to macroeconomic headwinds and a strategic shift towards subscription models [4] - Net loss expanded to 2.1 billion RMB from 967 million RMB in 2023, primarily due to reduced revenue and increased costs related to employee compensation and goodwill impairment [4] - Target price adjusted to 14.49 RMB based on a 2025E EV/sales multiple of 5.3x, maintaining a "Hold" rating [4] 新希望服务 (New Hope Service) - Achieved a revenue increase of 17% to 1.48 billion RMB in 2024, exceeding expectations by 5% [4] - Net profit rose by 5% to 230 million RMB, driven by a 29% increase in basic property management revenue [4] - Target price set at 2.67 HKD, maintaining a "Buy" rating, with a projected dividend yield of 9.7% for FY25E [4] 滨江服务 (Binjiang Service) - Revenue grew by 28% to 3.6 billion RMB, surpassing estimates by 3% [5] - Net profit increased by 11% to 550 million RMB, with a core net profit growth of 21% to 600 million RMB after adjusting for tax impacts [6] - Target price adjusted to 32.86 HKD, maintaining a "Buy" rating, with a projected dividend yield of 7.0% for FY25E [6] Sector Performance - The Hang Seng Financial Index rose by 0.39% year-to-date, while the Hang Seng Real Estate Index saw a decline of 14.03% [2] - The technology sector within the Hang Seng Index performed well, with a year-to-date increase of 44.16% [1]