Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [4]. Core Viewpoints - The company is a leading player in the spicy snack sector, benefiting from the growth of the konjac product category, which has driven rapid revenue growth over the past 25 years. The company possesses strong brand power and product development capabilities, supported by a big product strategy and refined channel management for long-term growth [1][2]. Summary by Sections Future Development Highlights - The konjac snack industry is projected to reach a scale of 12 billion yuan in 2024, characterized by high customer unit prices, broad audience coverage, and health benefits, indicating significant market potential. The company, as a pioneer in the konjac category, is expected to generate over 3 billion yuan in revenue from konjac products in 2024, maintaining its industry leadership [2]. Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are 7.881 billion, 9.494 billion, and 11.265 billion yuan, with year-on-year growth rates of 26%, 20%, and 19% respectively. Net profit forecasts for the same period are 1.360 billion, 1.670 billion, and 1.984 billion yuan, with growth rates of 27%, 23%, and 19%. The expected EPS for 2025-2027 is 0.56, 0.69, and 0.82 yuan, corresponding to P/E ratios of 23.68, 19.29, and 16.24 times. The company is currently in a konjac product growth phase, with a valuation of 25-30 times P/E, translating to a market value of 34-40.8 billion yuan, indicating further upside potential [4][6]. Financial Summary - The company's revenue has shown steady growth, increasing from 2.76 billion yuan in 2018 to 6.266 billion yuan in 2024, with a CAGR of 14.6%. The net profit has also risen from 476 million yuan in 2018 to 1.069 billion yuan in 2024, with a net profit margin of 17.06% in 2024, reflecting strong profitability [24][30]. Core Competitiveness - The company has established a robust brand foundation and a comprehensive product matrix, with a strong focus on the spicy snack market. The konjac product line has emerged as a significant growth driver, with revenue from this category increasing from 298 million yuan in 2018 to 3.371 billion yuan in 2024, achieving a CAGR of 49.84% [36][37]. Product Foundation - The company has a well-structured product matrix, including traditional spicy snacks, vegetable products, and bean products. The konjac product "Konjac Delight" has become a key growth driver, while traditional spicy snacks remain a core product line despite a decrease in revenue share [41][43].

2025 年 6 月 30 日 耐用消费品及服装: 中性 证券研究报告 / 首次覆盖报告 蜜雪集团 (2097 HK, 买入, 目标价: HK$660.00) 确定性源自对极致性价比模式的深刻理解 性价比定位确保广阔受众，合理利润分配成就万店加盟：蜜雪从最初的刨冰果断转向更具 规模且更易标准化的现制茶饮赛道，以及定位极致性价比紧抓下沉市场庞大需求无不体现 其独到的市场洞察力；平衡标准化与受众群体构造单店模型也为后续连锁扩张奠定了坚实 根基。作为首家突破万店的茶饮品牌，蜜雪的渠道扩张则演绎了加盟模式"持续寻求利润 分配最优解"的生意本质——初期尽量降低加盟商的准入成本与充分让利迅速展店，而后 随门店数量不断提升积极变革管理模式与渠道策略，确保门店运营高度标准化与单店盈利 相对稳定，持续调整利润分配方案。在管理没有跟上扩张速度的时候蜜雪暂停扩张、变革 管理，在选择多、粘性低的餐饮赛道依然可以迅速重拾品牌势能、重启扩张，展现了不俗 的纠错能力。公司四万余家加盟店的开拓与行业领先的盈利能力并非偶然，而是水到渠成 的必然结果。 高效撬动外部营销资源，供应链上延下伸降本增效：蜜雪先与深耕餐饮营销的华与华合作 打造视听记忆 ...

小米集团-W（01810.HK） 小米 YU7 大定数量亮眼，发布 AI 眼镜加速个人端智能化布局 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 270,970.14 | 365,906.35 | 482,996.38 | 576,118.08 | 673,424.43 | | 增长率 yoy（%） | -3.24 | 35.04 | 32.00 | 19.28 | 16.89 | | 归母净利润（百万元） | 17,475.17 | 23,658.13 | 39,547.43 | 49,793.16 | 59,665.28 | | 增长率 yoy（%） | 606.34 | 35.38 | 67.16 | 25.91 | 19.83 | | ROE（%） | 10.66 | 12.53 | 17.32 | 17.91 | 17.67 | | EPS 最新摊薄（元） | 0.67 | 0.91 | 1.52 | 1.92 | 2.30 | | P/E（倍） ...

2025 年 6 月 30 日 公司研究 需求较弱环境下业绩实现稳健高质量增长，扎实推进双聚焦战略 ——波司登（3998.HK）2025 财年业绩点评 买入（维持） 当前价：4.46 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 115.44 | | 总市值(亿港元)： | 514.87 | | 一年最低/最高(港元)： | 3.46/5.14 | | 近 3 月换手率： | 22.0% | 股价相对走势 -30% -20% -10% 0% 10% 20% 30% 40% 50% 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 波司登 恒生指数 | 收益表现 | | | | | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is experiencing rapid expansion and improving profitability despite challenges in the broader dining market [25] - The company has achieved a compound annual growth rate (CAGR) of 41% in revenue from 2020 to 2024, with a significant increase in store count and same-store sales [25][27] - The company is well-positioned in the growing Chinese pizza market, with a focus on both high-end urban consumers and lower-tier markets [56][62] Summary by Sections 1. Company Overview - The company is the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, with a significant expansion strategy initiated in 2017 [14][18] - As of the end of 2024, the company operates 1,008 stores across 39 cities, with a strong focus on delivery and menu optimization [25][27] 2. Market Potential - The Chinese pizza market is growing rapidly, with a CAGR of 12% from 2010 to 2024, significantly outpacing global averages [41][42] - The company has a competitive advantage due to its efficient delivery system and a diverse product matrix that appeals to various consumer segments [56][62] 3. Expansion Strategy - The company plans to continue its aggressive store expansion, with net new store openings projected at 300 and 350 for 2025 and 2026, respectively [25] - The focus will be on penetrating lower-tier cities and enhancing the existing urban structure, with expectations of increased market share in these areas [25] 4. Financial Projections - The company forecasts net profits of 128.59 million, 196.21 million, and 256.47 million yuan for 2025, 2026, and 2027, respectively, with significant year-on-year growth rates [1] - The report highlights that the company's valuation remains attractive, with a PEG ratio of 0.73x for 2025, indicating potential for future growth [1]

Investment Rating - The report does not explicitly state an investment rating for Yeahka (9923 HK) Core Insights - Stablecoins are reshaping the global cross-border payment landscape with advantages such as short settlement times, low costs, and resistance to exchange rate fluctuations, making them ideal for various payment scenarios [2][10] - Yeahka has expanded internationally since 2021, obtaining payment licenses in Singapore and the U.S., and launched its cross-border payment brand YeahPay in 2023, achieving an overseas transaction volume of over 1.1 billion RMB in 2024, a nearly 5-fold year-on-year increase [11][12] - The traditional cross-border payment model incurs fees of approximately 3-8% for merchants, while third-party payment platforms like Yeahka generate revenue through diverse models including transaction fees, currency conversion fees, and interest income from deposited funds [12][10] Summary by Sections Section: Stablecoins in Cross-Border Payments - Stablecoins enable peer-to-peer real-time settlement through distributed ledger technology, reducing transaction costs and compressing settlement times to minutes compared to the traditional banking system which relies on the SWIFT network [2][10] Section: Yeahka's Overseas Expansion - Yeahka has successfully launched its cross-border payment brand YeahPay and signed a global strategic cooperation memorandum with Alipay International, marking significant growth in its overseas business [11][12] Section: Existing Payment Industry Model - The revenue model for third-party payment platforms includes transaction fees, currency conversion fees, interest income from overseas payments, and technology output, showcasing a diverse approach to profitability [12][10] Section: Future Business Models for Third-Party Payment Providers - Stablecoins present new business opportunities for acquirers, allowing them to expand into overseas markets and diversify payment scenarios, such as providing one-stop services for merchants [13][14]

2025 年 06 月 30 日 公司研究 评级：买入(维持) | 相对恒生指数表现 | | | 2025/06/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 波司登 | -0.7% | 10.9% | 4.5% | | 恒生指数 | 3.9% | 3.0% | 37.1% | | 市场数据 | | | 2025/06/27 | | 当前价格（港元） | | | 4.46 | | 52 周价格区间（港元） | | | 3.46-5.14 | | 总市值（百万港元） | | | 51,486.84 | | 流通市值（百万港元） | | | 51,486.84 | | 总股本（万股） | | | 1,154,413.45 | | 流通股本（万股） | | | 1,154,413.45 | | 日均成交额（百万港元） | | | 256.03 | | 换手率（%） | | | 0.49 | 相关报告 《波司登（03998）动态点评报告：品牌创新驱动 增长，期待春夏系列表现（买入）*服装家纺*马川 琪，廖小慧》——2025-04-24 证券分析师： 马 ...

上 市 公 司 2025 年 06 月 30 日 中国燃气 (00384) ——毛差稳健提升 自由现金流再创新高 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 06 月 27 日 | | --- | --- | | 收盘价（港币） | 7.35 | | 恒生中国企业指数 | 8762.47 | | 52 周最高/最低（港币） | 8.40/5.78 | | H 股市值（亿港币） | 400.44 | | 流通 H 股（百万股） | 5,448.15 | | 汇率（人民币/港币） | 1.0959 | 一年内股价与基准指数对比走势： -11% 9% 29% 49% HSCEI 中国燃气 资料来源：Bloomberg 公用事业 投资要点： 财务数据及盈利预测 | | 2023/24 | 2024/25 | 2025/26E | 2026/27E | 2027/28E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 81,410 | 79,258 | 78,487 | 75,362 | 76,308 | | 同比增长率（% ...

| 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结3月31日 | 2024 | 2025 | 2026E | 2027E | 2028E | | 收入 (百万港元) | 81,410 | 79,258 | 80,449 | 82,049 | 83,692 | | 同比增长 (%) | -11.5 | -2.6 | 1.5 | 2.0 | 2.0 | | 净利润 (百万港元) | 3,185 | 3,252 | 3,707 | 3,934 | 4,114 | | 每股盈利 (港元) | 0.73 | 0.63 | 0.68 | 0.72 | 0.76 | | 同比增长 (%) | -4.2 | -14.1 | 8.5 | 6.1 | 4.6 | | 前EPS预测值 (港元) | | | 0.74 | 0.79 | | | 调整幅度 (%) | | | -8.5 | -8.0 | | | 市盈率 (倍) | 10.1 | 11.7 | 10.8 | 10.2 | 9.7 | | 每股账面净值 (港元) | 9.92 | 9.89 | 10 ...

证 券 研 究 报 告 美图公司（01357.HK）跟踪点评 推荐（维持） 25H1 亮点多：海外出圈、牵手阿里、AI Agent 上线在即；看好 AI 赋能带动收入和利润稳升 事项： ❖ 6 月 23 日，美图官方表示今年暂不举办美图影像节，希望把精力投入到产研 本身，并表示"近期将上线聚焦影像的美图特色 AI Agent"。公司表示，过去 三届美图影像节共发布了 15 款产品，其中 3 款产品的 ARR（年度经常性收 入）已突破亿元，2 款产品 ARR 过千万。 评论： ❖ 业绩回顾与展望：增长动能强劲，看好 AI 赋能带动收入和利润稳升。2024 年 公司总收入达 33.41 亿元，同比增长 23.9%，收入端核心增长动力来自 AI 技 术持续赋能，推动订阅制产品与广告业务增长。毛利同比增长 38.5%至 22.94 亿元，毛利率提升至 68.7%（上年同期 61.4%），净利润同比大幅提升 120.0% 至 8.06 亿元，经调整净利润同比增长 59.2%至 5.86 亿元。利润端改善主要得 益于高毛利的影像与设计产品占比持续提高，叠加 AI 赋能和成本管控效果显 著。预计 2025H1，公司将继续受 ...