证券研究报告 光大环境 (257 HK) 港股通 自由现金流转正，DPS 和派息比例双增 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 27 日│中国香港 | 废物管理 | 光大环境发布年报，2024 年实现营收 302.58 亿港币（yoy-5.71%），归母 净利 33.77 亿元（yoy-23.75%），低于华泰预期（38.09 亿港币），主要原因 系建造服务收入下降和危废业务减值大于预期。近年来，公司投运产能增加， 运营收入占比持续提升，由 2020 年 32%提升至 2024 年 64%，建造服务收 入占比由 2020 年 59%下降至 2024 年 19%。自 2003 年以来自由现金流首 次转正并达到 40.4 亿人民币，DPS 和派息比例双增，体现环保运营资产的 稳健回报属性。我们认为公司自由现金流仍有提升空间，维持"买入"评级。 生活垃圾量和发电量均保持增长 2024 年公司生活垃圾处理量约 5,600 万吨（yoy+7%），垃圾发电项目综合 厂用电率约 15.4%，垃圾发电入厂吨发突破 400 度，入炉吨发 461 千瓦时， 较 ...

丨证券研究报告丨 港股研究丨公司点评丨光大环境（0257.HK） [Table_Title] 光大环境 2024 业绩点评：减值拖累业绩，每股 股息有所提升 报告要点 [Table_Summary] 光大环境发布 2024 年业绩，公司实现收入 302.58 亿港币，同比下降 6%，归母净利润 33.77 亿港币，同比下降 24%；全年每股股息 23.0 港仙，2023 年同期为 22.0 港仙。运营业务稳定 增长：2024 年生活垃圾处理量同比增长 7%，上网电量同比增长 8%。公司计划 2024 年全年 派息 23 港仙，派息比率提升 11.3pct 至 41.8%，未来仍存进一步提升股息的预期。 分析师及联系人 [Table_Author] SFC：BUV415 SFC：BUZ393 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 光大环境（0257.HK） cjzqdt1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for 2024 reached HKD 105.3 billion, representing a year-on-year increase of 1.9%, while the net profit attributable to shareholders was HKD 14.39 billion, up 30.8% year-on-year [5][7] - The improvement in net profit is primarily attributed to better performance in thermal power and a significant reduction in asset impairment losses [7] - The company plans to add 10 GW of new renewable energy capacity in 2025, following the addition of 7.8 GW in 2024 [7] Financial Performance - In the second half of 2024, the company achieved revenue of HKD 54.16 billion, a year-on-year increase of 4.5%, with a net profit of HKD 5.03 billion, up 17.9% [5] - The operating net profit from thermal power was HKD 4.64 billion, a year-on-year increase of 28.5%, driven by a 4.2% decrease in fuel costs due to falling coal prices [7] - The company reported a significant reduction in asset impairment losses, down HKD 2.17 billion to HKD 0.58 billion in 2024 [7] Renewable Energy Segment - The operating net profit from renewable energy was HKD 9.23 billion, a decrease of 5.1% year-on-year, with a net profit of HKD 3.67 billion in the second half of 2024, down 2.6% [7] - The company achieved a total of 13.6 GW in renewable energy development indicators, with wind and solar power accounting for 7.7 GW and 5.9 GW, respectively [7] Future Projections - The company expects revenues of HKD 107.1 billion, HKD 114.0 billion, and HKD 118.1 billion for 2025, 2026, and 2027, respectively, with net profits projected at HKD 14.44 billion, HKD 15.05 billion, and HKD 15.53 billion [9][10] - The projected P/E ratios for the next three years are 6.25, 6.00, and 5.81, indicating a stable outlook for earnings [10]

纺织服饰/纺织制造 申洲国际（02313.HK） 2025 年 03 月 27 日 投资评级：买入（维持） | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 62.300 | | 一年最高最低(港元) | 86.900/54.800 | | 总市值(亿港元) | 936.51 | | 流通市值(亿港元) | 936.51 | | 总股本(亿股) | 15.03 | | 流通港股(亿股) | 15.03 | | 近 3 个月换手率(%) | 23.55 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 申洲国际 恒生指数 相关研究报告 《2024H1 量增亮眼单价承压，毛利率 修复超预期—港股公司信息更新报 告》-2024.8.30 《全年毛利率逐季改善，期待 2024 年 盈利能力再向上—港股公司信息更新 报告》-2024.3.29 毛利率修复下核心利润亮眼，海外持续扩产提效 ——港股公司信息更新报告 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | -- ...

Investment Rating - The report maintains a BUY rating for Haidilao and raises the target price to HK$ 20.20, based on an 18x FY25E P/E, up from 16x due to faster expansion and sector re-rating [1][13]. Core Insights - FY24 results showed a small beat primarily driven by robust gross profit margin expansion, with sales increasing by 3% YoY to RMB 42.8 billion, although this was below estimates due to greater-than-expected store closures [1][13]. - The company is expected to experience a mild turnaround in FY25E, supported by potential store expansion acceleration and margin improvements, despite stable same-store sales growth (SSSG) [1][10]. - The "Red Guava" project aims to encourage current store managers to open new restaurants under different brands, with 74 stores already established under 11 new brands as of FY24 [10]. Financial Summary - Revenue is projected to grow from RMB 42,755 million in FY24 to RMB 44,607 million in FY25, reflecting a 4.3% YoY growth [2][15]. - Net profit is expected to increase from RMB 4,700 million in FY24 to RMB 5,213 million in FY25, indicating a 10.3% YoY growth [2][15]. - The gross profit margin is anticipated to remain stable at 62.1% for FY25, supported by improved supply chain capabilities and better input costs [11][16]. Store Expansion and Management - Haidilao opened 59 self-owned stores and 3 franchise stores in FY24, resulting in a net decrease of 19 stores due to 70 closures [10]. - For FY25E, the company expects a net increase of approximately 40 stores, equivalent to about 3% YoY growth, with management estimating around 60-70 new openings [10]. - The adoption of multi-store management and digitalization is expected to enhance operational efficiency and staff productivity [10][11]. Earnings Revision - The FY25E net profit forecast has been cut by 10% to RMB 5,192 million, reflecting greater-than-expected store closures and a more conservative outlook on SSSG [11][13]. - The report indicates a significant improvement in gross profit margin, which is expected to positively impact overall profitability [11][13].

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 昆仑能源（00135.HK） 2024 年年度业绩点评：零售气量高增，分红 比例持续提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 177726 | 187046 | 197606 | 208679 | 219534 | | 同比(%) | 3.16 | 5.24 | 5.65 | 5.60 | 5.20 | | 归母净利润（百万元） | 5682 | 5960 | 6147 | 6469 | 6796 | | 同比(%) | 8.68 | 4.89 | 3.14 | 5.24 | 5.05 | | EPS-最新摊薄（元/股） | 0.66 | 0.69 | 0.71 | 0.75 | 0.78 | | P/E（现价&最新摊薄） | 10.99 | 10.48 | 10.16 | 9.65 | 9.19 | [Table_Tag] [投资要点 Table_Su ...

证券研究报告·海外公司点评·食物饮品(HS) 颐海国际（01579.HK） 2024 年业绩公告点评：第三方保持稳健，关 联方有望修复 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6156 | 6540 | 7243 | 7964 | 8638 | | 同比(%) | (0.11) | 6.24 | 10.76 | 9.96 | 8.46 | | 归母净利润（百万元） | 852.70 | 739.43 | 884.67 | 988.50 | 1,087.89 | | 同比(%) | 14.92 | (13.28) | 19.64 | 11.74 | 10.05 | | EPS-最新摊薄（元/股） | 0.82 | 0.71 | 0.85 | 0.95 | 1.05 | | P/E（现价&最新摊薄） | 15.81 | 18.23 | 15.24 | 13.64 | 12.39 | [Table_Tag] [Table_S ...