Investment Rating - The report maintains a "Buy" rating for Huaneng International Power Co., Ltd. with a target price of HKD 5.45 [7][4]. Core Views - The company's 2024 revenue is expected to decrease by 3.5% year-on-year to RMB 245.55 billion, while equity profit is projected to increase by 21.9% to RMB 10.185 billion, slightly below expectations due to higher domestic coal power costs in Q4 2024 [1][2]. - The company plans to add 9.42 GW of new renewable energy capacity in 2024 and aims for an additional 10 GW in 2025, which is expected to drive sustainable growth [1][3]. - The dividend for 2024 is set at RMB 0.27 per share, with a payout ratio of 58.78%, resulting in a dividend yield of 6.4% based on the closing price on March 26 [1][4]. Financial Performance Summary - In 2024, the total profit from domestic coal power is expected to recover to 1.9 cents per kWh, despite a decrease in the tax-inclusive electricity price by 1.09 cents per kWh [2]. - The company’s total profit from wind and solar projects in 2024 is projected to be RMB 94.97 billion, slightly above the forecast of RMB 84.26 billion [3]. - The report forecasts a decrease in the electricity price for thermal power by 3.9% and 4.0% for 2025 and 2026, respectively, leading to a downward adjustment of equity profit for 2025 and 2026 [4][6]. Valuation Metrics - The report estimates the company's 2025 book value per share (BPS) to be RMB 4.57, with a price-to-book (PB) ratio of 1.1x based on 2025 estimates, which is higher than its historical average [4][6]. - The expected earnings per share (EPS) for 2024 is RMB 0.65, with a projected increase to RMB 0.79 in 2025 [6][21].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The beverage industry is experiencing steady growth, with the ready-to-drink beverage segment showing significant potential for expansion, particularly in the ready-to-drink tea market, which is expected to reach a scale of 312.7 billion yuan by 2024, with a compound annual growth rate (CAGR) of 17.3% from 2023 to 2028 [1][16]. - The company, as a leading player in the ready-to-drink tea sector, has a strong market position due to its high cost-performance ratio and extensive store coverage, with over 45,000 stores nationwide [2][3]. - The company is also expanding into the ready-to-drink coffee market, with its brand "Luckin Coffee" expected to capture a larger share in lower-tier markets [1][3]. Summary by Sections Industry Overview - The ready-to-drink beverage market is projected to grow significantly, with ready-to-drink tea accounting for 50% of the segment, and the overall beverage market expected to reach 1.6 trillion yuan by 2024 [16][17]. - The market is transitioning from a fragmented structure to a more concentrated one, with the company being the absolute leader in the affordable ready-to-drink tea segment [22][23]. Company Positioning - The company has a stable ownership structure, with the founders holding over 80% of the shares, ensuring strong control and management continuity [2][33]. - The company has been in a rapid expansion phase since 2020, with a significant increase in store numbers, particularly in lower-tier cities, where it has achieved a coverage rate of 56.31% in third to fifth-tier cities [2][47]. Financial Performance - The company reported total revenue of 186.6 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 21%, with a net profit of 34.9 billion yuan, up 45% year-on-year [2][50]. - Revenue projections for 2024-2026 are estimated at 242.38 billion yuan, 285.87 billion yuan, and 324.60 billion yuan, respectively, with net profits expected to reach 40.34 billion yuan, 50.59 billion yuan, and 58.88 billion yuan [4][5]. Growth Potential - The company anticipates that the number of domestic stores could exceed 50,000 in the medium term, with potential maximum store numbers reaching between 60,000 to 80,000 [3][4]. - The ready-to-drink coffee segment is also seen as a significant growth opportunity, with "Luckin Coffee" positioned to benefit from the expanding coffee consumption market [3][28]. Valuation - The report suggests a target price of 431.42 HKD for the stock, based on a valuation of 30 times earnings for 2025, indicating a favorable investment outlook [4][6].

纺织服饰/纺织制造 申洲国际（02313.HK） 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 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 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | -- ...

上 市 公 司 纺织服饰 买入（维持） | 市场数据： | 2025 年 03 月 26 日 | | --- | --- | | 收盘价（港币） | 62.30 | | 恒生中国企业指数 | 8654.26 | | 52 周最高/最低（港币） | 86.90/54.80 | | H 股市值（亿港币） | 936.51 | | 流通 H 股（百万股） | 1,503.22 | | 汇率（人民币/港币） | 1.0836 | 一年内股价与基准指数对比走势： -13% 37% 87% HSCEI 申洲国际 资料来源：Bloomberg 证券分析师 2025 年 03 月 27 日 申洲国际 (02313) ——穿越周期又上台阶，24 年营收净利均创历史新高 报告原因：有业绩公布需要点评 请务必仔细阅读正文之后的各项信息披露与声明 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com 本研究报告仅通过邮件提供给 中庚 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Pop Mart International [2][9][15] Core Views - The company achieved record revenue and profit, with revenue expected to approach RMB 100 billion [1][3] - The company is projected to continue strong growth, with revenue expected to exceed RMB 200 billion in 2025, driven by both domestic and international markets [3][9] Financial Performance Summary - For the fiscal year 2024, revenue reached RMB 13.04 billion, a 107% year-on-year increase, with a gross profit margin of 66.8%, up 5.5 percentage points [3][14] - Adjusted net profit for 2024 was RMB 3.4 billion, reflecting a 186% year-on-year growth, with an adjusted net profit margin of 26.1% [3][14] - The company expects revenue for 2025 to be RMB 22.1 billion, a 69% increase year-on-year, and adjusted net profit to reach RMB 6.3 billion, an 86% increase [9][15] Domestic Business Summary - Domestic revenue was RMB 7.97 billion, up 52% year-on-year, with significant growth in both offline and online channels [4][14] - The number of retail stores increased to 401, with a net addition of 38 stores [4][14] - Online sales grew by 77%, driven by increased customer engagement across various platforms [4][14] International Business Summary - International revenue surged to RMB 5.07 billion, a 375% increase year-on-year, with overseas revenue accounting for 39% of total revenue [5][14] - The company expanded its international presence, adding 50 retail stores and entering new markets including Vietnam, Indonesia, and Italy [5][14] - The gross profit margin for international operations was 71.3%, exceeding domestic levels [5][14] IP Development and Membership Growth - The company reported strong performance from its IPs, with revenue from major IPs exceeding RMB 1 billion each [7][14] - Membership numbers reached 46.08 million, a 34% increase year-on-year, contributing significantly to sales [7][14] Theme Park Business Summary - The theme park segment exceeded expectations in revenue and profitability, attracting a diverse visitor demographic [8][14] - The company plans to upgrade two-thirds of the park's area and initiate a second phase of construction by 2026 [8][14] Profitability and Valuation - The report projects adjusted net profit margins to improve to 28.6% in 2025 and 30.9% by 2027 [9][15] - The target price for the stock is set at HKD 158.2, based on a 30x PE valuation for FY25 [9][15]

[Table_Title] 证券研究报告 / 港股公司报告 业绩短期承压，2025 年包装水复苏展望积极 事件： [Table_Summary] 公司于 2025 年 3 月 25 日发布 2024 年度报告，2024 年公司实现营收 428.96 亿元，同比增长 0.5%，归母净利 121.23 亿元，同比增长 0.4%； 其中 2024H2 实现营收 207.23 亿元，同比减少 6.7%；归母净利润 58.84 亿元，同比减少 6.7%。 点评： 2024H2 包装水业务进一步下滑，2025 年恢复性增长与盈利提升展望积 极。2024H2 公司包装水营收 74.22 亿元，同比减少 24.4%，相比上半年 下滑幅度有所加大，主要系舆论的持续影响，且公司于 4 月份推出纯净 水产品后加大促销投入以应对市场份额下滑。从实际结果看，尽管报表 端包装水业务营收下滑，但公司产品在零售市场的份额逐步修复。展望 2025 年，包装水行业价格战激烈程度预计有所下降，调整红绿瓶的结构 占比后，公司包装水有望在低基数下实现较快的恢复性增长，规模效应 恢复叠加促销费用等投入压力缓解，包装水的盈利能力将得到增强。 2024H2 ...

Investment Rating - The report maintains a "Buy" rating for Haidilao (6862.HK) with a current price of HKD 17.62 [1] Core Insights - Haidilao's 2024 annual report shows a revenue of HKD 427.5 billion, a year-on-year increase of 3.1%, and a net profit of HKD 47.1 billion, up 4.6% year-on-year. In the second half of 2024, revenue was HKD 212.6 billion, down 5.8% year-on-year, while net profit was HKD 26.7 billion, up 19.1% year-on-year [4][5] Summary by Sections Financial Performance - In 2024, Haidilao's restaurant operations, takeaway business, seasoning products, and other sales generated revenues of HKD 403.98 billion, HKD 12.54 billion, HKD 5.75 billion, and HKD 4.83 billion respectively, with year-on-year growth rates of 2.9%, 20.4%, -27.1%, and 39.6% [5] - The overall table turnover rate improved to 4.1 times per day in 2024, up from 3.8 times per day in 2023 [6] - The overall customer unit price for 2024 was HKD 97.5, slightly down from HKD 99.1 in 2023, but the second half of 2024 saw a recovery in unit price [6] Cost Structure - In the second half of 2024, the net profit margin improved to 12.6%, up 2.6 percentage points year-on-year, primarily due to a decrease in raw material costs, which accounted for 36.8% of revenue [6] - For the full year 2024, raw material costs accounted for 37.9% of revenue, down 3.0 percentage points year-on-year [7] Strategic Initiatives - Haidilao launched the "Pomegranate Plan," which includes 11 sub-brands, aiming to diversify its offerings and enhance customer engagement [8] - The company plans to increase the number of main brand stores (including franchises) in 2025, focusing on third-tier cities and below [9] Profit Forecast and Valuation - The net profit forecasts for Haidilao are adjusted to HKD 53.55 billion and HKD 59.71 billion for 2025 and 2026 respectively, with an introduction of a 2027 forecast of HKD 65.15 billion [9] - The current stock price corresponds to a 2025 P/E ratio of 17x, indicating a mature single-store model and strong brand momentum [9]

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 | 执业证书：S0600524090002 guy@dw ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 42.75 billion yuan in 2024, a year-on-year increase of 3.1%, and a net profit of 4.71 billion yuan, up 4.6% year-on-year. In the second half of 2024, revenue was 21.26 billion yuan, down 5.8% year-on-year, while net profit increased by 19.1% to 2.67 billion yuan [4][5] - The overall table turnover rate improved to 4.1 times per day in 2024, compared to 3.8 times in 2023, indicating enhanced operational efficiency [6] - The company launched the "Pomegranate Plan," which includes 11 new restaurant brands, contributing to revenue diversification and growth [8] Revenue and Profit Structure - In 2024, the revenue breakdown was as follows: restaurant operations generated 40.398 billion yuan, delivery services 1.254 billion yuan, seasoning products and other sales 0.575 billion yuan, and other restaurant operations 0.483 billion yuan [5] - The company experienced a net decrease of 6 stores in 2024, ending the year with 1,368 locations [5] Cost Structure and Profitability - In the second half of 2024, the cost of raw materials accounted for 36.8% of revenue, down 4.2 percentage points year-on-year, contributing to an improved net profit margin of 12.6%, up 2.6 percentage points year-on-year [6][7] - The overall net profit margin for 2024 was 11.0%, reflecting a slight increase of 0.2 percentage points year-on-year [7] Future Outlook - The company plans to achieve a mid-single-digit growth in the number of new stores in 2025, focusing on expansion in lower-tier cities [9] - The successful operation of the "Pomegranate Plan" and the expansion of the "Flame Grilled Meat Shop" brand are expected to drive further revenue growth [9] Financial Projections - The projected net profit for 2025 is 5.355 billion yuan, with an expected growth rate of 13.7% [10] - The earnings per share (EPS) for 2025 is estimated at 0.96 yuan, with a price-to-earnings (P/E) ratio of 17x based on the current stock price [9][10]

第三方稳健增长，股东回报可观 消费品/食品饮料 24 年公司营收/归母净利润分别实现 65.4/7.4 亿，同比 +6.4%/-13.3%，公司 收入端第三方业务实现反弹带动增长，但关联方业务受需求及价格影响对业绩 有所拖累。利润端受公司促销加大、关联方价格调整等因素影响下滑。H2 公司 收入/归母净利润分别实现 36.1/4.3 亿，同比+2.3%/-12.9%。25 年看，第三方 业务随着渠道精耕及新品研发等战略落地，有望保持增长势头，关联方业务仍 有压力期待改善。此外，公司加大对于 B 端及海外市场的拓展力度，寻求增量 贡献。同时，公司短期无重大资本开支，分红率有望维持高位，股东回报可观。 当前行业格局已逐步稳定，虽然复苏期竞争仍激烈，但公司品牌优势领先，产 品及渠道不断完善，未来渗透市场提升份额仍有空间。我们给予 25-27 年 EPS 预期为 0.78、0.86、0.96 元，对应 25 年估值 17X，维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：NA 当前股价：14.36 港元 基础数据 | 总股本（百万股） | 1037 | | --- | --- | | 香港股（百万股） | 1037 ...