上 市 公 司 交通运输 2025 年 08 月 28 日 深圳国际 (00152) ——关注物流园转型升级项目进展，高股息具备吸引力 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 7.58 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 8.26/5.68 | | H 股市值（亿港币） | 185.24 | | 流通 H 股（百万股） | 2,443.74 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -5% 15% 35% 55% HSCEI 深圳国际 资料来源：Bloomberg 相关研究 《深圳国际（00152）深度： 国企优质资 源禀赋，物流园转型升级带来业绩弹性 》 2025/06/21 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 郑逸欢 (8621)2329781 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 3.45 HKD, indicating a potential upside of 25.0% from the recent closing price of 2.76 HKD [6][12]. Core Insights - The company experienced a revenue decline of 9.3% year-on-year in H1 2025, with total revenue reaching 3.75 billion RMB. The gross margin decreased significantly from 70.9% in H1 2024 to 56.0% in H1 2025, primarily due to changes in revenue structure and market competition [1][2]. - The company announced a substantial share buyback plan, committing to repurchase at least 80 million USD (approximately 623 million HKD), which represents about 11% of the total share capital [1][5]. Revenue Breakdown - The core enterprise cloud segment remains the revenue foundation, contributing 2.48 billion RMB, accounting for 66.3% of total revenue. The multi-polar circulation cloud continues to show high growth, with asset processing scale increasing by 54.4% to 133.23 billion RMB and adding 224 new clients [2][3]. - The AMS cloud business faced short-term pressure, with asset processing scale declining by 20.2% to 29.87 billion RMB, influenced by a sluggish supply chain asset securitization market, particularly in the real estate sector [2][3]. Financial Performance - The company reported a net loss attributable to shareholders of 3.80 billion RMB in H1 2025, a year-on-year increase of 57.7%. Adjusted losses (non-IFRS) reached 3.72 billion RMB, a significant increase of 97.4% [1][4]. - Impairment losses rose to 2.70 billion RMB, up 66.5% from 1.62 billion RMB in the same period last year, primarily due to more conservative impairment policies on historical bridge supply chain assets [4][12]. Strategic Outlook - The company plans to focus on three core strategies: "AI + Industrial Finance," strategic acquisitions, and digital assets, aiming to create multiple growth engines. The application of AI technology and the development of digital asset solutions are expected to enhance operational efficiency and address cross-border payment challenges [11][12]. - The company is also optimizing its business structure by divesting non-core assets and concentrating on its primary operations [11][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 120.34 [7][5] Core Insights - The new P7 model was officially launched on August 27, 2025, with a price range of HKD 219,800 to HKD 301,800, and it is expected to significantly boost monthly sales to over 40,000 units from September to December 2025 [2][3] - The company is focusing on a three-pronged strategy involving range extension, smart technology, and robotics, which is anticipated to drive incremental growth [1][5] - The partnership with Volkswagen has deepened, with a strategic agreement signed to expand the development of electronic and electrical architecture, which is expected to enhance revenue opportunities [3][5] Summary by Sections New Product Launch - The new P7 features an 800V high-voltage SiC platform, 5C supercharging AI battery, and a maximum range of 820 km, with a powerful performance of 593 Ps and 0-100 km/h acceleration in 3.7 seconds [2][3] - The design and interior of the P7 are aimed at attracting younger consumers who appreciate performance and innovative design [2] Growth Catalysts - The company plans to launch the X9 range extender version in Q4 2025, which is expected to have a significant competitive advantage with a range of 450 km [3] - The introduction of the VLA model for the P7 and G7 is set to enhance the company's smart technology capabilities, with plans for L4 autonomous vehicles by 2026 [3] Robotics Development - The IRON humanoid robot, designed with 62 degrees of freedom and advanced AI capabilities, has entered factory training and is expected to be showcased at the "Xiaopeng 1024 Technology Day" in 2025 [4][5] Financial Projections - Revenue forecasts for 2025-2027 are set at RMB 85.606 billion, RMB 127.626 billion, and RMB 153.919 billion respectively, with a projected return to profitability in Q4 2025 [5][10] - The report maintains a valuation of 2.1x 2025E PS for the sales business, reflecting a premium over comparable companies [5][14]

[Table_StockNameRptType] 快手-W（01024） 港股公司点评 可灵商业化持续推进，首次宣派特别股息 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-08-28 | | [Table_BaseData] 收盘价（港元） | 76.00 | | --- | --- | | 近 12 个月最高/最低（港元）81.65/37.75 | | | 总股本（百万股） | 4,316 | | 流通股本（百万股） | 3,588 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 3,280 | | 流通市值（亿港元） | 2,727 | [公司价格与恒生指数走势比较 Table_Chart] -16% 15% 46% 77% 108% 8/24 11/24 2/25 5/25 快手-W 恒生指数 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_CompanyReport] 相关报告 1.快手 25Q1 业绩点评：可灵商业化进 程加速，业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance met expectations, with a mid-term dividend increase against the trend [8] - The decline in construction revenue and foreign exchange losses impacted profits, but operational service revenue increased significantly [8] - The company is focusing on refined management, leading to substantial growth in heating supply [8] - The increase in mid-term dividends reflects the company's commitment to enhancing shareholder returns [8] - The potential inclusion of biomass energy utilization in the third batch of CCER is expected to expand profit channels for the company [8] - The company is projected to have a low valuation with high dividend value, maintaining a "Buy" rating [8] Financial Summary - For 2023, the company is expected to generate revenue of 32,495.24 million HKD, with a year-on-year decline of 13.9% [7] - The net profit attributable to shareholders is projected at 4,429.16 million HKD, down 3.8% year-on-year [7] - The earnings per share (EPS) for 2023 is estimated at 0.72 HKD [7] - The company’s return on equity (ROE) is expected to be 9.2% for 2023 [7] - The price-to-earnings (P/E) ratio is projected at 3.52 for 2023 [7] - The company plans to distribute a mid-term dividend of 0.15 HKD per share, an increase from the previous year [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights strong revenue and profit growth for the first half of 2025, with revenue reaching 5.663 billion RMB, a year-on-year increase of 41.2%, and net profit attributable to shareholders at 1.625 billion RMB, up 121.5% year-on-year [7] - The company is experiencing significant scale effects that enhance profitability, with a gross margin of 31.5% and an adjusted net profit margin of 19.2% [7] - The expansion of store locations is progressing steadily, with over 11,179 stores across more than 200 cities in China, marking a 17.5% increase from the previous year [7] - Continuous product innovation is evident, with 52 new products launched in the first half of 2025, including significant advancements in the coffee category [7] - The company is expected to maintain strong growth in net profit for 2025-2027, with projections of 2.232 billion RMB, 2.651 billion RMB, and 3.052 billion RMB respectively, reflecting growth rates of 50.93%, 18.78%, and 15.13% [6][7] Financial Summary - For 2025, the company is projected to achieve a revenue of 10,953 million RMB, with a year-on-year growth rate of 24.59% [6] - The estimated net profit for 2025 is 2,231.52 million RMB, with a significant year-on-year growth of 50.93% [6] - The earnings per share (EPS) is expected to be 0.94 RMB in 2025, increasing to 1.28 RMB by 2027 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the recovery of equipment gross margins has exceeded expectations, and the overall performance of the complete machine is expected to continue improving [5][7] - The company has shown significant revenue growth in wind power equipment, with a notable improvement in gross margins [7] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 28.54 billion RMB, representing a year-on-year increase of 41.3%, and a net profit attributable to shareholders of 1.49 billion RMB, up 7.3% year-on-year [7] - Wind power equipment revenue grew by 71.2% year-on-year, with total delivery capacity reaching 10.64 GW, a 106.6% increase [7] - The gross margin for the wind power equipment segment reached 7.97%, a significant increase of 4.22 percentage points compared to the same period last year [7] - As of June 30, the company had external orders totaling 51.8 GW, including 7.4 GW from overseas [7] Earnings Forecast and Valuation - The company’s revenue forecast for 2025-2027 has been revised upwards to 26.6 billion RMB, 38.5 billion RMB, and 44.7 billion RMB respectively, with year-on-year growth rates of 43%, 45%, and 16% [7][8] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 13, 9, and 8 for the years 2025, 2026, and 2027 respectively [7]

2025 年 08 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 方博云 S0350521120002 | | | | fangby@ghzq.com.cn | | 联系人 | ： | 肖江洁 S0350125050005 | | | | xiaojj@ghzq.com.cn | [Table_Title] 净利润同比大幅扭亏为盈，主业+并购双轨并进 ——中国儒意（00136）2025 年半年报点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/27 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 中国儒意 | -13.8% | 33.5% | 34.7% | | 恒生指数 | -0.7% | 7.8% | 41.0% | | 市场数据 | | 2025/08/27 | | | 当前价格（港元） | | | 2.87 | | ...

Investment Rating - The investment rating for the company is "Recommended" [1][4][7] Core Views - The company has shown steady performance in revenue with a year-on-year increase of 15.3% in the first half of 2025, reaching 14.97 billion yuan, and a net profit increase of 8.4% to 3.18 billion yuan [4][7] - The company is focusing on market expansion, capacity optimization, and institutional improvement to navigate the complex operating environment [7] - The projected net profits for 2025 and 2026 have been revised upwards to 6.74 billion yuan and 7.45 billion yuan respectively, with a new forecast for 2027 set at 8.14 billion yuan [7] Financial Summary - Revenue and Profit Forecasts: - 2025E revenue is projected at 31.91 billion yuan, with a year-on-year growth of 11.3% [6][10] - Net profit for 2025E is estimated at 6.74 billion yuan, reflecting a growth of 7.9% [6][10] - Key Financial Ratios: - Gross margin is expected to be 28.2% in 2025E, with a net margin of 21.1% [10] - Return on equity (ROE) is projected to be 19.7% in 2025E [10] - Earnings Per Share (EPS): - The diluted EPS for 2025E is forecasted at 4.48 yuan [10] Revenue Breakdown - In the first half of 2025, the revenue composition is as follows: - Sports products accounted for 67.7% of total revenue, with a year-on-year growth of 9.9% - Casual wear contributed 25.3% with a significant increase of 37.4% - Underwear represented 6.3% with a growth of 4.1% [7] Geographic Revenue Distribution - Revenue by region in the first half of 2025: - Europe: 20.2% of total revenue, up 19.9% year-on-year - Americas: 17.1%, with a growth of 35.8% - Japan: 16.7%, increasing by 18.1% [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][40]. Core Views - The company is expected to achieve double-digit growth in both revenue and core profit in the first half of 2025, driven by its brand matrix [1][7]. - The management remains confident in the company's development and has updated the guidance for 2025, indicating continued growth potential [3][37]. - The acquisition of JACK WOLFSKIN is expected to enhance the outdoor brand matrix and contribute positively to future growth [30]. Revenue and Profitability - In the first half of 2025, the company's revenue increased by 14.3% year-on-year to 38.54 billion RMB, while the net profit attributable to shareholders rose by 14.5% to 7.03 billion RMB [1][7]. - The revenue breakdown by brand shows Anta at 16.95 billion RMB (up 5.4%), FILA at 14.18 billion RMB (up 8.6%), and other brands at 7.41 billion RMB (up 61.1%) [2][7]. - The overall gross margin decreased by 0.7 percentage points to 63.4%, while the operating profit margin improved by 0.6 percentage points to 26.3% due to effective cost control [1][8]. Brand Performance - Anta brand's revenue growth is attributed to refined operations and a push for globalization, with a gross margin of 54.9% [25]. - FILA brand focuses on high-end sports fashion and professional breakthroughs, achieving a revenue of 14.18 billion RMB with a gross margin of 68.0% [29]. - Other brands, including DESCENTE and KOLON SPORT, saw significant growth, with a revenue increase of 61.1% and a gross margin of 73.9% [30]. Financial Forecasts - The company forecasts net profits of 13.48 billion RMB, 15.46 billion RMB, and 17.36 billion RMB for 2025, 2026, and 2027 respectively, with corresponding growth rates of 13.0%, 14.6%, and 12.3% [3][40]. - The reasonable valuation has been adjusted to 119-124 HKD, corresponding to a PE ratio of 23-24x for 2025 [3][40]. Cash Flow and Financial Health - The net cash position is reported at 31.54 billion RMB, indicating a strong financial condition [1][22]. - The company declared an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2% [1][22].