大单品引领品牌势能提升，多品线、品牌储备 巨子生物(2367) ——巨子生物 2024 年报点评 家庭及个人用品 [Table_Industry] 海 外 公 司 | [table_Authors] 訾猛(分析师) | 闫清徽(分析师) | 杨柳(分析师) | | | | --- | --- | --- | --- | --- | | | | | [当前价格 Table_CurPrice] (港元)： | 68.00 | | 021-38676442 | 021-38031651 | 021-38038323 | | | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | [Table_Market] 交易数据 | | | 登记编号 S0880513120002 | S0880522120004 | S0880521120001 | | | 本报告导读： 票 公司 2024 年业绩高增符合预期，受益可复美胶原棒放量、焦点系列等新品爬坡以及 可丽金明星产品增长，公司化妆品业务多款新品储备、关注后续放量节奏。 投资要点： 风险提示：行业失 ...

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 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） | 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 | 执业证书：S0600524 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is significantly driven by transformation and upgrades, leading to substantial growth in earnings, supported by high dividends that indicate a return to value [4] - The company reported a revenue of 15.57 billion HKD in 2024, a year-on-year decrease of 24.13%, while the net profit attributable to shareholders was 2.87 billion HKD, an increase of 51.05% [6] - The company is expected to benefit from the realization of profits from the South China logistics park transformation project, with anticipated tax-adjusted gains of 2.367 billion HKD from land preparation and further potential gains of approximately 8.2 billion HKD from land swaps [6] Financial Performance Summary - Revenue projections for the company are as follows: 20.52 billion HKD in 2023, 15.57 billion HKD in 2024, 15.51 billion HKD in 2025E, 16.40 billion HKD in 2026E, and 17.25 billion HKD in 2027E, with corresponding year-on-year growth rates of 32.2%, -24.1%, -0.4%, 5.7%, and 5.2% [5] - The net profit attributable to shareholders is projected to be 1.90 billion HKD in 2023, 2.87 billion HKD in 2024, 3.64 billion HKD in 2025E, 3.65 billion HKD in 2026E, and 2.80 billion HKD in 2027E, with growth rates of 51.7%, 51.1%, 26.6%, 0.5%, and -23.5% respectively [5] - The company maintains a dividend payout ratio of approximately 50%, with a proposed final dividend of 0.598 HKD per share [6] Market Performance - The toll road business remains stable, while the environmental protection business faces short-term pressure due to impairment provisions [6] - Toll revenue and net profit decreased by 8% and 12% year-on-year, respectively, primarily due to adverse weather and increased free periods for small passenger vehicles during holidays [6] - The environmental protection business reported a revenue decline of 15% year-on-year, leading to a net loss of approximately 683 million HKD [6] Debt and Dividend Structure - The company is optimizing its debt structure, maintaining a 50% dividend payout ratio, which supports a high dividend yield and potential return to value [6] - The company has significantly reduced net exchange losses compared to 2023, with a notable decrease of 528 million HKD [6]

Investment Rating - The report maintains a "Buy" rating for MINISO [4][6] Core Views - MINISO achieved a revenue of 16.994 billion yuan in 2024, representing a year-on-year growth of 22.8%, with an adjusted net profit of 2.721 billion yuan, up 15.4% year-on-year [1] - The company plans to pay a cash dividend of 101 million USD, which is approximately 50% of the adjusted net profit for the six months ending December 31, 2024 [1] - The domestic store expansion is steady, with a net increase of 136 stores in Q4 2024, bringing the total to 4,386 stores, an increase of 460 stores year-on-year [1] - The overseas market continues to grow primarily through direct stores, with a total of 3,118 overseas stores by Q4 2024, an increase of 631 stores year-on-year [2] Summary by Sections Domestic Performance - In Q4 2024, domestic MINISO achieved a revenue of 2.297 billion yuan, a year-on-year increase of 6.5% [1] - Same-store sales faced pressure, with a year-on-year decline of 4.62% in Q4 [1] Overseas Performance - Overseas revenue reached 2.132 billion yuan in Q4 2024, a year-on-year increase of 42.7% [2] - Direct store and partner store growth rates were 65.5% and 17.4%, respectively [2] Profitability and Costs - The gross margin reached a historical high of 47% in Q4 2024, up 3.9 percentage points year-on-year [3] - Selling, administrative, and financial expense ratios increased to 21.24%, 5.87%, and 0.34%, respectively, due to accelerated direct store expansion [3] Financial Projections - Revenue projections for 2025-2027 are 20.905 billion, 24.628 billion, and 28.244 billion yuan, respectively, with corresponding net profits of 3.057 billion, 3.747 billion, and 4.411 billion yuan [4][5] - The estimated P/E ratios for 2025-2027 are 13.8, 11.3, and 9.6 times, respectively [4][5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for its stock performance in the near future [4][6]. Core Insights - The company is experiencing a short-term profit pressure due to channel optimization, with a projected revenue of 6.589 billion and a net profit of 474 million for 2024, reflecting year-on-year declines of 5% and 43% respectively [1][4]. - The company is positioned as a leading player in the domestic mid-to-high-end women's fashion market, with expectations for sustained long-term growth driven by product efficiency improvements and store expansion [4]. - The brand performance is varied, with La Koradior showing stable growth while other brands like NAERSI and NEXY.CO remain relatively stable amidst a fluctuating consumer environment [2][3]. Financial Performance Summary - For 2024, the company's revenue and net profit are projected at 6.589 billion and 474 million respectively, with year-on-year changes of -5% and -43% [1][5]. - The gross profit margin is expected to increase by 1.1 percentage points to 76.4% in 2024, while the net profit margin is projected to decrease by 4.9 percentage points to 7.2% [1]. - The company anticipates a dividend payout ratio of approximately 53% for 2024, translating to a dividend yield of about 4.9% based on the closing price on March 26, 2025 [1]. Brand and Channel Performance - The company operates eight high-end women's fashion brands, with varying performance: Koradior's revenue is expected to decline by 10% to 2.16 billion, while NEXY.CO is projected to grow by 1% to 1.01 billion [2]. - The revenue breakdown by channel for 2024 shows direct sales at 5.17 billion, franchise sales at 290 million, and e-commerce at 1.13 billion, with respective year-on-year changes of -7%, -25%, and +17% [3]. - The company is focusing on optimizing its channel structure, which is expected to enhance store efficiency in the medium to long term [3].

证券研究报告 百融云-W (6608 HK) 24 年利润波动，营销和研发投入加大 2024 年 BaaS 金融云/BaaS 保险云录得收入 14.1/5.9 亿元（同比： +19/-3%）。BaaS 保险行业云新单/续期保费规模为 36/18 亿元（同比： +86/+31%）。新单/续期保单服务费率降至 13/5.5%（2023：26/7%），我们 认为服务费率降低或主要受"报行合一"政策的影响。相比 2023 年全年的 同比增长 93%，24 年金融云的收入增速放缓，可能受到信贷需求偏弱的影 响。随着未来持续的业务投入和技术升级带来的产品力提升，我们认为 BaaS 业务的市场份额有望进一步增长。 盈利预测与估值 我们预计公司将在未来大幅提升营销和研发投入，盈利或受影响，下调 25/26/27 年归母净利润预测至 2.44/3.96/6.06 亿（幅度：-52.5/-47.0%/-）， 下调目标价至 13.1 港币（前值：16.1 港币），考虑到公司已逐渐从此前专 注于风控的数据服务商向 AI 服务商转型，我们调整估值方法为 DCF 估值法 （权益成本：8%）（此前为可比估值法；2024E 20x PE）。 ...

房地产/房地产开发 华润置地（01109.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) | 25.850 | | 一年最高最低(港元) | 33.700/18.560 | | 总市值(亿港元) | 1,843.35 | | 流通市值(亿港元) | 1,843.35 | | 总股本(亿股) | 71.31 | | 流通港股(亿股) | 71.31 | | 近 3 个月换手率(%) | 15.89 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 华润置地 恒生指数 相关研究报告 《长风万里稳行舟，多元驱动占鳌头 —港股公司首次覆盖报告》-2025.3.4 结转业绩稳健，经常性利润贡献过百亿 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kys ...

Investment Rating - The report upgrades the investment rating of Horizon Robotics-W (09660.HK) to "Buy" [1] Core Views - The company achieved a revenue of 2.384 billion yuan in 2024, representing a year-on-year growth of 53.6%, and a net profit of 2.347 billion yuan, marking a turnaround from losses, primarily due to a 4.68 billion yuan contribution from the fair value changes of preferred shares and other financial liabilities [7] - The J6 series has been fully launched, with ongoing partnerships with over 20 OEM brands, which is expected to support long-term growth [7] - The company has a leading market share in the Chinese OEM ADAS/OEM AD market, with a market share of over 40% and 30% respectively [7] Financial Summary - Total revenue projections for 2025 and 2026 have been raised to 3.66 billion yuan and 5.37 billion yuan respectively, with a forecasted revenue of 8.05 billion yuan for 2027 [7] - The company’s gross margin improved, with product solution revenue increasing by 31.2% and service revenue by 70.9% in 2024 [7] - R&D expenses increased by 33.4% to 3.16 billion yuan in 2024, reflecting a focus on enhancing technological capabilities [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is expected to focus on long-term quality growth while actively managing inventory levels, leading to a projected revenue of 70.67 billion yuan for 2024, with a slight increase of 0.5% year-on-year [1]. - The company anticipates a challenging second half of 2024, with revenues expected to decline by 16.5% to 29.34 billion yuan, driven by a decrease in sales volume and a slight increase in price per ton [1][2]. - The company is strategically simplifying its product lines, particularly in the high-end segment, to stabilize market prices and ensure long-term development [2]. Revenue and Profitability - For 2024H2, the company expects a revenue of 29.34 billion yuan, with a year-on-year decline of 16.5%, and a net profit of 5.72 billion yuan, down 22.9% [1]. - The gross margin improved slightly to 58.44%, up 0.26 percentage points year-on-year, attributed to the release of self-owned production capacity and a focus on high-margin products [3]. - Adjusted net profit margin decreased to 22.44%, down 0.92 percentage points, primarily due to increased management expenses related to depreciation and amortization [3]. Strategic Focus - The company is focusing on a dual-channel growth strategy, enhancing its presence in key markets while optimizing its organizational structure to support high-end product development [2][4]. - The company plans to adjust its product offerings to emphasize mid-range and high-end price points, aiming to capture changing consumer demands [4]. - The company has increased its number of distribution partners and retail outlets, indicating a commitment to expanding its market reach [2]. Financial Forecast - The revenue forecast for 2025-2027 has been adjusted downwards, with expected revenues of 73.28 billion yuan, 81.00 billion yuan, and 87.86 billion yuan respectively, reflecting the ongoing industry adjustment [4]. - The projected net profits for the same period are 15.25 billion yuan, 18.20 billion yuan, and 23.05 billion yuan, with corresponding price-to-earnings ratios of 14.9, 12.5, and 9.9 [4].

Investment Rating - The report maintains a "Buy" rating for MINISO, reflecting confidence in its growth potential and market position [4][6]. Core Insights - MINISO achieved a revenue of 16.994 billion yuan in 2024, representing a year-on-year growth of 22.8%, with an adjusted net profit of 2.721 billion yuan, up 15.4% year-on-year [1]. - The company plans to pay a cash dividend of 101 million USD, which is approximately 50% of the adjusted net profit for the six months ending December 31, 2024 [1]. - Domestic store expansion continues, with a net increase of 136 stores in Q4 2024, bringing the total to 4,386 stores, although same-store sales showed a decline of 4.62% in Q4 [1]. - Internationally, MINISO's overseas revenue grew by 42.7% year-on-year in Q4 2024, driven by a net increase of 182 stores, with a total of 3,118 overseas stores [2]. Summary by Sections Domestic Performance - In Q4 2024, MINISO's domestic revenue reached 2.297 billion yuan, a 6.5% increase year-on-year, supported by steady store expansion and online sales growth [1]. - The company anticipates stable store openings in 2025, with revenue growth expected from both online business and same-store sales [1]. International Performance - The overseas segment saw a significant revenue increase, with Q4 2024 revenue at 2.132 billion yuan, marking a 42.7% year-on-year growth [2]. - The company operates 3,118 overseas stores, with a focus on direct sales, which showed a growth rate of 65.5% [2]. Financial Metrics - The gross margin reached a record high of 47% in Q4 2024, an increase of 3.9 percentage points year-on-year [3]. - The report projects revenues of 20.905 billion yuan, 24.628 billion yuan, and 28.244 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.057 billion yuan, 3.747 billion yuan, and 4.411 billion yuan [4][5].