渠道优化顺利，短期利润承压，期待后续修复 2024 年公司收入 65.89 亿元/净利润 4.74 亿元，同比分别-5%/-43%。1） 2024 年：公司收入/净利润分别为 65.89/4.74 亿元，同比分别-5%/-43%。2） 2024H2：公司收入/净利润分别为 32.7/1.9 亿元，同比分别-9%/-51%，零售承压 背景下，我们判断负向经营杠杆使得公司短期盈利表现下降。3）盈利质量方面： 2024 年公司毛利率同比+1.1pct 至 76.4%；销售费用率同比+4.3pct 至 59.0%， 主要系店铺升级及广告营销推广费用提升综合所致；管理费用率同比+1.5pct 至 10.3%，主要系股份奖励开支增加；综合以上，2024 年公司净利率同比-4.9pct 至 7.2%。4）公司 2024 年合计股利支付率约为 53%，以 2025 年 3 月 26 日收盘价 计算的股息率约为 4.9%。 品牌表现分化，La Koradior 稳健成长，NAERSI、NEXY.CO 相对稳定。公司旗 下八大高端女装客群定位与价格带互补，充分参与市场竞争，短期消费环境波动， 品牌表现分化，分品牌来看：①2024 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][30]. Core Views - The company reported a 2024 EPS of RMB 0.47, a 47% year-on-year increase, driven by strong performance in equity investments, exceeding the expected RMB 0.40 [1][6]. - The total investment return rate for 2024 improved by 0.9 percentage points to 4.3%, contributing to the better-than-expected performance [1]. - The new business value (NBV) for life insurance increased by 88% year-on-year on a comparable basis, indicating robust growth [2][6]. - The comprehensive cost ratio (COR) for property insurance was 99.7%, up 1 percentage point, reflecting a deterioration in underwriting performance [3][6]. - The company's net assets increased by 3% year-on-year, showing stability despite some impact from asset-liability mismatches [4][6]. - The report projects a 16% year-on-year increase in NBV for 2025, supported by expectations of continued improvement in NBV margins [2]. Summary by Sections Earnings Performance - The company achieved a total investment income of RMB 22.676 billion in 2024, a 48.77% increase from the previous year [5][19]. - The net profit attributable to shareholders for 2024 was RMB 5.449 billion, a 45.77% increase year-on-year [5][19]. Insurance Business - The life insurance new business value (NBV) margin improved by 11 percentage points to 22% on a comparable basis, driven by pricing adjustments [2]. - The property insurance premium income grew by 8% year-on-year, with non-auto insurance driving the growth at 17% [3]. Financial Metrics - The company’s return on equity (ROE) for 2024 was 8.9%, an increase of 2.7 percentage points from the previous year, with expectations of reaching 9% in 2025 [4][5]. - The dividend per share (DPS) for 2024 was RMB 0.19, a slight increase from RMB 0.18 in 2023, with a dividend payout ratio reduced to 40% [4][5]. Valuation - The target price is set at HKD 4.60 based on a discounted cash flow (DCF) method, reflecting adjustments in the risk-free rate assumptions [5][6]. - The report anticipates EPS for 2025 to be RMB 0.47, maintaining a stable outlook for the company's earnings [5].

港股通 智驾平权开启，激光雷达开拓市场 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国香港 | 其他电子 | 近期，多个品牌召开智驾战略会，包括零跑、吉利"千里浩瀚"、广汽"星 灵智行"、奇瑞"猎鹰智驾"等，我们看到：（1）激光雷达搭载车型最低价 格已至 12.98 万元。（2）对标 L3 级别车型有望在今年陆续落地，极氪 9X 拟搭载 5 颗激光雷达，行业需求在快速增长。此外在机器人领域，速腾宣布 与 Coco Robotics、小马智行、白犀牛、酷哇等客户的合作，涉及割草机、 物流、Robotaxi、无人叉车等多个领域。我们看好公司深度受益智能汽车+ 机器人需求共振，带来收入高成长性，维持"买入"评级。 智驾平权推动激光雷达渗透率提升 速腾搭载的比亚迪、吉利（极氪、银河）、广汽、上汽等多个自主品牌有望 在 25 年开启激光雷达版本的规模渗透，包括：（1）比亚迪 20 万以上车型 采用天神之眼 A、B 方案，涵盖海洋、王朝、腾势、仰望等车型；（2）极氪 旗下大部分车型（除极氪 X 外）已经基本标配激光雷达、吉利旗下 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.06 [8][10] Core Insights - The company's net profit for 2024 is expected to grow by 16.8% year-on-year, with operating income and PPOP increasing by 8.8% and 10.0% respectively, driven by better-than-expected credit cost management [1][5] - The dividend per share is set at HKD 1.99, corresponding to an annualized dividend yield of 6.66%, with a payout ratio of 55% for 2024 [1][5] - The company is focusing on optimizing its cost of liabilities and enhancing its non-interest income, which is projected to improve in the coming years [2][3] Summary by Sections Financial Performance - Total assets, loans, and deposits as of the end of 2024 are expected to grow by 8.4%, -1.5%, and 8.5% year-on-year respectively [2] - The net interest income for 2024 is projected to increase by 2.5% year-on-year, with a net interest margin improvement of 3 basis points to 1.64% [2] Non-Interest Income - The growth rate of non-interest income improved to 7.9% year-on-year, with significant increases in various service commissions, although loan commission income declined due to weak credit demand [3] Asset Quality and Cost Control - The non-performing loan ratio is stable at 1.05%, with a provision coverage ratio of 85% [4] - The cost-to-income ratio is expected to improve to 24.6%, reflecting effective cost management [4] Valuation and Forecast - The projected book value per share (BVPS) for 2025 is HKD 33.69, with a target price set at a price-to-book (PB) ratio of 1.10 times [5][27] - The forecasted earnings per share (EPS) for 2025 is HKD 3.63, with a price-to-earnings (PE) ratio of 8.21 times [27][28]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - The company is a global leader in resin lenses, with strong technological research and development capabilities leading the industry [1]. - The lens market is expanding, with China's growth rate surpassing the global average [33]. - The company has established a solid position in the optical lens industry, with a focus on lens production and a wide international sales network [14][15]. Financial Forecast - Revenue is projected to grow from 1,561 million RMB in 2022 to 2,817 million RMB in 2026, with a CAGR of 16% [2]. - Net profit is expected to increase from 249 million RMB in 2022 to 638 million RMB in 2026, with a CAGR of 20% [2]. - The EPS is forecasted to rise from 0.58 RMB in 2022 to 1.33 RMB in 2026 [2]. Market Position - The company has achieved a global market share ranking of 5th by sales revenue in 2023, with a sales volume ranking of 2nd [50]. - The company has a diverse customer base and is expanding its domestic market presence [8][14]. - The lens market in China is projected to reach 413 billion RMB by 2024, indicating significant growth potential [37]. Business Model and Strategy - The company employs a C2M (Customer to Manufacturer) model, enhancing product structure optimization and increasing customization business [8]. - Strategic partnerships, such as with GoerTek, aim to enter the smart glasses supply chain, transitioning from traditional lenses to precision electronic components [8]. Operational Efficiency - The company has demonstrated strong operational efficiency, with a gross margin increase from 30.61% in 2018 to 39.16% in 2024 H1 [31]. - The management team is stable and experienced, contributing to the company's robust performance [19].

Investment Rating - The report upgrades the investment rating of the company 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 turned a profit with a net profit of 2.347 billion yuan, primarily due to a fair value change of preferred shares and other financial liabilities contributing 4.68 billion yuan [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 forecast for 2024 is 2.384 billion yuan, with projections of 3.659 billion yuan in 2025 and 5.365 billion yuan in 2026 [8] - The adjusted operating loss for 2024 is expected to narrow to 1.5 billion yuan, a year-on-year improvement of 11.4% [7] - Research and development expenses are projected to increase by 33.4% to 3.16 billion yuan in 2024, reflecting a focus on enhancing technological capabilities [7] Market Position - The company has secured over 310 model designations, with expectations to exceed 10 million cumulative shipments of the J series by 2025 [7] - The gross margin for product solutions and services is expected to improve, with a gross margin of 44.7% for product solutions in 2024 [7] Valuation Metrics - The price-to-earnings ratio (P/E) for 2025 is projected at 26.1, decreasing to 11.9 by 2027 [1][8] - The report anticipates a significant increase in revenue, with expectations of 8.05 billion yuan by 2027 [1][8]

公 司 报 告 房地产 2025 年 03 月 27 日 华润置地(1109.HK) 均衡开拓，稳中精进 推荐（维持） 股价：25.85 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.crland.com.hk | | 大股东/持股 | 华润（集团）有限公司/59.55% | | 实际控制人 | 国务院国资委 | | 总股本(百万股) | 7130.94 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 7130.94 | | 总市值（亿元） | 1701.15 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 38.21 | | 资产负债率(%) | 64.84 | 行情走势图 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@pingan.com.c ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In 2024, the company achieved a revenue of 23.15 billion, representing a year-on-year growth of 12.8%, and a net profit attributable to shareholders of 2.32 billion, with a year-on-year increase of 21.9% [2][4]. - The company has established a solid overseas production capacity and possesses excellent global operational capabilities, which are expected to enhance profitability as new product orders continue to grow [2][7]. - The company has signed a strategic cooperation agreement with Zhiyuan to develop electronic skin, joints, and wireless charging, accelerating progress in the humanoid robot industry [2][7]. Summary by Sections Revenue and Profitability - The company reported a revenue of 119.8 billion in the second half of 2024, with a year-on-year increase of 10.6% and a quarter-on-quarter increase of 7.3% [7]. - The revenue breakdown by product categories includes battery boxes (29.5 billion, +70.0% YoY), plastic parts (30.2 billion, -3.7% YoY), aluminum parts (29.7 billion, +31.9% YoY), and metal and decorative parts (29.5 billion, -0.2% YoY) [7]. - The gross profit margin for the second half of 2024 reached 29.5%, with a year-on-year increase of 1.3 percentage points [7]. Market Position and Growth - The company is positioned as one of the largest battery box suppliers globally, with new orders from major automotive manufacturers [7]. - The company has diversified its customer base and is expanding its product offerings, which supports accelerated growth in performance [7]. - The company has restarted dividends amounting to 460 million, with a dividend payout ratio of 20% [7]. Future Outlook - The company expects net profits attributable to shareholders to reach 2.72 billion, 3.21 billion, and 3.76 billion for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 8.6X, 7.3X, and 6.2X [7].

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） 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 | 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 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 ...

公 司 研 究 / 公 司 点 评 食品饮料 2025 年 03 月 27 日 农夫山泉 (09633) 上 市 公 司 ——艰难时点已过 25 年关注瓶装水业务复苏 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 42,667 | 42,896 | 49,355 | 55,402 | 61,534 | | 同比增长率（%） | 28 | 1 | 15 | 12 | 11 | | 归母净利润（百万元） | 12,079 | 12,123 | 13,990 | 15,800 | 17,772 | | 同比增长率（%） | 42 | 0 | 15 | 13 | 12 | | 每股收益（元/股） | 1.07 | 1.08 | 1.24 | 1.40 | 1.58 | | 净资产收益率（%） | 42.28 | 37.55 | 37.08 | 36.13 | 35.23 | | 市盈率 | 2 ...