[Table_Summary] 2024 年公司天然气销量同比增长 9.9%，其中零售气量同比增长 8.1%，主要得益于公司工业 气量高速增长的拉动以及深耕中西部的区位优势。2024 年公司工业气量占比达到 74.9%，同 比增加 5.5 个百分点，工业气量同比提升 16.5%；此外，公司深耕中西部地区，西北及西南地 区零售气量同比分别增长 12%、19.2%。受加气站业务模式调整影响，公司 2024 年进销价差 实现 0.47 元/立方米，同比降低 0.03 元/立方米。2024 年全年股息 0.3158 元/股，派息率达到 43%，按照年报披露日收盘价测算股息率达 4.18%，彰显稳健投资价值。 分析师及联系人 [Table_Author] 张韦华 魏凯 司旗 宋尚骞 王岭峰 SAC：S0490517080003 SAC：S0490520080009 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490521080001 SFC：BQT627 SFC：BUT964 丨证券研究报告丨 联合研究丨港股公司点评丨昆仑能源（0135.HK） [Table_Title] 气 ...

交银国际研究 公司更新 | 医药 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 27 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 54.20 | 港元 65.00↑ | +19.9% | | | 云顶新耀 (1952 HK) | | | | | | 2024 年实现商业化层面盈利，耐赋康快速渗透目标市场，上调目标价 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 126 | 707 | 1,689 | 2,819 | 3,908 | | 同比增长 (%) | 884.5 | 461.2 | 138.9 | 66.9 | 38.6 | | 净利润 (百万人民币) | (844) | (1,041) | (264) | 311 | 794 | | 每股盈利 (人民币) | (2.80) | (3.24) | (0.81) | 0.96 ...

交银国际研究 公司更新 | 医药 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 27 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 54.20 | 港元 65.00↑ | +19.9% | | | 云顶新耀 (1952 HK) | | | | | | 2024 年实现商业化层面盈利，耐赋康快速渗透目标市场，上调目标价 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 126 | 707 | 1,689 | 2,819 | 3,908 | | 同比增长 (%) | 884.5 | 461.2 | 138.9 | 66.9 | 38.6 | | 净利润 (百万人民币) | (844) | (1,041) | (264) | 311 | 794 | | 每股盈利 (人民币) | (2.80) | (3.24) | (0.81) | 0.96 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][32] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of CNY 240.19 billion, representing a year-on-year increase of 34% [9][11] - The net profit attributable to shareholders for 2024 is forecasted to be CNY 16.63 billion, a substantial increase of 213.32% compared to the previous year [11][9] - The company is focusing on a strategic shift towards AI and intelligent driving technologies, with the launch of the "Qianli Haohan" system aimed at enhancing its product offerings [24][26] Financial Performance - In 2024, the company achieved total sales of 2.177 million vehicles, a 32% increase year-on-year, with 41% of sales coming from new energy vehicles [2][16] - The gross margin for 2024 is reported at 15.9%, with a period expense ratio of 11.91% [13][11] - The company’s revenue from complete vehicle sales reached CNY 203.06 billion, reflecting a 36% year-on-year growth [16][2] Future Projections - For 2025, the company aims for a sales target of 2.71 million vehicles, including 1.5 million new energy vehicles [3][22] - The projected revenue for 2025 is CNY 309.74 billion, with a net profit forecast of CNY 13.7 billion [34][4] - The company plans to launch multiple new models across its brands, including the Galaxy, Zeekr, and Lynk & Co, enhancing its market presence [22][3] Valuation Metrics - The estimated earnings per share (EPS) for 2025 is projected to be CNY 1.36, with a price-to-earnings (P/E) ratio of 14-16 times [34][4] - The company’s reasonable valuation range is set between HKD 20.43 and HKD 23.34, indicating a potential upside from the current share price [6][34] - The company’s net asset return (ROE) is expected to be 13.6% in 2025, reflecting strong profitability [5][34]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 35.82 HKD compared to the current price of 22.55 HKD [4][7]. Core Insights - The company achieved total revenue of 630 million USD in 2024, a decrease of 24% year-on-year, with oncology product revenue increasing by 67% to 271.5 million USD [2][4]. - The overseas sales of Furuzakl® have significantly increased, with a 1450% rise in revenue to 110.8 million USD, while sales in China grew by 6% to 86.3 million USD [7]. - The company has successfully expanded its commercial products into new regions and indications, with multiple approvals for Furuzakl® in various countries [7]. - The ATTC platform is set to enter clinical trials in the second half of 2025, showcasing promising early data [7]. - The company expects revenue growth in the coming years, with projected revenues of 655 million USD in 2025, 821 million USD in 2026, and 934 million USD in 2027, reflecting growth rates of 4.0%, 25.2%, and 13.8% respectively [7]. Financial Summary - The company reported a net profit of 37.7 million USD for 2024, with a cash balance of 836.1 million USD as of December 31, 2024 [2]. - The projected earnings per share (EPS) for 2025 is 0.34 CNY, with a price-to-earnings (P/E) ratio of 8.5 [4]. - The company’s total assets are expected to grow from 1.27 billion USD in 2024 to 2.06 billion USD by 2027 [8].

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [6][19]. Core Views - The core business of Meituan is experiencing robust growth, with overseas expansion accelerating to support medium-term growth [1][5]. - In Q4 2024, the company reported an adjusted net profit of 9.85 billion yuan, which is in line with expectations, while revenue reached 88.49 billion yuan, reflecting a year-on-year growth of 20.1% [1][9]. - The adjusted net profit for the full year 2024 is projected to be 43.77 billion yuan, representing an 88.2% increase year-on-year, driven by improved efficiency in core operations and reduced losses in new businesses [1][9]. Summary by Sections Core Local Business - In Q4 2024, the core local business generated revenue of 65.57 billion yuan, up 18.9%, with operating profit reaching 12.90 billion yuan, a 60.9% increase [2][11]. - The operating profit margin improved to 19.7%, up 5.2 percentage points year-on-year, exceeding Bloomberg's expectations [2][11]. - The delivery service and commission revenue grew by 19.5% and 23.9% respectively, while online marketing services saw a 17.7% increase [2][11]. New Business - New business revenue in Q4 2024 was 22.92 billion yuan, a 23.5% increase, with significant growth in commission and online marketing [3][16]. - The operating loss for new businesses narrowed significantly to 2.18 billion yuan, down from 4.83 billion yuan in Q4 2023, indicating improved efficiency [3][16]. - The Meituan Youxuan segment showed notable improvement in loss reduction, while Keeta remains a primary source of increased losses due to its early-stage investment phase [3][16]. Technology and Efficiency - The company is actively integrating AI technologies to enhance employee efficiency and service upgrades, with a focus on self-developed models [4][18]. - The "Shen Huai Yuan" program has expanded to cover multiple categories, increasing cross-selling opportunities and consumer engagement [4][18]. - The gradual implementation of social security for delivery personnel is expected to increase costs but may also enhance operational efficiency in the long run [4][18]. Financial Forecasts - Revenue for 2024 is projected at 337.59 billion yuan, with a year-on-year growth of 22.0%, and adjusted net profit is expected to reach 43.77 billion yuan [8][20]. - The adjusted net profit forecast for 2025 has been slightly reduced to 51.52 billion yuan, while the 2026 forecast has been raised to 65.31 billion yuan [5][19]. - The company is expected to maintain a strong growth trajectory, supported by ongoing improvements in online penetration and expansion into new markets [5][19].

证券研究报告 泡泡玛特 (9992 HK) 港股通 新品类及全球化势能强劲，上调盈利预测 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国香港 | 消费轻工 | 公司 24 年收入 130.4 亿元，同增 106.9%；经调整净利润 34.0 亿元，同增 185.9%，高于我们预期（30.1 亿元），主因搪胶毛绒加速放量，经营杠杆释 放超预期。H2 营收同增 143.2%，经调整净利同增 264.1%。25 年指引积 极，公司凭借成熟的 IP 运营平台，推动品牌形象在全球成为时尚潮流代名 词，25 年新品类、海外扩张驱动强劲，中长期新业务持续落地，多元变现 潜力广阔。看好公司成长为全球级潮玩龙头，维持"买入"评级。 搪胶毛绒等品类创新及全球拓展势能强劲，继续成为业绩的核心驱动力 1）分品类看，H2 手办、毛绒、MEGA、衍生品增速分别达 55.5%/1362.9%/ 148.4%/454.3%，毛绒加速放量，营收占比环增 18.4pct 至 28.1%。搪胶毛 绒成为时尚单品，"包挂"风潮加速粉丝破圈，助力全年会员同增 ...

港股公司报告 | 公司点评 珍酒李渡（06979） 证券研究报告 24H2 着眼长线主动降速，25 年高质量增长可期 事件：公司发布 2024 年年报。2024 年公司收入/归母净利润/经调净利润 分别为 70.67/13.24/16.76 亿元（同比+0.5%/-43.1%/+3.3%），其中 2024H2 公司收入/归母净利润/经调净利润分别为 29.34/5.72/6.58 亿元（同比 -16.5%/-22.9%/-19.8%）。 24H2 主动去库保证渠道良性，高端聚焦主品结构阶段承压。2024H2 公司 实现营收 29.34 亿元（同比-16.46%），销量/吨价分别同比-16.79%/+0.40%。 | 投资评级 | | | --- | --- | | 行业 | 必需性消费/食物饮品 | | 6 个月评级 | 买入（维持评级） | | 当前价格 | 7.26 港元 | | 目标价格 | 港元 | 分品牌看，2024H2 珍酒/李渡/湘窖/开口笑营收分别为 17.77/6.38/3.50/1.13 亿元（同比-21.95%/+2.91%/-10.64%/-31.02%）。 分价格带看，2024H2 ...

港股公司报告 | 公司点评 申洲国际（02313） 证券研究报告 重新找回稳健积极成长节奏 公司发布 2024 年财报 全年收入 287 亿人民币，同增 15%；其中运动类占比 69%，收入同增 10%， 主要系中国大陆市场及美国运动品牌需求增长所致；休闲产品收入占比 25%，收入同增 27%，主要系日本及其他市场休闲产品需求增长；内衣收 入占比 5%，收入同增 35%，主要系日本市场内衣需求增长。 分客户看，客户甲收入 80 亿人民币，同增 33%；客户乙 74 亿元，同减 4%； 客户丙营收 50 亿元，同增 35%。 2024 年毛利率 28.1%，同增 3.8pct，毛利 81 亿人民币，同增 33%； 2024 年净利 62 亿元，同增 37%； 2024 年分红率约 56%。 公司对未来发展抱有充分信心和乐观展望 2024 年公司产能利用率已恢复至正常水平，海内外各生产基地员工人数进 一步增加，生产效率亦明显提升，有效促进盈利水平回升。 回顾年内工作，公司努力提升服务质量，积极拓展市场需求；进一步扩充 产能规模，提升全员生产效率；加强供应商管理，促进了供应链的整体竞 争力和协同效应。 年内服装零售 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Insights - The company reported a revenue of 42.75 billion yuan for 2024, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 4.71 billion yuan, up 4.6% year-on-year. The core operating profit for 2024 was 6.23 billion yuan, reflecting an 18.7% increase year-on-year, with a core operating profit margin of 14.6%, an increase of 1.9 percentage points [4][7]. - The company anticipates a year-end dividend of 2.53 billion yuan, with an overall dividend payout ratio of approximately 95%, corresponding to a dividend yield of about 5% [4][7]. Revenue Breakdown - The restaurant operating revenue was 40.40 billion yuan, a 2.9% increase year-on-year, with revenue contributions from first, second, third-tier cities, and Hong Kong/Macau/Taiwan at 17.7%, 38.7%, 40.0%, and 3.6% respectively. Other restaurant revenue grew by 39.6% to 480 million yuan, driven by the "Pomegranate Plan" and various innovative dining brands [5]. - The takeaway business generated 1.25 billion yuan, up 20.4% year-on-year, attributed to the launch of a single-person meal service in the second half of 2023. Sales from condiments and ingredients decreased by 27.1% to 580 million yuan [5]. Brand Development and Performance - As of the end of 2024, the company operated a total of 1,368 restaurants, including 1,355 self-operated and 13 franchised, with 62 new openings and 70 closures or relocations. The introduction of a franchise model has seen over 70% of applications coming from third-tier cities and below [6]. - The average customer spending was 97.5 yuan, a decrease of approximately 1.6% year-on-year, while the average table turnover rate was 4.1 times per day, an increase of 0.3 times per day [6]. Cost and Profitability Analysis - The cost of raw materials and consumables decreased by 4.3% to 16.21 billion yuan, accounting for 37.9% of revenue, while employee costs rose by 8.2% to 14.11 billion yuan, making up 33.0% of revenue [7]. - The company expects continued improvements in single-store efficiency and accelerated expansion through its franchise strategy and brand incubation, projecting net profits of 5.15 billion yuan, 5.59 billion yuan, and 6.07 billion yuan for 2025-2027, with respective year-on-year growth rates of 9.3%, 8.6%, and 8.5% [7][10]. Valuation and Price Target - The reasonable value range for the stock is estimated between 19.4 and 23.0 Hong Kong dollars per share, based on a 20-23 times PE ratio and a 10-12 times EV/EBITDA ratio for 2025 [7][10].