Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue and profit growth, with an increase in gross margin and management efficiency. The project reserves are of high quality, and the company is actively expanding in the urban space sector. As a leading player in commercial management, the operational efficiency of managed shopping centers and office buildings has improved, maintaining stable profitability. The profit forecasts for 2025-2027 have been raised, with expected net profits of 4.27 billion, 4.89 billion, and 5.50 billion yuan respectively, corresponding to EPS of 1.87, 2.14, and 2.41 yuan. The current stock price corresponds to P/E ratios of 17.0, 14.9, and 13.2 times, thus maintaining the "Buy" rating [6][10] Summary by Sections Financial Performance - In 2024, the company reported revenue of 17.04 billion yuan, a year-on-year increase of 15.4%. The net profit attributable to shareholders was 3.63 billion yuan, up 23.9% year-on-year, while the core net profit was 3.51 billion yuan, reflecting a 20.1% increase. The improvement in profitability is attributed to a gross margin increase of 1.1 percentage points to 32.9%, and a decrease in expense ratios by 1.0 percentage points. The operating cash ratio increased by 4.4 percentage points to 25.0%, and the ratio of operating net cash flow to core net profit rose by 17.2 percentage points to 121.4%. The dividend per share increased by 31.0% to 0.922 yuan, with a special dividend of 0.614 yuan, maintaining a 100% distribution of core net profit [7] Business Segments - Property Management: Revenue reached 6.66 billion yuan, a year-on-year increase of 10.7%, with a gross margin of 14.4%, up 0.4 percentage points. As of the end of 2024, the company had a contracted area of 302 million square meters and a managed area of 271 million square meters, an increase of 8.1% year-on-year, with related party revenue accounting for 55.6% - Non-owner Value-added Services: Revenue was 718 million yuan, down 12.5% year-on-year, with a gross margin of 33.0%, down 1.3 percentage points - Owner Value-added Services: Revenue was 1.52 billion yuan, up 6.3% year-on-year, with a gross margin of 25.6%, down 1.6 percentage points - Urban Space Services: Revenue was 1.82 billion yuan, a significant increase of 36.3% year-on-year, with a gross margin of 12.9%. The managed area increased by 19.8% year-on-year to 125 million square meters [8] Commercial Management - Shopping Centers: Revenue was 4.21 billion yuan, up 30.0% year-on-year, with a gross margin of 72.6%, up 0.7 percentage points. By the end of 2024, the company managed 118 opened projects with a total built area of 12.7 million square meters. The retail sales of shopping centers reached 215 billion yuan, an increase of 18.7% year-on-year, with a NOI margin increase of 0.4 percentage points to 65.1% and an occupancy rate of 96.7% - Office Buildings: Revenue was 2.07 billion yuan, up 7.1% year-on-year, with a gross margin of 34.9%, down 0.7 percentage points. By the end of 2024, the company managed 221 projects with a managed area of 16.69 million square meters, with an overall occupancy rate down 2.7 percentage points to 80.8% [9]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 6.99 per share, reflecting a 5% upside potential [4][7]. Core Insights - The main brand shows steady growth, with a 6.5% increase in revenue to RMB 13.58 billion in 2024, driven by a 3.2% increase in Volkswagen and a 57.2% increase in professional sports revenue [4][7]. - Gross profit margin improved by 1.4 percentage points to 43.2%, with net profit rising 20.2% to RMB 1.24 billion, indicating enhanced profitability primarily from the professional sports segment and reduced losses from KP [4][7]. - The company plans to focus on direct-to-consumer (DTC) strategies and optimize retail channels, aiming to reclaim 400-500 stores by 2026, which will account for 5.0-6.3% of total stores [4][7]. Financial Summary - Revenue projections show a decline in 2024 to RMB 13.58 billion, followed by growth to RMB 14.47 billion in 2025, and further increases to RMB 15.62 billion in 2026 and RMB 17.00 billion in 2027 [3][6]. - Net profit is expected to rise from RMB 1.24 billion in 2024 to RMB 1.37 billion in 2025, reaching RMB 1.49 billion in 2026 and RMB 1.61 billion in 2027 [3][6]. - The company’s gross margin is projected to improve gradually, reaching 44.69% by 2027 [3][6]. Strategic Developments - The divestment of the fashion sports segment in November 2024 allows the company to concentrate on running and operational optimization, with professional sports expected to achieve a compound annual growth rate (CAGR) of 104.3% over the next four years [4][7]. - Saucony's revenue exceeded RMB 1 billion, and the brand is set to continue expanding its store presence and product offerings, particularly in high-end cities [4][7]. - The company plans significant capital expenditure of RMB 500 million in 2025, reflecting a 91% increase, to support its growth initiatives [4][7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 28.24 billion yuan in 2024, a year-on-year decline of 18.8%, with a net profit attributable to shareholders of 1.27 billion yuan, down 51.8% year-on-year [2][3] - The decline in revenue is attributed to several factors, including heightened public concern over battery safety following an incident in Nanjing, new national standards affecting the industry, and a de-stocking cycle among distributors [3] - The company’s electric two-wheeler sales decreased from approximately 16.5 million units in 2023 to about 13.0 million units in 2024 [3] - The company is expected to see a rebound in revenue, with projections of 38.17 billion yuan, 42.29 billion yuan, and 45.48 billion yuan for 2025, 2026, and 2027 respectively [5][7] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 15.2%, a decrease of 1.74 percentage points, primarily due to price reductions on existing models [4] - The net profit margin for 2024 was 4.51%, down 3.08 percentage points [4] - The company plans to distribute a total dividend of 0.45 HKD per share, consisting of a final dividend of 0.22 HKD and a special dividend of 0.23 HKD [2] Sales and Product Breakdown - Revenue from electric bicycles and electric scooters in 2024 was 12.24 billion yuan (down 23.2%) and 7.09 billion yuan (down 17.9%) respectively [3] - The average selling price (ASP) for electric bicycles decreased by 2.37% to 1,347 yuan, while the ASP for electric scooters increased by 3.61% to 1,804 yuan [3] Future Projections - The company’s earnings per share (EPS) are projected to be 1.00 yuan, 1.14 yuan, and 1.24 yuan for 2025, 2026, and 2027 respectively [5][7] - The price-to-earnings (PE) ratios for the same years are expected to be 13.76, 12.15, and 11.11 [5][7]

Investment Rating - The report maintains a strong buy rating for the company [4] Core Insights - The company is expected to achieve a revenue growth of 15% and a net profit growth of 37% in 2024, driven by improved capacity utilization and efficiency in overseas factories [1][9] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 6.61 billion, 7.25 billion, and 7.98 billion respectively, with corresponding price-to-earnings ratios of 13X and 12X for 2025 and 2026 [1][9] Summary by Sections Customer Segmentation - Revenue from the top four customers in 2024 shows significant growth: Uniqlo +33% (28% share), Nike -3% (26% share), Adidas +35% (17% share), and Puma +11% (10% share) [2] Product Category - Revenue growth by category in 2024: Sports category +9.8% (69.1% share), Leisure category +27.1% (25.1% share), and Underwear category +34.6% (5.0% share) [2] Regional Performance - Revenue growth by region in 2024: Europe +3.2%, Japan +31.5%, USA +18.9%, and China +13.2% [2] Financial Data and Valuation - Total revenue for 2024 is projected at 28.663 billion, with a year-on-year growth of 15% [3] - Net profit for 2024 is expected to reach 6.241 billion, reflecting a 37% increase [3] - The company’s gross margin improved by 3.8 percentage points to 28.1% in 2024 [9] - The company’s return on equity (ROE) is projected to be 17.4% in 2024, with a decrease in the debt-to-asset ratio to 32.5% [4][11] Dividend Information - The company plans to distribute a total dividend of 2.53 HKD per share for 2024, with a payout ratio of 55.8% [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.20 HKD for the next six months [6]. Core Insights - The company recorded a revenue of 5.09 billion RMB for the fiscal year 2024, representing a year-on-year growth of 53.9%. The social business revenue grew by 58.1% to 4.63 billion RMB, accounting for 91% of total revenue [1][2]. - The acquisition of minority stakes is expected to significantly enhance the company's net profit attributable to the parent company in 2025, as the share of profits distributed to minority shareholders will decrease [3][4]. - The company has successfully diversified its revenue streams, with premium games turning profitable and achieving a total revenue of 705 million RMB, a year-on-year increase of 80.4% [2][3]. Financial Summary - For the fiscal year 2024, the company achieved a gross margin of 51.2%, a slight decrease of 0.9 percentage points year-on-year. The net profit attributable to the parent company was 480.3 million RMB, a decline of 6.3% year-on-year, but a growth of 36% when excluding one-time investment income from the acquisition [1][4]. - The projected revenue for 2025 is 6.43 billion RMB, with an expected growth rate of 26.4% [4]. - The company's earnings per share (EPS) for 2024 is estimated at 0.34 RMB, with a projected increase to 0.67 RMB in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's 2024 revenue is projected to be 1.933 billion RMB, representing a year-on-year growth of 25.5%. The gross profit is expected to reach 1.274 billion RMB, with a significant increase of 67.8% year-on-year. The adjusted annual loss is anticipated to narrow by 73.7% to 118 million RMB, indicating improved operational efficiency [7] - Multiple products are set to commercialize this year, which is expected to lead to rapid revenue growth. Key products include SKB264, A166, A167, and A140, with approvals anticipated to enhance profitability significantly [7] - The company has a strong cash reserve of over 3.076 billion RMB, reflecting a year-on-year growth of 21.6%, which supports its ongoing research and development efforts [7] Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 1.933 billion RMB, 1.783 billion RMB, 3.559 billion RMB, and 5.894 billion RMB respectively, with growth rates of 25.5%, -7.76%, 99.61%, and 65.61% [1][8] - The net profit attributable to the parent company is forecasted to be -266.77 million RMB in 2024, -604.96 million RMB in 2025, -216.79 million RMB in 2026, and a positive 444.17 million RMB in 2027, indicating a turnaround in profitability [1][8] - The earnings per share (EPS) are projected to be -1.17 RMB in 2024, -2.66 RMB in 2025, -0.95 RMB in 2026, and 1.95 RMB in 2027, reflecting a potential recovery in earnings [1][8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][9]. Core Views - The company has shown significant results in premiumization, achieving a strong start in 2025. Despite a challenging environment, the high-end product sales have grown over 9%, with Heineken sales increasing nearly 20% [6]. - The beer business revenue for 2024 is projected at 36.49 billion, a slight decline of 1% year-on-year, while the average selling price has increased by 1.5% to 3,355 yuan per thousand liters [6]. - The company is expected to achieve steady growth in 2025-2027, with revenue forecasts of 40.02 billion, 41.33 billion, and 42.42 billion respectively, and net profits of 5.39 billion, 5.89 billion, and 6.28 billion [6]. Financial Performance Summary - For 2024, the company reported an operating revenue of 38.635 billion, a decrease of 4% from the previous year, with a net profit of 4.739 billion, down 8% year-on-year [4][6]. - The EBITDA for 2024, excluding special items, is expected to be 8.694 billion, reflecting a 3% increase year-on-year [6]. - The beer business gross margin improved by 0.9 percentage points to 41.1% in 2024, driven by strong performance in high-end products [6]. Earnings Forecast - The earnings per share (EPS) for 2025 is projected at 1.66 yuan, with a corresponding price-to-earnings (P/E) ratio of 15.6 [4][6]. - The report anticipates a gradual increase in net profit margins, with the net profit margin for 2024 expected to be 12.3% [6]. - The company’s cash flow from operating activities is projected to be 6.291 billion in 2025, indicating a positive cash flow trend [8].

交银国际研究 财务模型更新 | 汽车 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 26 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 14.96 | 港元 | 19.84↑ | +32.6% | | | 雅迪控股 (1585 HK) | | | | | | | 以旧换新+出海提速，新国标落地后扬帆起航；维持买入 受新旧国标过渡以及去库存影响，雅迪控股 2024 全年收入和净利润下滑，基 本符合业绩预告。新国标落地和以旧换新推动下，中国内地两轮车行业进入 新周期，技术、渠道、产品力加持下，雅迪作为行业龙头有望受益，此外， 雅迪海外业务提速中。上调目标价至 19.84 港元，并维持买入评级。 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 盈利预测变动 | | | ———— 2025E ———— | | | ———— 2026E ———— | | | ———— 2027E ———— | | | --- | --- | --- | --- | --- | - ...

交银国际研究 公司更新 | 互联网 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 26 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 502.00 | 港元 583.00 | +16.1% | | | 腾讯控股 (700 HK) | | | | | | 常青游戏贡献总收入 20%，MOBA/射击优势显著，海外增长领先行业 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 609,015 | 660,257 | 713,818 | 767,880 | 818,920 | | 收入 (百万人民币) | 609,015 | 660,257 | 713,818 | 767,880 | 818,920 | | --- | --- | --- | --- | --- | --- | | 同比增长 (%) | 9.8 | 8.4 | 8.1 | 7. ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明生物 (2269.HK) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 下半年边际加速显著，拥有 R+D+M 三条长 期增长曲线 [Table_ReportDate] 2025 年 03 月 26 日 [Table_S 事件：2025 ummar年y]3 月 25 日，公司发布 2024 年全年业绩简报。2024 年公司 实现营业收入 186.75 亿元，同比增长 9.6%，如果扣除新冠项目的影响，2024 年公司非新冠收入同比增长 13.1%；2024 年公司实现毛利润 76.51 亿元， 同比增长 12.1%，对应 ...