证券研究报告 | 2025年03月26日 申洲国际（02313.HK） 2024 年净利润增长 37%，客户表现分化 2024 年收入增长超预期，核心利润增长 37%。2024 年，公司营业收入 286.6 亿元，同比增长 14.7%；归母净利润 62.4 亿元，同比增长 36.9%，收入 与利润均好于我们预期。收入拆量价预计分别同比增长 21%/-5%，其中 2024 下半年收入增长提速至 17%，预计因单价降幅收窄。利润方面，毛 利率同比上升 3.8 个百分点到 28.1%，其中上/下半年分别同比提升 6.6/1.6pct，下半年新员工增加及老员工大幅涨薪导致毛利率恢复进度 减慢。在毛利率改善和费用率优化带动下，剔除非经营性收益后的公司 核心净利润增长 37%。公司净现金 134 亿，同比增加 20 亿元。若剔除上 海物业处置一次性收入，2024 年派息率约 59.8%，基本与 2023 年持平。 休闲服表现好于运动，除第二大客户外均呈现快速增长。1）分品类，运动/ 休闲/内衣分别同比增长 9.8%/27.1%/34.6%；2）分客户，来自客户甲/乙/ 丙/丁分别同比变动+33.0%/-3.9%/+35. ...

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's revenue and profit declined in 2024, with total revenue (including joint ventures) at 77.5 billion yuan, a year-on-year decrease of 6.2%, and net profit attributable to ordinary shareholders at 1.5 billion yuan, down 65.2% [1][3] - The total assets of the company increased slightly to 1.64 trillion yuan, a year-on-year growth of 2.8%, with stable performance in the non-performing asset management segment [1][2] - The decline in revenue was primarily driven by a 9.1% drop in income from the non-performing asset management segment, while the financial services segment remained stable [2] Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 77,468 million yuan, down 6.2% from 2023, and net profit of 1,485 million yuan, down 65.2% [4][8] - The diluted earnings per share (EPS) for 2024 was 0.04 yuan, with a return on equity (ROE) of 0.9% [4][8] Asset Management - The total assets at the end of 2024 were 1.64 trillion yuan, reflecting a 2.8% increase year-on-year, with stable growth in the financial services subsidiary [1][4] - The credit cost rate for 2024 was 2.1%, an increase of 0.4 percentage points year-on-year, primarily due to risk exposure in non-performing debt projects [2] Profit Forecast - The profit forecast for ordinary shareholders for 2025-2027 is adjusted to 3.3 billion, 3.4 billion, and 3.4 billion yuan respectively, with expected growth rates of 125%, 1%, and 0% [3][4] - The projected EPS for 2025-2027 is 0.09 yuan, with corresponding price-to-earnings (PE) ratios of 18, 12, and 12 times [3][4]

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 26 年 月 日 风险提示：行业竞争加剧；原材料成本上涨；餐饮需求恢复不及预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 42667 | 42896 | 49295 | 56591 | 64663 | | 增长率 yoy（%） | 28% | 1% | 15% | 15% | 14% | | 归母净利润（百万元） | 12079 | 12123 | 14013 | 16115 | 18690 | | 增长率 yoy（%） | 42% | 0% | 16% | 15% | 16% | | EPS 最新摊薄（元/股） | 1.07 | 1.08 | 1.25 | 1.43 | 1.66 | | 净资产收益率（%） | 38% | 38% | 38% | 39% | 31% | | P/E（倍） | 39.39 | 29.40 | 29.50 | 25.65 | 22.11 | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [1][8]. Core Insights - The company demonstrates stable revenue growth and accelerated profit release, with 2024 revenue and net profit reaching 80.65 billion and 3.73 billion respectively, reflecting a year-on-year increase of 0.29% and 19.79% [5]. - The beverage segment shows significant growth, particularly in container noodles and tea drinks, with revenues increasing by 3.74% and 8.18% respectively [6][7]. - The company's high-quality development strategy is effective, with a steady recovery in market share and a notable improvement in gross margin, leading to a robust cash flow performance [8]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 33.10% and a net profit margin of 4.63%, with respective year-on-year increases of 2.68 and 0.75 percentage points [5]. - The operating cash flow for 2024 is reported at 12.46 billion, indicating a significant year-on-year growth of 50.39% [5][11]. Revenue Breakdown - The revenue from beverages, instant noodles, and other segments for 2024 is 51.62 billion, 28.41 billion, and 615 million respectively, with the beverage segment showing a positive growth trend [6]. - The company maintains a competitive edge in the packaging water sector by not engaging in price wars, focusing instead on high-quality development [6]. Profitability Forecast - The report forecasts revenues for 2025, 2026, and 2027 to be 82.37 billion, 84.45 billion, and 86.67 billion respectively, with corresponding EPS of 0.74, 0.81, and 0.88 [10][11]. - The expected PE ratios for the upcoming years are projected at 16, 15, and 14 times, indicating a favorable valuation [8].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [3][6]. Core Insights - The company reported a total revenue of 919 million yuan for 2024, a year-on-year decrease of 4.6%. However, platform technology service revenue surged by 103.6% to 347 million yuan, partially offsetting the impact of Wuxi Guojin's exit from the financial statements. The net profit attributable to shareholders reached 380 million yuan, reflecting a year-on-year increase of 41.7% [2]. - The company has seen a doubling of its platform technology service revenue, with a total of 163 funding partners linked to the platform, an increase of 24% year-on-year, and total funding partner amounts exceeding 36.6 billion yuan, up 58% year-on-year. The cumulative customer base surpassed 18,100, with over 96% being small and micro-enterprises and a retention rate exceeding 80% [2]. - The digital financial solutions revenue decreased by 28% to 522 million yuan, primarily due to Wuxi Guojin's exit in February 2024. The company is focusing on a light asset operation strategy, which is expected to optimize its business structure and enhance platform service revenue and profitability in the long term [3]. - The company is actively embracing the AI era, with cumulative R&D investment exceeding 250 million yuan and nearly 30% of its workforce dedicated to R&D. This is expected to further promote the company's platform development and industrial collaboration [3]. Financial Summary - The company forecasts earnings per share (EPS) of 0.42 yuan, 0.49 yuan, and 0.58 yuan for 2025, 2026, and 2027 respectively. A price-to-earnings (P/E) ratio of 30x for 2025 is applied, leading to a target price of 13.56 HKD over the next six months [3][9]. - The total revenue is projected to recover to 644 million yuan in 2025, with net profit expected to reach 417 million yuan [9].

2025 年 03 月 26 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 160 | 公司基本资讯 | 产业别 | 轻工制造 | | --- | --- | | H 股价(2025/03/25) | 126.90 | | 恒生指数(2025/03/25) | 23,344.3 | | 股价 12 个月高/低 | 136.3/22.8 | | 总发行股数(百万) | 1,342.94 | | H 股数(百万) | 1,342.94 | | H 市值(亿元) | 631.85 | | 主要股东 | 王宁(50.34%) | | 每股净值(元) | 7.96 | | 股价/账面净值 | 15.95 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 16.32% 33.93% 443.65 | 近期评等 | | | | 产品组合 | | | --- | --- | | 手办 | 53.2% | | 毛绒 | 21.7% | | MEGA | 12.9% | | 衍生品及其他 | 12.2% | 股价相对大盘走势 C o m p a n ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [1][8]. Core Insights - The company demonstrates stable revenue growth and accelerated profit release, with 2024 revenue and net profit reaching 80.65 billion and 3.73 billion respectively, reflecting a year-on-year increase of 0.29% and 19.79% [5]. - The beverage segment shows significant growth, particularly in container noodles and tea drinks, with revenues increasing by 3.74% and 8.18% respectively [6][7]. - The company's high-quality development strategy is effective, with a steady recovery in market share and a notable improvement in gross margin [8]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 33.10% and a net profit margin of 4.63%, with respective year-on-year increases of 2.68 and 0.75 percentage points [5]. - The operating cash flow for 2024 was 12.46 billion, showing a significant year-on-year increase [11]. Revenue Breakdown - The revenue from beverages, instant noodles, and other segments for 2024 was 51.62 billion, 28.41 billion, and 0.615 billion respectively, with the beverage segment showing a year-on-year growth of 1.34% [6]. Profitability Forecast - The report forecasts revenues of 82.37 billion, 84.45 billion, and 86.67 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.74, 0.81, and 0.88 [10][11].

CMB International Global Markets | Equity Research | Company Update China Taiping (966 HK) FY24 NBV outshined; resume coverage with BUY Resume coverage with new TP at HK$15. China Taiping reported robust full- year results with net profit rising 36.2% YoY to HK$8.43bn, 10%/11% lower than our and Bloomberg consensus. The drag was mainly due to an approx. six-fold increase of income tax charges (+5.8x YoY) for the sake of prudence under the transition to IFRS17. Pre-tax profit surged 90% YoY to HK$22bn, broad ...

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) with a target price of HKD 50, indicating a potential upside of 25% from the current price of HKD 40 [1][5][10]. Core Insights - WuXi AppTec's 2024 performance slightly exceeded previous positive earnings forecasts, with revenue reaching RMB 4.052 billion, representing a year-on-year increase of 90.8%, and adjusted net profit of RMB 1.07 billion, up 277.2% year-on-year [5][7]. - The company expects to achieve a revenue growth rate of over 35% in 2025, supported by a strong order backlog of USD 990 million, which is a 71.2% increase year-on-year [5][7]. - North America is identified as a key growth driver, with revenue contribution from this region increasing to 50% in 2024, up from 40% in 2023 [5][7]. Financial Performance Summary - **Revenue Forecasts**: - 2023: RMB 2,124 million - 2024: RMB 4,052 million (90.8% YoY growth) - 2025E: RMB 5,569 million (37.4% YoY growth) - 2026E: RMB 7,618 million (36.8% YoY growth) - 2027E: RMB 9,987 million (31.1% YoY growth) [7][9]. - **Net Profit Forecasts**: - 2023: RMB 284 million - 2024: RMB 1,070 million (277.2% YoY growth) - 2025E: RMB 1,302 million (21.7% YoY growth) - 2026E: RMB 1,739 million (33.6% YoY growth) - 2027E: RMB 2,356 million (35.5% YoY growth) [7][9]. - **Profitability Metrics**: - Gross margin improved to 30.6% in 2024 from 26.3% in 2023, with adjusted net profit margin expected to remain stable [5][7]. Capital Expenditure and Growth Strategy - The company plans to invest approximately RMB 1.4 billion in capital expenditures for 2025, primarily for expanding production capacity in Singapore and Wuxi [5][7]. - WuXi AppTec aims to optimize operations to mitigate potential impacts on gross margins from new capacity coming online [5][7].