Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 7.27, corresponding to approximately 21 times the 2025 EPS [4][6]. Core Insights - The company's total revenue for 2024 is projected to increase by 1.6% year-on-year to USD 4.28 billion, with a gross margin improvement of 1.7 percentage points to 10.5% [1]. - EBITDA is expected to rise by 22.5% to USD 420 million, while net profit is forecasted to grow by 68% to USD 62 million [1]. - The second half of 2024 is anticipated to show stronger performance, with revenue increasing by 3.4% to USD 2.18 billion and net profit soaring by 1577.3% to USD 46 million [1]. Revenue and Profitability by Region - The Asia-Pacific region's revenue is expected to grow by 10.1% to USD 1.34 billion, increasing its share of total revenue by 2 percentage points to 31% [2]. - North America is projected to see an EBITDA margin increase of 2.3 percentage points to 8.1% [2]. - The overall EBITDA margin for the company is expected to rise by 1.7 percentage points to 9.9% due to cost optimization and growth in both regions [2]. New Orders and Product Development - The company secured new orders totaling USD 6 billion in 2024, with significant breakthroughs in steer-by-wire, DP-EPS, and rear-wheel steering [3]. - Notable new orders include projects from leading North American electric vehicle manufacturers and major Chinese automakers [3]. - The company is expanding its customer base and optimizing its business layout, which is expected to enhance cost efficiency and support future growth [3]. Financial Projections - The company’s total revenue is projected to grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2027, reaching USD 4.8 billion by 2027 [5]. - Net profit is expected to increase significantly, with a projected growth rate of 79.5% in 2025 and 21.8% in 2027 [5]. - The report outlines a gradual improvement in EPS, with estimates of USD 0.04 in 2025 and USD 0.07 in 2027 [5]. Valuation Metrics - The report provides a P/E ratio forecast, decreasing from 50.3 in 2023 to 10.6 by 2027, indicating an improving valuation as earnings grow [5]. - The company's return on equity (ROE) is expected to rise from 3.12% in 2024 to 7.13% in 2027, reflecting enhanced profitability [5].

资产负债表大幅改善，开启蜕变 公司公布 2024 年业绩。2024 年公司实现营业收入 26 亿，同比-24.8%，实现净利润 5.0 亿，同比+150.5%。净利润同比大幅增长我们认为主要系贷款重组重大收益 4.76 亿元，侧面反映公司资产负债表焕然一新。 证券研究报告 | 年报点评报告 gszqdatemark 2025 03 26 年 月 日 中国秦发（00866.HK） 印尼 SDE 煤矿初现经营，后续热值有望明显提升增厚盈利水平。 出海印尼，宏图正展。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3449 | 2601 | 4972 | 8010 | 9611 | | 增长率 yoy（%） | -9% | -25% | 91% | 61% | 20% | | 归母净利润（百万元） | 200 | 502 | 556 | 1037 | 1543 | | 增长率 yoy（%） | -56% | 151% | 11% | 87% | 49% | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company is focusing on high-end products, with a steady improvement in profit margins due to cost optimization and a favorable product mix [2][3] - The company's revenue for 2024 is projected to be 38.635 billion RMB, with a slight year-on-year decrease of 0.76% [3] - The report anticipates that the company's earnings per share (EPS) will grow from 1.46 RMB in 2024 to 2.20 RMB by 2027, indicating a positive growth trajectory [3] Financial Performance Summary - In 2024, the company achieved a gross margin of 42.64%, an increase of 1.2 percentage points year-on-year, primarily due to improved raw material costs [2] - The net profit attributable to shareholders for 2024 is expected to be 4.739 billion RMB, reflecting an 8.03% decline compared to the previous year [3] - The company's operating cash flow for 2024 is projected to increase by 67% to 6.846 billion RMB, providing a solid foundation for future dividend increases [2][3] Revenue and Profit Forecast - The company is expected to see revenue growth rates of 4.82%, 5.17%, and 6.43% for the years 2025, 2026, and 2027 respectively [3] - The report projects that the company's EBITDA will increase from 8.571 billion RMB in 2025 to 11.668 billion RMB by 2027 [4] - The report indicates that the company's return on equity (ROE) will improve from 14.95% in 2024 to 19.33% in 2027 [4]

美容护理/化妆品 上美股份（02145.HK） 2024 年归母净利润+69.4%，国货美妆龙头多面开花 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 46.150 | | 一年最高最低(港元) | 56.950/29.200 | | 总市值(亿港元) | 183.69 | | 流通市值(亿港元) | 95.19 | | 总股本(亿股) | 3.98 | | 流通港股(亿股) | 2.06 | | 近 3 个月换手率(%) | 41.75 | 股价走势图 -60% -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 2025-03 上美股份 恒生指数 数据来源：聚源 相关研究报告 《主品牌韩束势能强劲，产品+渠道+ 品牌多维成长—港股公司首次覆盖报 告》-2024.10.6 ——港股公司信息更新报告 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | ...

盈利预测、估值和评级 坚持"全人群+全价位+全球化"战略，看好积木人龙头成长性。预 计 25-27 年公司经调整净利润 9.08/12.69/16.67 亿元、同比 +55%/+40%/+31%，给予 25 年 35 倍 PE，目标价 136.71 港元/股， 首次覆盖给予"买入"评级。 风险提示 IP 授权续签/多 IP 拓展不及预期，行业竞争加剧，多品类拓展不 及预期；IP 热度下降。 投资逻辑 公司：依托积木人品类红利崛起，本土角色类拼搭玩具龙头。2022 年转型专注做人形积木，随奥特曼积木人热度持续提升，23 年来 收入爆发式增长， 23/24 年 收 入 8.77/22.4 亿 元 、 同 比 +169%/+156%。规模效应显现毛利率优化，内容营销策略致销售费 用率下降明显，24 年毛利率/销售费用率分别为 52.6%/12.6%，经 调净利润 5.85 亿元、经调净利率 26.1%。据沙利文，以 23 年 GMV 计算，布鲁可在中国角色类拼搭玩具市占率为 30.3%、位列第一。 公司 25 年 1 月 10 日上市，募集资金净额 17.9 亿港元，用于丰富 IP 矩阵、建造工厂、增强产品设计及开 ...

数据来源：聚源 相关研究报告 《主品牌韩束势能强劲，产品+渠道+ 品牌多维成长—港股公司首次覆盖报 告》-2024.10.6 美容护理/化妆品 上美股份（02145.HK） 2024 年归母净利润+69.4%，国货美妆龙头多面开花 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 46.150 | | 一年最高最低(港元) | 56.950/29.200 | | 总市值(亿港元) | 183.69 | | 流通市值(亿港元) | 95.19 | | 总股本(亿股) | 3.98 | | 流通港股(亿股) | 2.06 | | 近 3 个月换手率(%) | 41.75 | 股价走势图 -60% -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 2025-03 上美股份 恒生指数 ——港股公司信息更新报告 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | ...

丨证券研究报告丨 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 港股研究丨公司点评丨华润建材科技（1313.HK） [Table_Title] 期待华南市场改善，公司业绩弹性释放 报告要点 [Table_Summary] 公司发布 2024 年报，实现收入 230.38 亿元，同比下降 9.8%，实现净利润 2.11 亿元，同比下 降 67.2%。区域市场需求整体承压，公司全年水泥板块销量同比下滑 10.9%；同时报告期内公 司管理费用 26.3 亿，相比 2023 年增加约 3 亿元，也成为业绩的一大拖累。 请阅读最后评级说明和重要声明 公司发布 2024 年报，实现收入 230.38 亿元，同比下降 9.8%，实现净利润 2.11 亿元，同比下 降 67.2%。 事件评论 ⚫ 预计公司 2025-2026 年业绩为 11、13 亿，对应 PE 为 11、9 倍，买入评级。 %% %% %% %% research.95579.com 1 华润建材科技（1313.HK） cjzqdt11111 [ ...

舜宇光学科技 （02382.HK） 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 76.950 | | 一年最高最低(港元) | 96.150/33.300 | | 总市值(亿港元) | 842.45 | | 流通市值(亿港元) | 842.45 | | 总股本(亿股) | 10.95 | | 流通港股(亿股) | 10.95 | | 近 3 个月换手率(%) | 79.0 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-03 2024-07 2024-11 2025-03 舜宇光学科技 恒生指数 相关研究报告 《重视光学景气大年、龙头再出发机 会 — 港 股 公 司 信 息 更 新 报 告 》 -2025.2.13 《2024H2 盈利或继续改善，XR 新品 及 AI 手机催化 —港股公司信息更新 报告》-2024.8.22 2025 年光学景气大年，策略调整夯实长期基本盘 ——港股公司信息更新报告 | 吴柳燕（分析师） | 张可（分析师） | | --- | ...

舜宇光学科技 （02382.HK） 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 76.950 | | 一年最高最低(港元) | 96.150/33.300 | | 总市值(亿港元) | 842.45 | | 流通市值(亿港元) | 842.45 | | 总股本(亿股) | 10.95 | | 流通港股(亿股) | 10.95 | | 近 3 个月换手率(%) | 79.0 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-03 2024-07 2024-11 2025-03 舜宇光学科技 恒生指数 相关研究报告 2024 年归母净利润 27 亿同比增长 146%处在此前盈利预告 26.4-27.5 亿元区间中 值，整体收入及毛利率符合我们预期、经营费用投入超出我们预期（由于信息化 建设带来的行政费用增加）、但被公司分占联营公司收益、非经营性收入超预期 抵消。分拆来看：（1）手机模组业务产品结构调整驱动 ASP 和毛利率如期改善， 我们测算 2024 年毛利率接近 ...

Investment Rating - The report maintains an "Outperform" rating for Sino Biopharmaceutical [2][11][17] Core Insights - The company achieved revenue of CNY 28.9 billion in FY24, reflecting a year-on-year growth of 10.2% with a gross profit margin of 81.5% [3][14] - Innovative products are expected to drive double-digit revenue growth in FY25, particularly in oncology and surgery/analgesia segments [4][15] - The company plans to launch seven innovative products in FY25, including key candidates such as TQB3616 and Meloxicam [5][16] Financial Performance - FY24 revenue was CNY 28.9 billion, with a net profit of CNY 3.5 billion, marking a 50.1% increase year-on-year [3][14] - R&D expenses increased by 15.6% to CNY 5.1 billion, representing 17.6% of total revenue [3][14] - The company expects revenue to reach CNY 32.4 billion in FY25, a growth of 12.3% year-on-year [6][16] Segment Performance - Revenue from innovative drugs reached CNY 12.1 billion, up 22% year-on-year, while generics contributed CNY 16.8 billion, growing 3% [4][15] - The oncology segment generated CNY 10.7 billion, driven by strong sales of key products [18] - The surgery/analgesia segment saw a revenue increase of 19% to CNY 4.5 billion, primarily due to the sales of Flurbiprofen Cataplasms [18] Valuation - The target price is adjusted to HKD 5.52, based on a 2025E PE of 25.2x [6][17] - The report reflects a slight adjustment in revenue forecasts for 2025-26 due to uncertainties in biosimilar revenue growth [6][16]