Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][23] Core Views - The company achieved a revenue of 16.3 billion yuan in 2024, representing an 8% year-on-year growth, and a net profit of 1.5 billion yuan, which is a 7% increase year-on-year. The property management service revenue grew by 15% to 11.7 billion yuan, while community value-added service revenue was 2.7 billion yuan [1][9] - The overall gross margin for 2024 was 18.3%, down by 1.3 percentage points, and the net profit margin was 9.0%, down by 0.2 percentage points. The management expense ratio decreased to 6.9%, down by 1.2 percentage points. The dividend payout ratio reached 50%, an increase of 10 percentage points year-on-year [1][9] - The company expanded its presence to 194 cities with 2,821 managed projects and 3,230 contracted projects, covering a total area of 990 million square meters. The new contract amount for the year was 3 billion yuan, with office and public service expansions contributing 1.1 billion and 1.6 billion yuan, respectively [2][19] - Community value-added service revenue stabilized at 2.7 billion yuan, with a gross margin of 36.8%, down by 1.6 percentage points. Community life service revenue accounted for 69% of this segment, while community asset management services made up 31% [2][19] - The company reported a cash balance of 11.9 billion yuan, an 8% increase year-on-year, with operating cash flow covering net profit by 1.5 times. Trade receivables stood at 2.8 billion yuan, with over 90% due within one year [2][19] Financial Forecasts - The revenue forecast for 2025 and 2026 is adjusted to 17.5 billion yuan and 18.7 billion yuan, respectively, down from previous estimates of 19 billion yuan and 21.3 billion yuan. The net profit forecasts for the same years are 1.6 billion yuan and 1.7 billion yuan, revised from 1.8 billion yuan and 1.9 billion yuan [3][4] - The expected earnings per share (EPS) for 2025 and 2026 are 2.84 yuan and 3.05 yuan, with corresponding price-to-earnings (PE) ratios of 9.1 and 8.9 times [3][4]

中国海外宏洋集团（00081.HK） 优于大市 结算规模和利润承压，但签约销售明显好转 证券研究报告 | 2025年04月10日 公司业绩承压但派息率提升。2024 年，公司实现营业收入 459 亿元，同比 -19%，主要因为 2022 年起地产行业下行导致公司签约销售下降对结算规模 的影响渐显；归母净利润为 9.5 亿元，同比-59%；归母净利率 2.1%，同比下 降 2.0 个百分点。公司盈利水平下滑，一方面 2024 年公司毛利率同比下降 2.8 个百分点至 8.4%，但随着 2022 年及以后获取的项目逐步进入结算期， 预期毛利率将企稳回升。另一方面 2024 年归母净利润占比为 79%，同比下降 35 个百分点。2024 年，公司管理费率和销售费率相对平稳。全年每股派息 0.10 港元，虽然同比-38%，但派息率已较往年 20%左右提升至 35%。 权益销售同比转正，下沉市场优势增强。2024 年，公司实现签约销售额 401 亿元，同比-6%；合联营销售额 30 亿元，占比 8%保持低位；权益销售额 343 亿元，同比+2%实现转正，权益占比提升至 85%；销售面积为 348 万㎡，同比 -1%。2 ...

港股公司报告 | 公司点评 中通快递-W（02057） 证券研究报告 若提振内需，量价有望上行 2018-19 年快递量价增速上行 2018 年 7 月-2019 年 9 月，美国对中国出口商品加征关税。在外需增长 受阻的情况下，中国扩大内需。快递服务于国内线上商品零售，受益于扩 大内需。2018 年底开始，快递行业收入增速大幅上升，快递价格从大幅 下滑转为增长，2019H1 快递单量增速也有所上升。2018 年底到 2019 年底，国内快递头部公司顺丰控股和中通快递的扣非归母净利润增速都有 所回升。 若提振内需，单量有望高增长 2025 年 4 月 8 日，美国政府宣布对中国输美商品征收"对等关税"的税率 由 34%提高至 84%，税率远超 2018-19 年，对中国商品出口美国的影 响或将超过 2018-19 年。因此，中国可能加大内需刺激力度，推动国内 商品零售增长，尤其是线上零售增长，有望带动快递单量加速增长。由于 2025 年美国加关税幅度更大，刺激内需力度也要更大，才能对冲加关税 的负面影响，所以 2025 年下半年，国内快递单量增速的上行幅度，有可 能超过 2019 年。 快递价格跌幅大，或将回 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 35.20, indicating a potential upside of 37.0% from the current price of HKD 25.70 [6]. Core Insights - The report highlights the superior clinical data of Taitasep in treating generalized Myasthenia Gravis (gMG), showing significant improvement in patient scores compared to the existing competitor VYVGART [1][2]. - The commercialization strategy for Taitasep includes increasing specialized representatives in the neuroimmunology field, enhancing physician education, and encouraging clinical experts to explore more cases [1]. - The report anticipates that the approval of Taitasep for gMG will drive long-term sales growth, supported by a clear commercialization strategy and strong clinical data [1][2]. Summary by Sections Clinical Data - The Phase III study of Taitasep involved 114 gMG patients, showing an average improvement of 5.74 points in MG-ADL scores at 24 weeks compared to 0.91 points in the placebo group, with 98.1% of patients showing improvement of at least 3 points [1]. - The QMG scores improved by an average of 8.66 points in the Taitasep group versus 2.27 points in the placebo group, with 87% of patients achieving an improvement of at least 5 points [1]. Commercialization Strategy - The company plans to submit the application for Taitasep's gMG indication in mainland China, which has been accepted for priority review, with expectations for approval in 2024 [1]. - The strategy includes expanding the sales force, enhancing education on Taitasep's advantages over VYVGART, and establishing a platform for expert feedback [1]. Future Catalysts - Upcoming catalysts include multiple new indication submissions and product approvals, as well as progress in Taitasep's overseas Phase III trials expected to complete enrollment by the end of the year [1].

2025 年 04 月 10 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 王春宸 S0350123070046 | | | | wangcc@ghzq.com.cn | [Table_Title] 产品升级、学校网络和招生结构优化，看好利润 持续释放 ——中国东方教育（0667.HK）公司点评 最近一年走势 | 事件： | | --- | ①2025 年 4 月 3 日，公司旗下万通技校发布新闻稿，宣布 2025 年春季 大型校园人才双选会暨校企合作签约授牌仪式圆满落成。 ②公司 2025 年 3 月 27 日公告 2024 年年度业绩，2024 年实现营收 41.2 亿元，yoy+3.5%，归母净利润 5.1 亿元，yoy+88.0%。 投资要点: 相对恒生指数表现 2025/04/09 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 35.20, indicating a potential upside of 37.0% from the current price of HKD 25.70 [6]. Core Insights - The report highlights the competitive advantage of 泰它西普 (Taitasip) in treating generalized Myasthenia Gravis (gMG), with III phase trial results showing significant improvement compared to existing competitors like VYVGART [1][2]. - The company has a clear commercialization strategy for 泰它西普, which includes increasing specialized representatives in the neuroimmunology field and enhancing physician education on its advantages over competitors [1][2]. - The report anticipates that the approval of 泰它西普 for gMG will drive long-term sales growth, supported by strong clinical data and a well-defined marketing strategy [1][2]. Summary by Sections - **Clinical Trial Results**: The III phase study involved 114 gMG patients, showing an average improvement of 5.74 points in MG-ADL scores for the 泰它西普 group compared to 0.91 points for the placebo group. The improvement in QMG scores was 8.66 points versus 2.27 points for the placebo [1]. - **Safety Profile**: 泰它西普 demonstrated a better safety profile with a lower incidence of infection-related adverse events compared to VYVGART, which has limitations due to its safety concerns [1][2]. - **Regulatory and Commercialization Timeline**: The application for 泰它西普's gMG indication was accepted for priority review in October 2024, with expectations for approval within the year. Additional new indications and products are also in the pipeline [1][2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.2 HKD, based on a 13x P/E valuation for 2025 [5]. Core Insights - The company's 2H24 performance fell short of market expectations, with total revenue of 1.5 billion HKD, a year-on-year decline of 20%, and a 11% miss compared to Bloomberg consensus [2][3]. - The payment business, which accounts for 89% of revenue, also underperformed, with a 6% revenue miss due to a larger-than-expected decline in GPV [1][2]. - The company is expected to see a recovery in its payment business in 2025, with projected revenue growth outpacing GPV growth, leading to a stabilization in profits [1][3]. Financial Performance Summary - Total revenue for 2H24 was 1.5 billion HKD, down 20% year-on-year, with a gross profit margin of 28%, up 9 percentage points year-on-year [2]. - The adjusted EBITDA for 2H24 was 220 million HKD, a 17% decline year-on-year, with an EBITDA margin of 14.7% [2][4]. - The company reported a net profit of 51 million HKD for 2H24, compared to a loss of 22 million HKD in the same period last year [2][4]. Business Segment Analysis - The one-stop payment service revenue decreased by 19% year-on-year in 2H24, while merchant solutions revenue fell by 30% due to a decline in the number of paying merchants [3]. - The overseas business showed significant progress, with a GPV of 1.1 billion HKD in 2024, nearly a fivefold increase year-on-year, driven by channel development and customer expansion [3][4]. Financial Projections - For 2025, the company anticipates a 9% year-on-year increase in payment GPV, with revenue growth slightly exceeding GPV growth [3][4]. - The adjusted net profit for 2025 is projected to be 270 million HKD, with a net profit margin of 4.5% [4][10].

港股公司报告 | 公司点评 中通快递-W（02057） 证券研究报告 若提振内需，量价有望上行 2018-19 年快递量价增速上行 2018 年 7 月-2019 年 9 月，美国对中国出口商品加征关税。在外需增长 受阻的情况下，中国扩大内需。快递服务于国内线上商品零售，受益于扩 大内需。2018 年底开始，快递行业收入增速大幅上升，快递价格从大幅 下滑转为增长，2019H1 快递单量增速也有所上升。2018 年底到 2019 年底，国内快递头部公司顺丰控股和中通快递的扣非归母净利润增速都有 所回升。 若提振内需，单量有望高增长 2025 年 4 月 8 日，美国政府宣布对中国输美商品征收"对等关税"的税率 由 34%提高至 84%，税率远超 2018-19 年，对中国商品出口美国的影 响或将超过 2018-19 年。因此，中国可能加大内需刺激力度，推动国内 商品零售增长，尤其是线上零售增长，有望带动快递单量加速增长。由于 2025 年美国加关税幅度更大，刺激内需力度也要更大，才能对冲加关税 的负面影响，所以 2025 年下半年，国内快递单量增速的上行幅度，有可 能超过 2019 年。 快递价格跌幅大，或将回 ...

证券研究报告 | 2025年04月10日 中国海外宏洋集团（00081.HK） 优于大市 结算规模和利润承压，但签约销售明显好转 公司业绩承压但派息率提升。2024 年，公司实现营业收入 459 亿元，同比 -19%，主要因为 2022 年起地产行业下行导致公司签约销售下降对结算规模 的影响渐显；归母净利润为 9.5 亿元，同比-59%；归母净利率 2.1%，同比下 降 2.0 个百分点。公司盈利水平下滑，一方面 2024 年公司毛利率同比下降 2.8 个百分点至 8.4%，但随着 2022 年及以后获取的项目逐步进入结算期， 预期毛利率将企稳回升。另一方面 2024 年归母净利润占比为 79%，同比下降 35 个百分点。2024 年，公司管理费率和销售费率相对平稳。全年每股派息 0.10 港元，虽然同比-38%，但派息率已较往年 20%左右提升至 35%。 权益销售同比转正，下沉市场优势增强。2024 年，公司实现签约销售额 401 亿元，同比-6%；合联营销售额 30 亿元，占比 8%保持低位；权益销售额 343 亿元，同比+2%实现转正，权益占比提升至 85%；销售面积为 348 万㎡，同比 -1%。2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company achieved a revenue of 16.3 billion yuan in 2024, representing an 8% year-on-year growth, and a net profit of 1.5 billion yuan, which is a 7% increase year-on-year. The property management service revenue was 11.7 billion yuan, up 15% year-on-year, while community value-added service revenue was 2.7 billion yuan [9][19] - The overall gross margin for 2024 was 18.3%, a decrease of 1.3 percentage points year-on-year, and the net profit margin was 9.0%, down 0.2 percentage points year-on-year. The management expense ratio was 6.9%, down 1.2 percentage points year-on-year. The dividend payout ratio reached 50%, an increase of 10 percentage points year-on-year [9][19] - The company expanded its presence to 194 cities by the end of 2024, managing 2,821 projects with a total contracted area of 990 million square meters. The new contract amount for the year was 3 billion yuan, with office and public service expansions contributing 1.1 billion and 1.6 billion yuan, respectively [2][19] - The community value-added service revenue stabilized at 2.7 billion yuan in 2024, with a gross margin of 36.8%, down 1.6 percentage points year-on-year. Community life service revenue accounted for 69% of this segment, while community asset management service revenue made up 31% [2][19] - The company reported a cash balance of 11.9 billion yuan, an 8% increase year-on-year, with operating cash flow covering net profit by 1.5 times. Trade receivables stood at 2.8 billion yuan, with over 90% due within one year, and contract liabilities increased by 24% to 1.8 billion yuan [2][19] Financial Forecasts - The revenue forecast for 2025 and 2026 is adjusted to 17.5 billion yuan and 18.7 billion yuan, respectively, down from previous estimates of 19 billion yuan and 21.3 billion yuan. The net profit forecasts for the same years are 1.6 billion yuan and 1.7 billion yuan, revised down from 1.8 billion yuan and 1.9 billion yuan [3][19] - The expected earnings per share (EPS) for 2025 and 2026 are 2.84 yuan and 3.05 yuan, with corresponding price-to-earnings (PE) ratios of 9.1 and 8.9 times [3][19] - Key financial metrics for 2024 include a revenue growth of 8.5%, a net profit growth of 6.8%, and a return on equity (ROE) of 15.2% [4][21]