证券研究报告·海外公司点评·软件服务(HS) 腾讯控股（00700.HK） 2025 年 03 月 25 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 2024Q4 业绩点评：AI 赋能，营收利润皆超 预期 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 609015 | 660257 | 716550 | 782730 | 854621 | | 同比(%) | (10.66) | 8.41 | 8.53 | 9.24 | 9.18 | | 归母净利润（百万元） | 115216 | 194073 | 210262 | 234571 | 266681 | | 同比(%) | (38.79) | 68.44 | 8.34 | 11.56 | 13.69 | | Non-IFRS 净利润 | 157,688.05 ...

证券研究报告 | 2025年03月25日 伟仕佳杰（00856.HK） 优于大市 业绩高增长，持续开拓东南亚市场 年报业绩高增长。根据公司年报，2024 年公司主营收入 890.9 亿元，同比上 升 21%；归母净利润 10.52 亿元，同比上升 14%。2024 年下半年，公司主营 收入 490.0 亿元，同比上升 18%；归母净利润 5.99 亿元，同比上升 43%。公 司在收入和利润方面均表现出色，主要得益于公司在 IT 分销与服务领域的 丰富经验，以及趋于完善的全产业链生态体系。 "企业系统+消费电子+云计算"三轮驱动，各线业务持续回暖。伟仕佳杰业 务布局以企业系统、消费电子及云计算三大板块为核心，为客户提供全方位 的 ICT 解决方案。其中，消费电子业务稳步回调，实现营业收入 328.13 亿元， 同比增长 8%。企业系统业务爆发式增长，实现营收 523.38 亿元，同比增长 29.5%，成为公司新的增长引擎。云计算业务进一步扩容，实现营业收入 39.34 亿元，同比增长 27.6%，为公司业务升级贡献新机遇。 与国际品牌深入合作，东南亚业务加速扩张。2024 年，公司北亚地区营收 584.3 亿元 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Viewpoints - The company reported a revenue of 8.12 billion yuan for the year ending December 31, 2024, representing a year-on-year growth of 15.8%. The gross profit reached 3.92 billion yuan, with a growth of 16.3%, and the gross margin increased by 0.2 percentage points to 48.3%. However, the net profit attributable to shareholders was -0.21 billion yuan, a decrease of 126% year-on-year, primarily due to goodwill impairment related to the acquisition of New Classics Media in 2018. The Non-IFRS net profit attributable to shareholders was 1.14 billion yuan, reflecting a growth of 1% [2][5]. Revenue Breakdown - The company's revenue from copyright operations and other businesses was 4.09 billion yuan, growing by 33.5% year-on-year. The copyright operation revenue increased by 34.2% to 3.99 billion yuan, driven by the increase in the number of hit short dramas, films, and animations, as well as the expansion of IP licensing to partners. Online business revenue was 4.03 billion yuan, with a growth of 2.1%. Revenue from proprietary platform products was 3.53 billion yuan, up 3.4%, while revenue from Tencent product channels decreased by 28.2% to 0.25 billion yuan due to content distribution optimization. Third-party platform revenue increased by 32% to 0.25 billion yuan, benefiting from partnerships with third-party distributors [7]. Strategic Breakthroughs - The company made significant breakthroughs in its IP "creation + visualization + commercialization" strategy. In terms of IP creation, approximately 330,000 new authors and 650,000 new novels were added, with a total word count exceeding 42 billion. The number of new books with 50,000 average subscriptions increased by about 50%, and the number of new authors earning over 500,000 yuan annually grew by over 70%. Monthly paying users reached 9.1 million, an increase of 4.6% year-on-year. In IP visualization, several hit products were released in the film and animation sectors, and the company completed the acquisition of Tencent Animation, further enhancing its IP portfolio. The GMV of derivative products exceeded 500 million yuan, with card game GMV surpassing 200 million yuan [7][10].

分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 吉利汽车 2024 年 Q4 业绩点评：新能源规模提 升实现盈利，还原费用利润超预期 报告要点 [Table_Summary] 吉利汽车发布 2024 年四季度业绩。2024 年实现营业收 2401.9 亿元，同比+34.0%，销量 217.7 万辆，同比+32%，实现归母净利润 166.3 亿元，同比+213.3%。新平台赋能，吉利汽车开启产 品新时代。GEA 架构支撑新车周期，极氪、领克、银河全面向好。各品牌新能源转型顺利推进， 规模效应逐步凸显将带来盈利向上弹性。公司燃油车基盘稳固，联营企业创新出海模式持续打 开海外新空间。智能化战略开启，加速提升智驾能力。整车强势新周期下盈利具备较大弹性。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 吉利汽车（0175.HK） cjzqdt11111 [Table_Ti ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company's net profit reached HKD 14.388 billion, representing a year-on-year growth of 30.8% compared to HKD 11.003 billion in 2023 [5][2]. - The core business profit of the thermal power segment increased by 28.44% due to a steady decline in fuel costs, while the renewable energy segment saw a core business profit decrease of 5.11% [2][6]. - The company plans to expand its renewable energy capacity significantly, with a projected capital expenditure of HKD 56.8 billion in 2025, of which HKD 42 billion is allocated for renewable energy projects [6][2]. Summary by Sections Financial Performance - The thermal power sales volume increased by 4.00% in 2024, but the average on-grid electricity price for coal-fired power plants decreased by 2.7%, leading to a slight decline in sales revenue to HKD 71.901 billion, down 0.45% year-on-year [6][2]. - The average coal price for the company in 2024 was RMB 922.1 per ton, a decrease of 6.6% year-on-year, contributing to a 4.2% decline in fuel costs [6][2]. - The net profit from the thermal power business surged by 82.87% to HKD 5.221 billion, aided by the acquisition of the Guangxi Hezhou project, which generated a profit of HKD 0.876 billion [6][2]. Renewable Energy Segment - The company added 3.646 million kW of wind power and 4.142 million kW of solar power in 2024, with total wind power capacity reaching 24.313 million kW and solar power capacity reaching 9.433 million kW, marking year-on-year growth of 30.59% and 174.06%, respectively [6][2]. - Despite a decrease in average utilization hours for wind and solar power, the sales volume for wind and solar increased by 10.5% and 141.5%, respectively [6][2]. - The core business profit for renewable energy was HKD 9.228 billion, down 5.11%, but net profit increased by 11.72% to HKD 9.029 billion due to a significant reduction in impairment losses [6][2]. Dividend and Valuation - The company declared a total dividend of HKD 1.19 per share for 2024, with a payout ratio of 40%, resulting in a dividend yield of 6.26% based on the closing price on March 20 [2][6]. - Future earnings projections for 2025-2027 are estimated at HKD 14.020 billion, HKD 14.391 billion, and HKD 15.207 billion, with corresponding EPS of HKD 2.71, HKD 2.78, and HKD 2.94, and PE ratios of 7.02, 6.84, and 6.47, respectively [6][2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 26.83 billion yuan for the full year 2024, representing a year-on-year growth of 19%. The Non-GAAP net loss for the year was 39 million yuan, a significant narrowing of 99% compared to the previous year. In Q4 2024, the company achieved a revenue of 7.73 billion yuan, with a gross profit of 2.79 billion yuan, marking a year-on-year increase of 68%. The gross margin increased by 10.0 percentage points to 36.1%, achieving a continuous improvement for the tenth consecutive quarter. The Non-GAAP net profit for Q4 was 450 million yuan, indicating a return to profitability for the quarter [2][4]. Revenue Breakdown - In Q4 2024, the advertising business generated 2.39 billion yuan, a year-on-year increase of 24%. The average age of active users is 25 years, which enhances the platform's attractiveness to advertisers. The company is advancing its "one horizontal, N vertical" strategy to improve advertising product capabilities and expand its advertiser base across various industries. The self-developed AIGC marketing material generation tool continues to empower advertising efforts [7]. - The value-added services segment reported a revenue of 3.08 billion yuan in Q4 2024, growing by 8%. The number of official members reached 258 million, a 12% increase year-on-year, with a retention rate of approximately 80% over 12 months. The number of premium members reached 22.7 million, with over 80% being annual subscription or auto-renewal users [7]. - The mobile gaming business saw a revenue of 1.8 billion yuan in Q4 2024, a remarkable year-on-year growth of 79%. This growth is attributed to the long-term operation of the game "Three Kingdoms: Strategizing the World," which is expected to launch its sixth season on February 22. Additionally, the company has other games in the licensing application process [7]. Operational Data - The community ecosystem of the company continues to thrive, with a daily active user (DAU) count of 103 million and a monthly active user (MAU) count of 340 million in Q4 2024. The average daily usage time reached 99 minutes. The daily video playback volume increased by 14% year-on-year, reaching 4.8 billion views. Nearly 3.1 million content creators (UP owners) earned income on the platform, with a 33% increase in UP owners earning through advertising and a 68% increase in those earning through video and live streaming sales [7]. - The company became the exclusive bullet screen video platform for the Spring Festival Gala in 2025, leading to a 20% year-on-year increase in daily active users on New Year's Eve, with over 37 million viewers for the gala [7]. Profitability - The growth in high-margin businesses such as advertising and gaming, along with effective cost control, led to a gross profit increase of 68% to 2.79 billion yuan in Q4 2024. The gross margin improved by 10.0 percentage points to 36.1%, marking ten consecutive quarters of improvement. Sales expenses increased by 10% year-on-year due to increased gaming acquisition costs, while R&D expenses significantly decreased by 31% year-on-year [7]. - The Non-GAAP net profit for Q4 2024 was 450 million yuan, indicating a return to profitability for the quarter. The net operating cash flow was 1.401 billion yuan, achieving positive operating cash flow for six consecutive quarters, indicating that the business has entered a virtuous cycle [7].

丨证券研究报告丨 港股研究丨公司点评丨安踏体育（2020.HK） [Table_Title] 短期利润率承压，中长期稳健增长可期 报告要点 [Table_Summary] 安踏体育 2024 全年实现营收 708.3 亿元，同比+13.6%，归母净利润 156.0 亿元，同比+52.4% （剔除 Amer 上市及配售收益后实现归母净利润 119.3 亿元，同比+16.5%），全年收入及业绩 基本符合预期，但剔除政府补助后 OPM 较预期低 1pct。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 公司基础数据 安踏体育（2020.HK） cjzqdt11111 [Table_Title2] 短期利润率承压，中长期稳健增长可期 [Table_Summary2] 事件描述 安踏体育 2024 全年实现营收 708.3 亿元，同比+13.6%，归 ...

Investment Rating - The report maintains a "BUY" rating for Sino Biopharm with a target price of HK$4.50, up from a prior target price of HK$4.20, indicating a potential upside of 22% from the current price of HK$3.70 [1][10]. Core Insights - Sino Biopharm reported a revenue increase of 10.2% year-on-year to RMB28.9 billion, slightly below expectations, while adjusted net profit surged by 33.5% year-on-year to RMB3.46 billion, exceeding market expectations. The management anticipates continued double-digit growth in revenue driven by innovative and biosimilar drugs, alongside stable growth in generic drugs [3][7]. - The company has fine-tuned its revenue forecasts and adjusted its expense assumptions, leading to the revised target price. The management expects to achieve double-digit growth in 2025, with innovative drug sales projected to contribute significantly to revenue [3][10]. Financial Forecasts - Revenue projections for Sino Biopharm are as follows: RMB32.17 billion for 2025, RMB34.20 billion for 2026, and RMB35.62 billion for 2027. The reported net profit is expected to be RMB3.28 billion in 2025, with core EPS projected at RMB0.174 [5][14]. - The report indicates a gross margin improvement to 81.6% in 2025, with operating profit margins expected to stabilize around 23% [14][16]. Key Performance Metrics - The company achieved a gross profit of RMB23.53 billion in 2024, with a gross margin of 82%. The selling and administrative expenses ratio decreased slightly to 42.1% [11][16]. - The report highlights a significant increase in the sales of innovative drugs, which grew by 21.9% year-on-year, accounting for 41.8% of total revenue [7][11]. Market Position and Strategy - Sino Biopharm's management plans to expand its innovative drug portfolio, expecting to have over 30 innovative drugs by the end of 2027, which will enhance revenue contributions from these products [7][8]. - The company is also focusing on cost control while anticipating a slight increase in R&D expenses in absolute terms, with a goal of maintaining profitability [7][10].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 128, based on a 25x PE for 2025 [2][5]. Core Insights - Anta Sports reported a revenue increase of 13.6% year-on-year to RMB 70.826 billion for 2024, with a net profit attributable to shareholders (excluding one-time gains from Amer's listing) rising by 16.5% to RMB 11.927 billion [3][5]. - The company successfully turned around Amer Sports, contributing approximately RMB 200 million to the group's profit from joint ventures [3]. - The main brand, Anta, achieved a revenue of RMB 33.5 billion in 2024, reflecting a growth of 13.5% [4]. Financial Performance Summary - Revenue for 2024 was RMB 70.826 billion, with a growth rate of 13.6% [6]. - Net profit attributable to shareholders for 2024 was RMB 15.596 billion, showing a significant increase of 50.7% [6]. - Gross margin decreased by 0.4 percentage points to 62.2%, while operating profit margin fell by 1.2 percentage points to 23.4% [3][6]. - EPS for 2025 is projected at RMB 4.78, with a forecasted growth rate of 10.6% for revenue in 2025 [6]. Brand Performance - FILA achieved a revenue of RMB 26.6 billion in 2024, growing by 6.1% [4]. - Other brands collectively surpassed RMB 10.7 billion in revenue, marking a 53.7% increase year-on-year [4]. - The company continues to focus on multi-brand strategies, with significant growth in the number of stores for Descente and Kolon [4].

公 司 研 究 华福证券 旅游综合 2025 年 03 月 25 日 同程旅行（00780.HK） 核心 OTA 盈利能力上行，国际业务快速扩张 | 证 | 财务数据和估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 券 | 主营收入（百万元） | 11,896 | 17,341 | 19,661 | 22,511 | 25,632 | | | 增长率 | 81% | 46% | 13% | 14% | 14% | | 研 | 归母净利润（百万 | 1,554 | 1,974 | 2,606 | 3,147 | 3,752 | | 究 | 元） 增长率 | 1,164% | 27% | 32% | 21% | 19% | | 报 | EPS（元/股） | 0.67 | 0.85 | 1.12 | 1.35 | 1.61 | | 告 | 市盈率（P/E） | 27.4 | 21.6 | 16.3 | 13.5 | 11.3 | | | 市净率（P/B） | 2.4 | 2.1 | ...