Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company achieved a revenue of 12.261 billion CNY in 2024, representing a year-on-year growth of 21.3%, and a profit of 4.372 billion CNY, up 33.4% year-on-year [1][2]. - The sales revenue from innovative drugs and collaborative products reached 9.477 billion CNY in 2024, a 38.1% increase, accounting for 77.3% of total revenue [7]. - The company has shown strong cost control, with a gross margin of 91% in 2024, an increase of 1.2 percentage points year-on-year [7]. - The company is actively pursuing global collaborations, enhancing its competitive edge, with significant partnerships established in 2024 [7]. Financial Data and Valuation - The company’s projected revenues for 2025-2027 are 13.714 billion CNY, 15.395 billion CNY, and 17.378 billion CNY, with respective year-on-year growth rates of 12%, 12%, and 13% [2][9]. - The projected net profits for 2025-2027 are 4.588 billion CNY, 5.152 billion CNY, and 5.930 billion CNY, with growth rates of 5%, 12%, and 15% respectively [7][9]. - The company’s PE ratios for 2025-2027 are projected to be 24.6, 21.9, and 19.1 [9]. Shareholder Information - The total market capitalization of the company is 120.5 billion HKD, with a total share capital of 5,936 million shares [3]. - The major shareholder, Sunrise Investment Advisors Limited, holds a 65.7% stake in the company [3]. Performance Metrics - The company’s return on equity (ROE) is reported at 15.2% for 2024, with a projected increase to 15.4% by 2027 [9]. - The asset-liability ratio is notably low at 9.4% in 2024, indicating strong financial stability [9].

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 投资要点： 经调整净利润高于彭博一致预期，核心 OTA 盈利改善明显： 公 司 财 2024Q4 同程旅行实现营收 42.4 亿元/同比+34.8%，经调整净利润 6.6 亿元/同比+36.8%/经调整净利润率 15.6%，业绩高于预期主要来自 于核心 OTA 业务经营利润率同比+6.8pct 至 28.4%，核心业务盈利能力 明显改善。 业务拆分来看，核心 OTA 收入稳健增长，国际业务快速扩张： 报 点 评 收入端，2024Q4 交通业务收入 17.2 亿元/同比+17.0%，其中国际 机票市场份额快速扩张，全年业务量同比增长超 130%；住宿业务收入 11.4 亿元/同比+28.6%，其中国际酒店保持行业领先增速，全年业务量 同比增长超 110%；其他业务收入 6.0 亿元/同比+14.8%，其中艺龙酒店 科技平台保持扩张趋势，在营酒店规模近 2300 家；度假业务收入 7.8 亿元，产品和服务价值驱动旗下旅行社门店超 1000 家。经营利润端， 2024Q4 ...

Investment Rating - The report assigns a "Buy" rating for the company, Conant Optical (02276.HK) [1] Core Insights - The company's revenue is expected to grow significantly from 2024 to 2026, with projected revenues of 20.6 billion, 23.7 billion, and 27.5 billion RMB, representing year-on-year growth rates of 16.9%, 15.1%, and 16.3% respectively [6] - The net profit is forecasted to increase to 4.3 billion, 5.7 billion, and 6.9 billion RMB for the same period, with corresponding year-on-year growth rates of 32.2%, 31.4%, and 21.4% [6] - The company is positioned as a leading supplier of resin lenses, focusing on high-value customized and high-refractive lenses, which are expected to enhance profitability [7][8] - The report highlights the company's strategic partnerships with leading global consumer electronics firms to capitalize on the XR (Extended Reality) industry, which is anticipated to drive future growth [8] Summary by Sections Company Overview - Conant Optical is a leading provider of resin eyeglass lenses, focusing on both standardized and high-end customized lenses [15] - The company has undergone restructuring to concentrate on its resin lens business, enhancing operational efficiency [15] Financial Performance - The company achieved a revenue of 1.76 billion RMB in 2023, with a year-on-year growth of 12.7% [9] - The gross margin has improved from 33% in 2019 to 39% in the first half of 2024, driven by an increase in the proportion of customized and high-refractive lenses [31] Market Trends - The global eyeglass lens manufacturing market is projected to grow at a compound annual growth rate (CAGR) of approximately 5.6% from 2023 to 2028 [7][45] - The demand for high-refractive lenses is expected to rise as consumer preferences shift towards lighter and thinner lenses [42] XR Industry Engagement - The company has established an XR R&D service center and is collaborating with several leading consumer electronics companies on various projects [8][65] - A new automated production line for XR-compatible lenses is planned to be built in Thailand, indicating the company's commitment to expanding its capabilities in this emerging market [8][65]

港股公司报告 | 公司点评 思考乐教育（01769） 证券研究报告 加快广州等地发展 公司发布 2024 年业绩 全年收入 8.5 亿元，同增 49%，经调归母净利 1.76 亿元，同增 63%，其中 调整项为股份支付约 0.3 亿元以及直播电商亏损约 0.14 亿元。 2024 年公司收入分拆看，非学科素质课程及其他收入 7.7 亿元，同增 48%； 其中入读学生 35 万人次，同增 46%；辅导课程 869 万课时，同增 46%。 辅导课程收入 0.86 亿元同增 65%，其中入读学生 3.7 万人次，同增 62%； 辅导课程 94 万课时，同增 61%。 公司多种非学科素养课程，包括科学素养、乐学国学、逻辑思维训练及妙 维国际素养等课程，需求强劲。2024 年公司来自素养课程收入增长，相关 辅导课时亦增长。课程取得学生及家长的高度认可，学思结合，持续注重 发挥孩子主观能动性，培养深度思考力，切实满足孩子的全面发展。2024 年公司收入及净利增长主要系（i）总辅导课时增加，带动收益增加及（ii） 公司持续努力提升营运效率。 公司在广东策略发展取得进展 公司已于 2024 年中开始筹备重启广州市场的业务，广 ...

2024 年年报点评：可比口径下 NBV+94%， 综合投资收益率大幅增长 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 保险服务收入（百万港元） 107489 | | 111268 | 112846 | 114544 | 116369 | | 同比（%） | -1.3% | 3.5% | 1.4% | 1.5% | 1.6% | | 归母净利润（百万港元） | 6190 | 8432 | 9289 | 10906 | 12513 | | 同比（%） | 44.1% | 36.2% | 10.2% | 17.4% | 14.7% | | EPS（港元/股） | 1.7 | 2.3 | 2.6 | 3.0 | 3.5 | | EV（港元/股） | 56.5 | 48.6 | 52.5 | 59.7 | 67.9 | [Table_Tag] [投资要点 Table_Summary] 2025 年 03 月 25 日 证券研究报告·公司点评报 ...

特步国际（1368）公司年报点评 2025 年 3 月 25 日 [Table_InvestInfo] 股票数据 | [Table_StockInfo] 3 月 24 日收盘价（港元） | 5.27 | | --- | --- | | 周股价波动（港元） 52 | 3.70-7.13 | | 总股本（百万股） | 2775 | | 总市值（百万港元） | 14622 | [《Ta24bQle4_主R品ep牌o流rtI水nf回o暖] ，索康尼全年收入规 模有望破 10 亿》2025.01.17 [Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 Email:lx11040@haitong.com 《24Q3 索康尼持续高增，看好盈利水平提升》 2024.11.6 《主品牌电商表现亮眼，专业运动收入高增 72%》2024.08.25 《24Q2 主品牌折扣库存改善》2024.07.24 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） -0.2 % 相对涨幅（%） -1.1 % 资料来源：海通证券研究所 分析师:盛开 Tel:(021)2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][13]. Core Views - The core local business segment's profit exceeded expectations, and Keeta is building a second growth curve [6][13]. - In Q4 2024, the company reported revenue of 88.5 billion yuan, a year-on-year increase of 20.1%, and adjusted EBITDA of 11.5 billion yuan, a year-on-year increase of 207.7% [6][10]. - As of December 31, 2024, the company had cash and cash equivalents of 70.8 billion yuan [6][12]. Summary by Sections Business Overview - The company is expanding its multi-category supply and increasing support for merchants in its takeaway and instant retail businesses. New models like "Pin Hao Fan" and "Brand Satellite Stores" are being introduced to help merchants increase sales and attract new customers [7]. - The company launched a 1 billion yuan "Merchant Support Plan" in Q4 2024 to optimize merchant efficiency and innovation through cash and subsidies [7]. Performance Metrics - The core local business generated revenue of 65.6 billion yuan, a year-on-year increase of 18.9%, with operating profit of 12.9 billion yuan, up 60.9%, and an operating margin of 19.7% [9]. - New business revenue in Q4 2024 was 22.9 billion yuan, a year-on-year increase of 23.5%, with operating losses narrowing to 2.2 billion yuan, a 55.0% improvement [9]. Financial Data and Forecasts - The company forecasts revenues of 337.6 billion yuan for 2024, 394.2 billion yuan for 2025, and 455.4 billion yuan for 2026, with year-on-year growth rates of 21.99%, 16.76%, and 15.53% respectively [10]. - The net profit for 2024 is projected at 35.8 billion yuan, with a year-on-year growth of 158.43% [10]. - The estimated reasonable market value for 2025 is between 1.09 trillion and 1.27 trillion Hong Kong dollars, translating to a reasonable share price range of 179 to 209 Hong Kong dollars [13][15].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 558 million yuan for 2024, representing a year-on-year growth of 35.5%, with a net profit of 315 million yuan, up 30.1% year-on-year [1]. - The platform's ecosystem is strengthening, with the "Yimaitong" platform surpassing 7 million registered physician users, covering 88% of practicing physicians in the country, and achieving a monthly active user count of 2.65 million, a 10.4% increase year-on-year [2]. - The company has developed an AI-powered medical model that has passed regulatory approval, enhancing content generation efficiency and accuracy, with a significant reduction in operational costs [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 558 million yuan, a 35.5% increase from the previous year, and a net profit of 315 million yuan, reflecting a 30.1% growth [1]. Operational Analysis - The "Yimaitong" platform has 7 million registered physician users and 2.65 million monthly active users, with a 25.3% increase in cooperative medical clients to 228 and a 31.1% increase in cooperative medical products to 506 [2]. - Paid click counts reached 13.3 million, up 37.1% year-on-year, with 867,000 participating physicians, a 12.0% increase [2]. AI Empowerment and Cost Control - The company’s self-developed AI model integrates various technologies, improving content accuracy and efficiency, with a 60% increase in productivity for doctors using AI writing tools [3]. - The sales and management expense ratios were 6.0% and 31.4%, respectively, both showing a decrease compared to the previous year, attributed to stable employee numbers and high revenue growth [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 719 million, 915 million, and 1.163 billion yuan, with expected growth rates of 28.8%, 27.16%, and 27.13% respectively [4]. - Net profit forecasts for the same period are 350 million, 411 million, and 495 million yuan, with growth rates of 11.2%, 17.26%, and 20.55% respectively, corresponding to PE ratios of 25.05, 21.36, and 17.72 [4].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price based on projected earnings and valuation multiples [10][11]. Core Viewpoints - The company is recognized as a leading player in the real estate sector, combining business models, capabilities, resources, and financial advantages to drive growth. It has a strong sales ranking despite market challenges, supported by ample and quality land reserves [4][10]. - The company has released significant impairment pressure, with new land acquisitions expected to yield substantial profits, indicating a high degree of performance solidity and realization probability [4][10]. - As a leader in commercial real estate, the company excels in various dimensions including layout, leasing, operations, scale, rental income, efficiency, and luxury offerings, which not only provide stable cash flow but also enhance dividend and valuation potential [4][10]. Summary by Sections Company Overview - The company is a rare diversified real estate developer in China, under the umbrella of China Resources Group, with a strategic focus on urban investment and development operations. It has established a "3+1" integrated business model and achieved a core net profit of 27.8 billion in 2023, with operational business contributing 34.4% [7][42]. Real Estate Development - The company has a strong reputation for quality and efficiency, with a projected sales revenue of 261.1 billion for 2024, ranking it among the top three in the industry. The land reserves are robust, with over 70% located in first and second-tier cities, ensuring future sales stability [8][20]. - The company has recognized a cumulative inventory impairment of 21 billion from 2020 to 2024, indicating a high level of impairment pressure release compared to peers, which bodes well for future profitability [8][20]. Operating Real Estate - The company is a pioneer in shopping center development in mainland China, with a strong positioning in high-end markets. It has maintained double-digit growth in same-store rental income since 2016, demonstrating robust operational capabilities [9][24]. - The company plans to achieve steady growth in rental income, with a projected EBITDA margin of 55% and potential for a dividend yield of approximately 2.7% based on its operational real estate performance [9][27]. Financial Performance - The company has a solid financial structure, with a net debt ratio of 33.6%, indicating prudent debt management. The projected earnings for 2024-2026 are 26.6 billion, 27.3 billion, and 28.7 billion respectively, with corresponding PE ratios of 6.5, 6.3, and 6.0 [10][36].