电子/消费电子 高伟电子（01415.HK） 2025 年利润有望继续释放，XR 及智能制造提振估值 2025 年 03 月 22 日 投资评级：买入（维持） | 日期 | 2025/3/21 | | --- | --- | | 当前股价(港元) | 32.250 | | 一年最高最低(港元) | 33.600/15.400 | | 总市值(亿港元) | 278.15 | | 流通市值(亿港元) | 278.15 | | 总股本(亿股) | 8.62 | | 流通港股(亿股) | 8.62 | | 近 3 个月换手率(%) | 22.64 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-03 2024-07 2024-11 2025-03 高伟电子 恒生指数 相关研究报告 《短期业绩进程波动，中期受益大客 户产品周期向上—港股公司信息更新 报告》-2024.8.17 《净利润放量趋势有望启动，受益份 额提升及光学升级—港股公司信息更 新报告》-2024.3.22 2024 年公司收入 25 亿美金，同比增长 170%，符合我们预期，分析主要由于公 司在客户后摄料号份 ...

证券研究报告 | 2025年03月21日 小米集团-W（01810.HK） 优于大市 2024 年营收利润创历史新高，人车家全生态战略全面落地 2024 年业绩超预期，营收利润大幅增长。2024 年公司总营收 3659 亿元（YoY +35%），经调整净利润 272 亿元（YoY +41%）。其中，4Q24 营收 1090 亿元 （YoY +49%，QoQ +18%），经调整净利润 83 亿元（YoY +69%，QoQ +33%）。 2024 年公司总营收及净利润实现高速增长，均创历史新高。分业务看，2024 年智能手机、IoT 与生活消费产品、互联网服务、智能电动汽车业务营收占 比分别为 52%/29%/9%/9%。2020-2030 公司新十年目标大规模投入底层核心 技术，致力于成为新一代全球硬核科技引领者，2024 年公司研发支出 241 亿 元，同比增长 26%。 高端化战略卓有成效，智能手机业务量价齐升，ASP 创历史新高。2024 年公 司智能手机业务营收 1918 亿元（YoY+22%），毛利率 12.6%。2024 年公司智 能手机平均单价同比增长 5.2%至 1138 元。2024 年公司智 ...

证券研究报告 | 2025年03月21日 腾讯控股（00700.HK） 优于大市 收入侧增长提速，积极进行 AI+应用布局 广告、游戏业务表现良好，收入同比增长 11%，经调整利润同比增长 30%。 24Q4，腾讯实现营收 1724 亿元，同比增长 11.1%。主要增长由广告和游 戏业务贡献，金融科技业务受到宏观影响较为疲软。经调整经营利润 24Q4 为 595 亿元，同比增长 20%。Non-IFRS 归母净利润 553 亿元，同 比增长 30%；Non-IFRS 归母净利率 32.1%，同比提升 5pct。 AI 时代研发费用积极投入。24Q4 公司管理研发费用 24Q4 同比增长 16%至 314 亿元，主要系研发开支（包括与 AI 项目相关的僱员成本及折旧费用） 增加。我们预计研发费用增加趋势在 25 年延续。Capex 方面，24Q4 增 长迅猛，为 366 亿元，同比+386%；25 年全年来看，预计占比收入低双 位数，若以占比 12-15%测算为 868-1086 元左右。公司 Capex 主要用于： ①支持广告技术的 GPU 以及部分游戏业务；②大模型训练；③云业务转 租；④未来还会在推理方面 ...

2025 年 03 月 21 日 公司点评 买入/维持 安踏体育(02020) 目标价: 昨收盘:93.15 24 年财报点评：收入超预期，户外品牌延续高增 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/20 24/6/1 24/8/13 24/10/25 25/1/6 25/3/20 ◼ 股票数据 | 总股本/流通(亿股) | 28.07/28.07 | | --- | --- | | 总市值/流通(亿港元) | 2,614.92/2,61 | | | 4.92 | | 12 个月内最高/最低价 | 107.5/65.55 | | (港元) | | 相关研究报告 分渠道来看，1）线上：收入同比+21.8%，占总收入的 35.1%（+2.3pct）， 2）线下：截至 24 年底，安踏成人/儿童分别为 7135/2784 家（年内净增 82/6），店效分别约为 30/16 万；FILA 大货/儿童/潮牌为 1264/590/206 家（年内净增 85/8/-5 家），店效分别约为 96/36/40 万；迪桑特/可隆为 226/191 家（年内净增 39/27 家），店效分别为 20 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's total revenue for 2023 is projected at 11,896 million, with a year-on-year growth of 80.67%. For 2024, revenue is expected to reach 17,341 million, reflecting a growth of 45.77% [1] - The net profit attributable to shareholders for 2023 is forecasted at 1,554 million, showing a significant year-on-year increase of 1,164.41%. The net profit for 2024 is anticipated to be 1,974 million, representing a growth of 27.04% [1] - The report highlights a robust performance in the core OTA segment, with a projected revenue growth of 15-20% for 2025, driven by increased user engagement and improved operational efficiency [9][10] Financial Projections - Total revenue is expected to grow from 17,341 million in 2024 to 25,232 million by 2027, with a compound annual growth rate (CAGR) of approximately 13% [1] - The net profit attributable to shareholders is projected to increase from 1,974 million in 2024 to 3,391 million by 2027, indicating a strong growth trajectory [1] - The report anticipates an increase in earnings per share (EPS) from 0.85 in 2024 to 1.46 in 2027, reflecting a positive outlook for profitability [1] User Engagement and Market Position - The average revenue per user (ARPU) has increased by 44%, with the frequency of user purchases rising to 8.1 times annually, up from 7.5 times in 2023 [9] - The company has successfully reduced user subsidies, leading to improved profit margins and operational efficiency [9][10] - The report notes a significant recovery in cross-border travel, contributing to the overall growth of the company's revenue streams [9]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% within the next 6-12 months [4][13]. Core Viewpoints - The company achieved a revenue of $26.9 million in 2024, reflecting a year-on-year growth of 28%, while the adjusted net profit was $26.9 million, up 3% [1]. - The international market outside of China has become a significant growth driver, with a 326.4% increase in invisible orthodontic cases and a revenue increase of 290.4% in 2024 [2]. - The company is strategically expanding its sales team in the domestic market, achieving a 3.2% increase in cases, although revenue in China slightly declined by 0.4% [2]. - The gross margin improved to 62.6%, with sales and marketing expenses rising by 49.9% due to international expansion efforts [3]. - The company is expected to continue its growth trajectory, with projected net profits of $1.06 billion, $1.28 billion, and $1.54 billion for 2024-2026, representing growth rates of 21%, 21%, and 20% respectively [4]. Summary by Sections Performance Review - In 2024, the company reported a revenue of $26.9 million, a 28% increase year-on-year, and an adjusted net profit of $26.9 million, up 3% [1]. Operational Analysis - The total number of cases reached 359,400 in 2024, a 47% increase year-on-year, with significant growth in international markets [2]. - The company recorded 140,700 cases outside of China, marking a 326.4% increase, and generated $80.5 million in revenue from these markets, a 290.4% increase [2]. - In the domestic market, the company achieved 218,700 cases, a 3.2% increase, but revenue slightly decreased by 0.4% to $188.2 million [2]. Profitability and Expenses - The gross margin for 2024 was 62.6%, an increase of 0.2 percentage points year-on-year [3]. - Sales and marketing expenses rose to approximately $105 million, a 49.9% increase, primarily due to the expansion of international operations [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of $1.06 billion, $1.28 billion, and $1.54 billion for 2024-2026, with corresponding EPS of 0.62, 0.75, and 0.90 [4]. - The current price-to-earnings ratio is projected to be 114, 95, and 79 for the years 2024-2026 [4].

上 市 公 司 公 司 点 评 / 公 司 点 纺织服饰 2025 年 03 月 21 日 安踏体育 (02020) ——业绩表现符合预期，25 年指引稳健增长 刘佩 (8621)23297818× liupei@swsresearch.com 投资要点： 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 20 日 | | --- | --- | | 收盘价（港币） | 93.15 | | 恒生中国企业指数 | 8950.18 | | 52 周最高/最低（港币） | 107.50/65.55 | | H 股市值（亿港币） | 2,614.92 | | 流通 H 股（百万股） | 2,807.21 | | 汇率（人民币/港币） | 1.0828 | 一年内股价与基准指数对比走势： -16% 34% 84% HSCEI 安踏体育 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 财务数据及盈利预测 货币单位：人民 ...

Investment Rating - The report assigns a "BUY" rating to the company, indicating a potential upside of 15% to 35% from the current price [6]. Core Insights - The company achieved a revenue of RMB 23.89 billion in 2024, representing a year-on-year increase of 9.2%, but net profit decreased by 25.4% to RMB 3.05 billion [6]. - The adjusted EBITDA for the year was RMB 6.8 billion, up 7.9% year-on-year, with the Huazhu segment contributing RMB 7 billion, a 12.9% increase [6]. - The company plans to maintain a rapid pace of hotel openings, targeting 2,300 new hotels in 2025 while closing 600 [6]. - The report forecasts net profits of RMB 3.47 billion, RMB 4.08 billion, and RMB 4.82 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 1.11, RMB 1.30, and RMB 1.54 [8]. Summary by Sections Company Overview - The company operates in the social services industry, with a current H-share price of HKD 28.50 and a market capitalization of RMB 77.71 billion [2]. Financial Performance - The company reported total revenue of RMB 23.89 billion for 2024, with a breakdown of RMB 13.8 billion from leasing and owned hotels (up 0.3%) and RMB 9.5 billion from management and franchising (up 23.4%) [6]. - The net profit for the Huazhu segment was approximately RMB 3.6 billion, down 56.7% year-on-year, primarily due to foreign exchange losses and increased withholding tax [6]. Future Outlook - The company expects to maintain a high occupancy rate of 81.2% in 2024, with growth driven by its asset-light strategy and rapid expansion [6]. - A shareholder return plan totaling USD 2 billion over three years is set to enhance shareholder value, with an expected total of USD 770 million in dividends and share buybacks for the year [6].

Investment Rating - The report maintains a "Buy" rating for Huazhu Group-S (01179.HK) [1] Core Views - The company is expected to maintain a strong opening pace in 2025, with a focus on asset-light structural adjustments [1] - The Q4 revenue exceeded guidance, with a year-on-year increase of 7.8%, reaching 6.023 billion yuan [8] - The company plans to distribute a cash dividend of 500 million USD for 2024, with a payout ratio exceeding 100% [8] Financial Performance Summary - Total revenue for 2023 is projected at 21.882 billion yuan, with a year-on-year growth of 57.86% [1] - The net profit attributable to shareholders for 2023 is expected to be 4.085 billion yuan, reflecting a significant year-on-year increase of 324.33% [1] - The earnings per share (EPS) for 2023 is estimated at 1.27 yuan, with a price-to-earnings (P/E) ratio of 20.69 [1] Business Expansion and Guidance - As of Q4 2024, the number of stores in mainland China reached 11,025, a year-on-year increase of 19% [8] - The company plans to open 2,300 new stores in 2025 while closing 600, resulting in a net increase of 1,700 stores [8] - The revenue growth guidance for Q1 2024 is set at 0-4%, with expectations for gradual improvement in RevPAR [8] Profitability Forecast - The forecast for net profit attributable to shareholders for 2025 is 3.806 billion yuan, with a year-on-year growth of 23.20% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 22, 19, and 17 respectively [1] - The report anticipates a continuous improvement in the market landscape, supported by the company's brand, traffic, and technology [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 67.8, indicating a potential upside of 20.06% from the current price of HKD 56.50 [5][8]. Core Insights - The company reported a significant revenue growth of 48.8% year-on-year for Q4 2024, achieving a revenue of RMB 109 billion, with a net profit increase of 90.4% to RMB 9 billion, surpassing market expectations [2]. - The management anticipates a revenue growth rate exceeding 30% for 2025, supported by increased investment in research and development, with an expected expenditure of RMB 30 billion, of which 25% will be allocated to AI [2]. - The company is focusing on high-end products, with smartphone revenue reaching RMB 51.3 billion, a 16.0% increase, and an average selling price (ASP) of RMB 1,202, marking a 10.1% year-on-year increase [2]. Revenue and Profitability - IoT revenue grew by 51.7% to RMB 30.9 billion, benefiting from national subsidies, with a gross margin of 20.5% [3]. - Internet services revenue increased by 18.5% to RMB 9.3 billion, with a gross margin of 76.5% [3]. - The automotive segment generated RMB 16.7 billion in revenue, with an ASP of RMB 234,000, and the company has raised its delivery target for 2025 to 350,000 vehicles [4]. Financial Projections - The company forecasts revenues of RMB 496.5 billion, RMB 638.3 billion, and RMB 740.8 billion for 2025, 2026, and 2027 respectively, with adjusted net profits of RMB 40 billion, RMB 51.5 billion, and RMB 64.5 billion for the same years [5][6]. - The projected earnings per share (EPS) for 2025 is RMB 1.42, reflecting a growth of 53.46% compared to 2024 [6]. Market Position and Strategy - The company plans to expand its retail presence, aiming to open 5,000 new stores in China and enter overseas markets with a target of 10,000 stores in five years [3]. - The successful launch of high-end models like the 15 Ultra has significantly boosted sales, with a year-on-year increase of 80% in units sold [2].