概要 便利店料持續增長：2017–2023 年全國範圍內的便利店零售額持續增 長，2023 年内地便利店零售銷售額為 4,248 億元人民幣，2017–2023 年年複合增長率為 14.30%。未來隨著經濟復蘇、國家及地方促消費政 策的落地，便利店門店數量和每家門店平均銷售額的增長，以及便利 店數字化、智能化轉型的加快，預計 2024E–2027E 年全國範圍內便利 店零售額將持續增長，年複合增長率為 9.00%。 新股預覽 ─ 江蘇宏信（2625.HK） 背景 公司是一家糧油批發商，總部設在揚州，主要集中在蘇中地區以「宏 信龍」品牌經營超市及便利店零售業務。根據行業報告，按銷售額計， 公司於 2023 年在揚州超市運營商中排名第二，市場份額約為 9.1%， 及按銷售額計，公司於 2023 年在蘇中地區的超市運營商中排名第五， 市場份額約為 2.3%，及按 2023 年的銷售額計，於江蘇省超市營運商 中排名第 20 位左右，市場份額約為 0.4%。 公司有四大業務策略：主要業務目標是進一步鞏固公司的市場地位， 增加公司的市場份額，把握内地零售行業的增長機遇。為實現該等目 標，公司計劃採取以下策略：(i)擴大公 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 股价走势 安踏体育（02020.HK） 2024 年业绩点评：新业态引领市场，看好 25 年延续增势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62356 | 70826 | 78173 | 86079 | 94239 | | 同比(%) | 16.23 | 13.58 | 10.37 | 10.11 | 9.48 | | 归母净利润（百万元） | 10236 | 15596 | 13232 | 14763 | 16431 | | 同比(%) | 34.86 | 52.36 | (15.16) | 11.57 | 11.30 | | EPS-最新摊薄（元/股） | 3.65 | 5.56 | 4.71 | 5.26 | 5.85 | | P/E（现价&最新摊薄） | 23.50 | 15.43 | 18.18 | 16.30 | 14.64 | [Table_ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][27] Core Views - The company achieved a revenue of 16.1 billion yuan in Q4 2024, representing a year-on-year growth of 23% and a quarter-on-quarter growth of 59.4% [10][4] - The total sales volume for Q4 2024 was 91,500 units, a year-on-year increase of 52.1% and a quarter-on-quarter increase of 96.8% [10][15] - The company is expected to deliver between 91,000 and 93,000 vehicles in Q1 2025, which would represent an annual increase of approximately 317% to 326.2% [15][4] Financial Performance - In Q4 2024, the gross margin was 14.4%, an increase of 8.2 percentage points year-on-year, while the net margin was -8.3% [2][13] - The automotive business gross margin was 10.0%, up 5.9 percentage points year-on-year, primarily due to reduced vehicle costs [2][14] - The company forecasts revenues of 88.5 billion, 118.1 billion, and 130.3 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits of -1.6 billion, 2.7 billion, and 4.7 billion yuan for the same years [4][5][27] Product Development - The 2025 models of the G6 and G9 were officially launched, featuring the Turing AI driving system [3][22] - The G6 is positioned as an all-around electric coupe SUV with a price range of 176,800 to 198,800 yuan, while the G9 is marketed as a flagship SUV priced between 248,800 and 278,800 yuan [22][25] Strategic Partnerships - The company entered a strategic partnership with Volkswagen Group (China) to develop a super-fast charging network, aiming to create the largest fast-charging network in China [18][21]

港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 领跑体育品牌成长 主品牌经营稳健，新品牌增长强劲 公司发布 24 年业绩公告，全年公司收入 708 亿同增 14%；分品牌看，安 踏牌实现收入 335 亿同增 11%，持续巩固中国运动品牌领导地位。FILA 收 入 266 亿同增 6%，增量赛道维持强劲势头。其他品牌（主要来自迪桑特& 可隆体育）收入 107 亿同增 54%，继续保持高速增长。 24 年公司毛利率 62%同减 0.4pct，其中安踏 55%，FILA68%，其他品牌 72%。 24 年公司经营利润 166 亿，OPM 为 23%同减 1.2pct；其中安踏牌经营利润 70 亿，OPM21%同减 1.2pct，FILA 经营利润 67 亿，OPM 为 25.3%同减 2.3pct， 其他品牌经营利润 31 亿，OPM28.6%同增 1.5pct。 公司 24 年归母净利（不含 Amer 一次性利得）119 亿，同增 17%。 平均存货周转日数 123 天同比持平。 安踏持续打造差异化零售新业态 相比过去"千店一面"的零售战略，公司通过发展更多更具针对性的新业 态，例如安踏竞技场级 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved profitability in 2024 with total revenue of $630 million, driven by strong overseas sales of its core product, furmonertinib, which exceeded expectations [6] - The company expects combined revenue from its oncology/immunology business to be between $350 million and $450 million in 2025, with global sales of furmonertinib surpassing $400 million [7] - The company has adjusted its net profit forecasts for 2025-2027, projecting net profits of $2.383 billion, $797 million, and $961 million respectively [6] Financial Performance - In 2024, the company reported a net profit of $38 million, marking a return to profitability [6] - The revenue from oncology products reached $272 million in 2024, a year-on-year increase of 65% [6] - The company’s R&D, selling, and administrative expenses decreased significantly in 2024, with reductions of 29.8%, 7.55%, and 20.0% respectively [7] Sales Performance - Furmonertinib's overseas sales reached $291 million in 2025, a year-on-year increase of 1825%, while domestic sales were $115 million, up 7% [7] - The company anticipates strong demand for furmonertinib, which is expected to contribute significantly to revenue growth [6][7] Valuation Metrics - The current stock price corresponds to a P/E ratio of 8.8 for 2025, 26.2 for 2026, and 21.8 for 2027 [6] - The projected EPS for 2025, 2026, and 2027 are $2.7, $0.9, and $1.1 respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved positive adjusted operating profit in 4Q24, driven by accelerated revenue from ecological AI and industry cloud projects [1][2] - The public cloud revenue grew significantly, with AI-related revenue increasing by 500% year-on-year in 4Q24, contributing to a robust growth trajectory [2] - The company is expected to continue enhancing its AI capabilities and expand its market presence, with revenue forecasts for 2025-2027 showing substantial growth [3] Summary by Sections Financial Performance - In 4Q24, the company reported revenue of 22.32 billion RMB, a year-on-year increase of 29.6% and a quarter-on-quarter increase of 18.4% [1] - The gross profit for 4Q24 was 4.26 billion RMB, with an adjusted gross margin of 19.2%, reflecting a 4.0 percentage point increase year-on-year [1] - For the full year 2024, total revenue reached 77.85 billion RMB, a 10.5% increase compared to 2023, with a net loss narrowing to 19.79 billion RMB [1] AI and Cloud Services - Public cloud revenue in 4Q24 was 14.10 billion RMB, up 34.0% year-on-year, with AI-related revenue accounting for 34% of public cloud revenue [2] - The company has established strong partnerships within the Xiaomi and Kingsoft ecosystems, leading to a 76% year-on-year increase in revenue from ecosystem partners [2] Industry Cloud Development - Industry cloud revenue reached 8.22 billion RMB in 4Q24, marking a 22.7% year-on-year growth [2] - The company is focusing on high-value sectors such as public services, healthcare, and finance, with several benchmark projects underway [2] Future Outlook - The company plans to enhance its AI computing capabilities and expects to increase capital expenditures in 2025 [3] - Revenue forecasts for 2025 and 2026 have been raised to 97 billion RMB and 119 billion RMB, respectively, with a new forecast for 2027 set at 138 billion RMB [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company, Laopu Gold, is a new-style luxury brand with a high brand premium, catering to high-net-worth individuals through craftsmanship and cultural identity, while also ensuring value retention. The company has shown significant same-store growth and has ample room for expansion, with a clear growth logic. The company plans to start its international expansion in Southeast Asia, marking the beginning of its second growth curve [4][6]. Summary by Sections 1. Global Gold Jewelry Consumption Culture - The global gold jewelry consumption culture is diverse, with varying preferences for demand, purity, style, and cultural significance across different regions. China and India are the largest markets, with a combined consumption of 1,042 tons in 2024, accounting for 56% of global consumption [9][10]. 2. Current Status of Chinese Gold Jewelry Brands Going Abroad - Chinese gold jewelry brands are still in the exploratory phase of international expansion, with Chow Tai Fook, Luk Fook, and Lao Feng Xiang having a limited number of overseas stores concentrated mainly in Southeast Asia and East Asia [18][19]. 3. Global Market Layout of Leading International Luxury Jewelry Brands - Leading luxury jewelry brands such as Cartier, Tiffany, and Van Cleef & Arpels have significant market shares and store layouts primarily in the US, China, Japan, and South Korea, contributing to over half of their revenue [22][23]. 4. Potential Space for Laopu Gold's International Expansion - Laopu Gold has initiated its international expansion, planning to open flagship stores in Hong Kong and Singapore, with a target of establishing 39 stores across various international cities, including 9 in Southeast Asia and 12 in Japan and South Korea [32][41]. The selection of target cities is based on criteria such as luxury consumption density and cultural affinity for gold [33][36]. 5. Financial Projections - The projected net profits for Laopu Gold for the years 2024, 2025, and 2026 are estimated at 1.462 billion, 2.842 billion, and 3.649 billion yuan respectively, reflecting significant year-on-year growth rates of 251.6%, 94.3%, and 28.4% [6].

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 21 年 月 日 万国数据-SW（09698.HK） 国内新签大单，受益于 AI 大趋势 2024 年使用面积进一步增长，收入稳健增长。4Q24 净新增使用面积 增加 14440 平米，其中 14275 平米为内生增长，165 平米为 B-O-T 项 目。全年新增使用面积 47792 平米，期末已使用面积为 45 万平米，同 比增长 11.8%，上架率达到 73.8%。每平方米年度产生收入同比有所 降低。公司 2024 年收入录得 103 亿人民币，同比增长 5.5%，实现稳 健增长。4Q24 收入同比增长 9.1%至 26.9 亿人民币。2024 年公司实 现了 48.76 亿的经调整 EBITDA，同比增长 3%，经调整 EBITDA 利润 率同比降低 1.2pct 至 47.2%。需要特别说明的是，公司原控股子公司 DayOne 完成 B 轮融资后不再并表，倘若考虑 DayOne 在内的合并报 表，2024 年的经调整 EBITDA 达到 51.9 亿，超出指引的 49.5-51.5 亿。 国内新签大单，受益于 AI 大趋势。1） ...

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 -37% -16% 6% 27% 48% 4/23 7/23 10/23 1/24 小米集团-W 恒生指数 -50% 0% 50% 100% 小米集团-W 恒生指数 -10% 90% 190% 290% 24/03 24/06 ...

| 总股本（百万股） | 1333 | | --- | --- | | 流通股本（百万股） | 1333 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 30 | | 流通市值（亿港元） | 30 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 朝云集团 [Table_StockNameRptType] （6601.HK） 公司点评 产品战略持续推进，高质量稳利润发展 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-03-21 | | [Table_BaseData] 收盘价（港元） 2.29 | | 近 12 个月最高/最低（港元） 2.35/1.45 | 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 1. 家居护理基石稳固，宠物线下实体 门店服务业态助力高增长，高股息率 保障股东权益 2024 ...