F原证券 微盟集团（02013.HK） 2024 年 12 月 24 日 | --- | --- | |---------------------------|---------------------------| | | | | 吴柳燕（分析师） | 荀月（分析师） | | wuliuyan@kysec.cn | xunyue@kysec.cn | | 证书编号： S0790521110001 | 证书编号： S0790524110001 | 公 司 研 究 ——港股公司信息更新报告 微信交易电商逐步完善，头部服务商有望率先受益，上调至"买入"评级 微信小店推出"送礼物"功能，有望提升供给端品牌及商品丰富度 微盟率先将小程序接入微信小店，关注后续商家入驻及 GMV 拉动情况 | --- | --- | --- | --- | --- | --- | |-------------------------|---------|--------|------------------------|---------|-------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2 ...

4.2、 5.1、盈利预测 . 胜:财务预测摘要 2 / 33 奖 开源证券 公司首次覆盖报告 | --- | --- | |--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------| | 图 19: | PSS 客户覆盖海外主流汽车品牌 | | 图 20: | 2023-2028 年麦克风市场规模预计年复合增速为 7.5%……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 15 | | 图 21: | 2023-2029 年 MEMS 市场规模预计年复合增速为 5% | | 图 22: | 提像头模组构成 | | 图 23: | 瑞声科技摄像头模组产品 | | 图 2 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700 HK) [3] Core Viewpoints - Tencent's AI strategy focuses on "industrial practicality" with a dual emphasis on large models and applications The company has been investing in AI since 2012 and has developed a comprehensive AI ecosystem including the Hunyuan large model and various AI tools and applications [3] - Tencent's AI layout covers both B2B and B2C sectors with applications integrated into existing products and new AI-native applications The company's AI capabilities are ranked first in 8 out of 11 core tasks in the SuperCLUE Chinese Large Model Benchmark [21] - The report predicts Tencent's adjusted net profit for 2024-2026 to be 2174 2406 and 2653 billion yuan respectively with corresponding PE (Non-IFRS) ratios of 17 15 and 14 times [21] Development History - Tencent began its AI journey in 2012 with the establishment of the YouTu Lab focusing on computer vision technologies [13] - In 2016 Tencent established the AI Lab which focused on computer vision speech recognition natural language processing and machine learning [14] - In 2018 Tencent upgraded its AI strategy to focus on general AI research and established the Robotics X lab [15] - In 2022 Tencent publicly disclosed the development of its Hunyuan large model which covers NLP CV and multimodal capabilities [17] - By 2024 Tencent's Hunyuan large model had been tested in over 600 internal business scenarios and launched AI-native applications like Tencent Yuanqi and Tencent Yuanbao [18] AI Layout and Applications - Tencent's AI ecosystem includes both B2B and B2C applications with B2B focusing on large models cloud services and PaaS while B2C includes AI-enhanced existing applications and AI-native applications [20] - The Hunyuan large model developed by Tencent has trillion-scale parameters and excels in multimodal capabilities including text-to-image and video generation [25] - Tencent has integrated AI into various internal applications such as Tencent Meeting WeChat and QQ with nearly 700 business scenarios already using the Hunyuan model [26] - Tencent's AI applications in advertising have significantly improved ad targeting and efficiency with the new ad system 3 0 covering 95% of Tencent's ad placements and improving stability by 26% [53] - In gaming Tencent's AI engine GiiNEX has reduced the time required for city modeling from 5 days to 25 minutes [55] Financial Projections - The report forecasts Tencent's operating income for 2024-2026 to be 658160 716550 and 782730 million yuan respectively with year-on-year growth rates of 8 07% 8 87% and 9 24% [24] - Tencent's adjusted net profit for 2024-2026 is expected to be 217396 240603 and 265288 million yuan with year-on-year growth rates of 38% 11% and 10% respectively [24] - The PE (Non-IFRS) ratios for 2024-2026 are projected to be 17 15 and 14 times [21]

Investment Rating - Maintain "Buy" rating with a target price of HKD 1.32 [7][8] Core Views - The company is undergoing a brand repositioning, focusing on cost-effective hot pot and expanding its membership and single-dining delivery scenarios [1] - The company aims to achieve full-store profitability for the Xiabuxiabu brand in 2H24 by closing outdated large stores in old business districts [1] - The company is expected to return to stable development if the operating environment stabilizes in 2025 [3] - The company is actively deepening operational and organizational management reforms, optimizing the operating model, reducing dish prices, and expanding delivery services [3] - The company is expected to achieve a turnaround in 2026 with a net profit of RMB 2.49 million [14][28] Financial Performance - 1H24 revenue was RMB 2.403 billion, a year-on-year decrease of 15.92%, with a net loss attributable to the parent company of RMB 273 million [3] - 1H24 Xiabuxiabu restaurant revenue was RMB 1.255 billion, a year-on-year decrease of 12%, with same-store sales down 19% and a turnover rate of 2.3 times per day [1] - 1H24 Coucou restaurant revenue was RMB 943 million, a year-on-year decrease of 29%, with same-store sales down 43% and a turnover rate of 1.6 times per day [6] - The company's gross profit margin in 1H24 was 65%, an increase of 2.9 percentage points year-on-year [6] Store Operations - Xiabuxiabu opened 41 new stores and closed 48 stores in 1H24, resulting in a net decrease of 7 stores, with a total of 826 stores globally [1] - Coucou opened 11 new stores and closed 12 stores in 1H24, resulting in a net decrease of 12 stores, with a total of 245 stores globally [6] - The company expects to open 60/50/30 new Xiabuxiabu stores and 11/5/5 new Coucou stores in 2024-2026, with net store changes of -50/-5/+6 for Xiabuxiabu and -37/-35/0 for Coucou [11] Revenue and Profit Forecast - The company is expected to achieve revenue of RMB 4.913 billion, RMB 4.630 billion, and RMB 4.719 billion in 2024-2026, with year-on-year changes of -17%, -6%, and +2% respectively [28] - The company is expected to achieve net profits attributable to the parent company of -RMB 451 million, -RMB 229 million, and RMB 2.49 million in 2024-2026 [14][28] - The company's gross profit margin is expected to be 64.1%, 64.6%, and 65.6% in 2024-2026, with Xiabuxiabu's gross profit margin at 64.5%, 65.5%, and 65.5%, and Coucou's at 65%, 65%, and 67% [19] Cost and Expense Management - The company's labor cost ratio is expected to be 37.48%, 37.26%, and 35.82% in 2024-2026, with rental costs at 5.89%, 5.75%, and 5.55% [31] - The company's depreciation and amortization ratio is expected to be 17.83%, 17.52%, and 16.24% in 2024-2026 [31] - The company's EBITDA is expected to be RMB 321 million, RMB 827 million, and RMB 1.257 billion in 2024-2026 [32] Valuation - The company's target price is adjusted to HKD 1.32 based on a 5X 2025 EV/EBITDA, reflecting a discount due to the company's ongoing losses and uncertain reform outcomes [14][32]

证券研究报告 目标价 (港币) 15.97 收盘价 (港币 截至 12 月 23 日) 11.82 市值 (港币百万) 28,347 6 个月平均日成交额 (港币百万) 129.29 52 周价格范围 (港币) 11.06-16.78 BVPS (人民币) 2.74 华润饮料 (2460 HK) 提效并多元，启航新征程 首次覆盖华润饮料并给予买入评级，目标价 15.97 港元（基于 25 年 18xPE）。 华润饮料为国内瓶装水行业领军企业，在多品类开拓+全渠道布局+全国化 扩张等多维度构建包装水业务的竞争优势，无惧短期行业竞争波动。时下公 司正面临瓶装水业务代工转自产、非水饮料第二曲线布局的关键时刻，我们 看好公司全国化进程推进、包装水业务基本盘稳固，非水饮料业务有望起势、 贡献收入增量，同时在自产比例提升/供应链优化/非水饮料规模扩张/费用率 收缩的带动下、盈利能力亦有望提振。 瓶装水行业需求韧性，华润饮料具备多维竞争优势 据欧睿，23 年瓶装水行业规模 2266 亿元，纯净水占据半壁江山，公司在纯 净水赛道中龙头地位稳固。1）产品端，公司自 09 年起前瞻布局中大规格 水、当前 SKU 数量领先竞对，有 ...

2024 年 12 月 24 日 ASC47 与司美格鲁肽联合用药在肥胖小鼠模型中显示优越减重效果 要点 ASC47 联用司美格鲁肽展现出优越的临床前数据。在该临床前实验中，低剂量 ASC47（3 mg/kg 或 9 mg/kg，皮下注射，每四周一次）联合司美格鲁肽（30 nmol/kg，皮下注射，每日一次）的疗效优于司美格鲁肽单药。联合用药组 1 （3mg/kg 组）使体重下降 36.2%，比司美格鲁肽单药多减重 56.7%；联合用药 组 2（9mg/kg 组）使体重下降 35.9%。治疗结束时，两个给药组的肌肉总量/ 总体重均为 68.8%，与健康非肥胖小鼠（66.0%）相似，优于司美格鲁肽单药给 药组（57.2%）。 ASC47 在澳洲积极推进临床试验。公司目前正在澳大利亚积极推进 ASC47 的临 床试验。在低密度脂蛋白胆固醇（LDL-C）偏高受试者中开展的 I 期单剂量递增 （SAD）研究中，ASC47 剂量已递增至 90 mg，显示 ASC47 皮下注射具有良好 的耐受性，且半衰期达 21 天。此外在肥胖患者中也正在展开临床 2 期试验，IIa 期数据预计在 2025 年第二季度公布。 盈利预测、 ...

证券研究报告：电子 | 公司点评报告 总市值/流通市值（亿元）410 / 410 股票投资评级 研究所 并获得了 7P 塑料镜头项目定点。光学模组方面，受益于出货量与单 价均稳步提升，上半年收入同比增长 29%。2024 年上半年，1G6P 玻塑 混合镜头出货约 140 万只，同比增长近 40%。集团独家 WLG 工艺带来 的出色表现得到智能手机厂商的积极反馈。该工艺拥有一体化压铸的 独特优势，可以极大提高微棱镜的生产效率及精度。为满足客户对于 主摄、长焦以及棱镜的产品创新需求，集团积极配合客户更多高端及 旗舰项目预研。同时，集团重视存货管理，提升运营效率及生产良率， 单位成本进一步优化，毛利率得到显著提升。 高端马达产品持续放量，集团不断优化精密结构件产品结构。电 磁传动及精密结构件业务方面，2024 年上半年，该合并分部收入为人 民币 36.6 亿元，同比增长 1.1%。该合并分部收入毛利率为 22.9%， 同比上升 3.6 个百分点，马达及精密结构件业务毛利率均有改善 3-6 个百分点，主要因为高端马达产品持续放量和集团不断优化精密结构 件产品结构，重视成本管控。转轴、散热和笔电机壳等结构件产品的 放量 ...

证券研究报告：电子 | 公司点评报告 最新收盘价（元） 71.65 52 周内最高/最低价 72.20 / 33.30 第一大股东 舜旭有限公司 个股表现 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 辅助驾驶系统（"ADAS"）感应类市场中进一步夯实行业领先地位。24H1 公司完成具备自动加热功能 ADAS 车载镜头的研发。该镜头可实现快 速除冰除雾，并已获得汽车品牌厂商的定点项目。此外，公司亦已完 成 300 万像素侧视玻塑混合 ADAS 车载镜头的研发，此产品进一步减 少了玻璃镜片的数量，大幅降低成本。在车载光学新兴领域方面，公 司持续在激光雷达，抬头显示器（"HUD"）及智能车灯领域中挖掘市 场机遇，加强产品布局和专利布局，不断寻求技术层面的差异化突破。 于激光雷达方面，公司获得多个激光雷达产品的定点项目，并已完成 长距激光雷达模组的研发。同时，公司也已完成全固态补盲激光雷达 平台化产品的研发，具备超大视野及更小体积，并在全球范围内进行 推广。此外，公司在激光雷达发射端和接收端模组量产设备上实现技 术突破，缩短激光雷达的装调时间。于 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 滔搏（6110）公司公告点评 Kai Sheng k.sheng@htisec.com Xi Liang xi.liang@htisec.com Xiaorui Hu amber.xr.hu@htisec.com [Table_InvestInfo] 首次覆盖：库存去化顺利，期待 FY26 业 绩弹性 [Table_Summary] 投资要点： FY25Q3 销售环比改善。FY25Q3（2024 年 9 月-11 月），公司零售及批发业务 之总销售金额同比录得中单位数下跌，FY25Q2 为 10-20%低段下跌，去年同期 为 10-20%低段增长。FY25Q3 公司销售环比 Q2 有所改善，我们预计主要源于： 1）受假期及线上大促提前影响，线上渠道促销氛围浓厚，公司紧抓线上销售 窗口期加大投入，线上渠道收入增长较快提振整体表现；2）为优化库存水平， 折扣同比继续有所加深。 库存去化顺利，预计 FY25 末回归健康水平。FY25H1 末，公司存货 61.2 亿元， 同比增长 6.4%，存货周转天数 148 天/4.9 个月，同比 ...

2024 年 12 月 21 日 公司深度研究 买入/维持 乐普生物深度报告：商业化初见成效，ADC 管线进入收获期 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 乐普生物深度报告：商业化初见成效，ADC 管线进入收获期 P2 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 风险提示 .. 乐普生物深度报告:商业化初见成效,ADC 管线进入收获期 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 乐普生物是具备一体化能力的 Biotech . | | | (一) 通过整合不断发展壮大 . (二) 押注创新,专利布局全面 ... ... ... ... ... (三) 深度布局 IO+ ...