Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][13] Core Views - The company is expected to benefit from a market position upgrade and a continuous increase in net profit, driven by high-quality earnings in 2024 and significant valuation elasticity [4][6] - The company is the third-largest ERP industry leader in China, primarily serving large and medium-sized state-owned enterprises, with better growth potential and certainty compared to competitors [6][8] - The company's cloud business is expected to continue its rapid growth, contributing to double-digit revenue growth in core business [8] Financial Summary and Valuation Metrics - Revenue and net profit projections for 2025-2027 have been revised upwards, with expected net profits of 520 million, 679 million, and 849 million respectively, reflecting year-on-year growth rates of 35%, 30%, and 25% [6][9] - The company's revenue for 2024 is projected at 8,201 million, with a year-on-year growth of 0% [9] - The gross margin is expected to improve from 26.9% in 2024 to 31.1% in 2027, while the net profit margin is projected to increase from 4.7% to 7.7% over the same period [9]

证券研究报告 | 2025年04月03日 雅迪控股（01585.HK） 优于大市 2024 年利润承压，2025 年有望迎来恢复 2024 年收入及利润下滑受国检、去库存等拖累。雅迪控股 2024 年实现营 业收入 282.4 亿元，同比下降 18.9%，净利润 12.7 亿元，同比下降 51.8%； 2024H1 营业收入 144.3 亿元，同比下降 15.5%，净利润 10.3 亿元，同 比下降 13%，2024H2 营业收入 138.1 亿元，同比下降 22.1%，净利润 2.4 亿元，同比下降 83.6%，收入及利润下滑主要是国检影响经销商出货节 奏，公司促销去库存等综合导致。 2024 年利润率下滑，费用率提升。2024 年公司进行去库存，部分产品打 折促销，影响整体利润率，2024 年毛利率 15.2%，同比下降 1.7pct，净 利率 4.5%，同比下降 3.1pct。公司对销售、管理费用也进行相应控制， 销售、管理费用率保持稳健，同时公司仍然保持了较高的研发投入，研 发费用率提升至 4.1%，较 2023 年提升 0.6pct。整体看公司 2024 年综 合费用率为 11.7%，同比提升 0. ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 278.8 billion yuan for 2024, representing an 11.0% year-on-year growth, while the net profit attributable to shareholders decreased by 18.5% to 25.6 billion yuan [1][2] - The company's gross margin decreased by 3.6 percentage points to 21.6%, primarily due to a decline in the gross margin of the development business [2] - The core net profit attributable to shareholders was 25.4 billion yuan, down 8.5% year-on-year, with recurring business contributing 10.3 billion yuan, reflecting an 8.2% increase [2] Revenue and Profitability - The real estate development business generated revenue of 237.2 billion yuan, up 11.8% year-on-year, while recurring business revenue totaled 41.7 billion yuan, a 6.6% increase, accounting for 14.9% of total revenue [2] - The company expects the development gross margin to remain at a bottoming stage in 2025 [2] Sales Performance - The total sales amount for 2024 was 261.1 billion yuan, a decrease of 15.0%, with first-tier cities (including Hong Kong) contributing 38% of sales, an increase of 9 percentage points year-on-year [3] - The company focused on core cities and projects, with new equity investments totaling 52.6 billion yuan, and 94% of investments concentrated in first and second-tier cities [3] Shopping Center Operations - The company opened 16 new shopping centers in 2024, with retail sales increasing by 19.2% to 195.3 billion yuan, and same-store sales growth of 4.6% [3] - Rental income grew by 8.4% to 19.3 billion yuan, maintaining a rental-to-sales ratio of 12.2% and an operating profit margin of 61%, the highest in five years [3] Financial Health - As of the end of 2024, the company had a debt-to-asset ratio of 55.6% and a net debt ratio of 31.9%, indicating a stable financial position [4] - The comprehensive financing cost decreased by 45 basis points to 3.11%, reflecting a strong credit advantage [4] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 26.25 billion yuan and 28.15 billion yuan, respectively, with a new forecast for 2027 at 28.93 billion yuan [4] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 6.5 for 2025, 6.0 for 2026, and 5.9 for 2027, indicating a solid valuation given the company's financial stability and core land reserves [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company achieved significant growth in 2024, with sales reaching 9.795 billion RMB (up 166.4% year-on-year), revenue of 8.506 billion RMB (up 167.5% year-on-year), and net profit of 1.473 billion RMB (up 253.9% year-on-year) [1][2]. - The brand's influence is expanding, leading to a same-store sales growth of 120.9% in 2024, driven by product optimization and store expansion [4]. - The company has a stable gross margin of 41.16% and a net margin of 17.32%, reflecting effective cost management despite significant revenue growth [3]. Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 8.506 billion RMB, growth rate of 167.5% - 2024 net profit: 1.473 billion RMB, growth rate of 253.9% [5] - **Future Projections**: - Expected net profits for 2025, 2026, and 2027 are 2.499 billion RMB, 3.703 billion RMB, and 5.389 billion RMB, respectively, with growth rates of 69.6%, 48.2%, and 45.5% [4][5]. - **Valuation Metrics**: - Projected P/E ratios for 2025, 2026, and 2027 are 50, 34, and 23, respectively, indicating a decreasing valuation multiple as earnings grow [5]. Sales Channel Performance - **Store Sales**: - In 2024, store sales reached 8.535 billion RMB, up 162.86% year-on-year, with revenue of 7.450 billion RMB, up 164.3% [2]. - **Online Sales**: - Online platform sales were 1.260 billion RMB, up 192.82% year-on-year, with revenue of 1.055 billion RMB, up 192.2% [2]. Brand and Product Development - The company has developed nearly 2,000 original designs and holds numerous patents, enhancing its competitive edge in the market [4]. - The expansion strategy includes adding 7 new stores and optimizing 4 existing ones in 2024, contributing to revenue growth [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][14] Core Views - The company has shown revenue growth but experienced a significant decline in profit due to pressure on gross margins. The investment strategy is diversified and focuses on high-energy cities, with progress in TOD (Transit-Oriented Development) and urban renewal projects. The company has sufficient unrecognized revenue, and a recovery in performance is expected [6][7][8]. Financial Performance - In 2024, the company achieved a revenue of 86.4 billion yuan, a year-on-year increase of 7.7%. However, the net profit attributable to shareholders was 1.04 billion yuan, a decrease of 67.3% year-on-year. The gross margin was 10.48%, down by 4.80 percentage points, and the net margin was 1.70%, down by 3.99 percentage points [7][10]. - The company had cash on hand of 50.05 billion yuan at the end of 2024, an increase of 8.6% from the beginning of the year, and declared a final dividend of 0.189 HKD per share, maintaining a payout ratio of 44% of core net profit [7][10]. Sales and Land Acquisition - The company reported a contract sales amount of 114.54 billion yuan in 2024, a decrease of 19.4% year-on-year, but its sales ranking improved to 8th place. The Greater Bay Area and Guangzhou accounted for 42.7% and 37.9% of sales, respectively. By the end of 2024, the company had unrecognized sales amounting to 170.05 billion yuan, a decrease of 14.7% from the beginning of the year [8][10]. - In 2024, the company acquired 24 plots of land across 8 cities, with a total construction area of 2.71 million square meters, over 70% of which were in first-tier cities. The total land reserve by the end of 2024 was 19.71 million square meters, with significant portions in the Greater Bay Area and East China [8][10]. Strategic Developments - The company has deepened its strategy of integrating commercial and residential developments, achieving a rental income of 668 million yuan from directly held commercial properties, a year-on-year increase of 37.1%. The company maintained a green status under the "three red lines" policy, with a debt-to-asset ratio of 68.1% and a weighted average borrowing cost reduced by 33 basis points to 3.49% [9][10].

Investment Rating - The report maintains an "Outperform" rating for China LESSO Group Holdings [1][9] Core Views - The company's net profit attributable to shareholders for 2024 decreased by 28.9% year-on-year, amounting to RMB 1.684 billion, with revenue also declining by 12.4% to RMB 27.026 billion [5][9] - The decline in profits is primarily attributed to a decrease in gross profit of RMB 828 million and a reduction in the performance of joint ventures by RMB 220 million [5][9] - The company is focused on extending the value of its main business in plastic pipeline systems, with a steady recovery in gross profit margin [6][7] Financial Performance - Revenue from plastic pipeline systems was RMB 22.819 billion, down 7.2% year-on-year, with a gross profit margin of 28.7%, an increase of 0.2 percentage points [6][7] - The company expects net profits for 2025, 2026, and 2027 to be RMB 2.201 billion (+57.49%), RMB 2.476 billion (+54.58%), and RMB 2.675 billion respectively, with corresponding EPS of RMB 0.71, RMB 0.80, and RMB 0.86 [9] Market Expansion - The company is actively exploring overseas markets, focusing on Southeast Asia, Africa, and North America, and has established production bases in several countries [8][9] - It aims to enhance its overall market share and influence in the international market through collaborative efforts among diversified businesses [8]

事件：24 年公司实现营业收入 1274.7 亿元，同比-29.6%；归母净利润 104.0 亿元，同比 -19.1%；核心利润 69.7 亿元，同比-38.6%；基本每股收益 1.58 元/股，同比-23.7%。 运营业务提供业绩支撑。收入端，24 年公司实现营业收入 1274.7 亿元，同比-29.6%，其 中，开发、运营及服务业务收入分别同比-35.3%、+7.4%，运营及服务业务占营收比重达 21%，较 23 年提升 7.2pct。利润端，24 年公司归母净利润 104.0 亿元，同比-19.1%； 核心利润 69.7 亿元，同比-38.6%；运营及服务业务为公司利润主要贡献来源。公司 24 年 毛利率 16.0%，较 23 年下降 0.9pct；核心权益后利润率 5.5%，较 23 年下降 0.8pct，主 要为营业额、费用、分占合营及联营企业业绩、税金变动的综合影响所致；开发、运营业务 毛利率分别为 6.1%、75.0%，较 23 年分别下降 5.9、0.8pct。24 年公司含资本支出的经 营性现金流超 60 亿元。公司 24 年销管费率较 23 年上升 0.87pct 至 6.82%，费率水平 ...

港股公司报告 | 公司点评 龙湖集团（00960） 证券研究报告 成长转型，周期突围——龙湖集团 24 年报点评 事件：24 年公司实现营业收入 1274.7 亿元，同比-29.6%；归母净利润 104.0 亿元，同比 -19.1%；核心利润 69.7 亿元，同比-38.6%；基本每股收益 1.58 元/股，同比-23.7%。 运营业务提供业绩支撑。收入端，24 年公司实现营业收入 1274.7 亿元，同比-29.6%，其 中，开发、运营及服务业务收入分别同比-35.3%、+7.4%，运营及服务业务占营收比重达 21%，较 23 年提升 7.2pct。利润端，24 年公司归母净利润 104.0 亿元，同比-19.1%； 核心利润 69.7 亿元，同比-38.6%；运营及服务业务为公司利润主要贡献来源。公司 24 年 毛利率 16.0%，较 23 年下降 0.9pct；核心权益后利润率 5.5%，较 23 年下降 0.8pct，主 要为营业额、费用、分占合营及联营企业业绩、税金变动的综合影响所致；开发、运营业务 毛利率分别为 6.1%、75.0%，较 23 年分别下降 5.9、0.8pct。24 年公司含资本支 ...

Investment Rating - The report maintains a "BUY" rating for New Hope Services with a target price revised down by 4% to HK$2.67, reflecting lower earnings forecasts [1][8]. Core Insights - New Hope Services' FY24 revenue grew 17% YoY to RMB 1,480 million, exceeding CMBI estimates by 5%, driven by stable managed GFA growth and strong retail & catering services [1][8]. - Net profit increased by 5% YoY to RMB 230 million, aligning with the company's guidance, despite a decline in gross margin and a reduction in SG&A ratio [1][8]. - The company reported impressive third-party expansion, with new contract value reaching RMB 600 million, a 192% increase YoY, and expects FY25 third-party expansion to rise by 16% to RMB 700 million [1][8]. Financial Performance Summary - FY24 revenue: RMB 1,481 million, a 17.5% increase YoY [2]. - FY24 net profit: RMB 227 million, a 5% increase YoY [2]. - EPS for FY24: RMB 0.28, reflecting a 5.5% growth YoY [2]. - Average PM fee for new third-party projects rose by 51% to RMB 2.63, indicating a shift towards higher-end projects [1][8]. - The company expects a dividend yield of 9.6% in 2025E based on the current price [1][8]. Earnings Forecast - Revenue projections for FY25E: RMB 1,644 million, with a YoY growth of 11% [2][10]. - Net profit projections for FY25E: RMB 250 million, with a YoY growth of 10.4% [2][10]. - The gross margin is expected to decline to 29.5% in FY25E from 30.4% in FY24A [10][11]. Shareholder Structure - Golden Rose Developments holds a 66.9% stake in New Hope Services, indicating a strong controlling interest [4]. Market Data - Current market capitalization: HK$ 1,619.9 million [3]. - The stock is currently trading at a P/E ratio of 6.0x for FY25E [3][11]. Share Performance - The stock has shown a 1.5% decline over the past month and a 0.5% increase over the past three months [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported impressive financial results for 2024, achieving revenue of 8.505 billion RMB, a year-on-year increase of 167.5%, and a net profit of 1.473 billion RMB, up 253.9% [1][4] - The company's brand influence is expanding, with significant contributions to revenue growth from user acquisition and same-store sales, which increased by 120.9% year-on-year [2] - The company is set to open its first store in Singapore in 2025, marking its entry into international markets [3] Financial Performance Summary - For 2024, the company achieved a gross margin of 41.2%, maintaining stability, while the adjusted net profit margin increased to 17.7% from 13.4% in 2023 [4] - The company plans to distribute a generous dividend of 6.35 RMB per share, totaling 1.07 billion RMB, which represents 73% of its 2024 profits [4] - Revenue projections for 2025-2027 are 17.92 billion RMB, 25.89 billion RMB, and 35.16 billion RMB, reflecting growth rates of 111%, 44%, and 36% respectively [5][7] Store Expansion and Market Strategy - The company added 7 new stores in 2024, bringing the total to 36 self-operated stores across 15 cities, with a focus on high-end commercial centers [3] - The company plans to open 8 new stores in mainland China and 5 in Hong Kong, Macau, and Singapore over the next two years [3] Key Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at 8.75 RMB, with forecasts of 21.03 RMB, 31.58 RMB, and 44.23 RMB for 2025, 2026, and 2027 respectively [7][9] - The price-to-earnings (P/E) ratios for the next three years are projected at 36, 24, and 17 [5][9]