Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][9] Core Views - The company has shown strong growth in raw milk business and effective cost control, with a revenue increase of 7.5% year-on-year to 20.1 billion yuan in 2024, despite a net loss of 6.91 billion yuan due to non-cash items [5][6][9] - The cash EBITDA increased significantly by 38.3% to 5.325 billion yuan, with a cash EBITDA margin of 26.5%, up 5.9 percentage points year-on-year [5] - The raw milk business revenue reached 15.101 billion yuan, a 17.0% increase, contributing 75.1% to total revenue, with total raw milk production rising by 24.2% to 3.75 million tons [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 20.1 billion yuan, with a year-on-year growth of 7.5% [5] - The adjusted profit showed a strong performance, with cash EBITDA of 5.325 billion yuan, reflecting a significant increase of 38.3% [5] - The gross margin improved by 4.9 percentage points to 28.8% [5] Business Segments - The raw milk segment experienced robust growth, with revenue of 15.101 billion yuan, a 17.0% increase, and total production of 3.75 million tons, up 24.2% [6] - The feed solutions segment faced short-term pressure, with revenue declining by 13.7% to 4.995 billion yuan [7] - The premium feed business saw a 44.5% increase in sales for beef and sheep, indicating a breakthrough in non-dairy feed markets [7] Future Outlook - The company anticipates a gradual recovery in raw milk prices and an increase in production, with projected revenues of 21.856 billion yuan, 22.886 billion yuan, and 23.642 billion yuan for 2025, 2026, and 2027 respectively [9][11] - The earnings per share (EPS) are expected to improve from -0.06 yuan in 2025 to 0.23 yuan in 2027 [9][11]

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's clear growth path and potential in both traditional and AI emerging businesses [4]. Core Insights - The company reported a revenue of 2.061 billion RMB for the fiscal year 2024, representing a year-on-year growth of 17.1%, and a net profit attributable to shareholders of 428 million RMB, up 31.0% year-on-year, with a net profit margin of 20.8% [1]. - The sales volume for customized lenses reached 178 million units in 2024, with an average selling price of 11.6 RMB per unit, reflecting a 4.5% increase [2]. - The company is focusing on product structure optimization and has increased R&D expenses, which rose by 18.2 million RMB, leading to a R&D expense ratio of 4.3% [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is 520 million RMB, 620 million RMB, and 720 million RMB, respectively, with growth rates of 20.9%, 19.4%, and 16.5% [4]. Summary by Sections Performance Review - For the second half of 2024, the company achieved a revenue of 1.084 billion RMB, a year-on-year increase of 16.8%, and a net profit of 220 million RMB, up 30.3% [1]. Operational Analysis - The company’s revenue from functional lenses, standard lenses, customized lenses, and other income was 755 million RMB, 907 million RMB, 395 million RMB, and 3 million RMB, respectively, with year-on-year growth rates of 32.4%, 8.8%, 11.8%, and 60.3% [2]. - Revenue by region showed growth in mainland China (13.92%), the Americas (16.93%), Asia (37.88%), and Europe (6.38%) [2]. Product and R&D Development - The company is enhancing its XR business and has established an XR R&D service center, with plans for production expansion in Thailand [3]. - The company is also accelerating the development of its own brand channels and innovating products with different refractive indices and functions [3]. Profit Forecast and Valuation - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 25, 21, and 18 times, respectively [4].

Investment Rating - The investment rating for China Resources Gas (01193.HK) is "Buy" (maintained) [1] Core Views - The company's performance is under pressure, with a reported revenue of HKD 102.68 billion for 2024, a year-on-year increase of 0.90%. However, the net profit attributable to shareholders decreased by 21.74% to HKD 4.09 billion [7] - The company declared a dividend of HKD 0.95 per share for the year, corresponding to a payout ratio of 53% of core profits and a dividend yield of 4.1% [7] - The report highlights that the company's core profit growth was below expectations, primarily due to slower growth in retail gas volume and revenue from integrated energy and services [7] Summary by Sections Financial Performance - For 2024, total revenue is projected at HKD 102,676 million, with a slight increase of 0.90% year-on-year. The net profit attributable to shareholders is expected to be HKD 4,088 million, reflecting a decrease of 21.74% [1][7] - The earnings per share (EPS) for 2024 is estimated at HKD 1.77, with a P/E ratio of 13.13 [1][8] Business Segments - **City Gas**: Revenue increased by 3.4% to HKD 88.80 billion, with retail gas volume up by 2.9% to 39.91 billion cubic meters [7] - **Connection Services**: Revenue decreased by 15.0% to HKD 9.25 billion, with new residential connections down by 15.8% [7] - **Integrated Services**: Revenue grew by 4.0% to HKD 4.21 billion, with a projected growth rate of 20%-30% for 2025 [7] - **Integrated Energy**: Revenue increased by 13.8% to HKD 1.87 billion, with energy sales volume up by 27.2% [7] Cash Flow and Dividends - The company reported a free cash flow of HKD 2.58 billion for 2024, an increase of 14.2% year-on-year [7] - The total capital expenditure for 2024 is projected at HKD 4.42 billion, a decrease from the previous year [7] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to HKD 4.46 billion for 2025 and HKD 4.90 billion for 2026, with a new estimate of HKD 5.38 billion for 2027 [7][8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][9] Core Views - The company has shown strong growth in raw milk business and effective cost control, with a revenue increase of 7.5% year-on-year to 20.1 billion yuan in 2024, despite a net loss of 6.91 billion yuan due to non-cash items [5][6] - The cash EBITDA increased significantly by 38.3% to 5.325 billion yuan, with a cash EBITDA margin of 26.5%, up 5.9 percentage points year-on-year [5] - The raw milk business revenue reached 15.101 billion yuan, a 17.0% increase, contributing 75.1% to total revenue, with total raw milk production rising by 24.2% to 3.75 million tons [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 20.1 billion yuan, with a year-on-year growth of 7.5% [5] - The adjusted profit showed a strong performance, with cash EBITDA of 5.325 billion yuan, reflecting a significant increase of 38.3% [5] - The gross margin improved by 4.9 percentage points to 28.8%, while the selling and administrative expense ratios slightly decreased [5] Business Segments - The raw milk segment experienced robust growth, with revenue of 15.101 billion yuan, a 17.0% increase, and total raw milk production reaching 3.75 million tons [6] - The company optimized its cost structure, reducing feed costs by 14.3% to 2.10 yuan per kilogram [6] - The solutions segment faced short-term pressure, with a revenue decline of 13.7% to 4.995 billion yuan [7] Future Outlook - The company anticipates a gradual recovery in raw milk prices and an increase in production, with projected revenues of 21.856 billion yuan, 22.886 billion yuan, and 23.642 billion yuan for 2025, 2026, and 2027 respectively [9][11] - The earnings per share (EPS) are expected to improve from -0.06 yuan in 2025 to 0.23 yuan in 2027, indicating a positive trend in profitability [9][11]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6][48] Core Insights - The company is a global leader in garment manufacturing, providing comprehensive production solutions for renowned brands since its establishment in 1970 [1][11] - The company has shown steady improvement in profitability, with a compound annual growth rate (CAGR) of 0.24% in revenue and 5.64% in net profit from 2019 to 2024, indicating a recovery phase in 2024 [2][19] - The company has adopted a co-creation business model, enhancing collaboration with high-quality clients and providing value-added services [3][31] Summary by Sections Company Overview - The company operates approximately 20 modern factories across five countries, employing nearly 80,000 people and producing over 470 million garments annually [1][11] - It has established long-term partnerships with major brands like UNIQLO, UA, and Levi's, contributing to its industry-leading position [1][11] Financial Performance - In 2024, the company achieved total revenue of $2.47 billion, a year-on-year increase of 11.8%, and a net profit of $200 million, up 22.7% [2][19] - The gross margin and net margin have shown stability, with gross margin at 19.7% and net margin at 8.1% in 2024, reflecting effective cost control and operational efficiency [22][24] Co-Creation Business Model - The co-creation model allows the company to provide comprehensive services from market trend analysis to logistics, enhancing product development speed and reducing costs [3][31][32] - This model has led to successful product innovations, such as seamless bras and hybrid garments, which have become bestsellers [37][38] 2025 Outlook - The company is optimistic about achieving significant performance breakthroughs in 2025, supported by strong demand from core clients and planned capacity expansions [4][42][43] - Revenue projections for 2025-2027 are $2.74 billion, $3.01 billion, and $3.30 billion, with net profits expected to reach $230 million, $270 million, and $310 million respectively [5][44][46] Valuation and Estimates - The report estimates a target price of HKD 7.60 based on a 12x price-to-earnings (PE) ratio, translating to a market capitalization of HKD 21.7 billion [5][48]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of $4.3 billion in 2024, a year-on-year increase of 1.6%, with net profit reaching $0.62 billion, up 68% year-on-year, aligning with expectations [8][9] - The company is focusing on becoming a leader in steer-by-wire technology, securing significant orders in 2024, including $6 billion in total orders, with 28% from Chinese automakers [15][18] - The report indicates a positive outlook for the company's profitability, with a projected improvement in earnings per share (EPS) and a favorable price-to-earnings (P/E) ratio trend [18] Revenue and Profitability Summary - Total revenue projections for the company are as follows: - 2023: $4.21 billion - 2024: $4.28 billion - 2025: $4.40 billion - 2026: $4.54 billion - 2027: $4.65 billion - Year-on-year growth rates for revenue are projected at 9.55%, 1.50%, 2.96%, 3.00%, and 2.55% respectively [1] - Net profit projections are as follows: - 2023: $36.74 million - 2024: $61.72 million - 2025: $110.48 million - 2026: $138.00 million - 2027: $158.01 million - Year-on-year growth rates for net profit are projected at -36.67%, 68.00%, 79.00%, 24.91%, and 14.50% respectively [1] Regional Performance Summary - North America contributed $2.19 billion in revenue for 2024, a decrease of 2.9% year-on-year, while the Asia-Pacific region saw a revenue increase of 10.1% to $1.34 billion [9][12] - The company’s EBITDA margin for 2024 is projected at 9.9%, with a year-on-year increase of 1.7 percentage points, indicating a steady improvement in operational efficiency [12][18]

证券研究报告 北京控股 (392 HK) 港股通 扣非净利增长，2024 年派息率达 36% 华泰研究 年报点评 2025 年 4 月 01 日│中国香港 发电 公司公布 2024 年业绩：实现收入 840.64 亿元，同比+2.1%；归母净利 51.23 亿元，同比-6.8%；扣非净利 51.23 亿元，同比+5.0%，低于我们此前预期 （63.50 亿元），主要系北京燃气销气量增速及合联营投资收益低于我们预 期。2024 年 DPS 1.62 港元，较 2023 年（1.60 港元）同比+1.3%，股息率 5.5%（以 2025/3/31 收盘价计算）。我们认为扣非净利的增长及 DPS 的提 升有望驱动公司估值修复，维持"买入"评级。 2024 年天然气售气量同比+2.1%，中国燃气毛差稳步修复 北京燃气 2024 年售气量同比+2.1%至 238 亿方，其中北京市内-4%（暖冬 天气影响）、LNG 分销+43%、LNG 国际贸易+50%。我们预计北京燃气 25-27 年销气量增速为+4/+4/+3%，得益于京内需求稳健以及南港 LNG 接收站投 运后分销与贸易量有望扩大。中国燃气 2024 年净利润贡献 ...

证券研究报告 招商局港口 (144 HK) 招商局港口发布 24 年业绩：营收同比+3.1%至 118.4 亿港币；归母净利同 比+27.0%至 79.2 亿港币，符合我们的预期；扣非归母净利同比+22.6%至 75.5 亿港币；完成集装箱吞吐量 1.5 亿标准箱，同比+6.0%。同时，公司宣 布年末每股派息 0.636 港币，对应全年分红率 47.0%。24 年盈利同比高增 主因：1）港口吞吐量及装卸费率上涨推升盈利；2）来自上港集团投资收益 增加；3）土地处置收益等。展望 25 年，关税导致全球宏观经济存较大不 确定性，我们预计公司盈利在 24 年高基数上同比或小幅回落。中长期看， 港口作为国际贸易的重要枢纽，资源稀缺。公司专注全球港口投资和运营， 已成功布局六大洲，全球竞争力优势显著。维持"买入"。 集装箱吞吐量增速向好，其中中国地区/海外同比+5.3%/+8.1% 24 年公司旗下码头共计完成吞吐量 1.5 亿标准箱（yoy+6.0%）。其中大中 华地区（中国大陆+中国香港+中国台湾）吞吐量共计 1.1 亿标准箱 （yoy+5.3%），海外 3,684 万标准箱（yoy+8.1%）。分地区看，珠三角/ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.85 [8][9]. Core Views - The company reported a revenue of RMB 86.4 billion for 2024, a year-on-year increase of 8%, but a significant decline in net profit attributable to shareholders of RMB 1.04 billion, down 67% year-on-year, which aligns with the earnings forecast [1][2]. - The decline in profitability is attributed to a decrease in gross margin from project handovers and inventory impairment, but there is optimism for recovery as the real estate sector stabilizes [1][2]. - The company’s sales revenue for 2024 was RMB 114.5 billion, a decrease of 19% year-on-year, but it outperformed the top 100 companies in the sector, which saw a 31% decline [3][4]. Summary by Sections Financial Performance - The company’s gross margin decreased by 4.8 percentage points to 10.5%, primarily due to a 5.4 percentage point drop in the gross margin of project handovers to 9.2% [2]. - The company recorded an inventory impairment of RMB 2.27 billion, an increase of RMB 700 million year-on-year [2]. - The total unsold resources at the end of 2024 were RMB 170 billion, down 15% year-on-year, but still more than double the amount expected to be recognized in 2024 [2]. Sales and Land Acquisition - The company’s land acquisition amount decreased by 21% to RMB 38.6 billion, with a land acquisition intensity of 34% [3]. - The company aims to achieve a sales target of RMB 120.5 billion for 2025, a 5% increase year-on-year, supported by a robust land reserve primarily located in first and second-tier cities [3][4]. Financing and Cost Structure - The company’s interest-bearing debt remained stable, with a cash-to-short-term debt ratio of 2.1x and a financing cost reduction of 33 basis points to 3.49% [4]. - The company successfully activated funds of RMB 13.5 billion through land acquisitions in Guangzhou, indicating a focus on optimizing existing projects [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are RMB 0.25, RMB 0.27, and RMB 0.34 respectively, reflecting a significant downward adjustment of 69% and 70% from previous estimates [5][21]. - The report shifts the valuation method from price-to-earnings (PE) to price-to-book (PB), with a target PB of 0.46x for 2025, leading to a target price of HKD 6.85 [5][21].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 840 HKD [6][7]. Core Insights - The company reported a revenue of 8.506 billion RMB for 2024, representing a year-on-year increase of 167.5%, and a net profit of 1.473 billion RMB, up 253.9% year-on-year [1][2]. - The company is experiencing strong growth momentum, with significant increases in both offline and online sales channels, and is expanding its store presence domestically and internationally [1][2]. - The company’s gross profit margin for 2024 was 41.2%, slightly down by 0.7 percentage points year-on-year, but the net profit margin improved significantly to 17.3%, up 4.2 percentage points year-on-year [3]. Revenue and Profit Forecast - The company’s revenue is projected to reach 18.08 billion RMB in 2025, with a growth rate of 112.56%, and a net profit of 3.518 billion RMB, reflecting a growth of 138.79% [5][12]. - The report anticipates continued strong performance, with net profit estimates for 2025 and 2026 adjusted upwards by 44% and 40% respectively [4][12]. Sales Performance - The company’s offline store revenue reached 7.45 billion RMB in 2024, a 164.3% increase year-on-year, with same-store sales growth exceeding 120.9% [2][3]. - Online sales surged by 192.2% to 1.055 billion RMB, driven by increased brand recognition [2]. Market Position and Valuation - The company is positioned as a high-end brand with increasing competitive barriers, leading to a valuation of 37x PE for 2025, resulting in a target price of 840 HKD [4][6]. - The company’s market capitalization is approximately 122.739 billion HKD, with a closing price of 729 HKD as of March 31 [7].