Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and market positioning [4][47]. Core Insights - The company is a leading brand in the ready-to-drink beverage sector, benefiting from multiple competitive advantages that facilitate rapid growth [4][7]. - The Chinese ready-to-drink beverage market is experiencing significant growth, with a projected CAGR of 18% from 2023 to 2028, indicating substantial future potential [16][18]. - The company has established itself as the largest player in the domestic market, with a market share of 20.9% as of Q3 2024, and a strong presence in both domestic and international markets [6][31]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 203.02 billion RMB in 2023 to 343.45 billion RMB by 2026, with year-on-year growth rates of 49.55%, 25.20%, 18.98%, and 13.56% respectively [5][47]. - The net profit attributable to shareholders is expected to increase from 31.37 billion RMB in 2023 to 55.98 billion RMB in 2026, with growth rates of 57.13%, 42.58%, 14.45%, and 9.35% respectively [5][47]. Competitive Advantages - The company maintains a high-quality and affordable product strategy, with an average price around 6 RMB, targeting a broad customer base [6][28]. - It holds the largest market share in the ready-to-drink beverage sector in China, with a significant increase in market share from 16.6% in 2021 to 20.9% in Q3 2024 [6][31]. - The company has a leading number of stores, with 45,302 locations as of Q3 2024, making it the largest ready-to-drink beverage company globally [6][35]. - The company emphasizes supply chain efficiency, achieving a high self-production ratio and maintaining lower procurement costs compared to competitors [6][37]. - The "Snow King" IP has become a significant marketing asset, enhancing brand recognition and consumer engagement [6][39]. Market Outlook - The ready-to-drink beverage market in China is expected to grow from 5,175 billion RMB in 2023 to 11,634 billion RMB by 2028, with an increasing share of the overall beverage market [20][22]. - The company is well-positioned to capitalize on the growing demand for affordable ready-to-drink beverages, particularly in lower-tier cities where market growth is robust [20][28].

Investment Rating - The investment rating for the company is "Buy" with a target price of 15.03 HKD, indicating an expected return of over 20% within the next six months [7][16]. Core Insights - The company has successfully implemented a platform-based development strategy, leading to a significant increase in platform technology service revenue, which reached 3.47 billion HKD, a year-on-year growth of 103.6% [2]. - The company has transformed into an AI-driven digital technology firm focused on the industrial supply chain, achieving a net profit of 3.80 billion HKD in 2024, a 42% increase year-on-year [1][3]. - The integration of AI technology into the supply chain has enhanced customer acquisition and risk control capabilities, with the number of funding partners increasing by 24.4% to 163 [2][6]. Summary by Sections Financial Performance - In 2024, the company's revenue was 9.19 billion HKD, a decrease of 4.6% year-on-year, primarily due to the impact of the sale of Wuxi Guojin Commercial Factoring Co., Ltd. However, the platform technology service business significantly offset this decline [1]. - The projected revenue for FY2025 is adjusted to 11.11 billion HKD, with a net profit forecast of 4.98 billion HKD, reflecting continued growth expectations [6]. Business Strategy - The company has established strong partnerships with local state-owned enterprises, enhancing its platform-based financial services and expanding its supply chain finance capabilities [2]. - The company is actively exploring new markets, including e-commerce and robotics, with potential market sizes exceeding 10 trillion HKD [4][5]. Technological Advancements - The integration of the company's 盛易通云 platform with DeepSeek AI models aims to optimize AI capabilities for supply chain management and decision-making processes [4]. - The company has secured computational resources from Wuxi Economic Development Zone, enabling further development of AI applications in various industries [4]. Market Position - The company has maintained a leading position in key sectors such as infrastructure, pharmaceuticals, and commodities, while also expanding into emerging industries [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The report highlights the potential for profit upgrades driven by trends in mobile optical and fingerprint module upgrades, with a projected net profit increase from 640 million to 670 million for 2025, and forecasts for 2026 and 2027 at 780 million and 900 million respectively, representing year-on-year growth of 139%, 17%, and 16% [4][5]. - The current stock price of HKD 7.63 corresponds to a price-to-earnings ratio (P/E) of 12.5, 10.7, and 9.3 for the years 2025 to 2027, indicating a favorable valuation outlook [4][5]. Financial Summary and Valuation Metrics - The company achieved a net profit of 280 million in 2024, a year-on-year increase of 241%, which is within the previously guided range of 200%-280% [5]. - Revenue projections for the company are as follows: - 2023: 12,531 million - 2024: 16,151 million (YOY growth of 28.9%) - 2025: 19,239 million (YOY growth of 19.1%) - 2026: 21,405 million (YOY growth of 11.3%) - 2027: 22,937 million (YOY growth of 7.2%) [8]. - The gross profit margin is expected to improve from 4.1% in 2023 to 8.0% by 2027, reflecting operational efficiency gains [8]. Business Growth Drivers - The company is expected to benefit from the upgrade of Android optical systems, increased production of ultrasonic fingerprint modules, and high growth in automotive and IoT businesses [6]. - The anticipated increase in average selling price (ASP) and gross margin for mobile modules is expected to continue, with a significant rise in the proportion of 32M and above modules [6]. - The company is actively expanding its customer base, targeting tier-1 clients overseas, and has established partnerships in the XR field, which may lead to a second growth curve in the automotive and IoT sectors [6].

Investment Rating - The report maintains a "Hold" rating for China Tower Corporation [1][3] Core Views - The company's 2024 fiscal year performance met expectations, with a revenue increase of 4.0% year-on-year, reaching RMB 97.7 billion, and a net profit growth of 10.0%, amounting to RMB 10.7 billion [1] - The report highlights the stable performance of legacy businesses, while Distributed Antenna System (DAS) and Two Wings (smart towers and energy) segments continue to show double-digit growth [2][3] - The target price has been raised to HKD 13.7, based on a 4.0x FY25E EV/EBITDA, reflecting a higher valuation due to the company's efforts to enhance shareholder returns [3] Financial Summary - Revenue for FY24 is reported at RMB 97,772 million, with a projected growth rate of 4.1% for FY25 and 2.5% for FY26 [4] - Net profit for FY24 is RMB 10,729 million, with expected growth rates of 13.0% for FY25 and 13.2% for FY26 [4] - The company announced a total dividend of RMB 0.42 per share for 2024, indicating a payout ratio of 76% [3] Business Segments - Tower business revenue, which constitutes 77% of total revenue, reached RMB 75.7 billion, growing by 0.9% year-on-year [1] - DAS revenue, accounting for 9% of total revenue, increased by 18% to RMB 8.4 billion, while the Two Wings segment, making up 14%, grew by 16% to RMB 13.4 billion [1][2] Market Outlook - The report anticipates continued growth in the DAS segment, projecting a revenue increase of 14.0% and 11.6% for FY25 and FY26, respectively [2] - The Two Wings business is expected to grow by 17.5% and 16.2% in FY25 and FY26, respectively, driven by new revenue from national disaster warning and farmland protection projects [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The report highlights the confirmed trends in mobile optical and fingerprint upgrades, indicating potential for profit revisions upward. The net profit forecast for 2025 has been raised from 640 million to 670 million, with projections for 2026 and 2027 set at 780 million and 900 million respectively, reflecting year-on-year growth of 139%, 17%, and 16% [4][5][6] Financial Summary and Valuation Metrics - The company achieved a net profit of 280 million in 2024, a year-on-year increase of 241%, which is within the previously guided range of 200%-280% [5] - The revenue for 2023 was 12.531 billion, with a projected increase to 16.151 billion in 2024, and further growth to 19.239 billion in 2025, representing year-on-year growth rates of -8.9%, 28.9%, and 19.1% respectively [8] - The gross margin is expected to improve from 4.1% in 2023 to 7.3% in 2025, with net profit margins remaining stable at around 0.1% [8] - The earnings per share (EPS) are projected to be 0.6, 0.7, and 0.8 for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 12.5, 10.7, and 9.3 [8] Business Growth Drivers - The company is expected to benefit from the upgrade of Android optical systems, increased volume of ultrasonic fingerprint modules, and high growth in automotive and IoT businesses. The average selling price (ASP) and gross margin for mobile modules are anticipated to continue improving [6] - The company has guided for a 20% year-on-year increase in fingerprint recognition module shipments, with expectations for further gross margin improvements [6] - The automotive and IoT camera module shipments are projected to grow by over 40%, although initial losses may be amplified due to ongoing investments in these sectors [6]

Investment Rating - The report maintains a HOLD rating for China Tower with a new target price of HK$13.7, reflecting an upside potential of 11.9% from the current price of HK$12.24 [1][3]. Core Insights - China Tower's FY24 results were in line with expectations, showing a revenue increase of 4.0% YoY to RMB97.8 billion and a net profit increase of 10.0% to RMB10.7 billion [1]. - The Tower segment, which constitutes 77% of total revenue, saw a modest growth of 0.9% YoY, while the DAS and Two Wings segments experienced double-digit growth rates of 18% and 16% YoY, respectively [1][6]. - The company is focusing on optimizing its capital structure through a stock consolidation (1 for 10) announced in February 2025 [1]. Financial Performance Summary - Revenue for FY24 was RMB97.8 billion, with projected revenues of RMB101.8 billion for FY25 and RMB104.4 billion for FY26, indicating a growth rate of 4.1% and 2.5% respectively [2][14]. - Net profit for FY24 was RMB10.7 billion, with estimates of RMB12.1 billion for FY25 and RMB13.7 billion for FY26, reflecting growth rates of 13.0% and 13.2% respectively [2][14]. - The EBITDA for FY24 was RMB66.6 billion, with projections of RMB69.1 billion for FY25 and RMB71.2 billion for FY26 [2][14]. Segment Analysis - The Tower business is expected to remain stable, with a projected low single-digit growth for China telcos from 2025 to 2027 [6]. - The DAS segment is forecasted to grow by 14.0% YoY in 2025 and 11.6% YoY in 2026, driven by market opportunities such as signal strength upgrade projects [6]. - The Two Wings segment, which includes smart tower and energy solutions, is anticipated to grow by 17.5% YoY in 2025 and 16.2% YoY in 2026, bolstered by projects like national disaster alerts [6]. Valuation Metrics - The new target price of HK$13.7 is based on a 4.0x FY25 EV/EBITDA, which aligns with the company's 5-year average forward EV/EBITDA [1][6]. - The report indicates a dividend payout ratio of 76% for 2024, up from previous years, suggesting a commitment to returning value to shareholders [6].

Investment Rating - The report assigns a "Buy" rating for Far East Horizon (3360.HK) with a target price of HKD 7.4, indicating a potential upside from the current price of HKD 6.43 [4]. Core Insights - Far East Horizon is a comprehensive group straddling financial and industrial sectors, backed by state-owned enterprises, with a stable shareholding structure and experienced management [1][12]. - The company has diversified its operations from leasing to a comprehensive service provider, with main business segments including financial and consulting services, equipment operation, and hospital operation, contributing 57.5%, 30.68%, and 10.84% to revenue in 2024, respectively [1][13]. - The company has maintained a stable dividend payout ratio of around 30% since its listing in 2011, with a notable increase to 56.2% in 2024, and a dividend yield of 9.7%, surpassing the industry average of 6.2% [3][4]. Summary by Sections Company Overview - Far East Horizon operates as an independent business leasing company and is the largest in China, serving over 30,000 clients with a cumulative funding scale of approximately CNY 1 trillion [13]. - The company has a stable shareholding structure with major shareholders including Sinochem Capital Investment Management (21.29%) and others, ensuring strategic consistency [1][12]. Financial Performance - In 2024, the company reported total assets of CNY 360.39 billion and equity of CNY 48.99 billion, with a slight increase in total assets by 2.5% year-on-year [14]. - Revenue from financial and consulting services decreased by 7.1% to CNY 217.06 billion, while equipment operation revenue increased by 20.5% to CNY 115.81 billion [24]. - The overall operating income for 2024 was CNY 400.41 billion, reflecting a decline of 1.43% compared to the previous year [30]. Business Segments - The financial and consulting services segment remains the largest revenue contributor, although its share has decreased, while the equipment operation segment has shown significant growth [24]. - The hospital operation segment reported a revenue of CNY 40.93 billion, a decrease of 3.4% year-on-year, but with a gross profit increase of 7.5% to CNY 8.09 billion [3][14]. Future Projections - Revenue projections for 2025 to 2027 are CNY 385.4 billion, CNY 398.2 billion, and CNY 417.9 billion, with expected growth rates of 2.1%, 3.3%, and 5.0%, respectively [3]. - The company anticipates achieving net profits of CNY 40.1 billion, CNY 42.3 billion, and CNY 44.8 billion over the same period, with corresponding EPS of CNY 0.87, CNY 0.92, and CNY 0.97 [3].

2025 年 3 月 18 日 公司研究 24 年归母净利润同比增长 5.5%，新签合同额再创新高 ——中石化炼化工程（2386.HK）2024 年报点评 买入（维持） 当前价：5.63 港元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 43.98 | | 总市值(亿港元)： | 247.60 | | 一年最低/最高(港元)： | 4.28/6.87 | | 近 3 月换手率： | 46.1 | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -14.7 | -35.3 | -3.7 | | 绝对 | -8. ...

2025 年 3 月 18 日 公司研究 24 年归母净利润同比增长 5.5%，新签合同额再创新高 ——中石化炼化工程（2386.HK）2024 年报点评 买入（维持） 当前价：5.63 港元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 分析师：王礼沫 执业证书编号：S0930524040002 010-56513142 wanglimo@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 43.98 | | 总市值(亿港元)： | 247.60 | | 一年最低/最高(港元)： | 4.28/6.87 | | 近 3 月换手率： | 46.1 | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -14.7 | -35.3 | -3.7 | | 绝对 | -8. ...

Investment Rating - The report maintains a "Buy" rating for Ping An Good Doctor (01833.HK) [1][6] Core Views - The company achieved its first profit turnaround in 2024, with total revenue reaching 4.808 billion yuan, a year-on-year increase of 2.59%. The net profit was 81 million yuan, marking a successful return to profitability [1][6] - The growth was driven by the collaboration between the F-end (individual customers) and B-end (enterprise customers) businesses, with F-end revenue at 2.417 billion yuan (+9.6%) and B-end revenue at 1.432 billion yuan (+32.7%) [1][6] - The company is expanding its presence in the medical AI sector, with the launch of the digital avatar "Ping An Xin Yi" and improvements in AI-assisted diagnosis accuracy [1][6] - A special dividend was approved, with a payout of 9.7 HKD per share, totaling approximately 10.85 billion HKD, enhancing long-term value [1][6] Financial Summary - Total revenue for 2024 is projected at 4.808 billion yuan, with expected growth rates of 11.7%, 10.3%, and 10.1% for 2025-2027 [3][6] - Net profit is forecasted to grow significantly, with estimates of 245 million yuan in 2025 and 342 million yuan in 2027, reflecting growth rates of 200.7% and 10.7% respectively [3][6] - The target price is set at 10.78 HKD, with the current price at 7.61 HKD, indicating potential upside [3][6]