Investment Rating - The report maintains a "BUY" rating for PICC P&C, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - The full-year combined ratio (CoR) for FY24 was reported at 98.8%, which is a 1.0 percentage point increase year-on-year, primarily due to a rise in the loss ratio [1][8]. - The management provided an optimistic guidance for FY25, expecting the auto and non-auto CoR to be less than 96% and 99% respectively, which is an improvement compared to previous years [1][8]. - The net profit for FY24 is projected to be RMB 32.2 billion, reflecting a year-on-year increase of 30.9%, aligning with forecasts [1][2]. - The report revises the EPS forecasts for FY25-27 upwards by 6%, 11%, and 18% to RMB 1.58, 1.74, and 1.93 respectively, driven by improved CoR composition [1][9]. Financial Performance - Total insurance revenue for FY24 is expected to reach RMB 485.2 billion, marking a 6.1% year-on-year increase, with auto and non-auto insurance service revenue rising by 4.5% and 8.8% respectively [8]. - The underwriting profit is anticipated to drop by 44% year-on-year to RMB 5.7 billion, with a significant loss recorded in Q4 [1][8]. - The dividend per share (DPS) for FY24 is set at RMB 0.54, a 10.4% increase year-on-year, indicating a payout ratio of 37.3% [1][2]. Valuation Metrics - The target price for PICC P&C has been revised to HK$15.80 from the previous HK$14.00, representing a 9.9% upside from the current price of HK$14.38 [3][10]. - The stock is currently trading at a price-to-book (P/B) ratio of 1.09x for FY25E, with an average 3-year forward return on equity (ROE) estimated at 13.5% [10][12]. - The report highlights a dividend yield of 4.7% for FY25, increasing to 5.7% by FY27 [2][13].

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][8] Core Insights - In Q4 2024, Meituan's total revenue reached 885 billion RMB, representing a year-over-year increase of 20%, slightly above consensus expectations by 0.6% [5] - Adjusted EBITDA for the same period was 115 billion RMB, showing a year-over-year growth of 207%, but fell short of consensus expectations by 1.7% [5] - Adjusted net profit was 98 billion RMB, reflecting a year-over-year increase of 98%, which was in line with expectations [5] - Core local commerce revenue for Q4 2024 was 656 billion RMB, up 19% year-over-year, exceeding consensus expectations by 0.4% [5] - New business revenue was 229 billion RMB, a year-over-year increase of 24%, also surpassing consensus expectations by 1.1% [5] Revenue Breakdown - Core local commerce revenue was 656 billion RMB with an operating profit of 129 billion RMB, up 61% year-over-year, exceeding expectations by 10.6% [5] - New business revenue was 229 billion RMB, with an operating loss of 22 billion RMB, which narrowed by 55% year-over-year [5][6] Business Expansion - Meituan's food delivery and flash purchase businesses are expanding, with transaction users exceeding 770 million and active merchants reaching 14.5 million, both hitting record highs [6] - The company launched a 1 billion RMB merchant support plan in Q4 2024 to enhance service quality and operational efficiency [5][6] - Flash purchase services have partnered with over 5,600 large retail chains and 570 brand merchants, covering over 200 cities with more than 30,000 warehouses [6] Future Projections - Revenue projections for 2025-2027 are estimated at 393 billion RMB, 454 billion RMB, and 521 billion RMB, with growth rates of 16%, 16%, and 15% respectively [7] - Adjusted net profit forecasts for the same period are 48 billion RMB, 55 billion RMB, and 66 billion RMB, with growth rates of 10%, 14%, and 20% respectively [7] - The long-term outlook for Meituan remains positive due to its operational efficiency and business barriers [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][14]. Core Insights - The company's performance in 2024 aligns with expectations, showing a significant improvement in gross margin and a reduction in operating expenses [11]. - The company is transitioning from being a leader in automotive lidar to a platform leader in robotics and AI, with a focus on the development of new products like AC1 and AI-Ready ecosystems [11]. - Revenue projections for 2025 to 2027 are estimated at 2.68 billion, 4.23 billion, and 5.58 billion RMB respectively, with net profits expected to turn positive by 2026 [4][9]. Financial Performance Summary - In 2024, the company reported total revenue of 1.65 billion RMB, a year-over-year increase of 47.2%, with a gross margin of 17.2% [10]. - The total expenses for 2024 were approximately 220 million RMB, with a total expense ratio of 54.0%, down 41.3 percentage points year-over-year [3]. - The company’s net loss for 2024 was 482 million RMB, a significant reduction from the previous year, indicating improved operational efficiency [10][11]. Revenue and Profit Forecast - The company forecasts revenues of 2.68 billion RMB in 2025, 4.23 billion RMB in 2026, and 5.58 billion RMB in 2027, with corresponding net profits of -268 million, 171 million, and 582 million RMB [4][9]. - The projected price-to-sales (P/S) ratios for the years 2025, 2026, and 2027 are 6.2, 3.93, and 2.98 respectively, indicating a favorable valuation trend [4][9]. Expense Management - The company has optimized its expense structure, with the sales expense ratio decreasing to 6.1% in 2024, down 1.2 percentage points year-over-year [3]. - The management expense ratio for 2024 was 9.1%, a decrease of 2.7 percentage points year-over-year, reflecting improved cost control [3]. - The R&D expense ratio was 33.6% for 2024, down 4.6 percentage points year-over-year, indicating a strategic focus on efficiency [3].

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][8] Core Insights - In Q4 2024, Meituan's total revenue reached 885 billion CNY, representing a year-over-year increase of 20%, slightly above consensus expectations by 0.6% [5] - Adjusted EBITDA was 115 billion CNY, a year-over-year increase of 207%, but 1.7% below consensus expectations [5] - Adjusted net profit was 98 billion CNY, a year-over-year increase of 98%, aligning closely with expectations [5] - Core local commerce revenue for Q4 2024 was 656 billion CNY, up 19% year-over-year, exceeding consensus expectations by 0.4% [5] - New business revenue was 229 billion CNY, a year-over-year increase of 24%, also above consensus expectations by 1.1% [5] Revenue Breakdown - Core local commerce revenue for Q4 2024 was 656 billion CNY, with an operating profit of 129 billion CNY, reflecting a year-over-year increase of 61% [5] - New business revenue was 229 billion CNY, with an operating loss of 22 billion CNY, which is a 55% reduction in losses year-over-year [5][6] Business Expansion - Meituan's transaction user base exceeded 770 million, with active merchants increasing to 14.5 million, both reaching record highs [6] - The food delivery and Meituan Flash Purchase businesses are expanding rapidly, with a cash support plan of 1 billion CNY launched to assist merchants [6] - Meituan Flash Purchase has partnered with over 5,600 large retail chains and 410,000 local merchants, covering over 200 cities with more than 30,000 warehouses [6] Future Projections - Revenue projections for 2025-2027 are estimated at 393 billion CNY, 454 billion CNY, and 521 billion CNY, with growth rates of 16%, 16%, and 15% respectively [7] - Adjusted net profit projections for the same period are 48 billion CNY, 55 billion CNY, and 66 billion CNY, with growth rates of 10%, 14%, and 20% respectively [7] - The report maintains a long-term positive outlook on Meituan's operational efficiency and business barriers [7]

查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 联系人 证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 04 月 01 日 市场表现： | 基本数据 | 2025 | 年 | 03 | 月 28 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.98 | | | 一年内最高/最低（港 | | | | 8.30/5.12 | | | 元） | | | | | | | 总市值（百万港元） | | | | 49,991.70 | | | 流通市值（百万港元） | | | | 19,840.93 | | | 资产负债率（%） | | | | 66.66 | | | 资料来源：聚源数据 | | | | | | 龙源电力(00916.HK) 投资评级 ...

业绩简评 费用端：三费率逐季度优化，单季度三费支出约 2.2 亿元。 1）总量端：24 全年公司三费率合计为 54.0%，yoy-41.3pct， 公司现有超 1,500 名员工，相比 23 年报 1,324 人增员约 13.3%。2）结构端：1）销售费率 24 全年 6.1%，yoy-1.2pct； 24Q1-4 分别为 7.9%/7.8%/6.5%/5.2%；2）管理费率 24 全 年 9.1% ， yoy-2.7pct ； 24Q1-4 分别为 10.6%/12.0%/8.9%/8.8%；3）研发费率 24 全年 33.6%，yoy- 4.6pct；24Q1-4 分别为 41.2%/45.0%/37.2%/29.3%。 盈利预测、估值与评级 预计公司 25~27 年营业收入分别为 26.8/42.3/55.8 亿元，归 母净利润分别为-2.68/1.71/5.82 亿元。公司股票现价对应 PS 估值为 6.2/3.9/3.0 倍，维持"买入"评级。 风险提示 智驾技术路线改变风险；智驾渗透率提升不及预期风险；激 光雷达降本速度不及预期风险；国际局势影响海外销售风险。 0 500 1,000 1,500 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has shown strong growth in multi-scenario demand, with significant scale efficiency being released [1] - The company achieved a revenue of RMB 15.746 billion in 2024, representing a year-on-year growth of 27.11% [4] - The last-mile delivery service revenue grew by 32.5% to RMB 6.625 billion in 2024, driven by increased demand and operational efficiency [4] - The company has expanded its KA customer base and enhanced its presence in lower-tier markets, with a 121% increase in county-level revenue [4] - The company is expected to maintain steady growth in its same-city delivery business due to its strong logistics capabilities and customer partnerships [4] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 12.4 billion - 2024: RMB 15.746 billion - 2025E: RMB 19.375 billion - 2026E: RMB 23.752 billion - 2027E: RMB 28.978 billion - Net profit projections are as follows: - 2023: RMB 51 million - 2024: RMB 132 million - 2025E: RMB 256 million - 2026E: RMB 461 million - 2027E: RMB 594 million - The company’s earnings per share are projected to increase from RMB 0.06 in 2023 to RMB 0.65 in 2027 [2][5] Market Data - As of March 31, 2025, the closing price of the company's stock was HKD 8.99, with a market capitalization of HKD 82.47 billion [3]

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 碧桂园服务（6098.HK）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 股票数据 | 3[T月ab31le日_S收t盘oc价k（In港fo元] ） | 6.89 | | --- | --- | | 周股价波动（港元） 52 | 3.920-8.390 | | 总股本（亿股） | 33.43 | | 总市值（亿港元） | 230.4 | | 相关研究 | | [《Ta碧b桂le园_R服e务po20rt2I4nf年o半] 年报点评：基础物管 和营收增长，费用率继续压降》 2024.08.25 市场表现 [Table_QuoteInfo] 恒 生 指 数 对比 1M 2M 3M 绝 对 涨 幅 （%） 2.19 12.00 9.38 相 对 涨 幅 （%） 1.41 -2.47 -5.88 资料来源：海通证券研究所 分析师:涂力磊 Tel:(021)23219747 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23185696 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][12] Core Insights - In 2024, the company experienced revenue fluctuations with a total revenue of 4.446 billion HKD (up 9.1% year-on-year) and a net profit of 598 million HKD (down 12.6% year-on-year) [5] - The adjusted net profit for 2024 was 602 million HKD (down 15.6% year-on-year), with a gross margin of 29.9% (down 1.6 percentage points) and a net margin of 13.5% [5] - Due to the impact of financial asset impairment, the profit forecast for 2025-2026 has been revised downwards, with expected net profits of 697 million HKD and 779 million HKD for 2025 and 2026 respectively [5] - The company is projected to achieve net profits of 862 million HKD in 2027, with corresponding price-to-earnings ratios of 12.3, 11.0, and 10.0 for 2025-2027 [5] Revenue and Business Growth - The company's outpatient services saw rapid growth in 2024, with outpatient service revenue reaching 1.633 billion HKD (up 20.8% year-on-year) [6] - The total revenue from hospital operations was 4.32 billion HKD (up 11.1% year-on-year), with inpatient service revenue of 2.69 billion HKD (up 5.9% year-on-year) [6] - The oncology-related business generated 1.963 billion HKD in revenue (up 10.4% year-on-year), accounting for 44.15% of total revenue [6] - The number of patient visits increased to 4.526 million (up 23.8% year-on-year), and the number of surgeries performed was 97,000 (up 15.8% year-on-year) [6] Hospital Development and Expansion - The company is progressing with new hospital projects, including the completion of Dezhou Haijia Hospital, which has 1,000 planned beds [7] - The Wuxi Haijia Hospital project is expected to be completed and opened in 2025, with 800 to 1,000 planned beds [7] - Ongoing expansions include the Kaiyuan Hospital phase II project, which will add approximately 500 beds, and several other hospital expansion projects that will increase total bed capacity to over 16,000 [7]

Investment Rating - The report maintains a "BUY" rating for CSPC Pharmaceutical, indicating a potential return of over 15% over the next 12 months [15]. Core Insights - CSPC's total revenue is projected to decline by 7.8% YoY to RMB29.0 billion in FY24, primarily due to significant drops in oncology and cardiovascular drug sales [7]. - The company anticipates a return to positive organic revenue growth in FY2025, driven by new product launches and business development (BD) initiatives [7]. - CSPC has made substantial progress in out-licensing innovative assets, aiming to secure 3-4 out-licensing deals annually to generate recurring revenue [7]. - The target price for CSPC is revised to HK$5.71 from HK$5.97, reflecting a 15.5% upside from the current price of HK$4.94 [3][7]. Financial Summary - Revenue for FY23 is reported at RMB31,450 million, with a slight YoY growth of 1.7%, while FY24 revenue is expected to drop to RMB29,009 million [2][12]. - Net profit for FY23 is RMB6,072.7 million, showing a decline of 2.6% YoY, with further expected declines in FY24 to RMB4,338.8 million [2][12]. - The earnings per share (EPS) for FY23 is reported at RMB0.49, with projections of RMB0.37 for FY24 [2][12]. Business Development and Pipeline - CSPC's business development efforts are expected to create a sustainable revenue stream, with a robust pipeline of 40-50 assets identified for out-licensing potential [7]. - The company is focusing on clinical trials for its EGFR ADC (SYS6010), which is currently in Phase 3 development globally [7]. Market Performance - CSPC's market capitalization is reported at HK$58,871 million, with a 52-week high of HK$7.12 and a low of HK$4.34 [3]. - The stock has shown a 1-month absolute performance of 4.9% and a 3-month performance of 3.3% [5].