Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company reported a revenue of 28.676 billion yuan for 2024, a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3.013 billion yuan, a decrease of 5.5% [1][3] - The board proposed a final dividend of 20.73 cents per share, with a payout ratio of 50% for the year [1] - The overall retail sales remained stable, with online channels showing low double-digit growth while offline channels experienced a slight decline [3][4] Revenue and Profit Analysis - In 2024, revenue from footwear, apparel, accessories, and equipment was 14.3 billion, 12.05 billion, 2.325 billion, and a year-on-year growth of 6.8%, -2.9%, and 29.3% respectively [4] - The retail sales for running, fitness, basketball, and sports lifestyle categories accounted for 28%, 15%, 21%, and 33% of total sales, with year-on-year growth rates of 25%, 6%, -21%, and -6% respectively [4] - The company’s gross margin improved to 49.4%, up 1.0 percentage points year-on-year, primarily due to better margins in the e-commerce channel [5][7] Channel Performance - Direct sales revenue decreased by 0.3% to 6.883 billion yuan, with the number of direct stores declining by 13.4% to 1,297 [5] - Wholesale revenue increased by 2.6% to 12.957 billion yuan, with wholesale stores growing by 1.6% to 4,820 [5] - E-commerce revenue grew by 10.3% to 8.305 billion yuan, with significant improvements in customer traffic and conversion rates [5][8] Future Outlook - The company is expected to continue optimizing its channel structure and enhancing customer experience, which will support steady business growth [8] - Projected revenues for 2025-2027 are 29.093 billion, 30.177 billion, and 31.517 billion yuan, with year-on-year growth rates of 1.5%, 3.7%, and 4.4% respectively [8][10]

聚力深耕，经营稳健 推荐（维持） 股价：11 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.chinagreentown.com;www.gree | | | ntownchina.com | | 大股东/持股 | | | 实际控制人 | | | 总股本(百万股) | 2534.27 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 2534.27 | | 总市值（亿元） | 257.26 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 14.33 | | 资产负债率(%) | 77.65 | 公 司 报 告 房地产 2025 年 03 月 31 日 绿城中国(3900.HK) 行情走势图 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@pingan ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][23]. Core Insights - The company is focusing on business adjustments and enhancing its core operations while providing generous dividends to shareholders [7][9]. - The company has shown stable growth in its cyclical business, achieving a revenue of 36.22 billion yuan in 2024, representing a year-on-year increase of 9.2% [8][10]. - The company plans to distribute 100% of its core net profit as dividends, with a total dividend of 1.900 yuan per share for the fiscal year 2024 [9][10]. - The company is leveraging technology applications, particularly AI, to drive growth and improve operational efficiency [13][14]. Financial Data and Forecasts - Revenue and Profit Forecasts: - Revenue is projected to grow from 33.18 billion yuan in 2023 to 36.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.2% [6][31]. - Net profit is expected to decrease from 1.95 billion yuan in 2023 to 1.15 billion yuan in 2024, reflecting a significant decline of 41.2% [6][31]. - The company anticipates a recovery in net profit to 1.48 billion yuan in 2025, with a year-on-year growth of 29% [6][31]. - Key Financial Ratios: - The gross margin is projected to be 13.0% in 2024, down from 14.5% in 2023 [11][31]. - The return on equity (ROE) is expected to improve from 7.0% in 2024 to 13.8% by 2027 [6][31]. Business Segment Performance - The company reported a revenue of 20.91 billion yuan from community space residential services in 2024, a year-on-year increase of 11.6% [10][17]. - Revenue from property and facility management services reached 9.97 billion yuan, growing by 20.1% compared to the previous year [18][20]. - The AIoT and BPaaS solutions segment generated 3.02 billion yuan in revenue, reflecting an 8.6% increase year-on-year [10][20]. Strategic Initiatives - The company is actively pursuing a diversified customer strategy, with revenue from non-developer clients increasing from 83.2% in 2023 to 88.2% in 2024 [13][14]. - The company has implemented an "asset-to-receivable" debt reduction model, recovering over 3 billion yuan in receivables in the second half of 2024 [13][14]. - The company is expanding its residential property scale, with a reported revenue of 19.23 billion yuan from residential property services in 2024, marking a 13.1% increase [17][20].

房地产 2025 年 03 月 31 日 绿城管理控股(9979.HK) 公 司 报 告 规模领先，竞争加剧 推荐（维持） 股价：2.88 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.lcgljt.com | | 大股东/持股 | 绿城中国/71.28% | | 实际控制人 | 国务院国有资产监督管理委会 | | 总股本(百万股) | 2010 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 2010 | | 总市值（亿港元） | 57.9 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 1.90 | | 资产负债率(%) | 41.84 | 行情走势图 相关研究报告 【平安证券】绿城管理控股（9979.HK）*半年报点评* 业绩增速放缓，保持行业领先地位*推荐20240826 【平安证券】绿城管理控股（9979.HK）*年报点评*高 成长与高股息兼具，配置性价比凸显*推荐20240322 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The company has demonstrated rapid revenue growth, with a reported revenue of 6.27 billion HKD for 2024, reflecting a year-over-year increase of 28.6%. The net profit attributable to the parent company reached 1.068 billion HKD, up 21.37% year-over-year [8][9]. - The company is focusing on expanding its product matrix by launching new products that cater to consumer preferences, particularly in the vegetable product category, which saw a significant revenue increase of 59.1% in 2024 [8][9]. - The company is enhancing its distribution channels, with a total of 1,879 offline distributors and a strong online presence, achieving a revenue of 7.05 billion HKD from online channels, up 38.06% year-over-year [8][9]. Financial Data and Forecast - Total revenue is projected to grow from 4.887 billion HKD in 2023 to 8.093 billion HKD in 2025, with a year-over-year growth rate of 29% for both 2024 and 2025 [7][11]. - Net profit is expected to increase from 880 million HKD in 2023 to 1.3 billion HKD in 2025, with a year-over-year growth rate of 22% [7][11]. - The company’s gross margin is projected to remain stable, with a slight decrease to 46.81% in 2025, while the net profit margin is expected to be around 16.07% [7][11]. Market Performance - The company's stock has shown strong performance, with a closing price of 15.22 HKD as of March 31, 2025, and a 52-week price range of 6.91-15.22 HKD [2][9]. - The company’s revenue growth is supported by effective business strategies, including channel development and brand building, leading to a robust market presence [8][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve profitability in the current year, with an improvement in its sales industry ranking [5] - The report highlights a focus on sales quality and a reduction in debt pressure within the year [3] Financial Performance and Forecast - Total revenue for 2023 is projected at 72,564.06 million, with a year-on-year decrease of 12.9%. For 2024, revenue is expected to decline further to 59,052.95 million, a drop of 18.6% [6] - Net profit for 2024 is forecasted at 1,064.81 million, a significant turnaround from a loss of 6,896.64 million in 2023, representing a year-on-year increase of 115.4% [6] - The company anticipates an EPS of 0.05 in 2024, increasing to 0.12 in 2025 [6] - The gross margin is expected to improve from 12.5% in 2023 to 14.6% in 2024 [6] Market Position and Sales - The company’s signed sales amount for 2024 is projected at 982.55 billion, reflecting a decrease of 30.4% year-on-year, ranking it 12th in the industry [7] - The company holds 397 projects in urban operations, property development, commercial leasing, and hotel operations, with an unsold area of approximately 77.96 million square meters [7] Cash Flow and Debt Management - As of the end of 2024, the company has cash and cash equivalents of 30.805 billion, a slight decrease of 0.4% year-on-year. Interest-bearing debt is projected at 122.801 billion, down 3.6% [7] - The net debt to adjusted capital ratio is expected to decrease to 67% by the end of 2024, a reduction of 6 percentage points from 2023 [7] Valuation - The report estimates a 2025 EPS of approximately 0.12, suggesting a valuation range of 1.24 to 1.48 per share, translating to 1.34 to 1.61 Hong Kong dollars per share [7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved a revenue of 4,232.24 million RMB in 2024, representing a year-on-year increase of 7.8%. The net profit attributable to shareholders was 312.09 million RMB, up 3.1% year-on-year. The board proposed a total dividend of 13.94 HKD cents per share for the year, a decrease of 26.6% compared to the previous year [7]. - The company's property management service revenue reached 3,619.42 million RMB, accounting for 85.5% of total revenue, with a year-on-year increase of 12.4%. The managed area increased to approximately 72.20 million square meters, a growth of 12.7% year-on-year [7]. - The company actively reduced non-owner value-added services, resulting in a 15.9% decline in value-added service revenue to approximately 570.93 million RMB. However, owner value-added service revenue grew by 13.8% [7]. - The gross margin decreased from 19.0% in 2023 to 18.7% in 2024, primarily due to increased competition in the external market [7]. - The company is expected to have an EPS of 0.28 RMB in 2025 and 0.31 RMB in 2026, with a target valuation range of 2.24 to 2.80 RMB (2.43 to 3.03 HKD) based on a dynamic PE of 8-10X for 2025 [7]. Financial Data and Forecast - Revenue is projected to grow from 3,926.81 million RMB in 2023 to 5,836.07 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 11.3% [6]. - Net profit is expected to increase from 302.69 million RMB in 2023 to 416.29 million RMB in 2027, with a year-on-year growth rate of 9.7% in 2025 and 10.8% in 2026 [6]. - The gross margin is forecasted to decline gradually from 19.0% in 2023 to 17.3% in 2027 [6]. - The return on equity is expected to remain stable around 8.4% to 8.6% from 2024 to 2027 [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][18]. Core Insights - The company demonstrated resilience in its performance, achieving a revenue of RMB 278.8 billion in 2024, representing a year-on-year increase of 11%. The core net profit was RMB 25.42 billion, with a significant contribution from recurring business [6][7]. - The overall gross margin and net profit margin for 2024 were 21.6% and 9.2%, respectively, both showing a decline compared to the previous year [6][7]. - The company maintained a dividend payout ratio of 37%, with an expected annual dividend of RMB 1.319 per share [6][7]. Financial Performance - Revenue projections for the company are as follows: RMB 2,511 billion in 2023, RMB 2,788 billion in 2024, and expected growth to RMB 3,950 billion by 2027, with a compound annual growth rate of approximately 12.6% [4][21]. - The net profit for 2024 is projected at RMB 25.6 billion, with a decline of 18.5% from the previous year, but expected to recover in subsequent years [4][21]. - The company’s gross margin is expected to stabilize around 21% from 2025 onwards, while the return on equity (ROE) is projected to be around 8.5% by 2027 [4][21]. Market Position and Business Segments - The company achieved a contract signing amount of RMB 261.1 billion in 2024, ranking third in the industry, with a market share in 25 major cities [9][10]. - The operational performance of shopping centers reached a retail sales figure of RMB 195.3 billion, with an operating profit margin of 61%, marking a historical high [10][11]. - The asset management business grew to a scale of RMB 462.1 billion by the end of 2024, indicating a strong foothold in the market [11][12]. Investment Outlook - The company is expected to have an EPS of RMB 3.46 for 2025, with a price-to-earnings (PE) ratio of 10-11 times, suggesting a reasonable market capitalization range of RMB 269.5 billion to RMB 296.5 billion [18][19]. - The estimated fair value per share is projected to be between HKD 37.80 and HKD 41.58 [18][19].

Investment Rating - The report assigns a "Buy" rating for BYD Electronics [4]. Core Views - BYD Electronics is a leading platform manufacturing enterprise with diversified business layouts, focusing on consumer electronics, new intelligent products, and electric vehicles. The company has shown continuous revenue growth and stable profit improvement, with projected revenue of CNY 177.31 billion in 2024, a year-on-year increase of 36.43%, and a net profit of CNY 4.27 billion, up 5.55% year-on-year [1][28]. Summary by Sections 1. Company Overview - BYD Electronics, established in 1995, has diversified its business into various sectors including smartphones, tablets, electric vehicles, and more. The company leverages its strong R&D capabilities and manufacturing prowess to provide comprehensive solutions to global clients [18]. 2. Consumer Electronics Business - The consumer electronics segment remains a core revenue driver, with a stable market share in the Android ecosystem and deepening collaboration with Apple. The company began manufacturing iPad components in 2020 and has expanded its product offerings to include components for iPhones and Apple Watches [22][47]. - Revenue from consumer electronics components is projected to reach CNY 35.66 billion in 2024, reflecting a significant year-on-year growth of 161.49% due to the recovery in market demand driven by AI and replacement cycles [22]. 3. Automotive Electronics Business - The automotive electronics segment is closely tied to the rapid growth of its parent company, BYD. The company supplies advanced driving domain controllers and other key components for electric vehicles, positioning itself to benefit from the increasing demand for intelligent driving solutions [2][69]. 4. Server Business - BYD Electronics is strategically entering the AI server market, with expected revenue of approximately CNY 15.56 billion in 2024, accounting for 8.78% of total revenue. The company is enhancing its capabilities in AI data centers and robotics, with plans for mass production of AI servers and liquid cooling products [2]. 5. Financial Forecast - The company is projected to achieve revenues of CNY 198.23 billion, CNY 228.22 billion, and CNY 257.80 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of CNY 6.69 billion, CNY 8.46 billion, and CNY 10.83 billion, indicating robust growth rates [3][28]. 6. Market Position and Client Base - BYD Electronics has established a strong client base, including major global brands such as Huawei, Apple, and Xiaomi. The company’s ability to provide integrated solutions has solidified its position as a key player in the high-end manufacturing sector [41]. 7. Shareholder Structure - The company has a concentrated ownership structure, with the largest shareholder being a wholly-owned subsidiary of BYD, holding 65.76% of the shares. This stable ownership structure supports long-term strategic planning [44].

Investment Rating - The report maintains a "Buy" rating for Shougang Resources, with a target price of HKD 3.19, indicating an expected performance that exceeds the local market index by over 15% [7][8]. Core Views - The significant increase in the sales proportion of high-sulfur coking coal has impacted sales prices, but the pressure is expected to ease in the first half of 2025. The company is projected to maintain a 100% dividend payout ratio for 2024, supported by strong cash flow [2][8]. - The company experienced a decline in total revenue for 2024, amounting to HKD 5.057 billion, a decrease of 14% year-on-year, while net profit fell by 21% to HKD 1.494 billion. This decline is attributed to changes in sales structure, falling coking coal prices, and currency exchange rate impacts [8]. Financial Summary - Revenue and Profit Trends: - Revenue for 2021 was HKD 7,075.82 million, increasing to HKD 8,214.72 million in 2022, before dropping to HKD 5,891.07 million in 2023 and further to HKD 5,057 million in 2024, reflecting a 14.2% decrease [6]. - Net profit followed a similar trend, with HKD 2,538.50 million in 2021, HKD 2,715.37 million in 2022, HKD 1,889.25 million in 2023, and HKD 1,494.07 million in 2024, marking a 20.9% decline [6]. - Production and Sales: - The company anticipates a raw coking coal production of approximately 4.96 million tons in 2024, a decrease of 6%, while the production of premium coking coal is expected to be around 3.16 million tons, down 3% [8]. - The average selling price of premium coking coal is projected to be HKD 1,666 per ton in 2024, a decline of 14% year-on-year [8]. - Dividend and Cash Flow: - The company expects to distribute profits amounting to HKD 1.512 billion in cash for 2024, with a dividend payout ratio of 100%, an increase from 73% in 2023 [8].