Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 18.00, indicating a potential upside of 30.2% from the current price of HKD 13.82 [2][3]. Core Insights - The company's performance in 2024 is expected to be under pressure due to changes in the medical insurance payment environment, but long-term growth visibility remains significant. It is anticipated that by 2025, the company will recover with a profit growth rate exceeding 20% as the impact of cost control normalizes and new hospital integrations are completed [3][7]. - The report highlights that despite a projected revenue growth of 9% for 2024, the second half of the year may see an 11% decline in revenue due to pressures from DRG/DIP nationwide promotion and slow reimbursement in certain regions. However, the company has shown resilience in outpatient services, with a 21% increase in annual revenue [7][8]. Financial Forecast Changes - Revenue and net profit forecasts for 2025 and 2026 have been adjusted downwards by 16-21% and 21-27% respectively. The new revenue forecast for 2025 is set at RMB 4,987 million, down from RMB 5,922 million, while the net profit forecast is reduced to RMB 743 million from RMB 936 million [6][7]. - The report provides detailed financial projections, including a projected revenue of RMB 5,527 million for 2026 and RMB 6,291 million for 2027, with corresponding net profits of RMB 853 million and RMB 1,033 million [13]. Business Growth Drivers - New hospital openings and expansions are expected to provide growth momentum. The company has completed the acceptance and opening of a tertiary hospital in Dezhou, with additional hospitals in Wuxi and Changshu expected to open by the end of this year and next year respectively [7][8]. - The company is exploring new business avenues in response to the changing medical insurance payment environment, including internet hospitals and self-funded services related to innovative drugs, which are anticipated to have long-term growth potential [7][8].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 7.02 and a 6-month rating of "Increase" [5][16]. Core Insights - The company achieved a revenue of RMB 43.99 billion in 2024, representing a year-on-year increase of 3.2%. The net profit attributable to shareholders was RMB 18.08 billion, up 518.7% year-on-year, while the core net profit attributable to shareholders was RMB 30.38 billion, down 22.9% year-on-year [2][3]. - The company plans to distribute a final dividend of HKD 0.1352 per share and a special dividend of HKD 0.1609 per share, with a dividend payout ratio of 54.7%. It also intends to use at least RMB 500 million of its available cash reserves for share buybacks in the coming year, emphasizing shareholder returns [2][3]. Financial Performance - The company's gross margin for 2024 was 19.1%, a decrease of 1.39 percentage points from 2023. The net profit margin improved to 4.26%, an increase of 3.05 percentage points from the previous year. The selling and administrative expense ratio rose by 1.08 percentage points to 10.95% [3]. - The cash flow from operating activities was RMB 3.87 billion, a year-on-year decrease of 16.1%, but showed significant improvement compared to the mid-year figure of RMB 270 million, mainly due to proactive collection of receivables [3][4]. Business Segments - Revenue from property management, community value-added services, and the "Three Supplies and One Industry" business grew by 4.9%, 11.8%, and 30.9% year-on-year, respectively. However, revenue from non-owner value-added services, urban services, and commercial operations declined by 54.6%, 14.7%, and 38.1% year-on-year [2][3]. - The company expanded its managed area to approximately 1.037 billion square meters by the end of 2024, an increase of 8.36% year-on-year, with 7,895 management projects, up by 550 from the previous year [4]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to RMB 2.22 billion and RMB 2.76 billion, respectively, and introduced a new forecast for 2027 at RMB 2.79 billion, maintaining the "Increase" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][7][19] Core Views - The company achieved a net profit of 32.16 billion RMB in 2024, representing a year-on-year increase of 30.9%, benefiting from a recovery in the capital market [5][8] - The return on equity (ROE) improved by 2.2 percentage points to 13.0% [5] - The company’s total investment yield reached 5.5%, up by 2.0 percentage points year-on-year [6] Summary by Sections Financial Performance - The company reported a total insurance premium income of 538.06 billion RMB in 2024, a year-on-year increase of 4.3% [6] - The comprehensive cost ratio (COR) increased by 1.0 percentage point to 98.8%, with a claims ratio of 73.0%, slightly higher than expected due to major disasters [6][9] - The underwriting profit decreased by 43.9% to 5.71 billion RMB [6] Investment Analysis - The company has significantly increased its allocation to government bonds and stocks, with a 10.4 percentage point increase in government bonds to 18.2% and a 1.2 percentage point increase in stocks to 7.2% [6] - The projected net profits for 2025, 2026, and 2027 are 34.95 billion RMB, 38.99 billion RMB, and 44.29 billion RMB respectively, reflecting a positive growth outlook [7][8] Market Position - The company is positioned as a high-dividend core stock within the insurance sector, maintaining a price-to-book (PB) ratio of 1.06x as of March 28 [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of HKD 2.401 billion, representing a year-on-year increase of 20.0% [1] - The adjusted EBITDA for 2024 is forecasted to be HKD 438 million, reflecting a year-on-year growth of 37.3% [1] - The company is expanding its subscription business into new emerging fields, contributing HKD 1.104 billion in revenue, which is 46.0% of total revenue [1] - The value-added services segment is also growing, with revenue of HKD 1.298 billion, accounting for 54.0% of total revenue [2] Summary by Sections Subscription Business - The subscription business is deepening its application in various scenarios, achieving revenue of HKD 1.104 billion in 2024, a year-on-year increase of 27.1 [1] - The company is expanding its service boundaries to include live streaming, micro-short dramas, music, e-commerce images, and online novels [1] Value-Added Services - The value-added services segment continues to see contract upgrades, generating revenue of HKD 1.298 billion, a year-on-year increase of 14.6% [2] - The launch of the Vobile MAX digital asset trading platform integrates video rights confirmation, blockchain, and Web3 technologies [2] Market Performance - North America shows strong growth, with revenue of HKD 1.184 billion, a year-on-year increase of 20.5%, accounting for approximately 49.3% of total revenue [3] - Domestic revenue reached HKD 1.188 billion, growing by 18.6% year-on-year, representing 49.5% of total revenue [3] Profitability Forecast - The company is expected to achieve revenues of HKD 2.940 billion, HKD 3.640 billion, and HKD 4.740 billion in 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 3.2, 2.6, and 2.0 [4]

24 年业绩符合预期，25 年起加大投入追求 中长期高质量发展 核心观点 盈利预测与投资建议 ⚫ 根据业绩公告，我们调整 24-26 年盈利预测，预计 24-26 年 EPS 分别为 1.17、0.99 和 1.15 元（原 1.2、1.37 和 1.54 元），参考可比公司，给予 2025 年 20 倍的 PE 估 值，目标价为 21.19 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：运动服饰消费低于预期、终端去库存进度和新产品推广不及预期等 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for stock price appreciation in the next six months [3][15]. Core Insights - The company achieved a revenue of 3.885 billion yuan in 2024, representing a growth of 34.61% year-on-year, with a net profit attributable to the parent company of 881 million yuan, up 33.04% [9][10]. - The growth in revenue is driven by both makeup and skincare segments, with makeup revenue reaching 2.304 billion yuan, accounting for 59.31% of total revenue, and skincare revenue at 1.429 billion yuan, representing 36.78% [2][10]. - The company is expanding its presence in high-end department stores and has increased its number of self-operated counters to 378, with a steady expansion pace across over 120 cities [10][12]. Financial Summary - Revenue projections for the company are as follows: 5.224 billion yuan in 2025, 6.754 billion yuan in 2026, and 8.460 billion yuan in 2027, with corresponding net profits of 1.183 billion yuan, 1.525 billion yuan, and 1.939 billion yuan respectively [3][15]. - The company’s earnings per share (EPS) are projected to be 2.41 yuan in 2025, 3.11 yuan in 2026, and 3.96 yuan in 2027 [3][15]. - The company maintains a high gross margin of 84.37% in 2024, with a net profit margin of 22.67% [12][15]. Market Position and Strategy - The company is recognized as the only domestic high-end makeup brand, with strong brand and product recognition among high-net-worth clients [3][15]. - The strategy includes expanding product lines, increasing the number of counters, and enhancing consumer penetration, which is expected to provide significant long-term growth opportunities [3][15]. - The company has successfully entered the Hong Kong market, further enhancing its brand presence [10][12].

2025 年 3 月 31 日 公司研究 经营业绩增长稳健，积极回购与分红 ——越秀服务（6626.HK）跟踪报告 2）毛利率有待企稳。截至 2024 年末，公司在管面积 6931 万平，合约面积 8873 万平，公司 2024 年新委聘项目在管面积 1131 万平方米，同时退出了 721 万平 方米的项目（上年退出 257 万平），规模快速扩张的同时，退出项目也进一步 增加；2024 年，公司整体毛利率同比下滑 3.3pct 至 23.3%，其中物业管理业务 毛利率为 15.0%，同比下滑 1.1pct，毛利率仍有待企稳。 3）在手现金充裕，分红慷慨，回购积极。截至 2024 年末，公司在手现金及现 金等价物和定期存款为 47 亿元，现金储备丰富，公司 2024 年全年派息总额为 每股 0.169 元，派息总额 2.6 亿元，对应 2025 年 3 月 28 日收盘价股息率为 6.4%， 股息率具备吸引力；另一方面，公司近期在二级市场积极回购股份，保障股东权 益；同时，考虑公司仍处在成长期，物管行业逐步回暖，公司手握充沛现金，下 一阶段，公司或有可能通过收并购等方式扩大规模，占据更多市场份额。 盈利预测、估 ...

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 177.3 billion yuan in 2024, representing a year-on-year growth of 36.0%, with a net profit of 4.27 billion yuan, up 5.6% year-on-year [7] - The consumer electronics segment showed significant growth, with a revenue increase of 45.0% to 141.23 billion yuan, driven by major clients [7] - The automotive electronics sector is expected to benefit from the parent company's advancements in smart technology, with a projected revenue increase of 45.5% to 20.51 billion yuan in 2024 [7] - The company is enhancing its AI and robotics capabilities, with a focus on strategic partnerships and new product developments [7] - Profit forecasts for 2025 and 2026 have been adjusted downwards, with expected net profits of 5.26 billion yuan and 6.32 billion yuan respectively [7] Financial Summary - Total revenue is projected to grow from 177.3 billion yuan in 2024 to 237.4 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.19% [1][8] - The net profit is expected to increase from 4.27 billion yuan in 2024 to 7.30 billion yuan in 2027, reflecting a CAGR of about 15.52% [1][8] - The earnings per share (EPS) is forecasted to rise from 1.89 yuan in 2024 to 3.24 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 19.97 in 2024 to 11.67 in 2027, indicating potential valuation improvement [1][8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][9]. Core Insights - The company achieved a revenue of RMB 284.42 billion in 2024, representing a year-over-year growth of 10.07%. The net profit attributable to shareholders was RMB 10.17 billion, with a year-over-year increase of 23.51% [7]. - The express and large parcel segment accounted for 70.4% of the company's revenue, with a notable increase in volume and profit margins [2][10]. - The supply chain and international business segment showed signs of recovery, with a revenue increase of 17.72% year-over-year [7][10]. - The company plans to distribute a total dividend of approximately RMB 41.04 billion for 2024, reflecting a dividend payout ratio of about 40% [7]. Financial Performance - The company reported a net profit of RMB 10.17 billion for 2024, with projections for future profits of RMB 11.83 billion in 2025, RMB 13.60 billion in 2026, and RMB 15.20 billion in 2027, indicating a steady growth trajectory [9][11]. - The earnings per share (EPS) for 2024 is projected at RMB 2.11, with expected growth in subsequent years [9][11]. - The company's price-to-earnings (P/E) ratio is forecasted to decrease from 16.42 in 2024 to 11.36 by 2027, suggesting an attractive valuation over time [9][11]. Business Segments - The express and large parcel segment generated revenue of RMB 200.16 billion in 2024, with a net profit of RMB 10.98 billion, reflecting a profit margin of 5.49% [7][10]. - The same-city delivery segment saw a revenue increase of 22.24%, with net profit growth exceeding 160%, driven by increased order volumes and improved operational efficiency [10]. - The supply chain and international business segment recorded a revenue of RMB 74 billion, although it faced a net loss of RMB 1.32 billion due to restructuring efforts [7][10]. Market Position - The company maintains a strong competitive edge in the logistics sector, with a fleet of 110 aircraft and a significant ground transportation network, positioning it well to capitalize on the growing demand for logistics services [10]. - The report highlights the company's strategic focus on international expansion, with over 9,100 international cargo flights in 2024, marking a 19% increase year-over-year [7][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a revenue of 168.1 billion yuan in 2024, a year-on-year decrease of 6.2%, with a gross profit of 10.672 billion yuan, down 22.5% year-on-year, and a net profit attributable to shareholders of 3.212 billion yuan, down 36.0% year-on-year [6] - The company has a strong market position with 4.19 million active customers, a 10.7% year-on-year increase, and holds 14.1% of luxury car brand users in 32 major cities [6] - The company is expected to improve its market share despite industry challenges, with a focus on embracing new energy vehicles [6] Financial Performance Summary - In 2024, the company sold 485,300 new cars, a year-on-year decrease of 3.2%, with a gross loss of 3.208 billion yuan from new car sales [7] - The after-sales service revenue reached 22.001 billion yuan, a year-on-year increase of 9.6%, with a gross profit of 10.216 billion yuan, reflecting stable growth in after-sales business [8] - The company forecasts net profits of 3.519 billion yuan and 4.944 billion yuan for 2025 and 2026 respectively, with an estimated EPS of 1.5, 2.1, and 2.7 yuan for 2025, 2026, and 2027 [6][9]