Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 176.22 over the next six months [6]. Core Insights - The company achieved a revenue of CNY 13.038 billion in 2024, representing a year-on-year growth of 106.9%, and a net profit of CNY 3.125 billion, up 188.77% [1][4]. - The gross profit margin improved by 5.5 percentage points to 66.8%, driven by increased revenue from the Greater China region and overseas markets, along with optimized supply chain cost control [1]. - The company’s overseas revenue surged by 375.2% to CNY 5.066 billion, with the overseas revenue share increasing by 22 percentage points to 38.9% [3]. - The company’s IP operations are strengthening, with four major IPs generating over CNY 1 billion in revenue in 2024, indicating a successful expansion of its IP matrix [4]. Financial Summary - For 2024, the company reported total revenue of CNY 13,038 million, with projections for 2025, 2026, and 2027 at CNY 17,634 million, CNY 21,978 million, and CNY 32,950 million respectively, reflecting growth rates of 35.25%, 24.63%, and 49.92% [5]. - The net profit attributable to the parent company for 2024 was CNY 3,125 million, with forecasts of CNY 4,016 million, CNY 5,214 million, and CNY 8,224 million for the following years, indicating growth rates of 28.51%, 29.82%, and 57.73% [5]. - The company’s earnings per share (EPS) are projected to be CNY 2.99, CNY 3.88, and CNY 6.12 for 2025, 2026, and 2027 respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][12]. Core Insights - The company reported a total revenue of 886.75 billion CNY for 2024, a decrease of 10.09% year-on-year, with a net profit of 1.05 billion CNY, down 97.83% year-on-year [1]. - The liquid milk business is showing signs of improvement, with revenue from various product categories such as liquid milk, ice cream, milk powder, cheese, and other dairy products experiencing different levels of growth and decline [2]. - The gross margin for 2024 was reported at 39.57%, an increase of 2.42 percentage points year-on-year, primarily due to falling raw milk prices and improved profitability across multiple product categories [3]. - The adjusted net profit for 2024, excluding certain impairments, was 44.35 billion CNY, with an adjusted net profit margin increase of 0.12 percentage points year-on-year [3]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 886.75 billion CNY in 2024, down from 986.24 billion CNY in 2023, reflecting a growth rate of -10.09% [5]. - The net profit for 2024 was 1.05 billion CNY, a significant drop from 4.81 billion CNY in 2023, resulting in a net profit growth rate of -97.83% [5]. Product Performance - Liquid milk revenue was 730.66 billion CNY, down 11.0% year-on-year, while ice cream and milk powder revenues decreased by 14.1% and 12.7%, respectively [2]. - Cheese revenue showed an increase of 18.0%, indicating a positive trend in this category [2]. Cost and Margin Analysis - The gross margin improved to 39.57% in 2024, up 2.42 percentage points from the previous year, driven by lower raw milk prices [3]. - The operating profit margin for 2024 was reported at 8.2%, an increase of 1.9 percentage points year-on-year [3]. Future Outlook - The company forecasts net profits of 50.91 billion CNY for 2025, 52.92 billion CNY for 2026, and 55.75 billion CNY for 2027, with corresponding EPS of 1.30, 1.35, and 1.42 CNY [4][5]. - The current stock price corresponds to a P/E ratio of 14 for 2025, indicating a stable valuation for a leading dairy company [4].

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-over-year decrease of 6.2%. The gross profit was 10.672 billion yuan, down 22.5% year-over-year, and the net profit attributable to shareholders was 3.212 billion yuan, down 36.0% year-over-year. Despite these challenges, the company has a strong market position with 4.19 million active customers, a 10.7% year-over-year increase, and a leading share of 14.1% in luxury car brand users across 32 major cities [6][8] - The company has signed a preliminary agreement with Seres to discuss further cooperation in distributing its electric vehicles, indicating a proactive approach to embracing the new energy sector [6] - The company is expected to improve its market share despite the pressure on new car profits, with revised net profit forecasts for 2025-2026 at 3.519 billion yuan and 4.944 billion yuan, respectively, and a new forecast for 2027 at 6.439 billion yuan [6] Summary by Sections Financial Performance - In 2024, the company sold 482,000 new cars, a decrease of 3.2% year-over-year, with a gross loss of 3.208 billion yuan and a gross margin of -2.6%. The average loss per vehicle was approximately 6,600 yuan, showing signs of stabilization in losses [7] - The after-sales service revenue reached 22.001 billion yuan, a year-over-year increase of 9.6%, with a gross profit of 10.216 billion yuan and a gross margin of 46.4%. The number of after-sales service visits reached 8.05 million, a 7.8% year-over-year increase, indicating stable growth in after-sales services [8] Financial Summary and Valuation Metrics - The company’s projected financial metrics for 2025 include revenue of 174.4 billion yuan, net profit of 3.519 billion yuan, and an EPS of 1.5 yuan. The corresponding P/E ratios are 8.9, 6.3, and 4.9 for the years 2025, 2026, and 2027, respectively [9]

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.26 HKD [8][9]. Core Views - The company reported a revenue of 29 billion RMB in 2024, a decrease of 7.8% year-on-year, and a net profit of 4.328 billion RMB, down 26.3% year-on-year, which aligns with previous profit forecasts. The decline is attributed to the impact of tumor drug procurement and inventory pressure, along with falling raw material prices. Looking ahead to 2025, the report anticipates a stabilization in internal profit scale driven by the impact of procurement and accelerated entry of innovative drugs, estimating over 1.5 billion RMB in revenue from new products [1][2][3]. Summary by Sections Revenue and Profit Forecast - The company expects a revenue of 29.594 billion RMB in 2025, reflecting a 2.01% increase, and a net profit of 5.644 billion RMB, representing a 30.41% increase year-on-year [7][18]. Drug Business Outlook - The company's drug segment revenue for 2024 was 23.7 billion RMB, down 7.4% year-on-year, primarily due to procurement impacts and competition. However, the report is optimistic about a recovery in 2025, particularly in the NBP segment, which is expected to grow steadily due to moderate price reductions in negotiations and expansion in retail channels [2][3]. New Product Contributions - The report highlights that the tumor line revenue for 2024 was 4.4 billion RMB, down 28.3% year-on-year, but anticipates new drug contributions exceeding 1.5 billion RMB in 2025, with several new products expected to enter the market [3][4]. Business Development (BD) Acceleration - The company has accelerated its BD efforts, with three successful BD agreements already in place and expectations for 2-3 more by the end of the year. This is seen as a potential source of regular income for the company [4][5]. Valuation Metrics - The estimated EPS for 2025 is 0.49 RMB, with a PE ratio of 15.5 times, leading to a target price of 8.26 HKD. This reflects a discount compared to comparable companies, which are projected at 22 times PE [5][9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 6.266 billion RMB in FY24, representing a year-on-year growth of 28.6%, with a net profit attributable to shareholders of 1.069 billion RMB, up 21.3% year-on-year [2] - The company proposed a final dividend of 0.11 RMB per share and a special dividend of 0.18 RMB per share, leading to a total dividend payout of 0.45 RMB per share for FY24, with a payout ratio of 99% [2] - The company is focusing on the growth of vegetable products, which have opened a second growth curve, surpassing noodle products to become the largest business segment [3] - The gross margin for FY24 was 48.13%, an increase of 0.45 percentage points year-on-year, while the gross margin for H2 FY24 was 45.96%, a decrease of 1.12 percentage points year-on-year [4] - The company has maintained a high dividend payout ratio and has a strong cash position, indicating a commitment to shareholder returns [5] Summary by Sections Financial Performance - In FY24, the company reported revenues of 6.266 billion RMB, with a year-on-year increase of 28.6% [2] - The net profit attributable to shareholders was 1.069 billion RMB, reflecting a growth of 21.3% year-on-year [2] - The company’s revenue from noodle products, vegetable products, and other products for FY24 was 2.667 billion RMB, 3.371 billion RMB, and 229 million RMB respectively, with vegetable products growing by 59.16% year-on-year [3] Growth Drivers - The company’s offline and online channel revenues for FY24 were 5.562 billion RMB and 705 million RMB, with year-on-year growth of 27.54% and 38.24% respectively [3] - The vegetable products segment, particularly konjac products, is expected to maintain high growth momentum in FY25 [5] Profitability and Margins - The gross margin for FY24 was 48.13%, with an overall capacity utilization rate of 77.7%, an increase of 22.4 percentage points year-on-year [4] - The net profit margin for FY24 was 17.06%, down 1.02 percentage points year-on-year, primarily due to losses from financial investments [4] Future Projections - Revenue forecasts for FY25 and FY26 have been raised to 7.549 billion RMB and 8.767 billion RMB respectively, with an additional forecast for FY27 at 9.988 billion RMB [6] - The earnings per share (EPS) estimates for FY25 and FY26 have been adjusted to 0.54 RMB and 0.64 RMB respectively, with a new estimate for FY27 at 0.73 RMB [6]

证券研究报告 | 2025年03月31日 光大环境（00257.HK） 优于大市 建造收入、减值拖累业绩，派息比率 41.8%创历史新高 受建造收入下滑和减值因素影响，收入利润均承压。2024 年公司实现营业收 入 302.58 亿港元，同比-5.71%，主要原因是新建项目减少，导致建造收入 下降。2024 年公司实现净利润 33.77 亿港元，同比-23.75%。净利润下降的 主要系建造利润减少和计提减值增加（物业、厂房及设备耗损 6 亿港元，2023 年为 3.8 亿港元；无形资产耗损 6.97 亿港元，2023 年为 2.10 亿 港元）所 致。公司 2024 年销售毛利率为 38.13%，较 2023 年下降 4.91pct；销售净利 率为 13.13%，较 2023 年下降 3.38pct；管理费用率小幅下滑 0.5pct 至 9.3%； 财务费用率下滑 1.1pct 至 9.9%。 环保能源板块：收入 159.16 亿港元，同比-8%。其中运营收入 97 亿港元， 同比+5%；建造收入 25 亿，同比-41%；财务收入 37 亿港元，同比-3%。 该板块收益和盈利均有所下降，主要受在建项目数量减少 ...

证券研究报告 | 2025年03月31日 九毛九（09922.HK） 优于大市 2024 年经营承压，期待关店固本后的业绩回升 24H2 归母业绩同比由盈转亏。2024 年，公司收入 60.7 亿元/+1.5%，核心经 营利润 2.5 亿元/-60.1%，归母净利润 5581 万元/-87.7%，成本负杠杆效应 扰动利润表现。2024H2，公司收入 30.1 亿元/-3.1%；归母净利润亏损 1648 万元，同比由盈转亏（2024H2 盈利 2.3 亿元），系关店减值拖累。 核心品牌同店销售承压，出售粤菜/烤鱼品牌明确经营重心。2024 年，核心 品牌太二酸菜鱼收入 44.13 亿元/-1.4%，期内门店新增 95 家（包含 11 家加盟）/关店 39 家，翻座率 2.5 次/-0.5 次，客单价 71 元/-4 元，同 店下滑 18.8%；怂火锅收入 8.95 亿元/+11.0%，期内新开 28 家/关店 10 家。翻座率 2.0/-0.8 次，客单价 103 元/-10 元，同店销售同降 31.6%； 九毛九收入 5.46 亿元/-13.2%，期内新增门店 9 家/关店 15 家。翻座率 1.7 次/-0 ...

Investment Rating - The report assigns a rating of "Hold" for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [15]. Core Views - The company achieved a revenue of RMB 886.75 billion in 2024, a year-on-year decrease of 10.52%, and a net profit attributable to shareholders of RMB 1.05 billion, down 97.8% year-on-year [2]. - The second half of 2024 saw weak demand in the dairy industry, leading to revenue pressure across various business segments, with liquid milk, ice cream, milk powder, and cheese revenues showing year-on-year changes of -9.0%, +5.0%, -11.7%, and +5.0% respectively [4]. - The decline in raw milk prices improved the gross margin, which increased by 2.4 percentage points to 39.6% for the year. Despite cost-cutting measures, the overall expense ratio slightly increased due to revenue decline [4]. - The company plans to increase its dividend payout ratio to 45% in 2024, excluding the impact of impairments related to Bellamy and deferred tax [4]. - For 2025, the company expects low single-digit revenue growth, with milk prices remaining stable or slightly declining, and aims for a steady operating profit margin improvement of 30-50 basis points annually over the next three years [4][5]. Financial Summary - The company forecasts revenues of RMB 910 billion, RMB 943 billion, and RMB 986 billion for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of +3%, +4%, and +5% [5]. - The projected net profits for the same years are RMB 49.53 billion, RMB 54.80 billion, and RMB 64.26 billion, with year-on-year growth rates of +4639%, +11%, and +17% respectively [5]. - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 15, 14, and 12 times respectively [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company is expected to face operational pressure in 2024, with a projected revenue of 6.07 billion yuan, a slight increase of 1.5% year-on-year, but a significant decline in core operating profit by 60.1% to 250 million yuan, and a drastic drop in net profit attributable to shareholders by 87.7% to 55.81 million yuan due to cost leverage effects [1][9]. - The company is focusing on its core brands by selling off non-core brands and optimizing its store portfolio, which includes closing underperforming locations [2][24]. - The company has committed to maintaining a dividend payout ratio of no less than 40%, with a total dividend payout rate reaching 92.5% for the year [3][24]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.07 billion yuan, with a year-on-year growth of 1.5%. However, the net profit attributable to shareholders fell to 55.81 million yuan, a decrease of 87.7% [1][5]. - For the second half of 2024, the company expects a revenue of 3.01 billion yuan, a decline of 3.1%, and a net loss of 16.48 million yuan, reversing from a profit of 230 million yuan in the same period of the previous year [1][9]. Brand Performance - The core brand, Tai Er, generated a revenue of 4.41 billion yuan, down 1.4% year-on-year, with same-store sales declining by 18.8%. The company opened 95 new stores while closing 39 [2][12]. - The company’s other brands, including Song Hotpot and Jiumaojiu, also faced challenges, with significant declines in same-store sales [2][12]. Cost Structure - The company is experiencing rising costs, with raw material costs accounting for 35.6% of revenue, employee costs at 28.8%, and lease depreciation at 11.7%. This cost rigidity is negatively impacting profit margins [3][21]. - The net profit margin for 2024 is projected to be 0.9%, a decrease of 6.7 percentage points from the previous year, primarily due to rising costs and impairment losses from store closures [3][21]. Future Outlook - The company is actively adapting to market changes by introducing new store formats and menu items to attract customers, while also focusing on a light-asset model for new brand incubation [4][24]. - The profit forecasts for 2025 and 2026 have been adjusted downwards to 216 million yuan and 295 million yuan, respectively, reflecting a more cautious outlook on same-store sales and expansion pace [4][24].

Investment Rating - The report assigns a rating of "Hold" for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [15]. Core Views - The company achieved a revenue of RMB 886.75 billion in 2024, a year-on-year decrease of 10.52%, and a net profit attributable to the parent company of RMB 1.05 billion, down 97.8% year-on-year [2]. - The second half of 2024 saw weak demand in the dairy industry, leading to revenue pressure across various business segments, with liquid milk, ice cream, milk powder, and cheese revenues showing year-on-year changes of -9.0%, +5.0%, -11.7%, and +5.0% respectively [4]. - The decline in raw milk prices improved the gross margin, which increased by 2.4 percentage points to 39.6% for the year, despite a slight increase in overall expense ratios due to revenue decline [4]. - The company plans to increase its dividend payout ratio to 45% in 2024, focusing on profit improvement while excluding certain impairments from its dividend calculation [4]. - For 2025, the company anticipates low single-digit revenue growth, with milk prices expected to remain stable or slightly decrease, while operating profit margins are projected to remain relatively stable [4]. Financial Summary - Revenue for 2025 is projected at RMB 910 billion, with year-on-year growth of 3%, and net profit expected to reach RMB 49.53 billion, reflecting a significant increase of 4639% [5]. - The gross margin is expected to remain stable, with projections of 39.57% for 2025, 39.90% for 2026, and 40.10% for 2027 [6]. - The company’s earnings per share (EPS) is forecasted to be RMB 1.26 in 2025, increasing to RMB 1.64 by 2027 [6].