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].

Investment Rating - The report maintains an "Outperform" rating for the company [5][12][3] Core Views - The company's revenue and profit are under pressure due to a decline in construction income and impairment factors, with a 2024 revenue of HKD 30.258 billion, down 5.71% year-on-year, and a net profit of HKD 3.377 billion, down 23.75% year-on-year [1][6] - The company has increased its dividend payout ratio to 41.8%, the highest in its history, with a total dividend of HKD 1.41 billion for 2024, reflecting improved cash flow and a commitment to returning value to shareholders [2][12] - The report projects a slight downward adjustment in profit forecasts but expects net profit growth from 2025 to 2027, with estimates of HKD 3.836 billion, HKD 4.129 billion, and HKD 4.298 billion respectively [3][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of HKD 30.258 billion, a decrease of 5.71% from the previous year, primarily due to a reduction in new projects [1][6] - The net profit for 2024 was HKD 3.377 billion, reflecting a decline of 23.75%, attributed to reduced construction profits and increased impairment provisions [1][6] - The gross profit margin for 2024 was 38.13%, down 4.91 percentage points from 2023, while the net profit margin was 13.13%, down 3.38 percentage points [1][6] Segment Performance - Environmental Energy Segment: Revenue of HKD 15.916 billion, down 8% year-on-year, with operational income increasing by 5% but construction income decreasing by 41% [1][8] - Environmental Water Segment: Revenue of HKD 6.847 billion, up 2% year-on-year, with construction income increasing by 17% [2][8] - Green Environmental Segment: Revenue of HKD 6.974 billion, down 6% year-on-year, with construction income significantly declining by 65% [2][8] Dividend Policy - The company has enhanced its dividend policy, with a payout ratio rising to 41.8% and a dividend of HKD 0.23 per share for 2024, compared to 30.5% in 2023 [2][12] - The absolute dividend value increased from HKD 1.35 billion in 2023 to HKD 1.41 billion in 2024, corresponding to a dividend yield of approximately 6.6% based on the closing price on March 26, 2025 [2][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a healthy adjustment, with steady growth in its product lines, particularly in the Li Du brand, which has shown resilience in a challenging market environment [7] - The company has received multiple accolades at the 112th National Spring Sugar and Wine Commodity Trade Fair, enhancing its brand reputation [7] - The financial forecasts indicate a gradual recovery in revenue and profit margins, with expectations for non-IFRS net profit to reach RMB 16.8 billion in 2025, reflecting a slight adjustment from previous estimates [7] Financial Summary - Total revenue projections for the company are as follows: - 2023A: RMB 7,060 million - 2024A: RMB 7,067 million - 2025E: RMB 7,304 million - 2026E: RMB 8,107 million - 2027E: RMB 9,289 million - The year-on-year growth rates for total revenue are projected to be 20.56% for 2023A, 0.10% for 2024A, 3.36% for 2025E, 10.99% for 2026E, and 14.59% for 2027E [1] - The net profit attributable to the parent company is forecasted as follows: - 2023A: RMB 2,327 million - 2024A: RMB 1,324 million - 2025E: RMB 1,494 million - 2026E: RMB 1,804 million - 2027E: RMB 2,251 million - The year-on-year growth rates for net profit are projected to be 125.96% for 2023A, -43.12% for 2024A, 12.90% for 2025E, 20.71% for 2026E, and 24.77% for 2027E [1] - The company's earnings per share (EPS) are expected to be: - 2023A: RMB 0.69 - 2024A: RMB 0.39 - 2025E: RMB 0.44 - 2026E: RMB 0.53 - 2027E: RMB 0.66 [1] - The price-to-earnings (P/E) ratio is projected to be 9.58 for 2023A, 16.84 for 2024A, 14.92 for 2025E, 12.36 for 2026E, and 9.91 for 2027E [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41.41%, and a net profit of 55.20 million yuan, marking a turnaround from a loss [7] - The company is expanding its store network, with a total of 1,008 stores by the end of 2024, an increase of 240 stores or 31.25% year-on-year [7] - The new growth markets are showing strong momentum, contributing to 61.76% of total revenue, up 12.41 percentage points year-on-year [7] - The company plans to open approximately 300 new stores in 2025, with 82 already opened by mid-March 2025 [7] Financial Summary - Revenue projections for 2025-2027 are 55.44 billion yuan, 70.13 billion yuan, and 87.41 billion yuan, with year-on-year growth rates of 28.52%, 26.48%, and 24.65% respectively [1][7] - Net profit forecasts for the same period are 132.55 million yuan, 241.18 million yuan, and 416.12 million yuan, with growth rates of 140.15%, 81.95%, and 72.54% respectively [1][7] - The company's gross margin is expected to improve, with a projected gross margin of 72.9% in 2024 [7]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41.41%, and a net profit of 55.20 million yuan, marking a turnaround from a loss [7] - The company is expanding its store network, with a significant increase in new growth markets, which contributed to a revenue share increase of 12.41 percentage points to 61.76% [7] - The company plans to open approximately 300 new stores in 2025, with 82 already opened by mid-March 2025, indicating strong growth momentum [7] Revenue and Profit Forecast - Revenue is projected to grow from 55.44 billion yuan in 2025 to 87.41 billion yuan in 2027, with year-on-year growth rates of 28.52%, 26.48%, and 24.65% respectively [7] - Net profit is expected to increase significantly, from 132.55 million yuan in 2025 to 416.12 million yuan in 2027, with growth rates of 140.15%, 81.95%, and 72.54% respectively [7] Financial Metrics - The company’s earnings per share (EPS) is forecasted to rise from 1.01 yuan in 2025 to 3.18 yuan in 2027 [7] - The price-to-earnings (P/E) ratio is projected to decrease from 94.05 in 2025 to 29.96 in 2027, indicating improving valuation as earnings grow [7]