证券研究报告·海外公司点评·工业工程(HS) 中国重汽（03808.HK） 2024 年报点评：龙头韧性彰显，出海行稳致 远 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 85780 | 95062 | 106856 | 118773 | 130067 | | 同比(%) | 44.15 | 10.82 | 12.41 | 11.15 | 9.51 | | 归母净利润（百万元） | 5318 | 5858 | 6837 | 8160 | 8927 | | 同比(%) | 196.01 | 10.16 | 16.71 | 19.34 | 9.40 | | EPS-最新摊薄（元/股） | 1.93 | 2.12 | 2.48 | 2.96 | 3.23 | | P/E（现价&最新摊薄） | 11.63 | 10.56 | 9.05 | 7.58 | 6.93 | [Table_Tag] [Table_Summary ...

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update CR MixC Lifestyle (1209 HK) FY24 earnings dragged by VAS, shopping malls biz kept shining CR Mixc's FY24 revenue rose 15% YoY to RMB 17bn, missing guidance by 3%, mainly dragged down by value-added services (VAS). Net profit went up 24% YoY to RMB 3.6bn, beating guidance by 4%, driven by higher revenue contribution from shopping mall biz with high gross margin (~73%) and effective cost control bringing a lower SG&A ratio. The co ...

31 Mar 2025 Still subject to numerous macro risks FY24 net profit was inline but sales was under pressure. For FY25E, even though management has maintained the sales growth target of 30%+, we are still rather cautious on both sales growth and GP margin, given the macro headwinds. As a result, we are now forecasting a 7% net profit drop in FY25E and 5% net profit growth in FY26E, and maintain BUY due to its market share gain story in the long run. Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26 ...

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update Innovent Biologics (1801 HK) Entering sustainable profitability with a global innovation engine Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 6,206 | 9,422 | 11,356 | 13,184 | 17,418 | | YoY growth (%) | 36.2 | 51.8 | 20.5 | 16.1 | 32.1 | | Net profit (RMB mn) | (1,027.9) | (94.6) | 445.7 | 757.3 | 2,053.2 | | EPS (Reported) (RMB) | (0.66) | (0 ...

CMB International Global Markets | Equity Research | Company Update Xunfei Healthcare (2506 HK) 31 Mar 2025 Accelerated growth in 2H24 solidifies leadership in medical AI Xunfei Healthcare reported strong 2024 results, with revenue increasing 32.0% YoY to RMB734.0mn. Notably, revenue growth accelerated significantly from 17.8% YoY in 1H24 to 39.6% YoY in 2H24, highlighting robust demand for medical AI services. The Company also saw meaningful improvement in cost structure, with the SG&A expense ratio declin ...

31 Mar 2025 Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 85,041 | 95,062 | 99,522 | 106,172 | 110,655 | | YoY growth (%) | 43.4 | 11.8 | 4.7 | 6.7 | 4.2 | | Net profit (RMB mn) | 5,318.1 | 5,858.4 | 6,025.2 | 6,314.8 | 6,567.9 | | EPS (Reported) (RMB) | 1.93 | 2.14 | 2.18 | 2.29 | 2.38 | | YoY growth (%) | 196.0 | 10.9 | 2.1 | 4.8 | 4.0 | | Consensus EPS (RMB) | na | 2.23 | 2.52 | 2.84 | 0.00 | | P/E (x) | 10.9 | 9.8 | 9. ...

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) Conservative guidance but quite expected FY24 results were inline with market expectation while 4Q24 operating numbers were slightly better than expected. Going forward, on one hand, the Company is outlining conservative FY25E guidance and the plan to invest more for the future, and on the other hand, the numbers in 1Q25E are already trending better. Therefore, we tend to think the worst should have already gon ...

证券研究报告·海外公司点评·资讯科技器材(HS) 比亚迪电子（00285.HK） 2024 年业绩点评：经营情况稳健，三大业务 增量可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 130404 | 177306 | 195953 | 221482 | 237397 | | 同比(%) | 20.83 | 35.97 | 10.52 | 13.03 | 7.19 | | 归母净利润（百万元） | 4041 | 4266 | 5264 | 6321 | 7302 | | 同比(%) | 117.56 | 5.55 | 23.42 | 20.07 | 15.52 | | EPS-最新摊薄（元/股） | 1.79 | 1.89 | 2.34 | 2.81 | 3.24 | | P/E（现价&最新摊薄） | 21.08 | 19.97 | 16.18 | 13.48 | 11.67 | [关键词： Table_Tag ...

丨证券研究报告丨 港股研究丨公司点评丨华润置地（1109.HK） [Table_Title] 质量与韧性兼具，业绩扎实度与兑现度高 ——华润置地 2024 年报点评 报告要点 [Table_Summary] 公司是国内稀缺的多元地产商，财务、运营、品牌等优势助力销售排名逆势提升，土储充裕且 优良，保障后期销售；减值压力释放相对充分，新拿地利润可观，业绩扎实度与兑现度较高。 作为商业地产龙头，优势体现在布局、招商、运营、租金、效率、重奢等各维度，优质自持资 产不仅提供稳定现金流助力穿越周期，亦能提升公司派息与估值潜力。预测 2025-2027 年归母 业绩 262/270/282 亿，同比 2%、3%、5%，对应 PE 为 6.4/6.2/6.0X，给予"买入"评级。 分析师及联系人 [Table_Author] 刘义 薛梦莹 SAC：S0490520040001 SAC：S0490520120002 SFC：BUV416 请阅读最后评级说明和重要声明 research.95579.com 1 华润置地（1109.HK） cjzqdt11111 [Table_Title 质量与韧性兼具，业绩扎实度与兑现度高 2 ...

证券研究报告 锅圈 (2517 HK) H2 同店增速回正,质价比/全渠道布局 显效 | 华泰研究 | | 公告点评 | | --- | --- | --- | | 2025 年 3 月 | 31 日│中国香港 | 可选消费 | 公司 24 年营收 64.7 亿元（yoy+6.2%），核心经营利润 3.1 亿元（yoy+3.1%）， 好于我们预期（2.8 亿元），主因毛利率及费控好于预期。半年度看，H1、 H2 营收同比分别-3.5%/+14.1%，核心经营利润同比分别+4.9%/+2.0%，下 半年凭借质价比及爆款套餐引流策略，公司同店已实现较快修复回升，25 年有望实现店效及开店速度的双重回升，在促消费政策持续落地背景下，看 好公司低估值+业绩提速的布局机会，维持"买入"评级。 H2 质价比策略推动同店增速转正，2B 渠道成长亮眼 H2 分渠道看，1）向加盟商销售收入同增 4.8%至 31.1 亿元。凭借 99 元毛 肚、酸菜鱼火锅等质价比爆款套餐的投放，H2 同店增速转正，我们测算 H2 加盟商平均销售贡献同增 7.0%（vs H1 -6.6%），配合多层次抖音账号运营， 年底注册会员数达 4130 万 ...