Investment Rating - The report assigns a "Buy" investment rating for the company [1] Core Views - The company experienced a revenue of 886.75 billion and an operating profit of 72.57 billion in 2024, reflecting a year-on-year change of -10.1% in revenue and +17.6% in operating profit [5] - The adjusted net profit attributable to the parent company for 2024 was 44.35 billion, showing a year-on-year decrease of 7.8% [5] - The company has optimized its product structure, leading to an increase in gross margin to 39.6%, up by 2.4 percentage points year-on-year [5] - The company plans to enhance its profitability and expects revenue growth from 900.16 billion in 2025 to 943.07 billion in 2027, with corresponding EPS increasing from 1.32 to 1.63 [10] Summary by Sections Revenue and Profitability - The company reported a revenue of 886.75 billion and an operating profit of 72.57 billion for 2024, with a revenue decline of 10.1% and an operating profit increase of 17.6% year-on-year [5] - The adjusted net profit attributable to the parent company was 44.35 billion, down 7.8% year-on-year [5] - The gross margin improved to 39.6%, an increase of 2.4 percentage points, while the operating profit margin reached 8.2%, up by 1.9 percentage points [5] Product Performance - The company’s liquid milk and ice cream revenue for 2024 was 730.66 billion and 51.75 billion, respectively, with year-on-year declines of 11.0% and 14.1% [6] - The company is focusing on expanding its lactose-free product line and enhancing its high-end fresh milk market share [6] - The milk powder business showed strong growth, particularly in the fourth quarter of 2024 and the first quarter of 2025, driven by the success of its infant formula brand [7] Future Outlook - The company is expected to achieve revenue growth from 900.16 billion in 2025 to 943.07 billion in 2027, with EPS projected to rise from 1.32 to 1.63 [10] - The report anticipates a gradual improvement in profitability, with a focus on optimizing product structures and managing costs effectively [10]

Investment Rating - The report maintains a "Strong Buy" rating for China Feihe (06186.HK) [1][2][3] Core Views - China Feihe is expected to benefit from a rebound in newborn numbers, leading to accelerated revenue growth in the second half of 2024. The company is improving its product structure, which is expected to enhance gross margins, despite a decrease in government subsidies and an increase in tax rates affecting net profit margins. The company has increased its cash dividend to 2.72 billion yuan, with a payout ratio of 76%, resulting in a dividend yield of approximately 5% [1][2][6] Financial Performance - For 2024, China Feihe's revenue is projected to be 20.75 billion yuan, representing a year-on-year increase of 6.2%, while net profit is expected to reach 3.65 billion yuan, up 11.1% year-on-year. The second half of 2024 is anticipated to show a revenue growth of 8.7% year-on-year [1][6][7] - The company achieved a gross margin of 66.3% in 2024, an increase of 1.5 percentage points year-on-year, driven by improvements in product structure and a decrease in raw material costs [6][7][12] - The earnings per share (EPS) forecast for 2025 and 2026 is 0.44 yuan and 0.49 yuan, respectively, with a current price-to-earnings (PE) ratio of 14 times for 2025 [1][2][7] Market Position - China Feihe's market share is steadily increasing, supported by ongoing investments in consumer education and a recovery in the infant formula sector. The company organized 920,000 face-to-face events in 2024, and online sales accounted for 22.9% of total revenue [1][2][6] Valuation Metrics - The current stock price is 6.59 HKD, with a total market capitalization of 59.8 billion HKD. The company has a return on equity (ROE) of 13.2% and a debt-to-asset ratio of 24.1% [3][6][12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 19.85, corresponding to a 0.94x PB for 2025 [8]. Core Insights - The company benefited from a recovery in wealth management and investment businesses, with Q4 performance exceeding expectations. The internationalization and specialization capabilities of the company are expected to continuously strengthen its business advantages, aiming to build a world-class investment bank [3][8]. Financial Summary - For 2023A, the company reported revenue of RMB 22,990.20 million, with a projected decline of 11.87%. The net profit for the same year was RMB 6,156.13 million, down 18.97% year-on-year. The forecast for 2024A shows revenue of RMB 21,333.44 million and net profit of RMB 5,694.34 million, reflecting a decrease of 7.21% and 7.50% respectively [7]. - Q4 single-quarter profit reached RMB 2,840 million, a year-on-year increase of 83.2%, driven primarily by the wealth management and investment business [8]. Business Performance - The wealth management business saw significant improvement, with Q4 brokerage revenue reaching RMB 1,700 million, up 67.6% year-on-year and 115.1% quarter-on-quarter. The asset allocation product scale has grown to nearly RMB 370 billion, marking five consecutive years of positive growth [8]. - The investment business benefited from an improved stock and bond environment, with a Q4 single-quarter investment return rate of 4.8%, an increase of 150 basis points year-on-year and 189 basis points quarter-on-quarter [8]. Industry Outlook - The report anticipates an acceleration in supply-side reforms within the industry, with the company’s international and specialized capabilities expected to solidify its business advantages. The new round of capital market reforms focuses on comprehensive investment and financing reforms, which will create opportunities for high-quality securities firms to accelerate their transformation [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown impressive performance in 2024, with strong growth in high-end cosmetics, indicating that domestic brands are becoming increasingly competitive [4][7] - The company is expanding its high-end retail channels and has successfully entered several prestigious department stores, enhancing its market presence [7] - The product portfolio has been significantly enriched, with over 100 new items developed in 2024, reflecting a commitment to innovation and brand elevation [7] Financial Performance Summary - Revenue for 2024 is projected at RMB 3,884.69 million, representing a year-on-year growth of 34.6% [6] - Net profit for 2024 is expected to reach RMB 880.6 million, with a year-on-year increase of 33.0% [6] - The company anticipates continued growth in net profit, with projections of RMB 1,298.2 million in 2025, RMB 1,665.9 million in 2026, and RMB 2,044.5 million in 2027, reflecting growth rates of 47.4%, 28.3%, and 22.7% respectively [6][7] Market Performance - The company has successfully established over 378 self-operated counters and 31 dealer counters across more than 120 cities in China, enhancing its distribution network [7] - The loyalty program has attracted a total of 10.3 million online and 15.1 million offline registered members, with improved repurchase rates [7] Profitability Metrics - The gross margin for 2024 is projected at 84.4%, with a slight decrease of 0.5 percentage points year-on-year [7] - The return on equity (ROE) is expected to be 25.2% in 2024, indicating strong profitability [6][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 114.55 HKD [5][10]. Core Insights - The company is expected to see significant growth in earnings per share (EPS), with projections of 2.47, 3.09, and 3.52 CNY for the years 2024 to 2026, respectively, reflecting an upward adjustment from previous estimates [2][10]. - The company is solidifying its leading position in mobile and automotive optical technology, with a focus on product development and market expansion [1]. Financial Performance Summary - Revenue is projected to grow from 31,832 million CNY in 2023 to 47,033 million CNY in 2026, representing a compound annual growth rate (CAGR) of approximately 10% [4]. - Operating profit is expected to rebound significantly, from 750 million CNY in 2023 to 3,797 million CNY in 2026, indicating a strong recovery [4]. - Net profit attributable to the parent company is forecasted to increase from 1,099 million CNY in 2023 to 3,856 million CNY in 2026, with a notable growth rate of 146% in 2024 [4][9]. - The gross margin is anticipated to improve from 14.5% in 2023 to 19.0% in 2026, reflecting enhanced operational efficiency [4]. Business Segment Performance - The optical components business is expected to grow by approximately 23% in revenue, driven by a 13% increase in automotive lens shipments and the successful launch of new high-performance products [9]. - The mobile lens segment is projected to maintain its global market leadership, with a 13% increase in shipments, supported by advancements in product technology [9]. - The optoelectronic products segment is forecasted to grow by about 21%, with significant improvements in product structure and market share [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is gradually recovering from past challenges, with expectations for a rebound in bottled water market share in 2025 [8] - The company achieved a revenue of 42.896 billion CNY in 2024, a year-on-year increase of 0.5%, and a net profit of 12.123 billion CNY, also up 0.4% year-on-year [4] - The report anticipates a potential double-digit revenue growth in 2025, driven by improvements in bottled water market share and continued focus on product quality and consumer preferences [8][9] Revenue Performance - In 2024, the company reported revenues of 42.896 billion CNY, with a slight increase of 0.5% year-on-year [4] - The revenue for bottled water in 2024 was 159.52 billion CNY, down 21.3% year-on-year, while ready-to-drink tea revenue was 167.45 billion CNY, up 32.3% year-on-year [4][5] - The company’s other income and gains reached 2.129 billion CNY in 2024, reflecting a 15.6% increase, primarily due to increased government subsidies [7] Profitability Metrics - The gross margin for 2024 was 58.1%, a decrease of 1.4 percentage points year-on-year, attributed to promotional activities and rising raw material costs [6] - The net profit margin for 2024 was stable at 28.3%, showing resilience despite market challenges [7] Future Outlook - The company is expected to enhance its market share in bottled water by leveraging its product offerings and marketing strategies [8] - The ready-to-drink tea segment is projected to face slower growth due to high competition and a significant revenue base [8] - The company’s net profit forecasts for 2025 and 2026 are adjusted to 14.130 billion CNY and 15.958 billion CNY, respectively, reflecting a slight downward revision [9]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 17.21 [2][10]. Core Views - The company's performance is in line with expectations, showing significant growth in light capital business. The return on equity (ROE) for the reporting period is 4.9%, with a quarterly ROE of 2.5%, reflecting a quarter-on-quarter increase of 1.9 percentage points [2][10]. - The total revenue for the reporting period, excluding other business income, is HKD 21.3 billion, representing a year-on-year decrease of 7.2%. The net profit attributable to the parent company is HKD 5.7 billion, down 7.5% year-on-year [7][10]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period is 4.74 times, a decrease of 0.06 times year-on-year [2][8]. - The asset turnover ratio is 3.9%, down 0.7 percentage points year-on-year, while the net profit margin stands at 26.8%, a slight decrease of 0.1 percentage points year-on-year [2][8]. - The self-operated business revenue is HKD 10.12 billion, with a quarterly revenue of HKD 2.66 billion, reflecting a quarter-on-quarter decrease of HKD 0.55 billion [3][10]. - Interest income from credit business is HKD 8.71 billion, with a quarterly income of HKD 2.26 billion, showing a quarter-on-quarter increase of HKD 0.23 billion [3][10]. - Brokerage business revenue has shown significant growth, reaching HKD 4.26 billion, with a quarterly revenue of HKD 1.7 billion, reflecting a quarter-on-quarter increase of 115.1% and a year-on-year increase of 67.6% [9][10]. Future Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be RMB 1.38, RMB 1.49, and RMB 1.61 respectively, with corresponding price-to-book ratios (PB) of 0.70, 0.66, and 0.63 [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 88.68 billion yuan in 2024, a year-on-year decrease of 10.1%, with a net profit attributable to shareholders of 0.105 billion yuan, down 97.8% year-on-year [7] - The operating profit margin (OPM) exceeded expectations, driven by a decrease in costs, with a gross margin increase of 2.4 percentage points to 39.6% in 2024 [7] - The company is expected to see improved performance in 2025, with a significant rebound in net profit forecasted to reach 5.31 billion yuan, representing a year-on-year increase of 4,971.96% [7] Summary by Sections Financial Performance - In 2024, the company's total revenue was 88.68 billion yuan, with a year-on-year decline of 10.1% [7] - The net profit attributable to shareholders was 0.105 billion yuan, down 97.8% year-on-year [7] - The company’s liquid milk revenue was under pressure, with a year-on-year decline of 11% [7] Cost and Margin Analysis - The gross margin improved to 39.6%, up 2.4 percentage points year-on-year, benefiting from cost reductions [7] - The operating profit margin (OPM) showed a significant improvement, with a year-on-year increase of 1.9 percentage points [7] Future Outlook - The revenue forecast for 2025 has been adjusted to 88.93 billion yuan, with a projected net profit of 5.31 billion yuan [7] - The company anticipates a rebound in performance, with net profit expected to grow by 4,971.96% in 2025 [7] - The capital expenditure is projected to decrease by 14% in 2024, reflecting a focus on shareholder returns [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 88.68 billion yuan in 2024, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 0.105 billion yuan, down 97.8% year-on-year. The second half of 2024 saw a revenue of 44.0 billion yuan, a decline of 7.4% year-on-year, with a net profit of -2.34 billion yuan [7] - The company's liquid milk revenue was under pressure due to weak demand and proactive destocking, with liquid milk, milk powder, ice cream, cheese, and other product revenues declining by 11%, 13%, 14%, 0.9%, and increasing by 18% respectively in 2024 [7] - The gross margin and operating profit margin (OPM) exceeded expectations, benefiting from cost reductions, with the gross margin increasing by 2.4 percentage points to 39.6% in 2024 [7] - The company faced impairment losses and joint venture losses that affected profits, but there is optimism for earnings elasticity in 2025 due to expected improvements in industry supply and demand [7] - Capital expenditures decreased by 14% to 3.58 billion yuan in 2024, with a focus on shareholder returns, increasing the dividend payout ratio by 5 percentage points to 45% [7] Financial Summary - The company's total revenue forecast for 2025 is adjusted to 88.9 billion yuan, with a net profit forecast of 5.3 billion yuan, reflecting a year-on-year increase of 4972% [7] - The earnings per share (EPS) for 2024 is projected at 0.03 yuan, with subsequent years showing an increase to 1.35 yuan in 2025, 1.56 yuan in 2026, and 1.74 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is expected to be 681.80 for 2024, decreasing to 13.44 in 2025, 11.67 in 2026, and 10.45 in 2027 [1][8]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 傲基股份(2519.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱：luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 傲基股份：仓配服一体化强化，关税扰动促份 额提升 [Table_ReportDate] 2025 年 3 月 30 日 [Table_S 事件：公司发布 ummary]2024 年度业绩公告。公司 2024 年实现收入 107.10 亿元（同 比+23.3%），扣非归母净利润 5.04 亿元（同比-4.1%），营收端增长良好， 但利润端受海运成本、定价策略等因素影响略有承压。 跨境商品销售业务增长良好。24 ...