Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about $518 million in the same period last year [7][17] - The continuing business segments are expected to show positive trends in 2025, with revenue from continuing operations projected at approximately $594.5 million, representing a year-on-year increase of 6.1% [3][14] - The total equity valuation of Genscript is estimated at $6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is $523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million, also growing by 15% [13][14] - The segment's revenue in 2024 was approximately $454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [3][14] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed a recovery with a growth rate of about 38% in the second half of 2024 [3][14] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [14] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year, with an adjusted gross profit of about $22.6 million [3][14] Legend Biotech - Following the deconsolidation, the market capitalization of Legend Biotech was approximately $6.8 billion, with Genscript holding a 47.51% stake valued at about $3.231 billion [5][16]

证券研究报告 越秀交通基建 (1052 HK) 港股通 业绩符合预期，但摊销上调或成隐忧 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 14 日│中国香港 | 路桥 | 越秀交通基建公布 2024 年业绩：收入 38.67 亿元，同比-2.5%；归母净利 润 6.57 亿元，同比-14.2%，基本符合我们预期（6.46 亿元）。盈利下滑主 因：1）行业层面：收费天数减少、1Q 恶劣天气、运输需求不足；2）公司 层面：摊销费用大幅增长、广州北环到期、路网分流影响。公司拟派发末期 股息 0.13 港元/股，连同已派发的中期股息 0.12 港元/股，全年分红比例拟 达到 58.5%、股息率约 6.7%。公司在 24 年下半年进一步上调无形资产摊 销，或对 25 年盈利产生拖累。考虑摊销调整对经营现金流无影响，我们也 仍然看好公司持续收购路产的能力，维持"买入"。 24 年盈利下滑，主因摊销上调与广州北环到期 因天津津雄高速剩余收费期较短以及展期需要额外资本开支，公司在 24 年 末出售该项目，录得处置收益 6584 万元。公司在 23 ...

证券研究报告 中国飞鹤 (6186 HK) 港股通 生育政策加码，婴配粉龙头有望迎来利好 华泰研究 动态点评 2025 年 3 月 14 日│中国香港 食品 今年以来，生育刺激政策正在加速落地：3 月 6 日财政部部长蓝佛安表示今 年加大对民生领域的投入力度，让居民收入更稳定，同时提出对幼儿发放育 儿补贴，建立学前教育国家资助制度；3 月 7 日国家卫生健康委员会主任雷 海潮指出今年将发放育儿补贴，国家卫健委正在会同有关部门起草相关的育 儿补贴的操作方案（据第一财经）；3 月 13 日内蒙古呼和浩特发布育儿补贴 细则（对于生育一孩/二孩/三孩及以上分别发放补贴 1/5/10 万元），3 月 1 日起实施，提供产妇 "一杯奶"生育关怀，同时，义务教育阶段二孩入学 "幼随长走、就近择优"&三孩及以上家庭孩子入学可在全市自由选择。政 策端多措并举、居民生育意愿有望提升，公司作为婴配粉龙头企业迎来利好， 维持"买入"评级。 24 年新生人口数量同比增加，生育刺激落地有望带来发展新机遇 伴随着新国标出台后中小品牌促销及去库存已步入尾声，婴配粉行业竞争趋 于理性，整体价盘逐步企稳，据国家统计局数据，24 年我国出生人口数 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 9.00 [6][15][8]. Core Insights - The company's revenue for 2H24 was HKD 2.71 billion, a year-on-year increase of 10.7%, exceeding the consensus estimate of HKD 2.47 billion, primarily due to better-than-expected income from health and elderly care services [1]. - Non-IFRS net profit was HKD 0.07 billion, slightly below the consensus estimate of HKD 0.09 billion, attributed to forward-looking investments in elderly care, corporate health, and AI business [1]. - The report emphasizes the importance of synergies with the group and the progress of AI technology in enhancing business efficiency [1]. Revenue and Profitability - Medical services revenue increased by 6.7% to HKD 1.11 billion in 2H24, driven by enhanced collaboration with group medical insurance and the development of family doctor compensation models [2]. - The gross margin for medical services improved to 46.6%, up 9.6 percentage points year-on-year, due to structural changes within the business [2]. - Health services revenue decreased by 0.2% to HKD 1.37 billion, impacted by one-time factors and a high base from 2H23 [3]. - The gross margin for health services fell to 18.9%, down 9.7 percentage points year-on-year, due to the expansion of corporate health services with lower profitability [3]. Strategic Developments - The company achieved steady progress in expanding high-value strategic users, with F-end strategic business revenue growing by 9.6% to HKD 2.42 billion in 2H24 [4]. - B-end strategic business revenue surged by 32.7% to HKD 1.43 billion, with the number of serviced enterprises reaching 2,049 [4]. - The company is focusing on building "two major hubs and four networks" in its medical service network, with nearly 4,000 cooperating hospitals and 235,000 cooperating pharmacies as of 2H24 [3]. Earnings Forecast and Valuation - The non-IFRS net profit forecast for 2025 and 2026 has been raised by 23.3% and 22.1% to HKD 0.30 billion and HKD 0.39 billion, respectively, due to AI cost reduction and cautious expense management [5]. - The new target price based on DCF is HKD 9.00, up from HKD 7.50, corresponding to 3.3x and 3.0x the projected PS for 2025 and 2026 [15]. - The company is expected to achieve a revenue of HKD 5.38 billion in 2025, reflecting a 12% year-on-year growth [7].

证券研究报告 | 2025年03月14日 零跑汽车（09863.HK） 优于大市 2024Q4 单季度扭亏为盈,新车型 B10 开启预售 核心观点 公司研究·海外公司财报点评 汽车·乘用车 | 证券分析师：唐旭霞 | 证券分析师：贾济恺 | | --- | --- | | 0755-81981814 | 021-61761026 | | tangxx@guosen.com.cn | jiajikai@guosen.com.cn | | S0980519080002 | S0980524090004 | | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | 56.16 - 60.84 港元 | | 收盘价 | 50.10 港元 | | 总市值/流通市值 | 66982/55932 百万港元 | | 52 周最高价/最低价 | 50.40/18.64 港元 | | 近 3 个月日均成交额 | 270.36 百万港元 | 市场走势 资料来源：Wind、国信证券经济研究所整理 相关研究报告 | 《零跑汽车（09863.HK）-深度报告：新品周期叠加渠道扩容， | | | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.32 [7][8]. Core Views - The company achieved a revenue of RMB 10.07 billion in 2024, representing a year-on-year increase of 19.6%, and a net profit of RMB 1.15 billion, also up by 19.5%, aligning with previous expectations [1]. - The company is focusing on enhancing brand competitiveness and expanding into children's clothing, e-commerce, and overseas markets, which are expected to drive growth [1][2]. - The company plans to open approximately 100 new "super stores" in 2025, positioning itself as the "Uniqlo" of sports apparel, which is anticipated to significantly boost sales [2]. Summary by Sections Financial Performance - The company reported a gross margin of 41.5%, an increase of 0.4 percentage points year-on-year, attributed to effective cost control and pricing strategies [3]. - Advertising and promotional expenses increased to 12.8% of revenue, primarily due to sponsorship of events like the Asian Games [3]. - The company’s net profit margin remained stable at 11.4% [3]. Revenue and Profit Forecast - The revenue forecast for 2025 is adjusted to RMB 11.37 billion, with a net profit forecast of RMB 1.31 billion, reflecting increases of 12.83% and 13.62% respectively [4]. - The report introduces a new net profit expectation for 2027 at RMB 1.66 billion [4]. Valuation Metrics - The company’s projected PE ratio for 2025 is 7.8x, which is lower than the average of comparable companies at 13.8x [4]. - The report highlights the company’s low valuation and high dividend yield, which exceeds 6% [1][4]. Market Position and Strategy - The company is expanding its product matrix in running and basketball categories, with new product launches contributing to growth [2]. - The children's segment showed strong performance with a revenue increase of 19.5% to RMB 2.34 billion [2]. - Online sales accounted for 25.9% of total revenue, growing by 12.2% year-on-year [2]. Operational Efficiency - Inventory levels increased by 56.2% to RMB 2.11 billion, mainly due to early preparations for the Spring Festival [3]. - The accounts receivable turnover days remained healthy at 149 days [3]. Overall Market Outlook - The company is well-positioned to capitalize on the growing demand for sports apparel, particularly in the children's segment and through its e-commerce initiatives [1][2].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 9.00 [6][15][8]. Core Insights - The company's revenue for 2H24 was HKD 2.71 billion, a year-on-year increase of 10.7%, exceeding the consensus estimate of HKD 2.47 billion, primarily due to better-than-expected income from health and elderly care services [1]. - Non-IFRS net profit was HKD 0.07 billion, slightly below the consensus estimate of HKD 0.09 billion, attributed to upfront investments in elderly care, corporate health, and AI initiatives, resulting in a non-IFRS net profit margin of 2.5% [1]. - The report emphasizes the importance of synergies with the group and the progress of AI technology in reducing costs and enhancing efficiency [1]. Revenue and Profitability - The company's medical services revenue increased by 6.7% to HKD 1.11 billion in 2H24, driven by enhanced collaboration with group medical insurance and the development of family doctor compensation models [2]. - The gross margin for medical services improved to 46.6%, up 9.6 percentage points year-on-year, due to structural changes within the business [2]. - The health services revenue decreased by 0.2% to HKD 1.37 billion in 2H24, primarily due to one-time factors affecting high base revenue from 2H23 [3]. Strategic Developments - The company achieved steady progress in expanding high-value strategic users, with F-end strategic business revenue growing by 9.6% to HKD 2.42 billion in 2H24 [4]. - The B-end strategic business recorded a revenue increase of 32.7% to HKD 1.43 billion, with the number of serviced enterprises reaching 2,049 [4]. - The report highlights significant growth potential in corporate health management services, which saw nearly 70% revenue growth quarter-on-quarter in 2H24 [4]. Financial Forecasts and Valuation - The non-IFRS net profit forecasts for 2025 and 2026 have been raised by 23.3% and 22.1% to HKD 0.30 billion and HKD 0.39 billion, respectively, due to AI cost reductions and cautious expense management [5]. - The new target price of HKD 9.00 is based on a DCF valuation, reflecting a price-to-sales ratio of 3.3x and 3.0x for 2025 and 2026 [15]. - The report projects revenue for 2025 to be HKD 5.385 billion, with a year-on-year growth of 12% [7].

证券研究报告 中银航空租赁 (2588 HK) 港股通 保险赔偿拉高利润，NLY 有望改善 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 14 日│中国香港 | 租赁 | 中银航空租赁（BOCA）24 年归母净利润 9.2 亿美元（同比+21%），好于 我们预计的 7.5 亿美元，主要由于下半年与滞俄飞机有关的 1.15 亿保险赔 偿拉高了利润。剔除涉俄因素后的核心净利润为 6.3 亿美元。净租赁收益率 （NLY）同比提升 10bps 至 7.2%，主因经营租赁业务的资金成本逐渐下降。 预计未来飞机供不应求仍将带动飞机价值和租金提升，并利好公司租赁收入 和飞机处置收入。上游飞机制造商的产能边际好转亦将部分缓解交付压力。 同时倘若海外利率进一步下行，公司负债成本压力将进一步下降。"买入" 资本开支目标保持不变，25 年飞机交付有望边际好转 2024 年末自有飞机和引擎 445 架，在管飞机 32 架，已订飞机 232 架。飞 机资产的账面净值为 180 亿美元，同比下滑 5%，主因飞机出售数量增多， 以及上游飞机制造商产能短缺拖累交付（27 架飞机延期 ...

证券研究报告 中国飞鹤 (6186 HK) 港股通 生育政策加码，婴配粉龙头有望迎来利好 华泰研究 动态点评 2025 年 3 月 14 日│中国香港 食品 今年以来，生育刺激政策正在加速落地：3 月 6 日财政部部长蓝佛安表示今 年加大对民生领域的投入力度，让居民收入更稳定，同时提出对幼儿发放育 儿补贴，建立学前教育国家资助制度；3 月 7 日国家卫生健康委员会主任雷 海潮指出今年将发放育儿补贴，国家卫健委正在会同有关部门起草相关的育 儿补贴的操作方案（据第一财经）；3 月 13 日内蒙古呼和浩特发布育儿补贴 细则（对于生育一孩/二孩/三孩及以上分别发放补贴 1/5/10 万元），3 月 1 日起实施，提供产妇 "一杯奶"生育关怀，同时，义务教育阶段二孩入学 "幼随长走、就近择优"&三孩及以上家庭孩子入学可在全市自由选择。政 策端多措并举、居民生育意愿有望提升，公司作为婴配粉龙头企业迎来利好， 维持"买入"评级。 24 年新生人口数量同比增加，生育刺激落地有望带来发展新机遇 伴随着新国标出台后中小品牌促销及去库存已步入尾声，婴配粉行业竞争趋 于理性，整体价盘逐步企稳，据国家统计局数据，24 年我国出生人口数 ...

2025 年 3 月 14 日 公司研究 24 年业绩较快增长，期待继续强化核心竞争力 ——361 度（1361.HK）2024 年业绩点评 买入（维持） 当前价：4.49 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 24 年收入、归母净利润同比+19.6%、+19.5% 361 度发布 2024 年业绩。公司 2024 年实现营业收入 100.7 亿元，同比增长 19.6%， 归母净利润 11.5 亿元，同比增长 19.5%，EPS 为 0.56 元，拟每股派发末期现金红 利 0.10 港元，结合中期现金红利 0.165 港元，全年派息率为 45.0%。分上下半年来 看，2024 年上半年收入/归母净利润分别同比+19.2%/+12.2%，下半年分别同比 +20.0%/+39.2 ...