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 ...

汽车 2025 年 03 月 14 日 小鹏汽车-W(9868.HK) 新款G6爆款潜力大，加速全场景智驾平权 推荐（维持） 事项： 公司举办 2025 小鹏汽车春季发布会，上市 2025 款小鹏 G6 和 2025 款小鹏 G9 两款新车，其中 2025 款小鹏 G6 共推出 3 款配置车型，售价 17.68 万~19.88 万元，2025 款小鹏 G9 同样推出 3 款配置车型，售价 24.88 万~27.88 万元。 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 26855 | 30676 | 40994 | 90887 | 128262 | | YOY(%) | 28.0 | 14.2 | 33.6 | 121.7 | 41.1 | | 净利润(百万元) | -9139 | -10376 | -5580 | -1175 | 2057 | | YOY(%) | -87.9 | -13.5 | 46.2 | 79.0 | 275.1 | | 毛利率( ...

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Group (1164 HK) with a target price of HKD 2.36, representing a potential upside of 55.5% from the current price of HKD 1.52 [4][5][25] Core Insights - The profit warning issued by China General Nuclear Power Group indicates a projected net profit decline of HKD 130-180 million for 2024, primarily due to one-off items such as dividend withholding tax and fair value changes from stock exchanges [1][2] - Excluding these one-off factors, the pre-tax profit from ongoing operations is expected to grow by HKD 230-280 million in 2024, reflecting a year-on-year increase of 41-50%, slightly above previous forecasts [1][2] - The company reported a significant increase in income tax expenses for the first half of 2024, attributed to changes in Kazakhstan's tax policy regarding dividend withholding tax [1] Financial Summary - Revenue is projected to grow from HKD 7,363 million in FY23A to HKD 10,992 million in FY24E, representing a year-on-year growth rate of 49.3% [3][12] - Adjusted net profit is expected to decline from HKD 497.1 million in FY23A to HKD 443.4 million in FY24E, a decrease of 10.8% [3][12] - The company’s earnings per share (adjusted) is forecasted to decrease from HKD 6.54 in FY23A to HKD 5.83 in FY24E [3][12] Shareholder Structure - China General Nuclear Power Group holds a 56.9% stake in the company, with China Chengtong Holdings holding 10.0% [5] Stock Performance - The stock has experienced a decline of 2.6% over the past month and 7.9% over the past three months [6]

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 | 市场数据 | | | --- | --- | | 总股本(亿股) | 20.68 | | 总市值(亿港元)： | 92.84 | | 一年最低/最高(港元)： | 3.15/4.85 | | 近 3 月换手率： | 21.4% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25 ...

证券研究报告 | 公司点评 gszqdatemark 2025 03 13 年 月 日 中创新航（03931.HK） 海外业务可期，入通改善流动性 2025 年 2 月 24 日，公司发布盈利预喜。根据公司初步评估，2024 年公 司净利润介于 7.86-8.74 亿元，较 2023 年的 4.37 亿元同比增长 80%- 100%。业绩增长的主要驱动因素包括： Q1 出货规模值得期待，关注海外业务。根据高工锂电，中创新航 2025Q1 动储电池出货量预计达 20GWh，同比增幅近 150%。其中，面向出口车型 的出货量预计占中创新航动力板块整体出货量的 30%以上，这可能得益 于：1）2024 年 7 月阳光电源与沙特 ALGIHAZ 成功签约当时全球最大储 能项目，容量高达 7.8GWh，中创新航为该项目供应高性能电芯；2）2024 年 11 月，阳光电源再获欧洲市场 4.4GWh 储能订单，中创新航再次为阳 光电源储能项目配套高性能电芯；3）公司和多家国际车企就新平台项目 达成合作，并助力多个国内车企实现整车出口。 2025 年 3 月 10 日起，中创新航被正式纳入港股通。3 月 9 日中创新航 在港 ...

投资逻辑 友邦业务覆盖亚太地区 18 个市场，经营及财务表现稳健。1）新 单保费与 NBV 底部周期有韧性，2023 年来重回高增长，2024 年 NBV Margin 企稳回升。2019 年开始受香港社会事件、公共卫生事件等 因素 NBV 承压，2018-2022 年 4 年 NBV 复合增速为-6%，但好于内 地其他寿险公司。在公共卫生事件因素消除、香港通关、内地预 定利率切换下 2023-24 年 NBV 重回双位数正增长，2024Q1-3 NBV 同比+20%，NBV Margin 开始企稳回升。2）得益于新业务价值的稳 定增长以及存量高价值保单的稳定摊销，营运利润实现平稳增长。 2024H1，公司税后归母营运利润同比+3.5%（固定汇率口径同比 +7%）。3）公司内含价值的成长性和可信性兼具。友邦投资回报假 设和贴现率假设根据市场收益率变动及时调整，以保证价值评估 的审慎性。且资产负债久期缺口较小，其内含价值和新业务价值 的利率敏感性远低于内地上市公司。NBV 增长稳健及营运差异优 秀，使得友邦的 ROEV 维持在较高位。4）公司资本管理政策优化， 股东回报的可预期性、稳定性提升。友邦自上市以来分红 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6]. Core Insights - The company is enhancing its product offerings with innovative urban light outdoor series and stylish functional jackets, catering to the diverse needs of young consumers [1]. - The brand is transitioning from being recognized as a global leader in down jackets to a comprehensive leader in the category, focusing on brand awareness and consumer perception [2]. - The company is leveraging smart logistics and inventory management to ensure efficient operations and quick response to market demands, which is a key competitive advantage [3]. - The revenue forecasts for FY25-27 have been slightly adjusted, with expected revenues of RMB 25.7 billion, RMB 28.6 billion, and RMB 32.2 billion respectively, alongside adjusted net profits and EPS figures [4]. Summary by Sections Product Development - The company is launching a new collection of light outdoor and functional jackets that balance style and protective features, appealing to urban and outdoor consumers [1]. Brand Strategy - The brand is focusing on enhancing its image as a leading down jacket expert through integrated marketing strategies and consumer engagement initiatives [2]. Supply Chain Management - The company has implemented a smart logistics system that manages inventory across various channels, ensuring high availability of popular products and quick replenishment [3]. Financial Projections - Adjustments to financial forecasts reflect a cautious outlook on the macro consumption environment, with revised revenue and profit expectations for the upcoming fiscal years [4].