请务必阅读正文后的声明及说明 [Table_Info1] 美丽田园医疗健康(02373.HK) 医疗美容/美容护理 [Table_Date] 发布时间：2025-03-28 [Table_Title] 证券研究报告 / 港股公司报告 内生外延双轮驱动，市场领导地位持续强化 美丽田园医疗健康公布 2024 年度业绩，2024 年公司实现营业收入 25.72 亿元/+19.91%，归母净利润 2.28 亿元/+5.94%。2024H2 公司实现营业收 入 14.35 亿元/+29.44%，归母净利润 1.13 亿元/+8.87%。拟每股派发现金 红利 0.48 元。 点评： 内生+外延双轮驱动，收入维持快速增长。2024 年公司实现营业收入 25.72 亿元/+19.91%，分项目看：1）美容和保健服务营收 14.43 亿元/占 比 56.11%/+20.91% ； 包 括 高 端 美 容 直 营 收 入 11.44 亿 元 / 占 比 44.46%/+5.91%；高端智能美养服务直营收入 1.62 亿元/占比 6.30%；加 盟商及其他收入 1.38 亿元/占比 5.35%/+20.87%；高端美容服务单店继续 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 109.9 billion RMB for 2024, a decrease of 3.5% year-on-year, with a net profit attributable to shareholders of 5.99 billion RMB, down 12.2% year-on-year. However, core profit exceeded expectations at 6.95 billion RMB, primarily due to better-than-expected sales and gross margins in the energy sector [1][2] - The major shareholder plans to privatize the company and achieve an "A+H" listing, indicating an acceleration in the integration of the natural gas industry chain, which is expected to unlock long-term value [1][4] - The company’s domestic core profit for 2024 increased by 10.2% to 6.71 billion RMB, driven by growth in retail gas volume and energy sales [2] Summary by Sections Financial Performance - The company’s free cash flow increased by 20% year-on-year to 3.73 billion RMB, supported by rising operating cash flow and reduced capital expenditures. The total dividend for 2024 reached 3 HKD per share, with a payout ratio of 45%, and a projected increase to 48% in 2025 [3] - The report slightly lowers the profit forecast for 2025-2026 by 2.7% and 6.7% to 7.23 billion RMB and 7.68 billion RMB respectively, with an estimated core profit of 8.08 billion RMB in 2027 [5][21] Market Position and Strategy - The privatization plan includes a cash payout of 24.5 HKD per share and the issuance of new H shares, which is expected to enhance operational efficiency and reduce costs through better integration of resources [4] - The company’s retail gas volume for 2024 is projected to grow by 4.2% to 26.2 billion cubic meters, with a stable gross margin expected to maintain a 6% increase in 2025 [2][21] Valuation Metrics - The target price for the company is set at 69.5 HKD, based on a 10x PE ratio for 2025 estimates, reflecting a slight adjustment from the previous target of 71.1 HKD [5][7] - The company’s market capitalization is approximately 74.66 billion HKD, with a current share price of 66.00 HKD as of March 27 [7]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 127.89 HKD [8][9]. Core Views - The company is expected to achieve a revenue of 3.885 billion RMB in 2024, representing a year-on-year growth of 34.6%, with a net profit of 880.61 million RMB, also reflecting a growth of 33% [1]. - The online sales data has shown strong performance, while offline expansion into high-end malls like SKP is enhancing brand value [1]. - The introduction of new products such as body creams and eyeshadow is anticipated to drive long-term growth [1]. Revenue Breakdown - In 2024, the revenue from cosmetics is projected to be 2.304 billion RMB, accounting for 59.3% of total revenue, with a year-on-year growth of 42% [2]. - Skincare revenue is expected to reach 1.429 billion RMB, making up 36.8% of total revenue, with a year-on-year growth of 23.2% [2]. - Training revenue is forecasted at 152 million RMB, representing 45.8% of its segment, with a year-on-year growth of 45.8% [2]. Online and Offline Performance - Offline revenue is projected to be 1.949 billion RMB in 2024, accounting for 52.2% of total revenue, with a year-on-year growth of 21.6% [3]. - Online revenue is expected to reach 1.784 billion RMB, making up 47.8% of total revenue, with a year-on-year growth of 51.2% [3]. - The company plans to continue establishing counters in high-end department stores, particularly in first-tier cities, to enhance brand influence [3]. Customer Retention and Financial Metrics - The online channel's repurchase rate is 27.5%, an increase of 5.5 percentage points year-on-year, while the offline channel's repurchase rate is 34.9%, up by 2.1 percentage points [4]. - The gross profit margin is reported at 84.4%, with a slight decrease of 0.4 percentage points year-on-year, attributed to increased logistics and transportation costs [4]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 1.175 billion RMB, 1.533 billion RMB, and 1.917 billion RMB respectively, with slight upward adjustments from previous estimates [5]. - The target price is set at 127.89 HKD, corresponding to a PE ratio of 38 times for 2026, reflecting improved liquidity and growth potential from new product categories [5].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target market capitalization of HKD 16 billion, reflecting a slightly higher than industry average PE of 22x for 2025 [7]. Core Views - The company has significant store expansion potential and strong growth prospects, with expectations for same-store sales recovery in 2025 [2]. - The 2024 revenue is projected at RMB 5.21 billion, representing a year-on-year increase of 14.5%, while the net profit is expected to be RMB 581 million, up 9.1% year-on-year [7]. - The company continues to expand its store network, with a total of 667 stores by the end of 2024, a 24.4% increase year-on-year [7]. Financial Summary - **Revenue**: - 2022: RMB 3,213 million - 2023: RMB 4,549 million - 2024: RMB 5,210 million (14.5% YoY growth) - 2025E: RMB 6,451 million - 2026E: RMB 7,736 million - 2027E: RMB 9,042 million [6] - **Net Profit**: - 2022: RMB 238 million - 2023: RMB 532 million - 2024: RMB 581 million (9.1% YoY growth) - 2025E: RMB 683 million - 2026E: RMB 813 million - 2027E: RMB 950 million [6] - **Profitability Ratios**: - Net profit margin for 2024 is 11.1%, down 0.6 percentage points year-on-year [7]. Store Expansion and Sales Performance - The company added 131 new stores in 2024, with net increases in various city tiers: - Tier 1: 22 stores - New Tier 1: 40 stores - Tier 2: 20 stores - Tier 3 and below: 49 stores [7]. - Same-store sales decreased by 12.1% in 2024, but improvements are anticipated in 2025 [7]. - The average customer spending in 2024 was RMB 59.2, down 9% year-on-year [7]. Cost Structure and Profitability - The gross margin for 2024 is 68.1%, a slight decrease of 0.4 percentage points year-on-year [7]. - Employee costs accounted for 27.3% of revenue, down 2.0 percentage points due to improved operational efficiency [7]. - Rent costs increased to 6.7% of revenue, reflecting the expansion of the store network [7].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (1164.HK) with a target price of HKD 2.25 [6][5]. Core Views - The company is expected to benefit from its low-cost uranium resources and the global nuclear power expansion, which will enhance its long-term value despite short-term pressures [1][5]. - Revenue for 2024 is projected to grow by 17% to HKD 8.624 billion, while net profit is expected to decline by 31% to HKD 342 million due to increased tax expenses and one-time losses [2][5]. Financial Performance Summary - In 2024, the company achieved revenue of HKD 8.624 billion, a 17% year-on-year increase, but reported a net profit of HKD 342 million, down 31% from the previous year [2][5]. - The gross profit margin was negative at -0.8% due to unexpected increases in international uranium prices, leading to a loss of HKD 66.12 million [2][5]. - The company plans to distribute a dividend of HKD 0.007 per share, with a payout ratio of 23% [2]. Uranium Resource Segment - The company reported a 71% increase in overseas uranium investment income, reaching HKD 1.016 billion, benefiting from high natural uranium prices [3]. - The production from the company's key mines, including the Xie and Yi mines, was 964 tons in 2024, with a unit cost of USD 28 per pound, contributing HKD 399 million in joint profits, a 46% increase year-on-year [3]. - The total remaining reserves for the Xie and Yi mines are 7,700 tons of uranium, which can sustain production for 5-6 years at current extraction rates [3]. One-time Impact from Terminated Business - The acquisition of Fission Uranium by Paladin Energy resulted in a one-time loss of HKD 170 million due to the decline in Paladin's share price [4]. - The report indicates that these one-time impacts are not expected to affect future profits [4]. Industry Outlook - The global nuclear power sector is expected to see steady growth, with 417 operational nuclear reactors worldwide and a capacity of 377 GW as of the end of 2024 [5]. - Revenue projections for the company from 2025 to 2027 are HKD 10.358 billion, HKD 11.732 billion, and HKD 12.329 billion, respectively, with net profits expected to rise significantly during this period [5][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's international strategy has shown significant results, with a high revenue increase in 2024, achieving 13.04 billion yuan (up 106.9% year-on-year) and a net profit of 3.13 billion yuan (up 188.8%) [5][16] - The company has provided guidance for 2025, expecting revenue growth of no less than 50%, with total revenue exceeding 20 billion yuan and overseas revenue surpassing 10 billion yuan [5][32] - The company has improved its gross profit margin to 66.8% in 2024, driven by a higher proportion of overseas business and optimized supply chain costs [6][21] Summary by Sections International Strategy - The company achieved a revenue of 13.04 billion yuan in 2024, with a net profit of 3.13 billion yuan, indicating strong performance in both domestic and international markets [5][16] - The overseas revenue reached 5.07 billion yuan, a remarkable increase of 375.2%, contributing to 38.9% of total revenue [17][19] Profitability - The gross profit margin improved to 66.8%, with a net profit margin of 24.0% [6][21] - The company has seen a significant reduction in inventory turnover days from 133 days to 102 days, indicating enhanced operational efficiency [21] IP and Revenue Breakdown - The company has 13 IPs generating over 100 million yuan in sales, with LABUBU being the top performer, generating over 3 billion yuan [7][23] - The classic IPs contributed 73.5 billion yuan in revenue, maintaining a high popularity [23][24] Channel Performance - Domestic revenue was 7.97 billion yuan, up 52.3%, while overseas revenue was 5.07 billion yuan, up 375.2% [8][25] - The company expanded its retail presence, increasing the number of stores and enhancing online sales through various platforms [27][28] Financial Forecast and Investment Advice - The company expects net profits of 5.63 billion yuan, 7.81 billion yuan, and 9.82 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 4.2, 5.8, and 7.3 yuan [5][32] - The current stock price corresponds to a PE ratio of 33.8 for 2025, indicating a favorable investment outlook [5][32]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Insights - The company achieved a net profit of 32.17 billion yuan in 2024, representing a year-on-year increase of 30.9%, aligning with expectations. The underwriting profit was 5.71 billion yuan, down 43.9% year-on-year, while total investment income reached 34.94 billion yuan, up 67.9% year-on-year. The comprehensive cost ratio (COR) increased by 1.0 percentage points to 98.8% due to frequent natural disasters [4][5] - The company is a leader in the property and casualty insurance industry, with a competitive advantage in the market. The total dividend per share for the year was 0.54 yuan, an increase of 10.2% year-on-year, with a dividend payout ratio of 37.3% [4][6] - The company has adjusted its net profit forecasts for 2025-2026 to 34.91 billion yuan and 38.24 billion yuan, respectively, while introducing a new forecast for 2027 at 41.76 billion yuan, reflecting year-on-year growth rates of 8.5%, 9.5%, and 9.2% [4][7] Financial Summary and Valuation Metrics - Total premium income for 2024 was 538.1 billion yuan, a year-on-year increase of 4.3%, with service income at 485.2 billion yuan, up 6.1%. The breakdown includes 294.7 billion yuan from auto insurance and 190.5 billion yuan from non-auto insurance, with respective year-on-year growth rates of 4.5% and 8.8% [5][7] - The company's total investment income for 2024 was 34.9 billion yuan, with an annualized total investment return rate of 5.5%, up 2.0 percentage points year-on-year. Investment assets increased by 12.6% to 676.5 billion yuan [6][7] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.6 yuan, 1.7 yuan, and 1.9 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.5, 7.8, and 7.1 [7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [4][18]. Core Insights - The company reported a revenue of 439.93 billion yuan for the year 2024, representing a year-on-year growth of 3.2%. The net profit attributable to shareholders was 18.08 billion yuan, a significant increase of 518.7%, while the core net profit decreased by 22.9% to 30.38 billion yuan [1][4]. - The substantial increase in net profit was primarily due to a significant reduction in impairment losses, which decreased by 24.2 billion yuan year-on-year, leading to a 144.4% increase in operating profit. However, non-operating factors and objective circumstances contributed to the decline in core net profit [2]. - The core business, which includes property management services and community value-added services, saw a revenue increase of 9.4%, with its share of total revenue rising to 87%, up by 4.9 percentage points year-on-year [2]. Financial Performance - As of the end of 2024, the company had cash and cash equivalents of 181.8 billion yuan, a year-on-year increase of 40.5%. The operating cash flow net amount was 38.7 billion yuan, covering the core net profit by 1.3 times [3]. - The company plans to utilize 113% of its net profit for market value management, including share buybacks and dividends [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 to 2027 is 22.3 billion yuan, 24.2 billion yuan, and 26.0 billion yuan, respectively, with expected growth rates of 23.1%, 8.7%, and 7.4% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 9.1x, 8.3x, and 7.8x for the years 2025 to 2027 [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.00, indicating a potential upside of 26% from the current price of HKD 15.10 [1][9]. Core Insights - The company achieved a revenue of RMB 410.7 billion in 2024, a slight decrease of 0.8% year-over-year (YOY), while the net profit attributable to shareholders was RMB 27.7 billion, reflecting a growth of 16.1% YOY [9]. - The pharmaceutical segment, which constitutes 70.7% of the product mix, saw a revenue decline of 4.3% due to a drop in sales of COVID-related and anti-infection drugs, but innovative oncology and immunomodulatory products showed a growth of 6% [9]. - The company plans to distribute a cash dividend of RMB 3.20 per 10 shares, resulting in a dividend yield of approximately 2.3% for H shares [9]. - The company has a robust pipeline with over 80 projects in development, including self-developed and licensed products, which are expected to drive future growth [9]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a market capitalization of HKD 83.34 billion and a share price/book value ratio of 0.79 [2]. Financial Performance - In 2024, the company reported a net profit of RMB 27.7 billion, with a significant increase in operating cash flow to RMB 33.8 billion, up 31% YOY [9]. - The gross margin for the year was 48.0%, a slight increase of 0.2 percentage points, while the expense ratio decreased by 3.8 percentage points to 43.1% [9]. Future Projections - The company is expected to achieve net profits of RMB 33 billion, RMB 39 billion, and RMB 46 billion for the years 2025, 2026, and 2027, respectively, with YOY growth rates of 20.5%, 17.6%, and 17.3% [11]. - The earnings per share (EPS) are projected to be RMB 1.3, RMB 1.5, and RMB 1.7 for the same years, corresponding to H share price-to-earnings (P/E) ratios of 11X, 10X, and 8X, indicating undervaluation [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 88.9, indicating a potential upside of 18% from the current price of HKD 75.25 [1][3]. Core Insights - The company is expected to see strong growth in its business guidance for 2025, with significant profit increases anticipated. The mobile camera module and lens segments are projected to outperform industry growth rates, contributing to improved profitability [10]. - The automotive segment is also expected to maintain robust growth, with revenue increases providing stable profit growth. The net profit for 2025 is forecasted to grow by 22% year-on-year [10]. - The report highlights an upward revision of profit forecasts for 2025 and 2026 based on the company's performance and outlook [10]. Financial Projections - Revenue is projected to grow from RMB 31,681 million in 2023 to RMB 50,842 million by 2027, with a compound annual growth rate (CAGR) of approximately 10% [2]. - The gross margin is expected to improve from 14.5% in 2023 to 20.2% in 2027, reflecting enhanced profitability [2]. - Net profit is anticipated to rise from RMB 1,099 million in 2023 to RMB 4,610 million in 2027, with a significant increase in growth rates, particularly a 146% increase in 2024 [2]. Segment Performance - The mobile camera module segment is expected to generate revenue of RMB 21,038 million in 2025, with a net profit of RMB 600 million [14]. - The automotive lens segment is projected to achieve a revenue of RMB 4,390 million in 2025, with a net profit of RMB 741 million [14]. - The overall revenue for the company in 2025 is estimated at RMB 41,677 million, with a net profit of RMB 3,306 million [14].