Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and net profit of 6.54 billion and 739.43 million respectively in 2024, representing a year-on-year growth of 6.24% and a decline of 13.28% [7] - Third-party sales continue to grow, driven by products like crayfish, while the overall average price has slightly decreased due to the introduction of high-cost performance products [7] - The company is expected to maintain low double-digit growth in third-party revenue in 2025, with potential improvement in related party performance [7] Financial Forecasts - Total revenue is projected to grow from 6.54 billion in 2024 to 8.64 billion in 2027, with year-on-year growth rates of 6.24%, 10.76%, 9.96%, and 8.46% respectively [1][8] - Net profit is forecasted to decline to 739.43 million in 2024, followed by a recovery to 884.67 million in 2025 and 1,087.89 million in 2027 [1][8] - The latest diluted EPS is expected to be 0.71 in 2024, increasing to 1.05 by 2027 [1][8] Revenue Breakdown - Third-party revenue is expected to grow by 9% in the second half of 2024, with specific product categories showing varied performance [7] - Related party revenue is projected to decline by 12.35% in the second half of 2024, with significant drops in certain product categories [7] Strategic Initiatives - The company is enhancing its partner assessment mechanisms and accelerating product launches, with over 50 new products expected in 2024 [7] - The company is focusing on refining channel management and expanding e-commerce and overseas markets, particularly with the new factory in Thailand [7]

Investment Rating - The report maintains a "Buy" rating for Kunlun Energy (00135.HK) [1] Core Views - The company reported a revenue of 187.046 billion yuan for 2024, representing a year-on-year growth of 5.24%. The net profit attributable to shareholders was 5.96 billion yuan, up 4.89% year-on-year. The company declared a dividend of 0.3158 yuan per share, with a core profit payout ratio of 43% [7] - Retail gas volume continues to grow significantly, with a year-on-year increase of 8.1% in retail gas sales volume. The company is expanding its business layout into the central and western provinces of China [7] - The company expects a retail gas volume growth of 8% in 2025, with an anticipated addition of 600,000 to 700,000 new users [7] Financial Summary - Total revenue and net profit forecasts for 2025-2027 are adjusted to 61.47 billion yuan, 64.69 billion yuan, and 67.96 billion yuan respectively, with year-on-year growth rates of 3.14%, 5.24%, and 5.05% [7] - The company’s operating cash flow for 2024 was 12.585 billion yuan, with a free cash flow of 7.044 billion yuan, reflecting a decrease of 19.73 billion yuan year-on-year due to increased capital expenditures [7][8] - The company’s capital expenditures for 2024 increased by 12.54 billion yuan to 6.602 billion yuan, primarily for natural gas sales and LNG receiving stations [7]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 81.61 HKD [7][8]. Core Views - The company is experiencing strong revenue growth, with a projected revenue of 55.39 billion RMB for 2024, representing a year-on-year increase of 57.2% [1]. - The net profit attributable to the parent company is expected to reach 20.62 billion RMB in 2024, reflecting a year-on-year growth of 42.1% [1]. - The company continues to see robust growth momentum, particularly in its flagship product, the collagen stick, which is anticipated to maintain around 20% growth in 2025 [1]. - The online channel revenue for the company has surpassed 50%, with expectations for continued strong growth in 2025 [1]. Revenue and Profit Forecast - The company forecasts revenues of 7,115 million RMB for 2025, with a growth rate of 28.45% [6]. - The net profit attributable to the parent company is projected to be 2,600 million RMB in 2025, indicating a growth of 26.07% [6]. - The earnings per share (EPS) is expected to be 2.53 RMB for 2025 [6]. Product Performance and Market Expansion - The collagen stick's revenue contribution is expected to decrease to below 30% in 2024, with new products like the focus series anticipated to drive growth [2]. - The company has opened its first brand flagship store in Chongqing and continues to expand its offline presence in key cities [2]. - The direct sales channel has shown significant growth, with DTC store sales reaching 35.87 billion RMB, a year-on-year increase of 66% [3]. Margin and Cost Structure - The gross margin for 2024 is projected at 82.1%, a slight decrease of 1.5 percentage points year-on-year due to a higher proportion of sales from essence and cream products [3]. - The selling expense ratio is expected to increase slightly in 2025 due to continued investment in online channels [3]. Valuation Metrics - The company is assigned a price-to-earnings (PE) ratio of 30 times for 2025, reflecting strong online growth and potential contributions from medical beauty products [4]. - The target price has been adjusted to 81.61 HKD, based on a 30 times PE for 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to show significant profit elasticity in 2025 due to low raw milk prices, improved operational efficiency, and reduced impairment pressures from 2024 [4][6] - The company has adjusted its channels since March 2024, which has led to a decline in liquid milk revenue, but core product ASP remains strong, indicating structural opportunities [2][3] Revenue and Profitability Summary - In 2024, the company's revenue and net profit attributable to the parent company were 886.7 million and 10.4 million respectively, down 10.1% and 97.8% year-on-year [1] - The operating profit margin (OPM) for 2024 increased by 1.9 percentage points to 8.2%, exceeding the target of a 30-50 basis point increase, mainly due to lower raw milk costs and various quality improvement measures [3][4] - The gross profit margin for 2024 rose by 2.4 percentage points to 39.6% [3] Future Earnings Forecast - The earnings per share (EPS) for 2025 and 2026 are projected to be 1.33 and 1.48 RMB respectively, with an upward revision of 5% and 8% from previous estimates [4][6] - The target price for the company is set at 22.77 HKD, based on a 16x PE ratio for 2025 [4][8] Market Position and Competitive Landscape - The company faces challenges in the liquid milk segment due to supply-demand imbalances and weaker consumer demand, but it has identified structural opportunities in premium products [2][3] - The cheese and ice cream segments show strong competitive advantages, with notable growth in international markets for ice cream [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 32.72 [8][9]. Core Views - The company reported a revenue of RMB 278.8 billion for 2024, representing a year-on-year increase of 11%, while core net profit decreased by 8.5% to RMB 25.4 billion, aligning with market expectations. The company has successfully established a second growth curve, demonstrating resilience during industry downturns [1]. - The shopping center business showed robust expansion, with retail sales increasing by 19.2% year-on-year and same-store sales growth of 4.6%, surpassing the overall retail growth rate. The rental income from shopping centers rose by 8% to RMB 19.3 billion [2]. - The development business remains in the top tier of the industry, with contract sales declining by 15% to RMB 261.1 billion in 2024, but still outperforming the industry average. The company plans to launch new projects worth RMB 500.9 billion in 2025, indicating a potential recovery in sales [3]. - The company maintains a leading financing advantage, with asset management scale reaching RMB 462.1 billion, and a significant portion of this is from shopping centers. The financing cost decreased by 45 basis points to 3.11%, and cash reserves grew by 16.5% to RMB 133.2 billion [4]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of RMB 278.8 billion, with a year-on-year growth of 11%. The core net profit was RMB 25.4 billion, down 8.5% from the previous year. The earnings per share (EPS) for 2025 is projected to be RMB 3.60 [1][7]. Business Segments - The shopping center segment reported a retail sales increase of 19.2% year-on-year, with an overall occupancy rate of 97.1%. The company opened 16 new shopping centers during the year, contributing to an 8% increase in rental income [2]. - The development segment saw a contract sales decline of 15% to RMB 261.1 billion, but the company remains optimistic about a sales rebound in 2025, with plans to launch new projects worth RMB 500.9 billion [3]. Financing and Valuation - The asset management platform has a scale of RMB 462.1 billion, with a focus on rental housing and commercial real estate REITs. The financing cost has decreased, and cash reserves have increased, indicating a strong financial position [4]. - The estimated book value per share (BPS) for 2025 is RMB 40.50, with a target price set at HKD 32.72, reflecting a price-to-book (PB) ratio of 0.75 times [5].

证券研究报告 颐海国际 (1579 HK) 港股通 第三方增势延续，B 端、海外后劲足 华泰研究 年报点评 2025 年 3 月 27 日│中国香港 餐饮 公司 2024 收入 65.4 亿/yoy+6.4%，归母净利润 7.39 亿/yoy-13.3%，低于 我们预期（8.5 亿），主要受关联方下调采购价、营销推广投放力度变大和 利润分派预扣税增加等因素扰动；对应 2H24 收入 36.1 亿元/yoy+2.3%，归 母净利润 4.44 亿元/yoy-10.3%。公司宣派末期分派股息 3.83 亿元，全年分 红率约 95%。关联方采购量稳步增长，部分抵消采购单价下滑影响；"产品 项目制"驱动公司产品研发，产品竞争力持续得到验证。长期来看，东南亚 海外工厂产能逐渐释放或提升海外供应链效率，海外收入有望起量，社区生 鲜、零食量贩有望协助公司 B、C 端同步下沉，强化渠道能力。维持"增持"。 电商渠道收入增速亮眼，关联方毛利率承压 24 年公司从关联方/第三方获得收入 19.74/43.82 亿元，同比-2%/+8%，占 比 30%/67%，yoy-2.5/+1.1pct。关联方收入及占比同比均有微降，主因关 联 ...

Investment Rating - The report maintains a "Buy" rating for Huaneng International Power Co., Ltd. with a target price of HKD 5.45 [7][4]. Core Views - The company's 2024 revenue is expected to decrease by 3.5% year-on-year to RMB 245.55 billion, while equity profit is projected to increase by 21.9% to RMB 10.185 billion, slightly below expectations due to higher domestic coal power costs in Q4 2024 [1][2]. - The company plans to add 9.42 GW of new renewable energy capacity in 2024 and aims for an additional 10 GW in 2025, which is expected to drive sustainable growth [1][3]. - The dividend for 2024 is set at RMB 0.27 per share, with a payout ratio of 58.78%, resulting in a dividend yield of 6.4% based on the closing price on March 26 [1][4]. Financial Performance Summary - In 2024, the total profit from domestic coal power is expected to recover to 1.9 cents per kWh, despite a decrease in the tax-inclusive electricity price by 1.09 cents per kWh [2]. - The company’s total profit from wind and solar projects in 2024 is projected to be RMB 94.97 billion, slightly above the forecast of RMB 84.26 billion [3]. - The report forecasts a decrease in the electricity price for thermal power by 3.9% and 4.0% for 2025 and 2026, respectively, leading to a downward adjustment of equity profit for 2025 and 2026 [4][6]. Valuation Metrics - The report estimates the company's 2025 book value per share (BPS) to be RMB 4.57, with a price-to-book (PB) ratio of 1.1x based on 2025 estimates, which is higher than its historical average [4][6]. - The expected earnings per share (EPS) for 2024 is RMB 0.65, with a projected increase to RMB 0.79 in 2025 [6][21].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The beverage industry is experiencing steady growth, with the ready-to-drink beverage segment showing significant potential for expansion, particularly in the ready-to-drink tea market, which is expected to reach a scale of 312.7 billion yuan by 2024, with a compound annual growth rate (CAGR) of 17.3% from 2023 to 2028 [1][16]. - The company, as a leading player in the ready-to-drink tea sector, has a strong market position due to its high cost-performance ratio and extensive store coverage, with over 45,000 stores nationwide [2][3]. - The company is also expanding into the ready-to-drink coffee market, with its brand "Luckin Coffee" expected to capture a larger share in lower-tier markets [1][3]. Summary by Sections Industry Overview - The ready-to-drink beverage market is projected to grow significantly, with ready-to-drink tea accounting for 50% of the segment, and the overall beverage market expected to reach 1.6 trillion yuan by 2024 [16][17]. - The market is transitioning from a fragmented structure to a more concentrated one, with the company being the absolute leader in the affordable ready-to-drink tea segment [22][23]. Company Positioning - The company has a stable ownership structure, with the founders holding over 80% of the shares, ensuring strong control and management continuity [2][33]. - The company has been in a rapid expansion phase since 2020, with a significant increase in store numbers, particularly in lower-tier cities, where it has achieved a coverage rate of 56.31% in third to fifth-tier cities [2][47]. Financial Performance - The company reported total revenue of 186.6 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 21%, with a net profit of 34.9 billion yuan, up 45% year-on-year [2][50]. - Revenue projections for 2024-2026 are estimated at 242.38 billion yuan, 285.87 billion yuan, and 324.60 billion yuan, respectively, with net profits expected to reach 40.34 billion yuan, 50.59 billion yuan, and 58.88 billion yuan [4][5]. Growth Potential - The company anticipates that the number of domestic stores could exceed 50,000 in the medium term, with potential maximum store numbers reaching between 60,000 to 80,000 [3][4]. - The ready-to-drink coffee segment is also seen as a significant growth opportunity, with "Luckin Coffee" positioned to benefit from the expanding coffee consumption market [3][28]. Valuation - The report suggests a target price of 431.42 HKD for the stock, based on a valuation of 30 times earnings for 2025, indicating a favorable investment outlook [4][6].

纺织服饰/纺织制造 申洲国际（02313.HK） 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 申洲国际 恒生指数 相关研究报告 《2024H1 量增亮眼单价承压，毛利率 修复超预期—港股公司信息更新报 告》-2024.8.30 《全年毛利率逐季改善，期待 2024 年 盈利能力再向上—港股公司信息更新 报告》-2024.3.29 毛利率修复下核心利润亮眼，海外持续扩产提效 ——港股公司信息更新报告 2025 年 03 月 27 日 投资评级：买入（维持） | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 62.300 | | 一年最高最低(港元) | 86.900/54.800 | | 总市值(亿港元) | 936.51 | | 流通市值(亿港元) | 936.51 | | 总股本(亿股) | 15.03 | | 流通港股(亿股) | 15.03 | | 近 3 个月换手率(%) | 23.55 | 股价走势图 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | -- ...