Investment Rating - The report maintains a "Buy" rating for MINISO, reflecting confidence in its growth potential and market position [4][6]. Core Insights - MINISO achieved a revenue of 16.994 billion yuan in 2024, representing a year-on-year growth of 22.8%, with an adjusted net profit of 2.721 billion yuan, up 15.4% year-on-year [1]. - The company plans to pay a cash dividend of 101 million USD, which is approximately 50% of the adjusted net profit for the six months ending December 31, 2024 [1]. - Domestic store expansion continues, with a net increase of 136 stores in Q4 2024, bringing the total to 4,386 stores, although same-store sales showed a decline of 4.62% in Q4 [1]. - Internationally, MINISO's overseas revenue grew by 42.7% year-on-year in Q4 2024, driven by a net increase of 182 stores, with a total of 3,118 overseas stores [2]. Summary by Sections Domestic Performance - In Q4 2024, MINISO's domestic revenue reached 2.297 billion yuan, a 6.5% increase year-on-year, supported by steady store expansion and online sales growth [1]. - The company anticipates stable store openings in 2025, with revenue growth expected from both online business and same-store sales [1]. International Performance - The overseas segment saw a significant revenue increase, with Q4 2024 revenue at 2.132 billion yuan, marking a 42.7% year-on-year growth [2]. - The company operates 3,118 overseas stores, with a focus on direct sales, which showed a growth rate of 65.5% [2]. Financial Metrics - The gross margin reached a record high of 47% in Q4 2024, an increase of 3.9 percentage points year-on-year [3]. - The report projects revenues of 20.905 billion yuan, 24.628 billion yuan, and 28.244 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.057 billion yuan, 3.747 billion yuan, and 4.411 billion yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [4][6]. Core Insights - The company is experiencing short-term profit pressure due to channel optimization, with a projected revenue of 6.589 billion and a net profit of 474 million for 2024, reflecting year-on-year declines of 5% and 43% respectively [1][4]. - The company is a leading player in the domestic mid-to-high-end women's fashion market, with expectations for sustained long-term growth driven by product operational efficiency and store expansion [4]. Financial Performance Summary - **2024 Financials**: Revenue is expected to be 6.589 billion, with a net profit of 474 million, showing declines of 5% and 43% year-on-year respectively [1][5]. - **2025-2027 Projections**: Forecasted net profits are 593 million, 682 million, and 776 million for 2025, 2026, and 2027 respectively, indicating a recovery trend after the 2024 dip [4][5]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to be 0.68 for 2024, with an increase to 0.84, 0.97, and 1.10 in the following years [5][12]. Brand Performance Summary - **Brand Revenue**: The Koradior brand is expected to generate 2.16 billion in revenue for 2024, down 10% year-on-year, while NAERSI and NEXY.CO show relative stability with revenues of 1.44 billion and 1.01 billion respectively [2]. - **Product Strategy**: The company is focusing on a streamlined product strategy, reducing the total number of SKUs by 7.4% to 5,894, emphasizing core styles [2]. Channel Performance Summary - **Channel Revenue Breakdown**: In 2024, revenue from direct sales is projected at 5.17 billion, down 7% year-on-year, while e-commerce is expected to grow by 17% to 1.13 billion [3]. - **Store Count Changes**: The number of direct stores decreased by 81 to 1,444, while franchise stores decreased by 44 to 395, indicating a strategic channel optimization [3]. Dividend and Valuation Summary - **Dividend Payout**: The company plans a dividend payout ratio of approximately 53% for 2024, translating to a dividend yield of about 4.9% based on the closing price on March 26, 2025 [1][4]. - **Valuation Metrics**: The current stock price corresponds to a price-to-earnings (P/E) ratio of 8 for 2025, suggesting attractive valuation levels [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is expected to focus on long-term quality growth while actively managing inventory levels, leading to a projected revenue of 70.67 billion yuan for 2024, with a slight increase of 0.5% year-on-year [1]. - The company anticipates a challenging second half of 2024, with revenues expected to decline by 16.5% to 29.34 billion yuan, driven by a decrease in sales volume and a slight increase in price per ton [1][2]. - The company is strategically simplifying its product lines, particularly in the high-end segment, to stabilize market prices and ensure long-term development [2]. Revenue and Profitability - For 2024H2, the company expects a revenue of 29.34 billion yuan, with a year-on-year decline of 16.5%, and a net profit of 5.72 billion yuan, down 22.9% [1]. - The gross margin improved slightly to 58.44%, up 0.26 percentage points year-on-year, attributed to the release of self-owned production capacity and a focus on high-margin products [3]. - Adjusted net profit margin decreased to 22.44%, down 0.92 percentage points, primarily due to increased management expenses related to depreciation and amortization [3]. Strategic Focus - The company is focusing on a dual-channel growth strategy, enhancing its presence in key markets while optimizing its organizational structure to support high-end product development [2][4]. - The company plans to adjust its product offerings to emphasize mid-range and high-end price points, aiming to capture changing consumer demands [4]. - The company has increased its number of distribution partners and retail outlets, indicating a commitment to expanding its market reach [2]. Financial Forecast - The revenue forecast for 2025-2027 has been adjusted downwards, with expected revenues of 73.28 billion yuan, 81.00 billion yuan, and 87.86 billion yuan respectively, reflecting the ongoing industry adjustment [4]. - The projected net profits for the same period are 15.25 billion yuan, 18.20 billion yuan, and 23.05 billion yuan, with corresponding price-to-earnings ratios of 14.9, 12.5, and 9.9 [4].

房地产/房地产开发 华润置地（01109.HK） 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) | 25.850 | | 一年最高最低(港元) | 33.700/18.560 | | 总市值(亿港元) | 1,843.35 | | 流通市值(亿港元) | 1,843.35 | | 总股本(亿股) | 71.31 | | 流通港股(亿股) | 71.31 | | 近 3 个月换手率(%) | 15.89 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 华润置地 恒生指数 相关研究报告 《长风万里稳行舟，多元驱动占鳌头 —港股公司首次覆盖报告》-2025.3.4 结转业绩稳健，经常性利润贡献过百亿 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kys ...

Investment Rating - The report maintains a "Buy" rating for the company [6][30]. Core Views - The company reported a 2024 EPS of RMB 0.47, a 47% year-on-year increase, driven by strong performance in equity investments, exceeding the expected RMB 0.40 [1][6]. - The total investment return rate for 2024 improved by 0.9 percentage points to 4.3%, contributing to the better-than-expected performance [1]. - The new business value (NBV) for life insurance increased by 88% year-on-year on a comparable basis, indicating robust growth [2][6]. - The comprehensive cost ratio (COR) for property insurance was 99.7%, up 1 percentage point, reflecting a deterioration in underwriting performance [3][6]. - The company's net assets increased by 3% year-on-year, showing stability despite some impact from asset-liability mismatches [4][6]. - The report projects a 16% year-on-year increase in NBV for 2025, supported by expectations of continued improvement in NBV margins [2]. Summary by Sections Earnings Performance - The company achieved a total investment income of RMB 22.676 billion in 2024, a 48.77% increase from the previous year [5][19]. - The net profit attributable to shareholders for 2024 was RMB 5.449 billion, a 45.77% increase year-on-year [5][19]. Insurance Business - The life insurance new business value (NBV) margin improved by 11 percentage points to 22% on a comparable basis, driven by pricing adjustments [2]. - The property insurance premium income grew by 8% year-on-year, with non-auto insurance driving the growth at 17% [3]. Financial Metrics - The company’s return on equity (ROE) for 2024 was 8.9%, an increase of 2.7 percentage points from the previous year, with expectations of reaching 9% in 2025 [4][5]. - The dividend per share (DPS) for 2024 was RMB 0.19, a slight increase from RMB 0.18 in 2023, with a dividend payout ratio reduced to 40% [4][5]. Valuation - The target price is set at HKD 4.60 based on a discounted cash flow (DCF) method, reflecting adjustments in the risk-free rate assumptions [5][6]. - The report anticipates EPS for 2025 to be RMB 0.47, maintaining a stable outlook for the company's earnings [5].

港股通 智驾平权开启，激光雷达开拓市场 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国香港 | 其他电子 | 近期，多个品牌召开智驾战略会，包括零跑、吉利"千里浩瀚"、广汽"星 灵智行"、奇瑞"猎鹰智驾"等，我们看到：（1）激光雷达搭载车型最低价 格已至 12.98 万元。（2）对标 L3 级别车型有望在今年陆续落地，极氪 9X 拟搭载 5 颗激光雷达，行业需求在快速增长。此外在机器人领域，速腾宣布 与 Coco Robotics、小马智行、白犀牛、酷哇等客户的合作，涉及割草机、 物流、Robotaxi、无人叉车等多个领域。我们看好公司深度受益智能汽车+ 机器人需求共振，带来收入高成长性，维持"买入"评级。 智驾平权推动激光雷达渗透率提升 速腾搭载的比亚迪、吉利（极氪、银河）、广汽、上汽等多个自主品牌有望 在 25 年开启激光雷达版本的规模渗透，包括：（1）比亚迪 20 万以上车型 采用天神之眼 A、B 方案，涵盖海洋、王朝、腾势、仰望等车型；（2）极氪 旗下大部分车型（除极氪 X 外）已经基本标配激光雷达、吉利旗下 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.06 [8][10] Core Insights - The company's net profit for 2024 is expected to grow by 16.8% year-on-year, with operating income and PPOP increasing by 8.8% and 10.0% respectively, driven by better-than-expected credit cost management [1][5] - The dividend per share is set at HKD 1.99, corresponding to an annualized dividend yield of 6.66%, with a payout ratio of 55% for 2024 [1][5] - The company is focusing on optimizing its cost of liabilities and enhancing its non-interest income, which is projected to improve in the coming years [2][3] Summary by Sections Financial Performance - Total assets, loans, and deposits as of the end of 2024 are expected to grow by 8.4%, -1.5%, and 8.5% year-on-year respectively [2] - The net interest income for 2024 is projected to increase by 2.5% year-on-year, with a net interest margin improvement of 3 basis points to 1.64% [2] Non-Interest Income - The growth rate of non-interest income improved to 7.9% year-on-year, with significant increases in various service commissions, although loan commission income declined due to weak credit demand [3] Asset Quality and Cost Control - The non-performing loan ratio is stable at 1.05%, with a provision coverage ratio of 85% [4] - The cost-to-income ratio is expected to improve to 24.6%, reflecting effective cost management [4] Valuation and Forecast - The projected book value per share (BVPS) for 2025 is HKD 33.69, with a target price set at a price-to-book (PB) ratio of 1.10 times [5][27] - The forecasted earnings per share (EPS) for 2025 is HKD 3.63, with a price-to-earnings (PE) ratio of 8.21 times [27][28]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - The company is a global leader in resin lenses, with strong technological research and development capabilities leading the industry [1]. - The lens market is expanding, with China's growth rate surpassing the global average [33]. - The company has established a solid position in the optical lens industry, with a focus on lens production and a wide international sales network [14][15]. Financial Forecast - Revenue is projected to grow from 1,561 million RMB in 2022 to 2,817 million RMB in 2026, with a CAGR of 16% [2]. - Net profit is expected to increase from 249 million RMB in 2022 to 638 million RMB in 2026, with a CAGR of 20% [2]. - The EPS is forecasted to rise from 0.58 RMB in 2022 to 1.33 RMB in 2026 [2]. Market Position - The company has achieved a global market share ranking of 5th by sales revenue in 2023, with a sales volume ranking of 2nd [50]. - The company has a diverse customer base and is expanding its domestic market presence [8][14]. - The lens market in China is projected to reach 413 billion RMB by 2024, indicating significant growth potential [37]. Business Model and Strategy - The company employs a C2M (Customer to Manufacturer) model, enhancing product structure optimization and increasing customization business [8]. - Strategic partnerships, such as with GoerTek, aim to enter the smart glasses supply chain, transitioning from traditional lenses to precision electronic components [8]. Operational Efficiency - The company has demonstrated strong operational efficiency, with a gross margin increase from 30.61% in 2018 to 39.16% in 2024 H1 [31]. - The management team is stable and experienced, contributing to the company's robust performance [19].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company achieved a revenue of 2.384 billion yuan in 2024, representing a year-on-year growth of 53.6%, and turned a profit with a net profit of 2.347 billion yuan, primarily due to a fair value change of preferred shares and other financial liabilities contributing 4.68 billion yuan [7] - The J6 series has been fully launched, with ongoing partnerships with over 20 OEM brands, which is expected to support long-term growth [7] - The company has a leading market share in the Chinese OEM ADAS/OEM AD market, with a market share of over 40% and 30% respectively [7] Financial Summary - Total revenue forecast for 2024 is 2.384 billion yuan, with projections of 3.659 billion yuan in 2025 and 5.365 billion yuan in 2026 [8] - The adjusted operating loss for 2024 is expected to narrow to 1.5 billion yuan, a year-on-year improvement of 11.4% [7] - Research and development expenses are projected to increase by 33.4% to 3.16 billion yuan in 2024, reflecting a focus on enhancing technological capabilities [7] Market Position - The company has secured over 310 model designations, with expectations to exceed 10 million cumulative shipments of the J series by 2025 [7] - The gross margin for product solutions and services is expected to improve, with a gross margin of 44.7% for product solutions in 2024 [7] Valuation Metrics - The price-to-earnings ratio (P/E) for 2025 is projected at 26.1, decreasing to 11.9 by 2027 [1][8] - The report anticipates a significant increase in revenue, with expectations of 8.05 billion yuan by 2027 [1][8]

公 司 报 告 房地产 2025 年 03 月 27 日 华润置地(1109.HK) 均衡开拓，稳中精进 推荐（维持） 股价：25.85 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.crland.com.hk | | 大股东/持股 | 华润（集团）有限公司/59.55% | | 实际控制人 | 国务院国资委 | | 总股本(百万股) | 7130.94 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 7130.94 | | 总市值（亿元） | 1701.15 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 38.21 | | 资产负债率(%) | 64.84 | 行情走势图 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@pingan.com.c ...