[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 卓越商企服务（6989）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 3[Table_StockInfo 月 28 日收盘价（港元）] | 1.38 | | --- | --- | | 52 周股价波动（港元） | 0.975-1.691 | | 总股本/流通 A 股（亿股） | 12.20 | | 总市值/流通市值（亿港元） | 16.8/16.8 | 相关研究 [Table_ReportInfo] 《卓越商企服务半年报点评_在管面积持续推 升营收，增值服务表现优良》2024.09.03 市场表现 [Table_QuoteInfo] -15 -10 -5 0 5 10 15 20 25 8/Oct/24 22/Oct/24 5/Nov/24 19/Nov/24 3/Dec/24 17/Dec/24 31/Dec/24 14/Jan/25 28/Jan/25 11/Feb/25 25/Feb/25 11/Mar/25 25/Mar/25 卓越商企服务 恒生指 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 中国金茂（0817）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 股票数据 | 3[T月ab28le日_S收t盘oc价kI（nf港o元] ） | 1.23 | | --- | --- | | 52 周股价波动（港元） | 0.45-1.80 | | 总股本（亿股） | 135 | | 总市值（亿港元） | 167 | Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 联系人:陈昭颖 Tel:(021)23183953 2024.09.01 《销售聚焦回款质量，年内债务压力减轻》 2024.04.01 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 3.6 26.1 18.4 相对涨幅（%） -1.4 19.2 18.6 资料来源：海通证券研究所 分析师:涂力磊 Email:czy15598@haitong.com 投资评级 优于大市 维持 全年实现扭亏为盈，销售行业排名提升 [Ta ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][18]. Core Insights - The company demonstrated resilience in its performance, achieving a revenue of RMB 278.8 billion in 2024, representing a year-on-year increase of 11%. The core net profit was RMB 25.42 billion, with a significant contribution from recurring business [6][7]. - The overall gross margin and net profit margin for 2024 were 21.6% and 9.2%, respectively, both showing a decline compared to the previous year [6][7]. - The company maintained a dividend payout ratio of 37%, with an expected annual dividend of RMB 1.319 per share [6][7]. Financial Performance - Revenue projections for the company are as follows: RMB 2,511 billion in 2023, RMB 2,788 billion in 2024, and expected growth to RMB 3,950 billion by 2027, with a compound annual growth rate of approximately 12.6% [4][21]. - The net profit for 2024 is projected at RMB 25.6 billion, with a decline of 18.5% from the previous year, but expected to recover in subsequent years [4][21]. - The company’s gross margin is expected to stabilize around 21% from 2025 onwards, while the return on equity (ROE) is projected to be around 8.5% by 2027 [4][21]. Market Position and Business Segments - The company achieved a contract signing amount of RMB 261.1 billion in 2024, ranking third in the industry, with a market share in 25 major cities [9][10]. - The operational performance of shopping centers reached a retail sales figure of RMB 195.3 billion, with an operating profit margin of 61%, marking a historical high [10][11]. - The asset management business grew to a scale of RMB 462.1 billion by the end of 2024, indicating a strong foothold in the market [11][12]. Investment Outlook - The company is expected to have an EPS of RMB 3.46 for 2025, with a price-to-earnings (PE) ratio of 10-11 times, suggesting a reasonable market capitalization range of RMB 269.5 billion to RMB 296.5 billion [18][19]. - The estimated fair value per share is projected to be between HKD 37.80 and HKD 41.58 [18][19].

[Table_Info1] 比亚迪电子(00285.HK) 电子 [Table_Title] 证券研究报告 / 港股公司报告 消费电子平台型企业，智驾+服务器业务打开成 长空间 报告摘要： [Table_Summary] 平台型制造企业，业务布局多元化。公司成立于 1995 年，三大业务模块 分别是消费电子业务、新型智能产品、新能源汽车业务。公司营收持续 增长，盈利水平稳定提升。2024 年实现营收 1,773.06 亿元，同比增长 36.43%。归母净利润达到 42.66 亿元，同比增加 5.55%。 消费电子业务：安卓市场份额稳定，与苹果的合作不断深化。AI 驱动叠 加换机需求，消费电子市场需求有所回升。从 2020 年起，比亚迪开始代 工 iPad 系列。战略收购捷普相关产线，切入 iphone 和 Apple watch 系列， 形成新的屏幕集成业务和钛合金框架提供。此外，公司巩固安卓高端市 场，保持业界领先地位。除持续为华为、三星等国际品牌提供核心模组 外，还与小米、OPPO、vivo 等厂商在多品类产品线展开联合研发。 汽车电子业务：绑定母公司高速发展，智驾域控有望放量。公司凭借软 件，硬件，算法 ...

-11% 1% 14% 26% 39% 51% 2024/3 2024/4 2024/5 2024/6 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 2025/1 2025/2 2025/3 首钢资源 恒生指数 [Table_Report] 相关报告 股票研究 /[Table_Date] 2025.03.31 销售结构变化影响均售价，现金流保障持续高分红率 首钢资源(0639) ——首钢资源 2024 年年报点评 | [table_Authors] 黄涛(分析师) | 王楠瑀(研究助理) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 2.59 | | 021-38674879 | 021-38032030 | | | | huangtao@gtjas.com | wangnanyu028176@gtjas.com | [Table_Market] | | | 登记编号 S0880515090001 | S0880123060041 | 交易数据 | | | | | 52 周内股 ...

证券研究报告 纺织服饰 | 服装家纺 港股|公司点评报告 hyzqdatemark 2025 年 03 月 31 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 03 | 月 31 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 15.92 | | | 一年内最高/最低（港 | | | | 24.60/12.56 | | | 元） | | | | | | | 总市值（百万港元） | | | | 41,149.98 | | | 流通市值（百万港元） | | | | 41,149.98 | | | 资产负债率（%） | | | | 26.90 | | | 资料来源：聚源数据 | | | | | | 李宁(02331.HK) 投资评级： 买入（维持） ——加大运动资源投入，品牌专业性持续深化 投资要点： 风险提示。线下消费复苏不及预期；渠道调整不及预期；行业竞争压力加 ...

证券研究报告 | 公司点评 | 调味发酵品Ⅱ 投资要点 2024 年实现收入 65.4 亿元，同比增长 6.4% 2024 年，公司实现收入约 65.4 亿元，同比增长 6.4%；实现净利润约 8.0 亿元，同比减少 11.9%；实现归母净利润约 7.4 亿元，同比下降 13.3%。2024 年下半年，公司实现收入约 36.1亿元，同比增长 2.3%；实现净利润约 4.7亿元，同比下降 12.2%；实现归母净利润 4.3 亿元，同比下降 12.9%；2024 年全年业绩增长主要得益于第三方业务增长带动，其收入同 比增长 9.1%。 盈利能力承压，费用投放支持业务拓展同比增长 1.9% 2024 年公司毛利率/净利率分别为 31.3%/12.2%，同比 -0.3pct/-2.6pct，毛利率调整主要受 到产品结构优化及关联方采购价格变动影响。火锅底料产品关联方/第三方毛利率分别为 14.1%/48.7%， 同 比-3.2pcts/0.1pcts ； 中 式 复 合 调 味 品 关 联 方/第 三 方 毛 利 率 分 别 18.7%/35.2%，同比+0.4pcts /+1.7pcts ； 方便速食产品关联方/第 ...

中化化肥 Sinofert Holdings (297 HK) 股东应占溢利同比增长 69.49%，公司受益于钾肥价格上涨 NPAtS up 69.49% YOY in 2024, the company benefits from the increase in potash fertilizer price. [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$1.26 目标价 HK$1.41 HTI ESG 4.1-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$8.85bn / US$1.14bn 日交易额 (3 个月均值) US$6.15mn 发行股票数目 7,024mn 自由流通股 (%) 39% 1 年股价最高最低值 HK$1.26-HK$0.80 注：现价 HK$1.26 为 2025 年 03 月 31 日收盘价 资料来源： Factset ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | [Table_StockAndRank] 思摩尔国际(6969.HK) | | | --- | --- | | 投资评级 | 无评级 | | 上次评级 | 无评级 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 思摩尔国际：英美扩张节奏清晰，核心供应商 地位牢固 [Table_OtherReport] [Table_ReportDate] 2025 年 3 月 31 日 [Table_S 近期走访大量 ummary]HNB 企业，从业者对思摩尔 HNB 创新表现振奋。尽管市场 对英美推广节奏及思摩尔供应地位尚有疑虑，但根据我们跟踪，HNB 产业 链条长、从业企业主要聚焦细分领域，能一体化设计研发的企业少之又少， 加热技术、烟支结构、烟芯发烟、设备设计等 ...

Investment Rating - The report maintains a BUY rating for the company with a target price (TP) revised down by 9% to HK$ 25.35, implying a 36.9% upside from the current price of HK$ 18.52 [1][3]. Core Insights - The company experienced mixed performance in FY24, with net sales remaining flat at US$ 3.6 billion, while net profit decreased by 13% YoY to US$ 346 million, primarily due to higher selling expenses and fewer impairment reversals [1][2]. - Major markets such as Asia and North America saw declines of 3.6% and 1.2% YoY, respectively, but growth in Europe and Latin America offset these declines with increases of 3.1% and 17.0% YoY [1]. - The management anticipates a decline in sales for 1Q25, projecting a fall by low single digits to mid single digits, influenced by weak US consumer sentiment despite a recovery in Asia [1][9]. - Organic sales and net profit are expected to grow by 1.5% and 1.8% YoY in FY25E, respectively, supported by ongoing share buybacks and progress in dual-listing [1][9]. Financial Summary - For FY24, the company reported revenue of US$ 3,589 million, a decrease of 2.5% YoY, with a projected revenue of US$ 3,731 million for FY25E, reflecting a growth of 4.0% [2][32]. - The net profit for FY24 was US$ 346 million, down 12.9% YoY, with an expected slight recovery to US$ 351.8 million in FY25E [2][32]. - The report indicates a decline in gross profit margin from 60.0% in FY24 to an expected 59.5% in FY25E, while the operating profit margin is projected to remain at 17.1% [29][32]. Market Performance - The company's stock has seen a decline of 14.1% over the past month and 14.3% over the past three months, indicating a challenging market environment [5]. - The current market capitalization stands at HK$ 26,729.4 million, with an average turnover of HK$ 128.1 million over the last three months [3]. Shareholding Structure - Major shareholders include Schroders PLC with 6.0% and Bank of New York Mellon Corporation with 5.4% [4]. E-commerce Performance - In the first two months of FY25, online sales on major platforms like TBTM and JD.com decreased by 7% and 18% YoY, while sales on Douyin surged by 200% YoY, indicating a shift in consumer preferences and effective marketing strategies [9][15].