Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.02, representing a potential upside of 24.3% from the current price of HKD 2.43 [1][2]. Core Insights - The company's Q4 2024 performance met expectations, with a continuous improvement in debt ratios. The overall market share slightly decreased, but the company is expected to benefit from Macau's ongoing recovery [2][3]. - The report highlights significant growth in net income, projecting a remarkable increase from a loss of HKD 2,009.8 million in 2023 to a profit of HKD 885.9 million in 2025, reflecting a growth rate of 27,585.7% [2][3]. - The company is focusing on enhancing its competitive advantage through the performance of "上葡京" and the installation of smart gaming tables, which are expected to be completed by November this year [2][3]. Financial Summary - **Revenue Growth**: The company reported a net income of HKD 21,623.2 million in 2023, with projections of HKD 30,400.2 million in 2025, indicating a growth rate of 33.0% [2][3]. - **EBITDA**: The EBITDA for 2023 was HKD 1,727.0 million, with a forecasted increase to HKD 4,517.7 million in 2025, showing a growth rate of 14.1% [2][3]. - **Net Profit**: The net profit is expected to rise significantly, from a loss in 2023 to a profit of HKD 885.9 million in 2025, with a projected net profit margin of 2.9% [2][3]. - **Debt Ratios**: The net debt/EBITDA ratio improved from 13.7 times to 6.3 times, indicating a healthier financial position [2][3]. Market Performance - The company's overall market share in Q4 2024 was 13.5%, a slight decrease of 0.4 percentage points from the previous quarter [2][3]. - The report notes that the company's cash balance is approximately HKD 3,220 million, with net debt around HKD 23,200 million [2][3]. Future Outlook - The company plans to invest HKD 15-20 billion in capital expenditures starting in 2025, which includes renovations and expansions to enhance its offerings [2][3]. - The report anticipates double-digit growth in gaming revenue for January-February 2025, with the market share expected to remain stable compared to Q4 2024 [2][3].

公 华福证券 运动服装 2025 年 03 月 14 日 司 研 究 公 司 财 报 点 361 度（01361.HK） 24 年业绩点评：全年派息比例提高，超品新店型 放量可期 事件：公司于 3.12 发布 24 年业绩，全年实现收入 100.7 亿元，同比+19.6%， 实现权益持有人应占溢利 11.5 亿元，同比+19.5%，业绩符合预期。公司派 发末期股息 10 港仙/股，全年派息比例为 45%，同比提升 4.8Pct。 经营分析： 技术赋能专业运动品类，童装延续亮眼表现 评 成人装中鞋/服于 2024 年分别实现营收 42.9/30.9 亿元，同比 +22%/15%，主要得益于量增拉动。公司持续夯实专业运动领域实力， 跑步品类加强对材料创新探索，推出飚速 2 等专业竞速碳板跑鞋强化 专业实力，并赞助多项马拉松赛事；篮球品类布局约基奇等核心球星 资源，期间 JOKER 1 全球首发带动品牌加速国际化进程。 童装 2024 年营收同增 19.5%至 23.4 亿元，其中鞋/服分别同比 +18%/23%，随着童装业务推出结合专业功能、健康科技以及儿童时尚 元素的产品满足青少年多元化需求，鞋服产品均呈现高景 ...

证券研究报告 | 2025年03月17日 361 度（01361.HK） 优于大市 2024 年业绩增长 20%，高毛利产品驱动增长 全年收入和净利润增长20%，派息率45%。2024年公司收入增长19.6%至100.7 亿元，归母净利润增长 19.5%至 11.5 亿元，成人和童装收入均实现约 20%的 增长。归母净利率保持平稳，拆分来看，毛利率提升和管理费率下降分别贡 献 0.4 和 0.3 百分点，得益于专业跑鞋和篮球鞋等高毛利产品占比提升和数 字化管理提效，销售费用率基本稳定，但应收账款减值增加拖累约 1 个百分 点、其他收益比率减少影响了 1 个百分点。经营性现金流净额大幅下降至 0.7 亿元，主要由于存货和应收账款的增加抵消了利润增长，存货/应收/应付周 转天数分别提升 14/0/-22 天至 107/149/88 天，存货周转天数增加主要因 2024 年底临近春节提前备货，应付账款周转天数缩短主要因公司策略性缩短 结算周期、加强和供应商合作；进而导致经营活动现金流净额下滑，净现比 降至 0.06。2024 全年派息率小幅增加至 45%。 | 证券分析师：丁诗洁 | 证券分析师：刘佳琪 | | - ...

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863.HK) [1] Core Insights - Leapmotor's Q4 2024 performance turned profitable with a net profit of 0.8 million yuan, a significant improvement from a net loss of 9.5 million yuan in Q4 2023 [7] - The company achieved a total revenue of 13.455 billion yuan in Q4 2024, reflecting a year-on-year increase of 154.9% [7] - The strong sales performance in Q4, with 121,000 vehicles sold, represents a year-on-year growth of 118.4% [7] - The gross margin for Q4 was 13.3%, exceeding expectations due to scale effects and cost management [7] - Leapmotor's overseas expansion is progressing, with 13,726 vehicles exported and plans to establish over 550 overseas sales and service outlets by 2025 [7] - The launch of the B10 model received over 31,688 orders within 48 hours, indicating strong market demand [7] - The report projects a significant increase in net profit for 2025 and 2026, with estimates of 2.0 billion yuan and 25.4 billion yuan respectively [7] Financial Summary - Total revenue for 2023 is reported at 16.747 billion yuan, with projections of 32.164 billion yuan for 2024, representing a growth rate of 92.06% [1] - The net profit for 2024 is expected to be a loss of 2.821 billion yuan, but a profit of 204.24 million yuan is projected for 2025 [1] - The earnings per share (EPS) is forecasted to improve from a loss of 3.15 yuan in 2023 to a profit of 2.72 yuan by 2027 [1] - The company's asset-liability ratio stands at 73.25%, indicating a relatively high level of debt [6]

2025 年 3 月 17 日 公司研究 能源工程订单内外开花，算力中心建设蓬勃发展 ——中国能源建设（3996.HK）经营近况点评 要点 事件：当地时间 3 月 11 日，公司中电工程西北院与 Masdar 在阿布扎比签约阿 塞拜疆 Bilasuvar（比利亚苏瓦尔）445MW、Banka（班卡）315MW 光伏电站 EPC 项目。 点评： 国内外需求旺盛，公司能源订单内外开花。3 月 11 日，中国能建签约阿塞拜疆 两大光伏项目 EPC 合同，这是公司在阿塞拜疆市场首次以 EPC 总承包模式承建 的大型光伏电站项目，Bilasuvar 项目也是阿塞拜疆在建最大光伏项目。阿塞拜 疆 23 年可再生能源发电量占比为 20.3%，计划到 2030 年提高至 30%；此外， 基于对能源安全保障和经济转型的考量，目前众多油气资源大国开始加力推进新 能源建设，海外能源工程需求旺盛，公司未来有望凭借强大的能源工程建设能力 持续获得海外能源订单。国内能源市场方面，2 月 9 日国家发改委与能源局联合 印发《关于深化新能源上网电价市场化改革促进新能源高质量发展的通知》(以 下简称"136 号文")，电价政策新老划断下掀起抢 ...

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863.HK) [1] Core Insights - Leapmotor's Q4 2024 performance turned profitable with a net profit of 0.8 million yuan, a significant improvement from a loss of 9.5 billion yuan in Q4 2023 [7] - The company achieved a total revenue of 13.455 billion yuan in Q4 2024, reflecting a year-on-year increase of 154.9% [7] - The sales volume in Q4 reached 121,000 units, marking a year-on-year growth of 118.4% [7] - The gross margin for Q4 was reported at 13.3%, exceeding expectations due to scale effects and cost management [7] - Leapmotor's B10 model received over 31,688 orders within 48 hours of its launch, indicating strong market demand [7] - The company plans to expand its overseas channels to over 550 by 2025, having already established 400 sales and service points [7] Financial Projections - Total revenue is projected to grow from 32.164 billion yuan in 2024 to 101.817 billion yuan by 2027, with a compound annual growth rate (CAGR) of 49.03% [1] - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 204.24 million yuan, and further increasing to 3.630 billion yuan by 2027 [1] - The earnings per share (EPS) is forecasted to improve from -2.11 yuan in 2024 to 2.72 yuan in 2027 [1]

Investment Rating - The investment rating for the company is "Buy" [9] Core Insights - The report highlights that the current bull market is characterized by a shift in investor habits, with a greater reliance on professional investment advisory content and multimedia channels for information. This change drives industry suppliers to enhance their content professionalism and outreach channels to adapt to new market demands. The company has a clear first-mover advantage in building internet channels and has demonstrated strong Alpha attributes in this bull market due to its comprehensive business model built around an account matrix [2][4][14]. Summary by Sections Company Overview - The company, formerly known as Jiufang Wealth, was established in 1996 and is a leading provider of online high-end investment education services in China. It was one of the first companies to obtain a securities investment advisory license from the China Securities Regulatory Commission in 1998. The company utilizes multimedia to provide financial information and content to individual investors, operating a business model that combines MCN account traffic generation with private domain traffic retention [5][36]. Market Dynamics - The report notes significant changes in the capital market this year, including a substantial increase in the proportion of trading volume attributed to ETFs and the entry of a new group of investors, necessitating a more targeted approach from third-party advisory firms. The new investor group shows a marked increase in dependence on professional investment advisors and internet channels for financial information [4][21][23]. Competitive Advantages - The company possesses several key advantages: 1. A rare investment advisory license that provides compliance advantages 2. A well-structured organization that ensures stable content output 3. A robust cost structure that enhances operational leverage. These advantages enable the company to translate its high-quality operations directly into earnings per share (EPS) [6][7][14]. Business Model - The company's business model is divided into two systems: a traffic system and a product system. The traffic system includes both public and private domains, utilizing an MCN account matrix to attract users through differentiated content on platforms like Douyin and WeChat. The primary services offered include investment advisory services, with recent product launches aimed at enhancing user engagement and retention [40][42]. Financial Performance - The company's revenue is closely tied to trading volume, with order income and cost expenses providing a clearer reflection of current operational conditions. The report indicates that the company's revenue and order income exhibit a semi-annual lag due to the typical six-month service period of its products [42][46]. The revenue structure is balanced between high-end investment education services and financial information software services, each contributing approximately 50% to total revenue [49]. Cost Structure - The company maintains a high gross margin, with a net margin impacted by accounting adjustments and investment volatility. The report details that in the first half of 2024, the company's gross margin was 80.0%, while the net margin was -19.4%. Sales expenses constitute the largest portion of total costs, with a significant focus on employee costs [56][62]. Future Outlook - The report expresses optimism regarding the company's ability to leverage its first-mover advantage in the short video era and its strong research team to provide high-quality content products, thereby capturing market opportunities and increasing market share [34][36].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The dairy farming industry is cyclical, with supply being the main factor affecting cycles. The domestic supply of raw milk is approximately 87%, while imports account for about 13%. The report anticipates a stabilization and potential rebound in raw milk prices by 2025 due to industry capacity reduction [5][6][16]. - The company, YouRan Dairy, is the largest raw milk supplier globally and has a comprehensive business model covering the entire dairy industry chain. The report highlights that the company is expected to see significant improvements in apparent profits as raw milk prices rise [7][27][36]. - The financial forecasts predict revenue growth from 210.12 billion to 242.81 billion CNY from 2024 to 2026, with a substantial increase in net profit from -0.05 billion to 23.69 billion CNY during the same period [8][44]. Summary by Sections Company Overview - YouRan Dairy's latest closing price is 2.60 HKD, with a total market capitalization of 101.21 billion HKD. The company has a total share capital of 3.893 billion shares and an asset-liability ratio of 68.71% [4]. Industry Analysis - The report indicates that the dairy industry is experiencing a phase of capacity reduction, which is expected to lead to a stabilization of raw milk prices in 2025. The average price of raw milk has been below production costs, prompting a decrease in the national dairy cow population by 2.1% year-on-year [6][19][23]. Financial Performance - The company has shown strong cash flow performance, with operating cash flows increasing from 22.66 billion CNY in 2021 to 43.9 billion CNY in 2023. Despite apparent profit losses due to declining raw milk prices, the company's financial health remains robust [37][36]. - The report forecasts significant revenue growth, with expected revenues of 210.12 billion, 224.83 billion, and 242.81 billion CNY for 2024, 2025, and 2026, respectively. The net profit is projected to improve dramatically from -0.05 billion CNY in 2024 to 23.69 billion CNY in 2026 [8][44]. Market Position - YouRan Dairy is positioned as a leader in the dairy industry, with a comprehensive supply chain that includes breeding, feed, and dairy farming. The company has a strong partnership with Yili, which is both its largest shareholder and customer, accounting for 94.28% of its raw milk sales [31][30].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.6 HKD [1][7]. Core Insights - The company reported a revenue growth of 19.6% year-on-year, reaching 10.07 billion RMB, and a net profit growth of 19.5%, amounting to 1.15 billion RMB, which exceeded market expectations [2][3]. - The company is actively exploring new channels, with a focus on e-commerce and the launch of new store formats, including the first "super product" store, which aims to enhance customer experience [2][3]. - The gross margin improved to 41.5%, with a slight increase in the gross margins for major footwear and apparel segments, while children's apparel margins experienced a slight decline [3][5]. Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are projected at 11.29 billion RMB, 1.25 billion RMB, and 0.60, 0.69, and 0.76 RMB EPS respectively [2][5]. - The company plans to increase its dividend payout ratio to 45%, reflecting its commitment to shareholder returns [2][3]. - The company has expanded its store network, with a total of 5,750 and 2,548 sales points for adult and children's apparel respectively, and aims to open 100 "super product" stores by the end of 2025 [2][3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The dairy farming industry is cyclical, with supply being the main factor affecting cycles. The domestic supply of raw milk is approximately 87%, while imports account for about 13%. The report anticipates a stabilization and potential increase in raw milk prices by 2025 due to industry capacity reduction [5][6][16]. - The company, YouRan Dairy, is the largest raw milk supplier globally and has a comprehensive business model covering the entire dairy industry chain. The report highlights that the company is expected to see significant improvements in apparent profits as raw milk prices rise [7][27]. Summary by Sections Company Overview - YouRan Dairy's latest closing price is HKD 2.60, with a total market capitalization of HKD 101.21 billion. The company has a total share capital of 3.893 billion shares and an asset-liability ratio of 68.71% [4]. Industry Analysis - The report notes that the dairy industry is experiencing a reduction in capacity, with a 2.1% year-on-year decline in the national dairy cow inventory from January to October 2023. This reduction is expected to lead to a supply gap in 2026-2027 [6][23]. - The average price of raw milk fell below the cost of production, leading to significant losses in the industry. The average price in Q4 2024 is projected to be 3.11 CNY/kg, while the average cost of production is 3.3 CNY/kg [6][19]. Financial Projections - Revenue forecasts for YouRan Dairy are as follows: 2024 expected revenue of CNY 210.12 billion, 2025 at CNY 224.83 billion, and 2026 at CNY 242.81 billion, representing growth rates of 12.40%, 7.00%, and 8.00% respectively. The net profit attributable to the parent company is projected to improve significantly from a loss of CNY 0.05 billion in 2024 to a profit of CNY 23.69 billion in 2026 [8][44]. - The report anticipates that the company's EBITDA will increase from CNY 7.69 billion in 2024 to CNY 45.40 billion in 2026, indicating a strong recovery in profitability as raw milk prices rise [8][44]. Market Position - YouRan Dairy's largest shareholder is Yili, which also accounts for 94.28% of the company's raw milk sales. This close relationship is expected to enhance operational synergies [31][30]. - The company has a diversified product matrix, including various types of specialty fresh milk products, which positions it well in the market [27]. Cash Flow Analysis - The company's operating cash flow has shown consistent growth, reaching CNY 33.43 billion in the first half of 2024, significantly higher than its reported profits, indicating strong operational health [37][39].