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中国海外发展(00688):售稳健,资源优质
国信证券· 2025-04-07 05:42
证券研究报告 | 2025年04月07日 中国海外发展(00688.HK) 优于大市 销售稳健,资源优质 归母净利润下降 39%。2024 年公司实现营业收入 1852 亿元,同比下降 9%; 归母净利润 156 亿元,同比下降 39%;剔除汇兑损益和物业重估价值等后的 核心净利润 157 亿元,同比下降 34%。公司归母净利润下滑的原因主要为结 转规模及结转毛利率的下降,和投资物业公允价值变动收益下降。公司宣布 派发末期股息每股港币 30 港仙,全年派息占归母净利润 38%。 销售逆势微增,聚焦核心城市。2024 年公司实现销售金额 3107 亿元,同比 逆势微增,全年权益销售额排名行业第一;实现销售面积 1149 万平方米, 同比下降 14%。公司销售表现持续跑赢行业,其中一线城市市场份额持续领 先,全年在北京、上海、深圳市占率均位于第一。公司聚焦核心,投资规模 行业第一,2024 年新增土地投资 22 宗,总购地金额 806 亿元,其中一线城 市占比 77%。公司土储结构优质,持续发展动能充足,截至 2024 年末土地储 备总建筑面积 2877 万平米,权益面积 2543 万平米,其中一线和强二线城市 ...
滨海投资:接驳压力释放,业绩有望企稳回升-20250407
国证国际证券· 2025-04-07 05:23
Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.36 [7]. Core Views - The company's performance in 2024 was under pressure, primarily due to a warm winter and connection business impacts, but is expected to stabilize and recover in 2025 as these pressures ease [1][4]. - The company continues to prioritize shareholder returns through dividends, with a current dividend yield of 7% [3][4]. Revenue and Profitability - In 2024, the company reported revenue of HKD 6.198 billion, a decrease of 3% year-on-year, and a gross profit of HKD 569 million, down 24% [1][5]. - The net profit for 2024 was HKD 209 million, reflecting a 22% decline compared to the previous year [1][5]. - The company expects revenue growth in the coming years, projecting revenues of HKD 6.509 billion, HKD 6.878 billion, and HKD 7.268 billion for 2025, 2026, and 2027 respectively, with growth rates of 5% for 2025 and 5.7% for the following years [4][5]. Gas Sales and Margins - The total gas sales volume for 2024 was 2.515 billion cubic meters, representing a year-on-year increase of 13%, with pipeline gas sales at 1.714 billion cubic meters, up 6.5% [2]. - The company anticipates total gas sales of 2.7 billion cubic meters in 2025, a 9% increase year-on-year, with pipeline gas sales expected to reach approximately 1.9 billion cubic meters [2]. - The gross margin for 2024 was HKD 0.41 per cubic meter, down from the previous year, but is expected to recover to HKD 0.52 per cubic meter in 2025 [2][4]. Connection and Value-Added Services - The company added 70,000 new connections in 2024, impacted by a downturn in the real estate market, but expects the number of new connections to stabilize in 2025 [3]. - The value-added services segment achieved a gross profit of HKD 54.7 million in 2024, a 9.6% increase year-on-year, with a compound annual growth rate of approximately 42% over the past four years [3]. Debt and Shareholder Returns - The company reduced interest-bearing debt by HKD 570 million in 2024, optimizing its debt structure [3]. - The company plans to increase dividends by no less than 10% annually from 2025 to 2027, based on a dividend per share of HKD 0.076 [3].
快手-W:快手4Q24点评:业绩符合预期,可灵测算带来中长期空间-20250407
东方证券· 2025-04-07 03:23
快手-W 01024.HK 公司研究 | 季报点评 快手 4Q24 点评:业绩符合预期,可灵测 算带来中长期空间 核心观点 | | 买入(维持) | | --- | --- | | 股价(2025年04月03日) | 56.2 港元 | | 目标价格 | 78.08 港元 | | 52 周最高价/最低价 | 68.9/37.55 港元 | | 总股本/流通 H 股(万股) | 430,829/356,967 | | H 股市值(百万港币) | 242,126 | | 国家/地区 | 中国 | | 行业 | 传媒 | | 报告发布日期 | 2025 年 04 月 07 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -0.71 | 10.74 | 37.75 | 14.23 | | 相对表现% | 2.38 | 11.42 | 22.11 | -22.39 | | 恒生指数% | -3.09 | -0.68 | 15.64 | 36.62 | 执业证书编号:S0860525030001 | | | | 项雯倩 ...
快手-W(01024):业绩符合预期,可灵测算带来中长期空间
东方证券· 2025-04-07 03:08
| 项雯倩 | 021-63325888*6128 | | --- | --- | | | xiangwenqian@orientsec.com.cn | | | 执业证书编号:S0860517020003 | | | 香港证监会牌照:BQP120 | | 李雨琪 | 021-63325888-3023 | | | liyuqi@orientsec.com.cn | | | 执业证书编号:S0860520050001 | | | 香港证监会牌照:BQP135 | | 金沐阳 | jinmuyang@orientsec.com.cn | 执业证书编号:S0860525030001 快手-W 01024.HK 公司研究 | 季报点评 快手 4Q24 点评:业绩符合预期,可灵测 算带来中长期空间 核心观点 | | 买入(维持) | | --- | --- | | 股价(2025年04月03日) | 56.2 港元 | | 目标价格 | 78.08 港元 | | 52 周最高价/最低价 | 68.9/37.55 港元 | | 总股本/流通 H 股(万股) | 430,829/356,967 | | H 股市值(百万港 ...
安能物流:量利高增,货重结构与效率持续优化-20250407
海通国际· 2025-04-07 01:40
[Table_Title] 研究报告 Research Report 6 Apr 2025 安能物流(开曼) ANE (Cayman) (9956 HK) 量利高增,货重结构与效率持续优化 High Growth in Volume and Profit, with Optimization of Cargo Structure and Efficiency 骆雅丽 Yali Luo 虞楠 Nan Yu yl.luo@htisec.com nan.yu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 安能物流发布 2024 年年报:2024 年,公司实现营业收入 115.76 亿元(人民币,下同),同比+16.7%,实现归母净 利润 7.50 亿元,同比+91.1%,实现经调整净利润 8.37 亿元,同比+64.2%。业绩符合预期。 点评 收入端:货重结构持续优化,增值服务需求增加。2024 年,公司货运总量增加至 14.1 百万吨,同比增长 ...
安能物流(09956):量利高增,货重结构与效率持续优化
海通国际证券· 2025-04-06 23:30
Investment Rating - The report assigns an "Outperform" rating to ANE Logistics, indicating an expected total return exceeding 10% relative to the benchmark index over the next 12-18 months [17]. Core Insights - ANE Logistics reported a revenue of RMB 11.58 billion for FY2024, representing a year-on-year increase of 16.7%, and a net profit of RMB 750 million, which is a significant increase of 91.1% year-on-year [2][7]. - The total cargo volume increased to 14.1 million tons, up 17.5% year-on-year, while the total number of shipments rose to 169 million, reflecting a growth of 31.1% year-on-year. This growth is attributed to the optimization of cargo structure, particularly in the small-parcel segment, which has higher margins and demand for value-added services [3][8]. - Cost reductions were achieved in trunk line transportation and distribution, with unit costs for trunk line transportation and distribution decreasing by 5.0% and 16.5% respectively. The overall unit cost was RMB 688 per ton, a decrease of 4.2% year-on-year, while unit gross profit increased by 22.5% to RMB 130 per ton [4][9]. Revenue Summary - The company experienced a significant increase in total cargo volume and shipments, driven by a shift towards lighter cargo weights and higher demand for value-added services. The average weight per shipment decreased from 93 kg to 84 kg, indicating a strategic focus on optimizing cargo structure [3][8]. Cost Summary - The report highlights substantial cost-saving measures, particularly in trunk line transportation and distribution. The company has optimized its distribution network, leading to a notable reduction in operational costs [4][9].
阜丰集团(00546):股东应占年内溢利同比下降26.5%,公司坚持国际化发展战略
海通国际证券· 2025-04-06 23:30
Investment Rating - The report maintains an "Outperform" rating for Fufeng Group [2][10]. Core Views - In 2024, the profit attributable to shareholders decreased by 26.5% year-on-year, with revenues of RMB 27.8 billion, a decline of 0.9% primarily due to reduced revenues from the colloid segment [6][10]. - The company continues to implement its internationalization strategy, establishing two overseas production bases and expanding sales offices in Vietnam, the United States, and the Netherlands [9][10]. - The commissioning of a new monosodium glutamate (MSG) factory led to a significant increase in sales volume, with MSG sales volume rising by 26.8% to approximately 1.64 million tons in 2024 [7][10]. - The average selling price of MSG decreased by about 16.1% to RMB 6,714 per ton, which offset the increase in sales volume, resulting in a slight revenue increase of 6.4% to RMB 10.9966 billion [7][10]. - The animal nutrition segment saw a revenue decrease of 1.8% to RMB 8.7393 billion, but the gross profit margin improved by 6.1 percentage points to 23.2% due to increased production capacity of threonine [8][10]. Financial Summary - The projected net profit attributable to the parent company for 2025-2027 is RMB 2.530 billion (-25%), RMB 2.784 billion (-25%), and RMB 3.132 billion (new) respectively [10]. - The company’s earnings per share (EPS) are expected to be RMB 1.01 in 2025, RMB 1.11 in 2026, and RMB 1.25 in 2027 [5][10]. - The target price is set at HK$7.68, based on a P/E ratio of 7 times for 2025 [2][10].
老铺黄金(06181):港股公司信息更新报告:品牌破圈、渠道升级,高端中式黄金龙头扬帆出海
开源证券· 2025-04-06 14:15
| 日期 | 2025/4/3 | | --- | --- | | 当前股价(港元) | 800.00 | | 一年最高最低(港元) | 881.00/60.950 | | 总市值(亿港元) | 1,346.93 | | 流通市值(亿港元) | 1,081.31 | | 总股本(亿股) | 1.68 | | 流通港股(亿股) | 1.35 | | 近 3 个月换手率(%) | 42.22 | 股价走势图 数据来源:聚源 -400% 0% 400% 800% 1200% 2024-04 2024-08 2024-12 老铺黄金 恒生指数 相关研究报告 《公司发布股权激励计划,海外开店 布局顺利推进—港股公司信息更新报 告》-2025.2.19 纺织服饰/饰品 老铺黄金(06181.HK) 品牌破圈、渠道升级,高端中式黄金龙头扬帆出海 2025 年 04 月 06 日 投资评级:买入(维持) 《高端中式黄金执牛耳者,"高筑墙、 广积粮、缓称王"—港股公司首次覆 盖报告》-2025.1.9 黄泽鹏(分析师) 陈思(联系人) huangzepeng@kysec.cn 证书编号:S0790519110001 chens ...
周黑鸭(01458):2024年业绩点评:稳固根基,变革求新
长江证券· 2025-04-06 12:42
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved revenue of 2.451 billion, a year-on-year decrease of 10.7%, and a net profit attributable to shareholders of 98 million, down 15.0% year-on-year [2][5]. - As of the end of December 2024, the total number of stores reached 3,031, comprising 1,591 self-operated stores and 1,440 franchised stores, covering 303 cities across 28 provinces, autonomous regions, and municipalities in China [2][5]. - The company experienced a significant decline in total sales volume, which decreased by 16.8% year-on-year, with average order consumption down 4.4% [7]. - The company closed 785 stores in 2024, with self-operated stores decreasing by 7.5% and franchised stores by 31.3% [7]. - The gross profit margin improved by approximately 4.4 percentage points to 56.8%, primarily due to a decrease in raw material costs and an increase in the proportion of direct sales [7]. Summary by Sections Financial Performance - Revenue for 2024 was 2.451 billion, a decrease of 10.7% year-on-year, while net profit was 98 million, down 15.0% year-on-year [2][5]. - The average store efficiency for self-operated stores was approximately 840,000, a decline of 9.3% year-on-year [7]. Store Operations - The company closed 785 stores in 2024, with a total of 3,031 stores remaining at the end of the year [5][7]. - The number of self-operated stores decreased by 7.5%, while franchised stores saw a decline of 31.3% [7]. Cost and Profitability - The gross profit margin increased to 56.8%, driven by lower raw material costs and a higher proportion of direct sales [7]. - Selling and distribution expenses accounted for 40.4% of revenue, an increase of 4.6 percentage points year-on-year [7]. Future Outlook - The company forecasts net profits attributable to shareholders of 168 million, 216 million, and 258 million for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 26, 20, and 17 times [7].
泡泡玛特(09992):艺术家IP筑高竞争壁垒,海外扩张赋能长期增长
华源证券· 2025-04-06 12:35
Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [5][44] Core Views - The company is positioned as a leading player in the Chinese trendy toy industry, leveraging its IP toy full industry chain operation capabilities. The expansion of overseas business is expected to unlock new growth potential [10][44] - The company is projected to achieve significant revenue and profit growth, with net profit estimates of 58.99 billion RMB, 83.50 billion RMB, and 110.53 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 88.75%, 41.54%, and 32.38% [8][44] Summary by Sections Market Performance - The closing price of the company is 162.60 HKD, with a market capitalization of approximately 218,362.56 million HKD [3] Financial Forecasts and Valuation - Revenue projections for the company are as follows: 6,301 million RMB in 2023, 13,038 million RMB in 2024, 21,547 million RMB in 2025, 28,747 million RMB in 2026, and 35,864 million RMB in 2027, with corresponding year-on-year growth rates of 36.46%, 106.92%, 65.26%, 33.42%, and 24.76% [6][43] - The company’s net profit is expected to grow from 1,082.34 million RMB in 2023 to 5,899.17 million RMB in 2025, with a year-on-year growth rate of 127.55% in 2023 and 88.75% in 2025 [6][43] Industry Insights - The trendy toy market in China is rapidly growing, with a market size of 626 billion RMB in 2023 and a CAGR of 31.24% from 2019 to 2023. The target demographic primarily consists of individuals aged 15-39 [7][15] - The market concentration is increasing, with the top five companies' market share rising from 22.8% in 2019 to 26.4% in 2021. The company’s market share increased from 8.5% in 2019 to 13.6% in 2021 [21][7] Revenue Drivers - The company’s revenue is significantly driven by its proprietary artist IP, which is projected to generate 111.21 billion RMB in 2024, accounting for 85.30% of total revenue, with a CAGR of 60.12% from 2020 to 2024 [30][8] - The overseas business is emerging as a new growth driver, with revenue from Hong Kong, Macau, and overseas markets expected to reach 50.66 billion RMB in 2024, reflecting a year-on-year growth of 375% [35][8] Cost Management - The company is expected to maintain a sales expense ratio of 26.00%, 25.00%, and 24.00% from 2025 to 2027, while the management expense ratio is projected to decrease to 5.50%, 5.00%, and 4.50% in the same period [39][9]