Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [20]. Core Insights - The company achieved a revenue of $269 million in 2024, representing a year-on-year growth of 28.2%, and a net profit of $12 million, which is a 60.9% increase [2][4]. - The number of cases handled reached 359,400, marking a significant increase of 46.7% [2][4]. - The international expansion strategy is proving effective, with overseas case numbers soaring by 326.4% to 140,700, accounting for 39.1% of total cases [4][5]. - The overseas revenue reached $8.1 million, a remarkable increase of 290.4%, contributing to 30% of total revenue [4][5]. Financial Performance - The overall gross margin for 2024 was 62.6%, with a net profit margin of 3.7%, both showing slight improvements year-on-year [6]. - The adjusted net profit margin was 10.0%, reflecting a decrease of 2.1 percentage points [6]. - The company’s domestic business maintained a steady growth, with domestic case numbers increasing by 3.2% to 218,700, while domestic revenue slightly declined by 0.4% to $188 million [5][6]. Future Projections - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of 2.35 billion, 2.72 billion, and 3.22 billion RMB respectively [6]. - The projected net profits for the same period are 151 million, 282 million, and 385 million RMB, with corresponding P/E ratios of 63, 34, and 25 [6][7].

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 2.51 billion RMB for 2024, a decrease of 2.8% year-on-year, and a net profit of 181 million RMB, down 12.6% year-on-year [1]. - Direct sales strategy has improved profitability, with direct sales accounting for 87% of total sales in 2024, an increase of 9 percentage points year-on-year [2]. - The company has received EU medical device certification, enhancing its brand advantage and allowing the launch of three core products in new markets [3]. - The product range is expanding to include various beauty and health applications, with new products launched in multiple regions [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.51 billion RMB, a decline of 2.8% compared to the previous year, and a net profit of 181 million RMB, down 12.6% [1]. Sales Strategy - The direct sales strategy has been effective, with 87% of sales coming from direct channels, reflecting a 9 percentage point increase from the previous year. Revenue from the Asia-Pacific, Europe, Middle East, and Africa regions grew by 6.0%, 0.7%, and 27.1% respectively, while North America saw a decline of 12.4% due to high financing costs [2]. Product Development - The company has focused on energy source technology for medical aesthetics, achieving EU medical device certification for several products. Three new core products were launched in 2024, receiving high market recognition [3]. Product Range Expansion - The company is diversifying its product offerings, including a new generation of hyaluronic acid complex and exclusive distribution rights for various injection fillers. The expansion includes markets in the UK, Germany, Australia, and New Zealand [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company is experiencing rapid revenue growth, with a projected revenue of 2.24 billion HKD for 2024, representing a year-on-year increase of 155.6%. The adjusted profit is expected to be 585 million HKD, showing a significant increase of 702.1% year-on-year [6] - The company is diversifying its product offerings and IP matrix, reducing reliance on core IPs while expanding its market share through effective channel strategies [7][6] - The company is expected to continue its high growth trajectory in revenue and profit due to its expansion in domestic offline channels and overseas markets [6] Revenue Breakdown - In 2024, the company's revenue from character building toys reached 2.20 billion HKD, a growth of 186.2%, while revenue from building blocks decreased by 62.9% [7] - The revenue from the company's key IPs in 2024 includes 1.10 billion HKD from Ultraman, 450 million HKD from Transformers, 310 million HKD from Heroes Infinite, and 170 million HKD from Kamen Rider, with Ultraman's revenue share decreasing to 48.9% [7] - The company's offline sales revenue was 2.08 billion HKD, up 171.1%, with overseas revenue reaching 60 million HKD, a significant increase of 518.2% [7] Profitability - The company's gross margin for 2024 is 52.6%, an increase of 5.3 percentage points, driven by the rapid growth in character building toy sales [8] - The company's expense ratios for sales, management, R&D, and financial expenses were 12.6%, 20.8%, 8.6%, and 7.6% respectively, with management expenses increasing significantly due to stock incentive costs [8] Financial Summary and Valuation Metrics - The projected financial metrics for the company from 2023 to 2027 include: - Revenue: 877 million HKD (2023), 2.24 billion HKD (2024), 3.98 billion HKD (2025), 5.64 billion HKD (2026), 7.15 billion HKD (2027) - Net Profit: -206 million HKD (2023), -401 million HKD (2024), 1.03 billion HKD (2025), 1.52 billion HKD (2026), 1.99 billion HKD (2027) - EPS: -0.8 HKD (2023), -1.6 HKD (2024), 4.1 HKD (2025), 6.1 HKD (2026), 8.0 HKD (2027) [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company has shown significant growth in user numbers and market share, with a registered user base of nearly 140 million by the end of 2024, and a substantial increase in monthly active users and annual transaction users [5][7]. - The company reported a revenue of 14.76 billion RMB for 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 620 million RMB, up 29.7% year-on-year [5][8]. - The company continues to expand its store network, with a total of 6,874 service centers by the end of 2024, adding 965 new stores during the year [7][8]. - The management has demonstrated confidence in the company's future by repurchasing shares, acquiring 23,571,300 shares, which is 2.9% of the total issued share capital as of March 20, 2025 [7][8]. - The company is expected to maintain a positive growth trajectory, with projected revenues of 15.96 billion RMB, 17.62 billion RMB, and 19.32 billion RMB for 2025, 2026, and 2027 respectively, reflecting growth rates of 8.14%, 10.41%, and 9.63% [8][9]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 14.76 billion RMB and an adjusted net profit of 620 million RMB, with a gross margin of 25.4% [5][9]. - The projected financials for 2025E-2027E include revenues of 15.96 billion RMB, 17.62 billion RMB, and 19.32 billion RMB, with adjusted net profits of 765 million RMB, 1.075 billion RMB, and 1.35 billion RMB respectively [8][9]. User Growth and Market Position - The company has established itself as the leader in the Chinese automotive service market, with a registered user base of nearly 140 million and significant growth in active users [7][8]. - The company has effectively utilized platforms like Douyin to enhance user engagement, resulting in over 100% growth in new users for tire maintenance services [7]. Store Expansion and Marketing Investment - The company has expanded its store network to 6,874 locations, with a significant investment of nearly 100 million RMB in supporting both new and existing stores [7][8]. - Marketing expenses for online and offline promotions totaled 1.04 billion RMB in 2024, an increase of 250 million RMB from the previous year [7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 16.994 billion yuan for 2024, representing a year-on-year growth of 22.8%, and an adjusted net profit of 2.72 billion yuan, up 15.4% year-on-year [2] - Domestic same-store sales faced pressure in the second half of the year, leading to a slowdown in revenue growth, while overseas business maintained high growth [3] - The company opened a net total of 1,219 new stores in 2024, implementing a channel upgrade strategy [4] - The gross margin increased for eight consecutive quarters, reaching 44.94%, while the expense ratio rose due to the expansion of direct-operated stores [5] - The company returned 1.5745 billion yuan to shareholders in 2024, including cash dividends and share buybacks, indicating a commitment to enhancing shareholder returns [6] Summary by Sections Financial Performance - The company achieved a total revenue of 16.994 billion yuan in 2024, with a year-on-year growth of 22.8% [2] - The adjusted net profit for 2024 was 2.72 billion yuan, reflecting a 15.4% increase compared to the previous year [2] - Revenue growth was driven by overseas MINISO and TOP TOY, which grew by 41.9% and 44.7% respectively, while domestic MINISO saw a growth of 10.9% [3] Store Expansion - The total number of stores reached 7,504 by the end of 2024, with 4,386 in mainland China and 3,118 overseas [4] - The company added 1,219 new stores in 2024, with significant contributions from both domestic and overseas markets [4] Profitability and Margins - The gross margin improved to 44.94%, up 3.7 percentage points year-on-year, attributed to higher revenue from high-margin IP products and an increase in overseas business [5] - The sales and distribution expense ratio increased to 21%, reflecting a 5 percentage point rise due to the expansion of direct-operated stores [5] Shareholder Returns - The company returned a total of 1.5745 billion yuan to shareholders in 2024, which included cash dividends of 1.2443 billion yuan and share buybacks of 330.2 million yuan [6] - The year-end dividend payout amounted to 740 million yuan, approximately 50% of the adjusted net profit for the second half of 2024 [6] Future Earnings Forecast - The company expects revenues of 21.1 billion yuan, 24.9 billion yuan, and 28.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24%, 18%, and 14% [7] - The forecasted net profit for 2025, 2026, and 2027 is 2.94 billion yuan, 3.72 billion yuan, and 4.50 billion yuan respectively, with corresponding year-on-year growth rates of 12%, 26%, and 21% [7]

证券研究报告·海外公司点评·软件服务(HS) 腾讯控股（00700.HK） 2024Q4 业绩点评：AI 赋能，营收利润皆超 预期 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 609015 | 660257 | 716550 | 782730 | 854621 | | 同比(%) | (10.66) | 8.41 | 8.53 | 9.24 | 9.18 | | 归母净利润（百万元） | 115216 | 194073 | 210262 | 234571 | 266681 | | 同比(%) | (38.79) | 68.44 | 8.34 | 11.56 | 13.69 | | Non-IFRS 净利润 | 157,688.05 | 222,703.00 | 244,100.00 | 269,300.00 | 298,384.40 | | 同比(%) | 36.35 | 41.23 | ...

Investment Rating - The report upgrades the investment rating to "Buy" with a target price not specified [5] Core Viewpoints - The company reported a revenue of 2.51 billion RMB for 2024, a decrease of 2.8% year-on-year, and a net profit of 181 million RMB, down 12.6% year-on-year [1] - Direct sales accounted for 87% of total sales in 2024, an increase of 9 percentage points year-on-year, with revenue growth in the Asia-Pacific, Europe, Middle East, and Africa regions [2] - The company has received EU medical device certification, marking a significant step towards full product line certification, and has launched three core products in new markets [3] - The company is expanding its product range in the injection filling business, including new products and exclusive distribution agreements [4] - Revenue projections for 2025-2027 are 3.03 billion, 3.56 billion, and 3.81 billion RMB respectively, with net profits of 285 million, 345 million, and 391 million RMB [5] Summary by Sections Financial Performance - 2024 revenue was 2.51 billion RMB, down 2.8% year-on-year; net profit was 181 million RMB, down 12.6% year-on-year [1] Sales Strategy - Direct sales strategy led to an 87% sales contribution in 2024, with regional revenue growth in Asia-Pacific (6.0%), Europe (0.7%), and the Middle East and Africa (27.1%), while North America saw a decline of 12.4% [2] Product Development - The company achieved EU medical device certification and launched three innovative products, including Alma Harmony™, Soprano Titanium™, and Alma IQ™, which received high market recognition [3] Market Expansion - The company is actively expanding its injection filling product line, including the launch of Profhilo® in China and Thailand, and exclusive distribution rights for Revanesse® in key markets [4] Future Projections - Expected revenues for 2025-2027 are 3.03 billion, 3.56 billion, and 3.81 billion RMB, with net profits projected at 285 million, 345 million, and 391 million RMB [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock price over the next six months [6]. Core Insights - The company reported a revenue of HKD 1.913 billion for 2024, a slight decrease of 0.56% year-on-year, with a net loss attributable to shareholders of HKD 135 million, compared to a profit in the previous year [1][2]. - The gross margin decreased to 27.58%, down 4.59 percentage points year-on-year, primarily due to price reductions in ophthalmic surgeries and an increase in low-margin dental services [2]. - The company is focusing on expanding its dental business, which saw a revenue increase of 18.50% to HKD 507 million, driven by the mainland's healthcare policies [3][4]. - The company is undergoing a restructuring phase in 2024, with plans to close underperforming facilities while expanding its presence in the Greater Bay Area [4]. Financial Summary - The company expects revenues to grow to HKD 2.179 billion in 2025, with a projected net profit of HKD 75 million, reflecting a significant recovery from the current year's losses [5][10]. - The projected PE ratios for 2025, 2026, and 2027 are 26X, 21X, and 18X respectively, indicating a gradual improvement in profitability [4][10]. - The report highlights a projected gross margin recovery to 30.9% by 2025, suggesting improved operational efficiency [10].

Investment Rating - The report gives a "Buy" rating for the company, Mijue Group (2097.HK) [1] Core Insights - Mijue Group has established itself as a leading player in the tea beverage industry in China, with over 45,000 stores across 11 countries as of Q3 2024, achieving a revenue of 18.66 billion yuan [2][11] - The ready-to-drink beverage market is experiencing rapid growth, with China's market expected to grow from 517.5 billion yuan in 2023 to 1,163.4 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 11.59% [2][37] - The company benefits from a strong supply chain and economies of scale, with a low entry barrier for franchisees and a robust support system for franchisees, leading to rapid store expansion [2][20] Summary by Sections Company Overview - Founded in 1997, Mijue Group has evolved from a street vendor to a global beverage giant, with significant milestones including the establishment of a central factory and a logistics system [4][20] - The company operates two main brands: Mijue Ice City for tea beverages and Lucky Coffee for coffee, with a focus on affordable pricing [20][18] Financial Performance - The company reported revenues of 10.35 billion yuan, 13.58 billion yuan, and 20.3 billion yuan for the years 2021, 2022, and 2023 respectively, with a continuous growth rate exceeding 20% [11] - For the forecasted years 2024 to 2026, revenues are expected to reach 24.82 billion yuan, 30.16 billion yuan, and 33.91 billion yuan, with corresponding net profits of 4.58 billion yuan, 5.63 billion yuan, and 6.40 billion yuan [2] Market Dynamics - The global ready-to-drink beverage market is projected to grow significantly, with the share of ready-to-drink beverages increasing due to their freshness and health benefits compared to bottled drinks [33][34] - The Chinese market, particularly in lower-tier cities, presents substantial growth opportunities, with a projected CAGR of 22.18% for affordable ready-to-drink beverages from 2023 to 2028 [37][40] Competitive Advantages - Mijue Group has established a comprehensive supply chain that includes procurement, production, logistics, and warehousing, which helps stabilize raw material prices and reduce costs [55][63] - The company employs a low-cost franchise model, allowing for rapid expansion and strong profitability for franchisees, with a focus on high-density locations in lower-tier cities [44][51]

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 03 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.00 | | | 一年内最高/最低（港 | | | | 4.27/2.81 | | | 元） | | | | | | | 总市值（百万港元） | | | | 37,110.45 | | | 流通市值（百万港元） | | | | 37,110.45 | | | 资产负债率（%） | | | | 68.42 | | | 资料来源：聚源数据 | | | | | | 中国电力(02380.HK) 投资评级 ...