Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to significantly enhance its profitability in 2024 driven by its professional sports segment, with a retail transformation for its main brand commencing in 2025 [5][6] - The company plans to recover 400-500 distribution rights for its stores, focusing on direct-to-consumer (DTC) strategies to optimize retail channel structure and improve operational efficiency [6][8] Financial Data and Forecasts - Revenue is projected to grow from 13,577 million HKD in 2024 to 17,005 million HKD by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.86% [6][9] - Net profit is expected to increase from 1,238 million HKD in 2024 to 1,607 million HKD in 2027, with a net profit margin improvement from 9.1% to 9.5% over the same period [6][9] - The company’s gross margin is forecasted to rise from 43.2% in 2024 to 44.7% in 2027, indicating improved cost management and pricing power [6][9] Market Performance - The company's stock closed at 5.27 HKD on March 24, 2025, with a market capitalization of 14,622 million HKD [2][5] - The stock has experienced a price fluctuation range between 3.70 HKD and 7.13 HKD over the past year [2] Strategic Developments - The company has completed a strategic divestment of its fashion sports business, allowing it to focus on running and optimizing operations in the professional sports segment [6][8] - The company is expanding its product offerings and enhancing its brand strategy, particularly in high-end urban areas, with plans for new flagship and concept stores [6][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][13]. Core Views - The core local business segment's profit exceeded expectations, and Keeta is building a second growth curve [6][13]. - In Q4 2024, the company reported revenue of 88.5 billion yuan, a year-on-year increase of 20.1%, and adjusted EBITDA of 11.5 billion yuan, a year-on-year increase of 207.7% [6][10]. - As of December 31, 2024, the company had cash and cash equivalents of 70.8 billion yuan [6][12]. Summary by Sections Business Overview - The company is expanding its multi-category supply and increasing support for merchants in its takeaway and instant retail businesses. New models like "Pin Hao Fan" and "Brand Satellite Stores" are being introduced to help merchants increase sales and attract new customers [7]. - The company launched a 1 billion yuan "Merchant Support Plan" in Q4 2024 to optimize merchant efficiency and innovation through cash and subsidies [7]. Performance Metrics - The core local business generated revenue of 65.6 billion yuan, a year-on-year increase of 18.9%, with operating profit of 12.9 billion yuan, up 60.9%, and an operating margin of 19.7% [9]. - New business revenue in Q4 2024 was 22.9 billion yuan, a year-on-year increase of 23.5%, with operating losses narrowing to 2.2 billion yuan, a 55.0% improvement [9]. Financial Data and Forecasts - The company forecasts revenues of 337.6 billion yuan for 2024, 394.2 billion yuan for 2025, and 455.4 billion yuan for 2026, with year-on-year growth rates of 21.99%, 16.76%, and 15.53% respectively [10]. - The net profit for 2024 is projected at 35.8 billion yuan, with a year-on-year growth of 158.43% [10]. - The estimated reasonable market value for 2025 is between 1.09 trillion and 1.27 trillion Hong Kong dollars, translating to a reasonable share price range of 179 to 209 Hong Kong dollars [13][15].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 558 million yuan for 2024, representing a year-on-year growth of 35.5%, with a net profit of 315 million yuan, up 30.1% year-on-year [1]. - The platform's ecosystem is strengthening, with the "Yimaitong" platform surpassing 7 million registered physician users, covering 88% of practicing physicians in the country, and achieving a monthly active user count of 2.65 million, a 10.4% increase year-on-year [2]. - The company has developed an AI-powered medical model that has passed regulatory approval, enhancing content generation efficiency and accuracy, with a significant reduction in operational costs [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 558 million yuan, a 35.5% increase from the previous year, and a net profit of 315 million yuan, reflecting a 30.1% growth [1]. Operational Analysis - The "Yimaitong" platform has 7 million registered physician users and 2.65 million monthly active users, with a 25.3% increase in cooperative medical clients to 228 and a 31.1% increase in cooperative medical products to 506 [2]. - Paid click counts reached 13.3 million, up 37.1% year-on-year, with 867,000 participating physicians, a 12.0% increase [2]. AI Empowerment and Cost Control - The company’s self-developed AI model integrates various technologies, improving content accuracy and efficiency, with a 60% increase in productivity for doctors using AI writing tools [3]. - The sales and management expense ratios were 6.0% and 31.4%, respectively, both showing a decrease compared to the previous year, attributed to stable employee numbers and high revenue growth [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 719 million, 915 million, and 1.163 billion yuan, with expected growth rates of 28.8%, 27.16%, and 27.13% respectively [4]. - Net profit forecasts for the same period are 350 million, 411 million, and 495 million yuan, with growth rates of 11.2%, 17.26%, and 20.55% respectively, corresponding to PE ratios of 25.05, 21.36, and 17.72 [4].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price based on projected earnings and valuation multiples [10][11]. Core Viewpoints - The company is recognized as a leading player in the real estate sector, combining business models, capabilities, resources, and financial advantages to drive growth. It has a strong sales ranking despite market challenges, supported by ample and quality land reserves [4][10]. - The company has released significant impairment pressure, with new land acquisitions expected to yield substantial profits, indicating a high degree of performance solidity and realization probability [4][10]. - As a leader in commercial real estate, the company excels in various dimensions including layout, leasing, operations, scale, rental income, efficiency, and luxury offerings, which not only provide stable cash flow but also enhance dividend and valuation potential [4][10]. Summary by Sections Company Overview - The company is a rare diversified real estate developer in China, under the umbrella of China Resources Group, with a strategic focus on urban investment and development operations. It has established a "3+1" integrated business model and achieved a core net profit of 27.8 billion in 2023, with operational business contributing 34.4% [7][42]. Real Estate Development - The company has a strong reputation for quality and efficiency, with a projected sales revenue of 261.1 billion for 2024, ranking it among the top three in the industry. The land reserves are robust, with over 70% located in first and second-tier cities, ensuring future sales stability [8][20]. - The company has recognized a cumulative inventory impairment of 21 billion from 2020 to 2024, indicating a high level of impairment pressure release compared to peers, which bodes well for future profitability [8][20]. Operating Real Estate - The company is a pioneer in shopping center development in mainland China, with a strong positioning in high-end markets. It has maintained double-digit growth in same-store rental income since 2016, demonstrating robust operational capabilities [9][24]. - The company plans to achieve steady growth in rental income, with a projected EBITDA margin of 55% and potential for a dividend yield of approximately 2.7% based on its operational real estate performance [9][27]. Financial Performance - The company has a solid financial structure, with a net debt ratio of 33.6%, indicating prudent debt management. The projected earnings for 2024-2026 are 26.6 billion, 27.3 billion, and 28.7 billion respectively, with corresponding PE ratios of 6.5, 6.3, and 6.0 [10][36].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 越秀服务（6626）公司年报点评 2025 年 03 月 25 日 [Table_InvestInfo] 股票数据 | 0[3Ta月b2le4_日S收to盘ck价（In港fo元] ） | 2.87 | | --- | --- | | 周股价波动（港元） 52 | 2.48-3.94 | | 总股本（百万股） | 1509 | | 总市值（亿港元） | 43 | | 相关研究 | | [《Ta越b秀le服_R务e（p0o6r6t2In6.fHoK] ）2024 年中期业绩公 告点评：收入净利双增，市场拓展成效显著》 2024.08.25 市场表现 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 1.78 4.63 11.74 | 绝对涨幅（%） | 1.78 | 4.63 | 11.74 | | --- | --- | --- | --- | | 相对涨幅（%） | -5.44 | -3.40 | 1.14 | | 资料来源：海通证券研究所 | | | | 分析师:涂力磊 Tel:021-2318 ...

业绩简评 3 月 24 日公司披露 2024 年年报，归母净利润同比+36.2%，人民币 口径下 NBV 同比+94.2%。 经营分析 整体业绩：净利润、EV 均实现较好增长。1）利润：全年归母净利 润同比+36.2%至 84.3 亿港元，其中 H2 同比+148%；全年寿险、境 内财险、境外财险、再保险业务分别同比+12%、+831%、-5%、+188%， 资产管理业务实现 5.4 亿净利润（上年同期亏损 0.6 亿港元），主 要受益于管理费收入增加与降本增效。寿险增速较低主要为审慎 目的，计提较多的所得税，税前净利润同比+93.7%。2）资产：集 团归母净资产较 23 年末、24H1 末分别-8.3%、-8.0%，主要受利率 下行影响。3）EV：集团归母内含价值同比+12.9%，假设变动使得 EV 折价 23.8%。寿险归母 EV 同比+13.9%，假设变动折价 26.0%。 寿险：同口径下 NBV 同比+90.0%（人民币口径同比+94.2%）；主要 由 NBV Margin 同比+ 16.6pct 至 32.5%驱动，新单保费-2.8%。假 设变动使得 NBV 折价 36.2%。1）个险渠道：NBV ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][13] Core Insights - The company reported a revenue of 850 million RMB for 2024, representing a 49% year-on-year increase, and a net profit of 176 million RMB, which is a 63% increase [1] - The growth in revenue is attributed to an increase in tutoring hours and operational efficiency improvements [1] - The company is expanding its business in Guangzhou and has launched new initiatives such as educational tourism and international courses, aiming for diversified growth [2] Financial Performance - For 2024, the company generated 770 million RMB from non-academic quality courses, a 48% increase, with 350,000 student enrollments, up 46% [1] - The tutoring course revenue reached 86 million RMB, a 65% increase, with 37,000 students enrolled, marking a 62% increase [1] - The adjusted net profit forecast for 2025-2027 is 236 million RMB, 321 million RMB, and 433 million RMB respectively [3] Future Outlook - The company plans to leverage its brand influence and management experience to explore new opportunities and expand its revenue base [2] - It aims to maintain a strong cash flow and improve service quality through technology and AI [2]

Investment Rating - The investment rating for the company is "Outperform" [2] Core Insights - The company reported a revenue of 14.8 billion yuan for 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 624 million yuan, which is a 29.7% increase year-on-year [6][10] - The company added 965 new workshop stores in 2024, with over 90% of the stores being profitable for more than six months [6][10] - The gross margin for 2024 was 25.4%, an increase of 0.7 percentage points, driven by upstream bargaining power and product structure optimization [10] Financial Analysis - In 2024, the company achieved a total revenue of 14.8 billion yuan, with automotive products and services contributing 13.8 billion yuan, a 9.1% increase year-on-year [8] - The revenue from advertising, franchising, and other services was 960 million yuan, showing a slight growth of 0.3% [8] - The company expects revenues for 2025 to reach approximately 16.4 billion yuan, with adjusted net profits projected at 760 million yuan [10][13] Market Performance - The company's stock closed at 18.16 HKD on March 24, with a 52-week price range of 13.84 to 29 HKD [2] - The company has shown a relative performance against the Hang Seng Index, with a 1-month absolute increase of 8.1% and a relative increase of 6.3% [4] Future Outlook - The company aims to maintain its pricing power while improving gross margins through scale advantages in 2025 [6][10] - The penetration rate of the fast repair business among users exceeded 10% in 2024, with certain product categories experiencing over 50% growth [7][10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [7]. Core Views - The company's performance in 2024 exceeded expectations, with total revenue reaching 11.55 billion RMB, a year-on-year increase of 35.7%, and net profit of 1.45 billion RMB, up 111.35% [1][2]. - The increase in performance is attributed to both volume and price growth, with gold production rising to 26.45 tons, a 7.15% increase, and an average gold price of 2,382 USD/ounce, up 22.6% [2]. - The company is set to benefit from the upcoming production of the Haiyu gold mine, which is expected to contribute significantly to future earnings [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 3.71 billion RMB, a 63.4% year-on-year increase, and net profit of 570 million RMB, up 77.6% [1][2]. - The gross margin for 2024 was 39.15%, a slight decline of 0.86 percentage points, while the net margin increased significantly by 6.18 percentage points to 16.03% [2]. Production and Pricing - The company produced 18.34 tons of mined gold and 8.1 tons of refined gold in 2024, with respective year-on-year increases of 4.34% and 14.1% [2]. - The average gold price in Q4 2024 was 2,660 USD/ounce, reflecting a 34.6% year-on-year increase [2]. Future Prospects - The Haiyu gold mine, in which the company holds a 70% stake, is progressing well and is expected to start production in 2025, with an anticipated annual output of 15-20 tons of gold [3]. - The company has partnered with Zijin Mining to expand its overseas operations, acquiring a 20% stake in Zhongrun Resources, which holds significant gold resources in Fiji and Malawi [4]. Earnings Forecast - The company forecasts net profits of 3.35 billion RMB, 3.77 billion RMB, and 4.72 billion RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14, 12, and 10 [4][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Insights - The company has achieved significant sales growth, with total sales of oncology products reaching $501 million in 2024, representing a 134% increase. The primary driver of this growth is the overseas sales of furmonertinib, which contributed $291 million in its first full year of sales outside China [8][2][1] - The company has maintained profitability for two consecutive years, with a net income of $38 million in 2024, primarily driven by product sales. Cash reserves are robust, amounting to approximately $836 million by the end of 2024 [12][2][1] - The company is expanding its market presence, with furmonertinib receiving approvals in the EU and Japan, and ongoing clinical trials for other products showing promising results [2][16][1] Financial Projections - The company's revenue is projected to increase from $630 million in 2024 to $956 million by 2027, with a notable expected net profit of $347 million in 2025, reflecting an 818% year-on-year growth [4][17][1] - Research and development expenses have decreased by 30% to $212 million in 2024, indicating improved cost management and operational efficiency [12][2][1] - The company anticipates a comprehensive revenue guidance for its oncology immunotherapy business of $350-450 million for 2025 [8][1]