Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 7.01 [7][8]. Core Views - The company reported a revenue of RMB 852 million for 2024, representing a year-on-year increase of 49.4%, and an adjusted net profit of RMB 176 million, up 62.7% year-on-year. Both revenue and profit align with the performance forecast [1][2]. - The company plans to restart dividend payments in 2024, with an expected gradual increase in the dividend payout ratio over the next three years, targeting approximately 25% in 2024 [1]. - The company is actively seizing opportunities in the Shenzhen market due to improved regional dynamics, continuously expanding its market share [2][3]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of RMB 852 million, a 49.4% increase year-on-year, and an adjusted net profit of RMB 176 million, a 62.7% increase year-on-year. The gross profit and adjusted net profit for 2024 were RMB 333 million and RMB 176 million, respectively, exceeding pre-"double reduction" levels [1][2]. - The company’s quality education revenue reached RMB 767 million, up 47.79% year-on-year, while tutoring course revenue grew 65.22% to RMB 86 million, driven mainly by an increase in class hours [2]. Market Expansion - The company has resumed its expansion in the Guangzhou market, opening nine new campuses by the end of 2024, with overall enrollment exceeding expectations. The focus will be on revenue and market share growth in the coming two to three years [3][4]. - The company plans to enhance its teaching staff by increasing the proportion of teachers with top-tier academic qualifications to over 85% and will strengthen its middle-tier capabilities to support business expansion [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is adjusted slightly, with expected adjusted net profits of RMB 244 million, RMB 329 million, and RMB 424 million, reflecting increases of 5% and 7% for 2025 and 2026, respectively [5][12]. - The target price of HKD 7.01 is based on a 15x PE ratio for 2025, considering the company's relatively lower liquidity compared to comparable companies listed in the US and A-shares [5][12].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company reported a slight revenue growth of 0.05% and a net profit increase of 23.12% for 2024, with revenues and net profits reaching 13.521 billion and 1.637 billion respectively [4] - The gross margin improved to 47.31%, up by 2.66 percentage points, attributed to increased production from self-owned factories and reduced raw material costs [4] - The beverage business saw significant growth, with revenue increasing by 30.80%, while packaged drinking water revenue declined by 2.59% [5] - The company is actively expanding its national presence and increasing the proportion of self-owned production, aiming for over 60% self-owned capacity by the end of the current five-year plan [6] Financial Performance Summary - For 2024, the company expects revenues of 13.521 billion, with projected growth rates of 6.8%, 7.5%, and 7.7% for the years 2025 to 2027 [10] - The earnings per share (EPS) are projected to be 0.84, 0.97, and 1.12 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 12 [8][10] - The company’s return on equity (ROE) is expected to remain stable around 14.5% to 15.1% over the forecast period [10] Market Position and Strategy - The company is focusing on enhancing its distribution channels, with a 15% increase in retail coverage and over 20% growth in commercial refrigeration units [6] - New product launches and flavor innovations are driving the beverage segment, with a 122% increase in sales volume for a key product line [5][8] - The company is also investing in expanding production capacity, adding 22 new production lines, which includes 14 high-speed water lines and 3 sterile beverage lines [6]

证券研究报告 | 基本数据 | 2025 | 年 03 | 月 | 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 89.15 | | | 一年内最高/最低（港 | | | 107.50/65.55 | | | | 元） | | | | | | | 总市值（百万港元） | | | 250,263.05 | | | | 流通市值（百万港元） | | | 250,263.05 | | | | 资产负债率（%） | | | | 40.74 | | | 资料来源：聚源数据 | | | | | | 安踏体育(02020.HK) 纺织服饰 | 服装家纺 港股|公司点评报告 hyzqdatemark 2025 年 03 月 23 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： 投资评级： 买入（维持） ——集团营收首破 700 亿，聚焦多品牌行稳致远 投资要点： | 盈利预测与估值（人民币） | | | | ...

Investment Rating - The report maintains a "Buy" rating for China Biologic Products (1177 HK) with a target price of HKD 4.80, indicating a potential upside of 29.8% from the current price of HKD 3.70 [1][2][6]. Core Insights - The adjusted net profit for 2024 exceeded expectations, with revenue growth projected at 10.2% year-on-year to RMB 28.866 billion, aligning with market expectations and the company's previous guidance for double-digit growth. The contribution from new products has risen to over 40%, with expectations to launch over 10 new products in the next 2-3 years, driving continued double-digit revenue growth despite a challenging environment of centralized procurement and healthcare cost control [2][6][13]. - The report highlights that the gross profit margin improved by 0.5 percentage points to 81.5%, driven by factors such as group procurement and increased capacity utilization. R&D expenses are expected to exceed RMB 5 billion for the first time, with a slight increase in the expense ratio to 17.6% [6][13]. - The company is entering a phase of significant product launches, with six innovative products expected to be launched in 2024, including four Class 1 new drugs. This is anticipated to increase the contribution of new products to total revenue to 60% by 2025-2027 [6][13]. Financial Forecast Changes - Revenue forecasts for 2025E and 2026E have been adjusted downwards by 2%, with new projections of USD 32.788 billion and USD 37.034 billion respectively. The adjusted net profit for 2025E is projected at RMB 2.971 billion, reflecting a decrease from previous estimates [5][6][13]. - The report anticipates a gradual improvement in gross margins as product transitions are completed, with operational expense ratios expected to stabilize or decrease [6][13]. Stock Performance - The stock has shown a year-to-date increase of 15.63%, with a 52-week high of HKD 4.15 and a low of HKD 2.34. The average daily trading volume is approximately 108.74 million shares [4][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7 HKD [1][4][6] Core Insights - The company reported a revenue of 13.58 billion RMB for 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.24 billion RMB, which is a 20.2% increase year-on-year [2][4] - The professional sports segment, including the Saucony brand, saw a significant revenue increase of 57.2% to 1.25 billion RMB, while the main brand, Xtep, grew by 3.2% to 12.33 billion RMB [2][3] - The company has focused on enhancing its brand image and expanding its product matrix, with the Saucony brand achieving a compound annual growth rate of over 100% over the past five years [2][3] Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025E Revenue: 14.40 billion RMB, Net Profit: 1.38 billion RMB, EPS: 0.54 RMB - 2026E Revenue: 15.70 billion RMB, Net Profit: 1.54 billion RMB, EPS: 0.61 RMB - 2027E Revenue: 16.85 billion RMB, Net Profit: 1.69 billion RMB, EPS: 0.67 RMB [5][13] - The overall gross margin improved by 1 percentage point to 43.2%, driven by a significant increase in the gross margin of the professional sports segment [2][3][14] Strategic Developments - The company announced the divestiture of its fashion sports division, which is expected to alleviate profit pressure and allow for a focus on the main brand and Saucony, potentially leading to faster growth [3][4] - Management changes are anticipated to enhance the company's overseas expansion efforts, particularly in Southeast Asia [3][4]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 名创优品(9896.HK) 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@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] 名创优品(9896.HK)2024 年报点评：业绩符 合预期，收购永辉事项 25Q1 完成交割 [Table_ReportDate] 2025 年 3 月 23 日 [Table_S 事件：公司发布 ummary] 2024 年业绩，实现收入 169.94 亿元（人民币，下同），同 增 22.8%，调整后净利润 27.21 亿元，同增 15.4%，调整后净利率 16.0%， 同比-1pct。24Q4 公司实现收入 47.13 亿元，同增 22.7%，经调整净利润 7.925 亿元，同增 20.0%，经调整净利率 16.8%，同比-0.4pct。公司拟派发 末 ...

3 月 21 日公司披露 24 年财报，4Q24 营收 47.1 亿元，同比+22.7%， 调整后净利润 7.9 亿元（同比+20%），净利率 16.8%（同/环比+1.6/- 0.4pct），同比回暖主因受美国税盾、海外 4Q 旺季影响；24 年营 收 169.9 亿元，同比+22.8%，调整后净利 27.2 亿元，同比+15%， 净利率 16%（同比-1pct），4Q 业绩符合预期。 毛利率创新高，费用率受直营开店前置投入影响有所扩张。4Q24 国内/海外分别实现营收 25.8/21.3 亿元（同比+10%/+43%），毛利 率 47%（同/环比+3.9/+2.1pct）创历史新高，主因：①美国、欧 洲为代表的海外直营市场快速成长：4Q 直营市场占海外收入比例 45%（+5pct)；②IP 类产品占比提升产品组合优化；③TOPTOY 产品 结构向稀缺独家盲盒/毛绒类产品调整。24 年直营门店相关开支/ 折旧租金开支/授权费/物流+72%/+89%/+29%/+51%，预计 25 年伴 随直营门店经营杠杆释放，费用率有所优化。 国内：24 国内同店承压，25 年聚焦同店优化高质成长。1)国内名 创:24 年 ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile, with an updated target price of HK$21.88, corresponding to a 15x PE for 2025E [4][6]. Core Insights - Geely Automobile's total revenue for 2024 increased by 34.0% year-on-year to CNY 240.19 billion, with net profit attributable to shareholders rising by 213% to CNY 16.63 billion, aligning closely with expectations [1][4]. - The company experienced a strong performance in Q4 2024, with total revenue up 29.7% year-on-year and net profit up 45.4% year-on-year [1]. - Geely's total sales volume for 2024 rose by 32% to 2.177 million units, with new energy vehicle sales surging by 92% to 888,000 units [2]. Summary by Sections Financial Performance - In 2024, Geely's gross margin improved by 0.6 percentage points to 15.3%, with Q4 2024 gross margin reaching 17.3% [2]. - The SG&A expense ratio decreased by 1.4 percentage points to 7.6% [2]. - The report forecasts net profits of approximately CNY 13.91 billion for 2025E and CNY 16.06 billion for 2026E, with an upward revision from previous estimates [4][5]. Strategic Developments - The internal integration and smart transformation are accelerating, with the establishment of Geely Technology Group and the completion of the equity transfer of Lynk & Co to Zeekr [3]. - Geely plans to launch 10 new products and several facelifts in 2025, enhancing operational efficiency through resource synergy [3]. - The company aims to complete its "Smart Geely 2025" strategy, focusing on AI and data integration, which is expected to strengthen its competitive position in the mainstream price segment [3]. Market Position and Outlook - Geely's global strategy is progressing, with expectations for overseas sales to exceed 10% of total sales, supported by resources from Volvo and expanded KD factory layouts [3]. - The report highlights the potential for continued profit optimization driven by the launch of high-value models and internal cost reductions [4].

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company achieved a revenue of 144.46 billion RMB in 2024, representing a year-on-year increase of 16.64%, while the net profit attributable to shareholders was 8.03 billion RMB, down 31.37% year-on-year [4]. - In Q4 2024, the company reported a revenue of 44.27 billion RMB, with a net profit of 3.52 billion RMB, slightly exceeding expectations [4]. - The company plans to launch two new electric vehicle models in July 2025 and is actively expanding into overseas markets, with a focus on high-growth potential regions [7]. Financial Data and Profit Forecast - The company’s projected revenues for 2025 and 2026 are adjusted to 178.0 billion RMB and 209.6 billion RMB, respectively, down from previous estimates [7]. - The forecasted net profit for 2025 is revised to 11.56 billion RMB, with an expected PE ratio of 17 for 2025 [6][7]. - The company’s gross margin for the automotive business in 2024 was 19.79%, a decrease of 1.67 percentage points year-on-year [5]. Sales and Delivery Performance - The company delivered over 500,000 vehicles in 2024, with a sales revenue of 138.54 billion RMB, reflecting a year-on-year growth of 15.17% [7]. - In Q4 2024, the total sales volume reached 159,000 vehicles, with an average selling price (ASP) of 268,700 RMB per vehicle [7]. Research and Development - The company has launched its next-generation autonomous driving architecture, MindVLA, which integrates perception, cognition, and adaptive capabilities [7]. - R&D expenses for 2024 were 11.07 billion RMB, accounting for 7.7% of total revenue, with expectations to maintain R&D spending below 14 billion RMB in 2025 [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.55 HKD, equivalent to 16.20 CNY [2][5]. Core Insights - The company is expected to see significant growth in earnings per share (EPS), with projections of 1.43 CNY for 2024, 1.08 CNY for 2025, and 1.29 CNY for 2026. The average price-to-earnings (PE) ratio for comparable companies is maintained at 15 times [2]. - The company has upgraded its brand to "Galaxy" and launched the "Qianli Haohan" intelligent driving system, which is expected to enhance sales and market presence [6][7]. - The company aims to achieve a sales target of 1 million vehicles for the Galaxy brand in 2025, with plans to introduce five new electric models [6]. Financial Summary - Revenue is projected to grow from 147,965 million CNY in 2022 to 316,008 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.3% [4][8]. - Operating profit is expected to increase significantly in 2024 to 13,751 million CNY, before experiencing a decline in 2025 [4]. - Net profit attributable to the parent company is forecasted to rise from 5,260 million CNY in 2022 to 12,948 million CNY in 2026, with a notable increase of 172.1% in 2024 [4][8]. - The gross margin is projected to stabilize around 15.6% from 2024 onwards, while the net margin is expected to improve slightly to 4.1% by 2026 [4][8]. - The company's price-to-earnings ratio is expected to decrease from 28.6 in 2022 to 11.6 by 2026, indicating a more attractive valuation over time [4][8].