——安踏体育（2020.HK）2024 年业绩点评 买入（维持） 当前价：93.15 元港币 2025 年 3 月 20 日 公司研究 24 年主营业绩健康增长，多品牌龙头优势继续凸显 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 28.07 | | --- | --- | | 总市值(亿港元)： | 2614.92 | | 一年最低/最高(港元)： | 65.55/107.50 | | 近 3 月换手率： | 40.9% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/0 ...

联合研究丨港股公司深度丨中国燃气（0384.HK） [Table_Title] 中国燃气：高股息燃气龙头，顺价带动毛差回升 %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 中国燃气是中国最大的城燃公司之一，从此前的跑马圈地式高速发展逐渐过渡到目前的稳健经 营阶段，近两年分红金额维持在 27.2 亿港元，股息率约 7%。受益于居民燃气顺价和上游采购 成本下降带来毛差修复；燃气接驳工程业绩占比已到低位，我们预计自 2024/25 财年开始将扭 转此前业绩大幅下滑的趋势，EPS 重新恢复增长。PB 和 PE 估值仍处低位，看好公司价值重 估机会。 报告要点 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490517080003 SAC：S0490520070003 SFC：BUV415 SFC：BQT627 宋尚骞 SAC：S0490520110001 徐科 张韦华 贾少波 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 中国燃气 2023 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative performance exceeding the benchmark index by over 10% in the next 12-18 months [2][8]. Core Insights - The company achieved a revenue of 40.87 billion RMB in 2024, representing a 33% year-over-year increase, with Q4 revenue reaching 16.11 billion RMB, up 23% year-over-year and 59% quarter-over-quarter [8]. - The net loss for 2024 was narrowed to 5.79 billion RMB, with Q4 net loss at 1.33 billion RMB, showing improvement [8]. - Vehicle sales revenue in Q4 was 14.67 billion RMB, up 20% year-over-year and 67% quarter-over-quarter, driven by increased deliveries of 92,000 units, which is a 52% year-over-year and 97% quarter-over-quarter increase [8]. - The company is expected to continue strong performance in 2025, with a forecast of 91,000-93,000 vehicle deliveries in Q1, representing a year-over-year increase of 317%-326% [8]. Financial Data and Forecast - Revenue projections for 2025, 2026, and 2027 are 90.83 billion RMB, 130.71 billion RMB, and 152.66 billion RMB respectively, with net profits expected to be -1.2 billion RMB, 2.9 billion RMB, and 6.5 billion RMB [2][8]. - The gross profit margin (GPM) improved to 14.3% in 2024, up 12.8 percentage points year-over-year, with Q4 GPM at 14.4% [8]. - The company plans to expand its global presence, targeting over 60 countries by the end of 2025, with a goal for overseas sales to account for 50% of total sales in the next 10 years [8]. Valuation - The report uses the Price-to-Sales (PS) method for valuation, estimating PS ratios of 1.8, 1.3, and 1.1 for 2025, 2026, and 2027 respectively [8]. - The target price is set at 103.90 HKD, based on a PS of 2.0 times for 2025 [8].

Investment Rating - The report maintains a "Hold" rating for Kingdee International (268 HK) with a target price of HK$14.94, indicating a potential downside of 1% from the current price of HK$15.14 [1][8]. Core Views - The report highlights that Kingdee's stock price has increased by 94% year-to-date, outperforming the Hang Seng Index, which rose by 23%. However, the company's fundamental recovery is lagging behind this valuation increase [6]. - For the second half of 2024, Kingdee's revenue grew by 9% year-on-year to RMB 3.39 billion, which was below market expectations. The annual recurring revenue (ARR) increased by 20% to RMB 3.43 billion, also falling short of expectations [6][10]. - The report notes that Kingdee's cloud service revenue grew by 10% year-on-year to RMB 2.72 billion, again below market consensus [6][10]. - The management expects ARR to grow by approximately 20% in 2025, with revenue growth anticipated to accelerate to 14% year-on-year [6][10]. Summary by Sections Investment Rating and Price Target - The target price has been raised from HK$6.38 to HK$14.94, reflecting a significant increase of 134% [2][12]. - The current valuation is aligned with global peers, with a projected P/S ratio of 7.0, up from 2.8 [8][12]. Financial Performance - For 2025, the expected revenue is RMB 7.15 billion, with a year-on-year growth of 14% [9][10]. - The report projects a net profit of RMB 176 million for 2025, with an EPS of RMB 0.05 [9][10]. - The operating profit is expected to reach RMB 75 million in 2025, indicating a return to profitability [9][10]. Adjustments and Forecasts - Due to underperformance in the second half of 2024, revenue forecasts for 2025 and 2026 have been adjusted downwards by 3% and 5%, respectively [7][10]. - The ARR forecast for 2025 has been revised to a growth of 22%, down from previous estimates [7][10]. Market Comparison - Kingdee's market capitalization is approximately US$6.99 billion, with a three-month average daily trading volume of US$89 million [1][12]. - The report compares Kingdee's performance with global peers like SAP and Workday, noting that Kingdee's revenue growth and AI monetization capabilities are still developing [8][12].

SDICSI 2025 年 3 月 19 日 东曜药业-B (1875.HK) 朴欣汀收入同比增长 42%，预计 2025 年完成首个海外国家获批。 2024 年公司产品收入为 8.77 亿元，同比增长 39%，主要来自核心产品朴欣汀的 贡献。朴欣汀于 2021 年上市，2022 年纳入乙类医保目录，已覆盖原研药 Avastin 在中国大陆获批的六项适应症。2024 年朴欣汀销售收入同比增长 42%。 截至 2024 年 12 月 31 日，公司已启动 34 个海外国家的上市注册申请工作，已 有 20 个国家的上市申请文件获得受理，产品已取得哥伦比亚、埃及以及印尼等 国家的 GMP 证书，预计 2025 年完成首个海外国家获批，为全球化战略发展奠 定重要里程碑。 投资建议：我们预计公司 2025-2027 年收入分别为 12.8 亿元/13.3 亿元/14.2 亿 元，净利润分别为 47 百万元/82 百万元/138 百万元。 首次扭亏为盈，经营现金流连续三年正向 事件：2024 年业绩首次扭亏为盈，经营活动现金净额连续三年持续正向。 报告摘要 首次扭亏为盈，经营活动现金净额连续三年持续正向。 2024 年公 ...

2025 年 3 月 20 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | | | 目标价(港币) | 65.0 | 公司基本资讯 | 产业别 | | | | | 电子 | | --- | --- | --- | --- | --- | --- | | H 股价(2025/03/20) | | | | | 56.50 | | 恒生指数(2025/03/20) | | | 24,220.0 | | | | 股价 12 个月高/低 | | | 58.2/13.08 | | | | 总发行股数(百万) | | | 25,111.69 | | | | H 股数(百万) | | | 20,595.40 | | | | H 市值(亿元) | | | 5,127.34 | | | | | | | ARK Trust (Hong | | | | 主要股东 | | | | | Kong) | | | | Limited(25.02% | | | | | | | | | | ) | | 每股净值(元) | | | | | 7.52 | | 股价/账面净值 | | | | | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 117.98 [7][8]. Core Views - The company achieved a revenue of RMB 70.83 billion in 2024, representing a year-on-year growth of 13.6%, and a net profit of RMB 15.60 billion, which is a 52.4% increase year-on-year. Excluding one-time gains from AS listing and placement, the profit was RMB 11.93 billion, up 16.5% year-on-year, slightly above Bloomberg consensus expectations [1]. - The company's market share in the Chinese sports footwear and apparel market increased to 23% in 2024, maintaining its leading position in the industry. The main brands continue to perform well, and the outdoor brand has sustained high growth [1][2]. - The company has initiated a share buyback program, repurchasing a total of HKD 1.97 billion worth of shares since August 2024 [1]. Summary by Sections Revenue and Profitability - In 2024, the main brand revenue increased by 10.6% to RMB 33.52 billion, while FILA's revenue grew by 6.1% to RMB 26.63 billion. Other brands saw a significant increase of 53.7% to RMB 10.68 billion. Online revenue rose by 21.8%, accounting for 35.1% of total revenue [2]. - The gross profit margin decreased by 0.4 percentage points to 62.2%, attributed to a higher proportion of lower-margin footwear products and e-commerce business [3]. Expenses and Operational Efficiency - Advertising expenses increased by 0.8 percentage points to 9.0%, driven by increased spending on advertising, sponsorships, and store upgrades. R&D expenses rose by 0.2 percentage points to 2.8% as the company continues to invest in innovation [3]. - The company maintained a healthy inventory turnover of 123 days, with a cash flow generation capacity of RMB 13.2 billion [3]. Profit Forecast and Valuation - The net profit estimates for 2025 and 2026 have been adjusted downwards by 3.4% and 3.8% to RMB 13.36 billion and RMB 15.01 billion, respectively. A new estimate for 2027 net profit is set at RMB 16.79 billion [4]. - The target price is based on a PE ratio of 23x for 2025, reflecting the company's significant market share and multi-brand operational capabilities [4].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [4][8][18] Core Viewpoints - Xiaomi Group achieved record-high annual performance in 2024, with total revenue reaching RMB 365.9 billion, a year-on-year increase of 35% [2][3] - The company reported an adjusted net profit of RMB 27.2 billion for 2024, up 41.3% year-on-year, with Q4 alone surpassing RMB 100 billion in revenue for the first time [2][3] - The smartphone and AIoT business segments showed robust growth, while the electric vehicle segment is expected to contribute significantly to future revenue [3][8] Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024-2027 are RMB 365.9 billion, RMB 483.0 billion, RMB 576.1 billion, and RMB 673.4 billion respectively, with growth rates of 35.04%, 32.00%, 19.28%, and 16.89% [1][8] - **Net Profit Forecast**: Expected net profits for the same period are RMB 23.7 billion, RMB 31.0 billion, RMB 40.1 billion, and RMB 50.2 billion, with growth rates of 35.38%, 31.12%, 29.22%, and 25.36% [1][8] - **Key Ratios**: The report indicates a projected P/E ratio of 47.11 for 2025, decreasing to 29.09 by 2027, and a P/B ratio of 6.65 in 2025, dropping to 4.71 by 2027 [1][8] Business Segment Performance - **Smartphone Business**: In 2024, Xiaomi's smartphone revenue reached RMB 191.8 billion, a 21.8% increase, with a market share of 13.8% globally [3][8] - **Electric Vehicle Business**: The electric vehicle segment generated RMB 32.8 billion in revenue, with a delivery target of 350,000 units for 2025 [3][8] - **R&D Investment**: Xiaomi's R&D expenditure for 2024 was RMB 24.1 billion, expected to rise to RMB 30 billion in 2025, reflecting the company's commitment to innovation [2][3]

联合研究丨港股公司深度丨中国燃气（0384.HK） [Table_Title] 中国燃气：高股息燃气龙头，顺价带动毛差回升 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中国燃气是中国最大的城燃公司之一，从此前的跑马圈地式高速发展逐渐过渡到目前的稳健经 营阶段，近两年分红金额维持在 27.2 亿港元，股息率约 7%。受益于居民燃气顺价和上游采购 成本下降带来毛差修复；燃气接驳工程业绩占比已到低位，我们预计自 2024/25 财年开始将扭 转此前业绩大幅下滑的趋势，EPS 重新恢复增长。PB 和 PE 估值仍处低位，看好公司价值重 估机会。 分析师及联系人 [Table_Author] 徐科 张韦华 贾少波 SAC：S0490517090001 SAC：S0490517080003 SAC：S0490520070003 SFC：BUV415 SFC：BQT627 宋尚骞 SAC：S0490520110001 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 中国燃气（038 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 700 HKD, indicating a potential upside of 30% from the current price of 540 HKD [4][7]. Core Insights - The company reported a 4Q24 revenue of 172.5 billion RMB, a year-on-year increase of 11%, surpassing market expectations by 2.3%. The gross margin improved to 52.6%, up 3 percentage points year-on-year, with adjusted net profit rising by 30% to 55.3 billion RMB [2][4]. - The domestic gaming segment showed strong performance with a 23% year-on-year revenue growth to 33.2 billion RMB in 4Q24, driven by a low base from the previous year and healthy performance of flagship games [3]. - The company is increasing its investment in AI, with capital expenditures in 4Q24 reaching 39 billion RMB, and plans to continue this trend into 2025, which is expected to account for a low double-digit percentage of revenue [4]. Financial Performance Summary - The company’s revenue is projected to grow from 608.9 billion RMB in FY23 to 724.4 billion RMB in FY25E, reflecting a compound annual growth rate (CAGR) of approximately 9.8% [6]. - Adjusted net profit is expected to increase from 157.6 billion RMB in FY23 to 238.3 billion RMB in FY25E, indicating a strong growth trajectory [6]. - The adjusted net profit margin is forecasted to improve from 25.9% in FY23 to 32.9% in FY26E, showcasing enhanced profitability [6]. Market Expectations - The report highlights that the company’s stock price has a 52-week range of 282.4 to 547 HKD, with a current market capitalization of approximately 4.77 trillion HKD [7]. - The average daily trading volume over the past three months is noted to be 17.32 billion HKD, indicating robust market activity [7].