Investment Rating - The report assigns a "Buy" rating to the company with a current price of 1.50 HKD and a fair value of 2.41 HKD [2]. Core Views - The company is expected to experience a turning point in operations, driven by its comprehensive AIDD technology platform and strategic investments aimed at resolving debt issues [7]. - The company's revenue is projected to recover, with estimates of 2,053 million RMB in 2024, 2,393 million RMB in 2025, and 2,823 million RMB in 2026, reflecting growth rates of -4.8%, 16.6%, and 17.9% respectively [7]. - The introduction of strategic investors has improved governance and operational efficiency, facilitating a restructuring of the company's business model [7]. Summary by Sections 1. Strategic Investment and AIDD Technology Platform - The company has introduced strategic investors to alleviate debt crises and enhance governance, leading to improved operational synergy [7][30]. - The transition from SBDD/FBDD/ASMS platforms to a full-process AIDD technology platform has been established, integrating AI to enhance drug discovery capabilities [7][34]. 2. Industry Recovery and Project Advancement - The CRO business is gradually recovering due to cost reduction and efficiency improvements, with new orders expected to support future revenue growth [7][60]. - The company has expanded its client base to over 2,350, indicating a strong market presence and diversified revenue streams [7][56]. 3. Financial Projections and Investment Recommendations - The company is projected to achieve adjusted net profits of 257 million RMB in 2024, 323 million RMB in 2025, and 395 million RMB in 2026, with corresponding EPS of 0.12, 0.15, and 0.18 RMB per share [7]. - A PE valuation method suggests a target valuation of 2.41 HKD per share based on a 15X PE multiple for 2025 [7].

非银金融 上 市 公 司 变量 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 13 日 | | --- | --- | | 收盘价（港币） | 61.85 | | 恒生中国企业指数 | 8640.61 | | 52 周最高/最低（港币） | 70.25/53.60 | | H 股市值（亿港币） | 429.25 | | 流通 H 股（百万股） | 694.01 | | 汇率（人民币/港币） | 1.0832 | 一年内股价与基准指数对比走势： -3% 17% 37% 57% HSCEI 中银航空租赁 资料来源：Bloomberg 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 2025 年 03 月 13 日 中银航空租赁 (02588) ——滞俄飞机减计影响出清，交付掣肘与降息放缓成关键 证 券 研 究 报 告 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 本研究报告仅通过邮件提供给 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of $8.182 billion in 2024, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of $392 million, representing a year-on-year growth of 42.8% [2][4] - The board proposed a final dividend of HKD 0.9 per share, combined with an interim dividend of HKD 0.4 per share, resulting in an annual payout ratio of 69% [2] - The manufacturing business saw a strong recovery with a revenue of $5.621 billion in 2024, up 11.1% year-on-year, driven by a significant rebound in global sports footwear orders [4][5] - Retail business revenue faced pressure, declining by 8.0% year-on-year to $1.845 billion, primarily due to reduced foot traffic in physical stores and a net decrease of 75 stores [5] Summary by Sections Financial Performance - In 2024, the manufacturing business's capacity utilization rate improved to 93%, up 14 percentage points year-on-year, contributing to a gross margin increase of 0.7 percentage points to 19.9% [4] - The retail business's gross margin improved slightly to 34.2%, with a net profit of $49.2 million, a year-on-year increase of 0.2% [5] - The company expects revenue for 2025 to reach $8.493 billion, with a projected year-on-year growth of 3.8% [6] Future Outlook - For the first two months of 2025, the manufacturing business revenue grew by 7.3%, while retail revenue declined by 4.3% [5] - The company anticipates a steady recovery in manufacturing business growth and a potential positive growth in retail business by the end of 2025 [5][6] - Projected net profits for 2025, 2026, and 2027 are $465 million, $502 million, and $532 million, respectively, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% [6]

Investment Rating - The investment rating for the company is "Buy" with a target price set at 4.15 HKD, maintaining the rating despite slight adjustments to profit forecasts [6][4]. Core Insights - The company is enhancing its product offerings with a new urban light outdoor series and innovative designs in sun protection clothing, appealing to younger consumers [1]. - The brand is transitioning from being recognized as a leading down jacket brand to a comprehensive leader in the down apparel market, focusing on brand awareness and consumer engagement [2]. - The company is leveraging smart logistics and inventory management to ensure efficient operations across its distribution channels, which is a key competitive advantage in the industry [3]. Summary by Sections Product Development - The company is introducing a new urban light outdoor series and a fashionable rain jacket line that balances style and functionality, catering to diverse consumer needs [1]. Brand Strategy - The brand aims to deepen consumer recognition and reputation through integrated marketing strategies, enhancing its position as a global leader in down apparel [2]. Supply Chain Management - The company employs a smart logistics system to manage inventory across various sales channels, ensuring quick response times and high operational efficiency [3]. Financial Forecast - The company has adjusted its revenue forecasts for FY25-27 to 25.7 billion RMB, 28.6 billion RMB, and 32.2 billion RMB, with net profits projected at 3.5 billion RMB, 3.9 billion RMB, and 4.4 billion RMB respectively [4].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HK$34.10, indicating a potential upside of +30% from the current price of HK$26.20 [1]. Core Views - The report anticipates a low double-digit growth in net profit for 2025, driven by continued digital transformation in both domestic and overseas markets [6][7]. - Domestic revenue is expected to grow approximately 4% year-on-year in 2025, while overseas revenue is projected to increase by around 5% [6][7]. - The overall revenue growth for 2025 is estimated at about 4%, with a focus on product innovation and market expansion strategies [4][5][6]. Summary by Sections Financial Performance - For 2025, the estimated revenue is projected to be RMB 283.4 billion, with a year-on-year growth of 4.4% [7][9]. - The net profit for 2025 is expected to reach RMB 21.2 billion, reflecting a growth of 10.7% compared to 2024 [7][9]. - Earnings per share (EPS) for 2025 is forecasted at RMB 2.26, with a corresponding P/E ratio of 10.5 [6][7]. Revenue Breakdown - Domestic sales are projected to grow by approximately 4%, with specific growth in the refrigerator and washing machine segments [4]. - The air conditioning segment is expected to see a revenue increase of around 8% due to improved sales strategies and market conditions [4]. - Overseas revenue growth is anticipated at about 5%, with significant contributions from North America and Europe [5]. Valuation - The target price of HK$34.10 corresponds to a P/E ratio of 14 times the estimated earnings for 2025, indicating a favorable valuation compared to current market prices [6][7]. - The report maintains a 10% discount rate for Haier's A/H shares, reinforcing the target price stability [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6]. Core Insights - The company is enhancing its product offerings with innovative urban light outdoor series and stylish sun protection clothing, catering to the diverse needs of young consumers [1]. - The new line of jackets balances fashion and functionality, featuring water resistance, windproof, and breathability, suitable for both urban and outdoor settings [1]. - The brand is transitioning from being recognized as a global leader in down jackets to a comprehensive leader in the category, focusing on brand awareness and consumer perception [2]. - The company is leveraging smart logistics and inventory management to enhance operational efficiency and maintain a competitive edge in the industry [3]. - Adjustments to revenue forecasts have been made, with projected revenues for FY25-27 at RMB 25.7 billion, RMB 28.6 billion, and RMB 32.2 billion respectively, alongside net profits of RMB 3.5 billion, RMB 3.9 billion, and RMB 4.4 billion [4]. Summary by Sections Product Development - The company is launching a new urban light outdoor series and stylish sun protection clothing, which includes various designs to meet the preferences of young consumers [1]. Brand Strategy - The brand aims to solidify its position as a global leader in down jackets through integrated brand strategies and enhanced consumer engagement [2]. Operational Efficiency - The company employs a smart logistics system to manage inventory across multiple channels, ensuring quick response times and efficient stock management [3]. Financial Projections - The report revises the financial outlook, projecting revenues and net profits for the upcoming fiscal years, indicating a slight decrease from previous estimates [4].

投资建议 2024 年，受益于全球运动鞋履订单需求复苏及生产效率提升，公司制造业务订单及 盈利强劲复苏，零售业务受到国内消费环境影响，收入规模有所下滑。展望 2025 年，根 据公司披露的月度收益公告，2025 年 1-2 月，制造业务营收同比增长 7.3%，零售业务营 收同比下降 4.3%，我们预计 2025 年上半年公司制造业务恢复常态增长，零售业务或继续 有所承压，全年维度来看，预计制造业务稳健增长，零售业务有望实现正增长。预计公 司 2025-2027 年营业收入分别为 84.93/90.03/94.56 亿美元，同比增长 3.8%/6.0%/5.0%； 请务必阅读最后股票评级说明和免责声明 1 纺织制造 裕元集团（00551.HK） 买入-A(维持) 2024 年业绩弹性释放，2025 年 1-2 月制造业务营收增长 7% 2025 年 3 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 3 月 11 日，公司披露 2024 年年报，2024 年，公司实现收入 81.82 亿美元，同比增 长 3.7%，实现归母净利润 3.92 亿美元，同比增长 42.8%。公司董事会建议派发末期股息 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [3][14]. Core Insights - The company's revenue for 2024 is projected at 6.646 billion RMB, a decline of 15.8% year-on-year, primarily due to the slowdown in the telecommunications industry and cost-cutting measures by operator clients [1]. - Traditional business revenue, particularly from BSS, is under pressure, with a forecasted revenue of 4.046 billion RMB for 2024, down 18.9% year-on-year [1]. - New business segments (OSS, vertical industries, and smart operations) generated 2.599 billion RMB in revenue, a decrease of 10.3%, but their contribution to total revenue increased by 2.4 percentage points to 39.1% [1]. - The company is focusing on expanding its AI model delivery business, which is expected to grow significantly, with projected revenues of 200-300 million RMB in 2025 [2]. - The company plans to replicate its domestic BSS and OSS experiences in overseas markets, engaging with operators in Hong Kong and the Philippines [1]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit of 2.484 billion RMB, a decrease of 16.5%, resulting in a gross margin of 37.4% [1]. - Net profit for 2024 is expected to be 516 million RMB, corresponding to a net profit margin of 7.8% [1]. - The company anticipates a recovery in net profit to 636 million RMB in 2025, reflecting a growth rate of 16.8% [3]. Revenue Forecast - Revenue is projected to increase to 7.191 billion RMB in 2025, representing an 8.2% growth from 2024 [4]. - The company expects a gradual recovery in traditional business segments, with BSS revenue potentially stabilizing in 2025 [1][3]. Dividend Policy - The company has announced a total dividend of 0.412 HKD per share for 2024, reflecting its commitment to shareholder returns [2].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company achieved a revenue of USD 8.182 billion in 2024, representing a year-on-year growth of 3.7%, and a net profit attributable to shareholders of USD 392 million, which is a significant increase of 42.8% year-on-year [2][4] - The board proposed a final dividend of HKD 0.9 per share, combined with an interim dividend of HKD 0.4 per share, resulting in an annual payout ratio of 69% [2] - The manufacturing business showed strong order growth in 2024, with a revenue of USD 5.621 billion, up 11.1% year-on-year, driven by improved capacity utilization and production efficiency [4] - The retail business faced challenges with a revenue decline of 8.0% year-on-year, attributed to reduced foot traffic in physical stores and a net decrease of 75 stores in mainland China [5] Summary by Sections Financial Performance - In 2024, the manufacturing business's output volume reached 255 million pairs of shoes, a 16.9% increase year-on-year, although the average selling price decreased by 5.1% to USD 20.25 per pair [4] - The manufacturing business's capacity utilization improved to 93%, up 14 percentage points year-on-year, contributing to a gross margin increase of 0.7 percentage points to 19.9% [4] - The retail business's gross margin improved slightly to 34.2%, with a net profit of USD 49.2 million, reflecting a 0.2% year-on-year growth [5] Future Outlook - For 2025, the company expects a recovery in manufacturing business revenue, with a projected growth of 3.8% to USD 8.493 billion, while retail revenue is anticipated to decline by 4.3% [5] - The company forecasts net profits of USD 465 million, USD 502 million, and USD 532 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% [10][12]

[Table_Info1] [Table_Title] 证券研究报告 / 港股公司报告 终端表现领先行业，盈利能力保持稳健 ---361 度 2024 年报点评 事件： [Table_Summary] 公司发布 2024 年报，全年营收同增 19.6%至 100.7 亿元，净利润同增 19.5%至 11.5 亿元。全年派发普通股股息每股 26.5 港仙，派息比率 45%。 点评： 终端表现持续领先行业。2024 年 Q1 至 Q4，主品牌零售额分别同比增长 高双位数/10%/10%/10%，在整体零售环境仍有一定压力的情况下，公司 终端表现持续领先行业。全年成人鞋类/服装收入分别同比增长 22.1%/15.1%至 42.9/30.9 亿元。此外，2024 年公司童装品牌收入同比增 长 19.5%至 23.4 亿元，占集团营收的 23.2%。童装鞋类/服装收入分别同 比增长 17.5%/22.6%至 11/12.1 亿元。 门店形象持续升级，推出超品店新业态。截至 2024 年末，361 度成人门 店同比净增 16 家至 5750 家。单店面积同比增加 11 平方米至 149 平方 米，第十代终端形象门店持续推 ...