证券研究报告 | 2025年03月13日 联想集团（00992.HK） 优于大市 FY2025Q3 财报点评：ISG 业务扭亏为盈，业绩稳健增长 基础设施方案业务（ISG）扭亏为盈，AI 驱动业绩增长。FY2025 前三季度公 司实现营收 520.93 亿美元，同比+21.1%；实现净利润 12.95 亿美元，同比 +69.7%。分季度看，FY25Q3 实现营收 187.96 亿美元，同比+19.4%、环比+5.3%； 实现净利润 6.93 亿美元，同比+105.5%、环比+93.2%,主要由于单季度获得 2.82 亿美金的一次性所得税抵免。其中，FY2025 前三季度智能设备业务集 团、基础设施方案业务集团、方案服务业务集团分别实现收入 387.20、 104.04、63.07 亿美元，分别同比+13.4%、+62.8%、+11.6%。分季度看，FY25Q3 智能设备业务集团、基础设施方案业务集团、方案服务业务集团分别实现收 入 137.84、39.38、22.57 亿美元，分别同比+11.5%、+59.2%、+11.7%，其 中基础设施方案业务集团（ISG）实现经营溢利 100.2 万美元，首次单季度 扭 ...

2025 年 3 月 13 日 公司研究 智能赋能中医诊疗，名医"AI 分身"值得期待 ——固生堂（2273.HK）事件点评报告 要点 事件：近期，固生堂中医集团宣布重磅合作——欧洲科学院外籍院士、清华大 学人工智能研究院常务副院长孙茂松受聘出任集团人工智能高级顾问。此前， 公司宣布正式接入 DeepSeek，成为行业发展的又一里程碑，公司正积极为"中 医+AI"探索智能化诊疗、个性化服务与高效化管理做出新尝试。 点评： 打造名医的"AI 分身"，助力中医医疗新变革。基于真实、庞大的数据源，固生 堂正在打造名医的"AI 分身"。AI 可以基于专家共识通过深度学习算法，对专 家专属数据进行反复训练，能够复制头部专家的诊疗能力，模拟专家思维方式， 更好地服务广大患者。DeepSeek 深度学习算法构建的能力可以方便基层医生 和青年医生迅速掌握名医的诊疗思路，实现名医经验的传承与创新发展，大幅 缩短临床经验积累周期，提升优质医疗资源供给能力。公司预计有望在 25 年 7 月发布数名头部专家的"AI 分身"接入线上线下的诊疗场景，我们认为积极打 造名医的"AI 分身"有望推动中医诊疗突破优质中医资源的供给瓶颈，助力公 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

Investment Rating - The report initiates coverage with a "BUY" rating for the company [5][17][20]. Core Insights - The company is positioned in the commercialization stage, focusing on innovative drug development across oncology, cardiovascular-metabolic, autoimmune, and ophthalmology sectors, with over 10 innovative drugs launched in China and three products under NMPA review [2][13][27]. - A diversified product portfolio is expected to drive significant revenue growth, with projected product sales exceeding RMB 8.2 billion in 2024, representing over 40% year-on-year growth [2][14][20]. - The oncology pipeline includes advanced products such as IBI363 and IBI343, which are in various clinical stages and show promising early efficacy and safety data [3][15][47]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are RMB 82.4 billion, RMB 107.1 billion, and RMB 132.9 billion, respectively, with a narrowing net loss expected in 2024 and a return to profitability by 2025 [5][20][22]. - The target price is set at HK$ 59.6, indicating a potential upside of 53% from the current price [5][20][17]. Product Pipeline and Development - The company has a robust pipeline with four innovative drugs in phase III clinical stages and over 20 drugs in clinical development, including key products targeting obesity, diabetes, and various cancers [4][16][21]. - The non-oncology pipeline is also gaining traction, with significant products like mazdutide expected to receive approval in the first half of 2025, enhancing the company's market position in the cardiovascular and metabolic sectors [4][16][23]. Market Position and Competitive Advantage - The company has established a leading position in the GLP-1 market with mazdutide, which is anticipated to capture significant market share due to its first-mover advantage and commercialization capabilities [23][24]. - The oncology strategy focuses on "IO+ADC," leveraging advanced antibody technology and differentiated linker-payload platforms to enhance drug efficacy and safety [3][47].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4]. - The company is actively exploring new business formats, including "super specialty stores," which aim to enhance customer shopping experience and improve inventory management [6]. - The company has shown strong growth in both adult and children's segments, with adult revenue growing approximately 19.1% and children's revenue increasing by 19.5% [5]. Financial Summary - For 2024, the company forecasts revenue of 10.07 billion HKD and a net profit of 1.15 billion HKD, with a gross margin of 41.5% and a net margin of 11.4% [7]. - The projected earnings per share (EPS) for 2024 is 0.56 HKD, with a price-to-earnings (P/E) ratio of 7.6 [7]. - The company plans to maintain a dividend payout ratio of 45%, which is an increase of nearly 5 percentage points year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [1] Core Insights - Cathay Pacific Airways reported a net profit of HKD 9.607 billion for 2024, a 6% increase year-on-year, exceeding market expectations [6] - The airline's operating revenue for 2024 grew by 10.5% to HKD 104.371 billion, driven by increased capacity and strong air cargo demand [6] - The company plans to distribute a second interim dividend of HKD 0.49 per share, raising the overall dividend payout ratio to 46% for 2024 [6] Financial Data and Profit Forecast - Revenue projections for Cathay Pacific Airways are as follows: - 2023: HKD 94.485 billion - 2024: HKD 104.371 billion - 2025E: HKD 109.011 billion - 2026E: HKD 114.937 billion - 2027E: HKD 120.286 billion - Year-on-year growth rates for revenue are projected at 85.1% for 2023, 10.5% for 2024, and 4.4% for 2025 [5] - Net profit forecasts are: - 2023: HKD 9.067 billion - 2024: HKD 9.607 billion - 2025E: HKD 9.008 billion - 2026E: HKD 10.248 billion - 2027E: HKD 10.702 billion - The net profit growth rates are -226.6% for 2023, 6.0% for 2024, and -6.2% for 2025 [5] - The report anticipates a slight decline in passenger kilometer yield for 2025, projecting a year-on-year decrease of 8% [6]

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [2][7] Core Insights - Cathay Pacific Airways announced a net profit of HKD 9.607 billion for 2024, a 6% increase year-on-year, exceeding market expectations [7] - The airline's operating revenue for 2024 grew by 10.5% to HKD 104.371 billion, with a notable increase in passenger and cargo traffic [7] - The company plans to distribute a second interim dividend of HKD 0.49 per share, raising the overall dividend payout ratio to 46% for 2024 [7] Financial Data and Profit Forecast - Revenue projections for Cathay Pacific Airways are as follows: - 2023: HKD 94.485 billion - 2024: HKD 104.371 billion - 2025E: HKD 109.011 billion - 2026E: HKD 114.937 billion - 2027E: HKD 120.286 billion - Net profit forecasts: - 2023: HKD 9.067 billion - 2024: HKD 9.607 billion - 2025E: HKD 9.008 billion - 2026E: HKD 10.248 billion - 2027E: HKD 10.702 billion - Earnings per share (EPS) estimates: - 2023: HKD 1.41 - 2024: HKD 1.49 - 2025E: HKD 1.40 - 2026E: HKD 1.59 - 2027E: HKD 1.66 - The report indicates a projected price-to-earnings (P/E) ratio of 7.8 for 2025 [6][7]

纺织服饰/服装家纺 361 度（01361.HK） 2025 年 03 月 13 日 投资评级：买入（维持） | 日期 | 2025/3/12 | | --- | --- | | 当前股价(港元) | 4.590 | | 一年最高最低(港元) | 4.850/3.150 | | 总市值(亿港元) | 94.91 | | 流通市值(亿港元) | 94.91 | | 总股本(亿股) | 20.68 | | 流通港股(亿股) | 20.68 | | 近 3 个月换手率(%) | 12.8 | 股价走势图 -32% -16% 0% 16% 32% 48% 2023-03 2023-07 2023-11 2024-03 361度 恒生指数 数据来源：聚源 相关研究报告 《Q4 电商流水延续靓丽表现，加码布 局专业品类 —港股公司信息更新报 告》-2024.1.17 《Q3 亚运及新品催化下流水靓丽，延 续净开店—港股公司信息更新报告》 -2023.10.17 《2023H1 童装及电商流水持续高增 —港股公司信息更新报告》-2023.8.17 2024 年营收破百亿，布局超品店积极探索新业态 ——港股公司信息更新报告 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4]. - The company is actively exploring new business formats, such as super specialty stores, to enhance customer experience and improve inventory management [6]. - The company has a strong focus on professional product categories, particularly in running and basketball, which are driving significant revenue growth [5]. Financial Summary - Revenue for 2023 was 8.423 billion HKD, with a projected increase to 10.074 billion HKD in 2024, and further growth expected in subsequent years [7]. - The net profit for 2023 was 961 million HKD, expected to rise to 1.149 billion HKD in 2024 [7]. - The gross margin is projected to remain stable at 41.5% through 2027, with a net margin of 11.4% [7]. Market Performance - The stock price is currently at 4.590 HKD, with a 12-month high of 4.850 HKD and a low of 3.150 HKD [1]. - The company has a total market capitalization of 94.91 billion HKD [1]. - The stock has shown a turnover rate of 12.8% over the past three months [1].