Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Insights - The company achieved a revenue of 105.3 billion yuan in 2024, with a year-on-year growth of 2.91%, and a net profit of 29.7 billion yuan, reflecting a year-on-year increase of 0.96% [4]. - In Q4 2024, the company reported a revenue of 26.7 billion yuan, a year-on-year decrease of 1.45% but a quarter-on-quarter increase of 2.05%, with a net profit of 8.8 billion yuan, showing a year-on-year growth of 33.18% and a quarter-on-quarter growth of 34.08% [4]. - The company is expected to benefit from new product cycles, with projected net profits for 2025, 2026, and 2027 at 34.2 billion yuan, 39 billion yuan, and 42.4 billion yuan respectively, corresponding to EPS of 10.7 yuan, 12.1 yuan, and 13.2 yuan [4]. Revenue and Profitability - The company's revenue from games and related value-added services in Q4 2024 was 21.2 billion yuan, with a year-on-year increase of 1.4% [4]. - The revenue from online music services in 2024 saw a 22% increase, with a gross margin of 33.7%, up by 7 percentage points year-on-year [6]. - The company’s operating profit for Youdao turned positive for the first time in 2024, driven by innovation and AI integration [6]. Product Performance - The game "Marvel Showdown" quickly topped the Steam global sales chart after its overseas launch, with over 10 million registered users within 72 hours, and currently surpassing 40 million [5]. - The game "Yanyun Sixteen Sounds" achieved over 3 million downloads within four days of its domestic launch, with total players exceeding 15 million within two weeks [5]. - The return of Blizzard games like "World of Warcraft" and "Hearthstone" has positively impacted the company's PC game revenue, with further growth expected from the recent return of "Overwatch" [5]. Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 120.97 billion yuan, 135.22 billion yuan, and 146.33 billion yuan respectively, with year-on-year growth rates of 14.9%, 11.8%, and 8.2% [7]. - The net profit projections for the same years are 34.23 billion yuan, 38.98 billion yuan, and 42.37 billion yuan, with corresponding year-on-year growth rates of 15.3%, 13.9%, and 8.7% [7]. - The company’s current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 14.0, 12.3, and 11.3 respectively, indicating a favorable valuation outlook [7].

港股公司报告 | 首次覆盖报告 宏信建发（09930） 证券研究报告 低估值高空作业平台租赁龙头，海外布局打造成长新动能 建筑设备租赁市场龙头企业，首次覆盖给予"买入"评级 公司背靠大股东远东宏信，作为国内最大的设备运营服务商，截至 24Q3 高空作业平台设备保有量 21.48 万台。公司的核心逻辑有三点，一是加大 海外业务扩张将设备转移至高回报地区；二是国内高空作业平台竞争格局 已基本稳固，国内高空作业平台租金或迎来涨价阶段；三是轻资产模式持 续巩固龙头规模优势。我们预测宏信建发 24-26 年归母 净利润为 9/10.4/12.2 亿元，增速分别为-6.3%/+15.7%/+16.5%，对应 EPS 分别为 0.28/0.33/0.38 元，参考可比公司 25 年 21 倍平均 PE，考虑到港股市场折 价以及流动性问题，我们认可给予宏信建发 25 年 5 倍 PE，对应目标价 1.75 港元和总市值为 55.8 亿港币，首次覆盖给予"买入"评级。我们认为宏信 建发 PB 仅 0.33 倍，资产存在一定低估，公司 24 年中期分红每股 0.05 港 元，对应 2025/1/24 收盘股息率为 4%，高股息提 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating, setting a target price of 1.75 HKD based on a 5x PE for 2025, reflecting a total market capitalization of 5.58 billion HKD [5]. Core Insights - The company is positioned as a leading player in the construction equipment rental market, with a focus on expanding its overseas operations and leveraging a light asset model to maintain its competitive edge [1][2][4]. - The domestic high-altitude work platform rental market is stabilizing, with rental prices expected to rise, enhancing profit margins for the company [3]. - The company has demonstrated strong growth in revenue and net profit, with a projected net profit of 9/10.4/12.2 billion RMB for 2024-2026, reflecting a growth rate of -6.3%/+15.7%/+16.5% [1]. Summary by Sections Company Overview - The company is a leading high-altitude work platform rental provider in China, backed by its major shareholder, Far East Horizon. As of Q3 2024, it has a fleet of 214,800 high-altitude work platforms [1][12]. - The company has established a comprehensive service capability, integrating equipment rental, engineering services, and platform services [19]. International Expansion - The company is actively expanding its overseas presence through a "3+3+3" international strategy, targeting high-growth markets in Southeast Asia and the Middle East. It has established 44 overseas outlets across seven countries, with an overseas asset management scale exceeding 2.7 billion RMB [2][50][55]. - The profitability of overseas operations is significantly higher, with diesel arm vehicles priced three times higher than in China, while diesel costs are only half [2][52]. Market Dynamics - The domestic high-altitude work platform market has seen a significant increase in equipment ownership, with projections indicating a rise from 530,000 units in 2023 to 650,000 units in 2024. The company's market share in this segment has grown to 34% [3]. - The rental prices for high-altitude work platforms are expected to increase by 10% as major manufacturers have announced price hikes, indicating a favorable market environment [3]. Business Model and Financial Performance - The company has successfully implemented a light asset model, increasing its managed equipment from 4,600 units in 2021 to 72,600 units in H1 2024, with a significant rise in the proportion of light asset management [4][21]. - Revenue growth has been robust, with a CAGR of 38.28% from 2019 to 2023, and a projected revenue of 4.877 billion RMB in H1 2024, reflecting a 16% year-on-year increase [21][37].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company achieved a revenue of 105.3 billion CNY in 2024, with a year-on-year growth of 2.91%, and a net profit of 29.7 billion CNY, reflecting a year-on-year increase of 0.96% [4] - The fourth quarter of 2024 saw a revenue of 26.7 billion CNY, a year-on-year decrease of 1.45% but a quarter-on-quarter increase of 2.05%, with a net profit of 8.8 billion CNY, marking a year-on-year increase of 33.18% and a quarter-on-quarter increase of 34.08% [4] - The company is expected to benefit from new product cycles, with projected net profits for 2025, 2026, and 2027 at 34.2 billion CNY, 39 billion CNY, and 42.4 billion CNY respectively, corresponding to EPS of 10.7 CNY, 12.1 CNY, and 13.2 CNY [4] Revenue and Profitability - The company's revenue from games and related value-added services in Q4 2024 was 21.2 billion CNY, with a year-on-year growth of 1.4% [4] - The company’s online music service revenue grew rapidly, with a 22% increase in subscription revenue for cloud music in 2024, achieving a gross margin of 33.7% [6] - The company’s net profit margin for 2024 was 28.2%, with a projected net profit margin of 28.3% for 2025 [7] Product Performance - The game "Marvel Showdown" launched overseas on December 6, 2024, quickly topped the Steam global sales chart, with over 10 million registered users within 72 hours, and currently surpassing 40 million [5] - The game "Yanyun Sixteen Sounds" saw over 3 million downloads within four days of its domestic launch, with total players exceeding 15 million within two weeks [5] - The return of Blizzard games such as "World of Warcraft" and "Hearthstone" has positively impacted the company's revenue, with the recent return of "Overwatch" expected to further boost earnings [5] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 120.97 billion CNY, 135.22 billion CNY, and 146.33 billion CNY respectively, with year-on-year growth rates of 14.9%, 11.8%, and 8.2% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 14.0, 12.3, and 11.3 respectively, indicating a favorable valuation outlook [7]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price raised from HKD 13.00 to HKD 14.00 [3][6][17]. Core Insights - The company reported a core profit growth of 6.8% for 2024, exceeding expectations by 7%, and maintained its interim dividend at HKD 0.81 per share, leading to a total dividend of HKD 1.08 for the year [1][3]. - Total revenue for 2024 increased by 6.2% to HKD 3.409 billion, supported by a 9.8% growth in retail rental income due to the opening of newly renovated luxury brand flagship stores [1][11]. - The company is optimistic about its transformation strategy, which includes attracting higher-paying tenants and optimizing tenant mix, particularly in its shopping malls [2][3]. Financial Performance Summary - The company achieved a net profit of HKD 35 million in 2024, a significant recovery from a loss of HKD 872 million in 2023, with a notable reduction in fair value losses on investment properties [1][11]. - The net debt increased by 2% to HKD 24.303 billion, resulting in a net gearing ratio of 51.1% [1][11]. - The financing cost decreased by 5.9% year-on-year, primarily due to exchange gains from the depreciation of the Renminbi [1][11]. Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted upwards by 8.7% and 9.3%, respectively, reflecting the anticipated benefits from ongoing transformation initiatives [13]. - Core profit forecasts for 2025 and 2026 have also been revised upward by 7.7% and 9.5%, respectively [13]. Valuation Metrics - The company currently has a price-to-book ratio of 0.19 and an attractive dividend yield of 8.6% [3][11]. - The projected earnings per share for 2024 is HKD 1.90, with a price-to-earnings ratio of 6.6 [4][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved comprehensive profitability in Q4 2024, driven by growth in gaming and advertising sectors [4][5] - The revenue for 2024 reached 26.832 billion yuan, a year-on-year increase of 19%, with Q4 revenue at 7.734 billion yuan, up 22% year-on-year and 6% quarter-on-quarter [4] - The adjusted net profit for Q4 2024 was 4.52 million yuan, indicating a turnaround from losses in previous periods [4] - The company is expected to continue its growth trajectory with projected net profits of 5.13 billion yuan, 19.19 billion yuan, and 27.29 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary and Valuation Metrics - The company reported a gross margin of 36.1% in Q4 2024, an increase of 10.0 percentage points year-on-year [5] - The sales expense ratio was 16.0%, management expense ratio was 6.5%, and R&D expense ratio was 11.9% in Q4 2024, indicating effective cost control [5] - The company’s daily active users (DAU) reached 103 million, with a monthly active user (MAU) count of 340 million, reflecting a stable and growing community ecosystem [6] - The average daily video views reached 4.8 billion, with a monthly interaction count of 15.5 billion, showcasing strong user engagement [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.2 yuan, 4.6 yuan, and 6.5 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 138.2, 36.9, and 26.0 [7]

2025 年 2 月 21 日 公司研究 关联方境外债重组取得进展，静待公司经营回暖 ——远洋服务（6677.HK）跟踪报告 要点 事件：针对公司控股股东（远洋集团）的清盘呈请聆讯延期。 2 月 14 日，远洋服务发布公告，针对公司控股股东（远洋集团）的清盘呈请聆 讯延期，在清盘呈请各方一致提出延期申请后，法院已撤销原计划于 2025 年 2 月 17 日举行的呈请聆讯，并推迟至 2025 年 4 月 14 日。2 月 3 日，远洋集团发 布公告，境外债重组计划已经获得英格兰法院批准。 点评：关联方境外债重组取得进展，静待公司经营回暖。 增持（维持） 当前价：0.6 港元 作者 分析师：何缅南 执业证书编号：S0930518060006 021-52523801 hemiannan@ebscn.com 1）关联方销售仍保持一定规模，优质物管项目陆续交付。根据克而瑞数据，2024 年全年，公司关联方远洋集团全口径销售金额 351.6 亿元，排名行业第 28 位 （2023 年全口径销售金额 505.5 亿元，排名 32）,2025 年 1 月，远洋集团全口 径销售金额 19.5 亿元，排名行业第 32 位。远洋 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved comprehensive profitability in Q4 2024, driven by growth in gaming and advertising sectors [4] - For the full year 2024, the company reported revenue of 26.832 billion yuan, a year-on-year increase of 19%, and a narrowed net loss of 0.39 billion yuan compared to a loss of 33.75 billion yuan in the previous year [4] - Q4 2024 revenue reached 7.734 billion yuan, up 22% year-on-year and 6% quarter-on-quarter, with a net profit of 0.89 billion yuan, marking a return to profitability [4] - The company expects continued growth in gaming, membership, advertising, and IP monetization, leading to revised profit forecasts for 2025-2027 [4] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 30.731 billion yuan for 2025, with a year-on-year growth of 14.5% [7] - The adjusted net profit for 2025 is estimated at 0.513 billion yuan, with an EPS of 1.2 yuan, and a P/E ratio of 138.2 times [7] - The gross margin for Q4 2024 was 36.1%, reflecting a 10.0 percentage point increase year-on-year, indicating improved monetization efficiency [5] - Daily active users (DAU) reached 103 million in Q4 2024, with a monthly active user (MAU) count of 340 million, showing a stable and growing community ecosystem [6]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price raised from HKD 13.00 to HKD 14.00 [6][3][17]. Core Insights - The company reported a core profit growth of 6.8% for 2024, exceeding expectations by 7%, and maintained a stable dividend of HKD 0.81 per share, resulting in a total dividend of HKD 1.08 for the year [1][3]. - Total revenue for 2024 increased by 6.2% to HKD 34.09 billion, supported by a 9.8% growth in retail rental income due to the opening of newly renovated luxury brand flagship stores [1][2]. - The company’s financing costs decreased by 5.9% year-on-year, primarily due to exchange gains from the depreciation of the Renminbi, which offset the increase in total debt and weighted average interest rates [1][3]. Financial Performance Summary - For FY2024, total revenue is projected at HKD 34.09 billion, with a year-on-year growth of 6.2% [4][11]. - Net profit is expected to reach HKD 1.96 billion, reflecting a 6.8% increase compared to the previous year [4][11]. - The company’s net debt increased by 2% in the second half of 2024, reaching HKD 24.30 billion, resulting in a net gearing ratio of 51.1% [1][3]. Future Outlook - The management highlighted the success of transformation initiatives, including the optimization of shopping mall operations and the opening of over 10 new luxury brand flagship stores, which are expected to enhance rental income [2][3]. - The company plans to complete the expansion of the Lee Garden Phase 8 by 2026, which is anticipated to increase the total area of the Lee Garden district by 30% [2][3]. - Earnings forecasts for 2025-2026 have been adjusted upward by 7.7%-9.5% to reflect the anticipated higher income from the company's renewal initiatives [3][13].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HK$18.00, while the current price is HK$15.28 [5][23]. Core Insights - The company's performance for 2024 is expected to be weak, with core earnings projected to decline by 10% to HK$6.5 billion, primarily due to a sluggish office market, stagnant retail sector, and high interest costs [1][2]. - Earnings are anticipated to stabilize in 2025 and slightly recover in 2026, influenced by factors such as declining rental income from mainland malls and the absence of contributions from new projects [2][11]. - Despite challenges, the company is expected to fulfill its dividend growth commitment, with a projected increase of 2.9% for the full year 2024 [1][2]. Financial Forecasts - Total revenue is forecasted to decrease from HK$14.67 billion in 2023 to HK$13.89 billion in 2024, representing a year-on-year decline of 5.3% [3][11]. - The company’s core profit is expected to drop from HK$7.29 billion in 2023 to HK$6.54 billion in 2024, a decrease of 10.2% [3][11]. - The projected basic earnings per share (EPS) for 2024 is HK$1.12, down from HK$1.25 in 2023 [3][11]. - The dividend per share is expected to increase from HK$1.05 in 2023 to HK$1.08 in 2024, reflecting a dividend yield of 7.1% to 7.5% over the forecast period [3][11]. Market Conditions - The report highlights that the retail sales in Hong Kong continue to be affected by local tourism loss and changing consumer spending patterns, while the office rental market remains weak [1][2]. - The company’s properties in mainland China are also experiencing a decline in rental income due to consumer downgrading [2][19]. Share Buyback Program - The company has made progress on its HK$1.5 billion share buyback program, having repurchased 28.2 million shares, which is approximately 29% of the total program [21].