2025 年 4 月 7 日 公司研究 业绩增长保持韧性，分红比例提升至 50% ——保利物业（6049.HK）2024 年度业绩点评 要点 事件：保利物业 2024 年营收同比+8.5%，归母净利润同比+6.8%。 保利物业发布 2024 年度业绩公告，实现收入 163.4 亿元，同比增长 8.5%；毛 利 29.8 亿元，同比增长 1.1%；净利率 9.1%，同比下滑 0.2pct，归母净利润 14.7 亿元，同比增长 6.8%；期末现金及银行结余约 119 亿元，较 2023 年末增加 7.8%。 点评：业务结构调整，增长韧性较强，外拓合同金额创新高，分红比例提升。 1) 业务结构调整，组织结构变革，经营效率有所提升。2024 年公司物业管理/ 非业主增值/社区增值业务分别实现收入 116.7/19.6/27.1 亿元，同比增速为 +15.0%/-6.4%/-3.9%，非业主增值业务、社区增值服务（含家装美居、车位销 售及房屋经纪租赁等地产后周期业务）由于房地产行业持续收缩，发展速度有所 减缓，而基础物管业务则由于在管规模持续扩张，收入保持稳健增长。伴随市场 竞争加剧，公司从组织模式、管理体系与管理工具 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a strong performance in its 2024 financial results, with total revenue of 28.68 billion, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 3.01 billion, a year-on-year decrease of 5.5%. The overall performance met the upper expectations, and after accounting for a new impairment of investment properties of 0.33 billion, the performance was considered to be above expectations [2][6] Summary by Relevant Sections Financial Performance - The gross profit margin improved steadily, with an operating profit margin (OPM) performance exceeding expectations. In 2024, the gross margin increased by 1 percentage point to 49.4%, driven by improvements in e-commerce and direct sales discounts [9] - The OPM for the second half of the year increased by 0.9 percentage points to 8.9%, and when excluding the impairment of investment properties, the OPM increased by 3.3 percentage points to 11.2% [9] Revenue and Growth - The company maintained a healthy growth in channels, with revenue growth aligning closely with sales growth across all channels. The offline new retail accounted for 85% of total sales, and the inventory turnover ratio was stable at four months [9] - The revenue growth trend appears positive, although increased expenses are anticipated. The company expects to see growth in bulk sales, but the divestment of overseas business, which accounts for 2% of total sales, has caused some drag [9] Future Outlook - Short-term revenue growth may be challenging due to significant expense increases related to Olympic sponsorship and associated marketing costs. The company is expected to balance expenses with growth, but short-term revenue growth may not be evident [9] - In the medium to long term, the company is focusing on optimizing operational quality and seeking growth opportunities amid intensified competition. The management has been working on improving operational efficiency, which may lead to a healthier growth trajectory in the future [9]

证券研究报告·海外公司点评·软件服务(HS) 2025 年 04 月 07 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 速腾聚创（02498.HK） 2024 年业绩点评：业绩符合预期，智驾&机 器人平台化布局有望持续兑现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1120 | 1649 | 2630 | 4202 | 5253 | | 同比(%) | 111.22 | 47.20 | 59.53 | 59.73 | 25.02 | | 归母净利润（百万元） | (4,336.63) | (481.83) | (246.66) | 123.96 | 438.62 | | 同比(%) | (107.63) | 88.89 | 48.81 | 150.25 | 253.86 | | EPS-最新摊薄（元/股） | (8.98) ...

证券研究报告 | 2025年04月07日 布鲁可（00325.HK） 优于大市 拼搭角色类玩具龙头背后之壁垒，长期 IP 矩阵建设之底气 布鲁可：立足多元 IP 打造拼搭角色类玩具龙头.公司成立于 2014 年，主营 拼搭角色类玩具的研发、生产及销售，2023 年以 GMV 计算在国内拼搭角 色类玩具行业市占率第一。2024 年受益 IP 建设、产品研发及渠道拓展， 收入同比增长 156%至 22.41 亿元。收入结构中，公司以 IP 文化为核心， 已获得约 50 个全球知名 IP 的授权，其中以奥特曼 IP 占比最高，收入 占比 48.9%，变形金刚 IP 占比 20.3%，自有 IP 英雄无限占比 13.8%。渠 道端以线下经销为主，收入占比 92.1%，同时构建了全渠道营销模式。 行业概况：中国拼搭角色类玩具市场 GMV 快速增长，海外市场发展提供新增 长机遇。据弗若斯特沙利文数据，2023 年中国拼搭角色类玩具市场 GMV 为 58 亿元，2019-2023 年复合增速达到 49.6%。且未来受益消费年龄层拓宽、 IP 经济和情绪消费需求的增长，2028 年 GMV 有望达到 325 亿元。除中国外 ...

证券研究报告 海吉亚医疗 (6078 HK) 港股通 受外部环境制约，看好恢复性增长 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 07 日│中国香港 | 医疗服务 | 公司公告，24 年实现收入 44.5 亿元（+9.1%yoy），经调整净利润 6.0 亿元 （-15.6%yoy），低于 Wind 一致预测。公司 24 年收入降速主因年内医保环 境影响，利润端下滑叠加因素包括：1）核酸费用相关减值 5700 余万元；2） 税收增加近 2000 万元；3）财务成本增加 3700 万元；及 4）二期/新院转固 带来约 8500 万元折旧摊销费用。展望 25 年，考虑公司年内支出项目减少， 医保回款有望逐步回暖，叠加公司经营现金流充沛+持续精细化费用管控， 我们看好公司 25 年经调整利润回归 16%同比增长，维持"买入"。 医院业务：存量医院诊疗需求可观，外科手术持续增长 2024 年医院业务实现收入 43.2 亿元（+11.1%yoy），其中门诊业务收入 +20.8%yoy，住院业务收入+ 5.9%yoy。展望 2025 年，我们 ...

证券研究报告 公司研究 点评报告 九方智投控股（9636.HK） 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 营口碑等优势，充分受益于市场走势回暖，业绩有望进一步改善。我 们预计 2025-2027 年 EPS 分别为 1.70/1.77/1.95 元。 风险因素：客群开拓发展不及预期；市场波动加剧；在手投资的资产 价格波动。 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 市场回暖预期充分兑现，研究及运营优势凸显 2025 年 4 月 7 日 事件：九方智投控股发布 2024 年度业绩公告，实现集团总收益 23.06 亿 元，同比增加 17.3%；实现集团股东应占溢利 2.72 亿元。订单侧，公司 2024 年度总订单金额约为 35.06 亿元，较上年同期增加约 49.3%；截止 2024 年年底公司合约负债为 14.89 亿元（2023 年同期为 6.89 亿元），将 主要于 2025 年确认收益。 总订单、用户规模等数据明显进 ...

公司研究 点评报告 九方智投控股（9636.HK） 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 证券研究报告 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 市场回暖预期充分兑现，研究及运营优势凸显 2025 年 4 月 7 日 事件：九方智投控股发布 2024 年度业绩公告，实现集团总收益 23.06 亿 元，同比增加 17.3%；实现集团股东应占溢利 2.72 亿元。订单侧，公司 2024 年度总订单金额约为 35.06 亿元，较上年同期增加约 49.3%；截止 2024 年年底公司合约负债为 14.89 亿元（2023 年同期为 6.89 亿元），将 主要于 2025 年确认收益。 总订单、用户规模等数据明显进步。得益于市场活跃度、公司投研体 系、运营能力的多方面提升，公司总订单金额达约人民币 35.06 百 万元，较同期增长 49.3%，付费用户数量达 18.1 万名，较同期增加 约 149.4%。退款率方面，金融软件销售及 ...

Investment Rating - The investment rating for the company is "Buy" [1][8] Core Insights - The company's performance in the fiscal year 2024 slightly exceeded expectations, driven by brand momentum, continuous product innovation, and channel network expansion. The expectation of rising gold prices is anticipated to accelerate terminal sales, with high growth continuing into fiscal year 2025 [3][8]. - The operating leverage has significantly improved the net profit margin, with a gross margin of 41.16% (down 0.73 percentage points) and an adjusted net profit margin of 17.66% (up 4.29 percentage points). The period expense ratio decreased by 6.08 percentage points to 18.32% [5][8]. - The company is focusing on enhancing its brand's international presence, leveraging successful operations in the Hong Kong and Macau regions to accelerate store expansion in Singapore and Japan, thereby opening up growth opportunities overseas [5][8]. Financial Summary - In fiscal year 2024, the company achieved revenue of 85.06 billion RMB, representing a year-on-year increase of 167.5%. The net profit reached 14.73 billion RMB, up 253.9% year-on-year, with adjusted net profit at 15.02 billion RMB, also up 253.4% [7][8]. - The company’s revenue from physical stores was 74.50 billion RMB (+164.3%), while online platforms contributed 10.55 billion RMB (+192.2%), indicating a slight increase in the proportion of online sales [8]. - The company’s domestic business generated 76.51 billion RMB (+152.95%), while revenue from Hong Kong and Macau reached 8.55 billion RMB (+451.41%) [8].

Investment Rating - The report initiates coverage with a "Buy" rating for Horizon Robotics (9660.HK) [5]. Core Views - Horizon Robotics is positioned as a leading provider of intelligent driving solutions, leveraging its extensive mass production experience and innovative product offerings to capitalize on the growing demand in the automotive sector [5][8]. - The company is set to benefit from the upcoming series of new products, particularly the Journey 6 series, which is expected to enhance its market share and revenue growth significantly by 2025 [5][19]. - Strategic partnerships with major automotive manufacturers such as BYD, Volkswagen, and Li Auto are crucial for Horizon's growth, enabling it to expand its influence in both domestic and international markets [5][40][42]. Summary by Sections 1. Intelligent Driving Solutions Provider - Horizon Robotics, founded in 2015, focuses on intelligent driving solutions, integrating algorithms, dedicated software, and processing hardware to create a comprehensive product matrix [8][9]. - The company has shipped over 7 million units of its intelligent driving chips, showcasing its capability in mass production [5][8]. 2. Journey 6 and Full-Scene Intelligent Driving Solutions - The Journey 6 series, launched in April 2024, represents a significant upgrade in Horizon's product line, designed to meet diverse intelligent driving needs with a scalable architecture [19][21]. - The Journey 6 series offers a computing power range from 10 TOPS to 560 TOPS, catering to various levels of intelligent driving applications [21][22]. 3. Flexible Cooperation Model - Horizon employs a flexible cooperation model, including IP licensing, computing solutions, and joint development, to meet the diverse needs of its clients [5][36]. - The company has established significant partnerships with leading automotive manufacturers, enhancing its market presence and revenue potential [5][40][42]. 4. Industry Opportunities - The intelligent driving sector is poised for rapid growth, driven by initiatives from major players like BYD and Tesla, which are expected to accelerate the adoption of intelligent driving technologies [5][44]. - Horizon holds a leading market share of 33.97% in the domestic intelligent driving computing solutions market, positioning it well to capitalize on the industry's expansion [44]. 5. Profit Forecast and Investment Recommendations - Horizon's revenue is projected to grow significantly, with expected net profits of -2.2 billion, -1.4 billion, and 0.5 billion RMB for 2025, 2026, and 2027 respectively [5][4]. - The report suggests that Horizon's innovative product cycle and favorable market conditions will enhance its profitability in the coming years [5][4].

Investment Rating - The report maintains an "Outperform" rating for the company [2][15]. Core Views - The company reported a total revenue of RMB 7.47 billion for 2024, a decrease of 6.8% year-on-year, with pharmaceutical sales revenue at RMB 8.62 billion, down 9.0% [11][12]. - The impact of volume-based procurement (VBP) on existing products has largely been digested, with significant sales declines in certain product lines, while innovative products are showing growth [12][14]. - The company has made substantial progress in innovative drug development, with five products already commercialized and additional candidates in various stages of clinical trials [13][14]. Financial Performance Summary - Revenue for 2024 was RMB 7,469 million, down 12% from the previous year, with a projected recovery to RMB 8,326 million in 2025, representing an 11% increase [3][7]. - Net profit for 2024 was RMB 1,620 million, a decline of 32% year-on-year, with an expected increase to RMB 1,671 million in 2025, reflecting a 4% growth [3][7]. - The gross margin decreased to 72.6%, primarily due to price reductions from VBP, while R&D expenditure rose to RMB 890 million, accounting for 11.9% of total revenue [11][12]. Product Line Performance - Cardiovascular and cerebrovascular products generated RMB 4.09 billion in sales, down 18.8%, while dermatology and aesthetic medicine products grew by 18.2% to RMB 670 million [12][14]. - The three VBP products achieved revenue of RMB 2.69 billion, down 28.8% year-on-year, indicating that the short-term impact of centralized procurement has largely played out [12][14]. Innovation and Pipeline - The company has five innovative drugs commercialized, with two additional products submitted for NDA approval, including a potential blockbuster [13][14]. - Over ten clinical-stage innovative programs are progressing, including treatments for various conditions such as stroke and obesity [13][14]. Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted to RMB 8.37 billion and RMB 9.44 billion, respectively, reflecting year-on-year growth of 11.5% and 13.3% [14][15]. - The target price is maintained at HKD 9.96 per share, corresponding to a 14x PE for 2025 [15].