Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown a significant recovery in operations and profitability, with a revenue of $1.77 billion in 2024, representing a year-on-year growth of 29.0%. The second half of the year saw a revenue of $950 million, up 49.5% year-on-year. The net profit attributable to shareholders reached $112 million, marking a turnaround from losses [1][2]. - All business lines have experienced strong growth, particularly in North America, where revenue rebounded significantly post-inventory destocking [1]. - The company plans to sell its entire stake in a subsidiary, which will allow it to focus on its core business and enhance shareholder value. A special dividend of HKD 1.1905 per share is proposed, totaling approximately HKD 608 million [3]. Summary by Sections Financial Performance - In 2024, the gross margin improved by 6.6 percentage points to 34.7%, driven by scale recovery and operational efficiency. The net profit margin increased by 9.0 percentage points to 6.3% [2]. - The company reported a significant reduction in expense ratios across sales, management, and R&D, contributing to improved profitability [2]. Revenue Breakdown - The Outdoor Power Equipment (OPE) segment generated $1.01 billion, a 24.2% increase, while the electric tools segment saw revenue of $750 million, up 36.3% [1]. - Revenue by region for 2024 was $1.29 billion in North America (+37.5%), $310 million in Europe (+11.2%), $110 million in China (+9.8%), and $56 million in other regions (+8.9%) [1]. Future Projections - The company expects net profits of $121 million, $143 million, and $168 million for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7%, 19%, and 17% [4][5]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are $0.24, $0.28, and $0.33, respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 7 [4][5].

研究报告 Research Report 28 Mar 2025 康诺亚生物 Keymed Biosciences (2162 HK) 对外合作+商业化销售双轮驱动 Dual-engine Growth Driven by Partnerships and Commercial Sales [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$44.80 目标价 HK$70.75 HTI ESG 2.7-3.0-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$12.53bn / US$1.61bn 日交易额 (3 个月均值) US$7.60mn 发行股票数目 279.74mn 自由流通股 (%) 62% 1 年股价最高最低值 HK$46.85-HK$27.45 注：现价 HK$40.65 为 2025 年 03 月 26 日收盘价 资料来源： Factset 1mth ...

28 Mar 2025 科伦博泰生物-B Sichuan Kelun-Biotech Biopharmaceutical (6990 HK) 研发合作收入+商业化销售双轮驱动 研究报告 Research Report R&D Collaboration Revenue and Commercial Sales as Dual Growth Drivers [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$288.00 目标价 HK$297.20 HTI ESG 3.0-3.0-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$37.85bn / US$4.87bn 日交易额 (3 个月均值) US$9.86mn 发行股票数目 131.43mn 自由流通股 (%) 14% 1 年股价最高最低值 HK$288.00-HK$132.50 注：现价 HK$256.40 为 2 ...

浦银国际研究 公司研究 | 新能源汽车行业 比亚迪股份（1211.HK）/比亚迪（002594.CH）： 预期 2025 年智驾渗透率大幅提升，推动新 能源车销量和利润大幅增长 上调比亚迪 2025/2026 年盈利预测，上调比亚迪股份（1211.HK）目标 价至 481.0 港元，潜在升幅 18%；上调比亚迪（002594.CH）目标价至 人民币 469.0 元，潜在升幅 21%。 图表 1：盈利预测和财务指标（2023-2027E） | 人民币百万元 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营收 | 602,315 | 777,102 | 966,125 | 1,097,526 | 1,235,983 | | 营收同比增速 | 42% | 29% | 24% | 14% | 13% | | 毛利率 | 20.2% | 19.4% | 18.7% | 18.7% | 18.6% | | 净利润 | 30,041 | 40,254 | 50,211 | 60,521 | 70,286 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company's performance in 2024 exceeded market expectations, with significant improvements in profit margins [5] - The growth is driven by both overseas expansion and a dual-category strategy focusing on IP and product diversification [6][8] Financial Performance - In 2024, the company reported revenue of 13.04 billion RMB, a year-over-year increase of 106.9%, and a net profit of 3.125 billion RMB, up 188.8% [6][9] - The adjusted net profit for 2024 was 3.4 billion RMB, reflecting a year-over-year growth of 185.9% [6][9] - The gross profit margin for 2024 was 66.8%, an increase of 5.5 percentage points compared to the previous year [6] Revenue Breakdown - Revenue from mainland China reached 7.97 billion RMB, a year-over-year increase of 52.3%, accounting for 61.1% of total revenue [6] - Overseas revenue, including Hong Kong, Macau, and other international markets, was 5.07 billion RMB, showing a remarkable year-over-year growth of 375.2% [6] Operational Efficiency - The operating profit margin improved to 33.1% in mainland China, up 9.4 percentage points year-over-year [6] - The company plans to distribute a final dividend of 0.8146 RMB per share, totaling 1.094 billion RMB, which represents 35% of the net profit attributable to shareholders for 2024 [6] Future Projections - The company is expected to achieve revenues of 21.75 billion RMB, 30.67 billion RMB, and 38.21 billion RMB for the years 2025, 2026, and 2027, respectively [9] - The projected net profit for 2025 is 5.52 billion RMB, with a growth rate of 76.5% [9] Market Position - The company is recognized as a leader in the trendy toy culture and commercialization, leveraging its full industry chain and platform advantages [8]

九方智投控股（09636.HK） 2024 年年报点评：市场红利推动，公司总订 单金额创历史新高 买入（维持） 证券研究报告·公司点评报告·软件服务(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1,965 | 2,306 | 3,579 | 4,139 | 4,692 | | 同比（%） | 6.23% | 17.33% | 55.22% | 15.64% | 13.36% | | 归母净利润(百万元) | 191 | 272 | 1,293 | 1,701 | 2,245 | | 同比（%） | -58.59% | 42.81% | 374.64% | 31.55% | 32.00% | | EPS-最新摊薄(港元/股) | 0.46 | 0.66 | 3.13 | 4.12 | 5.44 | | P/E(现价&最新摊薄) | 86.94 | 60.88 | 12.83 | 9.75 | 7.39 | [Tabl ...

请务必阅读正文后的声明及说明 [Table_Info1] 美丽田园医疗健康(02373.HK) 医疗美容/美容护理 [Table_Date] 发布时间：2025-03-28 [Table_Title] 证券研究报告 / 港股公司报告 内生外延双轮驱动，市场领导地位持续强化 美丽田园医疗健康公布 2024 年度业绩，2024 年公司实现营业收入 25.72 亿元/+19.91%，归母净利润 2.28 亿元/+5.94%。2024H2 公司实现营业收 入 14.35 亿元/+29.44%，归母净利润 1.13 亿元/+8.87%。拟每股派发现金 红利 0.48 元。 点评： 内生+外延双轮驱动，收入维持快速增长。2024 年公司实现营业收入 25.72 亿元/+19.91%，分项目看：1）美容和保健服务营收 14.43 亿元/占 比 56.11%/+20.91% ； 包 括 高 端 美 容 直 营 收 入 11.44 亿 元 / 占 比 44.46%/+5.91%；高端智能美养服务直营收入 1.62 亿元/占比 6.30%；加 盟商及其他收入 1.38 亿元/占比 5.35%/+20.87%；高端美容服务单店继续 ...

新奥能源公布业绩公告与私有化方案：2024 年收入 1,099 亿元，同比-3.5%； 归母净利 59.87 亿元，同比-12.2%；核心利润 69.52 亿元，同比-8.4%；核 心利润高于华泰预测（66.76 亿元），主要是泛能销量与毛利超预期。大股 东拟私有化新奥能源，并以介绍方式实现"A+H"上市；我们认为此次重组 意味着新奥正在加速天然气产业链整合，公司中长期价值有望得到释放。国 内基础业务核心利润同比+10%，天然气/泛能/智家有望并驾齐驱。自由现 金流同比+20%，派息率升至 45%，当前股息率 4.5%。维持"买入"评级。 证券研究报告 新奥能源 (2688 HK) 港股通 股东回报超预期，私有化加速整合 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 28 日│中国香港 | 燃气及分销 | 国内核心利润同比+10%，天然气/泛能/智家并驾齐驱 2024 年国内基础业务核心利润同比+10.2%至 67.12 亿元，其中：1）零售 气量同比+4.2%至 262 亿方，零售气价差如期修复 4 分至 0.54 元/方，气量 ...

彩妆维持快速增长 分品类来看，1）彩妆：24 年营收 23.04 亿/占比 59.3%/营收 yoy42%。大 单品光感无痕粉膏零售额已超 4 亿元，我们预计水奶油粉底液/鱼子气垫等 底妆产品亦有较大发展潜力；柔纱幻颜腮红/空气仓唇釉/星空眼影等色彩类 产品亦有望吸引多元人群。2）护肤：24 年营收 14.29 亿/占比 36.8%/营收 yoy23.2%，鱼子面膜零售额已超 8 亿元，我们预计鱼子安瓶精华/黑霜等产 品亦有放量空间。2024 年培训营收 1.52 亿/占比 45.8%/营收 yoy45.8%。 证券研究报告 毛戈平 (1318 HK) 港股通 线上线下高质量快速增长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 28 日│中国香港 | 化妆品 | 2024 年营收 38.85 亿元/yoy34.6%，净利润 8.81 亿元/yoy33%，经调整净 利 9.24 亿元/yoy39.2%。25 年以来公司线上数据维持亮眼表现；线下持续 进军 SKP 等高端商场进一步提升品牌价值。大单品粉膏/鱼子涂抹面膜/黑霜 等还处 ...

门店持续扩张，期待同店回暖 小菜园(0999) ——小菜园 2024 年报业绩点评 | [table_Authors] 刘越男(分析师) | 宋小寒(分析师) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 11.16 | | 021-38677706 | 010-83939087 | | | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | [Table_Market] | | | 登记编号 S0880516030003 | S0880524080011 | 交易数据 | | | | | 52 周内股价区间（港元） | 8.94-12.46 | -7% 4% 15% 26% 38% 49% 2024/12 2025/1 2025/2 2025/3 小菜园 恒生指数 [Table_Report] 相关报告 性价比徽菜领导品牌，强供应链与强运营 2025.01.23 | Table_Finance] [财务摘要（ | 百万人民币） | 2022 | 2023 | 20 ...