软件开发 AI 推动 SaaS 产品持续升级，海外市场加速破局 明源云（00909.HK） 证券研究报告/公司点评报告 2025 年 03 月 27 日 | 公司盈利预测及估值 | 增持（下调） | 评级： | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,657 | 1,435 | 1,383 | 1,427 | 1,550 | 分析师：刘一哲 | 增长率 | -10% | -13% | -4% | 3% | 9% | yoy% | | 归母净利润（百万元） | -586 | -190 | -28 | 30 | 123 | 执业证书编号：S0740525030001 | 增长率 | 49% | 68% | 85% | 207% | 309% | yoy% | | Email：liuyz03@zts.com.cn | 每股收益（元） | -0.3 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company experienced a significant improvement across all business lines in Q4, with a year-on-year net profit growth exceeding 80% [1] - The total revenue for 2024 is projected to be 331.72 billion yuan, a decrease of 6.4% year-on-year, while the net profit is expected to be 56.94 billion yuan, down 7.5% year-on-year [7] - The brokerage business saw a slight decline in revenue for the year, but a substantial increase in Q4, with net income reaching 17 billion yuan, up 67.6% year-on-year [7] - The investment banking segment remains strong, with net income of 30.9 billion yuan, despite a 16.4% year-on-year decline [7] - Asset management revenue was 12.1 billion yuan, a slight decrease of 0.3% year-on-year, with total assets under management at 552 billion yuan [7] - The company’s self-operated investment income showed a significant recovery in Q4, with investment income of 43.5 billion yuan, up 51% year-on-year [7] - The report projects an increase in net profit for 2025 and 2026, estimating 66.21 billion yuan and 70.69 billion yuan respectively, with growth rates of 16% and 7% [7] Financial Summary - Total revenue for 2023 was 35,446 million yuan, with a forecasted decrease to 33,172 million yuan in 2024 [1] - The company’s earnings per share (EPS) for 2024 is projected at 1.04 yuan, with a price-to-earnings (P/E) ratio of 13.29 [1] - The company’s total assets are expected to reach 674,716 million yuan in 2024, with a debt-to-asset ratio of 83.35% [6][13]

证 券 研 究 报 告 华润万象生活（01209.HK）2024 年报点评 推荐（维持） 购物中心经营稳健，高分红持续回馈股东 目标价：39.04 港元 事项： ❖ 公司 2024 年实现营业收入约 170.43 亿元，同比增长 15.4%；归母净利润 36.29 亿元，同比增长 23.9%；归母核心净利润约 35.07 亿元，同比上升 20.1%；毛 利率增至 32.9%，同比提升 1.1 个百分点。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 17,043 | 19,000 | 21,201 | 23,845 | | 同比增速(%) | 15% | 11% | 12% | 12% | | 归母净利润(百万) | 3,629 | 4,145 | 4,752 | 5,446 | | 同比增速(%) | 24% | 14% | 15% | 15% | | 每股盈利(元) | 1.59 | 1.82 | 2.08 | 2.39 ...

社会服务/酒店餐饮 特海国际（09658.HK） 经营效率提升亮眼，关注多元品牌孵化和北美拓展 2025 年 03 月 29 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(港元) | 17.800 | | 一年最高最低(港元) | 24.100/10.940 | | 总市值(亿港元) | 115.75 | | 流通市值(亿港元) | 115.75 | | 总股本(亿股) | 6.50 | | 流通港股(亿股) | 6.50 | | 近 3 个月换手率(%) | 10.73 | 股价走势图 -40% -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 特海国际 恒生指数 数据来源：聚源 相关研究报告 《翻台显著增长，换帅后期待开店和 多品牌拓展加速—公司信息更新报 告》-2024.9.1 《经营业绩亮眼，提质增效多区域本 土化成果显著—公司信息更新报告》 -2024.3.29 东亚、北美增长亮眼，东南亚基本盘稳固 分地区看，截至 2024 年底东南亚、东亚、北美、其他餐厅数量分别为 73/19/20/10， ...

待地产企稳驱动收入回升，AI 规划积极提供估值弹 2025 年 03 月 29 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(港元) | 3.050 | | 一年最高最低(港元) | 4.650/1.570 | | 总市值(亿港元) | 59.29 | | 流通市值(亿港元) | 58.91 | | 总股本(亿股) | 19.44 | | 流通港股(亿股) | 19.32 | | 近 3 个月换手率(%) | 69.71 | 公 司 信 息 更 新 报 告 计算机/软件开发 公 司 研 究 明源云（00909.HK） 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 明源云 恒生指数 相关研究报告 | 吴柳燕（分析师） | 杨哲（分析师） | | --- | --- | | wuliuyan@kysec.cn | yangzhe@kysec.cn | | 证书编号：S0790521110001 | 证书编号：S0790524100001 | 证书编号：S07905 ...

社会服务/酒店餐饮 数据来源：聚源 相关研究报告 《翻台显著增长，换帅后期待开店和 多品牌拓展加速—公司信息更新报 告》-2024.9.1 《经营业绩亮眼，提质增效多区域本 土化成果显著—公司信息更新报告》 -2024.3.29 初敏（分析师） 李睿娴（分析师） liruixian@kysec.cn 特海国际（09658.HK） 经营效率提升亮眼，关注多元品牌孵化和北美拓展 2025 年 03 月 29 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(港元) | 17.800 | | 一年最高最低(港元) | 24.100/10.940 | | 总市值(亿港元) | 115.75 | | 流通市值(亿港元) | 115.75 | | 总股本(亿股) | 6.50 | | 流通港股(亿股) | 6.50 | | 近 3 个月换手率(%) | 10.73 | 股价走势图 -40% -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 特海国际 恒生指数 "红石榴"和北美拉动门店新开加速，供应链&门店管理优化餐厅利 ...

2025 年 03 月 29 日 业绩短期承压，期待原奶价格回升 买入(首次) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 基本数据 | 当前股价 | （港元） | 1.13 | | --- | --- | --- | | 总市值 | （亿港元） | 89.4 | | 总股本 | （百万股） | 7,915.7 | | 流通股本 | （百万股） | 7,915.7 | | 52周价格区间 | （港元） | 0.6-1.31 | | 日均成交额 | （百万港元） | 8.6 | 市场表现 资料来源：Wind，华鑫证券研究 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 现代牧业 恒生指数 相关研究 —现代牧业（1117.HK）公司事件点评报告 2025 年 3 月 25 日，现代牧业发布 2024 年年报。 投资要点 ▌ 利润短期承压，现金流表现较好 收入符合预期，非现金项目拖累利润。2024 年公司实现营收 132.54 亿元，同减 1.5%； ...

2025 年 3 月 28 日 公司研究 车险承保稳健，投资推升业绩 ——中国财险（2328.HK）2024 年年报点评 买入（维持） 当前价：14.40 港元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 市场数据 | 总股本(亿股) | 222.43 | | --- | --- | | 总市值(亿元港币)： | 3202.96 | | 一年最低/最高(元港币)： | 8.96/15.12 | | 近 3 月换手率： | 49.6% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 7.4 | 1.2 | 8.8 | | 绝对 | 5.9 | 17.8 | 50.4 | | 资料来源：Wind | | | | 相关研报 首次实施中期分红，COR 维持良好水平—— ——中国财险（2328.HK）20 ...

Equity Research·Company Research·Other Internet Service Tongdao Liepin Group (6100.HK) With AI empowerment, Liepin reshapes the value chain of mid-to-high-end talent services Outperform (Initiation) | Forecast & Valuation | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 2,282.16 | 2,051.56 | 2,010.75 | 2,094.45 | | Growth (YoY %) | -13.49 | -10.10 | -1.99 | 4.16 | | Net profit (RMB mn) | 0.75 | 150.52 | 200.27 | 261.50 | | Growth (YoY %) | -98.31 | 19969.26 | 33.05 | 30 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to experience significant profit elasticity in 2025 despite a substantial decline in profits in 2024 due to one-time expenses and stock incentive costs [6] - The company has a target price based on its current valuation and market conditions, with a projected PE ratio of 8/7/6X for 2025-2027 [6] Financial Summary - In 2024, the company achieved revenue/net profit/operating cash flow of 6.589 billion/0.474 billion/0.996 billion, representing a year-on-year decline of 4.68%/43.06%/36.51% [2] - The net profit decline was primarily due to negative operating leverage and increased expense ratios, including stock incentive expenses of 0.099 billion and an increase of 0.068 billion [2] - The company declared a final dividend of 0.38 HKD per share, with a payout ratio of 55.6% and a dividend yield of 4.97% [2] Brand Performance - The three main brands Koradior, NAERSI, and NEXY.CO experienced revenue growth rates of -9.68%, -1.87%, and 0.79%, respectively, accounting for 69.9% of total revenue [3] - The growth brands La Koradior, ELSEWHERE, CADIDL, and NAERSILING had mixed performance, with La Koradior showing a growth rate of 10.23% [3] - The company saw a total store count decrease of 125 stores in 2024, a decline of 6.4% year-on-year [3] Profitability Metrics - The company's gross margin for 2024 was 76.4%, an increase of 1.1 percentage points year-on-year [4] - The net profit margin for 2024 was 7.1%, a decrease of 5.0 percentage points year-on-year, primarily due to increased expense ratios and decreased other income [4] - The company’s selling, general, and administrative expenses as a percentage of revenue increased, with selling expenses at 59.0%, management expenses at 10.3%, and financial expenses at 0.8% [4] Inventory and Receivables - The company's inventory increased to 1.572 billion, a year-on-year growth of 36%, with inventory to revenue ratio at 24% [5] - Accounts receivable decreased slightly by 0.3% year-on-year to 0.715 billion, while accounts payable increased significantly by 104.4% to 0.306 billion [5] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted down to 6.980 billion and 7.941 billion, respectively, while the 2027 forecast has been increased to 8.891 billion [6] - The projected net profit for 2025 and 2026 has been revised to 0.628 billion and 0.749 billion, with an increase for 2027 to 0.869 billion [6] - The earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 0.89 and 1.06, with a new estimate for 2027 at 1.23 [6]