Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 558 million yuan for 2024, representing a year-on-year growth of 35.5%, with a net profit of 315 million yuan, up 30.1% year-on-year [1]. - The platform's ecosystem is strengthening, with the "Yimaitong" platform surpassing 7 million registered physician users, covering 88% of practicing physicians in the country, and achieving a monthly active user count of 2.65 million, a 10.4% increase year-on-year [2]. - The company has developed an AI-powered medical model that has passed regulatory approval, enhancing content generation efficiency and accuracy, with a significant reduction in operational costs [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 558 million yuan, a 35.5% increase from the previous year, and a net profit of 315 million yuan, reflecting a 30.1% growth [1]. Operational Analysis - The "Yimaitong" platform has 7 million registered physician users and 2.65 million monthly active users, with a 25.3% increase in cooperative medical clients to 228 and a 31.1% increase in cooperative medical products to 506 [2]. - Paid click counts reached 13.3 million, up 37.1% year-on-year, with 867,000 participating physicians, a 12.0% increase [2]. AI Empowerment and Cost Control - The company’s self-developed AI model integrates various technologies, improving content accuracy and efficiency, with a 60% increase in productivity for doctors using AI writing tools [3]. - The sales and management expense ratios were 6.0% and 31.4%, respectively, both showing a decrease compared to the previous year, attributed to stable employee numbers and high revenue growth [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 719 million, 915 million, and 1.163 billion yuan, with expected growth rates of 28.8%, 27.16%, and 27.13% respectively [4]. - Net profit forecasts for the same period are 350 million, 411 million, and 495 million yuan, with growth rates of 11.2%, 17.26%, and 20.55% respectively, corresponding to PE ratios of 25.05, 21.36, and 17.72 [4].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price based on projected earnings and valuation multiples [10][11]. Core Viewpoints - The company is recognized as a leading player in the real estate sector, combining business models, capabilities, resources, and financial advantages to drive growth. It has a strong sales ranking despite market challenges, supported by ample and quality land reserves [4][10]. - The company has released significant impairment pressure, with new land acquisitions expected to yield substantial profits, indicating a high degree of performance solidity and realization probability [4][10]. - As a leader in commercial real estate, the company excels in various dimensions including layout, leasing, operations, scale, rental income, efficiency, and luxury offerings, which not only provide stable cash flow but also enhance dividend and valuation potential [4][10]. Summary by Sections Company Overview - The company is a rare diversified real estate developer in China, under the umbrella of China Resources Group, with a strategic focus on urban investment and development operations. It has established a "3+1" integrated business model and achieved a core net profit of 27.8 billion in 2023, with operational business contributing 34.4% [7][42]. Real Estate Development - The company has a strong reputation for quality and efficiency, with a projected sales revenue of 261.1 billion for 2024, ranking it among the top three in the industry. The land reserves are robust, with over 70% located in first and second-tier cities, ensuring future sales stability [8][20]. - The company has recognized a cumulative inventory impairment of 21 billion from 2020 to 2024, indicating a high level of impairment pressure release compared to peers, which bodes well for future profitability [8][20]. Operating Real Estate - The company is a pioneer in shopping center development in mainland China, with a strong positioning in high-end markets. It has maintained double-digit growth in same-store rental income since 2016, demonstrating robust operational capabilities [9][24]. - The company plans to achieve steady growth in rental income, with a projected EBITDA margin of 55% and potential for a dividend yield of approximately 2.7% based on its operational real estate performance [9][27]. Financial Performance - The company has a solid financial structure, with a net debt ratio of 33.6%, indicating prudent debt management. The projected earnings for 2024-2026 are 26.6 billion, 27.3 billion, and 28.7 billion respectively, with corresponding PE ratios of 6.5, 6.3, and 6.0 [10][36].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company reported a revenue increase of 20% year-on-year for 2024, reaching 3.868 billion yuan, while the net profit attributable to shareholders decreased by 27.5% to 353 million yuan due to goodwill impairment [7][8] - Excluding the impact of goodwill impairment, the core net profit increased by 5.1% year-on-year to 512 million yuan [8] - The overall gross margin decreased from 26.6% in 2023 to 23.3% in 2024, primarily due to a decline in the gross margin of value-added services [7][8] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023: Revenue of 3.224 billion yuan, net profit of 487 million yuan - 2024: Revenue of 3.868 billion yuan (+20% YoY), net profit of 353 million yuan (-27.5% YoY) - 2025E: Revenue of 4.656 billion yuan (+20.4% YoY), net profit of 480 million yuan (+35.9% YoY) [6][13] - **Earnings Per Share (EPS)**: - 2024: EPS of 0.23 yuan, down 28.1% from 0.32 yuan in 2023 - 2025E: EPS expected to recover to 0.32 yuan [6][13] - **Gross Margin and Return on Equity (ROE)**: - Gross margin for 2024 is 23.3%, down from 26.6% in 2023 - ROE for 2024 is projected at 10.1%, down from 14.1% in 2023 [15] Market Expansion and Management - The company has expanded its management scale, focusing on high-quality market development, signing 85 new projects with a total contract area of 12.95 million square meters [11] - As of December 31, 2024, the company managed projects across 48 cities, with a total contract area of 88.73 million square meters, a year-on-year increase of 6.3% [11] Shareholder Returns - The board proposed a final dividend of 0.078 yuan per share for 2024, leading to a total annual dividend of 0.169 yuan per share, an increase of 5.6% year-on-year [12] - The dividend payout ratio for 2024 is 50% based on core net profit [12]

业绩简评 3 月 24 日公司披露 2024 年年报，归母净利润同比+36.2%，人民币 口径下 NBV 同比+94.2%。 经营分析 整体业绩：净利润、EV 均实现较好增长。1）利润：全年归母净利 润同比+36.2%至 84.3 亿港元，其中 H2 同比+148%；全年寿险、境 内财险、境外财险、再保险业务分别同比+12%、+831%、-5%、+188%， 资产管理业务实现 5.4 亿净利润（上年同期亏损 0.6 亿港元），主 要受益于管理费收入增加与降本增效。寿险增速较低主要为审慎 目的，计提较多的所得税，税前净利润同比+93.7%。2）资产：集 团归母净资产较 23 年末、24H1 末分别-8.3%、-8.0%，主要受利率 下行影响。3）EV：集团归母内含价值同比+12.9%，假设变动使得 EV 折价 23.8%。寿险归母 EV 同比+13.9%，假设变动折价 26.0%。 寿险：同口径下 NBV 同比+90.0%（人民币口径同比+94.2%）；主要 由 NBV Margin 同比+ 16.6pct 至 32.5%驱动，新单保费-2.8%。假 设变动使得 NBV 折价 36.2%。1）个险渠道：NBV ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][13] Core Insights - The company reported a revenue of 850 million RMB for 2024, representing a 49% year-on-year increase, and a net profit of 176 million RMB, which is a 63% increase [1] - The growth in revenue is attributed to an increase in tutoring hours and operational efficiency improvements [1] - The company is expanding its business in Guangzhou and has launched new initiatives such as educational tourism and international courses, aiming for diversified growth [2] Financial Performance - For 2024, the company generated 770 million RMB from non-academic quality courses, a 48% increase, with 350,000 student enrollments, up 46% [1] - The tutoring course revenue reached 86 million RMB, a 65% increase, with 37,000 students enrolled, marking a 62% increase [1] - The adjusted net profit forecast for 2025-2027 is 236 million RMB, 321 million RMB, and 433 million RMB respectively [3] Future Outlook - The company plans to leverage its brand influence and management experience to explore new opportunities and expand its revenue base [2] - It aims to maintain a strong cash flow and improve service quality through technology and AI [2]

Investment Rating - The investment rating for the company is "Outperform" [2] Core Insights - The company reported a revenue of 14.8 billion yuan for 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 624 million yuan, which is a 29.7% increase year-on-year [6][10] - The company added 965 new workshop stores in 2024, with over 90% of the stores being profitable for more than six months [6][10] - The gross margin for 2024 was 25.4%, an increase of 0.7 percentage points, driven by upstream bargaining power and product structure optimization [10] Financial Analysis - In 2024, the company achieved a total revenue of 14.8 billion yuan, with automotive products and services contributing 13.8 billion yuan, a 9.1% increase year-on-year [8] - The revenue from advertising, franchising, and other services was 960 million yuan, showing a slight growth of 0.3% [8] - The company expects revenues for 2025 to reach approximately 16.4 billion yuan, with adjusted net profits projected at 760 million yuan [10][13] Market Performance - The company's stock closed at 18.16 HKD on March 24, with a 52-week price range of 13.84 to 29 HKD [2] - The company has shown a relative performance against the Hang Seng Index, with a 1-month absolute increase of 8.1% and a relative increase of 6.3% [4] Future Outlook - The company aims to maintain its pricing power while improving gross margins through scale advantages in 2025 [6][10] - The penetration rate of the fast repair business among users exceeded 10% in 2024, with certain product categories experiencing over 50% growth [7][10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [7]. Core Views - The company's performance in 2024 exceeded expectations, with total revenue reaching 11.55 billion RMB, a year-on-year increase of 35.7%, and net profit of 1.45 billion RMB, up 111.35% [1][2]. - The increase in performance is attributed to both volume and price growth, with gold production rising to 26.45 tons, a 7.15% increase, and an average gold price of 2,382 USD/ounce, up 22.6% [2]. - The company is set to benefit from the upcoming production of the Haiyu gold mine, which is expected to contribute significantly to future earnings [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 3.71 billion RMB, a 63.4% year-on-year increase, and net profit of 570 million RMB, up 77.6% [1][2]. - The gross margin for 2024 was 39.15%, a slight decline of 0.86 percentage points, while the net margin increased significantly by 6.18 percentage points to 16.03% [2]. Production and Pricing - The company produced 18.34 tons of mined gold and 8.1 tons of refined gold in 2024, with respective year-on-year increases of 4.34% and 14.1% [2]. - The average gold price in Q4 2024 was 2,660 USD/ounce, reflecting a 34.6% year-on-year increase [2]. Future Prospects - The Haiyu gold mine, in which the company holds a 70% stake, is progressing well and is expected to start production in 2025, with an anticipated annual output of 15-20 tons of gold [3]. - The company has partnered with Zijin Mining to expand its overseas operations, acquiring a 20% stake in Zhongrun Resources, which holds significant gold resources in Fiji and Malawi [4]. Earnings Forecast - The company forecasts net profits of 3.35 billion RMB, 3.77 billion RMB, and 4.72 billion RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14, 12, and 10 [4][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Insights - The company has achieved significant sales growth, with total sales of oncology products reaching $501 million in 2024, representing a 134% increase. The primary driver of this growth is the overseas sales of furmonertinib, which contributed $291 million in its first full year of sales outside China [8][2][1] - The company has maintained profitability for two consecutive years, with a net income of $38 million in 2024, primarily driven by product sales. Cash reserves are robust, amounting to approximately $836 million by the end of 2024 [12][2][1] - The company is expanding its market presence, with furmonertinib receiving approvals in the EU and Japan, and ongoing clinical trials for other products showing promising results [2][16][1] Financial Projections - The company's revenue is projected to increase from $630 million in 2024 to $956 million by 2027, with a notable expected net profit of $347 million in 2025, reflecting an 818% year-on-year growth [4][17][1] - Research and development expenses have decreased by 30% to $212 million in 2024, indicating improved cost management and operational efficiency [12][2][1] - The company anticipates a comprehensive revenue guidance for its oncology immunotherapy business of $350-450 million for 2025 [8][1]

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The core online travel agency (OTA) platform shows strong growth momentum, with notable performance in international business. In Q4 2024, the core OTA achieved revenue of 3.46 billion yuan (up 20% year-on-year) and an operating profit margin of 28.4% (up 4.8 percentage points year-on-year) [5]. - The company reported a total revenue of 4.24 billion yuan in Q4 2024, representing a year-on-year increase of 34.8%, and an adjusted net profit of 660 million yuan (up 36.8% year-on-year) [4][5]. - The company is focusing on vertical expansion in the vacation business, which contributed additional revenue, achieving 780 million yuan in Q4 2024 [5]. Financial Performance - For the fiscal year 2024, the company achieved a total transaction volume of 54.7 billion yuan (up 2.2% year-on-year) [4]. - The average monthly paying user count reached 41 million in Q4 2024, a year-on-year increase of 9.3%, with the total annual paying user count reaching 238 million (up 1.5% year-on-year) [5]. - The company’s revenue projections for 2025-2027 are adjusted to 19.5 billion, 22.8 billion, and 25.8 billion yuan respectively, with corresponding net profits of 2.56 billion, 3.08 billion, and 3.61 billion yuan [8]. Market Position - The company is positioned as a leading OTA platform in the lower-tier market, benefiting from the release of domestic travel demand, increased penetration in lower-tier markets, and the recovery of international business [8]. - The company’s market capitalization target for 2025 is set at 49.9 billion yuan, with a target price of 23 HKD per share [8].

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司年报点评 2025 年 3 月 25 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 | [Table_StockInfo] 3 月 24 日收盘价（港元） | 18.02 | | --- | --- | | 52 周股价波动（港元） 9.90-19.44 | | | 总股本（百万股） | 829 | | 总市值（百万港元） | 14930 | | 相关研究 | | | [Table_ReportInfo] 《24Q4 量增超预期，看好产能扩张+新客订单 | | | 带动盈利水平提升》2025.01.15 | | | 《24Q3 订单稳健增长，入通后流动性改善》 | | | 2024.10.22 | | | 《发布 3 年回购和特别股息方案，9 月入港股通 | | | 在即》2024.8.26 | | | 《发布盈利预喜，预计 24H1 ...