Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 10.074 billion yuan in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.149 billion yuan, also up by 19.5% [8] - The company plans to explore new retail formats by launching "super premium stores" in 2025, with a target of opening 100 stores [8] - The company continues to see strong growth in both adult and children's apparel, with adult clothing and children's clothing revenues growing by 16.5% and 18.0% respectively in 2024 [8] Financial Performance Summary - Total revenue for 2023 was 8.423 billion yuan, with a projected increase to 10.074 billion yuan in 2024, and further growth expected in subsequent years [1] - The company's net profit for 2023 was 961.43 million yuan, projected to rise to 1.149 billion yuan in 2024, with continued growth anticipated through 2027 [1] - The earnings per share (EPS) is expected to increase from 0.46 yuan in 2023 to 0.56 yuan in 2024, with a consistent upward trend projected through 2027 [1] Revenue Breakdown - Adult apparel accounted for 73% of total revenue, while children's apparel made up 29% in 2024 [8] - Online sales grew by 12.2%, while offline sales increased by 20.5%, with online sales contributing 26% and offline sales 74% to total revenue [8] - The average selling price (ASP) for adult footwear was 125.3 yuan, showing a slight increase of 1.4% year-on-year [8] Cost and Profitability Metrics - The gross margin improved to 41.53% in 2024, with specific margins for adult footwear and apparel at 42.9% and 41.3% respectively [8] - The net profit margin remained stable at 11.4% in 2024, despite challenges in accounts receivable and other income [8] - Operating cash flow was reported at 69.81 million yuan in 2024, reflecting a significant decrease due to increased procurement and supplier payments [8]

市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） -10.62 -0.44 -33.19 相对涨幅（%） -20.40 -26.33 -53.06 资料来源：海通证券研究所 收入增速修复，短期费用投放影响利润率 [Table_Summary] 投资要点： 风险提示：原材料价格上涨，新品推广不及预期，费用投放超预期。 [Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 蓝月亮集团（6993）公司研究报告 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 0[3Table_StockInfo 月 17 日收盘价 ] | 3.11 港元 | | --- | --- | | 52 周股价波动 | 1.73~4.44 港元 | | 总股本/流通港股 | 58.63 亿/58.63 亿 | | 总市值/流通市值 | 182 亿/182 亿港元 | | 相关研究 | | 主要财务数据及预测 | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 202 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to achieve steady growth against a backdrop of a warm winter, with active share buybacks reflecting management's confidence [3][5] - Adjustments to earnings forecasts for FY25-27 have been made, with EPS projected at 0.30, 0.35, and 0.40 RMB respectively [4][5] Financial Performance Summary - Revenue for FY23A was 16,774 million RMB, with a projected increase to 25,545 million RMB in FY25E, reflecting a 10.0% year-on-year growth [4][8] - Operating profit is expected to rise from 2,826 million RMB in FY23A to 4,762 million RMB in FY25E, indicating an 8.3% growth [4][8] - Net profit attributable to the parent company is forecasted to grow from 2,139 million RMB in FY23A to 3,515 million RMB in FY25E, a 14.3% increase [4][8] - The company’s gross margin is projected to remain stable around 59% over the forecast period [4][8] Market Position and Strategy - The company is enhancing its brand presence in Northeast China through strategic collaborations, such as the partnership with Harbin [4][5] - The opening of a new flagship store in Beijing aims to elevate brand visibility and consumer engagement [4][5] - The introduction of AI-driven product designs is expected to improve operational efficiency significantly [4][5] Valuation Metrics - The target price is set at 5.26 HKD, based on a 14x PE valuation for FY26 [1][5] - The company’s current market capitalization is approximately 48,913 million HKD [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to achieve steady growth in the context of a warm winter, with a focus on brand strength and market expansion [3][4] - The earnings per share (EPS) forecasts for FY25-27 have been slightly adjusted to 0.30, 0.35, and 0.40 RMB respectively, reflecting changes in revenue and expense rates [4][5] - The target price is set at 5.26 HKD, based on a 14x PE valuation for FY26 [4][5] Financial Performance Summary - Revenue for FY23A was 16,774 million RMB, with a projected growth of 10.0% for FY25E, reaching 25,545 million RMB [4][8] - Operating profit for FY23A was 2,826 million RMB, with an expected increase of 8.3% for FY25E, totaling 4,762 million RMB [4][8] - Net profit attributable to the parent company for FY23A was 2,139 million RMB, with a forecasted growth of 14.3% for FY25E, amounting to 3,515 million RMB [4][8] - The company has a gross margin of 59.0% and a net margin of 13.8% for FY25E [4][8] Market Strategy and Initiatives - The company is deepening its collaboration with Harbin to enhance its market presence in Northeast China [4][5] - A new concept store was opened in Beijing to elevate brand visibility and consumer engagement [4][5] - The company is leveraging digital innovations, including AI in product design, to improve operational efficiency [4][5] - The management has shown confidence through active share buybacks, totaling 5,621 million shares since January 15, 2025, amounting to 209 million HKD [4][5]

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (02386) with a target price yet to be specified [4]. Core Insights - The company achieved a revenue of 64.198 billion RMB in 2024, representing a year-on-year increase of 13.9%, and a net profit of 2.466 billion RMB, up 5.5% year-on-year. The gross margin stands at 8.3%, net margin at 3.9%, and return on assets at 3% [1]. - The total new contracts signed in 2024 reached 100.613 billion RMB, marking a 25.4% increase year-on-year, with domestic contracts at approximately 62.102 billion RMB (up 5.6%) and international contracts at about 5.349 billion USD (up 79.6%) [2]. - The company has made significant strides in overseas markets, securing contracts in Saudi Arabia, Kazakhstan, Morocco, and South Africa, indicating a strong international presence and growth potential [2][3]. Summary by Sections Financial Performance - In 2024, Sinopec Engineering reported a revenue of 64.198 billion RMB and a net profit of 2.466 billion RMB, with a dividend of 0.358 RMB per share, marking the highest dividend payout since its listing [1]. Order Growth - The company has seen a continuous double-digit growth in new contracts for three consecutive years, with a total of 100.613 billion RMB in new orders for 2024. The overseas contracts significantly exceeded expectations, showcasing the company's expanding international footprint [2]. Order Structure - The order structure has improved, with a notable increase in coal chemical orders. The new contracts in the coal chemical sector reached 12.478 billion RMB, a staggering 93.7% increase year-on-year, driven by projects in new materials and technologies [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards to 2.626 billion RMB and 2.789 billion RMB, respectively, with a new forecast for 2027 set at 2.946 billion RMB. The earnings per share (EPS) are projected at 0.6, 0.63, and 0.67 RMB for the years 2025, 2026, and 2027 [4].

上 市 公 司 有色金属 2025 年 03 月 17 日 中国宏桥 (01378) ——全球一体化布局完备，业绩稳健的高股息标的 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 03 月 14 日 | | --- | --- | | 收盘价（港币） | 15.06 | | 恒生中国企业指数 | 8877.99 | | 52 周最高/最低（港币） | 15.38/6.91 | | H 股市值（亿港币） | 1,425.26 | | 流通 H 股（百万股） | 9,463.89 | | 汇率（人民币/港币） | 1.0834 | 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 一年内股价与基准指数对比走势： -3% 47% 97% 147% HSCEI 中国宏桥 资料来源：Bloomberg 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A02305230 ...

Investment Rating - The report maintains an OUTPERFORM rating for the company [2][5] Core Insights - The company has shown significant profit improvement, with a net profit increase of 200% year-on-year in 2024, reaching US$366 million [3][14] - The production of copper and zinc has steadily increased, with copper production at 400,000 tons in 2024, up 15% year-on-year, and zinc production at 220,000 tons, up 8% year-on-year [3][14] - The company is advancing major projects, including the successful development of Chalcobamba and the expansion of Kinsevere, which is expected to ramp up production in 2025 [15][17] - The company plans to increase production capacity at Khoemacau to 60,000 tons/year by 2026-2027 and aims for a target of 130,000 tons/year by 2028 [15][17] Financial Projections - Revenue is projected to grow from US$4.479 billion in 2024 to US$5.334 billion in 2025, representing a 19% increase [4][12] - Net profit is expected to rise significantly, with projections of US$472 million in 2025 and US$636 million in 2027 [4][12] - The company anticipates capital expenditures of US$1.2 billion to US$1.3 billion in 2025, with significant allocations for Las Bambas, Khoemacau, and Kinsevere [16][17] Earnings Forecast - The expected EPS for 2025 is US$0.04, with projections of US$0.05 for both 2026 and 2027 [5][18] - The target price is set at HK$4.65, based on a 15x PE valuation for 2025 [5][18] Production Guidance - For 2025, copper production is expected to be between 470,000 and 520,000 tons, with specific contributions from Las Bambas, Khoemacau, and Kinsevere [9][16] - Zinc production is projected to be between 310,000 and 340,000 tons [9][16]

越秀交通基建（01052.HK）：平临高速将增厚 25 年业绩，收费权摊销略高于预期 2025 年 3 月 17 日 强烈推荐/维持 越秀交通基建 公司报告 事件：公司发布 24 年年报，全年实现收入 38.7 亿元，同比下降 2.5%，其中路 费收入 37.9 亿元，同比下降 1.4%。归母净利润 6.57 亿元，同比下降 14.2%， 公司业绩符合预期。 极端天气和部分路段的路网分流导致报告期收入端有所下降：24 年公司路费收 入下降的原因主要系：1. 我国中东部地区受 24 年春节前后大范围雨雪低温冰冻 天气影响；2. 报告期节假日免费通行天数较 23 年多 3 天；3. 部分项目受路网分 流影响。 路网分流方面，具体到各个路产：1. 公司核心路产广州北二环高速收入同比下降 6.2%，主要系 23 年 10 月开始与北二环高速相连的从浦高速开通，导致部分车 流行驶路径缩短；2. 湖北汉蔡高速收入同比下降 8.3%，除了极端天气影响外， 23 年平行路段封闭施工导致基数较高也是 24 年收入下降的因素；3. 湖北汉鄂高 速和大广南高速收入分别同比增长 58.1%和下降 11.9%，主要系武黄高速封闭施 工 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of $594 million for 2024, reflecting a year-over-year increase of 6.1%, and a significant net profit of approximately $2.96 billion, primarily due to the deconsolidation of its cell therapy business, which contributed $3.2 billion in gains [1][4] - The life sciences segment achieved a revenue of $455 million in 2024, up 10.2% year-over-year, with an adjusted operating profit of $90 million, marking a 15.5% increase [2] - The CDMO business saw a revenue decline of 13.2% to $95 million in 2024, with an adjusted operating loss of $43 million, attributed to unfavorable market conditions and increased competition [3] - The synthetic biology segment experienced a revenue growth of 24.6% to $54 million, with a stable adjusted operating profit of $2.1 million [3] - The company expects a revenue growth of 15%-20% in the CDMO business for 2025, driven by new project acquisitions and anticipated upfront payments from partners [3] Financial Forecasts and Valuation - The updated net profit forecasts for 2025 and 2026 are $248 million and $235 million, respectively, with a new estimate for 2027 at $505 million, reflecting the expected ramp-up in production capacity [4] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are $0.12, $0.11, and $0.23, respectively, with corresponding price-to-earnings (PE) ratios of 14, 15, and 7 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in core profits, driven by its renewable energy business, which saw a net profit increase of over 400 million HKD year-on-year [6] - The company plans to distribute a total dividend of 0.19 HKD per share, resulting in a dividend yield of 5.79% based on the closing price on March 14 [6] - The gas sales volume is expected to grow steadily, with total gas sales projected to reach 17.2 billion cubic meters in 2025, reflecting a year-on-year increase of 4.5% [6] - The renewable energy segment, particularly solar power, is expected to continue its rapid expansion, with plans to achieve 6 GW of solar assets on the balance sheet by 2030 [6] Financial Data and Profit Forecast - Revenue (million HKD): - 2023: 19,842 - 2024: 21,314 (7.4% YoY growth) - 2025E: 21,861 (2.6% YoY growth) - 2026E: 22,739 (4.0% YoY growth) - 2027E: 23,499 (3.3% YoY growth) [2][7] - Net Profit (million HKD): - 2023: 1,575 - 2024: 1,606 (2.0% YoY growth) - 2025E: 1,809 (12.7% YoY growth) - 2026E: 1,928 (6.5% YoY growth) - 2027E: 2,029 (5.3% YoY growth) [2][7] - Earnings per Share (HKD/share): - 2023: 0.48 - 2024: 0.47 - 2025E: 0.52 - 2026E: 0.55 - 2027E: 0.58 [2][7] Market Data - Closing Price (HKD): 3.28 [3] - Market Capitalization (billion HKD): 114.17 [3] - 52-week High/Low (HKD): 3.67/2.69 [3]