证券研究报告 招商局港口 (144 HK) 招商局港口发布 24 年业绩：营收同比+3.1%至 118.4 亿港币；归母净利同 比+27.0%至 79.2 亿港币，符合我们的预期；扣非归母净利同比+22.6%至 75.5 亿港币；完成集装箱吞吐量 1.5 亿标准箱，同比+6.0%。同时，公司宣 布年末每股派息 0.636 港币，对应全年分红率 47.0%。24 年盈利同比高增 主因：1）港口吞吐量及装卸费率上涨推升盈利；2）来自上港集团投资收益 增加；3）土地处置收益等。展望 25 年，关税导致全球宏观经济存较大不 确定性，我们预计公司盈利在 24 年高基数上同比或小幅回落。中长期看， 港口作为国际贸易的重要枢纽，资源稀缺。公司专注全球港口投资和运营， 已成功布局六大洲，全球竞争力优势显著。维持"买入"。 集装箱吞吐量增速向好，其中中国地区/海外同比+5.3%/+8.1% 24 年公司旗下码头共计完成吞吐量 1.5 亿标准箱（yoy+6.0%）。其中大中 华地区（中国大陆+中国香港+中国台湾）吞吐量共计 1.1 亿标准箱 （yoy+5.3%），海外 3,684 万标准箱（yoy+8.1%）。分地区看，珠三角/ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.85 [8][9]. Core Views - The company reported a revenue of RMB 86.4 billion for 2024, a year-on-year increase of 8%, but a significant decline in net profit attributable to shareholders of RMB 1.04 billion, down 67% year-on-year, which aligns with the earnings forecast [1][2]. - The decline in profitability is attributed to a decrease in gross margin from project handovers and inventory impairment, but there is optimism for recovery as the real estate sector stabilizes [1][2]. - The company’s sales revenue for 2024 was RMB 114.5 billion, a decrease of 19% year-on-year, but it outperformed the top 100 companies in the sector, which saw a 31% decline [3][4]. Summary by Sections Financial Performance - The company’s gross margin decreased by 4.8 percentage points to 10.5%, primarily due to a 5.4 percentage point drop in the gross margin of project handovers to 9.2% [2]. - The company recorded an inventory impairment of RMB 2.27 billion, an increase of RMB 700 million year-on-year [2]. - The total unsold resources at the end of 2024 were RMB 170 billion, down 15% year-on-year, but still more than double the amount expected to be recognized in 2024 [2]. Sales and Land Acquisition - The company’s land acquisition amount decreased by 21% to RMB 38.6 billion, with a land acquisition intensity of 34% [3]. - The company aims to achieve a sales target of RMB 120.5 billion for 2025, a 5% increase year-on-year, supported by a robust land reserve primarily located in first and second-tier cities [3][4]. Financing and Cost Structure - The company’s interest-bearing debt remained stable, with a cash-to-short-term debt ratio of 2.1x and a financing cost reduction of 33 basis points to 3.49% [4]. - The company successfully activated funds of RMB 13.5 billion through land acquisitions in Guangzhou, indicating a focus on optimizing existing projects [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are RMB 0.25, RMB 0.27, and RMB 0.34 respectively, reflecting a significant downward adjustment of 69% and 70% from previous estimates [5][21]. - The report shifts the valuation method from price-to-earnings (PE) to price-to-book (PB), with a target PB of 0.46x for 2025, leading to a target price of HKD 6.85 [5][21].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 840 HKD [6][7]. Core Insights - The company reported a revenue of 8.506 billion RMB for 2024, representing a year-on-year increase of 167.5%, and a net profit of 1.473 billion RMB, up 253.9% year-on-year [1][2]. - The company is experiencing strong growth momentum, with significant increases in both offline and online sales channels, and is expanding its store presence domestically and internationally [1][2]. - The company’s gross profit margin for 2024 was 41.2%, slightly down by 0.7 percentage points year-on-year, but the net profit margin improved significantly to 17.3%, up 4.2 percentage points year-on-year [3]. Revenue and Profit Forecast - The company’s revenue is projected to reach 18.08 billion RMB in 2025, with a growth rate of 112.56%, and a net profit of 3.518 billion RMB, reflecting a growth of 138.79% [5][12]. - The report anticipates continued strong performance, with net profit estimates for 2025 and 2026 adjusted upwards by 44% and 40% respectively [4][12]. Sales Performance - The company’s offline store revenue reached 7.45 billion RMB in 2024, a 164.3% increase year-on-year, with same-store sales growth exceeding 120.9% [2][3]. - Online sales surged by 192.2% to 1.055 billion RMB, driven by increased brand recognition [2]. Market Position and Valuation - The company is positioned as a high-end brand with increasing competitive barriers, leading to a valuation of 37x PE for 2025, resulting in a target price of 840 HKD [4][6]. - The company’s market capitalization is approximately 122.739 billion HKD, with a closing price of 729 HKD as of March 31 [7].

Investment Rating - The report maintains a "Strong Buy" investment rating for China Gold International [3] Core Views - The company achieved a turnaround in its financial performance for 2024, with a revenue of $760 million, representing a year-on-year increase of 64.7%, and a net profit of $60 million, marking a return to profitability [1][2] - The report highlights the significant recovery in Q4 2024, with revenues reaching $290 million, a year-on-year increase of 312%, and a net profit of $70 million, reflecting a 148.1% quarter-on-quarter growth [1] - The company is actively advancing the construction of the third phase tailings storage facility at the Jiama mine, which is expected to enhance production capacity by approximately 30% by mid-2027 [6] Financial Data and Valuation - The total revenue for 2024 is projected at 5,439 million yuan, with a year-on-year growth of 67% [2] - The net profit for 2025 is estimated to reach 2,314 million yuan, with a corresponding PE ratio of 8.8 [2][10] - The company’s total assets are expected to grow from 20,077 million yuan in 2023 to 26,351 million yuan by 2027 [7] Production and Cost Insights - The gold production from the Jiama mine is expected to be 1.7 tons in 2024, an increase of 1.1 tons year-on-year, while copper production is projected at 48,000 tons, up by 2.8 tons [6] - The report notes that the total production cost for copper is anticipated to decrease as production increases, with Q4 2024 costs dropping to $7,302 per ton [6] Shareholder Information - The major shareholder is China National Gold Group Corporation, holding a 40.01% stake in the company [3]

Investment Rating - The report upgrades the company to a "Buy" rating, indicating a clear growth path and potential for significant returns in the next 6-12 months [4]. Core Insights - The company reported a revenue of 2.061 billion RMB for the fiscal year 2024, representing a year-on-year growth of 17.1%, and a net profit of 428 million RMB, up 31.0% year-on-year, with a net profit margin of 20.8% [1]. - The sales volume for customized lenses reached 178 million units, with an average selling price of 11.6 RMB per unit, reflecting a 4.5% increase [2]. - The company is focusing on product differentiation and market expansion, particularly in high-refractive lenses and blue light blocking products, which contributed to significant revenue growth across various product lines [2]. - The gross margin improved to 38.6%, driven by increased order volumes, currency depreciation, and product upgrades, while R&D expenses increased by 18.2 million RMB, indicating a commitment to innovation [3]. - The company is optimistic about the XR business's potential and is accelerating the development of its own brand channels [3]. Summary by Sections Performance Review - For the second half of 2024, the company achieved a revenue of 1.084 billion RMB, a 16.8% increase year-on-year, and a net profit of 220 million RMB, up 30.3% [1]. Operational Analysis - Revenue from functional lenses, standard lenses, customized lenses, and other income reached 755 million RMB, 907 million RMB, 395 million RMB, and 3 million RMB respectively, with year-on-year growth rates of 32.4%, 8.8%, 11.8%, and 60.3% [2]. - Revenue by region showed growth in mainland China (13.92%), the Americas (16.93%), Asia (37.88%), and Europe (6.38%) [2]. Product Structure and Profitability - The company’s gross margin for 2024 was 38.6%, with a slight increase in the second half to 38.1% [3]. - R&D expenses increased to 4.3% of revenue, reflecting a strategic focus on innovation and product development [3]. Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 518 million RMB, 618 million RMB, and 720 million RMB, respectively, with growth rates of 20.9%, 19.4%, and 16.5% [4]. - The current price-to-earnings (P/E) ratios are projected at 25, 21, and 18 for the years 2025, 2026, and 2027 [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6][48] Core Views - The company is a global leader in garment manufacturing, providing comprehensive production solutions for renowned brands since its establishment in 1970 [1][11] - The company has shown steady improvement in profitability, with a compound annual growth rate (CAGR) of 0.24% in revenue and 5.64% in net profit from 2019 to 2024, indicating a recovery phase in 2024 [2][19] - The company has adopted a co-creation business model, enhancing collaboration with high-quality clients and providing value-added services [3][31] Summary by Sections Company Overview - The company operates approximately 20 modern factories across five countries, employing nearly 80,000 people and producing over 470 million garments annually [1][11] - It has established long-term partnerships with major brands like UNIQLO, UA, and Levi's, contributing to its industry-leading position [1][11] Financial Performance - In 2024, the company achieved total revenue of $2.47 billion, a year-on-year increase of 11.8%, and a net profit of $200 million, up 22.7% [2][19] - The gross margin improved from 19.1% in 2019 to 19.7% in 2024, while the net margin increased from 6.2% to 8.1% during the same period [22][24] Co-Creation Business Model - The co-creation model allows the company to provide comprehensive services from market trend analysis to logistics, enhancing product development efficiency [3][31] - This model has led to significant advantages, such as reduced product development time and lower raw material costs [32][36] 2025 Outlook - The company is optimistic about achieving significant performance breakthroughs in 2025, supported by strong demand from core clients [4][42] - It plans to expand production capacity in mid-2024 to meet increasing order volumes, with a focus on maintaining strict cost control [4][43] Revenue and Valuation Forecast - Revenue projections for 2025-2027 are $2.74 billion, $3.01 billion, and $3.30 billion, respectively, with net profits expected to be $230 million, $270 million, and $310 million [5][44][46] - The target price is set at HKD 7.60, based on a 12x price-to-earnings ratio [5][48]

Investment Rating - The investment rating for China Resources Gas (01193.HK) is "Buy" (maintained) [1] Core Views - The company's performance is under pressure, with a reported revenue of HKD 102.68 billion for 2024, a year-on-year increase of 0.90%. However, the net profit attributable to shareholders decreased by 21.74% to HKD 4.09 billion [7] - The company declared a dividend of HKD 0.95 per share for the year, corresponding to a payout ratio of 53% of core profits and a dividend yield of 4.1% [7] - The report indicates that the company's core profit growth is not meeting expectations, primarily due to lower-than-expected retail gas volume growth and revenue from integrated energy and services [7] Summary by Sections Financial Performance - For 2024, total revenue is projected at HKD 102,676 million, with a slight increase of 0.90% year-on-year. The net profit attributable to shareholders is expected to be HKD 4,088 million, reflecting a decrease of 21.74% [1][7] - The earnings per share (EPS) for 2024 is estimated at HKD 1.77, with a price-to-earnings (P/E) ratio of 13.13 [1][8] Business Segments - **City Gas**: Revenue increased by 3.4% to HKD 88.80 billion, with a segment profit margin of 65.1%. Retail gas volume grew by 2.9% to 39.91 billion cubic meters [7] - **Connection Services**: Revenue decreased by 15.0% to HKD 9.25 billion, with a significant drop in new connections for residential users [7] - **Integrated Services**: Revenue grew by 4.0% to HKD 4.21 billion, with a projected growth rate of 20%-30% for 2025 [7] - **Integrated Energy**: Revenue increased by 13.8% to HKD 1.87 billion, with energy sales volume rising by 27.2% [7] Cash Flow and Dividends - The company reported a free cash flow of HKD 2.58 billion for 2024, an increase of 14.2% year-on-year. Capital expenditures are projected at HKD 4.42 billion [7] - The dividend for 2024 is set at HKD 0.95 per share, with expectations to increase the dividend amount or payout ratio in 2025 [7] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to HKD 4.46 billion for 2025 and HKD 4.90 billion for 2026, with a growth rate of approximately 9.2% to 9.9% for the following years [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved revenue of $4.3 billion in 2024, a year-on-year increase of 1.6%, with net profit reaching $0.62 billion, up 68% year-on-year, aligning with expectations [8][9] - The company is focusing on becoming a leader in steer-by-wire technology, securing significant orders from major electric vehicle manufacturers in North America and China [15] - The report highlights a robust increase in operating profit margins, with EBITDA margins improving for three consecutive years [12] Revenue and Profit Forecast - Projected total revenue for 2025 is $4.4 billion, with a year-on-year growth of 2.96%, and for 2026, it is expected to reach $4.5 billion, growing by 3% [1][18] - The forecast for net profit in 2025 is $1.1 billion, with a significant increase of 79% year-on-year, and for 2026, it is projected at $1.4 billion, a 25% increase [1][18] Regional Performance - In 2024, North America generated $2.19 billion in revenue, a decrease of 2.9% year-on-year, while the Asia-Pacific region saw a 10.1% increase, reaching $1.34 billion [9][12] - The report indicates that the Asia-Pacific region contributed the most to revenue growth, outperforming the automotive production growth rate in that area by 970 basis points [9] Order Book and Market Position - The company secured a total of $6 billion in new orders in 2024, maintaining a stable order book compared to 2023, with 28% of these orders coming from Chinese automakers [15] - The report emphasizes the potential for accelerated adoption of steer-by-wire technology in the context of global electrification and automation trends [15]

[ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 159,135 | 143,805 | 129,890 | 126,015 | | 同比增速(%) | 20.6% | -9.6% | -9.7% | -3.0% | | 归母净利润(百万) | 1,596 | 2,539 | 3,552 | 3,957 | | 同比增速(%) | -48.4% | 69.1% | 39.9% | 11.4% | | 每股盈利(元) | 0.63 | 1.00 | 1.40 | 1.56 | | 市盈率(倍) | 15.7 | 9.9 | 7.1 | 6.3 | | 市净率(倍) | 0.7 | 0.6 | 0.6 | 0.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 3 月 31 日收盘价 证 券 研 究 报 告 绿城中国（03900.HK）2024 年报点评 推荐（维持） 产品和拿地精准度才是主要矛盾 目标价：14 港元 事项： ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 4.921 billion yuan in 2024, a year-on-year decrease of 4.7%. The net loss attributable to shareholders was 917.29 million yuan, compared to a net profit of 13.22 million yuan in 2023. The adjusted net loss was 919 million yuan, down from an adjusted net profit of 21 million yuan in 2023 [7] - The company is actively exploring new business models, including the introduction of Green stores and expansion into overseas markets such as Thailand, Singapore, and Malaysia [7] - The company has reduced the number of direct-operated stores by 121, resulting in impairment losses. As of the end of 2024, there were 1,453 direct-operated stores [7] - The average customer transaction value decreased by 9.8% to 26.7 yuan, and the average daily order volume per store fell by 21.4% to 270.5 orders [7] - The company anticipates a revenue of 5.2 billion yuan in 2025, with a projected growth rate of 5.3% for the following years [7] Financial Summary - Total revenue for 2023 was 5.164 billion yuan, with a projected revenue of 4.921 billion yuan for 2024, and expected revenues of 5.182 billion yuan in 2025, 5.268 billion yuan in 2026, and 5.451 billion yuan in 2027 [1][8] - The net profit forecast for 2025 is -127.96 million yuan, with a gradual recovery expected in subsequent years, reaching a net profit of 56.48 million yuan by 2027 [1][8] - The company’s price-to-earnings ratio (P/E) is projected to be 308.89 for 2026 and 28.59 for 2027 [1][8] - The company’s total assets are estimated at 6.165 billion yuan for 2024, with a debt-to-asset ratio of 36.48% [8]