港股公司报告 | 首次覆盖报告 药师帮（09885） 证券研究报告 平台+自营+首推，数字化解决方案赋能全产业链 平台+自营+首推，院外数字化龙头首次扭亏为盈 药师帮成立于 2015 年，是中国院外医药产业最大的数字化综合服务平台。 公司持续聚焦与深耕院外医药市场，近年来已完成"平台+自营+首推"业 务模式的拓展，全面覆盖院外医药产业链布局。2019-2024 年，公司收入 规模持续增长，由 32.52 亿元增长至 179.04 亿元，cagr 为 40.66%。同时 2024 年公司实现净利润超 3001 万元，首次全面转正，经调净利润达 1.57 亿 元，同比增长 20.1%，标志着公司已经全面迈入持续正向的盈利新阶段。 平台业务：向上丰富药品供给，向下拓展终端，经营效率持续优化 公司的平台业务的卖家为上游药品经销商，买家主要为下游药店与基层医 疗机构。1）向上：公司持续巩固供应链能力，丰富药品 SKU 供给，截止 至 2024 年，公司平台月均 SKU 数已持续增长至超过 390 万个。2）向下： 加速下游买家拓展，连锁药店及基层医疗机构快速增长。截至 2024 年，公 司累计注册下游买家数超 82.7 ...

港股公司报告 | 首次覆盖报告 药师帮（09885） 证券研究报告 平台+自营+首推，数字化解决方案赋能全产业链 平台+自营+首推，院外数字化龙头首次扭亏为盈 药师帮成立于 2015 年，是中国院外医药产业最大的数字化综合服务平台。 公司持续聚焦与深耕院外医药市场，近年来已完成"平台+自营+首推"业 务模式的拓展，全面覆盖院外医药产业链布局。2019-2024 年，公司收入 规模持续增长，由 32.52 亿元增长至 179.04 亿元，cagr 为 40.66%。同时 2024 年公司实现净利润超 3001 万元，首次全面转正，经调净利润达 1.57 亿 元，同比增长 20.1%，标志着公司已经全面迈入持续正向的盈利新阶段。 平台业务：向上丰富药品供给，向下拓展终端，经营效率持续优化 公司的平台业务的卖家为上游药品经销商，买家主要为下游药店与基层医 疗机构。1）向上：公司持续巩固供应链能力，丰富药品 SKU 供给，截止 至 2024 年，公司平台月均 SKU 数已持续增长至超过 390 万个。2）向下： 加速下游买家拓展，连锁药店及基层医疗机构快速增长。截至 2024 年，公 司累计注册下游买家数超 82.7 ...

上 市 公 司 交通运输 2025 年 05 月 21 日 中通快递-W (02057) ——行业竞争加剧，静待格局优化 报告原因：有业绩公布需要点评 投资要点： 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 38,419 | 44,281 | 48,669 | 55,122 | 62,067 | | 同比增长率（%） | 9% | 15% | 10% | 13% | 13% | | 调整后净利润（百万元） | 9006 | 10150 | 9540 | 10531 | 12045 | | 同比增长率（%） | 32% | 13% | -6% | 10% | 14% | | 净资产收益率（%） | 14.52 | 13.33 | 13.87 | 14.27 | 15.27 | | 市盈率（倍） | 11.2x | 10.0x | 10.6x | 9.6x | 8.4x | | 市净率（倍） | 1.7x | 1.6x | 1.3x | 1.1x | ...

Investment Rating - The report indicates a strong market recognition of the company's value, as evidenced by its IPO performance and significant oversubscription rates [1][9]. Core Insights - The company has transitioned from a single battery supplier to a zero-carbon ecosystem builder, connecting transportation, energy, and industrial markets [1][33]. - The global energy transition investment scale is expected to double from $1 trillion in 2020 to $2 trillion by 2025, positioning the company favorably within this trend [9][20]. - The company has maintained a leading position in the global battery market, with a market share of 37.9% in 2023 and a projected compound annual growth rate (CAGR) of 25.3% for battery shipments from 2024 to 2030 [10][5]. Summary by Sections Section 1: IPO Performance - The company’s H-share was priced at 263 HKD, achieving a total market capitalization of 1.53 trillion HKD, with a 28.3% increase in stock price over two days [1]. - The IPO saw international placements oversubscribed by over 30 times and a 151 times oversubscription in the Hong Kong public offering, marking a record in recent years [1]. Section 2: Zero-Carbon Technology Investment - The report highlights a global shift towards zero-carbon technologies, with significant growth in electric vehicles and battery storage systems [2][5]. - The global penetration rate of new energy vehicles is expected to reach 55.7% by 2030, with a fivefold increase in sales from 2020 to 2024 [5]. Section 3: Battery and Energy Storage - The company’s revenue from power batteries reached 253 billion CNY in 2023, with a projected CAGR of nearly 60% from 2020 to 2024 [10]. - The company leads the global energy storage market with a 36.5% market share and a revenue of 57.3 billion CNY, reflecting a 133% CAGR over the past five years [18]. Section 4: Research and Development - The company has invested over 71.8 billion CNY in R&D over the past decade, with a record R&D expenditure of 18.6 billion CNY in 2024 [23]. - It holds over 43,000 patents, ranking as the second-highest in overseas patent applications among Chinese companies [23]. Section 5: Dividends and ESG Performance - The company has distributed nearly 60 billion CNY in cash dividends since its listing, with a dividend payout ratio exceeding 50% for two consecutive years [30]. - It achieved an AA rating in the MSCI ESG assessment for 2024, placing it in the top 5% globally, with a closed-loop recycling system for used batteries [31].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 16.98 per share based on an 8x PS valuation for 2025 [3]. Core Insights - The company is positioned as a leading SaaS provider in the domestic enterprise service sector, with a significant shift towards cloud services, which are expected to account for 81.6% of revenue by 2024 [8][10]. - The transition to cloud services has enhanced revenue growth resilience, operational efficiency, and cash flow health, with the operating profit margin (OPM) for cloud services turning positive in 2023 and projected to reach 6% in 2024 [42]. - The company has developed three core product solutions targeting large, medium, and small enterprises, which are expected to drive substantial revenue growth in the coming years [8][10]. Summary by Sections Investment Logic - The company is forecasted to achieve revenues of RMB 70.1 billion, RMB 80.5 billion, and RMB 93.8 billion for the years 2025, 2026, and 2027 respectively, with net profits turning positive by 2025 [3]. Financial Forecasts, Valuation, and Rating - The projected revenue growth rates for the company from 2023 to 2027 are 16.71%, 10.15%, 11.99%, 14.96%, and 16.42% respectively, with net profit growth rates showing significant improvement, particularly in 2025 with a forecasted growth of 156.06% [7]. - The company’s diluted earnings per share are expected to improve from -0.06 in 2023 to 0.30 in 2027 [7]. Company Overview - The company has transitioned from traditional ERP software to a cloud-native EBC model, enhancing its service offerings and operational capabilities [14][19]. - The company’s cloud transformation has been marked by a significant increase in annual recurring revenue (ARR), which is projected to grow by 20% to RMB 34.3 billion in 2024 [31]. Growth Drivers - The company’s core products, including the "Cangyun" and "Xinghan" solutions, have achieved high net dollar retention rates of 108% and 94% respectively, indicating strong customer loyalty and demand [8][10]. - The demand for digital transformation among small and medium enterprises is expected to create a market space of approximately RMB 70 billion for the company’s services [10]. AI and SaaS Integration - The company has integrated AI capabilities into its SaaS offerings, enhancing service delivery and operational efficiency, with the launch of the "Jindie Cloud Cangyun GPT" platform [8][10].

Investment Rating - The investment rating for Alibaba-W (09988) is "Buy" with a target price set for the next six months [5][13]. Core Insights - Alibaba's revenue for FY25Q4 reached 236.5 billion yuan, with adjusted EBITDA of 41.8 billion yuan and a net profit of 30 billion yuan, indicating strong performance across its business segments [1]. - The Taobao Tmall Group generated 101.4 billion yuan in revenue, exceeding Bloomberg's consensus by 3.6%, driven by a 12% year-on-year increase in customer management revenue due to improved take rates [2]. - The cloud business reported 30.1 billion yuan in revenue, with an 18% year-on-year growth, primarily due to the rapid adoption of AI-related products, which have maintained triple-digit year-on-year growth for seven consecutive quarters [2]. - The AIDC segment achieved 33.6 billion yuan in revenue, with a 22% year-on-year increase, supported by strong cross-border business performance [3]. - Shareholder returns included a buyback of 6 billion USD for 51 million shares in FY25, and a total of 11.97 billion shares repurchased for 11.9 billion USD, resulting in a net reduction of 995 million shares [4]. Summary by Sections Taobao Tmall Group - Revenue for FY25Q4 was 101.4 billion yuan, with adjusted EBITDA of 41.7 billion yuan. Customer management revenue increased by 12% year-on-year, benefiting from improved take rates and ongoing investments in user growth and service optimization [2]. Cloud Business - Revenue for FY25Q4 was 30.1 billion yuan, with adjusted EBITDA of 2.4 billion yuan. The cloud segment's revenue grew by 18% year-on-year, driven by the increasing adoption of AI products across various industries [2]. AIDC - Revenue for FY25Q4 was 33.6 billion yuan, with adjusted EBITDA of -3.6 billion yuan. The segment's revenue grew by 22% year-on-year, focusing on operational efficiency and strategic market expansion [3]. Other Businesses - Cainiao generated 21.6 billion yuan in revenue with adjusted EBITDA of -610 million yuan. Local life services reported 16.1 billion yuan in revenue with adjusted EBITDA of -2.3 billion yuan [3]. Shareholder Returns - In FY25, Alibaba repurchased shares worth 11.9 billion USD, leading to a net reduction in shares outstanding. The board approved a total dividend of 0.25 USD per share, amounting to approximately 4.6 billion USD [4]. Investment Outlook - The report anticipates revenue growth for FY 2026-2028 to be 1,035.3 billion, 1,105.7 billion, and 1,179.8 billion yuan respectively, with net profit projections of 180.7 billion, 185.9 billion, and 195.7 billion yuan [5].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Views - The company reported Q1 2025 revenue of 13.83 billion yuan, a year-on-year increase of 16.2%, and a NON-GAAP net profit of 4.19 billion yuan, up 3.3%, both slightly exceeding market expectations. Domestic leisure travel demand has shown steady improvement, while outbound and international business continues to grow significantly, supported by optimized overseas marketing expenses [1][8]. - The long-term outlook remains positive due to the vast growth potential in overseas markets, with expectations of continued performance improvement as international operations mature and profitability enhances [1][8]. Financial Data and Valuation - Revenue projections for the company are as follows: - 2023: 44.51 billion yuan - 2024: 53.29 billion yuan (+20%) - 2025E: 61.81 billion yuan (+16%) - 2026E: 70.80 billion yuan (+15%) - 2027E: 80.91 billion yuan (+14%) [3][11]. - The company’s net profit is projected to grow significantly, with estimates of 9.92 billion yuan in 2023, reaching 23.99 billion yuan by 2027, reflecting a compound annual growth rate of 13% [3][11]. - The adjusted earnings per share (EPS) are expected to increase from 19.11 yuan in 2023 to 37.56 yuan in 2027 [3][11]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 24.2 in 2023 to 12.3 in 2027, indicating improving valuation metrics over time [3][12]. Business Performance - The company’s revenue breakdown for Q1 2025 includes: - Accommodation bookings: 5.54 billion yuan (+23.2%) - Transportation ticketing: 5.42 billion yuan (+8.4%) - Travel vacation: 0.95 billion yuan (+7.2%) - Business travel management: 0.57 billion yuan (+12.1%) - Other businesses: 1.37 billion yuan (+33.0%) [8]. - The overall gross margin for the reporting period was 80.4%, slightly down by 0.8 percentage points, while the operating profit margin (OPM) was 29.2%, exceeding the expected 27.5% [8]. Market Outlook - The company’s outbound and international business continues to show high growth, with outbound hotel and flight bookings exceeding 120% of pre-pandemic levels, and international OTA platform bookings increasing by over 60% year-on-year [8]. - The report anticipates a 15%-20% growth in outbound business for 2025, driven by high-margin outbound operations [8].

证券研究报告 阿里健康 (241 HK) 港股通 自营业务转向高质量发展 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 21 日│中国香港 | 互联网 | 阿里健康 2HFY25 总收入 163 亿元，同比+16.0%，增速好于 Visible Alpha (VA，口径下同)一致预期的+12.6%，经调整净利润 9.7 亿元，同比增长 22.2%，逊于一致预期的 11.0 亿元。在广告业务注入带来的基数效应逐渐 消失后，我们预计阿里健康未来的盈利增速将主要依赖内生业务增速驱动。 后续建议关注：1）医药电商各品类需求修复情况及竞争格局演变；2）淘宝 即时零售战略进展及医药品类近场电商发展情况；3）阿里健康医疗 AI 技术 进展及商业化节奏。"买入"。 广告业务并入贡献坚实增量，淘宝闪购业务发展或带来近场电商领域机会 公司医药自营业务 2HFY25 收入 140 亿元，同比+13.9%，增速好于一致预 期的+9.1%；医药电商平台业务收入 19 亿元，同比增长 43.6%，逊于一致 预期的 57.7%，增长主因并表广告营销业务的增量贡 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 40.47 [6][7]. Core Insights - The company reported a revenue of RMB 2.723 billion for Q1 2025, a year-on-year increase of 12.0%, and an adjusted EBITDA of RMB 1.324 billion, up 16.1%, exceeding Bloomberg consensus expectations [1]. - The growth in adjusted EBITDA is attributed to the delivery of backlog orders and the rapid advancement of new orders, alongside the completion of the first ABS project, which confirmed asset disposal gains of RMB 1.057 billion [1]. - The report highlights the potential for valuation improvement and performance enhancement driven by the growth in AI inference demand as domestic AI applications flourish [1]. Summary by Sections Financial Performance - As of Q1 2025, the company operated in an area of 610,685 square meters, with an IT capacity of approximately 1,313 MW, and a cabinet utilization rate of 75.7%, reflecting a 1.9 percentage point increase [2]. - The adjusted EBITDA margin improved to 48.6%, primarily due to a decrease in operating costs [2]. - The company expects total revenue for 2025 to be between RMB 11.29 billion and RMB 11.59 billion, representing a year-on-year growth of 9.4% to 12.3% [3]. Debt and Leverage - The net debt to adjusted EBITDA ratio decreased to 6.6 times in Q1 2025 from 7.7 times in Q1 2024, indicating a gradual reduction in leverage following the completion of the ABS project [3]. - The company plans to actively promote the issuance of public REITs, which is expected to further lower leverage and reduce interest expenses, thereby improving performance [3]. Long-term Outlook - The report maintains profit forecasts, projecting adjusted EBITDA for 2025 to be between RMB 5.19 billion and RMB 5.39 billion, with expected growth rates of 6.4% to 10.5% [4]. - The SOTP valuation method was used, adjusting the 2025 EV/EBITDA target valuation from 15 times to 16 times for domestic operations, reflecting improved cash flow from increased cabinet utilization and REIT projects [4]. - The target price of HKD 40.47 per share is based on a total equity value of RMB 57.562 billion, considering both domestic and international business valuations [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10][8]. Core Insights - The company has entered a profitable phase, with significant improvements in user value and operational efficiency, particularly in its gaming and advertising segments [4][5]. - The first quarter of 2025 saw a revenue of 7 billion HKD, representing a year-on-year growth of 24%, and a Non-GAAP net profit of 360 million HKD, marking a turnaround to profitability [4][5]. - The company is experiencing record-high monthly active users (36.8 million) and daily usage time (108 minutes), indicating strong user engagement and growth [5]. Financial Performance - Revenue projections for 2025, 2026, and 2027 are 30.688 billion HKD, 33.499 billion HKD, and 36.145 billion HKD respectively, with corresponding Non-GAAP net profits of 2.147 billion HKD, 3.140 billion HKD, and 3.972 billion HKD [3][8]. - The company has shown a consistent increase in gross margin, reaching 36.3% in Q1 2025, with high-margin businesses like gaming and advertising contributing significantly to revenue [5][6]. - The average revenue per user is expected to grow, supported by a stable base of premium members and a thriving ecosystem for content creators [7]. Business Segments - The gaming segment, particularly driven by the title "Three Kingdoms: Strategy", has shown a remarkable revenue increase of 76% year-on-year, contributing 17.3 billion HKD in Q1 2025 [6]. - Advertising revenue reached 2 billion HKD in Q1 2025, up 20% year-on-year, largely due to the growth of performance-based advertising driven by AI capabilities [6]. - Value-added services, including premium memberships, generated 2.81 billion HKD in Q1 2025, with a stable membership base of 23.5 million [7].