Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company's revenue decreased due to a decline in construction income, while the total dividend payout saw a slight increase. Capital expenditures continue to contract, leading to improved free cash flow [3][8]. Financial Summary - In 2024, the company achieved revenue of 24,270 million RMB, a year-on-year decline of 1%. The net profit attributable to shareholders was 1,678 million RMB, down 12% year-on-year. The decline in revenue was primarily due to a 42% drop in BOT water project construction income, which amounted to 2,616 million RMB [8]. - The total dividend payout for the year was 1,435 million RMB, slightly up from 1,420 million RMB in 2023 [8]. - The overall gross margin remained stable at 37%, while management expenses decreased by 7% to 3,071 million RMB [8]. Operational Performance - The company operated sewage treatment capacity of 19.65 million tons and recycled water plants of 2.09 million tons in 2024, with sewage treatment volume increasing by 5%. The average contract price for water treatment rose to 1.54 RMB/ton from 1.49 RMB/ton in 2023, with a gross margin increase of 2 percentage points to 57% [8]. - The operational water supply capacity was 10.24 million tons, with a 2% increase in supply volume. The actual average contract price for water supply remained stable at 2.15 RMB/ton, while the gross margin decreased by 5 percentage points to 40% due to increased amortization from more water pipe construction and renovation [8]. - Revenue from technical services and equipment sales reached 2,549 million RMB, a 4% year-on-year increase, with a gross margin of 42%, down 1 percentage point [8]. - Urban resource service revenue grew by 19% year-on-year to 6,028 million RMB, with a gross margin of 19%, down 1 percentage point [8]. Capital Expenditure - The company's total capital expenditure for 2024 was 4,105 million RMB, a significant decrease from 6,990 million RMB in 2023. Of this, 1,694 million RMB was allocated for the acquisition of property, plant, and equipment, while 2,350 million RMB was used for the construction and acquisition of water plants [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a significant adjusted net profit increase of 58% in 2024, driven by proactive supply chain optimization and regional adjustments to mitigate tariff risks, indicating a strong growth outlook [3] - The report maintains a target price of 10 RMB, suggesting that the stock is undervalued with a PE ratio of 6 times [8] Financial Summary - Revenue is projected to reach 2,073 million RMB in 2024, representing a 31% increase from the previous year [7] - The adjusted net profit for 2024 is expected to be 383 million RMB, reflecting a 57.9% growth [8] - The company’s gross profit margin improved to 40.3%, up by 4.6 percentage points, with brand business gross margin at 43.5% [8] - Operating cash flow is expected to be 350 million RMB, an increase of 43.6% [8] Business Growth - The brand business revenue is anticipated to grow by 34.8% to 1,860 million RMB, while ODM revenue is expected to increase by 4.7% to 213 million RMB [8] - The U.S. market is projected to grow by 69% to 1,251 million RMB, accounting for 67.2% of total revenue, driven by online sales and channel expansion [8] - The global cookware market is expected to grow at a CAGR of approximately 3.2%, providing a favorable environment for the company to leverage its strengths [8]

Investment Rating - The report maintains a "Buy" rating for Kuaishou, with a target price of HKD 66.16 based on a 12x PE for FY2025 [7]. Core Insights - Kuaishou's performance remains resilient, driven by AI-enabled content and business ecosystem, with continuous user growth and robust online marketing services [3][6]. - The company achieved a revenue of CNY 353.8 billion in Q4 FY2024, representing a year-on-year growth of 8.7%, with a gross margin of 54.0% [7][12]. - Daily Active Users (DAU) and Monthly Active Users (MAU) reached 401 million and 736 million respectively, with DAU and MAU growth of 4.8% and 5.0% year-on-year [7][16]. Financial Summary - Revenue for FY2024 is projected at CNY 126.9 billion, with a year-on-year growth of 12%. Adjusted net profit is expected to be CNY 17.7 billion, reflecting a 72% increase [6][7]. - The adjusted net profit margin for Q4 FY2024 was 13.3%, with a quarter-on-quarter increase of 0.6 percentage points [7][12]. - E-commerce GMV reached CNY 462.1 billion in Q4, showing a year-on-year growth of 14.4%, with short video e-commerce GMV growth exceeding 50% [7][23]. Business Performance - Online marketing services revenue grew by 13.3% year-on-year to CNY 206.2 billion, driven by a significant increase in eCPM [7][22]. - The e-commerce monthly active buyer count increased by 10% year-on-year to 14.3 million, with a 25% year-on-year increase in the number of active merchants [7][23]. - The live streaming business revenue decreased by 2.0% year-on-year to CNY 98.5 billion, but the decline rate has narrowed compared to previous quarters [7][22].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of 5% to 15% over the next 6 to 12 months [5][11]. Core Insights - The company achieved a revenue of 1.304 billion yuan in 2024, reflecting a year-on-year growth of 2.9%. However, the gross profit decreased by 1.4% to 981 million yuan, and the net profit attributable to shareholders fell by 15.5% to 222 million yuan [2]. - The core business revenue showed stable growth, with the structural heart disease segment generating 528 million yuan, up 6.4% year-on-year. The left atrial appendage occluder maintained its position as the top domestic brand globally, with a revenue increase of 12.4% [3]. - The international business expanded significantly, with overseas revenue reaching 347 million yuan, a 26% increase year-on-year, accounting for 26.6% of total revenue. The Asian and European markets grew by 33.6% and 18.6%, respectively [3]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 1.304 billion yuan, a slight increase of 2.9% from the previous year. The gross profit was 981 million yuan, down 1.4%, and the net profit attributable to shareholders was 222 million yuan, down 15.5% [2]. Operational Analysis - The structural heart disease business generated 528 million yuan, up 6.4% year-on-year, with the left atrial appendage occluder seeing a 12.4% increase in revenue. The peripheral vascular business also grew by 6.2%, with a notable 8.3% increase in revenue from covered stent products [3]. - The overall gross margin for the year was 75.3%, a decrease of 3.3 percentage points, primarily due to price reductions from procurement policies and an increase in lower-margin product sales [3]. Innovation and R&D - The company invested 303 million yuan in R&D in 2024, with ongoing product development supporting long-term growth. Notably, the aortic covered stent system received regulatory approval in February 2025, providing new treatment options for patients [4]. Profit Forecast and Valuation - The company is expected to see net profits of 337 million yuan, 421 million yuan, and 527 million yuan for 2025, 2026, and 2027, respectively, representing growth rates of 51%, 25%, and 25%. The current price-to-earnings ratio is projected to be 22, 18, and 14 times for the same years [5].

买入(首次) 事件 2025 年 03 月 29 日 业绩短期承压，期待原奶价格回升 | 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 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 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%； ...

Investment Rating - The report maintains an "Add" investment rating for the company [2][7]. Core Insights - The company's G-end business has established a solid customer base in grassroots medical institutions, with further penetration potential at the county level, supported by national policy needs, which is expected to sustain robust growth [6][7]. - The B/C-end business is experiencing significant growth, leveraging the technological barriers of the Spark Medical large model, with flagship smart hospital solutions being implemented in major hospitals like West China Hospital, which is anticipated to expand the hospital client base further [6][7]. - The AI post-diagnosis patient management has made breakthroughs in six provinces, alongside growing demand for imaging cloud and medical devices, contributing to revenue growth and sustainability [6][7]. Financial Performance - For the fiscal year 2024, the company achieved revenue of 734 million yuan, a year-on-year increase of 32.0%, with a gross profit of 404 million yuan and a gross margin of 55.1% [6][8]. - The company reported a net loss attributable to shareholders of 133 million yuan, an improvement from a loss of 145 million yuan in the previous year [6][8]. - Revenue from G-end services, hospital services, regional management platform solutions, and patient services reached 237 million, 132 million, 154 million, and 211 million yuan respectively, with notable growth in B-end services [6][8]. Revenue Forecast - The company forecasts revenues of 1.037 billion, 1.441 billion, and 1.922 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 41%, 39%, and 33% respectively [7][8]. Key Financial Ratios - The company’s return on equity (ROE) for 2024 is projected at -14.1%, with a gradual improvement expected in subsequent years [10]. - The asset-liability ratio is expected to be 52.8% in 2024, indicating a stable financial structure [10]. Major Shareholders - The primary shareholder is iFlytek Co., Ltd., holding a 24.71% stake in the company [2].

Investment Rating - The investment rating for the company is "Buy" [2][8] Core Insights - The company is experiencing strong brand momentum, maintaining high growth in store openings, and continuously optimizing profitability [3][8] - The 2024 performance slightly exceeded expectations, with adjusted net profit forecasts for 2025 and 2026 raised to 185 million and 278 million RMB respectively, and a new forecast for 2027 set at 368 million RMB [8] Financial Summary - Revenue for 2024 is projected at 4.314 billion RMB, representing a year-on-year increase of 41.4% [7][8] - The operating profit from stores is expected to reach 624 million RMB, with a year-on-year growth of 48.7% and a store operating profit margin of 14.5%, up 0.7 percentage points [8] - The adjusted net profit for 2024 is forecasted at 1.31 billion RMB, a significant increase of 1394.2% year-on-year, with an adjusted net profit margin of 3.04%, up 2.75 percentage points [8] - The company plans to open approximately 300 new stores in 2025, with a capital expenditure of about 570 million RMB [8] Store Expansion and Sales Performance - The total number of stores is expected to reach 1,008 by the end of 2024, reflecting a year-on-year increase of 31.25% [8] - Same-store sales growth for 2024 is projected at 2.5%, with a daily average sales per store of 13,100 RMB, an increase of 4.3% year-on-year [8] - The average payback period for new stores opened in 2024 is estimated at 12 months [8] Profitability and Cost Structure - The gross profit margin for 2024 is expected to be 72.88%, an increase of 0.31 percentage points year-on-year [8] - Employee costs as a percentage of revenue decreased to 34.99%, down 3.65 percentage points year-on-year [8] - Advertising and promotion expenses accounted for 5.04% of revenue, a decrease of 0.17 percentage points year-on-year [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance in 2024 met market expectations after excluding impairment losses, with a reported net profit of 3.343 billion RMB, reflecting a 15% year-on-year growth when adjusted for certain factors [2] - The dividend payout ratio reached a new high of 50% in 2024, up from 45% in 2023, with an annualized dividend yield of 4% [2] Financial Performance Summary - In 2024, the company achieved revenues of 28.676 billion RMB, a 3.9% increase year-on-year, while net profit decreased by 5.5% to 3.013 billion RMB [2][9] - The EBITDA for 2024 was 6.379 billion RMB, showing a 3.6% increase, and operating cash flow was 5.268 billion RMB, up 12.4% [2] - The gross margin improved to 49.4%, a 1.0 percentage point increase, while the net profit margin decreased to 10.5%, down 1.0 percentage point [4] Revenue Breakdown - Revenue from different channels in 2024 was as follows: distribution at 12.957 billion RMB (up 2.6%), direct sales at 6.883 billion RMB (down 0.3%), e-commerce at 8.305 billion RMB (up 10.3%), and overseas at 531 million RMB (down 0.2%) [3] - The company opened 78 new distribution stores and closed 201 direct sales stores, resulting in a total of 4,820 distribution stores and 1,297 direct sales stores by the end of 2024 [3] Profitability and Cost Analysis - The operating profit margin (OPM) slightly decreased to 12.8%, while the net profit margin was 10.5% [4] - Management and financial expenses increased, contributing to the decline in net profit margin [4] Inventory and Receivables Management - The company's inventory increased by 4.21% to 2.598 billion RMB, with an average inventory turnover period of 63 days [5] - Accounts receivable decreased by 16.67% to 1.005 billion RMB, with a turnover period of 14 days [5] Future Outlook - The company anticipates low single-digit revenue growth for 2025, with a focus on optimizing store structures and expanding into emerging markets [7] - Long-term growth is expected from the children's clothing segment, which is still in the cultivation phase [7] Earnings Forecast - The projected revenues for 2025 and 2026 are 29.251 billion RMB and 31.012 billion RMB, respectively, with net profits expected to be 2.724 billion RMB and 2.965 billion RMB [9][11] - The earnings per share (EPS) forecast for 2025 is 1.05 RMB, down from previous estimates [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Insights - The company reported a revenue of 9.11 billion yuan for 2024, representing a year-over-year growth of 16.5%. The net profit attributable to shareholders was 2.09 billion yuan, with a year-over-year increase of 34.9% [4][6] - The company is expected to achieve revenues of 10.20 billion yuan, 11.49 billion yuan, and 13.15 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 12%, 13%, and 14% [6][8] - The adjusted net profit for 2024 was 2.32 billion yuan, exceeding expectations with a year-over-year growth of 18.8% [4][6] Financial Performance Summary - The company’s total revenue for 2023 was 7.84 billion yuan, with a growth rate of 14% year-over-year [3] - The net profit attributable to shareholders for 2023 was 1.55 billion yuan, showing a decline of 19% year-over-year [3] - Earnings per share (EPS) for 2023 was 0.65 yuan, projected to increase to 0.87 yuan in 2024 and further to 1.26 yuan by 2027 [3][8] Pipeline and Market Potential - The company has several upcoming product approvals, including a license-in product for gastric cancer and new indications for existing drugs, which are expected to drive future growth [6] - The company is focusing on expanding its international market presence, particularly with its dual-antibody products [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates that as the pressure in the real estate market eases, the company's revenue is expected to recover, driven by effective cost control and growth in AI and overseas business [6][7] - The adjusted net profit forecasts for 2025-2026 have been revised from -310 million/-280 million to -30 million/+50 million, with a new forecast for 2027 net profit at 120 million [6] - The current stock price corresponds to a PS valuation of 3.8/3.7/3.4 times and an adjusted net profit PE valuation of 64.8/39.6/26.7 times [6] Financial Performance Summary - In 2024, the company's revenue is projected to be 1.44 billion, a year-on-year decline of 12.5%, while the adjusted profit loss is expected to narrow to 40 million from 170 million in 2023 [7] - The revenue from local deployment/SaaS is expected to decline by 20.4%/10.7% due to weak real estate conditions and the company’s decision to forgo less profitable orders [7] - The gross margin is expected to decrease by 2.6 percentage points due to industry pressures and an increase in third-party procurement in cloud services [7] Business Segment Analysis - CRM revenue is expected to decline by 9% year-on-year, while the average revenue per user (ARPU) is projected to increase by 2.7% due to AI module contributions [8] - The engineering construction segment is expected to see a revenue decline of 20.6%, but state-owned enterprise clients are maintaining stable digital investments, leading to a 40.9% increase in the number of projects and a 4.3% increase in ARPU [8] - The asset management and operations segment is expected to grow by 14.2% year-on-year, driven by strong demand from state-owned platform companies [8] AI Business Potential - The AI business has shown promising results, with a cumulative contract value of approximately 28 million for cloud AI, indicating significant growth potential [8] - The company’s AI strategy involves a differentiated approach using AI+IoT+SaaS, allowing it to cover the entire real estate scenario and maintain a competitive edge [8]