证券研究报告 北京控股 (392 HK) 港股通 扣非净利增长，2024 年派息率达 36% 华泰研究 年报点评 2025 年 4 月 01 日│中国香港 发电 公司公布 2024 年业绩：实现收入 840.64 亿元，同比+2.1%；归母净利 51.23 亿元，同比-6.8%；扣非净利 51.23 亿元，同比+5.0%，低于我们此前预期 （63.50 亿元），主要系北京燃气销气量增速及合联营投资收益低于我们预 期。2024 年 DPS 1.62 港元，较 2023 年（1.60 港元）同比+1.3%，股息率 5.5%（以 2025/3/31 收盘价计算）。我们认为扣非净利的增长及 DPS 的提 升有望驱动公司估值修复，维持"买入"评级。 2024 年天然气售气量同比+2.1%，中国燃气毛差稳步修复 北京燃气 2024 年售气量同比+2.1%至 238 亿方，其中北京市内-4%（暖冬 天气影响）、LNG 分销+43%、LNG 国际贸易+50%。我们预计北京燃气 25-27 年销气量增速为+4/+4/+3%，得益于京内需求稳健以及南港 LNG 接收站投 运后分销与贸易量有望扩大。中国燃气 2024 年净利润贡献 ...

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].

资料来源：公司数据、招商证券 证券研究报告 | 公司点评报告 2025 年 04 月 01 日 中国黄金国际（02099.HK） 全年业绩扭亏为盈，积极推进甲玛三期尾矿库建设 周期/金属及材料 公司 2024 年实现营业收入 7.6 亿美元，同比+ 64.7%；实现归母净利润 0.6 亿 美元， 扭 亏 为 盈 ， 24Q4 实 现 营 业 收 入 2.9 亿 美 元 ， 同 比 /环 比 分 别 +312%/+15.3%，实现归母净利润 0.7 亿美元，同比扭亏为盈，环比+148.1%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 3254 | 5439 | 7218 | 7218 | 8847 | | 同比增长 | -58% | 67% | 33% | 0% | 23% | | 营业利润(百万元) | 50 | 813 | 2883 | 2883 | 3453 | | 同比增长 | -98% | 1510% | 255% | 0% | ...

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].

港股公司报告 | 首次覆盖报告 晶苑国际（02232） 证券研究报告 客户优势显现，乐观预期 2025 公司是全球领先的成衣制造企业 公司自 1970 年成立以来，专注于为全球知名品牌提供一站式成衣生产解 决方案。经过 50 多年的发展，公司已经成为全球领先的服装制造商，并于 2017 年成功在香港联交所上市（02232.HK）。公司的核心品类包括休闲服、 运动及户外服、牛仔服、贴身内衣和毛衣，其中大部分产品类别是其所在 类别的行业领导者。公司不断拓展其业务版图，凭借多品类及全球化生产 布局，已在越南、中国、孟加拉、柬埔寨和斯里兰卡等五个国家设有约 20 座现代化工厂，员工总数接近 80,000 人，年产量超过 4.7 亿件，成为诸如 UNIQLO 等国际知名品牌的重要合作伙伴。 多年来盈利能力稳步提升，长期有望加速成长。从 2019 年到 2024 年，公 司的收入和归母净利润在波动中前进，复合年增长率（CAGR）分别为 0.24% 和 5.64%。公司通过提升生产效率和加强成本控制，成功实现了利润的快 速增长。2024 年公司下游品牌客户销售势头复苏使订单需求有所增加，公 司实现总收入 24.7 亿美元， ...

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 华润燃气（01193.HK） 2024 年年报点评：业绩承压，分红比例稳增 2025 年 04 月 01 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 101762 | 102676 | 96378 | 99925 | 103133 | | 同比(%) | 7.47 | 0.90 | (6.13) | 3.68 | 3.21 | | 归母净利润（百万港元） | 5224 | 4088 | 4464 | 4905 | 5376 | | 同比(%) | 10.36 | (21.74) | 9.19 | 9.89 | 9.59 | | EPS-最新摊薄（港元/股） | 2.26 | 1.77 | 1.93 | 2.12 | 2.32 | | P/E（现价&最新摊薄） | 10.28 | 13.13 | 12.03 | 10.94 | 9.99 | [Table_T ...

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： ...