主要数据 2025 年 03 月 31 日 中国海外发展(0688.HK) 销售逆势争先，率先受益核心区域及好项目"止跌回稳" 推荐（维持） 股价：13.9 港元 房地产 【平安证券】中国海外发展（0688.HK）*年报点评*逆 势增长，韧性十足*推荐20240329 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.coli.com.hk | | 大股东/持股 | 中国海外集团 56.1% | | 实际控制人 | 国务院国有资产监督管理委会 | | 总股本(百万股) | 10944.9 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 10944.9 | | 总市值（亿港元） | 1521.3 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 34.8 | | 资产负债率(%) | 55.8 | 行情走势图 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 王懂扬 投资咨询资格编号 S1060522070003 WANGDONGYANG339@pi ...

公 司 报 告 房地产 2025 年 03 月 31 日 保利物业(6049.HK) 业绩夯实，分红提升 推荐（维持） 股价：31.3 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.poly wuye.com | | 大股东/持股 | 保利发展/72.29% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 553.3 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 553.3 | | 总市值（亿港元） | 173.2 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 17.5 | | 资产负债率(%) | 41.2 | 行情走势图 相关研究报告 【平安证券】保利物业（6049.HK）*半年报点评*业绩 延续双位数增长，业务改革持续优化*推荐20240821 【平安证券】保利物业（6049.HK）*年报点评*业绩稳 健双位数增长，分红比例提升回报股东*推荐20240327 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S10605140 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company is focusing on the development of dual antibodies and ADC platforms, enhancing its product matrix in oncology and autoimmune diseases. Key products include CMG901 and CM313, with ongoing clinical trials expected to yield significant data in the near future [2][3] - The company is expected to see revenue growth driven by the commercialization of its core product, Siponimod, and the anticipated partnerships for CM313 and CM355, leading to an upward revision of earnings forecasts for 2025-2026 [4][10] Summary by Sections Product Development - The company is advancing multiple dual antibodies and ADC drugs, including CM512, CM336, CM355, CM350, CM380, and CM518D1, which are aimed at solidifying its competitive position in the oncology and autoimmune sectors [3] - CMG901 is undergoing several global clinical studies for various cancers, with data expected to validate its competitive edge [2] Financial Forecast and Valuation - The company is projected to achieve revenues of 699 million in 2025, 1.113 billion in 2026, and 1.869 billion in 2027, reflecting growth rates of 63% and 59% respectively [11] - The net profit is expected to improve significantly, with a forecasted profit of 46 million by 2027, indicating a turnaround from previous losses [11] Market Position - The company is well-positioned in the autoimmune sector with a strong pipeline and the potential for international expansion of its ADC and dual antibody platforms [4][10]

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - The company is characterized as a long-term investment target with both "good sector" and "good company" attributes, being a rare all-business leader. Its excellent commercial operation capabilities enable steady growth in shopping center operations, while quality property management capabilities drive scale and revenue growth. The company has demonstrated financial strength by maintaining a 100% dividend payout for two consecutive years, indicating robust cash reserves and a flexible decision-making mechanism that is expected to support long-term development [2][10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 17.04 billion (up 15.4%) and a net profit attributable to shareholders of 3.63 billion (up 23.9%). The core net profit attributable to shareholders was 3.51 billion (up 20.1%), with a comprehensive gross margin of 32.9% (up 1.1 percentage points). The annual dividend payout ratio was 100%, resulting in a dividend yield of 4.7% [6][10]. Shopping Center Operations - The company experienced resilient growth in commercial operations, further solidifying its industry leadership. In 2024, retail sales increased by 18.7% to 215 billion (with a comparable growth rate of 4.6%), outperforming the overall retail sales growth of 3.5%. Rental income from owners reached 26.2 billion (up 19.2%), and net operating income (NOI) grew by 20.0% to 17.1 billion. The company opened 21 new shopping centers in 2024, marking the highest number in its history, and ended the year with a total of 122 shopping centers [10]. Property Management - The company’s property management segment saw an increase in managed area to 413 million square meters (up 11.6%). The revenue from property management reached 10.71 billion (up 11.6%), driven by scale expansion. The gross margin for property management was 17.0% (down 0.5 percentage points) [10]. Future Projections - The company is expected to achieve net profits attributable to shareholders of 4.34 billion, 4.98 billion, and 5.58 billion for the years 2025, 2026, and 2027, respectively, with growth rates of 19%, 15%, and 12%. The corresponding price-to-earnings ratios are projected to be 17, 15, and 13 times [2][10].

Investment Rating - The report recommends a selection of ten stocks across various sectors, indicating a positive outlook for these companies [4]. Core Insights - The report highlights the potential for double-digit growth in earnings for companies like China Biopharmaceuticals and Sichuan Road and Bridge, driven by strong market demand and innovative product pipelines [5][6]. - The report emphasizes the importance of product differentiation and market positioning for companies such as Maogeping and Transsion Holdings, which are expected to benefit from their unique offerings and market strategies [10][11]. - The report also notes the significant land value gains and high dividend yields for Shenzhen International, suggesting a favorable investment environment [14]. Summary by Sector 1. Pharmaceuticals - China Biopharmaceuticals (1177.HK) is expected to achieve nearly 50% revenue from innovative drugs by 2025, with a strong growth trajectory anticipated [5]. 2. Construction - Sichuan Road and Bridge (600039.SH) is projected to see a turnaround in performance due to new demand from infrastructure projects in central and western China, alongside attractive dividend yields [6]. 3. Media - Kaiying Network (002517.SZ) is building a solid foundation with nostalgic products and a rich pipeline of new games set to launch in 2025, alongside investments in AI-driven products [7][9]. 4. Electronics - Transsion Holdings (688036.SH) is focusing on emerging markets, with a projected shipment of 106.9 million smartphones in 2024, aiming to enhance its market position through increased R&D investment [10]. 5. Consumer Goods - Maogeping (1318.HK) is positioned as a leading high-end domestic cosmetics brand, with a strong product expansion strategy and high offline repurchase rates [11]. 6. Transportation - Shenzhen International (0152.HK) is expected to benefit from significant land value gains and maintain a 50% dividend payout ratio, enhancing its investment appeal [14]. 7. Agriculture - Haida Group (002311.SZ) is entering a phase of cash flow release, with domestic growth and overseas expansion expected to drive performance [15]. 8. Overseas - Weishi Jiajie (0856.HK) is a leading tech service platform in the Asia-Pacific region, benefiting from the AI wave and digital transformation trends [16]. - Yum China (9987.HK) is focusing on market share growth through strategic repurchase plans and robust governance [18]. 9. North Exchange - Minshida (833394.BJ) is the first domestic manufacturer of aramid paper, with a strong market position and growth potential in high-performance applications [19][20].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company reported a revenue of 28.676 billion yuan for 2024, a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3.013 billion yuan, a decrease of 5.5% [1][3] - The board proposed a final dividend of 20.73 cents per share, with a payout ratio of 50% for the year [1] - The overall retail sales remained stable, with online channels showing low double-digit growth while offline channels experienced a slight decline [3][4] Revenue and Profit Analysis - In 2024, revenue from footwear, apparel, accessories, and equipment was 14.3 billion, 12.05 billion, 2.325 billion, and a year-on-year growth of 6.8%, -2.9%, and 29.3% respectively [4] - The retail sales for running, fitness, basketball, and sports lifestyle categories accounted for 28%, 15%, 21%, and 33% of total sales, with year-on-year growth rates of 25%, 6%, -21%, and -6% respectively [4] - The company’s gross margin improved to 49.4%, up 1.0 percentage points year-on-year, primarily due to better margins in the e-commerce channel [5][7] Channel Performance - Direct sales revenue decreased by 0.3% to 6.883 billion yuan, with the number of direct stores declining by 13.4% to 1,297 [5] - Wholesale revenue increased by 2.6% to 12.957 billion yuan, with wholesale stores growing by 1.6% to 4,820 [5] - E-commerce revenue grew by 10.3% to 8.305 billion yuan, with significant improvements in customer traffic and conversion rates [5][8] Future Outlook - The company is expected to continue optimizing its channel structure and enhancing customer experience, which will support steady business growth [8] - Projected revenues for 2025-2027 are 29.093 billion, 30.177 billion, and 31.517 billion yuan, with year-on-year growth rates of 1.5%, 3.7%, and 4.4% respectively [8][10]

聚力深耕，经营稳健 推荐（维持） 股价：11 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.chinagreentown.com;www.gree | | | ntownchina.com | | 大股东/持股 | | | 实际控制人 | | | 总股本(百万股) | 2534.27 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 2534.27 | | 总市值（亿元） | 257.26 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 14.33 | | 资产负债率(%) | 77.65 | 公 司 报 告 房地产 2025 年 03 月 31 日 绿城中国(3900.HK) 行情走势图 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@pingan ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][23]. Core Insights - The company is focusing on business adjustments and enhancing its core operations while providing generous dividends to shareholders [7][9]. - The company has shown stable growth in its cyclical business, achieving a revenue of 36.22 billion yuan in 2024, representing a year-on-year increase of 9.2% [8][10]. - The company plans to distribute 100% of its core net profit as dividends, with a total dividend of 1.900 yuan per share for the fiscal year 2024 [9][10]. - The company is leveraging technology applications, particularly AI, to drive growth and improve operational efficiency [13][14]. Financial Data and Forecasts - Revenue and Profit Forecasts: - Revenue is projected to grow from 33.18 billion yuan in 2023 to 36.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.2% [6][31]. - Net profit is expected to decrease from 1.95 billion yuan in 2023 to 1.15 billion yuan in 2024, reflecting a significant decline of 41.2% [6][31]. - The company anticipates a recovery in net profit to 1.48 billion yuan in 2025, with a year-on-year growth of 29% [6][31]. - Key Financial Ratios: - The gross margin is projected to be 13.0% in 2024, down from 14.5% in 2023 [11][31]. - The return on equity (ROE) is expected to improve from 7.0% in 2024 to 13.8% by 2027 [6][31]. Business Segment Performance - The company reported a revenue of 20.91 billion yuan from community space residential services in 2024, a year-on-year increase of 11.6% [10][17]. - Revenue from property and facility management services reached 9.97 billion yuan, growing by 20.1% compared to the previous year [18][20]. - The AIoT and BPaaS solutions segment generated 3.02 billion yuan in revenue, reflecting an 8.6% increase year-on-year [10][20]. Strategic Initiatives - The company is actively pursuing a diversified customer strategy, with revenue from non-developer clients increasing from 83.2% in 2023 to 88.2% in 2024 [13][14]. - The company has implemented an "asset-to-receivable" debt reduction model, recovering over 3 billion yuan in receivables in the second half of 2024 [13][14]. - The company is expanding its residential property scale, with a reported revenue of 19.23 billion yuan from residential property services in 2024, marking a 13.1% increase [17][20].

房地产 2025 年 03 月 31 日 绿城管理控股(9979.HK) 公 司 报 告 规模领先，竞争加剧 推荐（维持） 股价：2.88 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.lcgljt.com | | 大股东/持股 | 绿城中国/71.28% | | 实际控制人 | 国务院国有资产监督管理委会 | | 总股本(百万股) | 2010 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 2010 | | 总市值（亿港元） | 57.9 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 1.90 | | 资产负债率(%) | 41.84 | 行情走势图 相关研究报告 【平安证券】绿城管理控股（9979.HK）*半年报点评* 业绩增速放缓，保持行业领先地位*推荐20240826 【平安证券】绿城管理控股（9979.HK）*年报点评*高 成长与高股息兼具，配置性价比凸显*推荐20240322 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 ...

[Table_MainInfo] 公司研究/食品 证券研究报告 2024.06.24 《营收利润快速成长，蔬菜制品持续放量》 2024.08.21 市场表现 卫龙美味（9985.HK）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 3[Table_StockInfo 月 31 日收盘价（HKD）] | 15.22 | | --- | --- | | 52 周股价波动（HKD） | 6.91-15.22 | | 总股本/流通 A 股（亿股） | 23.51/23.51 | | 总市值/流通市值（亿港元） | 358/358 | 相关研究 [Table_ReportInfo] 《卫龙美味（9985）首次覆盖：中国辣味休食 龙头，盈利能力优异，第二曲线快速成长》 证书:S0850520020001 分析师:张宇轩 Tel:(021)23154172 Email:zyx11631@haitong.com 证书:S0850520050001 蔬菜制品下半年提速，营收继续高成长 [Table_QuoteInfo] | 恒生指数对比 | 1M | ...