[Table_StockInfo] 2025 年 04 月 02 日 证券研究报告•2024 年年报点评 保利物业（6049.HK）房地产 目标价：——港元 买入 （维持） 当前价：31.95 港元 管理规模稳健增长，分红比例提升 数据来源：聚源数据 -4% 8% 20% 31% 43% 55% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 保利物业 恒生指数 | 基础数据 | | | --- | --- | | [Table_BaseData] 52 周区间(港元) | 24.75-39.85 | | 3 个月平均成交量(百万) | 1.12 | | 流通股数(亿) | 5.53 | | 市值(亿) | 176.79 | 相关研究 [Table_Report] 1. 保利物业（6049.HK）：业绩稳健增长， 外拓量质同步提升 (2024-08-21) 请务必阅读正文后的重要声明部分 1 风险提示：增值服务不及预期、管理规模拓展不及预期等风险。 | 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | - ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company reported a total revenue of HKD 8.77 billion for 2024, representing a year-on-year increase of 10.3% [8] - The net profit attributable to shareholders for 2024 is HKD 355.85 million, showing a significant year-on-year growth of 74.87% [8] - The high-end brand Cybex is accelerating its global expansion, contributing to a 71% increase in profits [8] - The company has resumed dividend payments after six years, with a dividend rate of 33% and a dividend yield of 4.5% [8] - The company's gross margin improved to 51.4%, up 1.3 percentage points year-on-year, contributing to an increase in net profit margin [8] Financial Summary - Total revenue projections for 2023A to 2027E are as follows: HKD 7.95 billion (2023A), HKD 8.77 billion (2024A), HKD 9.54 billion (2025E), HKD 10.39 billion (2026E), and HKD 11.17 billion (2027E) [1] - Net profit attributable to shareholders is projected to grow from HKD 203.50 million (2023A) to HKD 586.69 million (2027E) [1] - The latest diluted EPS is expected to increase from HKD 0.12 (2023A) to HKD 0.35 (2027E) [1] - The P/E ratio is projected to decrease from 11.23 (2023A) to 3.90 (2027E) [1]

Investment Rating - The report maintains a "Buy" rating for Beijing Capital International Airport Co., Ltd. [2][5] Core Views - The company achieved a revenue of 5.492 billion yuan in 2024, representing a year-on-year growth of 20.5%. The pre-tax net loss significantly narrowed to 629 million yuan from a loss of 1.719 billion yuan in the same period last year. However, the income tax expense rose to 760 million yuan due to the large reversal of deferred tax assets, resulting in a post-tax net loss of 1.39 billion yuan, which is an 18.1% improvement compared to the previous year's loss of 1.697 billion yuan [3][5]. - Passenger throughput reached 67.37 million, a year-on-year increase of 27.4%, driving a 27.2% growth in aviation revenue to 2.668 billion yuan. Domestic passenger volume grew by 17.4%, while international passenger volume surged by 103.0%. Notably, passenger service revenue increased by 35.2% due to higher service fees for international flights compared to domestic ones [3][5]. - Non-aeronautical revenue was 2.824 billion yuan, up 14.7%, with concession revenue at 1.570 billion yuan, growing by 12.2%. However, the growth in duty-free revenue lagged behind international passenger growth due to reduced commission rates [4][5]. - The company effectively controlled costs, with total operating costs decreasing by 1.0% to 5.857 billion yuan. Concession management fees dropped significantly by 18.7% to 274 million yuan, contributing to the reduction in pre-tax losses [4][5]. - The company is expected to approach breakeven in 2025 as the international aviation hub status remains intact, and profitability is anticipated to improve with the recovery of international routes [5][10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 5.492 billion yuan, a 20.5% increase from 2023. The aviation revenue was 2.668 billion yuan, up 27.2%, while non-aeronautical revenue reached 2.824 billion yuan, growing by 14.7% [3][10]. - The pre-tax net loss narrowed to 629 million yuan, and the post-tax net loss was 1.39 billion yuan, reflecting an 18.1% improvement year-on-year [3][10]. Revenue Breakdown - Aviation revenue growth was driven by a 27.4% increase in passenger throughput, with international passenger volume increasing by 103.0% [3][4]. - Non-aeronautical revenue growth was limited, with concession revenue growing by 12.2% and duty-free revenue growth lagging behind international passenger growth [4][5]. Cost Management - The company successfully reduced total operating costs by 1.0%, with a significant decrease in concession management fees contributing to the overall cost control [4][5]. Future Outlook - The company is projected to achieve near breakeven in 2025, with expectations of improved profitability as international routes continue to recover [5][10].

港股公司报告 | 公司点评 中国海外发展（00688） 证券研究报告 权益销售投资双第一，引领行业破局——中国海外发展 24 年报点评 利润受行业波动影响，分红比例提升 | 风险提示：业务拓展不及预期、业务经营存在不确定性、政策调控不确定性 | | | | | | | --- | --- | --- | --- | --- | --- | | 财务数据与估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 202,524.07 | 185,154.03 | 175,896.33 | 167,101.51 | 170,443.54 | | 增长率( %) | 12.31 | -8.58 | -5.00 | -5.00 | 2.00 | | EBI TDA（百万元） | 41,930.54 | 30,777.26 | 29,963.40 | 28,785.02 | 29,013.14 | | 归母净利润（百万元） | 25,609.84 | 15,635.66 | 16,371.57 | 16,909.99 | 17,686.41 | | 增长率( %) ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 119 per share, implying a market capitalization of HKD 106.9 billion [6]. Core Insights - The company has made significant progress with its drug Ivonescimab (依沃西), which is expected to receive approval for first-line lung cancer treatment by H1 2025. The drug has also been included in the 2024 National Medical Insurance Directory [2][17]. - Multiple Phase III clinical trials for Ivonescimab are advancing efficiently, with promising data indicating it may become the preferred first-line treatment for advanced PD-L1 positive NSCLC [3][19]. - The company is also developing other indications for Ivonescimab, including colorectal cancer, head and neck squamous cell carcinoma, and triple-negative breast cancer, with expected peak sales exceeding HKD 55 billion domestically and USD 60 billion globally for lung cancer [23][41]. Summary by Sections Ivonescimab Developments - Ivonescimab has received NMPA approval for treating EGFR-TKI resistant non-squamous NSCLC and is included in the national insurance directory for 2024 [3][17]. - The drug's application for first-line treatment of PD-L1 positive NSCLC has received priority review and is expected to be approved by H1 2025, with mPFS data showing significant improvement over existing treatments [3][19]. - Ongoing Phase III trials for various cancers are showing promising results, with the potential for Ivonescimab to become a leading treatment option in multiple indications [19][22]. Financial Projections - The company forecasts revenues of HKD 33.37 billion, HKD 50.18 billion, and HKD 78.85 billion for the years 2025, 2026, and 2027, respectively, with a projected net profit of HKD 6.12 billion in 2026 and HKD 24.73 billion in 2027 [6][8]. - The report highlights a significant growth trajectory, with a projected increase in earnings per share (EPS) from -0.57 in 2024 to 2.76 in 2027 [8]. Market Potential - The report estimates that the domestic sales peak for Ivonescimab in lung cancer could exceed HKD 55 billion, while global sales could surpass USD 60 billion, driven by its first-line treatment potential [23][41]. - The company is also exploring the treatment of colorectal cancer, with expectations of peak sales exceeding HKD 30 billion, supported by strong clinical trial results [43].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 474.25 million in 2024, representing a year-on-year growth of 51.81% [1] - The adjusted net profit for 2024 is projected to be a loss of 13.0 billion, which is an improvement of 4% compared to the previous year's loss [7] - The company is focusing on deepening collaborations with leading automotive manufacturers and expanding its global presence [7] Financial Projections - Total revenue is expected to grow significantly from 312.39 million in 2023 to 1,919.02 million by 2027, with a compound annual growth rate (CAGR) of 34.14% [1] - The net profit is projected to improve from a loss of 4,855.12 million in 2023 to a loss of 349.19 million in 2027 [1] - The earnings per share (EPS) is expected to recover from a loss of 7.71 in 2023 to a loss of 0.55 by 2027 [1] Business Development - The company has made significant progress in its autonomous driving business, with a revenue increase of 52% in 2024 [7] - The introduction of new chips, such as the A2000 and C1200, is expected to enhance the company's product offerings and market competitiveness [7] - The company is expanding its application scenarios beyond passenger vehicles, including partnerships for smart city projects and robotics [7]

Investment Rating - The report maintains a "Buy" rating for Beijing Capital International Airport Co., Ltd. [2][5] Core Views - The company achieved a revenue of 5.492 billion yuan in 2024, representing a year-on-year growth of 20.5%. The pre-tax net loss significantly narrowed to 629 million yuan from a loss of 1.719 billion yuan in the same period last year. However, the high deferred tax asset write-back led to a total income tax of 760 million yuan, resulting in a post-tax net loss of 1.39 billion yuan, which is an 18.1% improvement compared to the previous year's loss of 1.697 billion yuan [3][5]. Revenue Breakdown - The company's passenger throughput reached 67.37 million, a year-on-year increase of 27.4%, driving aviation revenue to 2.668 billion yuan, up 27.2%. Domestic passenger volume grew by 17.4%, while international passenger volume surged by 103.0%. Revenue from aircraft takeoff and landing increased by 20.8%, and passenger service revenue rose by 35.2% [3][4]. Non-Aviation Revenue - Non-aviation revenue totaled 2.824 billion yuan, reflecting a 14.7% year-on-year increase, with concession revenue at 1.570 billion yuan, up 12.2%. Advertising revenue grew by 5.9% to 702 million yuan, while retail (duty-free) revenue increased by 10.0% to 512 million yuan. The growth in duty-free revenue lagged behind international passenger growth due to reduced commission rates [4]. Cost Management - The company effectively controlled costs, with total operating costs amounting to 5.857 billion yuan, a decrease of 1.0%. Concession management fees dropped significantly by 18.7% to 274 million yuan. Other cost items such as maintenance, utilities, and property taxes saw increases, while general and administrative expenses decreased notably [4]. Future Outlook - Despite the slow recovery from the dual impacts of the pandemic and the diversion of traffic to Daxing Airport, the company's position as an international aviation hub remains intact. The report forecasts that the company will approach breakeven in 2025, with projected net profits of -140 million yuan, 361 million yuan, and 759 million yuan for 2025, 2026, and 2027, respectively [5][10].

中国海外发展 （00688.HK） 2025 年 04 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/2 | | --- | --- | | 当前股价(港元) | 13.420 | | 一年最高最低(港元) | 18.580/10.540 | | 总市值(亿港元) | 1,468.80 | | 流通市值(亿港元) | 1,468.80 | | 总股本(亿股) | 109.45 | | 流通港股(亿股) | 109.45 | | 近 3 个月换手率(%) | 16.3 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 2025-04 中国海外发展 恒生指数 相关研究报告 《单月销售数据同比提升明显，项目 实力夯实经营稳定性—港股公司信息 更新报告》-2025.1.8 《销售市占率逆势提升，商业物业收 入保持增长—港股公司信息更新报 告》-2024.8.29 权益销售及拿地金额排名首位，商业收入稳健增长 权益销售额行业首位，拿地聚焦一线城市 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | | ...

[Table_StockInfo] 2025 年 04 月 02 日 证券研究报告•2024 年年报点评 保利物业（6049.HK）房地产 目标价：——港元 买入 （维持） 当前价：31.95 港元 管理规模稳健增长，分红比例提升 风险提示：增值服务不及预期、管理规模拓展不及预期等风险。 | 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16342 | 17843 | 19454 | 20982 | | 增长率 | 8.5% | 9.2% | 9.0% | 7.9% | | 归属母公司净利润（百万元） | 1474 | 1590 | 1741 | 1863 | | 增长率 | 6.8% | 7.9% | 9.5% | 7.0% | | 每股收益 EPS | 2.66 | 2.87 | 3.15 | 3.37 | | 净资产收益率 | 15.19% | 14.87% | 14.84% | 14.56% | | PE | 10.66 | 10.39 | 9.49 | 8.87 | 数据来源 ...

2024 投资要点 公司发布 2024 全年业绩，收入同比增长约 13% 2024 全年公司实现收入 7.78 亿美元（yoy+13%），收入增长主要源于经营效率提升带动 翻台率向上；2024 全年实现归母净利润 2180 万美元，公司按美元折算报表，汇兑仅影响 报表数据、不反映实际经营，若扣除汇兑损益，2024 全年公司实现净利润约 4110 万美 元，对应净利率约 5.3%，自 2022H2 以来扣除汇兑后净利润已连续 5个半年度为正，表现 亮眼。扣除汇兑净利润持续亮眼主要源于毛利率改善、翻台率向上带来实际租金成本占 比的改善及折旧摊销费用占比的优化。 盈利能力逐季改善，2024 年餐厅层面利润率 10.1% 毛利率方面，2024 公司实现毛利率 66.9%，同比改善 1.1pct，我们预计毛利率提升主要源 于供应链效率的提升及门店管理的强化。费用率方面，2024 年实际租金成本/其他折旧摊 销占比分别同比改善 0.5/0.6pcts，我们预计主要源于收入抬升带来的刚性成本占比的自然 下降；2024 年员工成本占比同比提升 0.4pcts，我们预计主要源于部分国家劳动力价格通 胀。利润率方面，餐厅层面利润 ...