[Table_Page] 公告点评|公用事业 证券研究报告 [Table_Title] 【 广 发 环 保 & 海 外 】 光 大 环 境 （00257.HK） 三表质量持续改善，分红超预期提升 [Table_Summary] 核心观点： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 32,495 | 30,258 | 29,718 | 29,617 | 29,704 | | 增长率 （ % ） | -13.9% | -6.9% | -1.8% | -0.3% | 0.3% | | EBITDA（百万港元） | 13,163 | 8,708 | 11,477 | 11,666 | 12,026 | | 归母净利润（百万港元） | 4,429 | 3,377 | 3,502 | 3,641 | 3,906 | | 增长率 （ % ） | -3.8% | -23.8% | 3.7% | 3.9% | 7.3% | | EPS（港元/股） ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.28, indicating a potential upside of 27.4% from the current price of HKD 4.93 [1][12][13]. Core Insights - The company's performance met expectations, with a recovery in polysilicon prices, although the stock price has dropped significantly, making valuations attractive [2][7]. - The company reported a loss of RMB 39.1 billion for 2024, slightly better than the forecast median, with the polysilicon segment contributing a loss of approximately RMB 50 billion [7]. - The report highlights a significant increase in operational costs and a decline in average selling prices for polysilicon, which fell by 60% year-on-year to RMB 38,400 per ton [7][9]. Financial Overview - Revenue for 2023 is projected at RMB 30,752 million, with a decline to RMB 21,213 million in 2024, representing a year-on-year decrease of 31% [3][14]. - Net profit is expected to drop from RMB 4,345 million in 2023 to a loss of RMB 3,957 million in 2024, with a gradual recovery anticipated in subsequent years [3][14]. - The company’s polysilicon production is forecasted to be 19.9 million tons in 2024, with a sales volume of 19.9 million tons, reflecting a slight decrease in sales [9][14]. Segment Valuation - The report uses a sum-of-the-parts valuation method, estimating the polysilicon segment at RMB 14 billion and the non-polysilicon segments at RMB 70 billion, leading to a total valuation of RMB 84 billion [10][12]. - The estimated value per share from the non-polysilicon segments is HKD 5.24, while the total target price is set at HKD 6.28 [10][12]. Market Performance - The stock has experienced a year-to-date decline of 34.18%, with a 52-week high of HKD 10.92 and a low of HKD 4.93 [6][12]. - The current price-to-book ratio is 0.20, indicating that the stock is trading at a significant discount to its book value [7][12].

交银国际研究 财务模型更新 | 互联网 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 2 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 10.48 | 港元 | 10.20↓ | -2.7% | | | 网龙网络 (777 HK) | | | | | | | 业绩短期承压，关注欧美教育市场改善及游戏下半年改善的趋势 2025 年公司游戏及教育业务收入增长面临不确定性，虽然通过 AI+战略有望实 现降本增效对运营费用的优化，短期利润或仍有下降压力，我们基于 SOTP， 将目标价从 14.00 港元下调至 10.20 港元，其中游戏维持 5 倍 2025 年市盈率不 变，评级下调至中性，关注欧美教育市场环境后续改善以及游戏调整期后下 半年恢复增长的趋势。 个股评级 中性↓ 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 -20% -10% 0% 10% 20% 30% 40% 50% 777 HK 恒生指数 股份资料 | 52周高位 (港元) | 12.78 | | --- | --- | ...

Investment Rating - The investment rating for China Feihe (06186.HK) is "Outperform" (maintained) [1] Core Views - The company achieved revenue of 20.749 billion RMB in 2024, a year-on-year increase of 6.2%, and a net profit of 3.570 billion RMB, up 5.3% year-on-year. The company plans to distribute a dividend of 0.3264 HKD per share, with a payout ratio of approximately 76%, enhancing shareholder returns [3][4] - The company is a leader in the Chinese infant formula market, with a continuous increase in market share and solid brand and channel advantages. The forecast for net profit for 2025-2026 has been slightly adjusted downwards due to intense market competition and the delayed effects of fertility policies [3][4] Financial Performance Summary - In 2024, the revenue from infant formula, other dairy products, and nutritional supplements was 190.62 billion RMB (up 6.6%), 15.14 billion RMB (up 6.3%), and 1.73 billion RMB (down 25.4%) respectively. The company is focusing on high-end products, particularly the Xingfeifan Zhuorui series, which is expected to drive revenue growth [4] - The gross margin for 2024 was 66.3%, an increase of 1.5 percentage points year-on-year, primarily due to product structure optimization and a decrease in raw material costs. However, the net profit margin was slightly affected by increased expenses and reduced government subsidies [5] - The company expects to maintain a reasonable pricing strategy while optimizing its expense ratio, which is anticipated to enhance profitability in the future [5] Future Outlook - The company plans to launch more high-end products in the second half of 2025, which is expected to further drive performance growth and improve gross margins. The full-age nutrition strategy is being steadily implemented, covering the entire lifecycle from infants to the elderly [4][5]

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 明源云（0909）公司研究报告 2025 年 04 月 02 日 [Table_InvestInfo] 股票数据 | 0[4Ta月b0le1_日S收to盘ck价In（fo港] 元） | 3.00 | | --- | --- | | 52 周股价波动（港元） | 1.57-4.65 | | 总股本/流通股（百万股） | 1944/1944 | | 总市值/流通市值（百万港元） | 5832/5832 | 市场表现 [Table_QuoteInfo] 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@haitong.com 证书:S0850523090001 分析师:杨昊翊 Tel:(021)23185620 | 沪深 对比 300 | 1M | M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 11.59 | 16.41 | 8.16 | | 相对涨幅（%） | -14.59 | -1.24 | -10.29 | | 资料来源：海通 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total wholesale sales volume of 232,000 vehicles in March, representing a year-on-year increase of 53.9% and a month-on-month increase of 13.3% [1][2] - The cumulative wholesale sales for the first three months reached 704,000 vehicles, up 47.9% year-on-year, with new energy vehicle sales showing significant growth of 135.4% year-on-year [2][4] - The company is expected to achieve a net profit of 3.58 billion yuan in Q4 2024, exceeding market expectations, with a gross margin of 17.3% [2][4] - The establishment of Zeekr Technology Group aims to enhance strategic focus and integration, targeting a total sales volume of 710,000 vehicles by 2025 [3][4] - The company is accelerating its AI technology integration, which is expected to boost product sales and reshape its valuation [4] Financial Forecasts - The projected net profits for 2025, 2026, and 2027 are 14.02 billion yuan, 17.78 billion yuan, and 20.38 billion yuan respectively, with corresponding EPS of 1.39, 1.76, and 2.02 yuan [5][8] - Revenue is expected to grow significantly, with forecasts of 364.78 billion yuan in 2025, 439.69 billion yuan in 2026, and 512.83 billion yuan in 2027 [5][8] - The company’s P/E ratios are projected to be 11, 9, and 8 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [5][8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to lead the industry in performance stabilization due to significant impairment provisions, despite a decline in earnings for 2024 [1]. - The company has a healthy debt structure and maintains smooth financing channels, with a total interest-bearing debt of RMB 137.19 billion, down 6.1% [2]. - The company's sales performance remains strong, with a contract sales amount of RMB 276.8 billion in 2024, showing a decline of only 8.1% compared to the industry [3]. Financial Performance - For 2024, the company is projected to achieve revenue of RMB 158.55 billion, a year-on-year increase of 20.7%, while net profit is expected to decline by 37.9% to RMB 4.15 billion [1][5]. - The company reported a gross margin of 12.8% for the period, with property development gross margin slightly improving to 11.7% [1]. - The forecasted revenues for 2025, 2026, and 2027 are RMB 153.3 billion, RMB 152.9 billion, and RMB 154.3 billion, respectively, with corresponding net profits of RMB 1.57 billion, RMB 2.11 billion, and RMB 3.05 billion [4][5]. Sales and Land Acquisition - The company added 42 new projects in 2024, with a land acquisition amount of RMB 48.4 billion, focusing on core cities [3]. - The company's land reserve at the end of 2024 is projected to be 27.47 million square meters, with a total land value of RMB 449.6 billion, of which 76% is located in first and second-tier cities [3]. Debt and Financing - The company has successfully optimized its debt structure, with a net debt ratio of 56.6% and a cash-to-short-term debt ratio of 2.3 times, indicating financial stability [2]. - The company issued bonds totaling RMB 12.53 billion in 2024, with an average issuance rate of 3.88% [2].

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 4[Table_StockInfo 月 1 日收盘价（港元）] | 20.1 | | --- | --- | | 52 周股价波动（港元） | 15.33-23.95 | | 总股本/流通 H 股（百万股） | 2761/2761 | | 总市值/流通市值（百万港元） | 55496/55496 | | 相关研究 | | | [Table_ReportInfo] 《限制性股票激励落地，坚定长期发展》 | | | 2024.06.26 | | 《重卡龙头，出海尖兵》2024.05.27 市场表现 [Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 中国重汽（3808）公司年报点评 2025 年 04 月 02 日 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 4.0 45.3 56.6 相对涨幅（%） 1.9 29.4 39.8 资料来源：海通证券研究所 国内重卡高端化，轻卡减亏 [Table_Summary] 投资要点： 分析师:刘一鸣 Tel:(021)2315414 ...

Investment Rating - The investment rating for 康耐特光学 is "Buy" [2] Core Views - The report highlights a sustained high growth in performance, with a 31% increase in net profit and a record high in profitability. The company is expected to accelerate the development of its core business and smart eyewear lens segment [3][7]. Financial Summary - Revenue for 2024 is projected at 2.061 billion RMB, representing a 17.1% increase from the previous year. The net profit is expected to reach 428 million RMB, reflecting a 31% growth. The proposed dividend is 129 million RMB, with a payout ratio of 30% [7]. - The financial outlook for 2025 and 2026 anticipates net profits of 521 million RMB and 616 million RMB, with growth rates of 22% and 18% respectively. The forecast for 2027 is a net profit of 720 million RMB, with a growth rate of 17% [7]. - The company achieved a gross profit margin of 38.6% in 2024, an increase of 1.2 percentage points, and a net profit margin of 20.8%, up by 2.2 percentage points [7]. Business Performance - In the first half of 2024, revenue was 976 million RMB, a 17.5% increase, while the second half saw revenue of 1.144 billion RMB, an 8.8% increase. The first half net profit was 209 million RMB, a 31.6% increase, and the second half net profit was 220 million RMB, also a 31% increase [7]. - The company’s production volume reached 209 million units in 2024, a 15.1% increase, with total sales of 178 million units, a 12.1% increase. The average selling price (ASP) was approximately 11.58 RMB, an increase of 0.5 RMB [7]. Regional Performance - Revenue growth was notable in the Asian region, with a 37.9% increase in revenue from areas outside mainland China, contributing to 25.4% of total revenue. Revenue from mainland China was 655 million RMB, a 13.9% increase, while revenue from the Americas was 474 million RMB, a 16.9% increase [7]. Strategic Initiatives - The company plans to enhance its research and development capabilities and expand its smart eyewear lens business. This includes increasing production capacity in Shanghai and Jiangsu, establishing a national R&D center, and collaborating with leading global technology and consumer electronics companies [7].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HK$67.35, indicating an expected upside from the current price of HK$33.25 [2][5]. Core Insights - The company achieved rapid revenue growth in 2024, with revenue reaching RMB 3.02 billion, a year-on-year increase of 30.1%. The net profit was RMB 310 million, reflecting a 21.4% increase, while the adjusted net profit was RMB 400 million, up 31.4% [3][10]. - The company is focusing on overseas expansion through mergers and acquisitions, particularly in regions with significant Chinese populations, such as Singapore, Hong Kong, Malaysia, and Indonesia [4][11]. - The integration of AI technology is expected to enhance operational efficiency and service quality, with plans to launch applications like "Famous Doctor Avatar" and "Health Assistant" in 2025 [12][13]. Financial Performance - Revenue projections for 2025 and 2026 are RMB 3.79 billion and RMB 4.63 billion, respectively, with year-on-year growth rates of 25.3% and 22.2% [5][13]. - The adjusted net profit for 2025 and 2026 is expected to be RMB 480 million and RMB 580 million, with growth rates of 20.6% and 21.0% [5][13]. - The gross profit margin is projected to remain stable at 30.1% over the forecast period [5][13]. Operational Expansion - By the end of 2024, the company operated 79 stores across 20 cities in China and Singapore, with a total of 21 new institutions added during the year [4][11]. - The average selling price (ASP) increased by 3.4% to RMB 559, while the number of patient visits rose by 25.9% to 5.41 million [4][11]. Management and Strategy - The company has developed a standardized operational model that supports its rapid expansion and enhances brand recognition [4][11]. - The management team is leveraging a large dataset of high-quality diagnostic information to develop AI applications, which is expected to replicate high-quality physician resources and improve service delivery [12][13].