2025 年 04 月 01 日 赢家时尚 (03709) ——逆境之下规模稳定，线上渠道表现亮眼 报告原因：有业绩公布需要点评 增持（维持） 上 市 公 司 公 司 点 评 / 公 司 点 评 纺织服饰 | 市场数据： | 2025 年 04 月 01 日 | | --- | --- | | 收盘价（港币） | 7.60 | | 恒生中国企业指数 | 8537.34 | | 52 周最高/最低（港币） | 13.68/7.33 | | H 股市值（亿港币） | 53.51 | | 流通 H 股（百万股） | 704.05 | | 汇率（人民币/港币） | 1.0839 | 一年内股价与基准指数对比走势： -41% 9% 59% 04/02 05/02 06/02 07/02 08/02 09/02 10/02 11/02 12/02 01/02 02/02 03/02 HSCEI 赢家时尚 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 刘 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 86.4 billion yuan for 2024, a year-on-year increase of 7.7%, but the net profit attributable to shareholders fell to 1.04 billion yuan, a decline of 67.3% [1][4]. - The decline in net profit is primarily attributed to the downturn in the real estate market, with a gross margin of 10.5% for 2024, down 4.8 percentage points year-on-year [2]. - The company demonstrated stronger sales performance compared to peers, with a contract sales amount of 114.5 billion yuan in 2024, a decrease of 19.4%, while the top 10 real estate companies saw a decline of 24.4% [2]. - The company has set a sales target of 120.5 billion yuan for 2025, representing a 5.2% increase compared to the 2024 sales completion [2]. Financial Performance - The company maintains a healthy financial position, with key financial metrics remaining in the green zone as of the end of 2024. The asset-liability ratio, net debt ratio, and cash-to-short-term debt ratio are 68.1%, 51.7%, and 2.1 times, respectively [3]. - The total borrowings amount to 103.9 billion yuan, a slight decrease of 0.5% year-on-year, with short-term debt accounting for 22% of total borrowings [3]. - The weighted average borrowing cost has decreased to 3.49%, down by 0.33 percentage points year-on-year [3]. Future Projections - The company is expected to experience a bottoming phase in settlement performance for 2024-2025, with potential recovery in profit performance as high-margin projects are recognized and impairment pressures ease [4]. - Projected net profits for 2025-2027 are estimated at 1.02 billion yuan, 1.24 billion yuan, and 1.36 billion yuan, with year-on-year growth rates of -1.9%, +21.4%, and +10.1%, respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue growth of over 30% in 2024, with total revenue reaching 3.885 billion yuan (up 34.6% year-on-year) and a net profit of 881 million yuan (up 33.0% year-on-year) [4][5] - The company is expected to continue its strong performance, with projected net profits for 2025-2027 at 1.179 billion, 1.536 billion, and 1.939 billion yuan respectively, reflecting a compound annual growth rate of approximately 33.9% [4][7] - The company's gross margin for 2024 was 84.4%, with a stable expense ratio across sales, management, and R&D [5][7] Financial Summary and Valuation Metrics - Revenue and net profit projections for 2025 are 5.184 billion yuan and 1.179 billion yuan respectively, with an expected EPS of 2.41 yuan [7] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 41.9, 32.2, and 25.5 respectively, indicating a favorable valuation trend [7] - The company maintains a high return on equity (ROE) of 32.7% for 2025, reflecting strong profitability [7]

房地产/房地产开发 绿城中国（03900.HK） 2025 年 04 月 01 日 投资评级：买入（维持） | 日期 | 2025/4/1 | | --- | --- | | 当前股价(港元) | 11.340 | | 一年最高最低(港元) | 13.780/0.000 | | 总市值(亿港元) | 287.39 | | 流通市值(亿港元) | 287.39 | | 总股本(亿股) | 25.34 | | 流通港股(亿股) | 25.34 | | 近 3 个月换手率(%) | 38.95 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 绿城中国 恒生指数 相关研究报告 《减值影响业绩表现，拿地强度维持 高 位 — 港 股 公 司 信 息 更 新 报 告 》 -2025.2.11 《销售拿地表现亮眼，行业排名持续 攀 升 — 港 股 公 司 信 息 更 新 报 告 》 -2025.1.10 《公开市场拿地稳健积极，销售均价 显著提升—港股公司信息更新报告》 -2024.12.9 减值影响净利表现，周转提速，坚决布局核心城市 —— ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.506 billion yuan in 2024, representing a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, up 253.9% year-on-year. The strong performance is attributed to the brand's rapid expansion and high same-store sales growth [7] - The company plans to distribute a dividend of 6.35 yuan per share, totaling approximately 1.07 billion yuan, with a payout ratio of 72.6% [7] - The company's gross margin for 2024 was 41.2%, with a net profit margin of 17.3%, benefiting from improved cost control and economies of scale [7] - The company is experiencing a dual-channel growth with significant increases in both offline and online sales, with offline revenue reaching 7.45 billion yuan (up 164.3%) and online sales at 1.26 billion yuan (up 192%) [7] - The company is positioned as a leading brand in the ancient gold category in China, with a strong reputation among high-net-worth clients, and is expected to continue its growth trajectory with international expansion [7] Financial Summary - For 2024, the total revenue is projected at 8.506 billion yuan, with a net profit of 1.473 billion yuan, and an EPS of 8.75 yuan [1][8] - The company’s net profit forecasts for 2025-2027 have been revised upwards to 3.556 billion yuan, 5.644 billion yuan, and 7.232 billion yuan respectively, with corresponding P/E ratios of 32, 20, and 16 [7] - The company’s total assets are projected to reach 6.337 billion yuan by 2024, with a debt ratio of 24.57% [6][8]

■产业孵化与投资：归母亏损显著收窄，持续聚焦科创领域。2024 年， 受制于 A 股 IPO 节奏趋紧以及国内外资本市场大幅波动影响，公司 产业孵化与投资板块实现归母净亏损 22.16 亿元，同比亏损大幅减 少。2024 年，公司成功推动 13 家被投企业登陆资本市场，保持行业 领先地位。公司围绕着前沿新材料、创新药、生物制造等战略新兴产 业的布局，累计拥有超 180 家国家级专精特新"小巨人"企业，在具 身智能领域累计投资近 40 家企业。 ■投资建议：维持买入-A 投资评级。我们预计公司 2025-2027 年 EPS 分别为 0.23 元、0.41 元、0.58 元，给予 0.42x2025 年 P/B，对应 6 个月目标价为 10.47 港元（已按港元兑人民币 0.93 折算汇率）。 ■风险提示：资本市场波动、宏观经济变化、被投企业上市进度不及 预期等。 业绩实现扭亏为盈，聚焦科创培育新兴产业 ■事件：公司披露 2024 年年报，公司实现收入 5128.06 亿元 （YoY+18%），归母净利润 1.33 亿元，实现扭亏为盈。其中：1）产业 运营板块：受联想集团盈利水平提升影响，2024 年贡献归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company has optimized its product structure, leading to price increases and sustained improvement in profitability, with strong shareholder return value highlighted [2][8] - In the fiscal year 2024, the company achieved a revenue of 80.65 billion, a year-on-year increase of 0.3%, and a net profit of 3.734 billion, reflecting a growth of 19.8% [4][8] Summary by Sections Revenue and Profitability - For the first half of 2024, the company reported a revenue of 39.45 billion, a slight decline of 0.2%, while the gross margin improved by 3.3 percentage points to 33.6%, resulting in a net profit of 1.849 billion, up 25.0% year-on-year [4][7] Product Performance - The instant noodle segment generated revenue of 28.414 billion, down 1.3% year-on-year, with high-priced noodles experiencing a significant decline of 6.3% for the year [5] - The beverage segment achieved revenue of 51.62 billion, a year-on-year increase of 1.3%, with tea drinks maintaining strong growth at 21.7 billion, up 8.2% [6] Margin Improvement - The company's sales net profit margin increased by 1.0 percentage points to 5.4%, with gross margin rising by 2.7 percentage points to 33.1% [7] - The report indicates that the trend of margin improvement is strengthening, although there is a slight increase in expenses [7] Shareholder Returns - The company maintained a high dividend payout ratio of 100%, resulting in a dividend yield of 5.6% based on the current market capitalization, showcasing strong shareholder return value [2][8]

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 04 月 01 日 [Table_Title] 学费提价明显，利润受成本费用提升影响 [Table_Title2] 建桥教育(1525.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1525 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 3.4/2.15 | | 目标价格(港元)： | | 总市值(亿港元) | 8.92 | | 最新收盘价(港元)： | 2.15 | 自由流通市值(亿港元) | 8.92 | | | | 自由流通股数(百万) | 415.00 | [Table_Summary] 事件概述 2024 年公司收入/归母净利分别为 9.7/2.24 亿元、同比增长 4.3%/-21.1%。收入增长而利润下降主要由于 上半年受折旧年限变更导致毛利下降（23 年 7 月开始变更），下半年同样存在公司增聘双师教师带来的薪酬增 加、管理费用增加等影响。 2024 年派发末期股息每股 0.1 港元，叠加中期股息每股 0.1 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning (02331.HK) [1] Core Views - The company reported a revenue of 28.676 billion yuan for 2024, representing a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3.013 billion yuan, down 5.5% year-on-year, primarily due to a 333 million yuan impairment on investment properties [8] - Li Ning is actively optimizing its channel structure by closing unprofitable stores and accelerating its expansion into emerging markets, with a total of 1,297 direct-operated stores as of the end of 2024, a decrease of 201 stores year-on-year [8] - The company has solidified its professional sports image, with the running category showing significant growth, and has become a partner of the Chinese Olympic Committee for the period of 2025-2028, which is expected to enhance brand value and market influence [8] Financial Summary - Revenue projections for 2024-2027 are as follows: 28.676 billion yuan in 2024, 28.682 billion yuan in 2025, 30.043 billion yuan in 2026, and 31.590 billion yuan in 2027 [1][9] - The net profit attributable to shareholders is forecasted to decline to 2.454 billion yuan in 2025, followed by a recovery to 2.705 billion yuan in 2026 and 3.021 billion yuan in 2027 [1][9] - The report indicates a projected P/E ratio of 15 for 2025, 14 for 2026, and 13 for 2027, reflecting a long-term positive outlook due to investments in top-tier event resources [8][9]

[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 九毛九（9922）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | [Table_StockInfo] 3 月 31 日收盘价（港元） | 2.88 | | --- | --- | | 52 周股价波动（港元） | 2.14-6.12 | | 总股本/流通股（亿股） | 13.98/13.98 | | 总市值/流通市值（亿港元） | 40/40 | 相关研究 [Table_ReportInfo] 《2H23 年收入增 47.5%，派息率有望不低于 40%》2024.03.26 《 盈 利 弹 性 释 放 ， 新 品 牌 表 现 亮 眼 》 2023.08.28 《2H22 年收入降 2.4%，怂火锅模型优化贡献 亮眼》2023.03.22 市场表现 [Table_QuoteInfo] | 恒生指数对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | -2.70 | 9.92 | -16.76 | ...