[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： ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 4.921 billion yuan in 2024, a year-on-year decrease of 4.7%. The net loss attributable to shareholders was 917.29 million yuan, compared to a net profit of 13.22 million yuan in 2023. The adjusted net loss was 919 million yuan, down from an adjusted net profit of 21 million yuan in 2023 [7] - The company is actively exploring new business models, including the introduction of Green stores and expansion into overseas markets such as Thailand, Singapore, and Malaysia [7] - The company has reduced the number of direct-operated stores by 121, resulting in impairment losses. As of the end of 2024, there were 1,453 direct-operated stores [7] - The average customer transaction value decreased by 9.8% to 26.7 yuan, and the average daily order volume per store fell by 21.4% to 270.5 orders [7] - The company anticipates a revenue of 5.2 billion yuan in 2025, with a projected growth rate of 5.3% for the following years [7] Financial Summary - Total revenue for 2023 was 5.164 billion yuan, with a projected revenue of 4.921 billion yuan for 2024, and expected revenues of 5.182 billion yuan in 2025, 5.268 billion yuan in 2026, and 5.451 billion yuan in 2027 [1][8] - The net profit forecast for 2025 is -127.96 million yuan, with a gradual recovery expected in subsequent years, reaching a net profit of 56.48 million yuan by 2027 [1][8] - The company’s price-to-earnings ratio (P/E) is projected to be 308.89 for 2026 and 28.59 for 2027 [1][8] - The company’s total assets are estimated at 6.165 billion yuan for 2024, with a debt-to-asset ratio of 36.48% [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a revenue of 3.885 billion yuan for 2024, representing a year-on-year growth of 34.6%, with a net profit of 881 million yuan, up 33% year-on-year. The gross margin stood at 84.4%, with a net margin of 22.69% [1][4]. - The color cosmetics segment showed significant growth, achieving revenue of 2.304 billion yuan, a 42.04% increase year-on-year, while the skincare segment generated 1.429 billion yuan, growing 23.21% year-on-year [2]. - The company is expanding its online channels rapidly, with online revenue reaching 1.784 billion yuan, a 51.23% increase year-on-year, while offline revenue was 1.949 billion yuan, up 21.64% [3]. Financial Performance Summary - For 2024, the company achieved a total revenue of 3.885 billion yuan, with a year-on-year growth rate of 34.6%. The net profit was 881 million yuan, reflecting a growth of 33% [6]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.158 billion yuan, 1.449 billion yuan, and 1.795 billion yuan, respectively, with corresponding P/E ratios of 40, 32, and 26 [4][6].

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform" [5] Core Views - The core local business is developing smoothly, with a focus on the launch of AI assistants in 2025 and overseas expansion [4][6] - Revenue increased by 20% year-on-year, with adjusted profit margin improving by 5 percentage points [1][8] - The company is expected to continue optimizing subsidies and delivery fees to offset additional investments in rider social security [2][19] Revenue and Profitability - In Q4 2024, Meituan achieved operating revenue of 885 billion CNY, a year-on-year increase of 20% [1][8] - The adjusted net profit for the quarter was 98 billion CNY, representing a 125% year-on-year growth, with an adjusted net profit margin of 11% [1][8] - The gross profit margin improved by approximately 4 percentage points due to enhanced cost efficiency [1][8] Business Segments - The food delivery business saw a 9% year-on-year increase in order volume, with average order value (AOV) decline narrowing [2][15] - The in-store and travel business experienced over 40% growth in order volume, with a GTV increase of about 24% [3][19] - New business revenue grew by 23% year-on-year to 229 billion CNY, although operating losses increased to 2.2 billion CNY [4][22] Future Outlook - The company plans to launch an AI assistant this year to enhance consumer search and transaction experiences [4][8] - Adjusted net profit forecasts for 2025 have been slightly lowered to 515 billion CNY, while 2026 estimates have been raised to 653 billion CNY [6][23] - The company is expected to continue its expansion in lower-tier cities and overseas markets, with a focus on sustainable growth [4][6]

公司研究 证 券 研 究 报 告 中国飞鹤（06186.HK）2024 年报点评 强推（维持） 方向明确，节奏待提 目标价：7.5 港元 事项： 公司发布 2024 年报。24 年实现主营收入 207.49 亿元，同比+6.23%，净利润 36.54 亿元，同比+11.06%，归母净利润 35.7 亿元，同比+5.31%。其中，24H2 实现主营收入 106.54 亿元，同比+8.74%，净利润 17.43 亿元，同比+4.25%， 归母净利润 16.95 亿元，同比+0.06%。同时，公司宣布派发每股 0.1632 港元 股息，结合中期股息年度累计每股派发 0.3264 港元股息，合计发放红利人民 币 27.2 亿元，分红率约 74%。 评论： 食品饮料 2025 年 04 月 01 日 当前价：5.87 港元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：董广阳 电话：021-20572598 邮箱：dongguang ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a revenue of 3.885 billion yuan for 2024, representing a year-on-year growth of 34.6%, with a net profit of 881 million yuan, up 33% year-on-year. The gross margin stood at 84.4%, with a net margin of 22.69% [1][4]. - The color cosmetics segment showed significant growth, achieving revenue of 2.304 billion yuan, a 42.04% increase year-on-year, while the skincare segment generated 1.429 billion yuan, growing 23.21% year-on-year [2]. - The company is expanding its online channels rapidly, with online revenue reaching 1.784 billion yuan, a 51.23% increase year-on-year, while offline revenue was 1.949 billion yuan, growing 21.64% year-on-year [3]. Financial Performance Summary - The company achieved a total revenue of 3.885 billion yuan in 2024, with a year-on-year growth rate of 34.6%. The net profit for the same period was 881 million yuan, reflecting a growth of 33% [1][6]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.158 billion yuan, 1.449 billion yuan, and 1.795 billion yuan, respectively, with corresponding P/E ratios of 40, 32, and 26 [4][6].

2025 年 4 月 1 日 公司研究 经营调整持续，24 年业绩承压 ——九毛九（9922.HK）2024 年年报点评 增持（维持） 当前价：2.88 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 13.98 | | 总市值(亿港元)： | 40.25 | | 一年最低/最高(港元)： | 2.14/5.76 | | 近 3 月换手率： | 116.23% | 股价相对走势 -80% -60% -40% -20% 0% 20% 40% 60% 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 九毛九 恒生指数 | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 4.921 billion yuan in 2024, a year-on-year decrease of 4.7%, and a net loss attributable to shareholders of 917.29 million yuan, compared to a net profit of 13.22 million yuan in 2023 [7] - The company is actively exploring new business models and has seen a significant increase in franchise operations, with 345 franchise stores by the end of 2024, an increase of 264 stores [7] - The company aims to focus on a health-oriented strategy and explore new store formats, such as "Green stores," in 2025 [7] Financial Performance Summary - Total revenue for 2023 was 5.164 billion yuan, with a year-on-year growth of 20.33% [1] - The forecast for total revenue is adjusted to 5.182 billion yuan for 2025 and 5.268 billion yuan for 2026, with expected growth rates of 5.29% and 1.66% respectively [7] - The net profit forecast for 2025 is adjusted to a loss of 127.96 million yuan, with a projected recovery to a profit of 5.23 million yuan in 2026 and 56.48 million yuan in 2027 [7] - The company’s average customer transaction value decreased by 9.8% to 26.7 yuan, and the average daily order volume per store fell by 21.4% to 270.5 orders [7] Market Data - The closing price of the stock is 1.04 HKD, with a market capitalization of approximately 1.776 billion HKD [5] - The price-to-book ratio is 0.45, indicating the stock is trading below its book value [5] - The company has a debt-to-asset ratio of 36.48%, suggesting a moderate level of leverage [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a revenue of 2.45 billion and a net profit of 98.2 million for 2024, reflecting a year-on-year decline of 10.7% and 15.0% respectively, primarily due to weak consumer demand and pressure on store sales [1][6] - For 2025, the company will focus on improving operational quality and enhancing store efficiency, with an emphasis on profitability [1][6] - The company is actively expanding into new channels, including membership supermarkets and overseas markets, to overcome traditional store growth limitations [1][6] Financial Data and Valuation - The total market capitalization is 4.1 billion HKD, with a current share price of 1.96 HKD [3] - The company has a total share capital of 2,218 million shares and a net asset value per share of 1.6 HKD [3] - The return on equity (ROE) is 2.7% and the debt-to-asset ratio is 21.0% [3][9] Revenue and Profit Trends - The company experienced a revenue decline of 10.7% in 2024, with a significant drop in store count from 3,816 at the end of 2023 to 3,031 by the end of 2024 [1][6] - The average revenue per store slightly decreased, with a net reduction of 360 and 425 stores in the first and second halves of 2024 respectively [1][6] - The gross profit margin improved to 56.8% in 2024, up by 4.4 percentage points year-on-year, mainly due to a decrease in raw material prices [1][6] Future Projections - The report adjusts the earnings per share (EPS) for 2025 and 2026 to 0.04 HKD each, corresponding to a price-to-earnings (PE) ratio of 41x for 2025 [1][6] - The company aims to maintain core stores while focusing on new channel developments in 2025 [1][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][12] Core Insights - The company experienced revenue growth of 9.1% year-on-year in 2024, achieving a total revenue of 4.446 billion yuan, while net profit decreased by 12.6% to 598 million yuan due to financial asset impairment [5][6] - The outpatient services saw significant growth, with outpatient revenue increasing by 20.8% to 1.633 billion yuan, contributing to a total hospital revenue of 4.32 billion yuan [6] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 697 million yuan and 779 million yuan respectively, with a new forecast for 2027 at 862 million yuan [5] Financial Performance Summary - In 2024, the company reported a gross margin of 29.9% and a net margin of 13.5% [5] - The number of outpatient visits increased by 23.8% to 4.526 million, and surgical cases rose by 15.8% to 97,000, with surgical revenue growing by 21.2% [6] - The company plans to expand its hospital capacity significantly, with new hospitals and expansions projected to increase bed capacity to over 16,000 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 12.3 for 2025, 11.0 for 2026, and 10.0 for 2027 [5] - The company’s return on equity (ROE) is expected to be 9.49% in 2025, increasing slightly in subsequent years [8] - The projected earnings per share (EPS) for 2025 is 1.12 yuan, with a gradual increase to 1.39 yuan by 2027 [8]