资料来源：公司数据、招商证券 证券研究报告 | 公司点评报告 2025 年 04 月 01 日 中国黄金国际（02099.HK） 全年业绩扭亏为盈，积极推进甲玛三期尾矿库建设 周期/金属及材料 公司 2024 年实现营业收入 7.6 亿美元，同比+ 64.7%；实现归母净利润 0.6 亿 美元， 扭 亏 为 盈 ， 24Q4 实 现 营 业 收 入 2.9 亿 美 元 ， 同 比 /环 比 分 别 +312%/+15.3%，实现归母净利润 0.7 亿美元，同比扭亏为盈，环比+148.1%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 3254 | 5439 | 7218 | 7218 | 8847 | | 同比增长 | -58% | 67% | 33% | 0% | 23% | | 营业利润(百万元) | 50 | 813 | 2883 | 2883 | 3453 | | 同比增长 | -98% | 1510% | 255% | 0% | ...

Investment Rating - The report upgrades the company to a "Buy" rating, indicating a clear growth path and potential for significant returns in the next 6-12 months [4]. Core Insights - The company reported a revenue of 2.061 billion RMB for the fiscal year 2024, representing a year-on-year growth of 17.1%, and a net profit of 428 million RMB, up 31.0% year-on-year, with a net profit margin of 20.8% [1]. - The sales volume for customized lenses reached 178 million units, with an average selling price of 11.6 RMB per unit, reflecting a 4.5% increase [2]. - The company is focusing on product differentiation and market expansion, particularly in high-refractive lenses and blue light blocking products, which contributed to significant revenue growth across various product lines [2]. - The gross margin improved to 38.6%, driven by increased order volumes, currency depreciation, and product upgrades, while R&D expenses increased by 18.2 million RMB, indicating a commitment to innovation [3]. - The company is optimistic about the XR business's potential and is accelerating the development of its own brand channels [3]. Summary by Sections Performance Review - For the second half of 2024, the company achieved a revenue of 1.084 billion RMB, a 16.8% increase year-on-year, and a net profit of 220 million RMB, up 30.3% [1]. Operational Analysis - Revenue from functional lenses, standard lenses, customized lenses, and other income reached 755 million RMB, 907 million RMB, 395 million RMB, and 3 million RMB respectively, with year-on-year growth rates of 32.4%, 8.8%, 11.8%, and 60.3% [2]. - Revenue by region showed growth in mainland China (13.92%), the Americas (16.93%), Asia (37.88%), and Europe (6.38%) [2]. Product Structure and Profitability - The company’s gross margin for 2024 was 38.6%, with a slight increase in the second half to 38.1% [3]. - R&D expenses increased to 4.3% of revenue, reflecting a strategic focus on innovation and product development [3]. Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 518 million RMB, 618 million RMB, and 720 million RMB, respectively, with growth rates of 20.9%, 19.4%, and 16.5% [4]. - The current price-to-earnings (P/E) ratios are projected at 25, 21, and 18 for the years 2025, 2026, and 2027 [4].

港股公司报告 | 首次覆盖报告 晶苑国际（02232） 证券研究报告 客户优势显现，乐观预期 2025 公司是全球领先的成衣制造企业 公司自 1970 年成立以来，专注于为全球知名品牌提供一站式成衣生产解 决方案。经过 50 多年的发展，公司已经成为全球领先的服装制造商，并于 2017 年成功在香港联交所上市（02232.HK）。公司的核心品类包括休闲服、 运动及户外服、牛仔服、贴身内衣和毛衣，其中大部分产品类别是其所在 类别的行业领导者。公司不断拓展其业务版图，凭借多品类及全球化生产 布局，已在越南、中国、孟加拉、柬埔寨和斯里兰卡等五个国家设有约 20 座现代化工厂，员工总数接近 80,000 人，年产量超过 4.7 亿件，成为诸如 UNIQLO 等国际知名品牌的重要合作伙伴。 多年来盈利能力稳步提升，长期有望加速成长。从 2019 年到 2024 年，公 司的收入和归母净利润在波动中前进，复合年增长率（CAGR）分别为 0.24% 和 5.64%。公司通过提升生产效率和加强成本控制，成功实现了利润的快 速增长。2024 年公司下游品牌客户销售势头复苏使订单需求有所增加，公 司实现总收入 24.7 亿美元， ...

Investment Rating - The investment rating for China Resources Gas (01193.HK) is "Buy" (maintained) [1] Core Views - The company's performance is under pressure, with a reported revenue of HKD 102.68 billion for 2024, a year-on-year increase of 0.90%. However, the net profit attributable to shareholders decreased by 21.74% to HKD 4.09 billion [7] - The company declared a dividend of HKD 0.95 per share for the year, corresponding to a payout ratio of 53% of core profits and a dividend yield of 4.1% [7] - The report indicates that the company's core profit growth is not meeting expectations, primarily due to lower-than-expected retail gas volume growth and revenue from integrated energy and services [7] Summary by Sections Financial Performance - For 2024, total revenue is projected at HKD 102,676 million, with a slight increase of 0.90% year-on-year. The net profit attributable to shareholders is expected to be HKD 4,088 million, reflecting a decrease of 21.74% [1][7] - The earnings per share (EPS) for 2024 is estimated at HKD 1.77, with a price-to-earnings (P/E) ratio of 13.13 [1][8] Business Segments - **City Gas**: Revenue increased by 3.4% to HKD 88.80 billion, with a segment profit margin of 65.1%. Retail gas volume grew by 2.9% to 39.91 billion cubic meters [7] - **Connection Services**: Revenue decreased by 15.0% to HKD 9.25 billion, with a significant drop in new connections for residential users [7] - **Integrated Services**: Revenue grew by 4.0% to HKD 4.21 billion, with a projected growth rate of 20%-30% for 2025 [7] - **Integrated Energy**: Revenue increased by 13.8% to HKD 1.87 billion, with energy sales volume rising by 27.2% [7] Cash Flow and Dividends - The company reported a free cash flow of HKD 2.58 billion for 2024, an increase of 14.2% year-on-year. Capital expenditures are projected at HKD 4.42 billion [7] - The dividend for 2024 is set at HKD 0.95 per share, with expectations to increase the dividend amount or payout ratio in 2025 [7] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to HKD 4.46 billion for 2025 and HKD 4.90 billion for 2026, with a growth rate of approximately 9.2% to 9.9% for the following years [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved revenue of $4.3 billion in 2024, a year-on-year increase of 1.6%, with net profit reaching $0.62 billion, up 68% year-on-year, aligning with expectations [8][9] - The company is focusing on becoming a leader in steer-by-wire technology, securing significant orders from major electric vehicle manufacturers in North America and China [15] - The report highlights a robust increase in operating profit margins, with EBITDA margins improving for three consecutive years [12] Revenue and Profit Forecast - Projected total revenue for 2025 is $4.4 billion, with a year-on-year growth of 2.96%, and for 2026, it is expected to reach $4.5 billion, growing by 3% [1][18] - The forecast for net profit in 2025 is $1.1 billion, with a significant increase of 79% year-on-year, and for 2026, it is projected at $1.4 billion, a 25% increase [1][18] Regional Performance - In 2024, North America generated $2.19 billion in revenue, a decrease of 2.9% year-on-year, while the Asia-Pacific region saw a 10.1% increase, reaching $1.34 billion [9][12] - The report indicates that the Asia-Pacific region contributed the most to revenue growth, outperforming the automotive production growth rate in that area by 970 basis points [9] Order Book and Market Position - The company secured a total of $6 billion in new orders in 2024, maintaining a stable order book compared to 2023, with 28% of these orders coming from Chinese automakers [15] - The report emphasizes the potential for accelerated adoption of steer-by-wire technology in the context of global electrification and automation trends [15]

[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 ...