Investment Rating - The investment rating for the company is "Buy" with a target price of 8.15 HKD [8][9]. Core Views - The company achieved a revenue of 1.346 billion RMB in 2024, representing a 23% year-over-year increase, and a net profit of 274 million RMB, which is a 50% year-over-year increase, aligning with previous profit forecasts [1]. - The growth in profit is attributed to the execution of joint replacement contracts, with a 25.8% year-over-year increase in joint business revenue, and continuous optimization of sales, management, and R&D expense ratios [1]. - For 2025, the company is expected to enter a new cycle of simultaneous volume and price increases, with a projected net profit growth rate of 23% [1]. Summary by Sections Joint Business Segment - The joint segment generated revenue of 1.134 billion RMB in 2024, up 25.8% year-over-year, primarily due to successful contract renewals and price increases for certain products [2]. - The impact of contract renewals is expected to be more pronounced in 2025, with price increases exceeding 15% for full ceramic and knee joints, and a recovery in surgical volumes anticipated [2]. Spine and Trauma Segment - The spine and trauma segment achieved revenue of 127 million RMB in 2024, a 3% year-over-year increase, with expectations for steady growth in 2025 driven by the gradual increase in volume during the contract renewal period [3]. Customization Platform - The customization platform generated revenue of 51 million RMB in 2024, a 3.5% year-over-year increase, with expectations for stable growth in 2025 due to advancements in smart devices and ongoing overseas market expansion [4]. Profit Forecast and Valuation - The company is projected to have EPS of 0.30 RMB in 2025, with a target price set at 8.15 HKD based on a 25x PE ratio for 2025 [5]. - The expected revenues for 2025 are 1.639 billion RMB, with a net profit of 338 million RMB, reflecting a 23.3% increase from 2024 [7].

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.88 HKD [8][9]. Core Views - The company is expected to achieve a revenue of 615 million RMB in 2024, representing a year-on-year growth of 39.5%, with a significant reduction in net loss to 228 million RMB [1]. - The TAVR segment is projected to see a revenue increase of 40% year-on-year in 2024, driven by an increase in market share and product iterations [2]. - The neurointervention segment is also expected to grow by 39% year-on-year in 2024, benefiting from new product launches and import substitution opportunities [3]. - Long-term growth is anticipated from the TAVR pipeline, with new products expected to launch from late 2025 [4]. - The company is projected to achieve revenues of 818 million RMB, 1.066 billion RMB, and 1.540 billion RMB in 2025, 2026, and 2027 respectively, with a net loss of 83 million RMB in 2025 turning to a profit of 10 million RMB in 2026 [5][20]. Summary by Sections TAVR Segment - The TAVR segment is expected to generate 260 million RMB in revenue in 2024, with a 40% year-on-year growth, and a market share increase to 25% [2]. - The company plans to expand its market presence by increasing hospital partnerships and launching new products [2]. Neurointervention Segment - The neurointervention segment is projected to achieve 356 million RMB in revenue in 2024, with a 39% year-on-year growth, driven by new product launches and import substitution [3]. - The segment is expected to benefit from regional procurement policies and the introduction of new products [3]. TMV/TTV Pipeline - The TMV/TTV pipeline is progressing well, with potential sales exceeding 2 billion RMB by 2033, supported by ongoing clinical trials and product registrations [4]. Profit Forecast and Valuation - The company is expected to achieve revenues of 818 million RMB in 2025, with a net loss of 83 million RMB, improving to a profit of 10 million RMB in 2026 [5][20]. - A DCF valuation method estimates the target price at 6.88 HKD, reflecting the long-term growth potential of the company's pipeline [5][13].

证券研究报告 国内业务方面，截止 4Q24 末，公司在运营面积达到 613,583 平方米（同比 增长 12%），机柜利用率达 73.8%，环比小幅提升 0.2pct，单价约为 2011 元/平米/月，相对保持平稳。自 2025 年以来，国内数据中心需求端明显回 暖，公司国内业务新签订单量达到 152MW，未来公司仍有较为丰富的核心 地带资源储备，有望为后续业务发展提供增长动能。海外业务方面，截止 4Q24 末，DayOne 累计签单规模达到 467MW，在运营规模达到 121MW， 2024 年共形成收入/经调整 EBITDA 1.73/0.45 亿美元，保持着良好的发展 态势，据公司业绩会，DayOne 计划在未来 18 个月内完成上市工作。 预计 2025 年业绩稳步增长，资本开支保持在合理水平 公司预计其 2025 年总收入为 112.9-115.9 亿元（同比增长 9.4%-12.3%）， 调整后 EBITDA 为 51.9-53.9 亿元（同比增长 6.4%-10.5%），这一业绩指引 部分受到私募 REITS 项目出表的影响，还原该项目出表影响后，公司预计 实现 54 亿元的经调整 EBITDA ...

2025 年 04 月 01 日 门店稳步拓展，爆品策略显现成效 买入(首次) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 基本数据 | 当前股价（港元） | 2.01 | | --- | --- | | 总市值（亿港元） | 55.2 | | 总股本（百万股） | 2,747.4 | | 流通股本（百万股） | 1,809.4 | | 52 周价格区间（港元） | 1.65-6.4 | | 日均成 交额 （百 万港 | 13.1 | | 元） | | 市场表现 资料来源：Wind，华鑫证券研究 -40% -20% 0% 20% 40% 60% 80% 锅圈 恒生指数 相关研究 2024 年毛利率同减 0.3pct 至 21.90%，主要系低毛利毛肚自 由火锅套餐放量拉低毛利率，随着公司自供率水平提升、供 应链效率释放，盈利能力有望持续提升；2024 年销售费用率 同增 1pct 至 10.27%，主要系 ...

2025 年 04 月 01 日 门店稳步拓展，爆品策略显现成效 买入(首次) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 基本数据 | 当前股价（港元） | 2.01 | | --- | --- | | 总市值（亿港元） | 55.2 | | 总股本（百万股） | 2,747.4 | | 流通股本（百万股） | 1,809.4 | | 52 周价格区间（港元） | 1.65-6.4 | | 日均成 交额 （百 万港 | 13.1 | | 元） | | 市场表现 资料来源：Wind，华鑫证券研究 -40% -20% 0% 20% 40% 60% 80% 锅圈 恒生指数 相关研究 —锅圈（2517.HK）公司事件点评报告 2025 年 3 月 28 日，锅圈发布 2024 年业绩报告，2024 年实现 营收 64.70 亿元（同增 6%），归母净利润 2.31 亿元（同减 4%）。其中 2024H2 公司营 ...

Investment Rating - The report maintains a "Buy" recommendation for Yuexiu Property (0123.HK) [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure [1][7] - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, but the net profit attributable to shareholders decreased by 67.3% to 1.04 billion yuan [4][6] - The company aims for a sales target of 120.5 billion yuan in 2025, representing a year-on-year growth of 5.2% [7] Financial Performance - Revenue and profit projections for the upcoming years are as follows: - 2024: Revenue of 86.4 billion yuan, net profit of 1.04 billion yuan - 2025: Revenue of 94.2 billion yuan, net profit of 1.09 billion yuan - 2026: Revenue of 102.2 billion yuan, net profit of 1.14 billion yuan - 2027: Revenue of 110.4 billion yuan, net profit of 1.18 billion yuan [6][9] - The gross margin is projected to decline to 10.5% in 2024, down from 15.3% in 2023 [6][10] Land Acquisition and Financial Strategy - In 2024, the company completed equity investments of 29.46 billion yuan, with 100% of new land reserves located in first-tier and key second-tier cities [7] - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7] Market Position and Outlook - As a local state-owned enterprise in the Greater Bay Area, the company is positioned to expand its market share during the industry downturn, leveraging its financing advantages and diversified land acquisition strategies [7] - The report suggests that despite the ongoing industry adjustments, the company has the potential for growth due to its financial strengths and land reserve optimization [7][8]

上 市 公 司 房地产 2025 年 03 月 31 日 保利物业 (06049) | 市场数据： | 2025 年 03 月 31 日 | | --- | --- | | 收盘价（港币） | 31.30 | | 恒生中国企业指数 | 8516.55 | | 52 周最高/最低（港币） | 40.65/24.25 | | H 股市值（亿港币） | 173.19 | | 流通 H 股（百万股） | 153.33 | | 汇率（人民币/港币） | 1.0836 | 一年内股价与基准指数对比走势： 94% -6% 44% 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 保利物业 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com ——业绩稳定增长，管理费用改善 报告原因：有业绩公布需要点评 买入（维持） 联系人 曹曼 (8621)23297818× cao ...

2025 年 3 月 31 日 | 总股本(亿股) | 90.67 | | --- | --- | | 总市值(亿港元)： | 532.25 | | 一年最低/最高(港元)： | 3.26/7.38 | | 近 3 月换手率(%)： | 21.16 | 公司研究 政府补助减少拖累 24H2 利润，开始实施全龄营养战略 ——中国飞鹤（6186.HK）2024 年年度业绩点评 买入（维持） 当前价：5.87 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 | | --- | 股价相对走势 -20% 0% 20% 40% 60% 80% 100% 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/0 ...

绿城管理控股 （09979.HK） 2025 年 03 月 31 日 投资评级：买入（维持） | 日期 | 2025/3/31 | | --- | --- | | 当前股价(港元) | 2.880 | | 一年最高最低(港元) | 7.980/2.570 | | 总市值(亿港元) | 57.89 | | 流通市值(亿港元) | 57.89 | | 总股本(亿股) | 20.10 | | 流通港股(亿股) | 20.10 | | 近 3 个月换手率(%) | 24.56 | 股价走势图 数据来源：聚源 -80% -40% 0% 40% 80% 2024-04 2024-08 2024-12 绿城管理控股 恒生指数 相关研究报告 《行业竞争加剧，新拓订单增速放缓 —港股公司信息更新报告》-2024.8.27 房地产/房地产服务 收入增长利润下降，新拓市占率提升 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 68.8 HKD, up from the current price of 56.60 HKD [3][57]. Core Insights - The company is experiencing a slowdown in fundamental growth but is focusing on the development and commercialization of its AI product, Kling AI, which shows promising user growth and monetization potential [1][14]. - The financial performance for Q4 2024 met expectations, with total revenue of 35.4 billion RMB, a year-on-year increase of 8.7%, and adjusted net profit of 4.7 billion RMB, aligning with forecasts [1][34]. Summary by Sections 1. Platform Ecosystem - Kling AI is at the forefront of the industry, with significant updates enhancing its text-to-video capabilities and user engagement [10][14]. - The user base for Kling AI is expected to grow rapidly, with the app achieving notable rankings in both domestic and international markets [14][15]. - The AI model has shown strong commercial potential, with revenue exceeding 100 million RMB since monetization began [18]. 2. Financial Performance - Total revenue for Q4 2024 was 35.4 billion RMB, slightly below expectations, while adjusted net profit was in line with forecasts [30][34]. - The gross margin for Q4 2024 was 54.0%, reflecting a year-on-year increase of 0.9 percentage points [34]. - Sales and marketing expenses increased by 11.0% year-on-year, indicating ongoing investment in user acquisition and retention [36]. 3. Business Segments - Online marketing revenue reached 20.6 billion RMB, a year-on-year increase of 13%, driven by improved advertising pricing and AI optimization [43]. - E-commerce GMV was 462.1 billion RMB, growing 14.4% year-on-year, supported by a rise in active buyers [47]. - Live streaming revenue was 9.85 billion RMB, showing a slight decline of 2.0% year-on-year, but the rate of decline is improving [54]. 4. Valuation and Investment Recommendations - The adjusted net profit forecasts for 2025 and 2026 have been revised downwards to 19.95 billion RMB and 24.04 billion RMB, respectively, due to increased tax expenses and competitive pressures in e-commerce [57]. - The company is expected to benefit from the growth of Kling AI, with a potential increase in stock price as user numbers and monetization progress [57].