Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 2.2 billion HKD in Q4 2024, representing a year-on-year growth of 30%, with the adjusted operating profit turning positive for the first time at 24.37 million HKD, corresponding to a profit margin of 1.1% [7] - For the full year of 2024, the company reported a revenue of 7.8 billion HKD, a year-on-year increase of 10.5%, with an adjusted net loss of 830 million HKD, narrowing the loss margin by 8 percentage points [7] - The public cloud service revenue in Q4 2024 reached 1.4 billion HKD, growing 34% year-on-year, driven by a significant increase in AI cloud business revenue, which surged approximately 500% to 470 million HKD [7] - The industry cloud service revenue hit a historical high of 800 million HKD in Q4 2024, reflecting a 23% year-on-year growth, with continuous improvement in operational performance [7] - The company's gross margin improved to 19% in Q4 2024, with a full-year gross margin of 17%, an increase of 5 percentage points year-on-year [7] - The company benefits from strategic partnerships with Xiaomi and Kingsoft, with revenue from these collaborations growing 76% year-on-year in Q4 2024 [7] - Revenue forecasts for 2025 and 2026 have been raised to 9.867 billion HKD and 11.412 billion HKD, respectively, with a new forecast for 2027 set at 12.871 billion HKD [7] Financial Data and Earnings Forecast - Projected revenues (in million HKD) for the years 2023 to 2027 are as follows: 7,047 (2023), 7,785 (2024), 9,867 (2025E), 11,412 (2026E), and 12,871 (2027E) [6] - Adjusted net profit forecasts (in million HKD) for the same period are: -1,291 (2023), -825 (2024), -428 (2025E), -178 (2026E), and 173 (2027E) [6] - The projected earnings per share (in HKD) are: -0.36 (2023), -0.23 (2024), -0.11 (2025E), -0.05 (2026E), and 0.05 (2027E) [6]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 4.446 billion yuan, representing a year-on-year increase of 9.1%, while net profit decreased by 12.6% to 598 million yuan [1] - The hospital business showed steady growth, with revenue reaching 4.323 billion yuan in 2024, up 11.1% year-on-year, driven by outpatient and inpatient services [2] - The company is focusing on enhancing its oncology specialty capabilities and innovating its business development model, including collaborations with commercial insurance companies and the integration of AI technology [3] Summary by Sections Financial Performance - Revenue for 2024 is projected at 4.825 billion yuan, with a growth rate of 8.5% [4] - Net profit for 2024 is forecasted at 688 million yuan, reflecting a 15% increase from the previous year [4] - Earnings per share (EPS) for 2024 is estimated at 1.11 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 for 2024, 2025, and 2026 respectively [3][4] Business Development - The company operates 16 hospitals, including 4 tertiary hospitals and 12 secondary hospitals, with ongoing construction of 2 additional tertiary hospitals [2] - The company is actively expanding its service offerings beyond basic medical services, including partnerships for infertility treatment and enhancements in aesthetic and dental services [3] Market Position - The company has a total market capitalization of 85.93 billion HKD, with a current share price of 13.82 HKD [5] - The stock has experienced a significant decline over the past year, with a relative performance of -98.3% [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company reported a revenue of 2.8 billion RMB for 2024, a decrease of 8% year-on-year, while net profit reached 240 million RMB, an increase of 27% year-on-year [1]. - The training services segment generated 2.3 billion RMB (84% of total revenue), down 7% year-on-year, with online learning products contributing 100 million RMB, large class training courses 500 million RMB, and small class training courses 1.7 billion RMB [1]. - The company is increasing its investment in AI, launching products such as AI written exams and AI teacher one-on-one interview reviews, aiming to enhance user experience and maintain industry leadership [4]. Summary by Sections Financial Performance - The company’s gross margin for 2024 was 52.5%, up 0.5 percentage points year-on-year, with training services gross margin at 56% and book sales gross margin at 34% [1]. - Management fee rate was 15%, down 0.8 percentage points year-on-year, while sales fee rate was 23%, up 0.4 percentage points [2]. - The net profit margin for 2024 was 8.6%, an increase of 2.4 percentage points year-on-year [2]. Market Position - Despite facing intense market competition, the company maintains a stable user base, with 7,177 employees at the end of 2024, a decrease of 2% year-on-year, and an average monthly active user count of 9.1 million, roughly unchanged from 2023 [3]. - The company is committed to avoiding low-quality, homogenized products and focuses on improving educational services while maintaining a stable core team [3]. AI Development - The company plans to increase its AI R&D investment by 30% annually, collaborating with top institutions to build an educational model capable of "diagnosis-prediction-evolution" [4]. - The increase in AI R&D personnel has led to an additional expense of 13 million RMB in 2024, reflecting the company's commitment to enhancing its AI capabilities [4].

港股公司报告 | 公司点评 李宁（02331） 证券研究报告 深练内功巩固成效 其中 2024H2 营收 143 亿元，同比+5.5%，归母净利 11 亿，同比-0.4%。全 年派息（含中期）58.48 分人民币/股，派息比率为 50%。 电商表现优秀，新品放量 1）分品牌，24 年末门店合计 7585 家，较年初减少 83 家，其中李宁主品 牌减少 123 家至 6117 家，李宁 Young 增加 40 家至 1468 家。门店减少主 要受消费影响，儿童门店数量稳步提升。 李宁 YOUNG 一方面加强布局儿童专业产品矩阵，特别是在篮球运动、中 国文化传承款、特色裤装以及器配品类等明星单品上表现理想；另一方面 精心策划一系列线下青少年活动及跨界合作，聚焦篮球、足球、跑步、户 外等多个热门运动领域，展现品牌的多元化魅力。 2）分渠道，24 年批发营收 130 亿元，同比+3%；直营营收 69 亿，同比略 降 0.3%；电商营收 83 亿元，同比+10%。 截至 24Q4 流水：线下同增中单位数，其中直营低单位数下降，批发同增 中单位，电商同增 10%-20%中段。 整体消费承压，公司对零售渠道进行调整，直营门 ...

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 03 月 31 日 [Table_Title] 业绩符合预期，期待原奶周期反转 [Table_Title2] 现代牧业(1117.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1117 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 0.91/0.63 | | 目标价格(港元)： | | 总市值(亿港元) | 90.24 | | 最新收盘价(港元)： | 1.14 | 自由流通市值(亿港元) | 90.24 | | | | 自由流通股数(百万) | 7,915.66 | [Table_Summary] 事件概述 公司 24FY 实现营业收入 132.5 亿元，同比-1.5%，实现股东应占亏损 14.7 亿元，去年同期为实现盈利 1.9 亿元。据此推算，公司 24H2 实现营业收入 68.4 亿元，同比基本持平，实现股东应占亏损 12.6 亿元，去年同 期为亏损 0.3 亿元。公司业绩表现符合之前盈利预警预期。 分析判断: ► ...

Investment Rating - The report maintains a "Buy" rating for New Oriental Education Technology (9901 HK) with a target price adjusted to HKD 46.00, indicating a potential upside of 24.7% from the current price of HKD 36.90 [1][10][12]. Core Insights - The report highlights that the study company is experiencing pressure in its study abroad business while maintaining stable performance in K12 education. The revenue for non-selective business is expected to grow by 22% year-on-year, with an adjusted operating profit margin declining by approximately 2.5 percentage points due to slower growth in study abroad-related services and investments in cultural tourism [2][4][8]. - The company plans to allocate more resources to youth study abroad services, and with cost reduction and efficiency improvement measures taking effect, there is still potential for long-term profit margin improvement [2][3][4]. Financial Forecast Adjustments - Revenue projections for FY25E have been slightly adjusted to USD 4,902 million, a decrease of 0.9% from previous estimates. For FY26E and FY27E, revenue is projected at USD 5,670 million and USD 6,420 million, reflecting decreases of 2.2% and 3.9% respectively [3][13]. - The adjusted operating profit for FY25E is forecasted at USD 503 million, with an operating profit margin of 10.3%. For FY26E and FY27E, the adjusted operating profit is expected to be USD 656 million and USD 771 million, with margins of 11.6% and 12.0% respectively [3][13][14]. - The adjusted net profit for FY25E is projected at USD 474 million, with a net profit margin of 9.7%. For FY26E and FY27E, net profits are expected to be USD 519 million and USD 620 million, with margins of 9.2% and 9.7% respectively [3][13][14]. Market Performance - The stock has a 52-week high of HKD 70.90 and a low of HKD 35.40, with a market capitalization of HKD 60,342.20 million. The stock has seen a year-to-date decline of 24.62% [6][12].

Investment Rating - The report maintains a "Buy" rating for China National Pharmaceutical Group (1177) [3][8]. Core Insights - The company has demonstrated impressive performance, with innovative product revenue continuing to rise and significant cost reduction and efficiency improvements [3][8]. - The company achieved a revenue of 28.87 billion RMB in 2024, reflecting a year-on-year increase of 10.2%, and a net profit of 3.5 billion RMB, which is a 50.1% increase year-on-year [8]. - The revenue from innovative products reached 12.06 billion RMB in 2024, a 21.9% increase year-on-year, accounting for 41.8% of total revenue [8]. - The company is expected to see multiple new drug approvals in 2025, which will further drive revenue growth [8]. Financial Summary - Revenue for 2022 was 28.78 billion RMB, decreased to 26.19 billion RMB in 2023, and is projected to increase to 28.87 billion RMB in 2024, with further growth expected in subsequent years [7]. - The gross profit for 2024 is estimated at 23.53 billion RMB, with a gross margin of 81.5%, showing a slight increase from the previous year [8]. - The adjusted net profit for 2024 is projected at 34.6 billion RMB, reflecting a 33.5% increase year-on-year [8].

Investment Rating - The report maintains a neutral rating for the company with a target price of HKD 5.80, indicating a potential upside of 14.6% from the current price of HKD 5.06 [1][2][9]. Core Insights - The company's performance in Q4 2024 was negatively impacted by the procurement of Domperidone, but there is a noticeable improvement in the neurology segment. The raw material drug business continues to face slight pressure. It is anticipated that the impact of Domperidone procurement will stabilize entering 2025, with new product launches expected to drive revenue growth [2][6]. - The current forward P/E ratio is 11 times, with an estimated profit CAGR of 11% from 2024 to 2027, suggesting that the valuation is reasonable with limited upside potential [2][6]. - The company is expected to launch seven new products or indications in 2025, including significant approvals in the U.S. for certain drugs, which will help offset losses from procurement [6][7]. Financial Forecasts - Revenue projections for 2025 are set at RMB 29.6 billion, a slight decrease of 1.0% from previous estimates. The gross profit is forecasted at RMB 20.87 billion, reflecting a 3.8% decline [5][11]. - The net profit for 2025 is estimated at RMB 4.75 billion, down 4.4% from prior forecasts, with a net profit margin of 16.1% [5][11]. - The company anticipates a recovery in revenue for 2025, driven by stabilized inventory levels and the rapid market penetration of new products [6][11]. Stock Performance - The stock has shown a year-to-date change of +5.86%, with a 52-week high of HKD 7.12 and a low of HKD 4.34 [5][11]. - The average daily trading volume is reported at 214.03 million shares, indicating active trading interest [5][11]. Valuation Metrics - The DCF valuation model estimates the equity value at approximately RMB 60.89 billion, translating to a per-share value of HKD 5.80 [7][11]. - The company is currently trading at a P/E ratio of 11 times for 2025, with a PEG ratio of 1.0, suggesting that the stock is fairly valued [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 18.00, indicating a potential upside of 30.2% from the current price of HKD 13.82 [2][3]. Core Insights - The company's performance in 2024 is expected to be under pressure due to changes in the medical insurance payment environment, but long-term growth visibility remains significant. It is anticipated that by 2025, the company will recover with a profit growth rate exceeding 20% as the impact of cost control normalizes and new hospital integrations are completed [3][7]. - The report highlights that despite a projected revenue growth of 9% for 2024, the second half of the year may see an 11% decline in revenue due to pressures from DRG/DIP nationwide promotion and slow reimbursement in certain regions. However, the company has shown resilience in outpatient services, with a 21% increase in annual revenue [7][8]. Financial Forecast Changes - Revenue and net profit forecasts for 2025 and 2026 have been adjusted downwards by 16-21% and 21-27% respectively. The new revenue forecast for 2025 is set at RMB 4,987 million, down from RMB 5,922 million, while the net profit forecast is reduced to RMB 743 million from RMB 936 million [6][7]. - The report provides detailed financial projections, including a projected revenue of RMB 5,527 million for 2026 and RMB 6,291 million for 2027, with corresponding net profits of RMB 853 million and RMB 1,033 million [13]. Business Growth Drivers - New hospital openings and expansions are expected to provide growth momentum. The company has completed the acceptance and opening of a tertiary hospital in Dezhou, with additional hospitals in Wuxi and Changshu expected to open by the end of this year and next year respectively [7][8]. - The company is exploring new business avenues in response to the changing medical insurance payment environment, including internet hospitals and self-funded services related to innovative drugs, which are anticipated to have long-term growth potential [7][8].

港股公司报告 | 公司点评 碧桂园服务（06098） 证券研究报告 现金流改善显著，数智化转型积极 事件：公司 2024 年 439.9 亿元，同比+3.2%；实现归母核心净利润 30.38 亿元，同 比-22.9%；实现基本每股收益 0.54 元/股，同比+523.2%。 核心业务稳健增长，积极分红回购 公司 24 年实现营收 439.9 亿元，同比+3.2%，实现归母净利润 18.08 亿元，同比 +518.7%，实现归母核心净利润 30.38 亿元，同比-22.9%。分业务看，物业管理/社 区增值/三供一业业务收入保持增长，分别同比+4.9%/+11.8%/+30.9%，非业主增值/ 城市服务/商业运营收入分别同比-54.6%/-14.7%/-38.1%。公司拟派末期股息每股 13.52 分及特别股息每股 16.09 分，分红比例 54.7%，并计划在未来一年内，使用不 少于人民币 5 亿元的现有可用现金储备，在公开市场购回及/或购买股份，重视股 东回报。 24H2 现金流改善明显，减值压力边际改善 公司 24 年毛利率 19.1%，较 23 年下降 1.39pct；净利率 4.26%，较 23 年提升 ...