李宁关注门店的运营效能，有序关闭低效的门店，使渠道布局更合理，提 升渠道整体效率。 港股公司报告 | 公司点评 李宁（02331） 证券研究报告 2025 稳健开局 公司发布 25 年第一季度运营状况 整体零售流水（不含李宁 YOUNG）同比低单位数增长，线下渠道中零售（直 营）低单位数下降，批发（特许）低单位数增长；电商增长 10%-20%低段。 中国区李宁销售点（不含李宁 YOUNG）净减少 29 个至 6088 个（零售净减 6 个，批发净减 23 个）；李宁 YOUNG 销售点净减 15 个至 1453 个。 纵向深耕核心品类，横向拓展新品类 "单品牌、多品类、多渠道"的战略下，李宁正在通过核心品类的纵向深耕， 和横向灵活的新兴品类拓展，完成更多市场空间的挖掘。 品类维度，营收来源主要来自跑步、篮球、综训、羽毛球、乒乓球、运动 生活等，24 年跑步零售流水增长 25%，继续领涨。跑步、篮球、综训三大 核心品类的零售流水占比达到 64%。 产品维度，24 年李宁专业产品收入占比接近 60%，2024 年李宁鞋产品收入 同比增长 7%，鞋收入占比达到 50%。其中跑鞋核心 IP 全年量突破 1060 万 ...

研究报告 Research Report 6 May 2025 点评 创新业务拉动医药商业板块持续稳健增长 2025 年一季度，上海医药实现营收 707.6 亿元，同比+0.9%。归母 净利润13.3亿元，同比-13.6%，主要受工业利润贡献下滑影响，部 分受一次性损失（3 月子公司上海信谊联合罚款损失约 1.66 亿元） 和资产处置损失约1000万元（去年同期为资产处置收益1.1亿元） 影响；扣非归母净利润 12.6 亿元，同比-8.1%。分板块看： 医药商业板块（分销+零售）：2025 年一季度实现收入 648.8 亿 元，同比+2.6%。我们认为在医药流通大环境整体复苏较慢的背景 下，上海医药的医药商业展现出较强的业绩韧性，主要由医药商 业创新业务拉动。药品合约销售 CSO 业务收入超 18 亿元，同比 +9.9%；创新药分销业务收入 125 亿元，同比+23.2%，其中进口总 代业务收入 86 亿元，同比+9.0%；器械大健康业务收入 109 亿元， 同比+6.9%。商业板块贡献利润 8.3 亿元，同比基本持平。 医药工业板块：2025 年一季度实现收入 58.9 亿元，同比-15.3% （主要受去年 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The overall revenue scale continues to grow, with outpatient revenue increasing at a faster pace. The company's strength in comprehensive cancer treatment is continuously enhancing. In 2024, total revenue is projected to be 4.446 billion yuan, representing a year-on-year growth of 9.0%. The main hospital business revenue is expected to reach 4.322 billion yuan, up 11.1% year-on-year [3][4]. - The company is actively expanding its treatment projects, particularly in oncology, improving treatment methods, and enhancing management efficiency. By the end of 2024, the company completed 96,993 surgeries, a year-on-year increase of 15.8%, with surgical revenue growing by 21.2% [3]. - The report adjusts the net profit forecasts for 2025 and 2026 downwards due to unexpected impacts from uncollected medical insurance income and the company's self-built planning. The expected net profit for 2027 is projected at 891 million yuan, corresponding to a price-to-earnings (P/E) ratio of 12/11/9 times [4]. Financial Summary - In 2024, the company is expected to achieve total revenue of 4.446 billion yuan, with a year-on-year growth of 9.04%. The net profit attributable to the parent company is projected to be 598.26 million yuan, a decrease of 12.40% year-on-year [9]. - The company has been expanding its physician scale and increasing patient visits, with approximately 4.5 million visits in 2024, a year-on-year increase of 23.8% [9]. - The company's financial metrics indicate a projected EPS of 0.97 yuan for 2024, with a P/E ratio of 13.84 [10].

Investment Rating - The report maintains a "Recommended" investment rating for JD Logistics (02618.HK) [1][6] Core Views - JD Logistics achieved an adjusted net profit of 7.92 billion RMB in 2024, representing a year-on-year increase of 187%, driven by integrated supply chain growth and cost reduction efforts [1][6] - The company is expected to continue its growth trajectory with a projected revenue of 182.84 billion RMB in 2024, reflecting a 9.7% year-on-year increase [2][6] - The report highlights the significant contribution of integrated supply chain clients, with revenue from these clients reaching 87.4 billion RMB, a 7.2% increase from the previous year [6][7] Financial Summary - **Revenue Forecast**: - 2024A: 182.84 billion RMB - 2025E: 200.62 billion RMB - 2026E: 216.90 billion RMB - 2027E: 232.18 billion RMB - Year-on-year growth rates: 9.7% for 2024 and 2025, 8.1% for 2026, and 7.0% for 2027 [2][8] - **Net Profit Forecast**: - 2024A: 6.20 billion RMB - 2025E: 7.08 billion RMB - 2026E: 8.20 billion RMB - 2027E: 9.46 billion RMB - Year-on-year growth rates: 905.8% for 2024, 14.2% for 2025, 15.9% for 2026, and 15.4% for 2027 [2][8] - **Earnings Per Share (EPS)**: - 2024A: 0.94 RMB - 2025E: 1.06 RMB - 2026E: 1.23 RMB - 2027E: 1.42 RMB [2][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 12.1 for 2024, decreasing to 7.9 by 2027 - Price-to-Book (P/B) ratio: 1.4 for 2024, decreasing to 0.9 by 2027 [2][8] Strategic Insights - JD Logistics is focusing on enhancing its global supply chain capabilities and improving service quality to drive profitability [6][7] - The company plans to integrate its supply chain systems with major e-commerce platforms, which is expected to boost logistics volume across channels [6][7] - The implementation of smart technologies has led to a significant reduction in operational costs, with gross profit margin increasing to 10.2% in 2024 [6][7]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Insights - Consumer demand for finely crafted and emotionally connected gold products remains strong despite a challenging macroeconomic environment [1][3] - The company has successfully implemented product optimization measures, leading to a strong growth momentum in pricing products and effective marketing activities during the Lunar New Year [1] - The average selling price of gold products in mainland China increased to HKD 6,400 in FY25Q4 from HKD 5,600 in FY24Q4, indicating resilience in pricing [2] - The company opened two new fashion stores in mainland China, enhancing its retail experience and achieving higher productivity than the average same-store sales [2] - The retail value contribution from jewelry embedded with diamonds and other gemstones showed a significant improvement, with a retail value increase of 2.4% in FY25Q4 [3] Summary by Sections Retail Performance - The retail value in FY25Q4 decreased by 11.6%, with mainland China contributing a 10.4% decline [1] - Same-store sales in mainland China fell by 13.2%, with a 25.2% drop in same-store volume [1] - The same-store sales decline in Hong Kong and Macau was 22.5%, influenced by changing consumer preferences [1] Product Categories - The retail value of jewelry embedded with diamonds and other gemstones increased, with the average selling price for jewelry embedded in mainland China soaring to HKD 10,900 from HKD 8,000 [2] - The share of priced products in the retail value rose from 9.4% to 25.6% in FY25Q4, exceeding management expectations [3] Network Optimization - The company closed 395 retail points in mainland China to optimize its retail network while maintaining market leadership [4] - The contribution of franchise stores to retail value in mainland China was 69.9% in FY25Q4 [3] Financial Projections - The company expects revenue for FY25-27 to be HKD 913 billion, HKD 979 billion, and HKD 1,060 billion respectively, with net profit projections of HKD 56.3 billion, HKD 69.1 billion, and HKD 76.8 billion [10]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 24.5 HKD per share, indicating a potential upside of 21.6% from the current price of 20.15 HKD [5][6]. Core Insights - The dairy industry is experiencing a reduction in cow inventory, leading to a stabilization of milk prices expected within the year. The report anticipates that the supply-demand dynamics will improve, resulting in a more balanced market by 2026 [2][8]. - The management has guided for a low single-digit revenue growth in 2025, focusing on improving profitability through cost reduction and efficiency measures. The company aims for a stable operating profit margin (OPM) and a gradual improvement in operating profit margin by 30-50 basis points annually over the next three years [3][10]. - The first quarter of 2025 showed slow demand recovery, but a gradual improvement in revenue is expected in the second quarter due to favorable market conditions and lower comparative bases from the previous year [4][11]. Financial Summary - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.33, 1.46, and 1.60 HKD, respectively. The target price corresponds to a price-to-earnings (PE) ratio of 17 times for 2025 [6][14]. - Revenue is expected to decline by 10.09% in 2024 but recover slightly in 2025 with a growth of 1.39%. The gross margin is projected to stabilize around 39.7% in 2025 [7][10]. - The net profit margin is anticipated to improve significantly from 0.1% in 2024 to 5.8% in 2025, reflecting a recovery in profitability [7][10].

证券研究报告·海外公司点评·药品及生物科技(HS) 信达生物（01801.HK） 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 证券分析师 张翀翯 二代 IO 潜力可期，慢病管线开始商业兑现 2025 年 05 月 06 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,206 | 9,422 | 11,491 | 15,178 | 20,089 | | 同比(%) | 36.19 | 51.82 | 21.96 | 32.09 | 32.36 | | 归母净利润（百万元） | (1,027.91) | (94.63) | 574.47 | 2,187.99 | 3,026.89 | | 同比(%) | 52.83 | 90.79 | 707.06 | 280.87 | 38.34 | | EPS-最新摊薄（元/股） | (0.62) | (0.06) | ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5] Core Insights - Consumer demand for finely crafted and emotionally connected gold products remains strong despite external macroeconomic factors and high gold prices impacting consumer sentiment [1][3] - The company has successfully implemented product optimization measures, leading to a strong growth momentum in priced products and effective marketing activities during the Lunar New Year, which helped narrow the decline in same-store sales [1][2] - The average selling price of gold products in mainland China increased to HKD 6,400 in FY25Q4 from HKD 5,600 in FY24Q4, indicating resilience in pricing [2] - The company opened two new fashion stores in mainland China, bringing the total to five for the fiscal year, which achieved higher productivity than the average same-store performance shortly after opening [2][9] - The retail value contribution from jewelry embedded with diamonds and other gemstones showed a significant recovery, with a 2.4% year-on-year increase in FY25Q4 [3] Summary by Sections Retail Performance - For FY25Q4, the company's retail value decreased by 11.6%, with mainland China contributing a 10.4% decline, accounting for 89.6% of total sales [1] - Same-store sales in mainland China fell by 13.2%, with a 25.2% drop in same-store volume [1] - The decline in same-store sales in Hong Kong and Macau was 22.5%, influenced by changing consumer preferences and travel patterns [1] Product Categories - The retail value of jewelry embedded with diamonds and other gemstones increased, with the average selling price for jewelry embedded in mainland China soaring to HKD 10,900 from HKD 8,000 in the previous year [2] - The share of priced products in the gold jewelry category rose significantly from 9.4% to 25.6% year-on-year, supporting the group's gross margin resilience [3] Network Optimization - The company focused on improving profitability and maintaining resilience, optimizing its retail network by closing 395 stores in mainland China [4] - Despite the net store closures, the strategic opening of higher-efficiency new stores helped mitigate the impact on market leadership [9]

2025 年 5 月 6 日 公司研究 经营稳健，新能源业务快速增长 ——中国能源建设（3996.HK）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：0.98 港元 作者 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 市场数据 | 总股本(亿股) | 416.91 | | --- | --- | | 总市值(港元)： | 859.45 | | 一年最低/最高(港元)： | 0.90/1.10 | | 近 3 月换手率： | 34.40% | 股价相对走势 -10% -2% 6% 14% 22% 10/22 01/23 04/23 07/23 中国能建 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.66 | -0.25 | -1.73 | | 绝对 | 1.38 | -0.90 | 1.35 | | 资料来源：Wind | | | | 要点 事件：公司发布 24 年年报及 25 年一季报, 24 年公司实现营业收入/归母净利 ...

证券研究报告·海外公司点评·药品及生物科技(HS) 信达生物（01801.HK） 二代 IO 潜力可期，慢病管线开始商业兑现 2025 年 05 月 06 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,206 | 9,422 | 11,491 | 15,178 | 20,089 | | 同比(%) | 36.19 | 51.82 | 21.96 | 32.09 | 32.36 | | 归母净利润（百万元） | (1,027.91) | (94.63) | 574.47 | 2,187.99 | 3,026.89 | | 同比(%) | 52.83 | 90.79 | 707.06 | 280.87 | 38.34 | | EPS-最新摊薄（元/股） | (0.62) | (0.06) | 0.35 | 1.33 | 1.84 | | P/E（现价&最新摊薄） | (88.03) | (956.18) | ...