Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 278.8 billion yuan in 2024, representing a year-on-year growth of 11.0%. The development business contributed 237.15 billion yuan, growing by 11.8%, while recurring income reached 41.65 billion yuan, up by 6.6% [1]. - The company has become a leader in domestic commercial operations, with its "Wanda" shopping centers contributing significantly to stable cash flow and valuation differentiation. In 2024, rental income from shopping centers, offices, and hotels was 19.4 billion, 1.88 billion, and 2.07 billion yuan respectively, with shopping centers opening 16 new locations [1]. - The comprehensive gross profit margin for 2024 was 21.6%, with the development gross margin declining by 3.9 percentage points to 16.8% due to industry downturns, while the property business gross margin increased by 0.4 percentage points to 70.0% [2]. - The company ranked third in sales with a contracted amount of 261.1 billion yuan, a decrease of 15.0% year-on-year, and a market share of 2.70% [2]. - The company has maintained a healthy leverage level with a debt-to-asset ratio of 55.6% and a net interest-bearing debt ratio of 31.9% [3]. Financial Summary - The company’s net profit attributable to shareholders was 25.58 billion yuan, down 18.5% year-on-year, while core net profit was 25.42 billion yuan, down 8.5% [2]. - The company’s financing cost was 3.11%, which is among the lowest in the industry, benefiting from its state-owned enterprise background [3]. - The asset management scale reached 462.1 billion yuan, with a year-on-year increase of 34.6 billion yuan, supported by the establishment of dual REITs platforms [3]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 274.66 billion, 279.27 billion, and 264.68 billion yuan respectively, with net profit attributable to shareholders projected at 26.00 billion, 26.46 billion, and 26.57 billion yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 3.772 billion CNY for 2024, representing a year-on-year growth of 10.8%, while the net profit attributable to shareholders was a loss of 4.278 billion CNY, narrowing from a loss of 6.440 billion CNY in the previous year [4][6] - The growth in generative AI revenue was 103.1% year-on-year, slightly exceeding the previous expectation of 100%, while traditional AI revenue declined by 39.5% [6] - The company is transitioning successfully to generative AI, with this segment accounting for 63.7% of total revenue [6] - The company is expected to release version 6.0 of its generative AI model in Q2 2025, focusing on enhancing multimodal understanding and interaction capabilities [6] Financial Data and Profit Forecast - The company forecasts revenues of 5.138 billion CNY for 2025, with a year-on-year growth rate of 36% [5] - The adjusted net loss for 2025 is projected to be 3.540 billion CNY, with a gradual reduction in losses expected in subsequent years [5][7] - The company maintains a high R&D investment, with R&D expenses accounting for 109.5% of sales in 2024 [6]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company is expected to benefit from the release of high-quality residential demand, with a projected revenue of 1429.9 billion yuan in 2024, representing a year-on-year growth of 6.4%. However, the net profit is forecasted to decline by 4.6% to 48 billion yuan [3][6]. - The company has a healthy land reserve structure and is actively expanding its land acquisition, ranking first among the top 50 real estate companies in terms of land acquisition sales amount and area in 2024 [6][7]. - The company has maintained a stable dividend payout, with a dividend of 1.2 HKD per share, resulting in a dividend rate of 52% based on net profit after deducting perpetual bond interest [6][7]. Financial Summary - Revenue and Profit Forecast: - 2024 Revenue: 1429.9 billion yuan, up 6.4% YoY - 2024 Net Profit: 48 billion yuan, down 4.6% YoY - Projected revenue growth rates for 2025-2027 are 5.8%, 5.2%, and 4.7% respectively [5][11]. - Profitability Metrics: - Gross Margin: 13.3% in 2024, up 2.2 percentage points YoY - Net Margin: 4.5% in 2024 - Return on Equity (ROE): 12.8% in 2024, declining gradually to 10.1% by 2027 [5][11]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio is projected to be 6.3 for 2024, decreasing to 5.9 by 2027 - Price-to-Book (P/B) ratio is expected to decline from 0.8 in 2024 to 0.6 in 2027 [5][11]. Operational Insights - The company has a total land reserve value of 2210 billion yuan, with approximately 80% of the projects acquired since 2022 [6][7]. - The company is focusing on enhancing its core product offerings, particularly in competitive markets like Hangzhou, where it has established several benchmark projects [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [2][6]. Core Insights - The company reported a revenue of 3.88 billion RMB for 2024, reflecting a year-on-year growth of 35%, and a net profit of 0.88 billion RMB, which is a 33% increase [6]. - The adjusted net profit for 2024 was 0.92 billion RMB, showing a significant year-on-year growth of 39% [6]. - The company is positioned strongly in the high-end domestic beauty market, with a focus on expanding its product lines, particularly in the fragrance segment [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 2.886 billion RMB - 2024: 3.885 billion RMB - 2025E: 5.173 billion RMB - 2026E: 6.852 billion RMB - 2027E: 8.533 billion RMB - The corresponding net profit forecasts are: - 2023: 0.662 billion RMB - 2024: 0.881 billion RMB - 2025E: 1.184 billion RMB - 2026E: 1.542 billion RMB - 2027E: 1.953 billion RMB - The company expects a compound annual growth rate (CAGR) of 34% for net profit from 2025 to 2027 [5][6][7]. Revenue Breakdown - The revenue breakdown by product category for 2024 shows: - Makeup revenue: 2.304 billion RMB (42% increase), accounting for 59.3% of total revenue - Skincare revenue: 1.429 billion RMB (23.2% increase), accounting for 36.8% - Training revenue: 0.152 billion RMB (45.8% increase), accounting for 3.9% [6]. - Online sales accounted for 47.8% of total revenue, with a year-on-year growth of 51.2% [6]. Brand Strength and Market Position - The company has expanded its offline presence to 409 counters, with a net increase of 25 in 2024, covering over 120 cities [6]. - The online sales performance on platforms like Douyin and Tmall has been strong, with significant growth in gross merchandise volume (GMV) [6]. - The overall repurchase rate increased to 30.9%, reflecting a 4.1 percentage point increase year-on-year [6]. Strategic Initiatives - The company is actively developing its fragrance product line, with several new products launched at premium price points [6]. - The report highlights the company's unique positioning in the high-end market, leveraging its professional makeup artist brand image to enhance pricing power and market share [6].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 278.8 billion yuan in 2024, representing a year-on-year growth of 11.0%. The development business contributed 237.15 billion yuan, growing by 11.8% year-on-year, while recurring income reached 41.65 billion yuan, up 6.6% year-on-year, accounting for 14.9% of total revenue [1]. - The company has become a leader in domestic commercial operations, with its "Wanda" shopping centers contributing stable cash flow and valuation differentiation. In 2024, rental income from shopping centers, offices, and hotels was 19.4 billion, 1.88 billion, and 2.07 billion yuan respectively, with shopping centers opening 16 new locations and achieving a retail sales growth of 19.2% year-on-year [1][2]. - The company’s comprehensive gross margin was 21.6%, with a development gross margin of 16.8%, down 3.9 percentage points year-on-year, while the property management gross margin increased by 0.4 percentage points to 70.0% [2]. - The company ranked third in sales with a contracted sales amount of 261.1 billion yuan, a decrease of 15.0% year-on-year, and a market share of 2.70% [2]. - The company has maintained a healthy leverage level with a debt-to-asset ratio of 55.6% and a net interest-bearing debt ratio of 31.9% as of the end of 2024 [3]. Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of 25.58 billion yuan, down 18.5% year-on-year, and a core net profit of 25.42 billion yuan, down 8.5% year-on-year. The contribution of recurring income to core net profit increased to 40.7%, surpassing 10.34 billion yuan for the first time [2]. - The company’s asset management scale reached 462.1 billion yuan by the end of 2024, with a year-on-year increase of 34.6 billion yuan, supported by the establishment of dual REITs platforms [3]. Future Projections - The report adjusts profit forecasts for the company, estimating revenues of 274.66 billion, 279.27 billion, and 264.68 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 26.00 billion, 26.46 billion, and 26.57 billion yuan for the same years [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company's revenue decreased due to a decline in construction income, while the total dividend payout saw a slight increase. Capital expenditures continue to contract, leading to improved free cash flow [3][8]. Financial Summary - In 2024, the company achieved revenue of 24,270 million RMB, a year-on-year decline of 1%. The net profit attributable to shareholders was 1,678 million RMB, down 12% year-on-year. The decline in revenue was primarily due to a 42% drop in BOT water project construction income, which amounted to 2,616 million RMB [8]. - The total dividend payout for the year was 1,435 million RMB, slightly up from 1,420 million RMB in 2023 [8]. - The overall gross margin remained stable at 37%, while management expenses decreased by 7% to 3,071 million RMB [8]. Operational Performance - The company operated sewage treatment capacity of 19.65 million tons and recycled water plants of 2.09 million tons in 2024, with sewage treatment volume increasing by 5%. The average contract price for water treatment rose to 1.54 RMB/ton from 1.49 RMB/ton in 2023, with a gross margin increase of 2 percentage points to 57% [8]. - The operational water supply capacity was 10.24 million tons, with a 2% increase in supply volume. The actual average contract price for water supply remained stable at 2.15 RMB/ton, while the gross margin decreased by 5 percentage points to 40% due to increased amortization from more water pipe construction and renovation [8]. - Revenue from technical services and equipment sales reached 2,549 million RMB, a 4% year-on-year increase, with a gross margin of 42%, down 1 percentage point [8]. - Urban resource service revenue grew by 19% year-on-year to 6,028 million RMB, with a gross margin of 19%, down 1 percentage point [8]. Capital Expenditure - The company's total capital expenditure for 2024 was 4,105 million RMB, a significant decrease from 6,990 million RMB in 2023. Of this, 1,694 million RMB was allocated for the acquisition of property, plant, and equipment, while 2,350 million RMB was used for the construction and acquisition of water plants [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a significant adjusted net profit increase of 58% in 2024, driven by proactive supply chain optimization and regional adjustments to mitigate tariff risks, indicating a strong growth outlook [3] - The report maintains a target price of 10 RMB, suggesting that the stock is undervalued with a PE ratio of 6 times [8] Financial Summary - Revenue is projected to reach 2,073 million RMB in 2024, representing a 31% increase from the previous year [7] - The adjusted net profit for 2024 is expected to be 383 million RMB, reflecting a 57.9% growth [8] - The company’s gross profit margin improved to 40.3%, up by 4.6 percentage points, with brand business gross margin at 43.5% [8] - Operating cash flow is expected to be 350 million RMB, an increase of 43.6% [8] Business Growth - The brand business revenue is anticipated to grow by 34.8% to 1,860 million RMB, while ODM revenue is expected to increase by 4.7% to 213 million RMB [8] - The U.S. market is projected to grow by 69% to 1,251 million RMB, accounting for 67.2% of total revenue, driven by online sales and channel expansion [8] - The global cookware market is expected to grow at a CAGR of approximately 3.2%, providing a favorable environment for the company to leverage its strengths [8]

Investment Rating - The report maintains a "Buy" rating for Kuaishou, with a target price of HKD 66.16 based on a 12x PE for FY2025 [7]. Core Insights - Kuaishou's performance remains resilient, driven by AI-enabled content and business ecosystem, with continuous user growth and robust online marketing services [3][6]. - The company achieved a revenue of CNY 353.8 billion in Q4 FY2024, representing a year-on-year growth of 8.7%, with a gross margin of 54.0% [7][12]. - Daily Active Users (DAU) and Monthly Active Users (MAU) reached 401 million and 736 million respectively, with DAU and MAU growth of 4.8% and 5.0% year-on-year [7][16]. Financial Summary - Revenue for FY2024 is projected at CNY 126.9 billion, with a year-on-year growth of 12%. Adjusted net profit is expected to be CNY 17.7 billion, reflecting a 72% increase [6][7]. - The adjusted net profit margin for Q4 FY2024 was 13.3%, with a quarter-on-quarter increase of 0.6 percentage points [7][12]. - E-commerce GMV reached CNY 462.1 billion in Q4, showing a year-on-year growth of 14.4%, with short video e-commerce GMV growth exceeding 50% [7][23]. Business Performance - Online marketing services revenue grew by 13.3% year-on-year to CNY 206.2 billion, driven by a significant increase in eCPM [7][22]. - The e-commerce monthly active buyer count increased by 10% year-on-year to 14.3 million, with a 25% year-on-year increase in the number of active merchants [7][23]. - The live streaming business revenue decreased by 2.0% year-on-year to CNY 98.5 billion, but the decline rate has narrowed compared to previous quarters [7][22].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of 5% to 15% over the next 6 to 12 months [5][11]. Core Insights - The company achieved a revenue of 1.304 billion yuan in 2024, reflecting a year-on-year growth of 2.9%. However, the gross profit decreased by 1.4% to 981 million yuan, and the net profit attributable to shareholders fell by 15.5% to 222 million yuan [2]. - The core business revenue showed stable growth, with the structural heart disease segment generating 528 million yuan, up 6.4% year-on-year. The left atrial appendage occluder maintained its position as the top domestic brand globally, with a revenue increase of 12.4% [3]. - The international business expanded significantly, with overseas revenue reaching 347 million yuan, a 26% increase year-on-year, accounting for 26.6% of total revenue. The Asian and European markets grew by 33.6% and 18.6%, respectively [3]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 1.304 billion yuan, a slight increase of 2.9% from the previous year. The gross profit was 981 million yuan, down 1.4%, and the net profit attributable to shareholders was 222 million yuan, down 15.5% [2]. Operational Analysis - The structural heart disease business generated 528 million yuan, up 6.4% year-on-year, with the left atrial appendage occluder seeing a 12.4% increase in revenue. The peripheral vascular business also grew by 6.2%, with a notable 8.3% increase in revenue from covered stent products [3]. - The overall gross margin for the year was 75.3%, a decrease of 3.3 percentage points, primarily due to price reductions from procurement policies and an increase in lower-margin product sales [3]. Innovation and R&D - The company invested 303 million yuan in R&D in 2024, with ongoing product development supporting long-term growth. Notably, the aortic covered stent system received regulatory approval in February 2025, providing new treatment options for patients [4]. Profit Forecast and Valuation - The company is expected to see net profits of 337 million yuan, 421 million yuan, and 527 million yuan for 2025, 2026, and 2027, respectively, representing growth rates of 51%, 25%, and 25%. The current price-to-earnings ratio is projected to be 22, 18, and 14 times for the same years [5].

买入(首次) 事件 2025 年 03 月 29 日 业绩短期承压，期待原奶价格回升 | 当前股价 | （港元） | 1.13 | | --- | --- | --- | | 总市值 | （亿港元） | 89.4 | | 总股本 | （百万股） | 7,915.7 | | 流通股本 | （百万股） | 7,915.7 | | 52周价格区间 | （港元） | 0.6-1.31 | | 日均成交额 | （百万港元） | 8.6 | 市场表现 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 基本数据 资料来源：Wind，华鑫证券研究 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 现代牧业 恒生指数 相关研究 —现代牧业（1117.HK）公司事件点评报告 2025 年 3 月 25 日，现代牧业发布 2024 年年报。 投资要点 ▌ 利润短期承压，现金流表现较好 收入符合预期，非现金项目拖累利润。2024 年公司实现营收 132.54 亿元，同减 1.5%； ...