图 23: 图 25: 图 27: 阳光财险：非车险保费结构 图 31: 图 33: 图 35: 图表目录 | --- | --- | --- | |--------|-----------------------------|-------| | | | | | 表 1： | 阳光保险发展历程. | | | 表 2: | 分业务预测（百万元） . | | | | 表 3: 阳光保险估值表 | | | | 表 4: 阳光保险相对估值表 . | | 订证券|CGS 公司深度报告 · 保险行业 | --- | --- | --- | --- | --- | |--------------------|----------|----------|----------|----------| | 利润表(百万元) | 2023A | 2024E | 2025E | 2026E | | 保险服务收入 | 59.900 | 66.023 | 72.312 | 79.874 | | 利息收入 | 9.894 | 9.611 | 9.709 | 10.501 | | 投资收益 | 5.348 | 11.636 | 3.349 ...

Long-term focus on cloud services, AI-driven product upgrades. Founded in 2012, leveraging Kingsoft's 30+ years of enterprise service experience, the company has built a comprehensive cloud infrastructure and operations system. It offers over 150 solutions across various fields to 500+ premium clients. Business is divided into public and industry cloud services. Public cloud includes computing, storage, and distribution, with modular products like IaaS, PaaS, and SaaS. Industry cloud focuses on local deploy ...

Investment Rating - Target price: HKD 15.75, representing a 64.5% upside from the current price of HKD 9.57 [1] - Maintains a "Buy" rating [7][22] Core Views - The company is undervalued with a static PE of 7.5x and a dividend yield of 6.1% [7] - Revenue for 2024-2026 is projected to be RMB 4.413 billion, RMB 4.722 billion, and RMB 5.147 billion, respectively, with net profits of RMB 1.012 billion, RMB 1.096 billion, and RMB 1.184 billion [7] - The company's gross margin slightly increased from 75.2% to 75.3% in 2024, reflecting effective cost control [6] - Sales and distribution costs decreased by 20.3% YoY, further improving net profit margins [6] Business Performance - Revenue for the first three quarters of 2024 decreased by 16.9% YoY to RMB 2.887 billion, primarily due to the normalization of post-pandemic demand and the impact of centralized procurement on traditional Chinese medicine products [6] - Revenue breakdown by product: injection products decreased by 26.7% to RMB 1.028 billion, soft capsule products decreased by 19.3% to RMB 391 million, granule products decreased by 2.2% to RMB 457 million, and traditional Chinese medicine formula granules decreased by 12.0% to RMB 824 million [6] - The company is expanding its market presence beyond Hebei and Yunnan provinces, with 90.4% of formula granule sales still concentrated in these two regions [13] Product Pipeline and Innovation - The company is actively developing exclusive innovative traditional Chinese medicine products, with oral drugs now accounting for 64% of its portfolio [7] - Key products in the pipeline include Saitong Capsule and JC Capsule, both of which have completed Phase III clinical trials [9][21] - Saitong Capsule, targeting vascular dementia, is expected to apply for production approval in the first half of 2025, with a potential market size of over 10 million patients in China by 2025 [26] - The company's R&D expenses account for 2.1% of total sales revenue, focusing on chronic disease treatments such as cardiovascular, pediatric, orthopedic, gynecological, and geriatric diseases [9] Market Expansion and Strategy - The company plans to strengthen its market expansion in provinces participating in the inter-provincial alliance, including Beijing, Tianjin, Anhui, and Shandong, while also targeting grassroots markets [29] - The production capacity of traditional Chinese medicine formula granules currently stands at RMB 5 billion annually, with plans for further expansion based on market demand [29] Financial Analysis - The company's gross margin has remained stable at around 75% over the past few years, with a slight increase to 75.3% in 2024 [6][15] - Net profit margins improved to 22.93% in 2024, up from 21.47% in 2023 [15] - The company's ROE is projected to increase from 15.38% in 2024 to 15.83% in 2026, reflecting improved profitability and efficiency [15]

（06969.HK） ⚫ 近日售出购股权，高市值目标彰显管理层信心：公司 12 月 27 日公告， 拟向董事长陈志平先生授出 6100 万购股权，行权价 11.26 港元，目标 为 25 年初-30 年底公司市值触达 3000/4000/5000 亿港元，购股权分 别归属 30%/60%/100%。同时拟向核心员工授予购股权或股票奖励。 ⚫ 盈利预测与投资建议。公司业务底部回暖，未来成长空间大，授予购股 权，高市值目标彰显管理层信心，港股基本没有可对标上市公司，参考 公司历史估值，高景气阶段 30x 以上（20-21 年），因而给予公司 25 年 35XPE 估值，对应合理价值 12.03 港元/股，给予"增持"评级。 ⚫ 风险提示。执法力度不及预期、新品推广失败风险、竞争加剧风险。 总股本/流通股本（百万股） 6179.67/6179.67 总市值/流通市值（百万港元） 69583/69583 一年内最高/最低（港元） 15.18/4.73 30 日日均成交量/成交额（百万） 11.66/128.81 近 3 个月/6 个月涨跌幅（%） -12.71/27.51 SAC 执证号：S0260520110002 ...

本报告中所述证券不一定能在所有的国家和地区向所有类型的投资者销售，投资者应当对本报告中的信息和意见进行独立评估，并 应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方面咨询专业顾问的意见。在任何情况下， 信达证券不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任，投资者需自行承担风险。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 5 | --- | --- | --- | |-------------------------------|--------------------------------------|--------------------------------| | 投资建议的比较标准 | 股票投资评级 | 行业投资评级 | | 本报告采用的基准指数 ：沪深 | 买入：股价相对强于基准 15 ％以上； | 看好：行业指数超越基准； | | 300 指数（以下简称基准）； | 增持：股价相对强于基准 5％～15％； | 中性：行业指数与基准基本持平； | | 时间段：报告发布之日起 6 个 | 持有：股价相对基准波动在 ...

请务必阅读正文之后的信息披露和免责申明 2 EPS 分别为 0.59 元/股、0.62 元/股/0.67 元/股； 天风证券研究 一般声明 港股公司报告 | 公司点评 PE 分别为 8x、7x、7x。 请务必阅读正文之后的信息披露和免责申明 1 风险提示：地产复苏不及预期，工程渠道回款风险，行业竞争加剧风险等 分析师声明 除非另有规定，本报告中的所有材料版权均属天风证券股份有限公司（已获中国证监会许可的证券投资咨询业务资格）及其附 属机构（以下统称"天风证券"）。未经天风证券事先书面授权，不得以任何方式修改、发送或者复制本报告及其所包含的材料、 内容。所有本报告中使用的商标、服务标识及标记均为天风证券的商标、服务标识及标记。 本报告是机密的，仅供我们的客户使用，天风证券不因收件人收到本报告而视其为天风证券的客户。本报告中的信息均来源于 我们认为可靠的已公开资料，但天风证券对这些信息的准确性及完整性不作任何保证。本报告中的信息、意见等均仅供客户参 考，不构成所述证券买卖的出价或征价邀请或要约。该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以 及特定需求，在任何时候均不构成对任何人的个人推荐。客户 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 117.52 [4][6] Core Views - The company's FY2Q2025 revenue reached RMB 236.5 billion (+5.2% YoY), slightly below Bloomberg consensus of RMB 239.4 billion, while adjusted net profit was RMB 36.5 billion (-9.1% YoY), slightly above Bloomberg consensus of RMB 35.6 billion [1] - The company continues to optimize its business environment, reduce merchant costs, and enhance user experience, leading to stable profitability and significant shareholder returns through buybacks [1] - Taotian Group's revenue grew by 1.4% YoY to RMB 99 billion, with adjusted EBITA of RMB 44.6 billion (-5.3% YoY), driven by increased user investment and improved monetization potential [1] - Cloud Intelligence Group's revenue increased by 7% YoY to RMB 29.6 billion, with adjusted EBITA up 89% YoY to RMB 2.7 billion, driven by strong growth in AI-related revenue [1] - International Digital Commerce revenue grew 29% YoY to RMB 31.7 billion, with strong performance in cross-border businesses [1] - Cainiao's revenue increased by 8% YoY to RMB 24.6 billion, supported by cross-border logistics services [1] - Local Services revenue grew 14% YoY to RMB 17.7 billion, with narrowed losses due to improved operational efficiency [1] - Digital Media and Entertainment revenue declined 1% YoY to RMB 5.7 billion, with reduced losses driven by advertising growth and content investment efficiency [1] - The company repurchased USD 4.1 billion worth of shares in FY2Q25, reducing total shares outstanding by 2.1% [1] Business Segment Analysis Taotian Group - Revenue: RMB 99 billion (+1.4% YoY), adjusted EBITA: RMB 44.6 billion (-5.3% YoY) [1] - GMV growth was offset by a decline in AOV, while CMR revenue grew 2.5% YoY to RMB 70.4 billion [1] - User growth: MAU reached a record 944 million, with 88VIP users exceeding 46 million (+50% YoY) [1] - Organizational restructuring: Integration of domestic and international e-commerce under a unified business group [1] - Outlook: GMV is expected to grow steadily, with monetization potential from full-site promotion and service fees [1] Cloud Intelligence Group - Revenue: RMB 29.6 billion (+7% YoY), adjusted EBITA: RMB 2.7 billion (+89% YoY) [1] - Public cloud revenue grew double-digit YoY, with AI-related revenue growing triple-digit for five consecutive quarters [1] - The company launched the Tongyi Qianwen 2.5 AI model, reducing API call rates to improve cost-effectiveness [1] International Digital Commerce - Revenue: RMB 31.7 billion (+29% YoY), adjusted EBITA: -RMB 2.9 billion [1] - Strong growth in cross-border retail, with AliExpress and Trendyol driving performance [1] - International wholesale revenue grew 9% YoY to RMB 6.1 billion [1] Cainiao - Revenue: RMB 24.6 billion (+8% YoY), adjusted EBITA: RMB 60 million [1] - Focus on building a highly digitized global logistics network and enhancing cross-border e-commerce synergies [1] Local Services - Revenue: RMB 17.7 billion (+14% YoY), adjusted EBITA: -RMB 400 million [1] - Improved operational efficiency and order growth in Ele.me and Amap [1] Digital Media and Entertainment - Revenue: RMB 5.7 billion (-1% YoY), adjusted EBITA: -RMB 200 million [1] - Reduced losses driven by advertising growth and content investment efficiency [1] Valuation and Forecast - The report forecasts FY2025-2027 revenue at RMB 10,036/10,916/11,831 billion and adjusted net profit at RMB 1,512/1,715/1,919 billion [4][6] - The company's valuation is estimated at RMB 2,073.8 billion, with a target price of HKD 117.52 per share [4][6] - Taotian Group is valued at RMB 1,352.1 billion using a 9x PE multiple for FY26 [8] - Cloud Intelligence Group is valued at RMB 195.5 billion using a 24x PE multiple for FY26 [66] - International Digital Commerce is valued at RMB 315.1 billion using a 2.0x PS multiple for FY26 [69] - Cainiao is valued at RMB 15.4 billion using a 12x PE multiple for FY26 [43] - Local Services is valued at RMB 150.3 billion using a 2.0x PS multiple for FY26 [12] - Digital Media and Entertainment is valued at RMB 45.5 billion using a PS multiple and market capitalization approach [46]

行业竞争格局松动，国潮兴起带来国内运动品牌销售热潮，国有品牌迎来发展契机。据 《百度 2023 国潮骄傲搜索大数据》，中国品牌关注度从 2016 年的 45%提升至 2023 年的 75%，其中服饰品类国内品牌关注度增加了 56%。此外，京东《2023 年度消费趋势盘点报告》 显示中国品牌商品销量占比超过 70%。同时，2020-2022 年，Nike 和 Adidas 的市场份额连 续两年 下跌，分别下跌 3.4ppt 和 5.6ppt；而国产品牌市场占有率持续提升，2020-2022 年 安踏和李宁市场份额分别提升 4.4ppt 和 3.6ppt。 公司业务是向客户供应各种食品，主要包括干货类别的罐装食品及包装饮料、冰鲜类别 的各种乳制品以及冷冻类别的雪糕及冷冻蛋糕及饼批，该等客户主要包括位于新加坡的船具 商。公司出售的主要产品包括芝士、果汁、牛奶、雪糕及面包等。此外，公司将食品分销予 零售及食品服务客户（包括超级市场及大卖场）以及食品服务行业的若干分部（如酒店、度 假村及餐厅）。于二零一四年，作为一种业务增长方式，公司亦进军增值食品加工（进口不 同类型的食品并根据客户的配方及指示重新包装）以配合客户需求 ...

港股研究丨公司点评 公司基础数据 [Table_Report] •《思摩尔国际 2024Q3 点评：预计封闭式产品趋 势向好，APV 延续较优增长》2024-10-09 •《思摩尔国际 2024H1 点评：自主品牌高增，换 弹产品趋势向好，研发驱动长期成长》2024-08-21 •《思摩尔国际 2023A 点评：自主品牌延续亮眼增 长，多元发展和降本增效并进》2024-03-20 港股研究 | 公司点评 1、竞争对手技术实现重大突破：目前思摩尔在研发能力和技术储备上业内领先，若竞 争对手在技术上实现重大突破，或将对行业竞争格局造成影响。 投资评级说明 我们无法给出明确的投资评级。 港股研究 | 公司点评 法律主体声明 其他声明 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收 入可升可跌，过往表现不应作为日后的表现依据；在不同时期，本公司可以发出其他与本报告所载信息不一致及有不同结论的报告； 本报告所反映研究人员的不同观点、见解及分析方法，并不代表本公司或其他附属机构的立场；本公司不保证本报告所含信息保持 在最新状态。同时，本公司对本报告所含信息可 ...

证券研究报告 hyzqdatemark 2024 年 12 月 29 日 SAC：S1350524030002 liuchuang@huayuanstock.com | --- | --- | |------------------------------------|-------------| | | | | 收盘价（港元） | 17.80 | | 一年内最高/最低（港 | 22.80/11.18 | | 元） | | | 总市值（百万港元） | 105,654.57 | | 流通市值（百万港元） | 105,654.57 | | 资产负债率（%） 资料来源：聚源数据 | 11.90 | 投资评级： 买入（维持） ——首付款 1.12 亿美元授予默沙东临床前口服 GLP-1 联系人 口服小分子 GLP-1 赛道已经完成多项重磅 License-out 交易。2024 年 5 月，恒瑞 医药通过 NewCo 创新出海方式，将 3 款 GLP-1 产品组合授予美国 Hercules 公司， 交易总价高达 60 亿美元，同时获得 Hercules 公司 19.9%的股权。2023 年 11 月， 诚益生物小分子 ...