Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price raised to HKD 20.50, indicating a potential upside of 31.4% from the current price of HKD 15.60 [1][6][8]. Core Insights - Weichai Power's engine profits have shown strong growth, with a record high dividend payout ratio of 55%. The company is expected to achieve a revenue growth of 0.8% in 2024, reaching RMB 215.7 billion, driven by improved gross margins and a net profit increase of 26.5% to RMB 11.4 billion [2][6]. - The report highlights several catalysts for growth, including new subsidies to boost heavy truck demand, strong growth in data center engines, and robust demand for natural gas heavy trucks [6][10]. Financial Overview - Revenue projections for Weichai Power are as follows: - 2023: RMB 213.96 billion - 2024: RMB 215.69 billion (0.8% YoY growth) - 2025E: RMB 237.92 billion (10.3% YoY growth) - 2026E: RMB 254.83 billion (7.1% YoY growth) - 2027E: RMB 269.35 billion (5.7% YoY growth) [3][10]. - Net profit forecasts are: - 2023: RMB 9.01 billion - 2024: RMB 11.40 billion (26.5% YoY growth) - 2025E: RMB 14.64 billion (28.4% YoY growth) - 2026E: RMB 16.19 billion (10.6% YoY growth) - 2027E: RMB 17.77 billion (9.8% YoY growth) [3][10]. - The report notes a significant improvement in gross margin, which is expected to reach 22.4% in 2024, up from 21.1% in 2023 [11]. Market Position and Performance - Weichai Power's market share in the domestic heavy truck engine market is 38.7%, with a strong performance in high-end markets such as data centers, where sales of M-series engines grew by 148% [6][10]. - The company has maintained a stable market share despite a 5% decline in overall commercial vehicle demand in the domestic market [6][10]. Valuation Metrics - The report provides the following valuation metrics: - Price-to-Earnings (P/E) ratio for 2025E is projected at 11.5x, with a corresponding dividend yield of 6.6% [6][10]. - The book value per share is expected to be RMB 8.73 in 2025E, with a price-to-book (P/B) ratio of 2.4x [3][10].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" [6] Core Views - The bank reported a revenue of 348.8 billion yuan for 2024, representing a year-on-year growth of 1.83%. The pre-provision profit reached 123 billion yuan, up 5% year-on-year, while the net profit attributable to shareholders was 86.5 billion yuan, a slight increase of 0.24% [1][14] - The bank has proactively adjusted its savings agency fee rates for the first time since its listing, aiming to optimize its liability structure and reduce interest costs. The comprehensive agency fee rate for 2024 decreased from 1.08% to 1.04%, resulting in a reduction of agency fees by 3.5 billion yuan [2][3] - Non-interest income has supported revenue growth, with net interest income increasing by 1.53% year-on-year. The net interest margin for 2024 was 1.87%, down 14 basis points from the previous year. Other non-interest income grew by 15.15%, driven by a 30.89% increase in investment income [3][4] Summary by Sections Financial Performance - For 2024, the bank's operating income and net profit attributable to shareholders grew by 1.83% and 0.24%, respectively. The growth in revenue was primarily supported by an increase in non-interest income [3][14] - The bank's net interest income rose by 1.53%, while the net interest margin decreased to 1.87%, reflecting a decline in both asset yields and funding costs [3][4] - The bank's total assets and loan amounts reached 17.1 trillion yuan and 8.9 trillion yuan, respectively, with year-on-year growth of 8.64% and 9.38% [13] Asset Quality - The non-performing loan (NPL) ratio stood at 0.90% at the end of Q4 2024, with a provision coverage ratio of 286.15%. The NPL ratio for personal loans was 1.28%, showing a slight increase [11][12] - The bank's credit cost for 2024 was 0.34%, a decrease of 1 basis point year-on-year. The NPL generation rate was 0.84%, down 1 basis point from the previous year [12] Dividend Policy - The bank declared a cash dividend of 2.616 yuan per 10 shares for 2024, resulting in a dividend payout ratio of 30% [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 3.885 billion yuan in 2024, representing a year-over-year growth of 34.6%, with a net profit of 881 million yuan, also showing a growth of 33.0% [4] - The company has demonstrated strong online growth, improved member repurchase rates, and maintained high net profit margins [5] - The company is expected to continue its growth trajectory with projected net profits of 1.201 billion yuan, 1.532 billion yuan, and 1.928 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 43x, 34x, and 27x [6] Financial Performance - In 2024, the company's revenue from cosmetics, skincare, and training was 2.3 billion yuan, 1.4 billion yuan, and 150 million yuan respectively, with year-over-year growth rates of 42%, 23%, and 46% [5] - The gross margin for the company in 2024 was 84.4%, a slight decrease of 0.5 percentage points year-over-year, primarily due to increased logistics costs [6] - The company plans to expand its store presence and has a total of 409 counters by the end of 2024, with a net increase of 25 counters [5] Revenue Projections - The projected revenue for the company is 5.212 billion yuan in 2025, 6.687 billion yuan in 2026, and 8.455 billion yuan in 2027, with growth rates of 34.17%, 28.30%, and 26.43% respectively [8] - The expected EBITDA for the company is 1.533 billion yuan in 2025, 1.956 billion yuan in 2026, and 2.451 billion yuan in 2027 [8] Profitability Metrics - The company's net profit margin is projected to be 22.7% in 2024, with a slight increase in adjusted net profit margin to 23.8% [6] - The earnings per share (EPS) is expected to be 2.45 yuan in 2025, 3.13 yuan in 2026, and 3.93 yuan in 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 2.3 billion yuan in 2024, representing a year-on-year increase of 17% [1] - Total order amount reached a historical high of 3.5 billion yuan, up 49% year-on-year [1] - Net profit attributable to shareholders increased by 43% to 270 million yuan [1] - The company is expected to continue its growth trajectory with significant increases in net profit projected for 2025-2027 [7] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 1,965 million yuan - 2024A: 2,306 million yuan - 2025E: 3,579 million yuan - 2026E: 4,139 million yuan - 2027E: 4,692 million yuan - Year-on-year growth rates: 6.23% (2023A to 2024A), 17.33% (2024A to 2025E), 55.22% (2025E to 2026E), 15.64% (2026E to 2027E) [1][24] - **Net Profit Forecasts**: - 2023A: 191 million yuan - 2024A: 272 million yuan - 2025E: 1,293 million yuan - 2026E: 1,701 million yuan - 2027E: 2,245 million yuan - Year-on-year growth rates: -58.59% (2023A to 2024A), 42.81% (2024A to 2025E), 374.64% (2025E to 2026E), 31.55% (2026E to 2027E) [1][24] - **Earnings Per Share (EPS)**: - 2023A: 0.46 HKD - 2024A: 0.66 HKD - 2025E: 3.13 HKD - 2026E: 4.12 HKD - 2027E: 5.44 HKD [1][24] - **Price-to-Earnings (P/E) Ratios**: - 2023A: 86.94 - 2024A: 60.88 - 2025E: 12.83 - 2026E: 9.75 - 2027E: 7.39 [1][24] Market Dynamics - The company benefited from a vibrant market environment, with A-share daily trading volume increasing by 21% year-on-year in 2024 [7] - The number of paying customers surged by 149% to 180,000, indicating strong demand for the company's services [7] - The company is focusing on enhancing its product matrix and leveraging AI capabilities to maintain its competitive edge in the online investment education market [7]

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price raised to HKD 31.68, indicating a potential upside of 23.0% from the current price of HKD 25.75 [2][6][10]. Core Insights - The company is experiencing stable development across its diversified business segments while maintaining its dividend payout ratio. Despite a decline in profit margins, the company has managed to sustain its dividend rate [2][6]. - The report highlights that property delivery increases in 2024 will drive property development revenue growth by 11.8% to RMB 237.15 billion, contributing to an overall revenue increase of 11.0% to RMB 278.80 billion [6][7]. - The company’s net debt ratio is projected to remain low at 31.9% by the end of 2024, with a decrease in average financing costs to 3.11%, the lowest in the industry [6][7]. Financial Overview - Revenue for 2023 is projected at RMB 251.14 billion, increasing to RMB 278.80 billion in 2024, with a year-on-year growth of 11.0% [5][7]. - Core profit is expected to decline from RMB 27.77 billion in 2023 to RMB 25.42 billion in 2024, reflecting an 8.5% decrease [5][7]. - The gross profit margin is anticipated to decrease by 3.6 percentage points to 21.6% in 2024, influenced by a drop in property development gross margin [6][7]. Business Performance - The company’s contract sales amount is expected to reach RMB 261.1 billion in 2024, a decrease of 15% year-on-year, but it ranks third in the industry [6][7]. - The asset management scale has increased by 8.1% to RMB 462.1 billion, with shopping center revenue showing a strong performance, growing by 19.2% year-on-year [6][7]. - The company plans to increase its operational shopping centers from 92 to 116 by the end of 2028, which is expected to drive revenue growth in the operational real estate segment by over 10% annually for the next three years [6][7].

交银国际研究 公司更新 | 新能源 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 28 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 11.44 | 港元 | 13.45↑ | +17.6% | | | 福莱特玻璃 (6865 HK) | | | | | | | 4 季度业绩展现韧性，光伏玻璃价格近期强劲反弹，上调至买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 21,524 | 18,683 | 18,695 | 21,552 | 24,217 | | 同比增长 (%) | 39.2 | -13.2 | 0.1 | 15.3 | 12.4 | | 净利润 (百万人民币) | 2,760 | 1,007 | 1,054 | 2,077 | 2,690 | | 每股盈利 (人民币) | 1.17 | 0.43 | 0.45 | 0.89 | ...

Investment Rating - The report maintains an "Outperform" rating for DPC Dash [2][6][13] Core Views - DPC Dash reported a revenue of RMB 4.31 billion for 2024, representing a year-on-year increase of 41% [3][12] - The company achieved a same-store sales growth (SSSG) of 2.5%, marking 30 consecutive quarters of positive growth [4][12] - The gross profit margin (GPM) stood at 72.9%, up 0.3 percentage points year-on-year, while the operating profit margin (OPM) was 14.5%, an increase of 0.7 percentage points [5][12] - Adjusted net profit reached RMB 131 million, with an adjusted net profit margin of 3.0%, up 2.7 percentage points year-on-year [5][12] Financial Performance Summary - Revenue projections for 2025-2027 are RMB 5.44 billion, RMB 7.03 billion, and RMB 8.78 billion, respectively, with year-on-year growth rates of 26%, 29%, and 25% [6][11] - Adjusted net profit forecasts for the same period are RMB 188 million, RMB 340 million, and RMB 492 million, with growth rates of 44%, 80%, and 45% respectively [6][11] - The company plans to open 300 new stores in 2025, following a net addition of 240 stores in 2024, bringing the total to 1,008 stores [4][12] Valuation and Target Price - The target price is set at HKD 125.9, reflecting a valuation of 2.5-3 times the price-to-sales (PS) ratio for 2025 [2][6][13] - The current market capitalization is approximately HKD 14.95 billion (USD 1.92 billion) [2][6]

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (CGN) Mining [1][5][6] Core Views - The company is expected to benefit from its low-cost uranium resources and the global nuclear power expansion, which highlights its long-term value despite short-term pressures [1][5] - Revenue for 2024 is projected to grow by 17% to HKD 8.624 billion, while net profit is expected to decline by 31% to HKD 342 million due to increased tax expenses and one-time losses [2][5] - The report emphasizes the resilience of the trading business and anticipates a recovery in profit margins with new pricing frameworks expected to be signed in the second half of the year [2][3] Financial Summary - In 2024, CGN Mining achieved revenue of HKD 8.624 billion, a 17% year-on-year increase, but reported a gross loss of HKD 66.12 million due to unfavorable uranium pricing [2][9] - The company’s pre-tax profit rose significantly by 48% to HKD 814.21 million, while net profit fell to HKD 342 million, reflecting a 31% decrease [2][9] - The expected revenue for 2025-2027 is projected at HKD 10.358 billion, HKD 11.732 billion, and HKD 12.329 billion respectively, with net profits forecasted at HKD 666 million, HKD 1.158 billion, and HKD 1.306 billion [5][9] Uranium Resource Segment - The company benefits from a cost advantage in its uranium mining operations, with overseas uranium investment income increasing by 71% to HKD 1.016 billion in 2024 [3][5] - The production from the company's key mines is expected to sustain for 5-6 years at current extraction rates, with significant contributions to joint profits [3][5] Industry Outlook - The global nuclear power sector is projected to grow steadily, with 417 operational reactors worldwide and a capacity of 377 GW, indicating a robust demand for uranium [5][9] - The report forecasts a positive trend in uranium prices and nuclear power expansion, reinforcing the long-term investment case for CGN Mining [5][9]

| 日期 | 2025/3/27 | | --- | --- | | 当前股价(港元) | 153.70 | | 一年最高最低(港元) | 160.00/28.100 | | 总市值(亿港元) | 2,064.10 | | 流通市值(亿港元) | 2,064.10 | | 总股本(亿股) | 13.43 | | 流通港股(亿股) | 13.43 | | 近 3 个月换手率(%) | 37.25 | 轻工制造/文娱用品 泡泡玛特（09992.HK） 2025 年 03 月 28 日 投资评级：买入（维持） 股价走势图 数据来源：聚源 -120% 0% 120% 240% 360% 480% 2024-03 2024-07 2024-11 泡泡玛特 恒生指数 相关研究报告 《2024Q3 收入增长超预期，国内线上 业务增速靓眼—港股公司信息更新报 告》-2024.10.23 《产品场景化布局助力 IP 集团化推 进，成长空间可期—港股公司深度报 告》-2024.9.18 《2024H1 业绩超预期，看好海外拓展 稳步推进—港股公司信息更新报告》 -2024.8.24 国际化战略成效显著，2024 收入业绩高增 — ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][6] Core Insights - The company reported a revenue of 3.885 billion yuan for 2024, representing a year-over-year growth of 34.6%, with a net profit attributable to shareholders of 881 million yuan, also up by 33.0% [4][5] - The online sales showed significant growth, with a 51% increase year-over-year, while offline sales grew by 22% [5] - The company maintains a high net profit margin of 22.7% despite a slight decline in gross margin due to increased logistics costs [6] Financial Performance - For 2024, the company expects revenues to reach 5.212 billion yuan, with a growth rate of 34.17% [8] - The projected net profit for 2025 is 1.202 billion yuan, reflecting a growth rate of 36.36% [9] - The company's gross margin is forecasted to be 84.24% in 2025, slightly decreasing from 84.37% in 2024 [9] Revenue Breakdown - In 2024, the revenue from makeup, skincare, and training segments is expected to be 2.3 billion yuan, 1.4 billion yuan, and 150 million yuan, respectively, with growth rates of 42%, 23%, and 46% [5] - The average selling price for makeup increased by 6%, while skincare saw a decrease of 3% [5] Membership and Repurchase Rates - The repurchase rate for online and offline channels in 2024 is projected to be 27.5% and 34.9%, respectively, showing an increase of 5.5 percentage points and 2.1 percentage points year-over-year [5] Future Outlook - The company plans to continue expanding its store network and introduce new products, with a focus on international markets, indicating significant growth potential [6] - The forecasted net profit for 2027 is expected to reach 1.93 billion yuan, with a corresponding price-to-earnings ratio of 27 times [6][8]