Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.248 billion yuan for 2024, a year-on-year increase of 2.57%, while the net loss expanded to 288.34 million yuan, a year-on-year increase of 47.78%, which was in line with expectations [7] - The self-developed domain controller revenue experienced rapid growth, with sales from the iDC series increasing significantly, driven by orders from Chery Automobile [7] - The company completed a placement of 11.19 million shares, raising 228 million HKD, with 60% of the funds allocated for advanced driving research and development [7] - The company is optimistic about its long-term investment value due to the rapid growth cycle of its self-developed domain controllers and significant optimization in product and customer structure [7] Financial Summary - Total revenue forecast for 2024 is 1.248 billion yuan, with projections of 1.768 billion yuan for 2025 and 2.783 billion yuan for 2026, reflecting year-on-year growth rates of 41.70% and 57.42% respectively [1][8] - The net profit forecast for 2024 is a loss of 288.34 million yuan, with expected losses of 222.35 million yuan in 2025 and 16.47 million yuan in 2026, before turning profitable in 2027 with a net profit of 140.11 million yuan [1][8] - The company's research and development expenses reached 280.65 million yuan in 2024, accounting for 22.49% of total revenue, indicating a strong commitment to advancing its technology [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company shows steady revenue growth and is actively expanding its non-residential business segments [5] - In 2024, the company achieved a revenue of 14.02 billion HKD, representing a year-on-year growth of 7.5% [5] - The gross profit for the same period was 2.33 billion HKD, with a growth of 12.4%, attributed to the increase in managed property area and enhanced value-added services [5] - The net profit attributable to the parent company increased by 12.5% to 1.51 billion HKD [5] - The company is expanding its management scale, with a total of 2,232 managed properties across 167 cities, and a managed area increase of 7.4% to 430 million square meters [5] Revenue and Profit Forecast - The forecast for 2025-2027 indicates a compound annual growth rate (CAGR) of 10.6% for net profit attributable to the parent company [5] - Revenue projections for 2025, 2026, and 2027 are 15.28 billion HKD, 16.50 billion HKD, and 17.90 billion HKD respectively, with growth rates of 9%, 8%, and 8% [2][7] - The earnings per share (EPS) are expected to rise from 0.46 HKD in 2024 to 0.62 HKD in 2027 [2][7] Business Segments Performance - Property management services revenue grew by 13.3% to 10.67 billion HKD, accounting for 72.1% of total revenue [5] - The gross margin for property management services improved to 16.0% [5] - Value-added services revenue decreased by 6.5% to 3.21 billion HKD, with non-residential value-added services declining by 14.7% [5] - The sales of parking spaces dropped by 27.9% to 140 million HKD, with a total of 2,224 spaces sold [5] Financial Metrics - The company’s return on equity (ROE) is projected to decline from 29.57% in 2024 to 23.27% in 2027 [2][10] - The price-to-earnings (P/E) ratio is expected to decrease from 10.39 in 2024 to 8.20 in 2027 [2][10] - The gross margin is anticipated to improve from 16.6% in 2024 to 17.1% in 2027 [2][7]

证券研究报告 首钢资源 (639 HK) 港股通 分红逆势增长突显高股息配置价值 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 28 日│中国香港 | 煤炭 | 首钢资源 2024 年实现营业收入 50.6 亿港币，同比下降 14.2%，尽管全年 精焦煤销量受益于部分库存销售同比提升 1%，但全年平均售价受市场煤价 下行及产品结构改变拖累同比下行 13.8%，同时原煤单位生产成本同比提高 7%，公司毛利润同比下滑 25.3%至 25.9 亿元，归母净利润同比下降 20.9% 至 14.9 亿港币。公司宣派末期股息 21 港仙/股，叠加中期股息 9 港仙/股， 全年派发股息 30 港仙/股，同比提高 2 港仙/股（+7.1%），全年每股分红比 例达 100%，突破公司 2017 年以来 70-80%的分红比例区间，末期及全年 股息率分别达 8.1%/11.5%（3 月 27 日）。公司资产优质、运营稳健且分红 稳定在较高水平，维持"买入"。 产量下降受阶段性因素扰动，产品结构改变致售价同比降幅大于市场 公司 2024 年实现原焦煤产 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 2.062 billion yuan, up 42.1% year-on-year [1]. - The gross margin for 2024 was 82.1%, a decrease of 1.54 percentage points compared to the previous year, primarily due to increased sales costs and product type expansion [1]. - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding into eight consumer brands [4]. Revenue and Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 2.575 billion yuan, 3.149 billion yuan, and 3.782 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 25, 21, and 17 [4][6]. Brand Performance - The brand "可复美" generated revenue of 4.54 billion yuan in 2024, marking a 62.9% increase year-on-year, with strong performance in the dressing category [2]. - The "焦点" series, targeting skin sub-health populations, has shown promising sales, with the core product achieving a GMV of 277 million yuan within nine months of launch [2]. Channel Strategy - In 2024, the direct sales channel accounted for 74.6% of total sales, with online direct sales revenue reaching 3.587 billion yuan, a 66.5% increase year-on-year [3]. - The company has expanded its offline presence, covering approximately 1,700 public hospitals and 3,000 private hospitals and clinics, along with 6,000 retail stores [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit of 2.062 billion yuan, up 42.1% year-on-year [2][4]. - The gross margin for 2024 was 82.1%, a decrease of 1.54 percentage points year-on-year, primarily due to increased sales costs and product type expansion [2][4]. - The company is a leader in collagen protein skincare products in China, focusing on R&D and expanding eight consumer brands [4]. Financial Performance - In 2024, the company reported a net profit of 2.062 billion yuan, with an adjusted net profit of 2.152 billion yuan, reflecting a growth of 46.5% year-on-year [2][4]. - The sales expense ratio increased by 3 percentage points year-on-year, attributed to the rapid expansion of online direct sales channels [2][4]. - The company expects net profits for 2025, 2026, and 2027 to be 2.575 billion yuan, 3.149 billion yuan, and 3.782 billion yuan, respectively, with corresponding P/E ratios of 25, 21, and 17 times [4][6]. Brand Performance - The brand "可复美" generated revenue of 4.54 billion yuan in 2024, marking a year-on-year increase of 62.9% [2][3]. - The "焦点" series, targeting skin sub-health populations, has shown promising sales, with the core product achieving a GMV of 277 million yuan within nine months of launch [2][3]. - The company is actively expanding its offline presence, having opened approximately 18 new stores in key cities [3]. Channel Strategy - In 2024, the direct sales channel accounted for 74.6% of total revenue, with online direct sales revenue reaching 3.587 billion yuan, a growth of 66.5% year-on-year [3]. - The company has strengthened its online operations, with the GMV on Douyin doubling to 1.8 billion yuan [3]. - The offline channel has expanded to cover around 1,700 public hospitals and 3,000 private hospitals and clinics [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant results in its innovative transformation, with internationalization accelerating. The revenue from innovative products is growing rapidly, and the core product, Amivantamab, is expected to reach peak sales of 8 billion yuan. The company continues to benefit from overseas licensing agreements, contributing positively to its performance [5][8]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 12.261 billion yuan, a year-on-year increase of 21.3%. Product sales revenue was 10.688 billion yuan, while collaboration and licensing income was 1.573 billion yuan. The net profit attributable to shareholders was 4.372 billion yuan, reflecting a year-on-year growth of 33.4% [6]. - The company’s operating income and profit both achieved double-digit year-on-year growth, with product sales revenue increasing by 13.65% compared to 9.403 billion yuan in 2023 [6]. Revenue and Profit Forecast - The company’s revenue forecast for 2025 is 13.604 billion yuan, with a projected growth rate of 10.95%. The net profit attributable to shareholders is expected to be 4.421 billion yuan, with a growth rate of 1.14% [7]. - The earnings per share (EPS) for 2025 is projected to be 0.74 yuan, with a return on equity (ROE) of 13.4% [7]. Innovative Product Performance - The revenue from innovative drugs grew by 38.1% year-on-year, reaching 9.477 billion yuan in 2024, accounting for 77.3% of total revenue. The sales of innovative drugs, excluding licensing income, are expected to reach approximately 8 billion yuan, reflecting a year-on-year increase of 28.5% [8]. - The company has a rich pipeline of innovative products, with several expected to be approved soon, providing long-term support for its innovative transformation [8]. Market Position and Future Outlook - The company is well-positioned for future growth, with expectations that the proportion of revenue from innovative drugs will exceed 80% by 2025. The sales of Amivantamab are projected to reach 6 billion yuan, with an upward revision of peak sales to 8 billion yuan [8].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company's revenue is under pressure due to weak short-term demand, but its core product market share remains stable, and efforts to improve quality and efficiency are expected to enhance profitability [5][7]. - The company achieved total revenue of 21.492 billion HKD in 2024, with a year-on-year growth of 0.2%, and a net profit attributable to the parent company of 861 million HKD, reflecting a year-on-year increase of 3.36% [7]. - The report emphasizes significant improvement in revenue growth in the second half of the year, driven by an increase in average prices, despite a decline in sales volume [7]. Financial Data and Forecast - Total revenue projections for the company are as follows: 2023: 21.511 billion HKD, 2024: 21.492 billion HKD, 2025E: 23.133 billion HKD, 2026E: 24.617 billion HKD, 2027E: 26.049 billion HKD [6]. - Net profit forecasts are: 2023: 833 million HKD, 2024: 861 million HKD, 2025E: 975 million HKD, 2026E: 1.103 billion HKD, 2027E: 1.235 billion HKD [6]. - The report projects a diluted EPS of 0.30 HKD for 2023, increasing to 0.31 HKD in 2024, and reaching 0.44 HKD by 2027 [6]. Market Performance - The company’s soda category showed resilience with a revenue of 16.373 billion HKD in 2024, growing by 2.5% year-on-year, maintaining the leading market share despite overall market decline [7][8]. - The juice category experienced a revenue decline of 7.46%, totaling 3.134 billion HKD, but profitability metrics improved [8]. - The water category saw a significant revenue drop of 28.57%, amounting to 0.891 billion HKD, with plans to focus on high-quality water products in the future [8]. Strategic Initiatives - The company is focusing on restructuring its marketing network and enhancing direct sales, achieving a significant increase in the number of direct service customers [9][10]. - The digital transformation efforts through platforms like the "Happy Meeting" mini-program have led to double-digit growth in online sales [10]. - The report notes that the company is actively engaging with younger consumers through innovative marketing strategies, including campus events and promotions [9].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company is expected to achieve steady growth in revenue and profit, with a projected revenue of HKD 23.15 billion in 2024, representing a year-on-year increase of 12.8%, and a net profit of HKD 2.32 billion, up 21.9% year-on-year [6] - The company has made significant progress in new business areas, particularly in battery boxes and chassis structural components, securing major orders from key clients in both domestic and international markets [6] - The diversified product portfolio and balanced customer structure are expected to support the company's long-term sustainable growth [6] Financial Data and Forecast - Revenue is projected to grow from HKD 20.52 billion in 2023 to HKD 26.93 billion in 2025, with a compound annual growth rate (CAGR) of 16.3% [5][8] - Net profit is expected to increase from HKD 1.90 billion in 2023 to HKD 2.77 billion in 2025, reflecting a CAGR of 19.6% [5][8] - The company’s gross margin is forecasted to improve from 27.4% in 2023 to 29.0% by 2025 [5][8] - The earnings per share (EPS) is projected to rise from HKD 1.64 in 2023 to HKD 2.39 in 2025 [5][8] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 10-12 times for 2025, leading to a fair value range of HKD 25.58 to HKD 30.70 [6]

证券研究报告 首钢资源 (639 HK) 港股通 分红逆势增长突显高股息配置价值 经营预测指标与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (港币百万) | 5,891 | 5,057 | 4,358 | 4,607 | 4,607 | | +/-% | (28.30) | (14.20) | (13.80) | 6.00 | 0.00 | | 归属母公司净利润 (港币百万) | 1,889 | 1,494 | 1,047 | 1,191 | 1,194 | | +/-% | (30.00) | (21.00) | (30.00) | 14.00 | 0.00 | | EPS (港币，最新摊薄) | 0.38 | 0.30 | 0.21 | 0.24 | 0.24 | | ROE (%) | 11.43 | 9.12 | 6.38 | 7.22 | 7.12 | | PE (倍) | 6.95 | 8.67 | 12.37 | 10.87 | 10.85 | | P ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 9.90 [6][7]. Core Insights - The company's performance in 2024 was impacted by a decline in payment transaction volume (GPV), which fell by 19% year-on-year, leading to a net profit of RMB 0.82 billion, significantly below expectations [1][2]. - Despite the challenges, the company has seen rapid growth in its overseas business, with transaction volume increasing nearly fivefold in 2024 [1][2]. - The company is expected to return to growth in its core payment business in 2025, driven by an improving consumer sentiment and its leading position in the QR code payment sector [1][2]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of RMB 3.09 billion and a net profit of RMB 0.82 billion, with a significant non-recurring expense related to transaction fee adjustments [1][5]. - The adjusted payment fee rate for 2024 was 11.9 bps, down 1.4 bps year-on-year, while the adjusted gross margin for payment services was 17% [2][4]. Business Segments - The merchant solutions segment saw a revenue decline of 6% in 2024, with a gross margin of 87% [3]. - The in-store business is nearing breakeven, with a gross margin improvement from 80.3% in 2023 to 81.3% in 2024 [3]. Profit Forecast and Valuation - The profit forecasts for 2025, 2026, and 2027 have been revised down to RMB 2.1 billion, RMB 2.4 billion, and RMB 3.3 billion respectively, reflecting a significant reduction of 53% and 60% [4][17]. - The company is valued using a sum-of-the-parts (SOTP) approach, with expected multiples of 16.3x PE for payment services, 5.1x PS for merchant solutions, and 2.5x PS for in-store e-commerce [4][12].