Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Views - The company's performance in 2024 was impacted by unfavorable wind conditions, leading to a decline in net profit and earnings per share [7]. - Despite the short-term challenges in the renewable energy sector, the long-term growth potential remains strong due to increased installed capacity [7]. - The company has a high dividend payout ratio, enhancing its investment appeal despite a decline in earnings [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 20,282 million RMB - 2024: 21,372 million RMB (5% growth) - 2025E: 25,958 million RMB (22% growth) - 2026E: 28,108 million RMB (8% growth) - 2027E: 31,040 million RMB (10% growth) [3][8] - Net profit forecasts indicate a decline in 2024 to 1,672 million RMB, followed by a recovery to 2,803 million RMB in 2025 and 3,498 million RMB in 2027 [3][8]. - Earnings per share are projected to be 0.40 RMB in 2024, increasing to 0.67 RMB in 2025 and 0.83 RMB in 2027 [3][8]. - The company's return on equity is expected to improve from 7.71% in 2024 to 22.1% in 2027 [3]. Market Data - As of March 27, 2025, the company's closing price was 3.66 HKD, with a market capitalization of 153.93 billion HKD [4]. - The stock has a price-to-earnings ratio of 6.0 for 2025, decreasing to 4.8 by 2027 [3][4]. - The dividend per share for 2024 is set at 0.21 RMB, resulting in a dividend yield of 6.1% [7].

Investment Rating - The report maintains a "Buy" rating for China Oriental Education [2][8] Core Views - The company reported a revenue of RMB 4.12 billion for 2024, a year-on-year increase of 3.5%, and an adjusted net profit of RMB 525 million, up 86.6% year-on-year, driven by effective cost and expense control [5][6] - The company announced a year-end dividend of HKD 0.22 per share, corresponding to a payout ratio of 85%, with a dividend yield of approximately 5% [5] - The report anticipates continued growth in training numbers through the introduction of short-term courses and expansion in the beauty industry training sector [7][8] Financial Performance - Revenue for 2024 is projected at RMB 4.12 billion, with a year-on-year growth rate of 3.46% [9] - Adjusted net profit for 2024 is expected to be RMB 525 million, reflecting a significant year-on-year increase of 86.59% [9] - The company’s gross profit for 2024 is RMB 2.115 billion, with a gross margin of 51.4%, an increase of 3.4 percentage points year-on-year [6][11] Operational Efficiency - The company has effectively controlled costs, resulting in a net profit margin of 12.5%, an increase of 5.6 percentage points year-on-year [6] - Marketing expenses decreased by 6.1% year-on-year to RMB 970 million, with a sales expense ratio of 23.7%, down 2.4 percentage points [6] - The utilization rate of campuses improved from 72.2% in 2023 to 73.1% in 2024, contributing to economies of scale [6] Market Expansion - The company launched short-term courses targeting high school graduates, resulting in a 66.2% year-on-year increase in training numbers for these programs in the second half of 2024 [7] - The beauty industry training sector saw a 70.9% year-on-year increase in average training numbers, indicating strong demand recovery [7] - Five out of seven regional centers have been completed, enhancing the company's ability to offer higher-level vocational training [8] Profit Forecast - The adjusted net profit forecasts for 2025, 2026, and 2027 are RMB 617 million, RMB 732 million, and RMB 860 million respectively, with corresponding P/E ratios of 13.9, 11.7, and 10.0 [9][11]

2025 年 3 月 28 日 公司研究 深化"内生+外延"双轮驱动，"双美+双保健"业务模式焕发光彩 ——美丽田园医疗健康（2373.HK）2024 年年报点评 买入（维持） 当前价：18.10 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 2.36 | | --- | --- | | 总市值(亿港元)： | 42.68 | | 一年最低/最高(港元)： | 13.03/19.88 | | 近 3 月换手率： | 11.66% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.60 | -12.75 | 24.88 | | 绝对 | 2.77 | 7.61 | 25.30- | | 资料来源：Wind | | | - | 相关研报 中国双美模式龙头企业，稳扎稳打开拓美与 健康大市场——美丽田园医疗健康 （2373.HK）首次覆 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 15.50 [8][9]. Core Views - The company's 2024 EPS is projected to be RMB 1.45, representing a 31% year-on-year increase, driven mainly by improved equity investments [1]. - The overall combined ratio (COR) for the company is expected to be 98.8%, reflecting a 1 percentage point increase year-on-year, primarily due to natural disaster impacts [1]. - The company is anticipated to maintain steady growth in its business, particularly in the auto insurance sector, which is expected to grow at a rate of 4.5% in 2024 [2]. Summary by Sections Auto Insurance Performance - The auto insurance COR for 2024 is projected at 96.8%, remaining stable compared to 96.9% in 2023. The loss ratio has increased by 2.2 percentage points to 72.6%, offset by a decrease in expense ratio [2]. - The auto insurance business revenue is expected to grow by 4.5% year-on-year, indicating a stable market outlook [2]. Non-Auto Insurance Performance - The non-auto insurance COR is estimated to rise by 2.8 percentage points to 101.9% in 2024, indicating underwriting losses. The loss ratio has increased by 2.7 percentage points, while the expense ratio remains stable [3]. - Revenue from property insurance is expected to grow by 4.7%, with a COR of 113.4%. Agricultural insurance revenue is projected to increase by 4.9%, with a COR of 99.7% [3]. Capital Returns - The return on equity (ROE) for the company is expected to rise by 2 percentage points to 13.1% in 2024, supported by favorable investment conditions. The total investment return rate is projected to increase to 5.5% [4]. - The company plans to distribute a dividend of RMB 0.54 per share for 2024, up from RMB 0.49 in 2023, with a payout ratio of 37% [4]. Earnings Forecast and Valuation - The EPS forecasts for 2025, 2026, and 2027 have been raised to RMB 1.62, RMB 1.69, and RMB 1.82 respectively, reflecting adjustments of 12.7% and 8.0% for the first two years [5]. - The target price based on DCF valuation has been increased to HKD 15.50 from HKD 13.60, maintaining the "Buy" rating [5].

证券研究报告 碧桂园服务 (6098 HK) 港股通 盈利预测和估值 综合考虑非核心业务收缩、资产减值减少的影响，我们调低营收、毛利率， 并调低商誉和应收账款减值损失，预计 25/26 年 EPS 为 0.63/0.73 元（前 值 0.68/0.78 元，下调 7%/6%），引入 27 年 EPS 0.81 元，对应 25-27 年核 心 EPS 为 0.91/0.95/1.00 元。由于公司采用核心净利润作为衡量经营表现 的准绳，我们改为基于核心净利润进行估值。可比公司平均 25PE 为 13 倍， 考虑到公司仍需时间消化历史负担和非核心业务的负面影响，我们认为公司 合理的调整后 25PE 为 8 倍，目标价 7.89 港币（前值 5.20 港币，基于 7 倍 25PE），目标价提升主要因为估值方式切换及可比公司估值上升。 核心业务毛利回稳，减值高峰或已过去 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 28 日│中国香港 | 物业管理 | 公司 3 月 27 日发布业绩公告，24 年实现营收 439.9 亿元，同比+3%；归 ...

Investment Rating - The investment rating for the company is "Buy" with a market price of HKD 16.24 and a sector rating of "Outperform" [2]. Core Views - The company has shown steady revenue growth with a slight decline in net profit. The gross margin has rebounded, and cash on hand has increased by double digits. The company maintains a strong strategic focus on core cities in first and second-tier areas, which lays a solid foundation for future high-quality development. Despite the ongoing industry sales slump, the company has demonstrated resilience in both sales and land acquisition, leading to a maintained "Buy" rating [5]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of RMB 1429.9 billion, a year-on-year increase of 6.4%. The net profit attributable to shareholders was RMB 48.0 billion, a decrease of 4.6%. The proposed cash dividend is HKD 1.2 per share, with a payout ratio of 47% [4][5]. - The gross margin for 2024 was 13.3%, an increase of 2.2 percentage points year-on-year. The net profit margin and attributable net profit margin were 4.5% and 3.4%, respectively, both showing slight declines [8][11]. Revenue and Profit Forecast - The company has adjusted its revenue forecasts for 2025-2026 due to the current industry conditions. Expected revenues for 2025, 2026, and 2027 are RMB 1478 billion, RMB 1383 billion, and RMB 1351 billion, with year-on-year growth rates of 3%, -6%, and -2%, respectively. The net profit for the same years is projected to be RMB 50 billion, RMB 50 billion, and RMB 51 billion, with growth rates of 3%, 1%, and 2% [5][7]. Cash and Debt Management - As of the end of 2024, the company held cash of RMB 572.6 billion, a year-on-year increase of 12%. The interest-bearing debt was RMB 845.0 billion, up 5.7%. The net debt ratio stood at 26.6%, and the cash-to-short-term debt ratio was 9.35X, indicating a strong liquidity position [8][18][21]. Sales and Market Position - The company ranked seventh in the industry for sales in 2024, with a sales amount of RMB 1335 billion, a decline of 29.4% year-on-year. The sales area was 611 million square meters, also down 29.3%. The sales price per square meter was RMB 20,500, a decrease of 1.1% [23][31][25]. - The sales return rate reached 102%, an increase of 4 percentage points from the previous year, indicating effective cash collection [8]. Land Acquisition - The company acquired land worth RMB 530 billion in 2024, a decrease of 40% year-on-year, ranking sixth in the industry for land acquisition. The land acquisition intensity was 40%, which, despite a decline, remains relatively high [38][44].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the recombinant collagen sector, showing strong growth in revenue and profit, with a projected revenue of 5.54 billion yuan in 2024, representing a year-on-year increase of 57.1% [8] - The company's online and offline sales channels are experiencing significant growth, with direct-to-consumer (DTC) online sales increasing by 66.5% and offline direct sales doubling [8] - The core product lines, particularly the "Kefumei" brand, are performing exceptionally well, with a 62.9% increase in revenue [8] - The company's profitability remains robust, with a gross margin of 82.1% and a net profit margin of 37.2% [8] Financial Summary - Total revenue is projected to grow from 3.53 billion yuan in 2023 to 5.54 billion yuan in 2024, with a compound annual growth rate (CAGR) of 57.07% [1][9] - Net profit is expected to rise from 1.45 billion yuan in 2023 to 2.06 billion yuan in 2024, reflecting a year-on-year growth of 42.06% [1][9] - Earnings per share (EPS) is forecasted to increase from 1.40 yuan in 2023 to 1.99 yuan in 2024 [1][9] - The price-to-earnings (P/E) ratio is projected to decrease from 44.64 in 2023 to 31.42 in 2024, indicating a more attractive valuation over time [1][9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported a total order amount of 3.506 billion yuan in 2024, a year-on-year increase of 49.3%. Revenue reached 2.306 billion yuan, up 17.3% year-on-year, with a net profit attributable to shareholders of 272 million yuan, reflecting a 42.8% increase [1]. - The company has expanded its workforce, with 1,703 securities personnel and 342 investment advisors, marking increases of 1.5% and 18.3% respectively. The number of live broadcasts surged to 26,500, totaling over 49,800 hours, a growth of 110% [2]. - The product matrix has been optimized, leading to a significant increase in paying users. The number of paying users for large products and small products reached 181,500, with a notable decrease in the overall refund rate to 21.8% [2]. - The introduction of AI tools has enhanced operational efficiency, with a reduction in employee numbers by 11.1% while still supporting revenue growth. The company's cost expenses increased by 14.0%, but the expense ratios for sales, management, and R&D decreased [2]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 3.441 billion, 4.064 billion, and 4.673 billion yuan, with year-on-year growth rates of 49.21%, 18.10%, and 15.00% respectively. Net profit forecasts for the same period are 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% respectively [3][6]. - The report indicates a projected P/E ratio of 19.44, 14.95, and 12.52 for the years 2025, 2026, and 2027 respectively [3].

——美丽田园医疗健康（2373.HK）2024 年年报点评 买入（维持） 当前价：18.10 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 2025 年 3 月 28 日 公司研究 深化"内生+外延"双轮驱动，"双美+双保健"业务模式焕发光彩 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 2.36 | | --- | --- | | 总市值(亿港元)： | 42.68 | | 一年最低/最高(港元)： | 13.03/19.88 | | 近 3 月换手率： | 11.66% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.60 | -12.75 | 24.88 | | 绝对 | 2.77 | 7.61 | 25.30- | | 资料来源：Wind | | | - | 相关研报 中国双美模式龙头企业，稳扎稳打开拓美与 健康大市场——美丽田园医疗健康 （2373.HK）首次覆 ...

减值大幅收窄致归母净利大涨，非经营性及客观因素致核心归母 净利下降。24 年商誉及其他无形资产减值+金融资产及合同资产减 值损失合共 16.5 亿元，同比减少 24.2 亿元，使得经营利润同比 +144.4%。非经营性因素（少确认风险客商收入影响约 15%、长账 龄应收等坏账计提损失影响约 45%）及客观因素（非业主增值 、城服、商业运营、其他服务的经营利润下降，影响约 60%）共同 导致核心归母净利下降 22.9%。 业绩 2025 年 3 月 27 日，公司发布 2024 全年业绩：实现收入 439.93 亿元，同比+3.2%；归母净利润 18.08 亿元，同比+518.7%；核心 归母净利润 30.38 亿元，同比-22.9%。 经营分析 核心业务保持增长，占比进一步提升。24 年核心业务（物管服务+ 社区增值+三供一业）收入同比+9.4%，加回风险客商未收款后的 收入同比+10.2%。核心业务占总收入比例达 87%，同比+4.9pct。 压降关联方风险，独立性逐步加强。24 年关联方应收款原值压降 4.5 亿至 25.5 亿，计提减值拨备比例 74%。加回风险客商未收款 前，持续关连交易实际发生额占总 ...