Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue, net profit attributable to shareholders, and adjusted net profit for 2024 are projected to be CNY 4.116 billion, CNY 0.513 billion, and CNY 0.525 billion respectively, representing year-on-year growth of 3.5%, 88.0%, and 86.6% [2] - The increase in net profit outpaced revenue growth due to improved gross margins and a comprehensive decline in expense ratios [2] - The company plans to distribute a final dividend of HKD 0.22 per share, with a payout ratio of 93.5% and a dividend yield of 5.1% [3] Summary by Sections Business Performance - The core business, New Oriental, saw a positive revenue growth rate in the second half of the year, with only the IT segment under pressure [4] - Revenue by segment for 2024 is projected as follows: Culinary Technology CNY 1.927 billion, Western Pastry CNY 0.343 billion, IT and Internet Technology CNY 0.763 billion, Automotive Services CNY 0.914 billion, Fashion Beauty CNY 0.105 billion, and Other Income CNY 0.224 billion, with respective year-on-year growth rates of 0.7%, 3.6%, -2.4%, 7.9%, 124.9%, and 9.1% [4] - The average training participants for new enrollments are projected at 143,000, with a year-on-year decline of 6.2% [4] Financial Metrics - The gross margin for 2024 is expected to be 51.4%, an increase of 3.4 percentage points year-on-year [7] - The net profit margin for 2024 is projected at 12.5%, reflecting a year-on-year increase of 5.6 percentage points [7] - The company’s total revenue for 2024 is expected to be CNY 4.116 billion, with a year-on-year growth of 3.46% [10] Future Outlook - Short-term performance is expected to exceed market expectations due to cost control measures [8] - Mid-term projections indicate a normalization of enrollments, with growth in long-term students gradually recovering [8] - Long-term advantages include competitive employment rates and the ability to quickly adjust courses to market changes [8] - The earnings per share (EPS) forecast for 2025 is CNY 0.28, with a price-to-earnings (PE) ratio of 14 [8]

Investment Rating - The report maintains a "Buy" rating for the company [11][18]. Core Views - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year increase of 57.17%, with a net profit of 2.062 billion yuan, up 42.02% [1][4]. - The strong performance is driven by the core product lines, particularly the effective skincare products and medical dressings, which continue to show robust growth [2][4]. - The company is focusing on enhancing brand recognition through scientific marketing and expanding its product matrix in skincare and medical aesthetics [4][17]. Financial Performance - In 2024, the revenue breakdown shows effective skincare products generated 4.302 billion yuan (77.68% of total revenue, +62.52%), medical dressings contributed 1.218 billion yuan (21.99%, +41.51%), and health foods accounted for 0.018 billion yuan (0.33%, +15.0%) [2][14]. - The company’s gross margin for 2024 was 82.09%, slightly down by 1.54 percentage points, while the net profit margin was 37.22%, down by 3.97 percentage points [16][19]. - The company plans to distribute a cash dividend of 1.19 yuan per share [1][13]. Future Projections - Revenue forecasts for 2025-2027 are set at 7.056 billion yuan, 8.790 billion yuan, and 10.568 billion yuan, respectively, with net profits projected at 2.538 billion yuan, 3.189 billion yuan, and 3.867 billion yuan [4][17]. - The expected price-to-earnings (PE) ratios for the same period are 25x, 20x, and 17x [4][18]. Marketing and Sales Strategy - The company increased its sales expenses to 2.008 billion yuan in 2024, reflecting a 72.46% increase, primarily due to enhanced online marketing efforts [3][15]. - Direct sales accounted for 4.134 billion yuan (74.64% of total revenue), with significant contributions from both online and offline channels [2][14]. Research and Development - The company continues to invest in R&D, with expenses reaching 1.06 billion yuan in 2024, representing a 42.06% increase [3][15]. - The product pipeline includes over 180 projects across various fields, ensuring long-term growth potential [16][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve impressive performance in 2024, with a revenue growth of 57.2% and a net profit growth of 42.1% [6] - The company's flagship brands are showing strong momentum, with significant contributions from key products like collagen sticks and new launches in the skincare segment [6] - The company is well-positioned in a high-growth sector, with a clear growth path and strong medium to long-term earnings visibility [6] Financial Performance Summary - Revenue for 2024 is projected at 55.4 billion RMB, with a year-on-year growth of 57.2% [6] - Net profit for 2024 is expected to be 20.6 billion RMB, reflecting a 42.1% increase [6] - The company anticipates continued growth in net profit for 2025-2027, with estimates of 27.5 billion RMB, 34.1 billion RMB, and 40.4 billion RMB respectively, representing growth rates of 33.4%, 23.9%, and 18.6% [6][7] Revenue and Profit Forecast - Revenue projections for the next few years are as follows: - 2025: 7,477.13 million RMB (35.0% growth) - 2026: 9,170.26 million RMB (22.6% growth) - 2027: 10,731.91 million RMB (17.0% growth) [5][7] - The company's gross margin is expected to remain high, around 81.8% in 2025 [7] Brand Performance - The brand "可复美" contributed 45.4 billion RMB in revenue for 2024, with a growth of 62.9%, accounting for 82% of total revenue [6] - The brand "可丽金" generated 8.4 billion RMB in revenue, growing by 36.3% and representing 15% of total revenue [6] Market Strategy - The company employs a multi-channel strategy, combining online and offline sales to effectively reach consumers [6] - It has expanded its presence in both public and private healthcare institutions, with products available in approximately 1,700 public hospitals and 3,000 private clinics [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company achieved a revenue of 9.11 billion RMB in 2024, representing a year-on-year growth of 16.5%. The gross profit reached 7.83 billion RMB, up 17.9%, while the net profit attributable to shareholders was 2.09 billion RMB, reflecting a growth of 34.9% [1]. - Key products showed robust growth, with sales of the core product, Tebiou, reaching 5.06 billion RMB, a 20.4% increase year-on-year. The approval of Tebiou for pediatric ITP in April 2024 and the acceptance of its application for chronic liver disease-related thrombocytopenia in August 2024 are expected to drive further growth [1][2]. - The company has a strong innovation pipeline with 30 products under development, focusing on nephrology, hematology, oncology, autoimmune/ophthalmology, and dermatology/weight loss. Notable approvals in 2024 include the launch of the Minoxidil foam and the approval of Acetylcysteine and Apustel tablets [2]. - Collaborative efforts have expanded the commercial landscape, with four partnerships established in 2024, enhancing the product portfolio and potential sales synergies [2]. Financial Projections - The company is projected to achieve total revenues of 10.49 billion RMB, 12.13 billion RMB, and 14.11 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 15.2%, 15.7%, and 16.3% [3]. - Net profit attributable to shareholders is expected to be 2.54 billion RMB, 2.96 billion RMB, and 3.49 billion RMB for the same years, with growth rates of 21.5%, 16.7%, and 17.7% [3]. - The report indicates a corresponding price-to-earnings ratio (P/E) of 10, 9, and 8 for the years 2025, 2026, and 2027 [3].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a significant revenue growth of 10.8% in 2024, with total revenue reaching 3.77 billion RMB, compared to a decline of 10.6% in 2023 [2]. - The revenue from generative AI surged by 103% to 2.4 billion RMB, increasing its share of total revenue from 35% in 2023 to 64% in 2024 [2]. - Adjusted net loss narrowed by 33.7% to 4.31 billion RMB, while EBITDA loss decreased by 42.3% to 3.14 billion RMB [2]. - The company has optimized its cash flow management, reducing the cash flow cycle from 334 days to 228 days, despite a net cash outflow of 3.93 billion RMB from operating activities [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3,772.1 million RMB, with a growth rate of 10.8% [7]. - The adjusted net loss for 2024 was 4,278.4 million RMB, showing improvement from the previous year [11]. - The gross margin slightly decreased to 42.9% from 44.1% in 2023 [2]. Business Highlights - The company is focusing on a synergistic development model of "large devices + large models + AI applications," enhancing resource allocation [4]. - The AI applications are gaining traction, with a sixfold increase in customer willingness to pay in 2024 compared to 2023 [5]. - The company is positioned third in China's GenAI IaaS market with a 13.3% market share [4]. Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 15% and 17% to 4.88 billion RMB and 6.24 billion RMB, respectively [6]. - The net profit projections for 2025 and 2026 are revised to -2.73 billion RMB and -0.66 billion RMB, with a new forecast for 2027 showing a potential profit of 140 million RMB [6].

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 for 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, showing year-on-year growth of 1.5% and 18.3%, respectively. The number of live broadcasts increased by 110% to 26,500 sessions, totaling over 49,800 hours [2]. - The company has optimized its product matrix, resulting in a significant increase in paid users for its large product offerings, with 181,500 paying users and a reduced refund rate of 21.8% compared to the first half of 2024 [2]. - The introduction of AI tools has enhanced operational efficiency, allowing revenue growth despite a reduction in employee numbers by 11.1%. Cost expenses increased by 14.0%, but the ratios for sales, management, and R&D expenses decreased [2]. Financial Projections - 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 attributable to shareholders is forecasted to be 927 million, 1.206 billion, and 1.440 billion yuan, with growth rates of 240.42%, 30.05%, and 19.43% [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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.74 [7]. Core Views - The company reported a revenue of RMB 24.27 billion for 2024, a decrease of 1.0% year-on-year, primarily due to a decline in contributions from BOT water projects. The net profit attributable to shareholders was RMB 1.678 billion, down 11.5% year-on-year, which was below expectations due to increased impairment losses. The dividend per share (DPS) for 2024 is set at HKD 0.161, a 2.5% increase from 2023, resulting in a dividend yield of 6.9% based on the closing price on March 27, 2025 [1][4]. Revenue and Profitability - The wastewater and reclaimed water treatment service revenue increased by 6% to RMB 9.18 billion, driven by new water volume from plants that commenced operations during the year. However, the water governance construction service revenue fell by 36% to RMB 3.44 billion, with BOT plant construction revenue down 42% to RMB 2.62 billion, reflecting the company's strategy to reduce investments in line with its asset-light transformation [2][3]. Cash Flow and Dividend Policy - The company has maintained positive free cash flow for three consecutive years. The capital expenditure for 2024 is expected to decrease by 41% to RMB 4.11 billion, with further reductions anticipated. The implementation of user-pay trends and potential increases in water prices are expected to contribute positively to performance. The payout ratio for dividends is projected to reach 94% in 2024, indicating strong potential for future dividend increases as free cash flow improves [3][4]. Earnings Forecast - The report revises down the earnings forecast for the company, projecting net profits attributable to shareholders of RMB 1.543 billion, RMB 1.643 billion, and RMB 1.724 billion for 2025, 2026, and 2027 respectively. The expected earnings per share (EPS) for 2025 is RMB 0.15, with a target price based on a 16.5x PE ratio for 2025 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 14.02 billion RMB in 2024, a year-on-year increase of 7%, and a net profit attributable to shareholders of 1.51 billion RMB, up 13% year-on-year, slightly below expectations [1][2] - The company is focusing on high-quality development by exiting low-efficiency projects, which has improved profitability despite a slowdown in revenue growth [2] - The company’s community value-added services revenue grew by 7% to 1.38 billion RMB, with a gross margin of 25.5%, indicating resilience in this segment [4] Summary by Sections Revenue and Profitability - The basic property management revenue increased by 13% to 10.67 billion RMB, driven by a 7% increase in managed area to 430 million square meters [2] - The company exited 44.5 million square meters of managed area to optimize its business structure, which positively impacted profitability [2] - The gross margins for basic property management and overall improved by 1.3 and 0.7 percentage points to 14.0% and 16.6%, respectively [2] Market Expansion - The company’s market expansion focused on quality, with new contracts decreasing by 40% to 6.571 million square meters, but high-value projects in core urban areas increased significantly [3] - The active land acquisition by the China State Construction Engineering Corporation is expected to enhance the company’s future managed area growth resilience [3] Community Value-Added Services - The community value-added services segment saw a revenue increase of 31% in brokerage services to 260 million RMB, contributing to overall growth despite a slight decline in gross margin [4] - The company responded to market expectations for increased dividends, raising the payout ratio by 4 percentage points to 36%, resulting in a dividend yield of 3.3% based on the closing price [4] Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 and 2026 are projected at 0.51 and 0.58 RMB, respectively, with a target price of 7.74 HKD based on a 25 PE ratio [5][8] - The report anticipates continued steady improvement in profitability for 2025 [2][5]

证券研究报告 特海国际 (9658 HK) 港股通 运营质量持续进步，25 年拓店有望加速 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 26 日│中国香港 | 餐饮 | 特海国际 4Q24 营收 2.09 亿美元/yoy+10.4%；经营利润 17.5 百万美元/yoy +44.6%，经营利润率 8.4%/yoy+2.0pct；归母净利润-0.12 亿美元/同比转负。 2024 全年营收 7.78 亿美元/yoy+13.4%，经营利润 53.3 百万美元 /yoy+23.7%，经营利润率 6.8%/yoy+0.5pct，归母净利润 0.22 亿美元 /yoy-15%；剔除汇兑损益后 24 年净利润 0.42 亿美元/yoy+35.5%，对应净 利率 5.4%/yoy+0.9pct，基本符合我们预期（0.4 亿美元）。24 年公司强化 运营质量，做优顾客体验，各区同店翻台同比均有提升，驱动整体同店销售 额延续正增长。公司扩张兼顾质与量，24 年 GPM 和 OPM 稳中有进，25 年开店有望提速；积极落地多品牌计划，中长期成长潜力可观。维持"买入"。 ...

2025 年 3 月 27 日 公司研究 潮玩景气度延续高增，加速拓展海外市场 ——泡泡玛特（9992.HK）24 年业绩点评 要点 事件：公司实现营收 130.4 亿元人民币（yoy+106.9%），实现毛利润 87.1 亿元，同比增长 125.4%，对应毛利率为 66.8%，同比提升 5.5pct；实现 经调整净利润 34.0 亿元（yoy+185.7%），对应净利率 26.1%。 投资建议：公司强 IP 运营能力持续巩固护城河，爆款 IP 加持叠加 IP 多品 类变现，24 年国内和海外地区收入加速增长。25Q1 国内增长情况超预期， 公司计划 25 年加速海外开店，海外市场空间广阔，上修 25-26 年经调整 净利润预测至 65/96 亿元（较上次预测+67%/+100%），新增 27 年经调 整净利润预测 123 亿元；维持"买入"评级。 风险提示：IP 热度下降、海外市场拓展不及预期、用户付费意愿下降。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营 ...