Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.00 HKD [8][9]. Core Insights - The company's core competitive advantage lies in high-quality membership and comprehensive lifecycle management, with traditional beauty services as the foundation, complemented by medical beauty and sub-health services to extend customer lifecycles and enhance customer stickiness [1]. - The company is actively increasing its dividend payout ratio, optimizing its shareholder structure, and implementing long-term incentive mechanisms, which may improve liquidity and indicate potential for PE valuation recovery [1]. - The company is expected to continue industry consolidation and business acquisitions to enhance market share and strengthen economies of scale [2]. Financial Performance - The beauty and health services revenue for 2024 is projected to reach 1.443 billion RMB, with a year-on-year growth of 20.9%, and the company plans to increase the number of direct and franchise stores [2]. - Medical beauty and sub-health services revenue for 2024 is expected to reach 928 million RMB and 201 million RMB, respectively, with significant growth rates of 9.1% and 98.9% year-on-year [3]. - The company anticipates net profits for 2025, 2026, and 2027 to be 315.33 million RMB, 367.89 million RMB, and 418.15 million RMB, respectively, indicating a robust growth trajectory [5][20]. Strategic Initiatives - The company has outlined three strategic initiatives aimed at maximizing shareholder value: establishing a long-term shareholder return mechanism, attracting quality long-term institutional investors, and implementing a core management equity incentive plan [4]. - The company aims to allocate no less than 50% of annual net profit attributable to shareholders for dividends from 2025 to 2027, barring special circumstances [4]. Valuation Metrics - The report assigns a PE ratio of 25x for 2025, reflecting the company's position as a leading brand in beauty and health, with a target price of 37.00 HKD based on this valuation [5]. - The company’s cash position is strong, with nearly 1.4 billion RMB at the end of 2024, supporting its stable business development and ongoing market share enhancement [5].

（原标题：美丽田园CFO周敏：未来将赋能中国美与健康行业） 近日，美丽田园CFO兼董秘周敏女士，介绍了集团进行收并购和战略升级背后的逻辑与考量。 围绕客户价值实现集团增长 "门店扩张并不是我们增长的主要驱动力。"作为一家全国连锁的服务品牌，周敏说出了这样一句听起来似乎反直觉的话。 从数据上来看，两年半的时间里，美丽田园的门店数量已增长了近60%。从2022年6月底的352家门店，截至2024年12月31日已达到554家。其中直 营门店数量275家；加盟及托管门店279家。 "我们提出来是在这样一个经济环境下如何提高单店的产出。" 周敏解释称："例如让年收入1000万的门店，成长为年收入1200万的门店，年收入 500万的，成长为800万的，以此类推。" 从生活美容到全面覆盖美与健康行业，从海南海口到全国所有经济发达城市。被誉为"中国高端美容第一品牌"的美丽田园开创了"双美模式"的先 河，并一步一步成为行业领先的龙头企业。 随着去年完成奈瑞儿的收购后，美丽田园"内生外延"双轮驱动战略进一步深化，并使业务全面升级为"双美+双保健"的立体商业模式，为集团的未 来发展铺设了坚实的增长基石。 相比于其他各大连锁品牌，美 ...

公 司 研 究 海螺水泥（600585.SH）：行业持续 低迷，内生外延和海外拓展新空间 2025 年 5 月 3 日 强烈推荐/维持 海螺水泥 公司报告 海螺水泥 2024 年实现营业收入 910.30 亿元，同比下降 35.44%；归属于母公 司所有者的净利润为 76.96 亿元，同比下降 26.21%，扣非后归母净利润为 73.65 亿元，同比下降 26.10%，实现 EPS 为 1.46 元。2025 年一季度营业收 入和归母净利润分别为 190.51 亿元和 18.10 亿元，分别同比下降 10.67%和增 长 20.51%。 点评： 行业需求低迷下销量下降影响营业收入，价格三季度以来回升带动利润增长转 正。公司 2024 年和 2025 年一季度营业收入均同比下降，共同原因主要是行 业需求低迷，导致销量出现同比下降。2024 年公司自产水泥销量为 2.68 亿吨， 同比下降 5.96%；2025 年一季度在企业错峰生产的影响下公司销量同比下降。 而 2024 年营业收入的大幅下降主要是价格大幅下降所致，2024 年海螺水泥销 售价格为 214.17 元/吨，同比下降 21.68%。2025 年一季 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its expected internal and external growth and high cash dividend ratio [4][6]. Core Views - The company experienced a significant decline in both revenue and net profit for 2024, with revenue at 45.29 billion yuan, down 18.43% year-on-year, and net profit at 3.11 billion yuan, down 54.1% year-on-year [1][5]. - The first quarter of 2025 also showed a decline in revenue to 9.03 billion yuan, down 14.46% year-on-year, and net profit at 681 million yuan, down 28.33% year-on-year [1][2]. - The company plans to maintain a stable operational strategy for 2025, targeting coal production of 46 million tons and coking coal production of 1.67 million tons [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a raw coal output of 47.22 million tons, a year-on-year increase of 2.47%, while the sales volume of commercial coal decreased by 20% to 25.6 million tons [2]. - The average selling price of coal fell by 5.43% to 1,037.23 yuan per ton, while the cost of sales per ton increased by 9.55% to 495.41 yuan per ton, leading to a decrease in gross margin by 6.85 percentage points to 52.29% [2]. Business Segments - The electricity and heat business reported a slight profit with a gross margin of 2.51%, while the coking business remained in a loss position with a gross margin of -0.48% [3]. - The company plans to produce 3.5 million tons of coke and generate 19.3 billion kWh of electricity in 2025, indicating a stable operational outlook [3]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 2.68 billion yuan, 3.02 billion yuan, and 3.24 billion yuan, respectively, with corresponding EPS of 0.47 yuan, 0.53 yuan, and 0.57 yuan [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 14, 12, and 11 times, respectively [4][5].

2024 年公司新签订单101.5 亿元（含税），同比-22%，截至2024 年末，公司在手订单118.3 亿元（含 税），同比-10%。新签订单的下滑主要系光伏设备新签订单下滑所致，锂电&半导体设备新签订单均保 持增长。 海外市场持续发力，看好公司平台化布局 2024 年公司加快海外布局，在马来西亚设立以生产、销售自动化设备为主的合资公司，且将于2025 年 正式投产，有望在国内光伏龙头加快海外产能布局的进程中，获得设备供应的先发优势。（1）光伏领 域：组件端串焊机全球市占率超70%；硅片端低氧单晶炉2024 年9 月份连获海外13 亿元订单(含税)；电 池端BC 印胶线获得龙头批量订单。（2）锂电领域：模组PACK 线获得蜂巢等头部订单。（3）半导体 领域：2024 年新签订单突破1 亿元，半导体单晶炉出口海外客户并实现量产，铝线键合机和AOI 检测 设备获得设备批量订单，划片机和装片机已在客户端进行验证，CMP 设备处于内部调试阶段，产品覆 盖四大工艺段"划片-装片-键合-AOI 检测"。 看好公司通过内生外延穿越行业周期 事件 公司发布公告，2024 年营收92.0 亿元，同比+46%，归母净利润12 ...

Core Insights - The company reported a revenue of 3.501 billion yuan for 2024, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million yuan, up 27.2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan, a 12.3% increase year-on-year, with a net profit of 217 million yuan, reflecting a 13.9% year-on-year growth [1] Business Performance - The orthopedic segment showed steady growth, with revenue of approximately 2.32 billion yuan in 2024, a 9.5% increase year-on-year, and a gross margin improvement of 3.9 percentage points [2] - The sales of the Tongluo Pain Relief Plaster exceeded 1 billion yuan, and the "Two Tigers" series products sold over 1 billion patches, indicating strong brand strength [2] - The cardiovascular segment generated about 450 million yuan in revenue, a 3.3% year-on-year increase, with the Peiyuan Tongnao capsule gradually gaining market traction [2] Product Expansion and Acquisitions - The tablet segment saw significant growth, with revenue of approximately 360 million yuan, a 35.6% increase year-on-year, driven by strong sales of Danlu Tongdu tablets [3] - The company acquired 90% of Yingu Pharmaceutical for 704 million yuan, enhancing growth potential and filling gaps in its nasal spray product line [3] - The acquisition is expected to strengthen the company's hospital sales capabilities and enhance the sales channels for Yingu's products [3] Dividend Policy - The company announced a cash dividend of 0.90 yuan per share for 2024, totaling approximately 510 million yuan, which represents 70.64% of the net profit attributable to shareholders [3] Financial Forecast - The orthopedic business is expected to benefit from an aging population, with projected revenues of 4.2 billion yuan, 4.68 billion yuan, and 5.23 billion yuan for 2025-2027, reflecting year-on-year growth rates of 19.9%, 11.6%, and 11.7% respectively [4] - The net profit attributable to shareholders is forecasted to be 840 million yuan, 950 million yuan, and 1.07 billion yuan for the same period, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 1.48 yuan, 1.67 yuan, and 1.89 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [4]