2026 年 3 月 22 日 盈利预测、估值与评级：微盟集团 SaaS 业务经历调整已逐步呈现企稳态势； 商家解决方案业务方面，公司主动调整广告业务客户结构，与抖音旗下巨量引 擎达成合作；全面拥抱 AI，AI 产品收入预计增长强劲。维持 26-27 年收入预测 17.9/20.0 亿元，新增 28 年收入预测 21.4 亿元。维持"增持"评级。 公司研究 SaaS 业务环比企稳，广告平台返点比例恢复正常 ——微盟集团（2013.HK）2025 年业绩点评 要点 事件： 公司发布 2025 年 全 年 业 绩 ， 实 现 营 收 15.92 亿 元 人 民 币 （YoY+18.9%），系公司商家解决方案收入大幅增加所致；实现毛利润 11.95 亿元（YoY+100.4%），对应毛利率为 75.1%，同比提升 30.6pct；经调整净利 润为 0.42 亿元（vs24 年经调整净亏损 5.10 亿元），自 2021 年来首次扭亏转 盈，主要系降本增效所致。 订阅收入环比企稳，聚焦智慧零售大客市场。25 年订阅解决方案收入 8.97 亿 元（YoY-2.3%），主要系公司 24 年削减低质量订阅业务，带来 25 ...

Group 1 - The company achieved a revenue of 30.9 billion yuan in 2024, a year-on-year decrease of 21.9%, but net profit increased by 622% to 0.7 billion yuan, driven by revenue structure optimization and cost reductions from AI-enabled efficiency improvements [4][5] - The payment business showed marginal improvement with a revenue decline of 22.9% to 26.9 billion yuan, attributed to a 19% drop in total GPV and a slight decrease in payment rates [5][6] - The company’s overseas payment business expanded significantly, with transaction volume exceeding 1.1 billion yuan, a nearly fivefold increase year-on-year [5] Group 2 - The company reported a revenue of 31.48 billion yuan in 2024, a decrease of 17.2%, with a net profit of 2.34 billion yuan, down 68.98% [11][12] - The domestic acquiring business processed a total of 1.47 trillion yuan, maintaining stable monthly transaction volumes, while overseas market revenue reached 9.01 billion yuan, with a 63.61% increase in high-end market revenue [13][14] - The company’s AI digital employee product has been commercialized, with applications in digital marketing and e-commerce [15] Group 3 - China Aluminum reported a revenue of 237.07 billion yuan in 2024, an increase of 5.2%, and a net profit of 12.4 billion yuan, up 85.4% [16][17] - The increase in profits was primarily due to rising aluminum and alumina prices, with alumina revenue reaching 74 billion yuan, a 38.3% increase [18] - The company plans to distribute a cash dividend of 0.135 yuan per share, with a total dividend amount of 3.72 billion yuan, reflecting a payout ratio of 30.2% [20] Group 4 - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, with a net profit of 408 million yuan, up 85.51% [22][23] - The company’s online revenue reached 7.407 billion yuan, with significant growth in various channels, particularly Douyin [23][24] - The company is planning to issue H shares to enhance its brand and global supply chain capabilities [25][26] Group 5 - Kailai Ying reported total revenue of 5.805 billion yuan in 2024, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [27][28] - The small molecule business showed stable growth, with revenue of 4.571 billion yuan, reflecting an 8.85% increase when excluding large orders [28][29] - The emerging business segment achieved revenue of 1.226 billion yuan, a growth of 2.25% [29] Group 6 - Zhejiang Shuju reported a revenue of 3.097 billion yuan in 2024, a slight increase of 0.61%, with a net profit of 512 million yuan, down 22.84% [30][31] - The online gaming business generated 1.34 billion yuan in revenue, with a gross margin of 91.04% [33] - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling 203 million yuan [32] Group 7 - Zhongke Xingtou focuses on the space-earth big data industry, with a projected revenue of 40.78 billion yuan in 2025, increasing to 63.98 billion yuan by 2027 [38][41] - The company has established a comprehensive digital earth solution, integrating data collection, processing, and application [39][40] - The company aims to expand its business into low-altitude economy and commercial aerospace sectors [40] Group 8 - Yinghe Technology reported a revenue of 8.524 billion yuan in 2024, a decrease of 12.58%, with a net profit of 503 million yuan, down 9.14% [43][44] - The lithium battery equipment segment faced challenges, while the electronic cigarette segment showed strong performance with a revenue of 3.191 billion yuan [44][45] - The company expects growth in the lithium battery equipment market due to domestic production recovery and expansion into overseas markets [45][46] Group 9 - Meiya Optoelectronics achieved a revenue of 2.311 billion yuan in 2024, a decrease of 4.7%, with a net profit of 649 million yuan, down 12.8% [48] - The color sorting machine business grew by 9.9%, while the medical equipment segment faced a decline of 33.4% [49] - The company anticipates a recovery in the medical equipment sector due to ongoing economic development and demographic trends [49]