海外公司点评报告 | 金融业 证券研究报告 【兴证海外金融食饮】中国平安：寿险 业务高质量发展，综合投资收益率上升- 2025.03.21 【兴证海外金融】中国平安 （02318.HK）2024Q1-3 业绩点评：经 营业绩稳中有进，核心业务实现增长- 2024.10.22 【兴证海外非银金融】中国平安 （02318.HK）2024H1 业绩点评：三大 核心业务营运利润稳健-2024.08.25 | 04 月 28 日收盘价（港 | 46.00 | | --- | --- | | 元） | | | 总市值（亿港元） | 8,376.71 | | 总股本（亿股） | 182.10 | | 来源：聚源，兴业证券经济与金融研究院整理 | | 相关研究 | 公司评级 | 买入（维持） | | --- | --- | | 报告日期 | 2025 年 04 月 28 日 | 基础数据 分析师：张博 S0190519060002 BMM189 zhangboyjs@xyzq.com.cn 寿险业务多渠道高质量发展，新业务价值率提升 投资要点： | 会计年度 | 2024A | 2025E | 2026E | 2027E | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 23.89 billion RMB in 2024, representing a year-on-year growth of 9.2%. The adjusted EBITDA was 7.45 billion RMB, up 13.9% year-on-year, indicating that despite a decline in RevPAR, rapid store openings offset significant performance pressure [4][5] - The company plans to maintain a rapid store opening pace, with a target of opening 2,300 new stores in 2025 while closing 600, resulting in a net increase of 1,700 stores. The focus will be on franchise operations and optimizing the existing self-operated store structure [5][6] Financial Performance Summary - For the fiscal year 2024, the company reported: - Revenue: 23,891 million RMB - Year-on-year growth: 9.2% - Adjusted EBITDA: 6,150 million RMB - Year-on-year growth: -10.1% - Net profit attributable to shareholders: 3,048 million RMB - Year-on-year growth: -25.4% [6][8] - Forecasted financials for 2025E, 2026E, and 2027E: - Revenue: 25,090 million RMB (5.0% growth), 26,837 million RMB (7.0% growth), 28,888 million RMB (7.6% growth) - Adjusted EBITDA: 7,227 million RMB (17.5% growth), 7,968 million RMB (10.3% growth), 8,848 million RMB (11.0% growth) - Net profit: 4,263 million RMB (39.9% growth), 4,852 million RMB (13.8% growth), 5,505 million RMB (13.5% growth) [6][8] Revenue Breakdown - In Q4 2024, the company achieved revenue of 60.2 billion RMB, a year-on-year increase of 7.8%, exceeding performance guidance. Revenue from domestic self-operated, domestic franchised, overseas self-operated, and overseas franchised segments were 21.8 billion RMB, 24.7 billion RMB, 12.0 billion RMB, and 0.3 billion RMB, respectively [5][6] RevPAR and Operational Metrics - For Q4 2024, the domestic RevPAR, ADR, and OCC were 222 RMB, 277 RMB, and 80.0%, showing year-on-year declines of 3.1%, 2.5%, and 0.5 percentage points. Conversely, overseas RevPAR, ADR, and OCC were 81 Euros, 115 Euros, and 70.5%, reflecting year-on-year increases of 10.7%, 0.2%, and 6.7 percentage points [5][6] Future Outlook - The company is expected to stabilize its RevPAR in 2025, driven by a normalized macroeconomic environment and the growth of the mid-to-high-end market. The long-term profit margin is anticipated to improve due to the ongoing light-asset strategy [5][6]