公司盈利能力较稳定，全年分红对应股息率约 3.72%。2024 年公司毛利 率 32.59%，同比下降 16.73%。分业务看，经营租赁服务、工程技术服 务、资产管理及其他毛利率分别为 38.15%、26.40%、31.84%，同比分别 下降 6.55%、6.42%、2.80%。销售、管理、财务费用率分别为 5.26%、 10.97%、6.96%，同比分别下降 0.11、0.23、1.55pct。所得税率 25.32%， 同比上升 3.79pct。销售净利率 7.74%，同比下降 22.68%。经营活动现金 流入 42.04 亿元，同比增加 2.54 亿元。同时公司拟宣派股息 0.045 港元/ 股，以最新收盘价计算股息率约为 3.72%。 海外业务加速布局，有望释放业绩新动能。2024 年公司加快海外市场开 拓，已进入马来西亚、越南、印度尼西亚、泰国、沙特、阿联酋及土耳 其 7 个海外国家。2024 年海外实现营收 3.89 亿元，同比增长 2765.7%。 截至 2024 年，公司海外设备数量约 10.4 千台，总资产原值约 35.48 亿 元，占比 9.74%，材料产品约 13.1 万吨，客户约 170 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to experience significant growth in its cloud computing business as the application of large models increases. It has launched a series of cloud computing products, including the high-performance Tianwen Intelligent Computing Cloud Platform and DeepSeek Security Integrated Machine [1]. - The DeepSeek Security Integrated Machine integrates computing, networking, and storage into a cloud resource pool, supporting the full process of AI model deployment and training, thereby lowering the technical barriers for customers [1]. - The company has been recognized by Gartner as a representative vendor in the hyper-converged space in China, leveraging its 30 years of experience in network security to create a cloud platform that integrates security and cloud computing [2]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated to be 72 million, 187 million, and 243 million yuan, respectively [3]. - The financial summary indicates a decline in revenue from 3,543 million yuan in 2022 to an estimated 2,812 million yuan in 2024, followed by a recovery to 3,121 million yuan in 2025 and 3,434 million yuan in 2026 [4]. - The report highlights a significant net profit decline in 2023, with a projected loss of 371 million yuan, but anticipates a turnaround in subsequent years [4].

[Table_Info1] [Table_Title] 证券研究报告 / 港股公司报告 风险提示：消费不及预期，专柜扩张不达预期，新品表现未及预期，业 绩预测和估值判断不达预期。 | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1829.11 | 2885.96 | 4034.52 | 5351.31 | 6855.97 | | (+/-)% | 15.96% | 57.78% | 39.80% | 32.64% | 28.12% | | 归属母公司净利润 | 352.08 | 661.93 | 876.47 | 1166.00 | 1487.50 | | (+/-)% | 6.36% | 88.00% | 32.41% | 33.03% | 27.57% | | 每股收益（元） | -- | -- | 1.79 | 2.38 | 3.03 | | 市盈率 | -- | -- | 47.36 | 35.60 | 27.91 | ...

[Table_Title] 证券研究报告 / 公司点评报告 拟收购韩国 REGEN，推动管线完善及国际化布局 事件： [公司全资子公司爱美客香港与 Table_Summary] 首瑞香港共同设立爱美客国际，爱美客香 港持股 70%，首瑞香港持股 30%。爱美客国际拟以 1.90 亿美元收购 "韩国 REGEN Biotech"85%的股权，其中爱美客香港出资 1.33 亿美 元，首瑞香港出资 0.57 亿美元。交割条件包括 REGEN 原州新工厂获 得 GMP 认证，以及根据买方要求完成相关经销协议的修订。并购完成 后爱美客国际将成为 REGEN 的控股股东，爱美客则间接持有 REGEN 的 59.5%股权。 点评： REGEN 产品获市场广泛认可，产能释放后业绩将明显提升。 1）产品：两款聚乳酸产品分别用于面部和身体，已得到海外市场长期 验证。REGEN 已获批上市产品主要有 AestheFill 和 PowerFill，主要成 分均为 PDLLA 微球和羧甲基纤维素钠，其中：1、AestheFill 主要应用 于面部，已获得 34 个国家和地区的注册批准，中国大陆则由江苏吴中 独家代理至 2032 年；2 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company has shown steady growth in sales despite short-term profit pressure, with a revenue increase of 0.93% year-on-year to 2.808 billion yuan in 2024, while net profit decreased by 27.72% to 268 million yuan [2][3]. - The company is actively expanding its production capacity with the ongoing construction of a 1 million-ton corn deep processing project, which is expected to enhance its long-term growth potential [4]. - A planned acquisition of Henan Yuxin Sorbitol Co., a leading player in the functional sugar alcohol industry, is anticipated to reshape the market landscape and improve the company's competitive position [4]. Financial Summary - In 2024, the company achieved a revenue of 2.808 billion yuan, with a slight increase of 0.93% compared to the previous year. The net profit attributable to the parent company was 268 million yuan, reflecting a significant decline of 27.72% [2][6]. - The company forecasts net profits of 380 million yuan, 473 million yuan, and 573 million yuan for 2025, 2026, and 2027, respectively, indicating a recovery trend with corresponding EPS of 1.24, 1.55, and 1.87 yuan [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 12.09, 9.71, and 8.01 times, respectively, suggesting an attractive valuation as the company’s growth potential is gradually realized [5][6].

Group 1 - The report highlights the explosive growth of the DeepSeek and robotics themes since the Spring Festival, driven by significant events such as the participation of DeepSeek's CEO in a government meeting and the performance of YuTree Robotics during the Spring Festival Gala [1][10]. - From a valuation perspective, the report notes that since the rebound on September 24, the valuation of the Sci-Tech 50 index has consistently been higher than that of DeepSeek and YuTree Robotics, but the robotics concept has gained momentum since the New Year, surpassing the Sci-Tech 50 [1][10]. - The report indicates that while DeepSeek has shown significant price increases, its price-to-earnings (PE) ratio remains volatile at around 60X [1][10]. Group 2 - The report states that AIGC (Artificial Intelligence Generated Content) has shown higher elasticity compared to robotics, with AIGC outperforming in both maximum and interval price increases [2][13]. - It is noted that AIGC's overall valuation is generally higher than that of robotics, primarily due to AIGC's focus on TMT (Technology, Media, and Telecommunications), while robotics leans more towards mechanical hardware [2][13]. - The report emphasizes that despite AIGC's higher elasticity, its overall variance is significantly greater than that of robotics, indicating a mix of quality within AI-related concepts [2][14]. Group 3 - The report outlines three phases of the ChatGPT market in 2023, with the first phase characterized by foreign capital inflows and a strong performance of ChatGPT concepts, the second phase seeing a shift towards hardware and domestic models following the release of GPT-4.0, and the third phase marked by a surge in domestic large models [3][20]. - It suggests that after experiencing a broad rally driven by DeepSeek, a second wave of differentiated market performance is expected post the National People's Congress [3][20]. Group 4 - The report identifies capital expenditure as a key driver for the long-term trend of DeepSeek, noting that the ChatGPT market has not been smooth, with significant fluctuations but a general trend towards recovery as performance expectations are gradually met [4][20]. - It highlights that AI+ has already gone through a broad rally led by DeepSeek, and anticipates a second round of market activity driven by substantial capital expenditures from major internet companies like Alibaba [4][21]. Group 5 - The report indicates that the spring market dynamics are weakening, with a shift in focus from small-cap to large-cap stocks, particularly in sectors that previously underperformed, such as military, satellite, and new energy [4][24]. - It emphasizes that the Sci-Tech sector remains a long-term investment avenue, with a focus on self-controlled AI+ technologies, including robotics, intelligent driving, cloud computing, and computing power [4][24].

Group 1 - The core policy tone remains "seeking progress while maintaining stability," emphasizing economic adjustment and structural reform since 2012, with a focus on innovation and proactive measures in 2024 [1][9][10] - The 2024 Two Sessions will highlight the need for proactive measures in economic development, particularly in transforming and upgrading industries while maintaining stability [1][10] - The 2025 economic development goals include maintaining stable growth, employment, and overall price stability, while promoting income growth in sync with economic growth [2][14] Group 2 - Short-term work priorities include boosting consumption, stabilizing foreign investment, and adjusting industrial structure, which align with the tasks outlined in the Central Economic Work Conference [2][13] - The importance of technology industries, particularly AI, is emphasized as a means to enhance productivity and drive economic growth [2][14] - The report indicates a shift from government-led investment to foreign and private investments, highlighting the need for structural adjustments in industries to address mismatches in supply and demand [2][14] Group 3 - The report outlines specific measures to boost consumption, such as supporting income growth and enhancing service consumption, which are crucial for expanding domestic demand [15] - It emphasizes the need for structural adjustments in key industries to resolve existing contradictions and promote healthy development [15] - The report suggests that foreign investment plays a significant role in job creation and industrial upgrading, advocating for more practical measures to stabilize and increase foreign investment [15]

Market Overview - The Hong Kong stock market and A-shares are currently in a profit cycle that began in Q3 2023, with a relatively weak performance compared to previous cycles[1]. - The profit cycles from 2009 to 2023 have lasted between 11 to 13 quarters, indicating a consistent pattern of 3-4 year cycles[1]. Liquidity Analysis - HIBOR is a key indicator of liquidity in Hong Kong, with its fluctuations indicating tight or ample funding in the interbank market[1]. - The HIBOR-LIBOR spread is crucial for assessing capital flows into Hong Kong, with an expanding spread indicating increased inflows[1]. Investment Trends - The proportion of stocks eligible for trading through the Stock Connect program is only 13.41%, but these stocks account for 10.10% of the total market capitalization[1]. - In 2024, net inflows from the Stock Connect program are projected to reach HKD 8 billion, enhancing the influence of foreign capital on the Hong Kong market[1]. Risk Assessment - The Hong Kong risk preference index, constructed using various global financial pressure indices, indicates a higher probability of adjustment when the Hang Seng Index touches ±1X or ±2X standard deviations from its moving average[1]. - The ongoing domestic policies are expected to support economic growth, with a focus on expanding domestic demand and infrastructure development[1]. IPO and Financing Trends - In 2024, Hong Kong's IPO market saw 70 companies raise a total of HKD 880.04 million, a significant increase of 89.93% from 2023[1]. - The largest IPO in 2024 was Midea Group, raising HKD 356.66 million, compared to the largest IPO in 2023, which raised HKD 53.09 million[1]. Refinancing Landscape - The number of refinancing companies in Hong Kong increased by 15.76% in 2024, totaling 404 companies, although this is still 45.84% lower than the peak in 2015[1]. - The total amount raised through refinancing in 2024 was HKD 875.13 million, a decrease of 8.94% from 2023[1].

Market Overview - In 2024, the national residential land transfer area is 38,867 million square meters, a year-on-year decline of 24%[1] - The total transaction amount for residential land is 24,977 billion yuan, down 31% year-on-year[1] - The average transaction price for land is 8,353 yuan per square meter, with a slight increase over the past four years[12] Investment Trends - Central state-owned enterprises (SOEs) accounted for 70% of land acquisitions in first-tier cities, an increase of 4% year-on-year[1] - In second-tier cities, the land acquisition share is more balanced among different entities, with city investment companies and private enterprises holding 30% and 35% respectively, both showing slight increases[1] - Private enterprises remain the main support in third-tier cities, with their land acquisition share at 38%, showing little change year-on-year[1] Regional Analysis - Major provinces show a downward trend in residential land markets, with provinces like Fujian and Guizhou experiencing declines exceeding 60% in land transfer amounts[2] - Eastern regions, such as Fujian and Zhejiang, saw land transfer amounts drop by over 40% in 2024, while some central and western cities like Hefei had a smaller decline of 27%[2] - City investment companies' land acquisition amounts in eastern provinces are lower compared to central and western regions, indicating stronger support in the latter areas[2] Conclusion - The residential land auction market in 2024 reflects a continued adjustment phase, with central SOEs dominating first-tier cities, while second-tier cities see a more balanced participation among different types of entities[3] - The overall market remains under pressure due to weak demand and ongoing adjustments in the real estate sector, with significant implications for future investment strategies[3]

Investment Rating - The report suggests a more optimistic outlook for the domestic real estate market compared to Japan's historical experience, indicating a potential for quicker stabilization and recovery [3][14]. Core Insights - The adjustment pace of the domestic real estate market is expected to differ significantly from Japan's prolonged downturn, with key factors being the speed of recovery in housing price expectations among residents [10][14]. - Japan's real estate bubble was characterized by a significant financial bubble, with the peak financial bubble value in the Tokyo area reaching 68%, while major Chinese cities like Shenzhen and Beijing had much lower peaks of 45% and 26.1% respectively [14][15]. - The report emphasizes that the burden of asset depreciation costs in Japan was primarily borne by the residential and corporate sectors, leading to a slower recovery in asset values and expectations [17][46]. Summary by Sections 1. Market Adjustment Dynamics - The report outlines two potential scenarios for the adjustment of the domestic real estate market: a rapid clearing and stabilization or a prolonged period of gradual decline similar to Japan's experience [10][14]. - The adjustment speed is influenced by the residents' recovery of housing price expectations, which is critical for determining the market's trajectory [10][14]. 2. Comparison with Japan's Market - Japan's real estate market faced a significant financial bubble, with the cumulative price increase of residential land and second-hand houses showing a stark contrast to China's lower bubble peaks [14][15]. - The report highlights that the Japanese government played a limited role in directly assisting residents during the market downturn, which contributed to a slower recovery process [2][17]. 3. Factors Influencing Market Conditions - The report identifies that the concentration of financial and population resources in Japan facilitated the formation of a substantial real estate bubble, exacerbated by a lack of stringent regulatory measures [46][47]. - In contrast, the Chinese government has a stronger control over land supply and has set a policy goal for the real estate market to stabilize by the second half of 2024, indicating a more proactive approach to market management [3][14].