Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.34 billion HKD for 2024, representing a year-on-year growth of 23.9%. The adjusted net profit attributable to shareholders was 586 million HKD, a 59.2% increase year-on-year, marking six consecutive years of positive net profit growth since 2019. The gross margin reached 68.7%, up by 7.3 percentage points year-on-year [4][5] - The company is accelerating its global expansion, with global monthly active users reaching 266 million, a 6.7% year-on-year increase, of which overseas users accounted for 94.51 million (35.6%), growing by 21.7% year-on-year. The "AI Dressing" feature significantly contributed to the addition of over 20 million overseas users [5][6] - The company has seen a significant increase in paid subscription users, reaching approximately 12.61 million, a historical high with a year-on-year growth of 38.4%. The subscription penetration rate is about 4.7% [6][7] Financial Performance - For 2025-2027, the company expects revenues of 4.11 billion HKD, 4.99 billion HKD, and 5.90 billion HKD, with year-on-year growth rates of 22.9%, 21.4%, and 18.3% respectively. The NON-IFRS net profit is projected to be 903.996 million HKD, 1.195 billion HKD, and 1.474 billion HKD, with growth rates of 54.2%, 32.2%, and 23.3% respectively [7][10]

[Table_StockNameRptType] 卫星化学（002648） 公司点评 2024 年全年业绩大增，α-烯烃项目加速推进 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-25 | | | [Table_BaseData] 收盘价（元） | | 21.25 | | 近 12 个月最高/最低（元） | | 22.11/14.75 | | 总股本（百万股） | | 2,407 | | 流通股本（百万股） | | 2,402 | | 流通股比例（%） | | 99.80 | | 总市值（亿元） | | 716 | | 流通市值（亿元） | | 715 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 3/25 5/25 7/25 9/25 11/25 1/25 卫星化学 沪深300 [Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：1362179270 ...

[Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com [Table_CompanyReport] 相关报告 1.单季度业绩环比大增，丁辛醇项目 顺利投产 2024-10-22 2.二季度盈利环比增长，α-烯烃项目开 工打开成长空间 2024-07-19 3.盈利同比大增，α-烯烃项目加速推进 2024-04-23 [Table_StockNameRptType] 卫星化学（002648） 公司点评 2024 年全年业绩大增，α-烯烃项目加速推进 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-25 | | | [Table_BaseData] ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.256 billion yuan for 2024, representing a year-on-year growth of 10.2%. The cloud business contributed 5.107 billion yuan, growing by 13.4% and accounting for 81.6% of total revenue. The annual recurring revenue (ARR) from cloud subscriptions reached 3.43 billion yuan, up 20% year-on-year, with contract liabilities increasing by 28.5%. The net loss attributable to shareholders for 2024 was 142 million yuan, an improvement from a loss of 270 million yuan in 2023 [4][5] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 6.256 billion yuan, with a year-on-year increase of 10.2%. The projected revenues for 2025, 2026, and 2027 are 7.040 billion yuan, 7.965 billion yuan, and 8.912 billion yuan, respectively, indicating growth rates of 12.5%, 13.1%, and 11.9% [10] - The net profit for 2024 was a loss of 142 million yuan, with forecasts of 96 million yuan, 237 million yuan, and 416 million yuan for 2025, 2026, and 2027, respectively, showing significant year-on-year growth of 167.9%, 145.8%, and 75.4% [10] Product Development - The company has fully empowered its products with AI, leading to a revenue of 1.304 billion yuan from its large client offerings, which grew by 32.9% year-on-year. The total contract value reached approximately 2.1 billion yuan, up 51.9% year-on-year [5] - The small and micro product segment also saw the implementation of AI features, generating 1.229 billion yuan in revenue, a year-on-year increase of 13.8%, with a net renewal rate of 93% [5] Future Outlook - The company expects revenues for the fiscal years 2025 to 2027 to be 7.040 billion yuan, 7.965 billion yuan, and 8.912 billion yuan, respectively, with net profits projected at 96 million yuan, 237 million yuan, and 416 million yuan [7][10] - The company maintains a "Buy" rating based on these projections, indicating confidence in its growth trajectory and profitability improvements [7]

巨[Ta星ble农_Sto牧ckN（ameRptType] 603477） 公司点评 [Table_Title] 商品猪出栏规划逾 400 万头，养殖成本持续回落 | [T投a资ble评_R级an：k]买入（维持） | | | --- | --- | | 报告日期： | 2025-03-24 | | [收Ta盘bl价e_（Ba元se）Data] | 19.49 | | 近 12 个月最高/最低（元） | 37.49/15.48 | | | 同比上升 2 个百分点。 | | 总股本（百万股） | 510 | | 流通股本（百万股） | 510 | | 流通股比例（%） | 100 | | 总市值（亿元） | 99 | | 流通市值（亿元） | 99 | 主要观点： [T2a0b2le4_S年um实m现a归ry]母净利 5.19 亿元，同比扭亏为盈 公司公布年报：2024 年实现收入 60.8 亿元，同比增长 50.4%，实现归 母净利润 5.19 亿元，同比扭亏为盈；2024 年末，公司资产负债率 61.9%， 同比上升 2 个百分点。 2025 年商品猪计划出栏逾 400 万头，完全成本目标 13 元/公斤以 ...

[Table_IndNameRptType]2 固定收益 固收周报 固收买方观点转多 ——债市情绪面周报（3 月第 3 周） 报告日期： 2025-03-25 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 研究助理：洪子彦 执业证书号：S0010123060036 电话：15851599909 邮箱：hongziyan@hazq.com 主要观点： ⚫[Table_Summary] 本周卖方与买方情绪整体修复，偏空观点机构数量明显减少 本周卖方与买方情绪整体修复，偏空观点机构数量明显减少。2 月 24 日 以来至 3 月 24 日，偏多观点机构数量降至 3 家，而偏空观点机构数量降至 2 家，中性观点机构升至 14 家，其中 16%机构均持偏多态度，关键词：基本面 逻辑未变，央行表态趋于缓和，银行负债端压力有所缓解，当前入场点位具有 性价比；74%机构均持中性态度，关键词：广谱利率下行与政策不确定性掣肘 债市波动空间，10Y1.9%有安全边际，情绪修复但资金依旧偏紧，票 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - On March 20, the company launched new portable projectors Play6e and Play6, which are expected to enhance domestic market share and profitability [5] - The Play6 series has been upgraded with better performance and pricing, which is anticipated to drive sales and improve margins [15] Summary by Relevant Sections - **Product Launch**: The new Play6e is priced at ¥1,799 (¥1,529 after national subsidy) and offers significant upgrades over its predecessor, including higher brightness and improved portability features [11] - **Competitive Advantage**: Compared to competitors, the Play6e has superior product capabilities and price performance, making it a strong contender in the entry-level portable projector market [7] - **Sales Growth**: The company’s online sales in February increased by 46% year-on-year, indicating a recovery in market share [15] - **Financial Forecast**: Projected revenues for 2024-2026 are ¥34.1 billion, ¥41.1 billion, and ¥48.1 billion respectively, with net profits expected to rise significantly in 2025 and 2026 [15][17] - **Market Position**: The company is expected to capture a larger share of the domestic market, with the Play6 series contributing significantly to sales and margin improvements [15]

| 报告日期： | 2025-03-23 | | --- | --- | | [Table_BaseData] 收盘价（元） | 19.02 | | 近 12 个月最高/最低（元） | 24.18/15.47 | | 总股本（百万股） | 507 | | 流通股本（百万股） | 507 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 96 | | 流通市值（亿元） | 96 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_StockNameRptType] 金徽酒（603919） 产品结构持续升级 ——金徽酒 2024 年报点评 [Table_Rank] 投资评级：买入（维持） -33% -17% -1% 15% 31% 3/24 6/24 9/24 12/24 金徽酒 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 主要观点： ⚫ 收入：产品结构持续升级 ⚫ 利润：费用投放稳健 ⚫ 投资建议：维持"买入" ...

舍得酒业（ [Table_StockNameRptType] 600702） 公司点评 | 调整加速，静待转机 | | --- | 1.舍得酒业 24Q3：主动调整，静待转 机 2024-10-29 2.舍得酒业 24Q2：静待市场修复 2024-08-23 3. 舍 得 酒 业 24Q1 ： 蓄 势 向 前 2024-04-30 ——舍得酒业 2024 年报点评 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-03-23 [Table_BaseData] 收盘价（元） 58.71 近 12 个月最高/最低（元） 86.25/39.56 总股本（百万股） 333 流通股本（百万股） 333 流通股比例（%） 99.85 总市值（亿元） 196 流通市值（亿元） 195 [公司价格与沪深 Table_Chart] 300 走势比较 -58% -36% -14% 9% 31% 3/24 6/24 9/24 12/24 舍得酒业 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号 ...

[Table_IndNameRptType] 农林牧渔 行业专题 3 月 USDA 上调全球玉米、小麦产量，大豆产量环比持平 [Table_IndRank] 行业评级：增持 报告日期： 2025-03-21 [Table_Chart] 行业指数与沪深 300 走势比较 -31% -19% -7% 5% 17% 29% 3/24 6/24 9/24 12/24 3/25 农林牧渔 沪深300 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com 分析师：万定宇 执业证书号：S0010524040003 邮箱：wandy@hazq.com [Table_Report] 相关报告 1.农产品行业系列报告三：2 月 USDA 下调全球玉米、大豆产量，上 调小麦产量 2024-03-02 2.农产品行业系列报告二：1 月 USDA 下调全球玉米、大豆产量，上 调小麦产量 2024-01-20 主要观点： 美国农业部 2025 年 3 月预测：2024/25 年，全球小麦产量 7.97 亿 吨，较 23/24 年增加 602 万吨，预测值环比增加 ...