Group 1 - The core viewpoint of the report maintains the profit forecast for Shoucheng Holdings at HKD 604 million and HKD 706 million for 2025 and 2026 respectively, representing year-on-year growth of 47% and 17% [1] - The company is currently trading at 1.2 times the 2025 price-to-book ratio and 1.1 times the 2026 price-to-book ratio, with a target price set at HKD 2.50, corresponding to 1.8 times the 2025 price-to-book ratio [1] - The partnership agreement signed between Shoucheng Holdings' subsidiary and China Life focuses on establishing a partnership to invest in public REITs, with a total investment amount of RMB 5.237 billion [2] Group 2 - The partnership will invest in public REITs through strategic placements and non-public transactions, targeting key regions such as Beijing-Tianjin-Hebei, Xiong'an New Area, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Hainan Free Trade Zone [2] - As of April 25, 2025, there are 65 public REITs listed in China with a total issuance scale of nearly RMB 170 billion, indicating a growing market opportunity for the company [2] - The company is actively investing in the robotics industry through a RMB 10 billion robotics industry fund, focusing on humanoid and medical robots [3] Group 3 - A recent procurement plan from a Beijing robotics leasing company, totaling RMB 3 billion, aims to enhance the application of robots in various sectors such as education, healthcare, and elderly care [4] - Shoucheng Holdings established Beijing Shoucheng Robotics Technology Industry Co., Ltd. to accelerate the deployment of quality robotics products [4] - The collaboration with Tencent for investment in Yunji Intelligent, a company focused on household intelligent robots, is expected to broaden the company's growth potential [3]
中金：维持首程控股(00697)跑赢行业评级 目标价2.50港元