计算机/软件开发 迈富时（02556.HK） 2025 年 04 月 28 日 ——港股公司首次覆盖报告 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(港元) | 39.700 | | 一年最高最低(港元) | 144.00/32.400 | | 总市值(亿港元) | 101.74 | | 流通市值(亿港元) | 101.74 | | 总股本(亿股) | 2.56 | | 流通港股(亿股) | 2.56 | | 近 3 个月换手率(%) | 110.28 | 陈宝健（分析师） 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 AI Agent 驱动公司迈入新阶段，首次覆盖给予"买入"评级 我们预计公司 2025-2027 年营业收入为 23.35、29.62、36.84 亿元，归母净利润为 -0.33、1.48、3.21 亿元，当前股价对应 PS 分别 4.0、3.2、2.5 倍。公司估值低于 同行可比公司平均估值水平，考虑公司在营销和销售 SaaS 领域领先地位，AI Agent 驱动公司迈入新阶段，首次覆盖给予"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit and an unexpected increase in new business value, with a 34.9% year-on-year growth in new business value driven by various channels [5][11]. - The report notes a significant decline in net profit, down 26.4% year-on-year, primarily due to investment losses and a one-time valuation drop from the consolidation of Ping An Good Doctor [5][11]. - The report emphasizes improvements in the comprehensive cost ratio for property and casualty insurance, which decreased by 3 percentage points year-on-year to 96.6% [5][11]. - The solvency position is strong, with a core solvency ratio of 163.7%, up 47.3 percentage points from the end of 2024 [5][11]. Financial Overview - Revenue is projected to grow from RMB 913,789 million in 2023 to RMB 1,057,335 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 7.5% [4][11]. - Net profit is expected to recover from RMB 85,665 million in 2023 to RMB 120,657 million in 2025, with a notable increase of 47.8% in 2024 [4][11]. - The report forecasts earnings per share (EPS) to be RMB 6.95 in 2024 and RMB 6.63 in 2025, with a projected price-to-earnings (P/E) ratio of 6.5 in 2025 [4][11]. Business Performance - The first quarter of 2025 saw a 2.4% year-on-year increase in operating profit after tax (OPAT), primarily from the life and health insurance segments, while property and casualty insurance and banking segments experienced declines [5][11]. - The new business value rate improved significantly, reaching 28.3%, an increase of 11.4 percentage points year-on-year, attributed to product structure optimization and cost reduction measures [5][11]. - The average daily trading volume of the stock is reported at 50.03 million shares, with a market capitalization of approximately HKD 924.92 billion [3][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.59 per share, compared to the current price of HKD 37.85 [6]. Core Insights - The company is entering a harvest period for its innovation and internationalization efforts, following significant progress in its pipeline and global expansion after privatization [1]. - The company has achieved historical profitability in the first half of 2023, with a revenue of HKD 25.01 billion, marking a year-on-year increase of 93.9% [6][25]. - The innovative drug segment, particularly the differentiated PD-1 drug, is expected to drive significant revenue growth in the medium term [4][6]. Summary by Sections 1. Commercialization and Innovation - The company has established itself as a pioneer in biosimilars, with its first product, Rituximab, approved in 2019, and is now focusing on expanding its innovative drug portfolio [14][15]. - The revenue from biosimilars reached HKD 36.3 billion in 2024, while the innovative drug segment generated HKD 13.1 billion, accounting for 22.86% of total sales [29]. 2. HLX43: Potential in PD-L1 ADC - HLX43 is the second PD-L1 ADC drug to enter clinical trials globally, showing significant potential as a future pillar in the company's pipeline [2]. - The drug is currently in clinical phase II and has demonstrated promising data, indicating a strong confidence from the company in its development [2]. 3. HLX22: Potential to Change HER2 Positive Gastric Cancer Treatment - HLX22 has shown superior clinical benefits compared to standard treatments in HER2 positive gastric cancer, with ongoing international phase III trials [3]. - The drug has received orphan drug designation in the US, highlighting its potential in the gastric cancer treatment landscape [3]. 4. Differentiated PD-1 Drug: Surulitinib - Surulitinib is positioned to address unmet clinical needs in small cell lung cancer, with expected rapid market uptake upon approval [4]. - The drug has shown optimal data in clinical trials, indicating a strong commercial potential in various indications [4]. 5. Internationalization and Market Expansion - The company has a strong track record in internationalization, with significant licensing agreements and expected revenue growth from overseas markets starting in 2025 [5]. - The company aims to leverage its first-mover advantage in biosimilars and innovative drugs to maximize market value domestically and internationally [5]. 6. Profit Forecast - Revenue projections for 2025-2027 are estimated at HKD 58.73 billion, HKD 59.70 billion, and HKD 71.25 billion, with corresponding net profits of HKD 8.27 billion, HKD 7.97 billion, and HKD 11.22 billion [6]. - The company is expected to continue its upward trajectory in profitability, driven by its innovative pipeline and effective cost management strategies [6][32].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] - The expected dividend yield for 2025 is 5.4% [1] Summary by Relevant Sections Retail Gas Volume - In Q1 2025, the company achieved retail gas volume of 7.258 billion cubic meters, a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit from retail gas in 2025 [2] Comprehensive Energy Sales - The company reported a comprehensive energy sales volume of 10.039 billion kWh in Q1 2025, a year-on-year increase of 9.9% [3] - The expected gross profit growth for comprehensive energy in 2025 is projected to be 12% [3] Smart Home Services - The penetration rate for smart home services reached 3.7% in Q1 2025, a decrease of 0.3 percentage points year-on-year [3] - The expected gross profit growth for smart home services in 2025 is projected to be 10% [3] Financial Forecasts - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB respectively, reflecting a CAGR of 5% over three years [5] - The target price has been slightly revised down to 68.6 HKD, based on a 10x PE for 2025E [5] Key Financial Metrics - The company’s revenue for 2025 is projected at 113.873 billion RMB, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB [6]

证券研究报告 新高教集团 (2001 HK) 基本面依然稳健，关注新校拓展 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国香港 | 高等教育 | 新高教集团公布 FY25H1 业绩：公司实现主营业务收入 14.13 亿元， yoy+7.8%，占我们全年预测的 54%，我们认为基本符合预期；经调整净利 润 4.56 亿元，yoy+7.0%，占我们全年预测的 57%，略超预期。上半年资本 开支 3.93 亿元，支出节奏符合全年指引（8-9 亿元）。公司旗下现有学校学 历提升申报工作稳步推进，并宣布将在海南合作筹办一所本科及以上学历层 次的高等教育机构，进一步扩大校网。我们认为公司在学历提升的转型期基 本面仍然保持稳健增长，高等学历教育收入和利润稳定性强，看好长期可持 续内生增长，维持"买入"评级。 招生竞争力持续增强，生源结构进一步优化 得益于持续的教学硬件、师资、就业质量投入，FY25H1 公司旗下院校排名 大幅提升，云南/甘肃/华中学校分别在校友会 2025 全国民办大学排行榜提 升 1/8/7 名，贵州/洛阳/郑州 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] Summary by Sections Sales and Revenue - In Q1 2025, the company achieved a total gas sales volume of 7.258 billion cubic meters, representing a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit for retail gas in 2025 [2] Energy Sales and Smart Home Services - The company reported a 9.9% year-on-year increase in comprehensive energy sales volume, reaching 100.39 billion kWh in Q1 2025 [3] - The penetration rate for smart home services decreased to 3.7%, with a year-on-year decline of 0.3 percentage points [3] - The company anticipates a gross profit growth of at least 10% for smart home services in 2025 [3] Financial Projections - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB, respectively [5] - The target price is set at 68.6 HKD, based on a 10x 2025E PE ratio [5] Key Financial Metrics - The company is projected to have a revenue of 113.873 billion RMB in 2025, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB, with a projected ROE of 15.32% [6]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 61.59 per share, maintaining the rating from previous assessments [6]. Core Views - The report emphasizes that the company is entering a harvest period for its innovation and internationalization efforts, following significant progress in its pipeline and global expansion after privatization [1]. - The company has achieved historical profitability in the first half of 2023, with a notable increase in revenue and net profit, indicating strong growth potential [6][25]. Summary by Sections 1. Commercialization and Innovation - The company has established itself as a pioneer in biosimilars, with its first product, Rituximab, being the first biosimilar approved in China [14]. - The company is focusing on innovative drugs and has seen significant sales growth, with projected revenues of HKD 57.24 billion in 2024, reflecting a year-on-year increase of 6.06% [25][29]. 2. HLX43: PD-L1 ADC Development - HLX43 is the second PD-L1 ADC to enter clinical trials globally, showing promising potential for treating patients who do not respond to PD-1/PD-L1 therapies [2]. - The report highlights the urgent clinical need for effective treatments in EGFR wild-type NSCLC, where current therapies primarily rely on chemotherapy [37]. 3. HLX22: HER2 Positive Gastric Cancer - HLX22 has demonstrated significant clinical benefits in treating HER2 positive gastric cancer, with ongoing international trials expected to enhance its market position [3]. - The drug has received orphan drug designation in the US, indicating its potential as a key revenue driver for the company [3]. 4. Differentiated PD-1 SruLi monoclonal antibody - The company is advancing its differentiated PD-1 monoclonal antibody, SruLi, targeting unmet clinical needs in small cell lung cancer, with expected revenue of HKD 13.13 billion in 2024 [4]. - The report notes that SruLi has shown superior efficacy in clinical trials compared to existing treatments, positioning it for rapid market uptake [4]. 5. Internationalization and Market Expansion - The company has a strong track record in internationalization, with successful licensing agreements and product approvals in various global markets [5]. - The anticipated approval of SruLi in Europe and the US is expected to drive overseas revenue growth starting in 2025 [5]. 6. Financial Forecast - The company is projected to achieve revenues of HKD 58.73 billion, HKD 59.70 billion, and HKD 71.25 billion for the years 2025 to 2027, with corresponding net profits of HKD 8.27 billion, HKD 7.97 billion, and HKD 11.22 billion [6]. - The report indicates a significant improvement in the company's financial health, with a historical achievement of breakeven in 2023 [6][25].

证 券 研 究 报 告 顺丰控股（06936.HK）点评报告 强推（首次） 持续看好公司处于净利率可持续提升周期， H 股相较于 A 股折价具备明显配置性价比 ❖ 2024 年 9 月我们发布顺丰控股（A 股）重要深度《解码顺丰（19）:三个话题 聊聊顺丰净利率能否可持续提升》，我们看好公司净利率可持续提升。 其一、我们认为公司核心时效快递需求有韧性，在宏观经济增速有一定压力情 况下，仍可保持"GDP+"的增速，同时从卖产品到卖行业解决方案的转型也 会助于公司在服务行业的加速渗透。公司 24 年报中表示：围绕客户供应链环 节的持续渗透，2024 年公司在电商与流通行业、通信高科技行业、汽车行业、 工业制造行业的物流收入同比增长达 20%及以上。2024 年，公司时效快递业 务营业收入 1222.1 亿元，同比增长 5.8%，业务量同比增长 11.8%。时效件业 务量结构从商务件稳步向大消费及工业制造领域渗透，消费及工业制造相关的 品类寄递成为时效快递主要增长驱动力。 其二、我们认为公司降本的底层逻辑是基于大营运模式变革，并可支撑降本持 续性。年报中提及，公司推行的"中转场直接分拣+容器集装并直接发运至末 端小 ...

中国有色矿业（1258.HK）2024 年年报&2025 年一季报点评 历史最佳年度归母净利，期待自产铜持续增长 2025 年 04 月 26 日 [Table_Author] 分析师：邱祖学 分析师：张弋清 执业证号：S0100521120001 执业证号：S0100523100001 邮箱：qiuzuxue@mszq.com 邮箱：zhangyiqing@mszq.com ➢ 事件：2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 38.17 亿美元，同比增长 5.8%，实现归母净利润 3.99 亿美元， 同比增长 43.6%。单季度看，2024Q4 公司实现归母净利润 0.85 亿美元，同比 增长 273.9%，环比减少 11.1%；2025Q1 公司实现归母净利润 1.23 亿美元，同 比增长 46%，环比增长 46%。25Q1 业绩超市场预期。 ➢ 2024 年归母净利润创历史最佳，主要得益于铜价上涨。 ➢ 2025 年一季度公司归母净利润同环比均大幅提升，主要得益于铜价上涨以 及铜产量恢复正常。 ① 产量： 2025Q1 公 司 粗 铜 及 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 绿源集团控股(2451.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 绿源集团控股：电动两轮车稳健增长，积极布 局新成长曲线 [Table_ReportDate] 2025 年 4 月 26 日 [Table_S 事件：公司发布 ummary] 2024 年年报。24 年公司实现收入 50.72 亿元（-0.2%）， 归母净利润 1.17 亿 ...