龙湖集团（00960.HK） 优于大市 开发业务承压，经营性业务稳步增长 证券研究报告 | 2025年04月01日 核心净利-39%。2024 年公司实现营业收入 1275 亿元，同比下降 29.5%；实 现归母净利润 104 亿元，同比下降 19.1%；剔除少数股东损益、投资性物业 和金融衍生品的公允价值变动后的核心净利润 70 亿元，同比下降 38.6%。分 不同业务看，公司物业开发业务收入 1008 亿元，占比为 79%，下降 7pct； 运营及服务业务收入分别为 135、132 亿元，占比分别为 11%、10%，分别上 升 3pct、4pct。 开发业务承压，聚焦核心城市。2024 年公司开发业务收入同比下降 35%，受 市场大势影响仍在调整阶段。公司实现销售面积 712 万平方米，同比下降 34.1%；实现销售金额 1011 亿元，同比下降 41.7%；其中长三角、西部、环 渤海、华南及华中片区销售额分别占比 29%、27%、19%、15%、10%。公司新 增拿地 9 个，总建面 83 万平方米，权益地价 51 亿元。截至 2024 年末，公 司拥有土储合计 3312 万平方米，权益面积 2426 ...

Investment Rating - The report maintains an "Outperform the Market" rating for BYD Electronics [6] Core Viewpoints - In 2024, BYD Electronics is expected to achieve a revenue of 177.306 billion yuan, representing a year-on-year growth of 36%, with a net profit of 4.266 billion yuan, reflecting a growth of 5.6% [1] - The company's automotive business is experiencing significant growth driven by the penetration of intelligent driving technologies, with revenue from the new energy vehicle segment projected to reach 20.513 billion yuan, a year-on-year increase of 45.5% [2] - The demand for AI data centers is surging, leading to growth in AI servers and related technologies, although the new intelligent product segment is expected to see a decline in revenue by 15.63% to 15.56 billion yuan due to challenges in the household energy storage business [3] - The global consumer electronics market is recovering, with BYD Electronics benefiting from increased smartphone and tablet shipments, resulting in a 45% year-on-year revenue growth in the consumer electronics segment, reaching 141.233 billion yuan [4] Financial Summary - For 2024, BYD Electronics is projected to have a gross margin of 6.9% and a net profit margin of 2.41%, with a slight decline in margins due to business restructuring [1] - The company’s revenue and profit forecasts for 2025 to 2027 indicate a continued upward trend, with net profits expected to grow by 40.8%, 28.2%, and 18.2% respectively, reaching 6 billion, 7.702 billion, and 9.102 billion yuan [4][5] - Key financial metrics include a projected PE ratio of 15 for 2025, decreasing to 10 by 2027, indicating a favorable valuation outlook [5]

交银国际研究 公司更新 | 新能源 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 1 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 3.81 | 港元 | 3.47↓ | -8.9% | | | 凯盛新能 (1108 HK) | | | | | | 4 季度亏损扩大，光伏玻璃价格近期强劲反弹有助减亏，维持中性 个股评级 中性 1 年股价表现 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 6,595 | 4,594 | 4,557 | 4,871 | 5,309 | | 同比增长 (%) | 31.1 | -30.3 | -0.8 | 6.9 | 9.0 | | 净利润 (百万人民币) | 395 | (610) | (252) | (44) | 34 | | 每股盈利 (人民币) | 0.61 | (0.94) | (0.39) | (0.07) | 0.05 | ...

股票研究 /[Table_Date] 2025.04.01 年报扭亏为盈，央企重组不断推进 东风集团股份(0489) ——东风集团股份 2024 年报点评 | [table_Authors] 吴晓飞(分析师) | 管正月(分析师) | [当前价格 Table_CurPrice] (港元)： | 4.74 | | --- | --- | --- | --- | | 0755-23976003 | 021-38032026 | | | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | [Table_Market] | | | 登记编号 S0880517080003 | S0880521030003 | 交易数据 | | | | | 52 周内股价区间（港元） | 1.88-5.06 | 本报告导读： 公司 2024 年业绩实现扭亏为盈，商乘业务均大幅扭亏，自主乘用车毛利率明显改 善，合资业务触底企稳，战略转型步入收获期。汽车央企重组不断推进，值得期待。 投资要点： -42% -21% -1% 19% 39% 59% 2024/3 2024/4 2024/5 2024 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HK$103.50, indicating an expected relative performance above the market benchmark [2][5]. Core Insights - The company achieved a total of 359,000 cases of invisible orthodontics in 2024, representing a growth of 46.7%. International cases surged to 141,000, up 326.4%, accounting for 39.1% of total cases, while domestic cases grew by 3.2% to 218,000 [3][11]. - Revenue for 2024 reached US$270 million, reflecting a year-on-year increase of 28.2%, with a gross profit margin of 62.6%. The overseas revenue was US$80.5 million, a significant increase of 290.4%, while domestic revenue slightly declined by 0.4% to US$190 million [12][13]. - The company plans to establish a manufacturing facility in Wisconsin, USA, to enhance local operational capabilities, which is expected to reduce geopolitical risks and improve brand recognition among overseas orthodontists [14]. Financial Performance and Forecast - The company forecasts revenues of US$320 million and US$390 million for 2025 and 2026, respectively, with year-on-year growth rates of 19.4% and 20.1%. The net profit attributable to shareholders is expected to be US$12.4 million and US$13.3 million for the same years, reflecting growth of 2.3% and 7.6% [5][15]. - The adjusted net profit for 2024 was US$26.86 million, with a net profit margin of 10.0%. The domestic net profit margin was stable at 19.5%, while overseas losses narrowed slightly to US$29.65 million [13][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 50.12 billion yuan in 2024, a year-on-year increase of 47.89%, and a net profit of 8.12 billion yuan, marking a turnaround from a loss of 0.83 billion yuan in 2023. The company also announced a final dividend of 0.4 HKD per share [8] - The self-developed games have significantly improved gross margins, with a notable revenue contribution from titles like "Start Your Muffin" and "Lily of the Valley." The upcoming game "Heart Town" is expected to continue this trend [8] - TapTap's monthly active users (MAU) reached 44.05 million in China, a year-on-year increase of 23.03%, while international MAU was 503,000, a decrease of 13.02%. The growth in domestic MAU is attributed to a rich supply of new games and effective marketing strategies [8] - The company has demonstrated effective cost control, with an overall gross margin of 69.40% in 2024, up 8.37 percentage points year-on-year. The net profit margin also saw a significant increase to 16.19% [8] - The report projects net profits for 2025-2027 to be 9.80 billion, 10.69 billion, and 11.61 billion yuan respectively, with corresponding P/E ratios of 15, 14, and 13 times [8] Financial Summary - Total revenue for 2023 was 3.39 billion yuan, with projections of 5.01 billion yuan for 2024, reflecting a growth rate of 47.89% [1] - The company’s net profit for 2024 is projected at 811.53 million yuan, with a year-on-year growth of 20.74% for 2025 [1] - The earnings per share (EPS) is expected to rise from 1.65 yuan in 2024 to 2.36 yuan by 2027 [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][9] Core Views - The company has shown strong growth in raw milk business and effective cost control, with a revenue increase of 7.5% year-on-year to 20.1 billion yuan in 2024, despite a net loss of 6.91 billion yuan due to non-cash items [5][6][9] - The cash EBITDA increased significantly by 38.3% to 5.325 billion yuan, with a cash EBITDA margin of 26.5%, up 5.9 percentage points year-on-year [5] - The raw milk business revenue reached 15.101 billion yuan, a 17.0% increase, contributing 75.1% to total revenue, with total raw milk production rising by 24.2% to 3.75 million tons [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 20.1 billion yuan, with a year-on-year growth of 7.5% [5] - The adjusted profit showed a strong performance, with cash EBITDA of 5.325 billion yuan, reflecting a significant increase of 38.3% [5] - The gross margin improved by 4.9 percentage points to 28.8% [5] Business Segments - The raw milk segment experienced robust growth, with revenue of 15.101 billion yuan, a 17.0% increase, and total production of 3.75 million tons, up 24.2% [6] - The feed solutions segment faced short-term pressure, with revenue declining by 13.7% to 4.995 billion yuan [7] - The premium feed business saw a 44.5% increase in sales for beef and sheep, indicating a breakthrough in non-dairy feed markets [7] Future Outlook - The company anticipates a gradual recovery in raw milk prices and an increase in production, with projected revenues of 21.856 billion yuan, 22.886 billion yuan, and 23.642 billion yuan for 2025, 2026, and 2027 respectively [9][11] - The earnings per share (EPS) are expected to improve from -0.06 yuan in 2025 to 0.23 yuan in 2027 [9][11]

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's clear growth path and potential in both traditional and AI emerging businesses [4]. Core Insights - The company reported a revenue of 2.061 billion RMB for the fiscal year 2024, representing a year-on-year growth of 17.1%, and a net profit attributable to shareholders of 428 million RMB, up 31.0% year-on-year, with a net profit margin of 20.8% [1]. - The sales volume for customized lenses reached 178 million units in 2024, with an average selling price of 11.6 RMB per unit, reflecting a 4.5% increase [2]. - The company is focusing on product structure optimization and has increased R&D expenses, which rose by 18.2 million RMB, leading to a R&D expense ratio of 4.3% [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is 520 million RMB, 620 million RMB, and 720 million RMB, respectively, with growth rates of 20.9%, 19.4%, and 16.5% [4]. Summary by Sections Performance Review - For the second half of 2024, the company achieved a revenue of 1.084 billion RMB, a year-on-year increase of 16.8%, and a net profit of 220 million RMB, up 30.3% [1]. Operational Analysis - The company’s revenue from functional lenses, standard lenses, customized lenses, and other income was 755 million RMB, 907 million RMB, 395 million RMB, and 3 million RMB, respectively, with year-on-year growth rates of 32.4%, 8.8%, 11.8%, and 60.3% [2]. - Revenue by region showed growth in mainland China (13.92%), the Americas (16.93%), Asia (37.88%), and Europe (6.38%) [2]. Product and R&D Development - The company is enhancing its XR business and has established an XR R&D service center, with plans for production expansion in Thailand [3]. - The company is also accelerating the development of its own brand channels and innovating products with different refractive indices and functions [3]. Profit Forecast and Valuation - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 25, 21, and 18 times, respectively [4].

Investment Rating - The investment rating for China Resources Gas (01193.HK) is "Buy" (maintained) [1] Core Views - The company's performance is under pressure, with a reported revenue of HKD 102.68 billion for 2024, a year-on-year increase of 0.90%. However, the net profit attributable to shareholders decreased by 21.74% to HKD 4.09 billion [7] - The company declared a dividend of HKD 0.95 per share for the year, corresponding to a payout ratio of 53% of core profits and a dividend yield of 4.1% [7] - The report highlights that the company's core profit growth was below expectations, primarily due to slower growth in retail gas volume and revenue from integrated energy and services [7] Summary by Sections Financial Performance - For 2024, total revenue is projected at HKD 102,676 million, with a slight increase of 0.90% year-on-year. The net profit attributable to shareholders is expected to be HKD 4,088 million, reflecting a decrease of 21.74% [1][7] - The earnings per share (EPS) for 2024 is estimated at HKD 1.77, with a P/E ratio of 13.13 [1][8] Business Segments - **City Gas**: Revenue increased by 3.4% to HKD 88.80 billion, with retail gas volume up by 2.9% to 39.91 billion cubic meters [7] - **Connection Services**: Revenue decreased by 15.0% to HKD 9.25 billion, with new residential connections down by 15.8% [7] - **Integrated Services**: Revenue grew by 4.0% to HKD 4.21 billion, with a projected growth rate of 20%-30% for 2025 [7] - **Integrated Energy**: Revenue increased by 13.8% to HKD 1.87 billion, with energy sales volume up by 27.2% [7] Cash Flow and Dividends - The company reported a free cash flow of HKD 2.58 billion for 2024, an increase of 14.2% year-on-year [7] - The total capital expenditure for 2024 is projected at HKD 4.42 billion, a decrease from the previous year [7] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to HKD 4.46 billion for 2025 and HKD 4.90 billion for 2026, with a new estimate of HKD 5.38 billion for 2027 [7][8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][9] Core Views - The company has shown strong growth in raw milk business and effective cost control, with a revenue increase of 7.5% year-on-year to 20.1 billion yuan in 2024, despite a net loss of 6.91 billion yuan due to non-cash items [5][6] - The cash EBITDA increased significantly by 38.3% to 5.325 billion yuan, with a cash EBITDA margin of 26.5%, up 5.9 percentage points year-on-year [5] - The raw milk business revenue reached 15.101 billion yuan, a 17.0% increase, contributing 75.1% to total revenue, with total raw milk production rising by 24.2% to 3.75 million tons [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 20.1 billion yuan, with a year-on-year growth of 7.5% [5] - The adjusted profit showed a strong performance, with cash EBITDA of 5.325 billion yuan, reflecting a significant increase of 38.3% [5] - The gross margin improved by 4.9 percentage points to 28.8%, while the selling and administrative expense ratios slightly decreased [5] Business Segments - The raw milk segment experienced robust growth, with revenue of 15.101 billion yuan, a 17.0% increase, and total raw milk production reaching 3.75 million tons [6] - The company optimized its cost structure, reducing feed costs by 14.3% to 2.10 yuan per kilogram [6] - The solutions segment faced short-term pressure, with a revenue decline of 13.7% to 4.995 billion yuan [7] Future Outlook - The company anticipates a gradual recovery in raw milk prices and an increase in production, with projected revenues of 21.856 billion yuan, 22.886 billion yuan, and 23.642 billion yuan for 2025, 2026, and 2027 respectively [9][11] - The earnings per share (EPS) are expected to improve from -0.06 yuan in 2025 to 0.23 yuan in 2027, indicating a positive trend in profitability [9][11]