业绩同比高增，成本控制优异 周期/金属及材料 公司发布 2024 年业绩：2024 年实现营业收入 118.7 亿元，同比+12.7%；实现 归母净利润 7.0 亿元，同比+119.4%；24H2 实现营业收入 75.9 亿元，同比/环 比分别 +61.5%/+77.3% ，实现归母净利润 5.5 亿元，同比 / 环比分别 +175.0%/+260.3%。 财务数据与估值 证券研究报告 | 公司点评报告 2025 年 04 月 08 日 灵宝黄金（03330.HK） | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 10535 | 11867 | 14979 | 15984 | 17324 | | 同比增长 | 4% | 13% | 26% | 7% | 8% | | 营业利润(百万元) | 590 | 1022 | 1639 | 2265 | 2837 | | 同比增长 | 31% | 73% | 60% | 38% | 25% | | 归母净利润(百万元) ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][11]. Core Insights - The company's core product sales are strong, with commercial sales revenue reaching RMB 2.00 billion, a 24.9% increase, while total revenue for 2024 was RMB 2.13 billion, reflecting a 53.1% decline primarily due to reduced licensing revenue [3][16]. - The company has effectively managed costs, resulting in a significant reduction in expense ratios across the board, with R&D expenses decreasing by 5.3% due to the transition of some outsourced clinical research services to in-house execution [4][18]. - The clinical pipeline is advancing steadily, with key programs such as Cadonilimab and Ivonescimab making progress in various trials, including those for hepatocellular carcinoma and non-small cell lung cancer [5][19][20]. Financial Performance - The company reported a net loss of RMB 501 million for 2024, but the operating net loss narrowed by 16.7% year-over-year to RMB 660 million [3][16]. - Revenue projections for 2025-2027 are set at RMB 3.41 billion, RMB 5.45 billion, and RMB 7.31 billion, respectively, with expected year-over-year growth rates of 60% and 34% in the following years [11][34]. - The company is expected to turn a profit in 2025, achieving a net profit of RMB 50 million [11][34]. Clinical Pipeline - Cadonilimab is involved in multiple clinical trials, including adjuvant treatment for hepatocellular carcinoma and combination therapies for non-small cell lung cancer [5][19]. - Ivonescimab is also progressing in various trials, including those for biliary tract cancer and head and neck squamous cell carcinoma [20][23]. - The company is expanding into antibody-drug conjugates (ADCs) with several candidates entering clinical or IND application stages [10][30][31]. Valuation and Target Price - The target price has been adjusted to HKD 96.6 per share, based on a DCF model with a WACC of 10.0% and a perpetual growth rate of 3.0% [11][34].

证券研究报告 美丽田园医疗健康 (2373 HK) 24 年业绩彰显强韧性 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 08 日│中国香港 | 零售 | 2024 年公司营收 25.72 亿/yoy+19.9%，归母净利润 2.28 亿/yoy+5.9%。归 母净利率 8.9%/yoy-1.2pct，经调整净利润 2.52 亿/yoy+4.6%。2H24 奈瑞 儿正式并表，贡献收入 2.87 亿/利润 0.2 亿。内生方面，公司业务基石美容 与保健业务强韧性，医美客户渗透率持续提升，亚健康医疗服务板块快速放 量。外延方面，奈瑞儿 24 年已贡献业绩增量，后续公司有望凭借自身优势 持续整合市场提份额。宣派末期股息 1.13 亿，对应分红率 50%，并宣布未 来 3 年除特殊情况外分红率将不低于 50%。未来将引入长期战略投资者构 建健康多元股东生态体系。展望长期，公司仍有望持续积累优质客户，并通 过三美业务矩阵深度挖潜用户价值。维持"买入"评级。 美容与保健服务基本盘发展良好，亚健康医疗服务增速亮眼 24 年美容与保健服务营收 1 ...

证券研究报告 思摩尔国际 (6969 HK) 港股通 看好雾化主业修复，HNB 成长可期 | 华泰研究 | | | 公告点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 08 日│中国香港 | 消费轻工 | 风险提示：行业政策收紧，需求不及预期，新业务不及预期，关税加征风险。 经营预测指标与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (人民币百万) | 11,203 | 11,799 | 12,958 | 14,939 | 17,124 | | +/-% | (7.75) | 5.31 | 9.82 | 15.29 | 14.63 | | 归属母公司净利润 (人民币百万) | 1,645 | 1,303 | 1,323 | 2,140 | 2,762 | | +/-% | (34.47) | (20.78) | 1.54 | 61.71 | 29.08 | | EPS (人民币，最新摊薄) | 0.27 | 0.21 | ...

Investment Rating - The report maintains a "Buy" rating for Gushengtang (2273 HK) with a target price of HK$61.84, indicating a potential upside of +117% from the current price of HK$28.55 [3][9][19]. Core Insights - Gushengtang has shown robust growth in its healthcare solutions, with total revenue for 2024 reaching RMB 3.022 billion, a year-on-year increase of 30.1%, and net profit of RMB 307 million, up 21.4% [7][13]. - The company is expanding its international presence, having entered the Singapore market, which contributed RMB 31.52 million to its revenue [8]. - The report projects revenue and net profit growth rates for 2025E-2027E at 26%/23%/19% and 26%/24%/18%, respectively [7][15]. Financial Summary - Revenue for 2025E is projected at RMB 3.819 billion, with a gross profit of RMB 1.150 billion and a net profit of RMB 386 million [13][24]. - The earnings per share (EPS) for 2025E is estimated at RMB 1.61, with a P/E ratio of 16.1, which is lower than the industry average of 27x [3][19][21]. - The company’s gross margin is expected to remain stable at around 30% to 31% through 2027E [8][19]. Adjustments and Forecasts - The target price has been adjusted down from HK$73.95 to HK$61.84, reflecting a 16% decrease due to revised earnings forecasts [3][19]. - The report has lowered the 2025E and 2026E EPS estimates by 19% and 24%, respectively, due to anticipated costs associated with digital transformation and expansion efforts [15][17]. Valuation - The DCF valuation method indicates a target price of HK$61.84, corresponding to a P/E of 35x for 2025, suggesting a premium valuation due to the company's unique position in the TCM service market [19][20].

证券研究报告 永达汽车 (3669 HK) 传统品牌销量承压，新能源渠道扩张 提速 24 年新车销量承压，全年销售量 17.1 万辆，同比-12%，对应销售及相关 服务收入 494 亿元，同比-16%。得益于小米 SU7、问界 M9 等爆款热销， 新能源品牌销售表现亮眼，24 年收入 30 亿元，同比+85%，销售占比由 3% 提升至 6%；单车平均售价（直销+经销）同比提升 4 万元至 28 万元。新能 源相关的售后业务也同比提升，24 年独立新能源品牌维修收入 3 亿元，同 比+95%。二手车销售和整体售后服务业务收入分别为 97/38 亿元，同比 -28.4%/-0.1%。整体来看，24 年销售业务虽然承压，但我们看到新能源汽 车业务带来改善机会，为前后双端注入新动力。 优化门店结构+推进控本降费，应对盈利承压挑战 24 年公司毛利率为 8.3%，同比-0.7pct。其中新车销售及相关服务毛利率同 比-1.8pct 至 1.7%，主要系行业竞争加剧，新车市场价格下行造成压制；二 手车、售后、汽车经营租赁服务毛利率分别为 6.4%/42.2%/15.2%，同比 -0.9/-0.3/-7.6pct。面对利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is steadily advancing its various businesses and continuously expanding its cigarette export operations [4] - The company has signed a framework agreement with a subsequent contracting party, Mongkun Company, to expand its cigarette export business [4] - The company has applied for and received approval from the Stock Exchange to amend existing exemptions to cover the framework agreement with the subsequent contracting party [4] Business Performance - The cigarette export business is one of the company's main operations, achieving a volume of 3,339.7 million cigarettes in 2024, a year-on-year increase of 19.1% [5] - The revenue from cigarette exports reached 1,573.6 million HKD in 2024, up 30.2% year-on-year, accounting for 12% of total revenue [5] - The gross profit from cigarette exports was 277.4 million HKD, reflecting a 69.1% year-on-year increase and representing 20% of total gross profit [5] - The growth in the company's cigarette business is attributed to expanding operational regions, enhancing tax-inclusive business, and optimizing product mix [5] Financial Projections - The company is expected to generate total revenues of 143.96 billion HKD, 156.48 billion HKD, and 169.00 billion HKD for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10%, 9%, and 8% [6] - The projected net profit attributable to the parent company is 9.39 billion HKD, 10.44 billion HKD, and 11.71 billion HKD for the years 2025, 2026, and 2027 respectively, with growth rates of 10%, 11%, and 12% [6] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.36 HKD, 1.51 HKD, and 1.69 HKD respectively, with corresponding price-to-earnings (P/E) ratios of 14.74, 13.26, and 11.82 [6] Key Financial Metrics - The company's total revenue for 2024 was 13,074 million HKD, with a year-on-year growth of 10% [9] - The return on equity (ROE) is projected to decrease from 28.41% in 2024 to 19.01% by 2027 [11] - The company's net profit margin is expected to remain stable, with a projected net profit margin of 6.53% for 2025 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is steadily advancing its various businesses and continuously expanding its cigarette export operations [4] - The company has signed a framework agreement with a subsequent contracting party, Mongkun Company, under the same terms as the original agreement [4] - The company has applied for and received approval from the Stock Exchange to amend existing exemptions to cover the framework agreement with subsequent contracting parties [4] Business Performance - The cigarette export business is one of the company's main operations, achieving a volume of 3,339.7 million cigarettes in 2024, a year-on-year increase of 19.1% [5] - The revenue from cigarette exports reached 1,573.6 million HKD in 2024, up 30.2% year-on-year, accounting for 12% of total revenue [5] - The gross profit from cigarette exports was 277.4 million HKD, reflecting a 69.1% year-on-year increase and representing 20% of total gross profit [5] - The growth in the company's cigarette business is attributed to expanding operational areas, introducing new products, and optimizing the product mix [5] Financial Projections - The company is expected to generate total revenue of 143.96 billion HKD, 156.48 billion HKD, and 169.00 billion HKD for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10%, 9%, and 8% [6] - The projected net profit attributable to the parent company for the same years is 9.39 billion HKD, 10.44 billion HKD, and 11.71 billion HKD, with growth rates of 10%, 11%, and 12% [6] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.36 HKD, 1.51 HKD, and 1.69 HKD, respectively, with corresponding price-to-earnings (P/E) ratios of 14.74, 13.26, and 11.82 [6] Key Financial Metrics - The company reported total revenue of 13,074 million HKD in 2024, with a year-on-year growth of 10% [9] - The return on equity (ROE) is projected to decrease from 28.41% in 2024 to 19.01% in 2027 [11] - The company’s total assets are expected to grow from 9,817 million HKD in 2024 to 13,524 million HKD in 2027 [11]

2025 年 4 月 8 日 公司研究 聚焦核心城市，销售保持增长信心 ——越秀地产（0123.HK）动态跟踪 要点 事件：公司发布 2024 年业绩公告和 2025 年 1-3 月销售资料。 点评： 开发业务结算放量，毛利率下滑明显：2024 年，公司实现营业收入 864 亿元， 同比增长 7.7%，营收增长主要受房地产开发业务结算收入增长带动，年内房地 产开发业务实现营收 806 亿元，同比增长 7.2%；公司综合毛利率为 10.5%，同 比下降 4.8pct，主要因计提 22.7 亿元存货减值损失（同比增长 44.4%）及前期 低毛利项目集中结算等影响；公司归母净利润 10.4 亿元，同比下降 67.3%，其 中核心归母净利润为 15.9 亿元，同比下降 54.4%，主要受毛利率下降等影响。 截至 2024 年末，公司已售未结销售额约 1701 亿元，同比下降 14.7%，合同负 债覆盖营收 0.97 倍，预计后续开发业务结算增速或有所放缓。 2024 市场排名提升，2025 销售保持增长信心：2024 年，公司实现销售额 1145 亿元，同比下降 19.4%，年度销售首次进入全国前 10，位列第 8， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 15.098 billion HKD for 2024, a decrease of 55% year-on-year, and a net profit attributable to shareholders of -4.75 billion HKD, indicating a shift from profit to loss [5][8]. - The company has optimized its cash cost for granular silicon to 33.52 HKD/kg in 2024, with further improvements expected as the cash cost was reduced to 27.14 HKD/kg in the first two months of 2025 [8]. - The company has a production capacity of 480,000 tons for granular silicon, with an output of 269,200 tons and a shipment volume of 282,000 tons in 2024 [8]. - The company’s silicon wafer sales volume was 33.525 GW in 2024, a decrease of 35.4% year-on-year, primarily due to industry price declines [8]. - The gross margin for the photovoltaic power station segment dropped to 16.9% in 2024 from 46.7% in 2023, impacting overall performance [8]. - Administrative expenses were reduced to 1.855 billion HKD in 2024, down 18.5% year-on-year, due to salary reductions and cost control measures [8]. - The company aims to achieve positive cash flow in Q1 2025 and anticipates a turnaround in performance, supported by cost control and a significant reduction in director salaries [8]. Summary by Sections Financial Performance - Revenue for 2024 was 15.098 billion HKD, a 55% decrease year-on-year [5][8]. - Net profit attributable to shareholders was -4.75 billion HKD, indicating a loss [5][8]. Production and Sales - Granular silicon production capacity is 480,000 tons, with 2024 output at 269,200 tons and shipments at 282,000 tons [8]. - Silicon wafer sales volume was 33.525 GW in 2024, down 35.4% year-on-year [8]. Cost Management - Cash cost for granular silicon was 33.52 HKD/kg in 2024, with further optimization to 27.14 HKD/kg in early 2025 [8]. - Administrative expenses decreased to 1.855 billion HKD in 2024, an 18.5% reduction [8]. Future Outlook - The company expects to achieve positive cash flow in Q1 2025 and aims for a performance turnaround [8].