Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 474.25 million in 2024, representing a year-on-year growth of 51.81% [1] - The adjusted net profit for 2024 is projected to be a loss of 13.0 billion, which is an improvement of 4% compared to the previous year's loss [7] - The company is focusing on deepening collaborations with leading automotive manufacturers and expanding its global presence [7] Financial Projections - Total revenue is expected to grow significantly from 312.39 million in 2023 to 1,919.02 million by 2027, with a compound annual growth rate (CAGR) of 34.14% [1] - The net profit is projected to improve from a loss of 4,855.12 million in 2023 to a loss of 349.19 million in 2027 [1] - The earnings per share (EPS) is expected to recover from a loss of 7.71 in 2023 to a loss of 0.55 by 2027 [1] Business Development - The company has made significant progress in its autonomous driving business, with a revenue increase of 52% in 2024 [7] - The introduction of new chips, such as the A2000 and C1200, is expected to enhance the company's product offerings and market competitiveness [7] - The company is expanding its application scenarios beyond passenger vehicles, including partnerships for smart city projects and robotics [7]

Investment Rating - The report maintains a "Buy" rating for Beijing Capital International Airport Co., Ltd. [2][5] Core Views - The company achieved a revenue of 5.492 billion yuan in 2024, representing a year-on-year growth of 20.5%. The pre-tax net loss significantly narrowed to 629 million yuan from a loss of 1.719 billion yuan in the same period last year. However, the high deferred tax asset write-back led to a total income tax of 760 million yuan, resulting in a post-tax net loss of 1.39 billion yuan, which is an 18.1% improvement compared to the previous year's loss of 1.697 billion yuan [3][5]. Revenue Breakdown - The company's passenger throughput reached 67.37 million, a year-on-year increase of 27.4%, driving aviation revenue to 2.668 billion yuan, up 27.2%. Domestic passenger volume grew by 17.4%, while international passenger volume surged by 103.0%. Revenue from aircraft takeoff and landing increased by 20.8%, and passenger service revenue rose by 35.2% [3][4]. Non-Aviation Revenue - Non-aviation revenue totaled 2.824 billion yuan, reflecting a 14.7% year-on-year increase, with concession revenue at 1.570 billion yuan, up 12.2%. Advertising revenue grew by 5.9% to 702 million yuan, while retail (duty-free) revenue increased by 10.0% to 512 million yuan. The growth in duty-free revenue lagged behind international passenger growth due to reduced commission rates [4]. Cost Management - The company effectively controlled costs, with total operating costs amounting to 5.857 billion yuan, a decrease of 1.0%. Concession management fees dropped significantly by 18.7% to 274 million yuan. Other cost items such as maintenance, utilities, and property taxes saw increases, while general and administrative expenses decreased notably [4]. Future Outlook - Despite the slow recovery from the dual impacts of the pandemic and the diversion of traffic to Daxing Airport, the company's position as an international aviation hub remains intact. The report forecasts that the company will approach breakeven in 2025, with projected net profits of -140 million yuan, 361 million yuan, and 759 million yuan for 2025, 2026, and 2027, respectively [5][10].

中国海外发展 （00688.HK） 2025 年 04 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/2 | | --- | --- | | 当前股价(港元) | 13.420 | | 一年最高最低(港元) | 18.580/10.540 | | 总市值(亿港元) | 1,468.80 | | 流通市值(亿港元) | 1,468.80 | | 总股本(亿股) | 109.45 | | 流通港股(亿股) | 109.45 | | 近 3 个月换手率(%) | 16.3 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 2025-04 中国海外发展 恒生指数 相关研究报告 《单月销售数据同比提升明显，项目 实力夯实经营稳定性—港股公司信息 更新报告》-2025.1.8 《销售市占率逆势提升，商业物业收 入保持增长—港股公司信息更新报 告》-2024.8.29 权益销售及拿地金额排名首位，商业收入稳健增长 权益销售额行业首位，拿地聚焦一线城市 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | | ...

[Table_StockInfo] 2025 年 04 月 02 日 证券研究报告•2024 年年报点评 保利物业（6049.HK）房地产 目标价：——港元 买入 （维持） 当前价：31.95 港元 管理规模稳健增长，分红比例提升 风险提示：增值服务不及预期、管理规模拓展不及预期等风险。 | 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16342 | 17843 | 19454 | 20982 | | 增长率 | 8.5% | 9.2% | 9.0% | 7.9% | | 归属母公司净利润（百万元） | 1474 | 1590 | 1741 | 1863 | | 增长率 | 6.8% | 7.9% | 9.5% | 7.0% | | 每股收益 EPS | 2.66 | 2.87 | 3.15 | 3.37 | | 净资产收益率 | 15.19% | 14.87% | 14.84% | 14.56% | | PE | 10.66 | 10.39 | 9.49 | 8.87 | 数据来源 ...

2024 投资要点 公司发布 2024 全年业绩，收入同比增长约 13% 2024 全年公司实现收入 7.78 亿美元（yoy+13%），收入增长主要源于经营效率提升带动 翻台率向上；2024 全年实现归母净利润 2180 万美元，公司按美元折算报表，汇兑仅影响 报表数据、不反映实际经营，若扣除汇兑损益，2024 全年公司实现净利润约 4110 万美 元，对应净利率约 5.3%，自 2022H2 以来扣除汇兑后净利润已连续 5个半年度为正，表现 亮眼。扣除汇兑净利润持续亮眼主要源于毛利率改善、翻台率向上带来实际租金成本占 比的改善及折旧摊销费用占比的优化。 盈利能力逐季改善，2024 年餐厅层面利润率 10.1% 毛利率方面，2024 公司实现毛利率 66.9%，同比改善 1.1pct，我们预计毛利率提升主要源 于供应链效率的提升及门店管理的强化。费用率方面，2024 年实际租金成本/其他折旧摊 销占比分别同比改善 0.5/0.6pcts，我们预计主要源于收入抬升带来的刚性成本占比的自然 下降；2024 年员工成本占比同比提升 0.4pcts，我们预计主要源于部分国家劳动力价格通 胀。利润率方面，餐厅层面利润 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Insights - The company reported a total revenue of HKD 8.77 billion for 2024, representing a year-on-year increase of 10.3% [8] - The net profit attributable to shareholders for 2024 is HKD 355.85 million, a significant increase of 74.87% year-on-year [8] - The high-end brand Cybex is accelerating its global expansion, contributing to a 71% increase in profits [8] - The company has resumed dividend payments after six years, with a dividend rate of 33% and a dividend yield of 4.5% [8] - The gross profit margin improved to 51.4%, up 1.3 percentage points year-on-year, which contributed to the increase in net profit margin [8] Financial Projections - Total revenue projections for 2025, 2026, and 2027 are HKD 9.54 billion, HKD 10.39 billion, and HKD 11.17 billion respectively, with year-on-year growth rates of 8.82%, 8.93%, and 7.49% [1] - The net profit attributable to shareholders is projected to be HKD 450.37 million in 2025, HKD 532.50 million in 2026, and HKD 586.69 million in 2027, with corresponding growth rates of 26.56%, 18.24%, and 10.18% [1] - The earnings per share (EPS) are expected to increase from HKD 0.21 in 2025 to HKD 0.35 in 2027 [1] Market Data - The closing price of the company's stock is HKD 1.37, with a market capitalization of HKD 2.29 billion [5] - The price-to-earnings (P/E) ratio is currently at 6.42, projected to decrease to 3.90 by 2027 [1]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company's performance exceeded expectations with a revenue increase of 27% and a net profit increase of 162% for 2024, reaching revenue of 15.8 billion and net profit of 130 million [1][5] - The growth in profit is attributed to an increase in order volume and optimization of the business structure, with high-quality customers contributing more to revenue [1] - The company is expanding its coverage in lower-tier cities, with a revenue growth of 121% in these markets, and has improved its customer structure by deepening cooperation with key accounts [2][3] Financial Performance - For 2024, the company reported a gross margin of 6.8% and a net margin of 0.84%, with a sales expense ratio of 1.5% and a management expense ratio of 4.0% [1] - The forecast for net profit from 2025 to 2027 is 257 million, 409 million, and 560 million respectively, with growth rates of 94%, 59%, and 37% [4][5] - The projected P/E ratios for 2025, 2026, and 2027 are 30, 19, and 14 respectively [4] Revenue Breakdown - The company's same-city delivery revenue reached 9.12 billion, accounting for 58% of total revenue, with To B revenue at 6.69 billion (up 28%) and To C revenue at 2.43 billion (up 12%) [2] - Last-mile delivery revenue grew by 32% to 6.62 billion, representing 42% of total revenue, driven by an increase in e-commerce return rates and enhanced delivery capabilities [2] Market Expansion - The company has expanded its coverage to over 2,300 cities and counties, with more than 1,300 in third-tier and below markets [2] - The company has achieved full-scenario coverage in sectors such as dining and pharmacies, with tea delivery revenue increasing by 73% [3]

Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269) [3][8]. Core Insights - The company is actively advancing its "Winning Molecules" strategy, with significant growth in preclinical business and a continuous increase in new projects. The divestment of the Ireland vaccine plant optimizes asset allocation, indicating a positive long-term growth outlook [3][8]. - The company reported a revenue of 18.675 billion RMB for 2024, reflecting a 9.6% increase, while net profit was 3.356 billion RMB, down 1.3%. Adjusted net profit was 5.4 billion RMB, up 9.0% [8]. - The report highlights a strong order and project trend, with 151 new projects signed in 2024, over half of which are from the U.S. The company expects to complete 24 PPQ projects in 2025, a 50% increase from 2024 [8]. Financial Summary - Revenue and profit projections for WuXi Biologics are as follows (in million RMB): - 2022A: Revenue 15,287, Net Profit 4,420 - 2023A: Revenue 17,051, Net Profit 3,400 - 2024A: Revenue 18,675, Net Profit 3,356 - 2025E: Revenue 21,197, Net Profit 4,019 - 2026E: Revenue 24,329, Net Profit 4,706 - 2027E: Revenue 28,278, Net Profit 5,621 - The company’s PE ratio is projected to decrease from 52.51 in 2022 to 18.21 in 2027, indicating improving valuation [7][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][23]. Core Viewpoints - The company's business development is stable and improving, with an increase in both quantity and quality of operations [3]. - The property management services are experiencing steady growth, and profitability is on the rise [7][8]. - The company is focusing on expanding its non-residential business to enhance operational independence [10][13]. Financial Performance Summary - In 2024, the company's total revenue is projected to increase by 7.5% to HKD 14.024 billion, with a gross profit increase of 12.4% to HKD 2.326 billion, resulting in a gross margin of 16.6%, up 0.7 percentage points from 2023 [6][8]. - Net profit attributable to shareholders is expected to rise by 12.5% to HKD 1.511 billion, with basic and diluted earnings per share (EPS) of HKD 0.46, reflecting a 12.6% year-on-year growth [6][8]. - The company’s return on equity (ROE) is projected to be 32.7%, a decrease of 4.1 percentage points compared to 2023 [8]. Business Analysis Summary - As of the end of 2024, the company manages 448 retail projects and 2,232 property projects, covering a service area of approximately 431 million square meters [10][13]. - Revenue from property management services is expected to reach HKD 10.666 billion, a year-on-year increase of 13.3%, accounting for 76.1% of total revenue [13]. - The gross margin for property management services is anticipated to improve to 16.0%, driven by effective cost control measures [14]. Dividend Analysis - The company plans to declare a total dividend of HKD 0.18 per share for 2024, with a dividend payout ratio of 35.7% and a dividend yield of 3.52% [21][25]. Valuation and Investment Recommendation - The company is expected to have an EPS of HKD 0.51 in 2025, with a valuation range of HKD 6.16 to HKD 7.70 per share based on a price-to-earnings (P/E) ratio of 12-15 times [23][24].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [6] Core Views - The report highlights a recovery in core business in the second half of 2024, alongside the rise of AI-related products and services [6][9] - The company is expected to achieve revenue of 16.95 billion yuan in 2024, a year-on-year decrease of 1.62%, with full-stack AI products contributing 957 million yuan, accounting for 5.65% of total revenue [9] - The report emphasizes a multi-dimensional improvement in gross margin and effective cost control measures [9] Financial Data and Forecasts - Revenue projections for the company are as follows: - 2023: 17.23 billion yuan - 2024: 16.95 billion yuan (YoY -1.6%) - 2025E: 18.65 billion yuan (YoY +10.0%) - 2026E: 20.88 billion yuan (YoY +12.0%) - 2027E: 24.02 billion yuan (YoY +15.0%) [8][10] - Net profit forecasts are: - 2023: 713.39 million yuan - 2024: 512.93 million yuan (YoY -28.1%) - 2025E: 707.65 million yuan (YoY +38.0%) - 2026E: 883.31 million yuan (YoY +24.8%) - 2027E: 1.12 billion yuan (YoY +26.5%) [8][10] Business Segmentation - The revenue breakdown by business segment for 2024 is: - Technical Professional Services (TPG): 14.77 billion yuan (YoY -1.7%) - Internet Information Technology Services (IIG): 2.18 billion yuan (YoY +4%) [9][10] - The top five customers account for 57.4% of service revenue, while the top ten customers account for 65.1% [9] Profitability and Cost Management - The company aims to improve gross margin through: - Increasing the proportion of high-margin services - Transitioning to productized software and hardware offerings - Integrating AI tools into delivery processes [9] - The gross profit for 2024 is projected at 3.74 billion yuan, with a gross margin of 22.1% [9] Valuation and Investment Recommendation - The report suggests a dynamic PE of 23-27 times for 2025, with a 6-month fair value range of 6.43-7.55 HKD [9] - The company is expected to maintain a competitive edge in the AI sector, particularly through its partnerships and product offerings [9]