证券研究报告 | 公司研究报告 投资评级（推荐） 环球新材国际（6616.HK） 材料 | 新材料 · | 恒生指数 | 21417.4 | | --- | --- | | 目标价（港元） | 7.31 港元 | | 潜在涨幅/跌幅 | 106.5% | | 市场数据 | | | 收盘价 | 3.54 港元 | | 52 周最高/最低价(港元) | 4.8/3.36 | | --- | --- | | 总市值（亿港元） | 43.86 | | 流通市值（亿港元） | 43.86 | 股价相对走势 | 涨跌幅% | 1m | 3m | 1y | | --- | --- | --- | --- | | 绝对表现 | -8.76 | 0.00 | -3.80 | | 相对表现 | 1.85 | -13.47 | -3.41 | 资料来源：Wind 资讯、盈立证券 2025 年4月14 日 护城河优势凸显，外延式并购开启发展新篇章 核心观点 ❑ 风险提示：宏观经济与下游行业波动风险、跨国收购相关风险、产业协同与成本控制风险 | 证券分析师 | 公司核心财务数据预测 | | | | | | | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.52, based on a calculated equity value of RMB 634 billion [2][9][5]. Core Insights - The company has shown a focus on enhancing product structure and shareholder returns, with a significant dividend payout of RMB 27.5 billion and a dividend payout ratio of 78% [8]. - The revenue for 2024 is projected to be RMB 20.75 billion, reflecting a year-on-year growth of 6.2%, while the net profit attributable to the parent company is expected to be RMB 3.57 billion, up 5.3% year-on-year [4][8]. - The company is experiencing a strong performance in its premium product lines, particularly the "卓睿" brand, which is expected to see sales growth exceeding 60% [8]. Financial Forecasts - Revenue projections for 2025-2027 are as follows: RMB 21.61 billion (2025E), RMB 22.99 billion (2026E), and RMB 24.31 billion (2027E), with respective year-on-year growth rates of 4.1%, 6.4%, and 5.7% [4]. - The forecasted earnings per share for 2025-2027 are RMB 0.44, RMB 0.47, and RMB 0.51, respectively [2][9]. - The company's gross margin is expected to improve to 67.1% by 2025, while the net profit margin is projected to reach 18.6% [4][8]. Valuation Metrics - The report utilizes the FCFF valuation method, resulting in a calculated equity value of RMB 634 billion, translating to a target price of HKD 7.52 [2][9]. - The company's price-to-earnings ratio is projected to decrease from 15.4 in 2023 to 11.3 by 2027, indicating a potentially attractive valuation [4][8]. Market Performance - The company's stock has shown strong performance, with a 62.87% increase over the past 12 months, outperforming the Hang Seng Index [6].

专注高质量服务，24Q4 散单同比增长超 50%。量：公司 2024 年实现快递件量 340.1 亿件，同比+12.6%，市占率 19.4%，同比 -3.4pp，24Q4 看，单季度公司实现快递件量 96.7 亿件，同比+11%， 市占率 18.8%，同比-3.5pp，公司持续提升散件业务规模，24Q4 散件日均件量突破 700 万单，较 23 年同比增长近 50%。价：2024 年公司单票快递业务收入 1.20 元，同比+2.5%；从 24Q4 单季度看， 中通的直客结构优化抵消了单票重量下降及增量补贴增加的负面 影响，单票快递业务收入 1.24 元，同比+11%，快递核心单票收入 提升 0.13 元。成本：2024 年公司单票快递业务成本 0.68 元，同 比-6%；单季度看单票运输加分拣成本下降了约 6 分。 经营性现金流稳定，25 年包裹量增长同比预期超+20%。2024 全年公司实现毛利润 137.2 亿元，同比+18%，净利润 88.9 亿元， 同比+1.5%，实现调整后净利 101.5 亿元。单季度看，24Q4 实现 毛利润 37.6 亿元，同比+20.2%，净利润 24.5 亿元，同比+10. ...

---李宁 2024 年报点评 事件： [Table_Summary] 公司发布 2024 年报，2024 全年营收同增 3.9%至 286.8 亿元，净利润同 降 5.5%至 30.1 亿元。 点评： 全年表现基本符合预期。2024 年公司全渠道流水同比基本持平，报表端 收入同增 3.9%至 286.8 亿元。分产品看，跑步/篮球/综训/运动时尚品类 流水分别同比+25%/-21%/+6%/-6%。年内公司跑鞋大单品超轻、赤兔、 飞电系列产品销售情况良好，销量突破 1060 万双。篮球品类流水下滑主 要系公司主动调整发货节奏。报表端收入上，鞋类/服装/器材及配件收入 分别同比+6.8%/-2.9%/+29.3%至 143/120.5/23.3 亿元。 请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 港股公司报告 整体表现符合预期，积极投入提升竞争力 电商渠道增速领先。分渠道来看，2024 年公司批发业务收入同增 2.6%至 129.6 亿元，李宁大货线下批发渠道流水同比增长中单位数；直营业务收 入同降 0.4%至 68.8 亿元，李宁大货线下直营渠道流水同比下降低单位 数；电商渠 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.52, based on a calculated equity value of RMB 634 billion [2][9][5]. Core Insights - The company reported a revenue of RMB 20.75 billion for 2024, reflecting a year-on-year growth of 6%. The net profit attributable to the parent company was RMB 3.57 billion, up 5.3% year-on-year. The company has a strong focus on shareholder returns, with a dividend payout of RMB 2.75 billion and a dividend yield of 6% [8][9]. - The product structure has improved, with significant growth in high-end products, particularly the "Zhuo Rui" brand, which saw sales increase by over 60%. The company is also diversifying its product offerings to drive revenue growth [8][9]. - The gross margin improved to 66.3%, benefiting from lower raw milk prices and enhanced product structure, although the net margin slightly decreased to 17.2% due to reduced government subsidies [8][9]. Financial Summary - Revenue projections for 2025-2027 are RMB 21.61 billion, RMB 22.99 billion, and RMB 24.31 billion, respectively, with growth rates of 4.1%, 6.4%, and 5.7% [4]. - The company's earnings per share (EPS) are forecasted to be RMB 0.44, RMB 0.47, and RMB 0.51 for 2025, 2026, and 2027, respectively [4][9]. - The company’s financial ratios indicate a gross margin of 67.1% in 2025, a net margin of 18.6%, and a return on equity (ROE) of 13.6% [4][8].

港股公司报告 | 公司点评 快手-W（01024） 证券研究报告 24Q4 业绩要点：收入利润符合预期 公司公布 24Q4 业绩。2024Q4 公司实现营业收入 354 亿元，同比增长 8.7%； 经调整净利润为 47 亿元，同比增长 7.8%，毛利为 191 亿元，同比增长 10.6%。 销售及营销开支同比增长 11%，达 113 亿元，占总收入的比例为 32%，增长主 要系推广活动开支增加。研发开支同比增长 4.7%，达 35 亿元，占总收入的比例 的 9.8%，其增长主要系雇员福利开支的增加。行政开支同比增长 15.2%。我们 认为公司核心业务收入增长稳健，建议持续关注可灵带来的用户及收入增量。 流量端：用户流量创新高，DAU 及时长同比均小幅提升 2024Q4 快手应用平均 DAU/MAU 分别为 4.01 亿 /7.36 亿，同比增长 4.8%/5.0%；每位 DAU 的日均使用时长为 125.6 分钟，用户总使用时长同比增 长 5.8%，展望未来，我们认为公司单用户获取及留存成本或持续优化，用户获取 ROI 有望进一步提升。 AI：预计带来收入增量 AI 内部赋能：公司持续深化 AI 大模型在内容 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Views - The maternity subsidy policy is expected to strengthen domestic demand for infant formula, leading to a recovery in sales [3][11]. - The company plans to invest 1.2 billion yuan in a nationwide birth subsidy program starting in April 2025, providing monthly subsidies of one can of infant formula for five months to new mothers [3][11]. - The new product Zhuo Rui has significantly outperformed older products, becoming the company's largest single product, with sales increasing over 60% year-on-year [4][12]. Financial Performance - The company achieved a revenue of 20.749 billion yuan in 2024, a year-on-year increase of 6.2%, with a net profit of 3.570 billion yuan, up 5.3% [4][12]. - The gross profit margin for 2024 was 66.3%, an increase of 1.5 percentage points year-on-year, attributed to reduced price promotions and lower raw material costs [5][13]. - The payout ratio for dividends was approximately 76% in 2024, with expectations for continued growth in absolute dividend amounts [6][14]. Earnings Forecast - Revenue projections for 2025-2027 are set at 22.11 billion, 23.75 billion, and 25.50 billion yuan, respectively, with corresponding net profits of 3.96 billion, 4.34 billion, and 4.65 billion yuan [7][15]. - The expected earnings per share (EPS) for 2025-2027 are 0.44, 0.48, and 0.51 yuan, respectively [7][15]. - The target price for the stock is set at HK$7.00, based on a price-to-earnings (P/E) ratio of 15 for 2025 [2][15].

研究报告 Research Report 14 Apr 2025 颐海国际 YIHAI INTERNATIONAL HOLDING (1579 HK) 率先布局海外蓄力，第三方客户提振业绩 Take the lead in laying out overseas, and third party boost performance [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$13.42 目标价 HK$16.55 HTI ESG 1.2-3.0-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$13.91bn / US$1.79bn 日交易额 (3 个月均值) US$10.32mn 发行股票数目 1,037mn 自由流通股 (%) 56% 1 年股价最高最低值 HK$18.28-HK$10.62 注：现价 HK$13.42 为 2025 年 04 月 11 日收盘 ...

证券研究报告 中国财险 (2328 HK) 1Q25 业绩预增：净利润同比增长 80%~100% 华泰研究 动态点评 2025 年 4 月 14 日│中国香港 保险 公司发布 1Q25 业绩预增公告：预计公司 2025 年一季度净利润同比增长 80%~100%。一方面，1Q25 受灾害减少、降本增效等影响，公司综合成本 率或有所下降，承保利润同比大幅增加；另一方面，公司投资组合优质，总 投资收益大幅增长。考虑到公司经营稳健，维持"买入"。 车险承保表现或改善 1Q25 灾害减少，有利于降低财险行业赔付支出，并压低综合成本率（COR）。 根据国家金融监督管理总局数据，25 年 1-2 月，我国财险公司赔款支出占 原保险保费收入的比例同比下降 4.5pcts。叠加公司持续推动风险减量服务、 调整业务结构、压降费用，我们估计 1Q25 车险 COR 同比小幅下降，预计 25 年公司车险 COR 为 95.9%。根据金融监管总局数据，25 年 1-2 月，我 国财险公司车险保费收入同比增长 4.4%。车险为成熟业务，公司车险保费 有望跟随市场稳健增长，预计 25 年保费收入增速为 4.5%。 非车险承保表现亦或优化 ...

[Table_Main] 证券研究报告 | 公司点评 再鼎医药(09688.HK) 2025 年 04 月 14 日 买入（维持） 所属行业：医疗保健业/药品及生物科技 当前价格(港币)：22.20 元 证券分析师 1.《---创新药管线更新系列报告-再鼎 医药(09688.HK)：艾加莫德上调销售 指引，爆款潜力初现》，2024.8.12 2.《再鼎医药(09688.HK)：新品放量超 预 期 ， 公 司 迈 入 发 展 新 阶 段 》， 2024.5.10 再鼎医药(09688.HK)：艾加莫德 新剂型获 FDA 批准，不惧竞 争，大单品销售可期 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 市场表现 -31% 0% 31% 63% 94% 126% 157% 188% 2024-04 2024-08 2024-12 再鼎医药 恒生指数 | 恒 生 指 数 对 | 1M | 2M | 3M | | --- | --- | --- | --- | | 比 | | | | ...