港股公司报告 | 公司点评 华润医药（03320） 证券研究报告 联营企业减值影响短期业绩，三大业务表现稳健 事件 2024 年，公司实现营业收入 2576.73 亿元，同比+4.77%；归母净利润 33.51 亿元，同比-13.06%；扣非归母净利润 33.51 亿元，同比-0.61%。归母净利 润同比下滑主要系联营公司减值等一次性项目影响，剔除该影响后，2024 年公司归母净利润同比稳健增长 13.1%。 三大分部业务增长稳健，制药业务毛利贡献突出 按业务拆分，2024 年制药、医药分销、药品零售及其他三个主要业务分部 的收入占比分别为 16.1%、80.0%、3.9%。其中：1）制药业务实现分部收 入 463.2 亿元，同比+6.6%；实现分部毛利 275.05 亿元，同比+7.1%；实现 分部业绩 133.24 亿元，同比+10.3%，中药、化学药、生物药收入均实现增 长。2）分销业务实现分部收入 2132.37 亿元，同比+5.5%；实现分部毛利 125.07 亿元，同比+5.2%；实现分部业绩 73.43 亿元，同比+2.8%。3）零售 业务实现分部收入 101.04 亿元，同比+5.5%；实现分 ...

证券研究报告 | 2025年04月09日 越秀地产（00123.HK） 优于大市 业绩承压，销售目标积极 归母净利润-67%。2024 年公司实现营业收入 864 亿元，同比增长 8%；归母 净利润 10 亿元，同比下降 67%；核心净利润 16 亿元，同比下降 54%。公司 增收不增利的是由于结算毛利率约为 10.5%，同比下降 4.8pct，且公司计提 存货减值共计 23 亿元。 土储充沛，销售目标积极。2024 年公司实现销售面积 392 万平方米，同比下 降 12%；实现销售金额 1154 亿元，同比下降 12%，完成全年销售目标的 78%。 分区域看，公司大湾区、华东、中西部、北方地区销售占比分别为 43%、29%、 17%、11%。公司 2025 年可售货值 2354 亿元，销售目标 1205 亿元，若完成 则全年销售将同比增长 5%。2024 年新增 24 幅土地，总建筑面积约 271 万平 方米，其中 71%位于一线城市。截至 2024 年末，公司总土储 1971 万平方米， 其中大湾区占比 37%，一二线占比 96%，在建项目占比 69%，土储结构保持优 质。 财务稳健，融资渠道畅通。公司财 ...

2025 年 4 月 9 日 公司研究 传统业务高质量发展，战新业务和海外市场成为发展驱动力 ——中国通信服务（0552.HK）2024 年度业绩点评 要点 事件：公司发布2024年全年业绩，2024年实现收入1500亿人民币，同比增长 0.9%，系应用、内容及其他服务(ACO)和战略新兴业务驱动。2024年毛利润 175.96亿元，同比增长2.0%，毛利率为11.7%，同比增长0.1pct，连续三年 保持上升态势，系公司强化成本管控叠加高毛利业务收入贡献提升，预期盈利 水平将稳健持续增长。2024年实现归母净利润36.07亿元，同比增长0.6%， 对应净利润率2.4%，同比持平。现金流表现良好，自由现金流同比提升20.4% 达52.14亿元，目前公司一年以内应收账款占90%，风险可控，将持续做好现 金流收支管理。公司注重股东回报，近10年股息分红水平稳中有升，2024年 末期股息每股人民币0.2187元，分红比例为42%，同比持平。 运营商市场稳中有升，集客市场略降，海外市场快速增长：1）2024年运营商 市场收入836亿元，同比增长2.3%，其中ACO增长达9.4%；公司在市场整体 CAPEX投资规模下降 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6][17] Core Insights - The company has upgraded its membership system, transitioning from a paid membership model to a points-based system, which includes six membership levels: Ordinary, Silver, Gold, Platinum, Black Gold, and Black Diamond [4][7][15] - The new membership system aims to integrate various business segments, providing a comprehensive range of benefits across food, accommodation, travel, entertainment, shopping, and healthcare [3][4][7] - The introduction of the new membership system is expected to enhance consumer spending and frequency of use, thereby accelerating the formation of a local consumption ecosystem [6][17] Summary by Sections Membership System Upgrade - On March 31, 2025, the company fully upgraded its membership system, centering around "Shen Coupons" as core benefits, covering various lifestyle scenarios [3][4] - The new membership system allows users to accumulate growth points through consumption and tasks, with specific spending thresholds to achieve higher membership levels [4][7] Historical Membership Strategy Review - Historically, the company operated independent membership systems for its various services, leading to fragmented user experiences [5][13] - The integration of the membership system began in August 2023 with the merger of "Shen Coupons" and "Shen Membership," which simplified merchant marketing processes and stabilized the core food delivery business [13][14] Financial Projections - The company maintains its adjusted net profit forecasts for 2025-2027 at 51.5 billion, 65.3 billion, and 78.7 billion yuan, corresponding to PE ratios of 14.8, 11.7, and 9.7 times [6][17] - The local lifestyle sector is expected to continue evolving through competitive collaboration, with the upgraded membership system facilitating further synergy among business lines [6][17]

Investment Rating - The report maintains an OUTPERFORM rating for CSPC Pharmaceutical Group [2]. Core Views - The company achieved revenue of CNY 29.01 billion in FY24, a year-on-year increase of 1.7%, with finished drug revenue at CNY 23.74 billion, down 7.4% year-on-year [12][3]. - The gross profit margin (GPM) was 70.0%, a decrease of 0.5 percentage points year-on-year, while net profit attributable to shareholders was CNY 4.33 billion, down 26.3% year-on-year [12][3]. - The report anticipates that licensing income will contribute incremental revenue, with expectations for innovative drug products to exceed CNY 1.5 billion in FY25 [13][6]. Financial Summary - Revenue projections for FY25 and FY26 are adjusted to CNY 31.4 billion and CNY 32.7 billion, reflecting an increase of 8.2% and 4.1% year-on-year, respectively [17]. - Net profit forecasts for FY25 and FY26 are raised to CNY 5.8 billion and CNY 5.3 billion, representing year-on-year growth of 34.7% and a decline of 8.5% [17]. - The report highlights a diluted EPS of CNY 0.50 for FY25 and CNY 0.45 for FY26 [10]. Segment Performance - The nervous system segment showed steady growth with sales reaching CNY 9.6 billion, up 6.1% year-on-year, while the oncology segment saw a decline to CNY 4.4 billion, down 28.3% year-on-year due to volume-based procurement (VBP) impacts [19][4]. - Revenue from anti-infectives was CNY 4.1 billion, down 3.5% year-on-year, and cardiovascular sales were CNY 2.1 billion, down 14.8% year-on-year [19][4]. - The respiratory system segment experienced a significant decline, with sales of CNY 1.2 billion, down 23.1% year-on-year, while digestion and metabolism registered sales of CNY 1.1 billion, up 18.1% year-on-year [19][4]. Clinical Development and Licensing - CSPC initiated the first Phase III clinical trial for SYS6010 (EGFR ADC) in March 2025, targeting EGFR-mutated non-small cell lung cancer [15]. - The company out-licensed its ROR1 ADC to Radiance Biopharma, receiving an upfront payment of USD 15 million with potential milestone payments of up to USD 1.2 billion [16]. - The report suggests that licensing revenue will gradually become a recurring income stream for CSPC [16].

Investment Rating - The report maintains an "OUTPERFORM" rating for Morimatsu International Holdings, with a target price of HKD 6.96, reflecting a potential upside from the current price of HKD 4.67 [2][20]. Core Insights - The company's FY24 revenue was CNY 6.95 billion, a decrease of 5.6% year-on-year, primarily due to delays in project execution. However, the gross profit margin improved to 29.5%, up 1.6 percentage points year-on-year, attributed to better operational efficiency and material cost control [3][4][16]. - The net profit attributable to shareholders for FY24 was CNY 737 million, down 12.7% year-on-year, mainly impacted by accounts receivable impairment [17][20]. - The company’s backlog at the end of FY24 was CNY 8.1 billion, down from CNY 8.8 billion at the end of 1H24, with new orders for FY24 totaling CNY 6.0 billion, reflecting a shift in project execution practices [5][18][20]. - Overseas revenue accounted for 60.4% of total revenue in FY24, with 70.6% of new orders being export orders, indicating stable international demand [6][19]. Financial Summary - Revenue projections for FY25 and FY26 have been revised down to CNY 7.77 billion and CNY 8.47 billion, respectively, with expected growth rates of 11.8% and 9.1% [8][20]. - The net profit forecasts for FY25 and FY26 have also been adjusted to CNY 872 million and CNY 939 million, suggesting growth rates of 18.3% and 7.7% [8][20]. - The report utilizes a discounted cash flow (DCF) model for valuation, maintaining a WACC of 10.6% and a perpetual growth rate of 2.5% [8][20].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company reported a significant narrowing of losses, with a revenue of 5.261 billion yuan in 2024, representing a year-on-year growth of 25.1%. The gross profit reached 2.245 billion yuan, up 13.4% year-on-year, while the net loss attributable to shareholders was 269 million yuan, a reduction of 70.4% compared to the previous year's loss of 909 million yuan [2][5] - The company's AI platform, "Xian Zhi," continues to drive rapid growth, achieving a revenue of 3.676 billion yuan in 2024, which is a 46.7% increase year-on-year and accounts for 69.9% of total revenue [9] - The company has entered the consumer electronics sector, launching a new business segment called "Phancy," which aims to provide AI Agent-based hardware and software solutions [9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.261 billion yuan, a 25.1% increase year-on-year. The gross profit was 2.245 billion yuan, with a gross margin of 42.67%, down from 47.09% the previous year due to changes in revenue structure. The net loss attributable to shareholders was 269 million yuan, significantly reduced from 909 million yuan in the same period last year [2][5] Business Segments - The "Xian Zhi" AI platform generated 3.676 billion yuan in revenue, marking a 46.7% year-on-year growth and representing 69.9% of total revenue. The SHIFT intelligent solutions business saw a revenue of 1.022 billion yuan, down 20.3%, while the AIGS service business generated 563 million yuan, up 35.34% [9] - The company has launched its consumer electronics business, "Phancy," which focuses on AI Agent solutions and has partnered with major brands like Acer and Lenovo [9] Research and Development - The company invested 2.170 billion yuan in R&D in 2024, a 22.7% increase year-on-year, with an R&D expense ratio of 41.2%. Other expense ratios, including sales, management, and financial expenses, have shown a declining trend, contributing to the narrowing of losses [9]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][30]. Core Views - The company has shown significant improvement in net profit, with a year-on-year increase of 90.8% in 2024, despite a slight revenue decline of 1.62% [4][12]. - The cloud service business has been a key driver, achieving a revenue growth of 38.1% and turning a profit of 1.33 billion yuan [5][13]. - The overall financial outlook is positive, with projected revenue growth for 2025-2027 and a favorable price-to-earnings ratio [11][30]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 8.201 billion yuan, a decrease of 1.62% year-on-year, while net profit reached 385 million yuan, an increase of 90.8% [4][12]. - The adjusted net profit after excluding non-recurring items was 427 million yuan, reflecting a substantial growth of 632.47% [4][12]. Cloud Service Business - The cloud service segment generated revenues of 2.761 billion yuan, with a year-on-year growth of 38.1%, and achieved an operating profit of 1.33 billion yuan, recovering from a loss of 560 million yuan in the previous year [5][13]. - The management software and IoT solutions also contributed positively, with revenues of 2.556 billion yuan and 2.883 billion yuan, respectively [5][13]. Market Position and Strategy - The company is enhancing its cloud service offerings, integrating AI capabilities through platforms like the Haiyue model and DeepSeek, which have been successfully implemented in several large enterprises [6][23]. - It is also focusing on the small and medium-sized enterprise market, promoting integrated solutions and expanding its customer base in the financial sector [8][25]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 9.076 billion yuan, 10.022 billion yuan, and 10.996 billion yuan, respectively, with corresponding net profits of 520 million yuan, 695 million yuan, and 893 million yuan [11][30]. - The expected earnings per share (EPS) for the same period are projected to be 0.46 yuan, 0.61 yuan, and 0.78 yuan [11][30].

Investment Rating - The report maintains an "Outperform" rating for China XLX Fertiliser with a target price of HK$5.18, based on a current price of HK$3.99 [1][8]. Core Insights - In 2024, the net profit attributable to the parent company increased by 22.96% year-on-year, driven by significant investment income from the sale of a subsidiary [5][6]. - The company achieved a revenue of 23.129 billion yuan in 2024, a slight decrease of 1.48% year-on-year, with a gross profit of 3.931 billion yuan, down 6.12% [5][6]. - The board proposed a dividend policy for 2025-2027 with a distribution ratio of at least 25% of audited net profit attributable to shareholders, and a minimum dividend of 0.24 yuan per share [5][6]. Revenue Breakdown - The fertilizer segment accounted for 58% of total revenue, while the chemical segment contributed 37% in 2024 [6][7]. - Urea revenue increased by 6.3% year-on-year to 7.306 billion yuan, with a sales volume growth of 29% [6][7]. - Compound fertilizers saw a revenue decrease of 2% to 5.994 billion yuan, with a slight sales volume decline of 0.3% [6][7]. - Methanol revenue grew by 14.5% year-on-year to 2.678 billion yuan, with a sales volume increase of 16% [6][7]. Ongoing Projects - The company is progressing with ongoing projects, including a 60,000-tonne polyformaldehyde project and a 300,000-tonne compound fertilizer project, both expected to enhance market presence [7][8]. - Future projects include a 920,000-tonne compound fertilizer and 160,000-tonne melamine facility, expected to start production in early 2027 [7][8]. Earnings Forecast - The earnings forecast for 2025-2027 shows a projected net profit of 1.153 billion yuan in 2025, down 29.95%, followed by 1.611 billion yuan in 2026 and 2.142 billion yuan in 2027 [8][6]. - The target price is set at HK$5.18, based on a PE ratio of 5.3 times for 2025 [8].

Investment Rating - The report maintains an OUTPERFORM rating for CSPC Pharmaceutical Group with a target price of HKD 5.97, indicating an expected upside from the current price of HKD 4.89 [2]. Core Insights - In FY24, the company achieved revenue of CNY 29.01 billion, a year-on-year increase of 1.7%, with finished drug revenue declining by 7.4% to CNY 23.74 billion due to volume-based procurement (VBP) impacts [3][12]. - The gross profit margin (GPM) was reported at 70.0%, a slight decrease of 0.5 percentage points year-on-year, while net profit attributable to shareholders fell by 26.3% to CNY 4.33 billion [3][12]. - The company is expected to see incremental revenue from innovative drug products exceeding CNY 1.5 billion in FY25, despite challenges in the oncology segment due to price cuts from VBP [4][13]. Financial Performance Summary - Revenue for FY24 was CNY 29.01 billion, with a breakdown showing finished drug sales at CNY 23.74 billion and API and functional food sales at CNY 5.27 billion [3][12]. - R&D expenses increased by 7.5% year-on-year to CNY 5.19 billion, representing 17.9% of total revenue [3][12]. - The company anticipates revenue growth in FY25, with total revenue projected at CNY 31.4 billion, reflecting an 8.2% year-on-year increase [7][17]. Segment Performance - The nervous system segment showed steady growth with sales reaching CNY 9.6 billion, a 6.1% increase year-on-year, driven by the performance of NBP [4][19]. - The oncology segment experienced a significant decline, with sales dropping to CNY 4.4 billion, a decrease of 28.3% year-on-year, primarily due to VBP impacts [4][19]. - The anti-infectives segment reported sales of CNY 4.1 billion, down 3.5% year-on-year, while the cardiovascular segment saw a decline of 14.8% to CNY 2.1 billion [4][19]. Licensing and Future Prospects - CSPC initiated a Phase III clinical trial for SYS6010 (EGFR ADC) in March 2025, with expectations for multiple out-licensing deals in 2025 [6][15]. - The company out-licensed ROR1 ADC to Radiance Biopharma, receiving an upfront payment of USD 15 million, with potential milestone payments of up to USD 1.2 billion [6][16]. - Licensing revenue is anticipated to become a recurring income stream for CSPC as it continues to expand its product offerings [6][16].