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 ...

中烟香港 [Table_StockNameRptType] （6055.HK） 公司点评 各业务稳步推进，持续拓展卷烟出口业务 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-08 | | [Table_BaseData] 收盘价（港元） | 21.20 | | --- | --- | | 近 12 个月最高/最低（港元）29.55/10.00 | | | 总股本（百万股） | 692 | | 流通股本（百万股） | 692 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 147 | | 流通市值（亿港元） | 147 | 1）随着卷烟出口业务的扩张，2025 年 4 月 3 日，公司已按与原订约方 订立框架协议之相同条款及条件，与后续订约方之一蒙昆公司订立框架 协议。2）公司已向联交所申请，而联交所已同意授出现有豁免的修订， 以涵盖与后续订约方订立的框架协议，豁免严格遵守有关年度上限及独 立股东批准的规定，且该等交易的期限应属无限期，惟须受现有豁免的 相同条件所规限。 ⚫ 积极丰富及优化产品组合，卷烟出口业务稳 ...

中烟香港 [Table_StockNameRptType] （6055.HK） 公司点评 各业务稳步推进，持续拓展卷烟出口业务 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-08 | | [Table_BaseData] 收盘价（港元） | 21.20 | | --- | --- | | 近 12 个月最高/最低（港元）29.55/10.00 | | | 总股本（百万股） | 692 | | 流通股本（百万股） | 692 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 147 | | 流通市值（亿港元） | 147 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 1）随着卷烟出口业务的扩张，2025 年 4 月 3 日，公 ...

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].

丨证券研究报告丨 港股研究丨公司点评丨中国财险（2328.HK） [Table_Title] 中国财险点评：绩优保险股，配置正当时 报告要点 [Table_Summary] 资本市场波动、自然灾害等短期因素并不影响公司稳健的基本面和盈利能力，同时伴随着对于 市场竞争监管的增强，判断行业中长期集中度将持续上行，看好公司资负两端改善和估值上行 空间。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 2025 年 4 月 7 日，受资本市场震荡影响，中国财险跌 13.25%。 事件评论 风险提示 %% %% %% %% research.95579.com 1 中国财险（2328.HK） cjzqdt11111 [Table_Title2] 中国财险点评：绩优保险股，配置正当时 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-04-08 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Ta ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4][6]. Core Views - The company reported a revenue of 4.446 billion yuan in 2024, representing a year-on-year increase of 9.06%, while the net profit attributable to shareholders decreased by 12.40% to 598 million yuan [1][2]. - The company's gross margin for 2024 was 29.90%, down by 1.65 percentage points, with a significant decline in the second half of 2024 [2]. - The hospital business generated 4.322 billion yuan in revenue, up 11.11%, with outpatient services growing by 20.84% and inpatient services by 5.93% [3]. - The company is focusing on enhancing its oncology specialty and exploring AI integration in medical services [3]. Financial Summary - The company expects revenues of 4.885 billion yuan in 2025, 5.343 billion yuan in 2026, and 5.818 billion yuan in 2027, with corresponding net profits of 671 million yuan, 777 million yuan, and 884 million yuan respectively [4][10]. - The projected PE ratios for 2025, 2026, and 2027 are 10.66, 9.20, and 8.08 respectively [4][10]. - The company’s total assets are projected to grow from 11.850 billion yuan in 2025 to 14.030 billion yuan in 2027 [10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][13]. Core Insights - The company is expected to achieve a net profit of RMB 85 billion to 100 billion in Q1 2025, representing a year-on-year growth of 86.04% to 118.88% [8]. - The company sold 1 million vehicles from January to March 2025, marking a 59.8% increase year-on-year, setting a new record for the same period [8]. - The launch of new models, Han L and Tang L, is anticipated to enhance the company's competitiveness in the 200,000 RMB price range [10]. - The company is projected to have net profits of RMB 516 billion, 653 billion, and 788 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 21% [10][12]. Company Overview - The company operates primarily in the automotive industry, with 79.5% of its business coming from automotive sales and 20.5% from mobile components and assembly [5]. - As of April 7, 2025, the company's H-share price was 315.20 HKD, with a market capitalization of 95.79 billion RMB [3]. Financial Performance - The company reported a net profit of RMB 30.041 billion in 2023, with projections of RMB 40.254 billion in 2024 and RMB 51.629 billion in 2025, reflecting significant growth [12]. - The earnings per share (EPS) are expected to rise from RMB 10.319 in 2023 to RMB 17.746 in 2025, indicating a strong upward trend [12]. - The company's H-share price-to-earnings (P/E) ratio is projected to decrease from 30.54 in 2023 to 17.76 in 2025, suggesting a more attractive valuation over time [12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][13]. Core Insights - The company is expected to achieve a net profit of RMB 85 billion to 100 billion in Q1 2025, representing a year-on-year growth of 86.04% to 118.88% [8]. - The automotive sales for the first three months of 2025 reached 1 million units, a year-on-year increase of 59.8%, setting a historical record for the same period [8]. - The launch of new models, Han L and Tang L, is anticipated to enhance the company's competitiveness in the 200,000 RMB price range [10]. Company Overview - The company operates primarily in the automotive industry, with 79.5% of its business derived from automotive sales and 20.5% from mobile components and assembly [5]. - As of April 7, 2025, the company's H-share price was 315.20 HKD, with a market capitalization of 95.79 billion RMB [3]. Financial Projections - The company forecasts net profits of RMB 516 billion, 653 billion, and 788 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 21% [8][12]. - Earnings per share (EPS) are projected to be RMB 17.8, 22.4, and 27.1 for the years 2025, 2026, and 2027, respectively [8][12]. - The current price-to-earnings (P/E) ratios for H-shares are estimated at 17.8, 14.1, and 11.6 for the years 2025, 2026, and 2027, indicating a reasonable valuation [8][12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][10]. Core Insights - The company is expected to achieve a net profit growth of 42% in 2024, driven by significant growth in online channels [5]. - The company reported a revenue of RMB 55.4 billion for 2024, representing a year-over-year increase of 57.2%, with a net profit of RMB 21.5 billion, up 42.1% year-over-year [7]. - The company plans to distribute a dividend of RMB 0.6021 per share, with a special dividend of RMB 0.5921, resulting in a dividend yield of approximately 2.1% based on the latest closing price [7]. Financial Performance - The company’s revenue for 2024 is projected to be RMB 30.0 billion for the second half, reflecting a year-over-year growth of 56.3%, with a net profit of RMB 10.8 billion, up 37.5% [7]. - The company’s gross margin for 2024 is reported at 82.1%, a slight decrease of 1.5 percentage points year-over-year, attributed to product category expansion and increased costs [7]. - The total revenue for the company is forecasted to reach RMB 72.9 billion by 2025, with net profits expected to grow to RMB 26.5 billion [9][12]. Product and Sales Performance - The company’s main brand, 可复美, achieved revenue of RMB 45.4 billion in 2024, marking a year-over-year increase of 62.9%, with strong sales during major promotional events [7]. - Online sales channels have become a significant growth driver, with the company reporting over 60% and 100% growth in GMV during the "618" and "Double Eleven" promotions, respectively [7]. - The company’s online direct sales revenue accounted for 72% of total revenue, an increase of 6 percentage points year-over-year [7]. Earnings Forecast - The company is projected to achieve net profits of RMB 32.9 billion and RMB 40.2 billion in 2026 and 2027, respectively, with corresponding EPS of RMB 3.20 and RMB 3.91 [9][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 22X in 2025 to 15X in 2027, indicating a potentially undervalued stock [7][9].