Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The company is projected to achieve a revenue of RMB 36.2 billion in 2024, reflecting a year-on-year growth of 9.2%. However, the core net profit is expected to decline by 4.8% to RMB 2.23 billion [1][2]. - The company has a strong commitment to shareholder returns, with a dividend payout ratio of 100%, amounting to RMB 2.23 billion in total dividends for 2024 [3][2]. Summary by Sections Financial Performance - For 2024, the company expects to generate revenue of RMB 36.2 billion, with a gross profit of RMB 4.7 billion, a decrease of 2.4% year-on-year. The net profit attributable to shareholders is projected at RMB 1.15 billion, down 41.2% from the previous year [1][4]. - The core net profit, adjusted for certain non-recurring items, is forecasted at RMB 2.23 billion, a decline of 4.8% year-on-year [1][4]. Business Segments - The residential property services, commercial property and facility management, and urban services segments are expected to generate revenues of RMB 19.2 billion, RMB 10 billion, and RMB 760 million, respectively, with growth rates of 13.1%, 20.1%, and 10.9% [2]. - The company has a robust contract backlog, with residential and commercial property management contracts valued at RMB 327 billion and RMB 186 billion, respectively, providing a revenue coverage of 1.7x and 1.9x for 2024 [2]. Risk Management - The company has effectively managed its exposure to real estate-related risks, with trade receivables from related party Vanke Real Estate totaling RMB 2.45 billion, unchanged from 2023. The company has also implemented asset offset transactions to mitigate risks [2][3]. - A total of RMB 1.2 billion in receivables from related parties was offset in 2024, significantly reducing real estate-related risks [2]. Valuation and Forecast - The company is projected to achieve net profits of RMB 1.64 billion and RMB 2.09 billion in 2025 and 2026, respectively, with a new forecast for 2027 set at RMB 2.3 billion. The corresponding price-to-earnings ratios are estimated at 15, 12, and 11 times for 2025, 2026, and 2027 [3][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 5.012 billion yuan for 2024, representing a year-on-year increase of 47.9%, and a net profit attributable to shareholders of 0.812 billion yuan, achieving a turnaround from losses [2][4] - The strong performance in the gaming business is attributed to the successful launches of new games such as "Start Your Journey, Muffin" and "Heart Town," which significantly boosted revenue and profit margins [8] - The TapTap platform continues to benefit from high-demand self-developed games and a recovery in game advertising demand, leading to sustained user growth and the release of commercial potential [8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.012 billion yuan, with a net profit of 0.812 billion yuan and an adjusted net profit of 0.877 billion yuan, marking a return to profitability [2][4] - For the second half of 2024, the company reported a revenue of 2.792 billion yuan, a year-on-year increase of 70.6%, and a net profit of 0.606 billion yuan, also returning to profitability [4] Gaming Business - The gaming revenue for the second half of 2024 increased by 106.8% year-on-year to 1.95 billion yuan, with a significant rise in the average monthly paying user count [8] - The gross margin for the gaming business improved to 64.6%, up 18.6 percentage points year-on-year, driven by the strong performance of self-developed games [8] TapTap Platform - TapTap's user base in China grew by 19.1% year-on-year to 44.85 million MAU, while international MAU reached 5 million [8] - The revenue from the TapTap platform for the second half of 2024 was 844 million yuan, reflecting a year-on-year increase of 21.5% [8] Operational Efficiency - Marketing expenses increased by 31.2% year-on-year due to new game launches, but the sales expense ratio decreased significantly, indicating improved operational efficiency [8] - The adjusted net profit margin for the second half of 2024 was 22.9%, a substantial improvement from previous periods [8] Future Prospects - The company is focusing on the progress of new game reserves and the empowerment of its AI platform, with several new games expected to launch in 2025 [8] - The company has completed the registration of its generative AI service TapSight and integrated AI features into the TapTap platform [8]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 03 年 月 日 中国海外发展（00688.HK） 销售投拓逆势领先，核心优质货源有望助力业绩率先企稳 2024 年公司营收同比-8.6%，归母净利润同比-38.9%，主要因投资物业公 允价值变动等科目影响。公司 2024 年实现主营业务收入 1851.5 亿元（同比- 8.6%，下同）；归母净利润 156.4 亿元（-38.9%）；核心归母净利润 157.2 亿元（-33.5%）。毛利率 17.7%（-2.6pct）；归母净利率 8.4%（-4.2pct）。 公司期内业绩下滑，主要是（1）受地产行业持续调整影响，期内公司结转收 入规模及毛利率水平较往年有所降低，整体毛利率为 17.7%（-2.6pct）；公 司投资收益同比减少 9.8 亿元至 6.5 亿元；（2）净其他收入及收益同比减少 10.77 亿元至 3.25 亿元；（3）投资物业公允价值变动同比减少 44.3 亿元至 4.17 亿元。我们认为，公司多年坚持在核心城市布局，销售表现领先、减值压 力相对较轻，且公司成本费用管控能力出众、利润率领先，预计公司业绩平稳 向好。 持续保 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a turnaround in its annual performance, reporting a revenue of 5.012 billion yuan, a year-on-year increase of 47.9%, and a net profit of 812 million yuan, marking a significant recovery from losses [2][4]. - The gaming business saw substantial growth, with revenues reaching 3.434 billion yuan, up 64.2% year-on-year, driven by the successful launch of new games [3][4]. - The TapTap platform demonstrated a growing brand effect, with an average monthly active user (MAU) count of 44 million, reflecting a 23% increase year-on-year [3][4]. Financial Performance Summary - The company reported a gross profit of 3.479 billion yuan, with a gross margin of 69.4%, an increase of 8.4 percentage points compared to the previous year [2]. - Sales and R&D expense ratios were 27.88% and 18.34%, respectively, with sales expenses rising due to increased marketing for new game launches [2][3]. - The company plans to continue focusing on self-developed games and enhancing operational efficiency, with projected net profits of 999 million yuan, 1.194 billion yuan, and 1.343 billion yuan for 2025, 2026, and 2027, respectively [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a revenue of 192.14 billion yuan in 2024, a year-on-year decrease of 3.1%. The operating profit remained stable at 4.9 billion yuan, while the net profit attributable to shareholders was -4.35 billion yuan, primarily due to a one-time impairment loss of 5.1 billion yuan related to the Cainiao project. Excluding this impact, the net profit for the year would have been 0.75 billion yuan, down from 1.38 billion yuan in 2023. The decline in net profit is attributed to the sluggish domestic consumption market [5][6]. - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 1.23 billion yuan, 1.63 billion yuan, and 1.9 billion yuan for 2025-2027, respectively. This represents a turnaround in 2025 and growth of 32.4% and 17% in the following years. The current stock price corresponds to a P/E ratio of 27.0, 20.4, and 17.5 for 2025-2027 [5][6]. Revenue and Profit Analysis - The company achieved revenue across its four main business segments: Health (46.55 billion yuan), Happiness (76.71 billion yuan), Wealth (55.11 billion yuan), and Intelligent Manufacturing (15.59 billion yuan), with year-on-year growth rates of +0.5%, +6.4%, -13.8%, and +22.2%, respectively. The net profits for these segments were 0.9 billion yuan, -1.88 billion yuan, -2.66 billion yuan, and -0.63 billion yuan [6]. - The company’s revenue from domestic and overseas markets was 97.3 billion yuan and 94.8 billion yuan, respectively, with year-on-year changes of -11% and +6%. The overseas revenue has shown a compound annual growth rate (CAGR) of 49% over the past 11 years [6]. Strategic Focus - The company is focusing on optimizing its asset portfolio through various methods such as buybacks and privatizations, achieving a cash inflow of approximately 15 billion yuan in 2024. The total debt-to-capital ratio stands at 52% [7]. - The company emphasizes ecological synergy to amplify the flywheel effect and light asset operations. In 2024, the "Health + Insurance" ecological policy model was successfully implemented, and the health segment achieved profitability for the first time [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][13] Core Views - The company is expected to benefit from a market position upgrade and a continuous increase in net profit, driven by high-quality earnings in 2024 and significant valuation elasticity [4][6] - The company is the third-largest ERP industry leader in China, primarily serving large and medium-sized state-owned enterprises, with better growth potential and certainty compared to competitors [6][8] - The company's cloud business is expected to continue its rapid growth, contributing to double-digit revenue growth in core business [8] Financial Summary and Valuation Metrics - Revenue and net profit projections for 2025-2027 have been revised upwards, with expected net profits of 520 million, 679 million, and 849 million respectively, reflecting year-on-year growth rates of 35%, 30%, and 25% [6][9] - The company's revenue for 2024 is projected at 8,201 million, with a year-on-year growth of 0% [9] - The gross margin is expected to improve from 26.9% in 2024 to 31.1% in 2027, while the net profit margin is projected to increase from 4.7% to 7.7% over the same period [9]

证券研究报告 | 2025年04月03日 雅迪控股（01585.HK） 优于大市 2024 年利润承压，2025 年有望迎来恢复 2024 年收入及利润下滑受国检、去库存等拖累。雅迪控股 2024 年实现营 业收入 282.4 亿元，同比下降 18.9%，净利润 12.7 亿元，同比下降 51.8%； 2024H1 营业收入 144.3 亿元，同比下降 15.5%，净利润 10.3 亿元，同 比下降 13%，2024H2 营业收入 138.1 亿元，同比下降 22.1%，净利润 2.4 亿元，同比下降 83.6%，收入及利润下滑主要是国检影响经销商出货节 奏，公司促销去库存等综合导致。 2024 年利润率下滑，费用率提升。2024 年公司进行去库存，部分产品打 折促销，影响整体利润率，2024 年毛利率 15.2%，同比下降 1.7pct，净 利率 4.5%，同比下降 3.1pct。公司对销售、管理费用也进行相应控制， 销售、管理费用率保持稳健，同时公司仍然保持了较高的研发投入，研 发费用率提升至 4.1%，较 2023 年提升 0.6pct。整体看公司 2024 年综 合费用率为 11.7%，同比提升 0. ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 278.8 billion yuan for 2024, representing an 11.0% year-on-year growth, while the net profit attributable to shareholders decreased by 18.5% to 25.6 billion yuan [1][2] - The company's gross margin decreased by 3.6 percentage points to 21.6%, primarily due to a decline in the gross margin of the development business [2] - The core net profit attributable to shareholders was 25.4 billion yuan, down 8.5% year-on-year, with recurring business contributing 10.3 billion yuan, reflecting an 8.2% increase [2] Revenue and Profitability - The real estate development business generated revenue of 237.2 billion yuan, up 11.8% year-on-year, while recurring business revenue totaled 41.7 billion yuan, a 6.6% increase, accounting for 14.9% of total revenue [2] - The company expects the development gross margin to remain at a bottoming stage in 2025 [2] Sales Performance - The total sales amount for 2024 was 261.1 billion yuan, a decrease of 15.0%, with first-tier cities (including Hong Kong) contributing 38% of sales, an increase of 9 percentage points year-on-year [3] - The company focused on core cities and projects, with new equity investments totaling 52.6 billion yuan, and 94% of investments concentrated in first and second-tier cities [3] Shopping Center Operations - The company opened 16 new shopping centers in 2024, with retail sales increasing by 19.2% to 195.3 billion yuan, and same-store sales growth of 4.6% [3] - Rental income grew by 8.4% to 19.3 billion yuan, maintaining a rental-to-sales ratio of 12.2% and an operating profit margin of 61%, the highest in five years [3] Financial Health - As of the end of 2024, the company had a debt-to-asset ratio of 55.6% and a net debt ratio of 31.9%, indicating a stable financial position [4] - The comprehensive financing cost decreased by 45 basis points to 3.11%, reflecting a strong credit advantage [4] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 26.25 billion yuan and 28.15 billion yuan, respectively, with a new forecast for 2027 at 28.93 billion yuan [4] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 6.5 for 2025, 6.0 for 2026, and 5.9 for 2027, indicating a solid valuation given the company's financial stability and core land reserves [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company achieved significant growth in 2024, with sales reaching 9.795 billion RMB (up 166.4% year-on-year), revenue of 8.506 billion RMB (up 167.5% year-on-year), and net profit of 1.473 billion RMB (up 253.9% year-on-year) [1][2]. - The brand's influence is expanding, leading to a same-store sales growth of 120.9% in 2024, driven by product optimization and store expansion [4]. - The company has a stable gross margin of 41.16% and a net margin of 17.32%, reflecting effective cost management despite significant revenue growth [3]. Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 8.506 billion RMB, growth rate of 167.5% - 2024 net profit: 1.473 billion RMB, growth rate of 253.9% [5] - **Future Projections**: - Expected net profits for 2025, 2026, and 2027 are 2.499 billion RMB, 3.703 billion RMB, and 5.389 billion RMB, respectively, with growth rates of 69.6%, 48.2%, and 45.5% [4][5]. - **Valuation Metrics**: - Projected P/E ratios for 2025, 2026, and 2027 are 50, 34, and 23, respectively, indicating a decreasing valuation multiple as earnings grow [5]. Sales Channel Performance - **Store Sales**: - In 2024, store sales reached 8.535 billion RMB, up 162.86% year-on-year, with revenue of 7.450 billion RMB, up 164.3% [2]. - **Online Sales**: - Online platform sales were 1.260 billion RMB, up 192.82% year-on-year, with revenue of 1.055 billion RMB, up 192.2% [2]. Brand and Product Development - The company has developed nearly 2,000 original designs and holds numerous patents, enhancing its competitive edge in the market [4]. - The expansion strategy includes adding 7 new stores and optimizing 4 existing ones in 2024, contributing to revenue growth [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][14] Core Views - The company has shown revenue growth but experienced a significant decline in profit due to pressure on gross margins. The investment strategy is diversified and focuses on high-energy cities, with progress in TOD (Transit-Oriented Development) and urban renewal projects. The company has sufficient unrecognized revenue, and a recovery in performance is expected [6][7][8]. Financial Performance - In 2024, the company achieved a revenue of 86.4 billion yuan, a year-on-year increase of 7.7%. However, the net profit attributable to shareholders was 1.04 billion yuan, a decrease of 67.3% year-on-year. The gross margin was 10.48%, down by 4.80 percentage points, and the net margin was 1.70%, down by 3.99 percentage points [7][10]. - The company had cash on hand of 50.05 billion yuan at the end of 2024, an increase of 8.6% from the beginning of the year, and declared a final dividend of 0.189 HKD per share, maintaining a payout ratio of 44% of core net profit [7][10]. Sales and Land Acquisition - The company reported a contract sales amount of 114.54 billion yuan in 2024, a decrease of 19.4% year-on-year, but its sales ranking improved to 8th place. The Greater Bay Area and Guangzhou accounted for 42.7% and 37.9% of sales, respectively. By the end of 2024, the company had unrecognized sales amounting to 170.05 billion yuan, a decrease of 14.7% from the beginning of the year [8][10]. - In 2024, the company acquired 24 plots of land across 8 cities, with a total construction area of 2.71 million square meters, over 70% of which were in first-tier cities. The total land reserve by the end of 2024 was 19.71 million square meters, with significant portions in the Greater Bay Area and East China [8][10]. Strategic Developments - The company has deepened its strategy of integrating commercial and residential developments, achieving a rental income of 668 million yuan from directly held commercial properties, a year-on-year increase of 37.1%. The company maintained a green status under the "three red lines" policy, with a debt-to-asset ratio of 68.1% and a weighted average borrowing cost reduced by 33 basis points to 3.49% [9][10].