证券研究报告·海外公司深度·软件服务(HS) 越疆（02432.HK） 协作机器人龙头企业，切入具身智能赛道焕 新机 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 286.75 | 373.68 | 496.41 | 672.80 | 896.94 | | 同比(%) | 18.98 | 30.32 | 32.84 | 35.53 | 33.32 | | 归母净利润（百万元） | (103.28) | (95.36) | (43.49) | 1.15 | 34.54 | | 同比(%) | (96.81) | 7.67 | 54.40 | 102.65 | 2,893.76 | | EPS-最新摊薄（元/股） | (0.26) | (0.24) | (0.11) | 0.00 | 0.09 | | P/E（现价&最新摊薄） | (265.17) | (287.19) | (629.79) | 23,736.49 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Viewpoints - The company's revenue for 2024 is expected to decline slightly by 3.4% to 2.066 billion HKD, primarily due to a decrease in online sports event revenue compared to the high base in 2023. However, the gross margin continues to improve, increasing by 1.8 percentage points to 46.7%, driven by the growth in proprietary brand business and online paid services [1][4] - The company is focusing on its proprietary brand business, which has shown steady growth, particularly in the equipment and apparel categories, which grew by 16%. The launch of the smart watch Pilot1 has also contributed positively, with over 12,000 units sold in four months [2][4] - The company is expanding its outdoor scene successfully, with a 30% year-on-year increase in users participating in niche sports such as cycling and ball games. The average monthly active users (MAU) reached 29.92 million, with a stable paid user penetration rate of 10.6% [3][4] Summary by Sections Revenue and Profitability - Total revenue for 2024 is projected at 2.066 billion HKD, down 3.4% from 2023. The adjusted net loss is expected to widen to 470 million HKD, a 59% increase year-on-year. Sales expenses rose by 33.1% to 758 million HKD, largely due to increased marketing costs related to the sports year and app upgrades [1][5] - The proprietary brand sports products generated revenue of 954 million HKD, up 0.8%, with a gross margin of 31.7%, benefiting from a higher proportion of high-margin categories [2][5] Future Outlook - The company anticipates a return to breakeven by 2025, with adjusted net profits projected at 0.00 million HKD in 2025, 65 million HKD in 2026, and 131 million HKD in 2027. The target price has been raised to 6.2-6.6 HKD, reflecting an upward revision in profit forecasts [4][22] - The ongoing AI initiatives are expected to enhance user engagement and subscription rates, with significant benefits anticipated in 2026-2027 [4][22]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.022 billion RMB in 2024, representing a year-on-year growth of 29.90%. The adjusted net profit reached 400 million RMB, up 31.4% from the previous year [7] - The company is expanding its store network and advancing its AI initiatives, which are expected to drive future growth [7] - The report forecasts a continued increase in revenue and profits over the next few years, with projected revenues of 3.784 billion RMB in 2025 and 4.725 billion RMB in 2026 [1][7] Financial Performance - Total revenue for 2023 was 2.327 billion RMB, with a projected increase to 3.022 billion RMB in 2024, reflecting a growth rate of 43.05% [1] - The adjusted net profit for 2023 was 252.20 million RMB, expected to rise to 306.78 million RMB in 2024, indicating a growth of 21.64% [1] - The company plans to distribute a total dividend of 119 million RMB for the year, which constitutes 38.7% of the net profit [7] Revenue Breakdown - Offline revenue accounted for 2.74 billion RMB, growing by 34.5%, while online revenue was 280 million RMB, showing a decline of 1.5% [7] - The company has expanded its presence in China, increasing the number of medical institutions from 56 to 78, with significant growth in both new and existing stores [7] Customer Metrics - The company reported a 26% increase in customer traffic and a 3% rise in average spending per visit in 2024 [7] - The total number of new customers reached 889,000, a 10.6% increase year-on-year, with a total of 4.511 million patient visits, up 25.9% [7] AI Initiatives - The company is set to launch an AI doctor assistant and smart hardware to enhance diagnostic capabilities and improve service efficiency [7] Valuation Metrics - The report adjusts the projected adjusted net profit for 2025 and 2026 down to 490 million RMB and 600 million RMB respectively, with a forecast for 2027 at 750 million RMB [7] - The current price-to-earnings (P/E) ratio is projected to be 22.93 for 2024, decreasing to 9.51 by 2027 [1][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company reported a slight revenue decline of 1.0% year-on-year for 2024, with total revenue reaching 16.951 billion RMB. However, there was a significant recovery in the second half of 2024, with a 13.86% increase in revenue compared to the first half, driven by a rebound in workforce size and accelerated growth in cloud intelligence and full-stack AI businesses [1]. - The company achieved a gross margin of 22.1% for 2024, a decrease of 1.3 percentage points year-on-year, while adjusted profit increased by 3.8% to 650 million RMB. A dividend of 0.0533 HKD per share was proposed, reflecting a commitment to shareholder returns [1]. Summary by Sections Cloud Intelligence - The company is a leading player in the Huawei cloud ecosystem, generating 1.848 billion RMB in public cloud revenue, with a core business growth of 25% year-on-year. It has maintained the top market share for seven consecutive years and has implemented over 200 CTSP projects across various industries [2]. - Internationally, the company has made strides with projects like the Kai Tak Sports Park and the police CDIP project in Hong Kong, valued at 410 million HKD, establishing benchmarks for smart city initiatives [2]. Full-Stack AI Transformation - Since initiating the SP301 strategy in 2020, the company has invested over 1.5 billion RMB in developing a comprehensive "cloud-edge-end full-stack AI" framework, achieving initial success by 2024 [3]. - The company has established a digital power innovation center and a computing power scheduling platform, winning over 90 major model projects. It has also deployed over 30 lighthouse projects in sectors such as finance and energy [3]. - A proprietary ERP system has been developed and successfully delivered to a state-owned power enterprise [3]. HarmonyOS Ecosystem - The KaihongOS has received national EAL5+ security certification, with a response time of less than 3 microseconds, and has adapted to 80 chip models, contributing over 4.25 million lines of open-source code [4]. - The company leads the market in HarmonyOS PC and application migration services, with over 7,000 services launched in 2024, covering more than 500 application migrations [4]. Profit Forecast, Valuation, and Rating - The company is expected to see a recovery in its core business and efficiency improvements from AI initiatives, with a projected revenue rebound in 2025 [5]. - The focus will remain on high-value sectors such as power, finance, and government, with increased investments in cloud, HarmonyOS, and ERP areas [5]. - The net profit forecasts for 2025 and 2026 have been adjusted downwards to 644 million RMB and 754 million RMB, respectively, while a new forecast for 2027 is set at 870 million RMB [5].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has established itself as a leader in the collaborative robot sector and is now venturing into the embodied intelligence field, creating new growth opportunities [11]. - The collaborative robot market is projected to grow significantly, with a compound annual growth rate (CAGR) of 36.6% from 2023 to 2028, indicating strong potential for future expansion [4][11]. - The company has a solid technological foundation with five core competencies that create a competitive moat, including key component design, a universal control platform, safety technology, robotic technology, and AI capabilities [4][48]. Summary by Sections Company Overview - Founded in 2015, the company has focused on collaborative robots and has grown to become an industry leader, with a revenue increase from 174 million yuan in 2021 to 374 million yuan in 2024, achieving a CAGR of 29.1% [3][20]. - The company has expanded its product offerings across four main segments: six-axis collaborative robots, four-axis collaborative robots, composite robots, and embodied intelligent robots [3][16]. Market Potential - The collaborative robot market, while currently smaller in scale, is expected to see substantial growth, particularly in industrial applications, which remain the largest demand source [4][41]. - The company holds a market share of 13.0% in the collaborative robot sector, with a shipment volume of 14,000 units in 2023, significantly outperforming the third-largest competitor [4][45]. Financial Projections - Revenue forecasts for the company indicate growth from 4.96 billion yuan in 2025 to 8.97 billion yuan in 2027, with corresponding price-to-sales ratios of 46, 34, and 25 [11][59]. - The company is expected to narrow its net loss from 1.03 billion yuan in 2023 to 0.95 billion yuan in 2024, driven by increased shipments of six-axis and four-axis collaborative robots [3][20]. Technological Advancements - The company has launched the Dobot Atom, the world's first "dexterous operation + bipedal walking" embodied intelligent robot, which is expected to accelerate the commercialization of humanoid robots [5][51]. - The Dobot Atom features advanced AI capabilities and is designed for various applications, including household tasks and customer service roles [53][54].

Investment Rating - The report maintains an "Outperform" rating for Dongyue Group [2][10]. Core Views - In 2024, the profit attributable to owners increased by 14.55%, while revenue decreased by 2.15% to RMB 14.181 billion. The gross profit margin improved by 4.81 percentage points to 21.62% [6][10]. - The company has completed the disposal of its real estate business assets, marking the end of its involvement in this sector since 2011 [9]. - The fluorine-silicon chemical industry faced significant external market impacts, leading to price adjustments for key products like refrigerants R22 and R32, which contributed to the company's performance improvement [6][10]. Business Segment Summary - **Fluorine-containing Polymer Materials**: External sales were approximately RMB 3.825 billion, a year-on-year decrease of 15.98%, accounting for 26.97% of total sales, with segment profit increasing by 50.87% to RMB 508 million [7]. - **Refrigerants**: External sales reached about RMB 3.248 billion, up 13.10% year-on-year, representing 22.90% of total sales, with segment profit soaring by 159.63% to RMB 806 million [7]. - **Silicones**: External sales were approximately RMB 5.213 billion, a year-on-year increase of 7.20%, accounting for 36.76% of total sales, with a segment profit turnaround to RMB 102 million [7]. - **Methylene Chloride and Caustic Soda**: External sales were about RMB 1.104 billion, down 6.16% year-on-year, accounting for 7.79% of total sales, with segment profit increasing by 49.85% to RMB 372 million [7]. Quota and Market Position - Dongyue Group holds the largest second-generation refrigerant quota in the country, with a total production quota of 44,600 tonnes for 2025, representing 27.26% of the industry [8]. - The company also has a production quota of 86,100 tonnes for third-generation refrigerants in 2025, reflecting a 5.70% increase from the previous year [8]. Profit Forecast - The forecast for net profit from 2025 to 2027 is RMB 1.800 billion, RMB 2.109 billion, and RMB 2.531 billion respectively, with a target price set at HKD 12.00 based on a PE ratio of 10.62 for 2025 [10].

港股公司报告 | 公司点评 中国海外发展（00688） 证券研究报告 权益销售投资双第一，引领行业破局——中国海外发展 24 年报点评 利润受行业波动影响，分红比例提升 24 年公司实现收入约 1851.54 亿元，同比-8.58%；归母净利润 156.36 亿 元，同比-38.95%，核心利润 157.2 亿元，同比-33.5%；基本每股盈利 1.43 元，同比-38.9%。24 年公司毛利率 17.7%，较 23 年下滑 2.6pct；净利率 9.6%较23 年下降 3.8pct。公司拟派末期股息每股30 港仙，全年合计 60港 仙，分红比例提升至 38.5%。 注：营业收入、EBITDA、归母净利润均为人民币，EPS 为人民币/股 权益销售升至行业第一，投资保持强度良好 销售端，24 年公司合约销售额 3106 亿元，同比+0.3%；销售面积 1152 万 平，同比-13.8%，市占率较 23 年提升 0.55pct 达 3.21%；权益金额 2858 亿元，同比+2.5%，权益比例较23 年提升 2pct 至 92%，克而瑞百强销售权 益金额排名较 23 年上升 1 位至行业第 1，公司在下行市场实现 ...

Investment Rating - The report maintains a "BUY" rating for BYD Electronic with a target price of HKD 48.84, representing a potential upside of 22.6% from the current price of HKD 39.85 [6][17]. Core Insights - BYD Electronic's FY24 results showed a revenue growth of 36.4% to RMB 177.3 billion, while net profit increased by 5.5% to RMB 4,265 million, although net profit was approximately 6% below consensus due to lower than expected gross margin and higher costs [1][16]. - The company is expected to benefit from the increasing demand for generative AI smartphones, which is projected to drive a new replacement cycle in the smartphone market starting in 2024 [5][16]. - BYD Electronic's automotive intelligent segment revenue surged by 45.5% YoY to RMB 20.5 billion, indicating strong growth potential in the automotive sector [13][16]. Summary by Sections Financial Performance - FY24 revenue reached RMB 177.3 billion, up 36.4% YoY, while net profit was RMB 4,265 million, a 5.5% increase YoY [1][21]. - Gross margin decreased by 1.1 percentage points YoY to 6.9%, below the consensus estimate of 7.6% [1][16]. Business Segments - The assembly and components segments experienced significant growth, with assembly service revenue increasing by 26% YoY and components revenue soaring 1.6x YoY to approximately RMB 35.6 billion [3][12]. - The IoT segment faced challenges, with revenue slipping YoY due to pressures in the energy storage business [2][11]. Market Trends - The global smartphone shipment grew approximately 2.4% YoY in 4Q24, with a notable 37% QoQ increase in shipments from US clients due to new flagship launches [1][3]. - Generative AI smartphones are expected to account for a significant portion of total smartphone shipments, with projections of 234 million units in 2024 and a CAGR of 100% from 2023 to 2027 [5][16]. Future Outlook - BYD Electronic anticipates continued revenue growth in the IoT and automotive segments, projecting revenue to exceed RMB 50 billion and RMB 65 billion by FY25E and FY26E, respectively [15][16]. - The company is focusing on diversifying its business strategy, which is expected to enhance sales and earnings visibility in the long run [16][17].

证券研究报告 | 2025年04月02日 天虹国际集团（02678.HK） 2024 年扭亏为盈，经营性现金流净额大幅增长 优于大市 2024 年收入恢复正增长，净利扭亏为盈。公司是全球棉纱龙头生产商。2024 年收入增长 1.3%至 230.29 亿元，主要受益于海外需求回暖及产能利用率提 升。其中，纱线/梭织面料/针织面料收入分别同比变动+2.1%/+5.7%/-30.0% 至 179/21/5 亿元。纱线业务收入占比 77.8%，平均售价-1.8%至 2.32 万元/ 吨，降幅收窄，同时，纱线毛利率同比+6.0%，主要由于高价库存消化完毕 及越南产能满产。2024 年公司财务费用与现金流改善，主要由于债务规模缩 减（总借贷减少 13.28 亿元至 63.96 亿元）及海外加息压力缓解。2024 年公 司净利润 5.54 亿元，同比大幅扭亏，主因毛利率修复（+6%至 12.4%）及费 用管控优化。经营现金流量净额 44.8 亿元，增长 126%，主要由于经营利润 的增加以及营运资金占用的减少；投资活动现金净额 5.4 亿元，同比大幅增 长（2023 年为 0.3 亿元），主要由于收回处置土地和厂房的剩余款 ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 71.76 HKD [5][3]. Core Insights - The company reported a revenue of 5.26 billion, a year-on-year increase of 25.1%, and a narrowed net loss of 269 million, a reduction of 70.4% compared to the previous year [1][3]. - The growth in revenue is primarily driven by the "Xian Zhi AI" platform, which generated 3.68 billion in revenue, reflecting a 46.7% increase and accounting for 69.88% of total revenue [1][3]. - The company has strategically upgraded to "Paradigm Group," focusing on both B-end and C-end business segments, with the latter expected to contribute to revenue growth through partnerships in consumer electronics [3][2]. Financial Performance - The gross margin for 2024 was 42.76%, a decrease of 4.41 percentage points, attributed to increased hardware delivery in the AI platform [1]. - The company has demonstrated strong cost control, with sales, management, and R&D expense ratios decreasing by 4.96, 4.46, and 0.83 percentage points, respectively [1]. - Revenue projections for 2025-2027 are estimated at 6.62 billion, 7.89 billion, and 9.20 billion, respectively, with expected net profits turning positive in 2025 [3][8]. Business Strategy - The company is focusing on enhancing customer stickiness through the AI Agent in its B-end services, optimizing key capabilities, and exploring applications in various sectors [2]. - The introduction of the new consumer electronics business segment aims to leverage AI capabilities in products like smart headphones and smartwatches, potentially increasing revenue streams [3][2]. - The company has established a solid customer base, with 161 benchmark clients contributing significantly to revenue, showing a net income growth rate of 110% per client [2].