Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong investment opportunity with expected returns exceeding market benchmarks by over 15% in the next 6-12 months [6]. Core Insights - The company achieved a revenue of 17 billion RMB in 2024, reflecting a year-on-year growth of 15.4%, with a net profit of 3.63 billion RMB, up 23.9% from the previous year [1][4]. - The shopping center operations are performing exceptionally well, with the number of managed shopping centers reaching a five-year high, contributing significantly to revenue growth [2][3]. - The company has expanded its urban services segment, generating 1.82 billion RMB in revenue, a 36.3% increase year-on-year, indicating a strategic diversification of services [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 17.04 billion RMB, with a gross profit of 5.61 billion RMB and a gross margin of 32.9%, which is an increase of 1.1 percentage points year-on-year [1][5]. - The net profit attributable to shareholders was 3.63 billion RMB, marking a 23.9% increase compared to 2023 [1][5]. Shopping Center Operations - The company managed 118 shopping centers by the end of 2024, an increase of 20 centers from the previous year, achieving a retail sales volume of 215 billion RMB, which is an 18.7% increase year-on-year [2]. - The rental income from property owners reached 26.2 billion RMB, up 19.2% year-on-year, with an operating profit margin of 65.1% [2]. Urban Services Expansion - The urban services segment has been established, providing management services for various facilities, generating 1.82 billion RMB in revenue, which constitutes 10.7% of total revenue [3]. - The number of managed urban service projects reached 438, with a managed area of 12 million square meters, reflecting a significant increase [3]. Employee and Dividend Insights - The company employed 42,046 full-time staff by the end of 2024, with a 12.5% increase in revenue per employee and a 20.8% increase in profit per employee [3]. - The total dividend payout for 2024 was 4.8 billion RMB, resulting in a dividend yield of 6.7%, which is considered attractive [3][4].

证券研究报告·海外公司点评·地产(HS) 绿城管理控股（09979.HK） 2024年业绩公告点评：行业竞争致利润下降， 龙头地位进一步稳固 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3303 | 3441 | 3636 | 3836 | 4043 | | 同比(%) | 24.34 | 4.18 | 5.65 | 5.51 | 5.39 | | 归母净利润（百万元） | 973.61 | 801.13 | 822.77 | 874.57 | 932.80 | | 同比(%) | 30.77 | (17.71) | 2.70 | 6.30 | 6.66 | | EPS-最新摊薄（元/股） | 0.48 | 0.40 | 0.41 | 0.44 | 0.46 | | P/E（现价&最新摊薄） | 5.66 | 6.87 | 6.69 | 6.30 | 5.90 | [Table_Tag] [Table_Sum ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a total revenue of 2.124 billion RMB in 2024, a decrease of 53.08% year-on-year, while commercial sales revenue grew by 24.88% to 2.002 billion RMB [1][4]. - The company is building a core competitive advantage in tumor immunotherapy through its two main bispecific antibodies, Cardunilumab and Ivorisumab, with over 40 clinical therapy explorations [2][4]. - The company invested approximately 1.2 billion RMB in R&D in 2024, achieving significant milestones including three new drug approvals and multiple ongoing clinical studies [3][4]. Financial Performance - The company reported a gross profit of 1.835 billion RMB in 2024, with a gross margin of 86.39% [5][8]. - The projected revenues for 2025, 2026, and 2027 are 3.820 billion RMB, 6.519 billion RMB, and 8.860 billion RMB, respectively, with corresponding net profits expected to be 107 million RMB, 1.064 billion RMB, and 2.083 billion RMB [4][5]. - The earnings per share (EPS) is projected to improve from -0.57 RMB in 2024 to 2.32 RMB by 2027 [5][8]. Product Development and Commercialization - The company is advancing its commercialization process, with key products expected to be included in the national medical insurance directory by the end of 2024 [3][4]. - The company has initiated multiple clinical studies for its bispecific antibodies, establishing a strong pipeline for future growth [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in its operating cycle, with customer satisfaction being a cornerstone of its service industry [1] - The company reported a revenue of 14.76 billion yuan in 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 620 million yuan, up 29.7% year-on-year [5] - The company is focusing on standardized management of its stores, which has led to improved customer satisfaction metrics, including a 95.4% order satisfaction rate and a 62.3% repeat purchase rate [5] - The main business continues to grow, with tire and chassis parts revenue reaching 6.1 billion yuan, a 10.4% increase year-on-year, and automotive maintenance revenue at 5.4 billion yuan, up 9.9% year-on-year [5] - The company has adjusted its revenue forecast for 2025 to 16.72 billion yuan and for 2026 to 19.18 billion yuan, while the net profit forecast for 2025 is adjusted to 625 million yuan [5] Financial Data and Profit Forecast - Revenue (in million yuan): - 2023: 13,601 - 2024: 14,759 - 2025E: 16,720 - 2026E: 19,184 - 2027E: 21,821 - Year-on-year growth rates for revenue: - 2023: 18% - 2024: 9% - 2025E: 13% - 2026E: 15% - 2027E: 14% [2] - Net profit (in million yuan): - 2023: 6,703 - 2024: 484 - 2025E: 625 - 2026E: 947 - 2027E: 1,388 - Year-on-year growth rates for net profit: - 2023: 414% - 2024: -93% - 2025E: 29% - 2026E: 52% - 2027E: 46% [2] - Earnings per share (in yuan): - 2023: 20.80 - 2024: 0.60 - 2025E: 0.76 - 2026E: 1.16 - 2027E: 1.69 [2]

证券研究报告·海外公司点评·地产(HS) 绿城管理控股（09979.HK） 2024年业绩公告点评：行业竞争致利润下降， 龙头地位进一步稳固 [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 02 日 证券分析师 房诚琦 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3303 | 3441 | 3636 | 3836 | 4043 | | 同比(%) | 24.34 | 4.18 | 5.65 | 5.51 | 5.39 | | 归母净利润（百万元） | 973.61 | 801.13 | 822.77 | 874.57 | 932.80 | | 同比(%) | 30.77 | (17.71) | 2.70 | 6.30 | 6.66 | | EPS-最新摊薄（元/股） | 0.48 | 0.40 | 0.41 | 0.44 | 0.46 | | P/E（现价&最新摊薄） ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][24][28] Core Views - The company is expected to maintain a GMV growth rate faster than the overall e-commerce market in 2025, with a projected e-commerce GMV growth of 13% [3][24] - The company reported a 9% year-on-year revenue growth in Q4 2024, with an adjusted net profit of 47 billion RMB, maintaining a profit margin of 13.3% [10][24] - The AI product "Keling" has become a benchmark in the video generation field, with expected revenue of 60 million USD in 2025 [4][24] Financial Performance - In Q4 2024, the company's revenue reached 354 billion RMB, with a gross margin of 54%, reflecting a 1 percentage point increase year-on-year [10][24] - Domestic revenue was 341 billion RMB, growing 7% year-on-year, while overseas revenue was 43.6 billion RMB, resulting in an operating loss of 2.4 billion RMB [10][24] - The company’s adjusted net profit for Q4 2024 was 47 billion RMB, with a sales expense of 113 billion RMB, representing an 11% increase year-on-year [10][24] User Engagement - The total traffic for the company increased by 6% year-on-year in Q4 2024, with MAU reaching 736 million and DAU at 401 million, both up by 5% [2][13] - The average daily usage time per user was 126 minutes, showing a 1% increase year-on-year [2][13] Commercialization - The e-commerce segment's GMV in Q4 2024 was 462.1 billion RMB, with a year-on-year growth of 14% [3][16] - Advertising revenue for Q4 2024 was 206.2 billion RMB, reflecting a 13% year-on-year increase, driven by a high single-digit growth in eCPM [20][24] - Live streaming revenue in Q4 2024 was 99 billion RMB, showing a slight decline of 2% year-on-year, but is expected to return to positive growth in 2025 [20][24] Future Projections - The company anticipates a 14-15% growth in advertising revenue for the full year of 2025, with AI gradually enhancing online marketing capabilities [20][24] - Adjusted profit forecasts for 2025-2027 are set at 201 billion RMB, 238 billion RMB, and 275 billion RMB respectively, reflecting a downward adjustment of 8% and 7% for 2025 and 2026 [24][26]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4] Core Insights - The company is expected to achieve a 61% year-on-year increase in adjusted net profit for 2024, with total revenue projected at 2.08 billion yuan, reflecting an 8.8% decline [1][9] - The company has improved its profitability significantly through operational efficiency, with an adjusted net profit margin of 8.2%, up 3.6 percentage points year-on-year [2][15] - The company has expanded its AI capabilities in both C-end and B-end services, enhancing user experience and operational efficiency [3][16] Financial Performance Summary - In 2024, the company achieved total revenue of 2.08 billion yuan, down 8.8% from the previous year, while adjusted net profit reached 1.33 billion yuan, compared to 7.5 million yuan in 2023 [1][9] - The fourth quarter of 2024 saw revenue of 564 million yuan, a decrease of 10.6%, but an adjusted net profit of 47.59 million yuan, a significant recovery from a loss of 39.54 million yuan in the same period last year [1][9] - The gross profit margin for 2024 was 76.1%, an increase of 1.8 percentage points year-on-year, indicating effective cost control measures [2][15] Business Segment Analysis - Revenue from B-end services (talent acquisition for enterprises) was 1.76 billion yuan, down 12.9%, with a decline in the number of paying enterprise clients [2][10] - C-end services (talent development for individuals) generated 318 million yuan, a 23.1% increase, driven by improved conversion rates for high-ticket courses [2][10] - The company reported a total of 780 million job postings, a decrease of 6.0% year-on-year, indicating ongoing challenges in the recruitment market [2][10] Future Outlook - The company maintains profit forecasts of 185 million yuan for 2025 and 211 million yuan for 2026, with a new forecast of 237 million yuan for 2027, reflecting growth rates of 39%, 14%, and 12% respectively [4][16] - The company is expected to benefit from structural growth in specific sectors such as technology and manufacturing, as well as the maturation of its AI products [4][16]

Investment Rating - The report maintains a "BUY" rating for Akeso, indicating a potential return of over 15% over the next 12 months [15]. Core Insights - Akeso's FY24 results showed strong cost controls despite a revenue shortfall, with total revenue of RMB2.1 billion, including RMB2.0 billion from product sales, representing a 25% YoY increase [8]. - The company is expected to see product sales surge by 60% YoY to RMB3.3 billion in FY25, driven by the inclusion of AK104 and AK112 in the National Reimbursement Drug List (NRDL) [8]. - AK112 is positioned as a next-generation immuno-oncology (IO) therapy, with pivotal clinical data demonstrating a meaningful progression-free survival (PFS) benefit in a Phase 3 trial against Keytruda for first-line PD-L1-positive non-small cell lung cancer (NSCLC) [8]. - The report highlights ongoing clinical trials for AK112 in various cancer types, including triple-negative breast cancer (TNBC) and pancreatic cancer, indicating a broad first-line strategy [8]. - The target price for Akeso has been raised from HK$58.97 to HK$102.61, reflecting increased sales projections for AK112 [8]. Financial Summary - For FY23A, Akeso reported revenue of RMB4,526 million, with a YoY growth of 440.3%, followed by a projected revenue of RMB2,124 million for FY24A, reflecting a decline of 53.1% [2]. - The net profit for FY23A was RMB2,028.3 million, with a projected net loss of RMB501 million for FY24A [2]. - R&D expenses are projected to be RMB1,306 million for FY25E, increasing to RMB1,937 million by FY27E [2]. - The company held a cash balance of RMB7.3 billion at the end of FY24, sufficient to support ongoing R&D and future commercial expansion [8]. Share Performance - Akeso's current market capitalization is HK$77,191.5 million, with a current price of HK$86.00 and a target price indicating a 19.3% upside [3]. - The stock has shown strong performance, with a 1-month absolute return of 17.9% and a 3-month return of 41.7% [5]. Valuation - The DCF valuation estimates the equity value at RMB 85,652 million, translating to a DCF per share of RMB 95.43 or HK$ 102.61 [9]. - The report includes a sensitivity analysis indicating how changes in the weighted average cost of capital (WACC) and terminal growth rate affect the target price [10].

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company reported a revenue growth of 30.1% year-on-year to 3.02 billion RMB and an adjusted net profit growth of 31.4% to 400 million RMB, exceeding profit expectations by 3.1% [1][2]. - The company is expanding its offline store network, adding 21 new stores in 2024, significantly up from 9 in 2023, and now operates 78 stores across 20 cities in China and Singapore [1][7]. - The management expects a revenue growth of 25% year-on-year in 2025, with adjusted profit growth of no less than 20% [1][7]. Financial Performance - For FY23A, the company achieved a sales revenue of 2,323 million RMB, with a projected increase to 3,022 million RMB in FY24A [2]. - The adjusted net profit for FY23A was 305 million RMB, expected to rise to 400 million RMB in FY24A [2]. - The adjusted earnings per share (EPS) for FY24A is projected at 1.64 RMB, with a market average estimate of 1.93 RMB for FY25E [2]. Valuation - The target price is set at 52.38 HKD, representing a potential upside of 57.5% from the current price of 33.25 HKD [3][7]. - The report adjusts the DCF-based target price, reflecting a WACC of 10.2% and a perpetual growth rate of 3.0% [10][7]. Growth Strategy - The company is leveraging AI technology to enhance service efficiency and patient care, with plans to launch AI-powered services to improve the productivity of scarce medical resources [7][8]. - The management aims to increase overseas revenue to 150-200 million RMB by 2025, focusing on expanding in first-tier cities in China and entering new markets [7][8]. Shareholder Returns - The company returned 420 million RMB to shareholders in 2024 through dividends and buybacks, amounting to 137% of its net profit for the year [7][8]. - The management anticipates maintaining a dividend payout ratio of over 30% in the future [7].

证券研究报告 | 2025年04月02日 固生堂（02273.HK） 优于大市 2024 年业绩维持高增速，AI 赋能有望拓展全新增长空间 2024 年公司收入维持高增速，AI 赋能有望带来业务能力提升。2024 年公司 实现营收 30.22 亿元（+30.1%），溢利净额 3.07 亿元（+21.6%），经调整 溢利净额 4.00 亿元（+31.4%）。2024 年公司旗下医疗机构延续 2023 年高 速增长的态势，彰显了公司业务的发展韧性；公司保持外延迅速扩张的节奏， 拓展国内的覆盖范围及市场份额，同时于上半年进军新加坡市场，迈出国际 化第一步。凭借内生增长和外延并购的双轮驱动，以及线下医疗机构和线上 健康平台相结合的业务模式，公司民营中医连锁服务机构龙头地位日渐稳 固。此外，叠加公司将推出的名医"AI 分身"为公司的诊疗质量和水平带来 的提升，公司未来增长势头依然强劲。 客户群持续增长，诊疗量与会员人数同比提升。按营收拆分来看，医疗健康 解决方案 2024 年实现收入 29.88 亿元（+30.6%），占总收入的 98.9%。2024 年全年，公司新增客户 88.9 万人，总就诊人次达到 541.1 万 ...