预计2025 年收入实现低双位数增长,较2024 年加速增长,主要反映前期投入对收入的提振作用。预计利润率进入平稳阶段,公司保持对履约时效和市场拓展投入以拉动长期收入增长。我们上调2025 年收入/利润预测3.8%/6.0%,目标价从18.00 港元上调至18.50 港元,基于2025 年13 倍市盈率不变,维持买入。2024 年4 季度收入/利润超预期。收入同比增10%至521 亿元(人民币,...
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