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我们估计2025-29财年间AOP将实现约7%的CAGR
我们估计2025-29财年间AOP将实现约7%的CAGR
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<|begin_of_box|>### 损益表（百万港元）
| 项目               | 2023    | 2024    | 2025E   | 2026E   | 2027E   |
|--------------------|---------|---------|---------|---------|---------|
| 营业额             | 27,121  | 26,422  | 24,651  | 27,706  | 29,219  |
| 销售成本           | (21,625)| (19,978)| (18,119)| (20,973)| (22,265)|
| 毛利               | 5,497   | 6,444   | 6,533   | 6,732   | 6,954   |
| 销售及管理费用     | (1,232) | (1,140) | (1,092) | (1,211) | (1,286) |
| 其他经营收入/支出  | 383     | 2,218   | (1,888) | (1,777) | (1,844) |
| 经营利润           | 4,647   | 7,522   | 3,553   | 3,744   | 3,824   |
| 财务成本净额       | (938)   | (1,199) | (1,327) | (1,291) | (1,282) |
| 应占联营公司利润及亏损 | 931     | 857     | 797     | 896     | 945     |
| 税前利润           | 4,640   | 7,180   | 3,023   | 3,349   | 3,487   |
| 税费               | (764)   | (701)   | (638)   | (707)   | (736)   |
| 归控股权益         | (636)   | (536)   | (300)   | (308)   | (311)   |
| 净利润             | 3,240   | 5,943   | 2,086   | 2,335   | 2,441   |
| 非年股东应占净利润 | 2,200   | 2,818   | 2,086   | 2,335   | 2,441   |

### 现金流量表（百万港元）
| 项目                 | 2023    | 2024    | 2025E   | 2026E   | 2027E   |
|----------------------|---------|---------|---------|---------|---------|
| 年结6月30日          |         |         |         |         |         |
| 税前利润             | 2,847   | 3,321   | 3,023   | 3,349   | 3,487   |
| 合营企业/联营公司收入调整 | (931)   | (857)   | (797)   | (896)   | (945)   |
| 折旧及摊销           | 1,677   | 1,759   | 1,772   | 1,796   | 1,839   |
| 营运资本变动         | 4,053   | 4,698   | 2,052   | 2,656   | 2,662   |
| 利息调整             | 938     | 1,199   | 1,327   | 1,291   | 1,282   |
| 税费                 | (841)   | (905)   | (638)   | (707)   | (736)   |
| 其他经营活动现金流   | (2,458) | (6,766) | (2,870) | (2,724) | (2,897) |
| 经营活动现金流       | 5,285   | 2,449   | 3,869   | 4,765   | 4,693   |
| 资本开支             | (306)   | (257)   | (282)   | (299)   | (317)   |
| 投资活动             | (1,706) | (490)   | (1,762) | (2,422) | (1,566) |
| 其他投资活动现金流  | 6,453   | 3,264   | 1,543   | 1,566   | 1,625   |
| 投资活动现金流       | 4,441   | 2,517   | (500)   | (1,155) | (258)   |
| 负债净变动           | (238)   | 6,202   | 2,134   | 241     | 2,306   |
| 权益净变动           | 1       | 11      | 0       | 0       | 0       |
| 股息                 | (2,426) | (8,882) | (3,803) | (2,750) | (2,874) |
| 其他融资活动现金流   | (1,016) | (6,596) | (229)   | (229)   | (229)   |
| 融资活动现金流       | (3,680) | (9,265) | (1,898) | (2,738) | (798)   |
| 汇率收益/损失        | (255)   | (7)     | 0       | 0       | 0       |
| 年初现金             | 13,453  | 19,256  | 14,788  | 16,259  | 17,130  |
| 年末现金             | 19,256  | 14,788  | 16,259  | 17,130  | 20,767  |

### 资产负债表（百万港元）
| 项目                 | 2023    | 2024    | 2025E   | 2026E   | 2027E   |
|----------------------|---------|---------|---------|---------|---------|
| 截至6月30日          |         |         |         |         |         |
| 现金及现金等价物     | 19,256  | 14,788  | 16,259  | 17,130  | 20,767  |
| 应收账款及票据       | 9,376   | 9,159   | 8,545   | 9,604   | 10,128  |
| 其他流动资产         | 74,594  | 81,171  | 81,171  | 81,171  | 81,171  |
| 总流动资产           | 103,226 | 105,118 | 105,975 | 107,905 | 112,067 |
| 投资物业             | 5,875   | 5,479   | 5,753   | 6,041   | 6,343   |
| 物业、厂房及设备     | 1,317   | 1,252   | 1,248   | 1,242   | 1,236   |
| 无形资产             | 19,170  | 18,155  | 17,875  | 18,220  | 17,652  |
| 合营企业/联营公司投资 | 22,482  | 21,944  | 21,944  | 21,944  | 21,944  |
| 其他长期资产         | 2,436   | 3,135   | 3,135   | 3,135   | 3,135   |
| 总之期资产           | 51,279  | 49,966  | 49,955  | 50,582  | 50,310  |
| 总资产               | 154,505 | 155,084 | 155,930 | 158,487 | 162,376 |
| 短期贷款             | 1,749   | 4,566   | 6,399   | 5,759   | 6,183   |
| 应付账款             | 10,820  | 9,699   | 8,797   | 10,183  | 10,809  |
| 其他短期负债         | 61,541  | 69,692  | 69,692  | 69,692  | 69,692  |
| 总流动负债           | 74,110  | 83,957  | 84,887  | 85,633  | 86,684  |
| 长期贷款             | 22,048  | 25,329  | 25,631  | 26,512  | 28,393  |
| 长期应付账款         | 1,413   | 1,267   | 1,267   | 1,267   | 1,267   |
| 其他长期负债         | 1,192   | 1,179   | 1,179   | 1,179   | 1,179   |
| 总之期负债           | 24,653  | 27,775  | 28,077  | 28,957  | 30,839  |
| 总负债               | 98,763  | 111,732 | 112,964 | 114,590 | 117,523 |
| 股本                 | 55,692  | 43,333  | 42,947  | 43,878  | 44,834  |
| 股东权益             | 55,692  | 43,333  | 42,947  | 43,878  | 44,834  |
| 非控股权益           | 51      | 19      | 19      | 19      | 19      |
| 总权益               | 55,743  | 43,352  | 42,966  | 43,897  | 44,854  |

### 财务比率
| 项目                 | 2023  | 2024  | 2025E | 2026E | 2027E |
|----------------------|-------|-------|-------|-------|-------|
| 年结6月30日          |       |       |       |       |       |
| 市盈指标(港元)       |       |       |       |       |       |
| 核心每股收益         | 0.862 | 1.103 | 0.802 | 0.905 | 0.948 |
| 每股股息             | 0.610 | 2.437 | 0.950 | 0.680 | 0.711 |
| 每股账面值           | 11.035| 10.937| 11.174| 11.417| 11.669|
| 利润率分析(%)        |       |       |       |       |       |
| 毛利率               | 20.3  | 24.4  | 26.5  | 24.3  | 23.8  |
| EBITDA利润率         | 16.7  | 20.5  | 21.6  | 20.0  | 19.4  |
| 净利率               | 11.9  | 22.5  | 8.5   | 8.4   | 8.4   |
| 其他                  |       |       |       |       |       |
| 净负债权益比(%)      | 8.1   | 34.8  | 36.7  | 34.5  | 30.8  |
| 流动比率             | 1.4   | 1.3   | 1.2   | 1.3   | 1.3   |

### 资料来源
公司资料，交银国际预测<|end_of_box|>
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所属报告:
周大福创建(0659.HK)-港股公司研究报告:增长动能多元且可持续收益率吸引;首予买入-250916(38页).pdf
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2025-2035年我国低轨运力CAGR有望达53%
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行业数据
2026-07-20
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2021-2025年HEICO营业收入CAGR为20%
fCDlubTku70gfCDokKXkuJrmlLblhaXvvIjkur/nvo7lhYPvvIkgfCBZb1nvvIgl77yJIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLXwKfCAyMDIwIHwgMTggICAgICAgICAgICAgICB8IC0gICAgICAgIHwKfCAyMDIxIHwgMTkgICAgICAgICAgICAgICB8IDUgICAgICAgIHwKfCAyMDIyIHwgMjIgICAgICAgICAgICAgICB8IDIwICAgICAgIHwKfCAyMDIzIHwgMzAgICAgICAgICAgICAgICB8IDM1ICAgICAgIHwKfCAyMDI0IHwgMzkgICAgICAgICAgICAgICB8IDMwICAgICAgIHwKfCAyMDI1IHwgNDUgICAgICAgICAgICAgICB8IDIwICAgICAgIHwKCui1hOaWmeadpea6kO+8mmlGaW5E77yM5Y2O5rOw56CU56m2
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行业数据
2026-07-20
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营收2017-2025CAGR为27%,2025年89亿元
fCDlubTku70gfCDokKXmlLYo5Lq/5YWDKSB8IOWQjOavlOWinumAnyglKSB8CnwgOi0tLSB8IDotLS0gfCA6LS0tIHwKfCAyMDIxIHwgNDAuNSB8IH4xMjAgfAp8IDIwMjIgfCAxNDAuNyB8IH4yNDggfAp8IDIwMjMgfCA4Ny4zIHwgfi0zOCB8CnwgMjAyNCB8IDc2LjcgfCB+LTEyIHwKfCAyMDI1IHwgODkuNCB8IH4xNyB8CnwgMjAyNlExIHwgMzUuMCB8IH4xMjAgfAoKKirotYTmlpnmnaXmupDvvJpXaW5k44CB5rWZ5ZWG6K+B5Yi456CU56m25omAKio=
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行业数据
2026-07-20
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全球新增储能装机规模(GW),2020-2025CAGR为89%
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市场规模
2026-07-20
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20-25E中国超快激光器市场CAGR达13%
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行业数据
2026-07-16
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2024-2029年预计全球汽车热管理系统零部件市场规模CAGR将达13.6%
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市场规模
2026-07-06
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2025-2030年全球数据中心液冷市场规模CAGR达23.3%
fCDlubTku70gICB8IOWFqOeQg+aVsOaNruS4reW/g+a2suWGt+W4guWcuuinhOaooe+8iOS6v+e+juWFg++8iSB8CnwtLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjXlubQgfCA1NSAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8CnwgMjAzMOW5tCB8IDE2MCAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8mk1vcmRvciBJbnRlbGxpZ2VuY2XvvIzmtZnllYbor4HliLjnoJTnqbbmiYA=
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市场规模
2026-07-06
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最新数据
全球全年龄段奶粉市场规模(亿美元)
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行业数据
2026-07-30
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全球酸奶及发酵乳制品市场规模(亿美元)
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2026-07-30
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全球药用级益生菌市场规模(百万美元)
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行业数据
2026-07-30
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全球益生菌膳食补充剂市场规模及增速
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行业数据
2026-07-30
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全球拥有AKK专利菌株的核心企业
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行业数据
2026-07-30
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与此同时,我们预计保险业务将成为主要的AOP驱动因素,未来几年AOP增长预计为15%-20%,并伴随合同服务利润规模的扩大。整体而言,我们预计总AOP将在2025及2026财年同比增长4.7%,分别达到43.6亿及45.7亿港元,并在2027-29财年加速至约8%的同比增长。
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周大福创建(0659.HK)-港股公司研究报告:增长动能多元且可持续收益率吸引;首予买入-250916(38页).pdf
表(百万港元)现金流量
截至2025年6月,公司在中国大陆拥有13个高速公路项目
中国内地及中国香港业务仍是公司大部分AOP的主要贡献来源
1H25收费公路、物流及设施管理贡献集团约61%的AOP。
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