Company Overview - Investment Rating: Outperform the market, maintained [2] - Core Viewpoint: Chery Automobile is positioned for a new chapter in intelligent electric vehicles, focusing on technology and global expansion [2][3] Company Development - Chery Automobile has evolved from reverse engineering to independent innovation, establishing itself as a global leader [3][4] - The company has a rich history of milestones, including the launch of its first car in 1999 and the establishment of its electric vehicle technology company in 2010 [5][9] Business Strategy - Chery's business model includes a dual focus on passenger and commercial vehicles, with a strong emphasis on both traditional fuel and new energy vehicles [12][14] - The company operates multiple brands, including Chery, EXEED, and iCAR, to cover various market segments and consumer needs [93][96] Financial Performance - In 2022, Chery Group's automotive sales reached 1.23 million units, with revenue exceeding 200 billion yuan for the first time [33] - By 2024, the group expects to achieve sales of 2.6 million units and revenue of 480 billion yuan, reflecting a year-on-year growth of over 50% [33][41] Industry Trends - The automotive industry is undergoing a transformation driven by electrification, intelligence, and globalization [42] - Global automotive sales are projected to reach 90.87 million units in 2024, with a growth rate of 2.8% [43][44] Market Position - Chery is positioned as a key player in the domestic market, with a focus on expanding its international presence [96] - The company has seen significant growth in export volumes, leading the Chinese brand passenger car exports for 22 consecutive years [76][96] Technological Advancements - Chery has invested heavily in R&D, with expenditures reaching 6.66 billion yuan in 2023, representing a year-on-year increase of 82.8% [84] - The company has developed a comprehensive R&D system with over 13,000 patents, enhancing its competitive edge in the automotive sector [84][87] Global Expansion - Chery's global strategy includes entering emerging markets and strengthening its presence in traditional markets like Russia [96] - The company aims to leverage its multi-brand strategy to capture diverse market segments and enhance international competitiveness [96]

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [6] Core Views - The report indicates that Haier Smart Home's revenue for Q4 2024 reached 83.01 billion yuan, a year-on-year increase of 9.88%, with a net profit attributable to shareholders of 3.59 billion yuan, up 3.96% year-on-year. For the full year 2024, the company achieved revenue of 285.98 billion yuan, a 4.29% increase year-on-year, and a net profit of 18.74 billion yuan, up 12.92% year-on-year. The domestic sales have shown a turning point due to policy stimulation and proactive adjustments in the Chinese market, while overseas performance remains stable. The company is expected to see accelerated revenue growth in 2025 as structural improvements and one-time impacts gradually dissipate [3][12][15]. Summary by Sections Financial Performance - In Q4 2024, Haier's revenue increased by 10% year-on-year, with significant growth in domestic sales driven by government policies and improved product structure. The company reported a notable increase in the shipment of refrigerators, washing machines, and air conditioners, with year-on-year growth of 10%, 8%, and 29% respectively. The premium brand Casarte saw a 30% increase in revenue in Q4 [13]. - For the full year 2024, Haier's overseas revenue grew by 5%, with the second half showing a 7% increase compared to the first half. The integration of Carrier Refrigeration positively impacted the results [13]. Profitability and Costs - The report highlights an improvement in real profitability, although there were one-time factors that affected results. In Q4 2024, the net profit margin decreased by 0.2 percentage points year-on-year, while the gross margin increased by 1.3 percentage points. The increase in expense ratios was attributed to accounting adjustments and the integration of new entities [14]. - The company plans to distribute a cash dividend of 9.65 yuan per 10 shares, totaling 8.997 billion yuan, with a dividend payout ratio of 48% [12]. Future Outlook - The report anticipates strong domestic sales and structural improvements for Haier in 2025, projecting net profits of 21.19 billion yuan and 23.96 billion yuan for 2025 and 2026 respectively, with corresponding price-to-earnings ratios of 12.0x and 10.6x. The dividend yield is expected to be around 4% [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][11][13] Core Views - The company is experiencing pressure on performance due to fluctuations in freight rates, but its flexible operations are expected to stabilize performance [5][11] - In 2024, the company achieved operating revenue of 6.475 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.921 billion yuan, a year-on-year increase of 23.4% [5][11] - The company is a leader in the refined oil transportation market in the Far East, with a strong ability to withstand risks and navigate through cycles [5][11][13] Financial Performance Summary - In Q4 2024, the company reported operating revenue of 1.467 billion yuan, a year-on-year decrease of 5.3%, and a net profit of 265 million yuan, a year-on-year decrease of 25.0% [5][11] - The refined oil transportation business generated revenue of 3.751 billion yuan in 2024, with a gross margin of 32.8%, down 2.88 percentage points year-on-year [11][12] - The crude oil transportation business maintained stable revenue of 1.866 billion yuan, with a gross margin of 37.7% [11][12] Future Outlook - The company expects operating revenues for 2025, 2026, and 2027 to be 6.520 billion yuan, 7.006 billion yuan, and 7.536 billion yuan respectively, with year-on-year growth rates of 0.7%, 7.5%, and 7.6% [13][14] - Net profit attributable to shareholders is projected to be 1.630 billion yuan in 2025, reflecting a year-on-year decrease of 15.1%, followed by increases in subsequent years [13][14] - The company is anticipated to maintain a strong position in the market due to its flexible fleet operations [5][11][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][15]. Core Insights - The company reported a significant increase in net profit and dividends per share (DPS), with a stable dividend payout ratio [12][14]. - The net profit for 2024 reached 26.229 billion yuan, representing a year-on-year increase of 201.1% [14]. - The company adjusted its investment return assumptions, lowering the rate from 4.5% to 4.0% and the risk discount rate from 9.0% to 8.5% [4][12]. Summary by Sections Financial Performance - The company achieved a new business value (NBV) of 6.253 billion yuan in 2024, a growth of 106.8% compared to the previous year [13]. - The total investment income for 2024 was 79.687 billion yuan, up 251.6% year-on-year [14]. - The annualized net, total, and comprehensive investment returns were 3.2%, 5.8%, and 8.5%, respectively [14]. Business Growth - The NBV margin improved to 14.6%, an increase of 7.9 percentage points year-on-year [13]. - The company’s agent count decreased to 136,000 by the end of 2024, but the average performance of agents showed a positive trend with a 41% increase in productivity [13]. Dividend Policy - The company plans to distribute a dividend of 2.53 yuan per share, a 197% increase from the previous year, maintaining a payout ratio of approximately 30% [14]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 23.389 billion yuan, 27.439 billion yuan, and 30.864 billion yuan, with respective growth rates of -10.8%, +17.3%, and +12.5% [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][15] Core Insights - The company reported a revenue of 105.62 billion yuan for 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 3.92 billion yuan, a year-on-year decrease of 7.1%. In Q4 2024, the revenue was 19.75 billion yuan, a year-on-year decrease of 31.8%, but the net profit was 1.09 billion yuan, a year-on-year increase of 3.0% and a quarter-on-quarter increase of 24.1%. The report expresses optimism about the company's operational resilience and steady improvement in profitability, along with consistent shareholder returns [5][13][15]. Summary by Sections Financial Performance - In 2024, the company's agency-related business achieved a revenue of 67.17 billion yuan, a year-on-year increase of 8.4%, with a segment profit of 2.25 billion yuan, a year-on-year decrease of 2.2%. The sea and air freight agency revenues were 44.78 billion yuan and 9.40 billion yuan, respectively, with year-on-year increases of 9.1% and 34.3%. The volume handled for sea and air freight was 15.156 million TEU and 824,000 tons, reflecting year-on-year increases of 13.3% and 18.1% [13][14]. Shareholder Returns - The company plans to distribute a cash dividend of 0.145 yuan per share for the end of 2024, totaling 2.095 billion yuan, with a payout ratio of 55.2%. Based on the closing price on March 25, 2025, the dividend yield is 5.6% [14]. Earnings Forecast - The company is expected to generate revenues of 104.58 billion yuan, 115.09 billion yuan, and 127.33 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -0.1%, +10.1%, and +10.6%. The net profit attributable to shareholders is projected to be 4.08 billion yuan, 4.60 billion yuan, and 4.71 billion yuan for the same years, with corresponding growth rates of +4.1%, +12.8%, and +2.4% [15][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a significant increase in net profit for 2024, achieving a year-on-year growth of 131.6% to reach 106.935 billion yuan, driven primarily by increased investment income [3][12] - The company adjusted its investment return assumptions, lowering the rate from 4.5% to 4.0%, while maintaining the risk discount rate for ordinary business at 8.0% and reducing the rate for floating income business from 8.0% to 7.2% [3][11] - The company's new business value (NBV) for 2024 is projected at 33.709 billion yuan, reflecting a decrease of 26.4% due to actuarial assumption adjustments, although the overall NBV growth remains strong [12] Summary by Sections Financial Performance - The company achieved total investment income of 308.251 billion yuan in 2024, a year-on-year increase of 150.4% [12] - The annualized net and total investment returns for 2024 were 3.47% and 5.50%, respectively [12] - The company plans to distribute a dividend of 0.65 yuan per share, marking a 51.2% increase year-on-year [12] Business Metrics - The NBV growth rate for 2024 is expected to be 24.3%, with the first quarter, first half, and nine months showing growth rates of 26.3%, 18.6%, and 25.1%, respectively [12] - The number of agents as of the end of 2024 is 615,000, which is a decrease from previous periods [12] - The company's embedded value (EV) is projected to be 1.4 trillion yuan by the end of 2024, reflecting an 11.2% increase from the beginning of the year [12] Future Projections - The company forecasts net profits of 108.5 billion yuan, 122.6 billion yuan, and 141.6 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 1.5%, 13.0%, and 15.5% [13]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [5] Core Insights - In 2024, BYD achieved sales of 4.272 million vehicles, a year-on-year increase of 41.3%, with total revenue reaching 777.1 billion yuan, up 29.0% year-on-year, and net profit attributable to shareholders of 40.25 billion yuan, a 34.0% increase year-on-year [3][11] - The significant revenue growth in Q4 2024 was primarily driven by the government's vehicle replacement subsidy policy, leading to a sales volume of 1.524 million vehicles, which is a 61.3% increase year-on-year and a 34.3% increase quarter-on-quarter [3][11] - The company's gross margin for 2024 was 19.4%, an increase of 0.9 percentage points year-on-year, attributed to ongoing scale effects [12] Summary by Sections Financial Performance - BYD's total revenue for 2024 was 777.1 billion yuan, with a year-on-year growth rate of 29.0% [11] - The net profit attributable to shareholders for 2024 was 40.25 billion yuan, reflecting a year-on-year increase of 34.0% [11] - In Q4 2024, the company reported revenue of 274.85 billion yuan, a 52.7% increase year-on-year and a 36.7% increase quarter-on-quarter [3][11] R&D and Technological Advancements - R&D expenses in Q4 2024 reached a record high of 19.87 billion yuan, marking a 35.8% year-on-year increase and a 45.1% quarter-on-quarter increase [12] - The launch of the Super e-platform 3.0 signifies a new era in electrification, with the 1000V architecture enabling rapid charging capabilities [13] Future Projections - Revenue projections for BYD from 2025 to 2027 are estimated at 1,006.35 billion yuan, 1,212.65 billion yuan, and 1,455.18 billion yuan, respectively, with corresponding growth rates of 29.5%, 20.5%, and 20.0% [14] - Net profit projections for the same period are 56.37 billion yuan, 69.27 billion yuan, and 83.70 billion yuan, with growth rates of 40.0%, 22.9%, and 20.8% [14]

Economic Growth and Fiscal Strength - Hangzhou's GDP ranking has improved by 2 places since 2015, reaching over 2 trillion CNY in 2024, making it the 7th largest city in China[31] - Fiscal revenue ranking has increased by 4 places, now standing 4th in 2023, just behind Beijing, Shanghai, and Shenzhen[31] - The resident population in Hangzhou has grown to approximately 12.5 million, maintaining a high growth rate among major cities[38] Industrial Transformation - Hangzhou's industrial development has transitioned from a silk production hub to a digital economy leader, characterized by a "5+3" modern industrial system[48] - Key industries include software and information technology services, high-end equipment manufacturing, and emerging sectors like artificial intelligence and cloud computing[48] Digital Economy and Private Sector Vitality - The digital economy in Hangzhou is nationally leading, significantly driving innovation in both service and manufacturing sectors[18] - The city boasts a favorable business environment, consistently ranked first in the country, enhancing its attractiveness for talent and investment[18] Investment and Consumption Trends - Consumption is expected to contribute significantly to future economic growth, reflecting a shift from investment-driven growth to consumption-driven growth[18] - R&D investment has surged, particularly from companies like Alibaba, positioning Hangzhou's tech industry for substantial growth[18] Talent Attraction and Retention - Hangzhou's lower housing costs compared to first-tier cities have made it an attractive destination for talent, with a high retention rate of graduates from local universities[39] - The city has seen a notable influx of talent, with a significant percentage of graduates from Zhejiang University remaining in the province[39]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 39.24 billion yuan for 2024, a year-on-year decline of 2.7%. Excluding specific commercial production projects, revenue grew by 5.2%. The net profit attributable to shareholders was 9.45 billion yuan, down 1.6% year-on-year, while the net profit after deducting non-recurring items was 9.99 billion yuan, an increase of 2.5% year-on-year. Revenue and profit showed steady quarterly growth throughout 2024, achieving annual guidance, with both revenue and profit reaching historical highs in the fourth quarter [5][13] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 39.24 billion yuan, down 2.7% year-on-year, but grew by 5.2% when excluding specific projects. The net profit attributable to shareholders was 9.45 billion yuan, a decrease of 1.6%, while the net profit after non-recurring items was 9.99 billion yuan, an increase of 2.5%. The company’s revenue and profit increased steadily each quarter, with the fourth quarter setting historical records for both metrics [5][13] Business Development - The company’s integrated CRDMO service platform is showing collaborative effects, continuously empowering clients. In 2024, the chemical business generated revenue of 29.05 billion yuan, down 0.4%, but grew by 11.2% when excluding specific projects. The company signed a share sale agreement related to medical device testing business in the U.S. at the end of 2024, with the testing business generating revenue of 5.67 billion yuan, down 4.8% [14] Customer Growth and Orders - As of the end of 2024, the company had approximately 6,000 active clients, adding about 1,000 new clients in the year. The backlog of orders reached 49.31 billion yuan, a year-on-year increase of 47.0%. To meet the rapidly growing downstream demand, the company is expanding its production capacity, including the operation of the Taixing API production base and steady capacity increases in Changzhou and Taixing [15] Future Projections - The company expects revenues of 42.64 billion yuan, 47.67 billion yuan, and 55.06 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 8.67%, 11.78%, and 15.51%. The net profit attributable to shareholders is projected to be 10.99 billion yuan, 12.87 billion yuan, and 15.07 billion yuan for the same years, with corresponding growth rates of 16.26%, 17.16%, and 17.10% [16][17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a net profit of 126.61 billion yuan for 2024, representing a year-on-year increase of 47.8%. The net value of new business (NBV) reached 28.53 billion yuan, up 25.6% year-on-year. The company has adjusted its actuarial assumptions, lowering the investment return rate from 4.5% to 4.0% and the risk discount rate from 9.5% to 8.5%/7.5% [4][13][14] - The company continues to emphasize shareholder returns, proposing a dividend of 2.55 yuan per share for 2024, which is a 5% increase year-on-year [15] Summary by Sections Financial Performance - For 2024, the company achieved a net profit of 1266.07 billion yuan, with a breakdown of profits from various segments: life and health insurance (930 billion yuan, +28%), property insurance (150 billion yuan, +68%), banking (258 billion yuan, -4%), asset management (-119 billion yuan, loss narrowed), and financial empowerment (129 billion yuan, +528%) [14] - The operating profit for 2024 was 1218.62 billion yuan, reflecting a 9.1% increase year-on-year [14] New Business Value (NBV) - The NBV for 2024 was 285.34 billion yuan, with a year-on-year growth of 25.6%. The first-year premium used for calculating NBV was 1540.26 billion yuan, down 7.1% year-on-year [15] - The NBV margin improved to 22.7%, an increase of 3.5 percentage points year-on-year [15] Actuarial Assumptions and EV Growth - The company's actuarial assumptions adjustments led to a decrease in the expected value (EV) growth, with the EV for life and health insurance at 8350.93 billion yuan by the end of 2024, down 13.1% due to these adjustments [15] - The company’s EV based on 2023 assumptions was 9606.08 billion yuan, reflecting a 15.6% increase from the beginning of the year [15] Dividend Policy - The proposed dividend of 2.55 yuan per share for 2024 indicates a commitment to shareholder returns, with a payout ratio of 37.9% of the operating profit [15] Future Projections - The company forecasts insurance business revenues of 575.68 billion yuan, 600.48 billion yuan, and 628.27 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 4.4%, 4.3%, and 4.6% [17] - Projected net profits for the same years are 141.39 billion yuan, 164.21 billion yuan, and 193.67 billion yuan, with growth rates of 11.7%, 16.1%, and 17.9% respectively [17]