事件：公司发布 2024 年年报。公司 2024 年实现收入 2859.8 亿 元，YoY+4.3%，实现归母净利润 187.4 亿元，YoY+12.9%；经折算， 公司 2024Q4 单季度实现收入 732.4 亿元（因口径调整，同比增长 数据暂无法计算），实现归母净利润 35.9 亿元，YoY+4.0%。公司 持续推进内生增长与外延并购，收入、利润再创历史新高，对股 东的回馈力度持续加大。在风险机遇并存的市场环境下，公司积 极应对关税风险，加速面向未来的 AI 领域布局，我们看好海尔智 家在全球家电市场实现穿越周期的增长。 Q4 国内高端业务在国补刺激下实现高速增长：在内生增长与外 延并购共同驱动下，公司收入再创新高。2024 年海尔智家国内收 入 YoY+3.2%（家电主业收入 YoY+4.9%），海外收入 YoY+5.4%。我 们估算公司 Q4 国内家电主业收入 YoY+10%+，海外业务收入 YoY+10%+（CCR 及 Kwikot Q4 贡献海外收入约 21 亿元人民币，贡 献 Q4 海外收入增速约 6pct）。国内高端业务在国补刺激下明显提 速，卡萨帝 Q4 收入增速超过 30%。分地区来看， ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 41.6 yuan over the next six months [3][4]. Core Insights - The company has entered into a strategic partnership with Quanterix to enhance its Alzheimer's disease (AD) detection capabilities, leveraging Quanterix's Simoa technology for early diagnosis and treatment monitoring [1]. - The market for AD detection is expected to grow significantly, with projections indicating that by 2030, there will be approximately 19.11 million AD patients aged 60 and above in China, creating a substantial demand for early screening and diagnosis [2]. - The company anticipates strong revenue growth, with projected increases of 30.0%, 18.1%, and 30.8% for the years 2024 to 2026, respectively, alongside net profit growth rates of 41.2%, 15.2%, and 31.4% during the same period [3][11]. Financial Summary - The company's revenue for 2024 is estimated at 621 million yuan, increasing to 734 million yuan in 2025 and 960 million yuan in 2026 [11]. - The net profit is projected to reach 246 million yuan in 2024, 283 million yuan in 2025, and 372 million yuan in 2026 [11]. - The earnings per share (EPS) is expected to grow from 1.81 yuan in 2024 to 2.08 yuan in 2025 and 2.73 yuan in 2026 [13].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15.2 CNY for the next six months [5]. Core Views - The company reported a revenue of 34.217 billion CNY for 2024, a year-on-year increase of 1.36%, but the net profit attributable to shareholders decreased by 12.52% to 2.416 billion CNY [2][3]. - The domestic cement revenue faced pressure due to insufficient demand, while overseas revenue saw significant growth, increasing by 46.79% to 7.984 billion CNY [2][9]. - The company's integrated strategy has shown significant results, with non-cement business revenue accounting for 45% of total revenue, contributing to stable performance [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross profit margin of 24.69%, down 2.02 percentage points year-on-year, with a net profit margin of 8.63% [3]. - The quarterly net profit growth rates were -28.43%, -41.45%, -40.17%, and 43.94%, with Q4 showing a significant increase primarily due to asset disposal gains [3]. Revenue Breakdown - The main cement business generated 18.031 billion CNY in revenue, a decrease of 1.64% year-on-year, with sales volume around 57.02 million tons [2]. - The average selling price of cement was approximately 316.21 CNY per ton, with a cost of 241.11 CNY per ton, leading to a gross profit of 75.10 CNY per ton [2]. International Expansion - The company accelerated its international expansion, signing contracts for new cement production capacities in Nigeria and Brazil, and completed several new production lines in Mozambique and Zambia [9]. - By the end of 2024, the company's overseas operational and under-construction cement capacity exceeded 25 million tons, ranking third nationally in clinker capacity [9]. Future Projections - Revenue projections for 2025-2027 are 36.352 billion CNY, 39.697 billion CNY, and 43.037 billion CNY, with expected net profits of 2.425 billion CNY, 2.696 billion CNY, and 3.047 billion CNY respectively [11].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.5 CNY per share [6]. Core Views - The company achieved a revenue of 13.585 billion CNY in 2024, representing a year-on-year increase of 67.6%, and a net profit of 2.173 billion CNY, up 52.57% year-on-year [1][10]. - The company has significant growth potential in gold production, with a target of at least 8 tons for 2025 and plans to increase production to 28 tons by 2028 [4][10]. - The company has successfully reduced production costs while increasing sales prices, leading to a substantial rise in gross profit margins [2][10]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.514 billion CNY, a year-on-year increase of 49.81%, but a quarter-on-quarter decrease of 72.80% [1]. - The average selling price of gold increased to 549.60 CNY per gram, up 22.23% year-on-year, while the unit cost decreased to 145.40 CNY per gram, down 17.58% [2]. Production and Resources - Gold production increased by approximately 15% year-on-year, with a total production of 8.04 tons in 2024, and sales volume reached 8.05 tons, up 9.67% year-on-year [2][13]. - The company significantly increased its gold resource reserves, with a total of 277.23 tons, reflecting an increase of 89% year-on-year [2][4]. Future Growth Potential - The company plans to continue its growth trajectory with a strategic focus on expanding its mining operations and resource acquisitions [4][10]. - The company has acquired new mining rights and is actively working on the resumption of operations at the Huasheng gold mine [4]. Dividend Policy - The company plans to distribute a cash dividend of 3.65 CNY per 10 shares, totaling 1.014 billion CNY, with a cash dividend payout ratio of 46.6% [10].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 13.77 yuan for the next six months, based on a dynamic price-to-earnings ratio of 25 times for 2025 [2][4]. Core Views - The company reported a revenue of 8.85 billion yuan for 2024, a year-over-year decrease of 7.9%, and a net profit attributable to shareholders of 120 million yuan, down 68.6% year-over-year. However, the revenue decline in Q4 narrowed to 5.8% compared to a 27.1% decline in Q3, indicating a potential recovery driven by government subsidies for small appliances [1][2]. - The report highlights that the Q4 revenue decline was mitigated by the implementation of old-for-new subsidy policies, which positively impacted the consumption of small household appliances. Online sales for the company showed a year-over-year increase of 16.9% in Q4 [1][2]. - The company has effectively managed its expenses, resulting in a stable net profit margin of 0.9% in Q4, despite a decrease in gross margin by 3.3 percentage points year-over-year [2]. Financial Summary - The company's revenue is projected to recover to 9.61 billion yuan in 2025, with net profit expected to rise to 420 million yuan, reflecting a significant rebound from 2024 [4][12]. - Earnings per share (EPS) are forecasted to be 0.55 yuan in 2025, increasing to 0.84 yuan by 2027, indicating a positive growth trajectory [2][4]. - The report notes that the company’s cash reserves are robust, with a cash balance of 2.82 billion yuan at the end of the reporting period, up 16.1% year-over-year, despite a net cash outflow from operating activities of 240 million yuan in Q4 [2][4].

Investment Rating - The investment rating for BYD is "Buy-A" with a 6-month target price of 454.25 CNY per share [5]. Core Views - BYD's performance in 2024 is expected to be strong, with revenue and profit growth driven by new model launches and favorable domestic demand [2][4]. - The company is anticipated to maintain stable unit profitability, with a slight decline in net profit per vehicle due to increased after-sales costs [3]. - Continued investment in R&D is expected to enhance product competitiveness and support the launch of new high-end models [4]. Financial Performance Summary - In Q4 2024, BYD achieved revenue of 274.85 billion CNY, a year-on-year increase of 53% and a quarter-on-quarter increase of 37%. The net profit attributable to shareholders was 15 billion CNY, up 73% year-on-year and 29% quarter-on-quarter [2]. - For the full year 2024, BYD reported total revenue of 777.1 billion CNY, a 29% increase year-on-year, and a net profit of 40.3 billion CNY, a 34% increase year-on-year [2]. - The company sold 1.51 million passenger vehicles in Q4 2024, representing a 61% year-on-year and 34% quarter-on-quarter increase [2]. Cost and Profitability Summary - The gross margin for the automotive business in Q4 2024 was 25.4%, with a slight year-on-year increase of 0.4 percentage points [3]. - The average selling price (ASP) per vehicle was 145,100 CNY, showing a year-on-year decrease of 600 CNY but a quarter-on-quarter increase of 600 CNY [2]. - R&D expenses for 2024 were 54.2 billion CNY, a 36% increase year-on-year, reflecting the company's commitment to new model development and smart driving technology [4]. Cash Flow and Financial Health - As of Q4 2024, BYD had cash and cash equivalents of 102.3 billion CNY, significantly up from 65.8 billion CNY at the end of Q3 2024 [4]. - The net cash flow from operating activities was 77.2 billion CNY, a 7% year-on-year increase and an 84% quarter-on-quarter increase [4]. Future Outlook - BYD is expected to continue its growth trajectory with a focus on high-end models and international expansion, leveraging its scale and cost advantages [4]. - The projected net profits for 2025, 2026, and 2027 are 55.21 billion CNY, 64.39 billion CNY, and 81.24 billion CNY, respectively, indicating a strong growth outlook [9].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of HKD 30.50 per share, based on a PE ratio of 30 times for 2025 [5][7]. Core Insights - The company reported a revenue of CNY 18.675 billion for 2024, representing a year-on-year growth of 9.6%, with a net profit of CNY 3.945 billion, up 10.5% year-on-year [2][5]. - The non-COVID revenue grew by 13.1%, indicating a strong performance in clinical and commercial production services [2][3]. - The company expanded its project pipeline significantly, adding 151 new projects in 2024, bringing the total to 817 projects, which supports future revenue growth [3][4]. Revenue and Profit Summary - In 2024, the revenue breakdown includes CNY 7.062 billion from IND pre-services, CNY 3.816 billion from Phase I/II clinical development services, and CNY 7.485 billion from Phase III clinical development services and commercial production [2]. - The company expects net profits for 2025, 2026, and 2027 to be CNY 3.918 billion, CNY 4.547 billion, and CNY 5.332 billion, respectively, with growth rates of 16.75%, 16.05%, and 17.26% [5][12]. Business Model and Growth Drivers - The integrated CRDMO platform is enhancing the company's operational efficiency and driving steady business growth, with a significant reduction in delivery time from DNA to IND now at 9 months [4]. - The report highlights the potential for accelerated project delivery with 148 new development projects added in 2024, and a steady increase in production batches expected in 2025 [4][5]. Market Performance - The company's stock has shown strong performance with a relative return of 18.2% over the past month and 89.4% over the past year [8]. - The current stock price is HKD 27.75, which is below the target price, indicating potential upside for investors [7].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.16 CNY for the next six months [4]. Core Views - The company reported a revenue of 27.95 billion CNY for 2024, representing a year-over-year increase of 13.8%, and a net profit of 3.10 billion CNY, up 6.1% YoY. In Q4 alone, the revenue reached 7.38 billion CNY, marking a significant 32.3% increase YoY, with a net profit of 800 million CNY, up 4.7% YoY [1][2]. - The growth in revenue is attributed to the "old-for-new" policy stimulating demand in the domestic air conditioning and new energy vehicle markets, leading to rapid growth in the company's cooling and automotive parts businesses [1][2]. - The company is a leader in the global refrigeration control components and new energy vehicle thermal management systems, with expectations for rapid revenue growth in strategic emerging businesses such as robotics and energy storage [3]. Financial Performance Summary - The company achieved a revenue of 27.95 billion CNY in 2024, with a projected revenue of 31.77 billion CNY in 2025, 36.39 billion CNY in 2026, and 43.00 billion CNY in 2027 [3][12]. - The net profit for 2024 was 3.10 billion CNY, with forecasts of 3.75 billion CNY in 2025, 4.47 billion CNY in 2026, and 5.51 billion CNY in 2027 [3][12]. - The earnings per share (EPS) are projected to be 1.00 CNY in 2025, 1.20 CNY in 2026, and 1.48 CNY in 2027, with a price-to-earnings (PE) ratio of 35x for 2025 [3][12]. Business Segment Performance - The cooling parts segment saw a revenue increase of approximately 28% in Q4, driven by the "old-for-new" policy and increased demand from emerging markets [1]. - The automotive parts segment experienced a remarkable growth of about 38% in Q4, supported by purchase subsidies and the rapid expansion of the domestic market [2]. - The company is recognized as a leading player in the thermal management of new energy vehicles, with ongoing research and development aimed at enhancing customer value [2].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 16.59, maintaining the rating [5]. Core Insights - The company reported a revenue of CNY 11.799 billion for 2024, a year-on-year increase of 5.32%, while the net profit attributable to shareholders was CNY 1.303 billion, a decrease of 20.80% [1]. - The company is focusing on expanding its HNB (Heated Not Burned) product line as a second growth curve, with positive trial results for the new product glo Hilo [4][10]. - The company has increased its R&D investment to CNY 1.572 billion in 2024, a year-on-year growth of 41.30%, indicating a commitment to diversifying into nebulization technology and medical applications [4]. Revenue Performance - In 2024, the company's self-owned brand revenue grew by 34.00% to CNY 2.475 billion, accounting for 21.00% of total revenue [2]. - The revenue from enterprise clients was CNY 9.324 billion, a slight decrease of 0.30%, but showed a recovery trend with a 9.70% increase in H2 2024 [3]. - The company achieved revenue of CNY 6.762 billion in H2 2024, reflecting an 11.22% year-on-year increase [1]. Market Performance - The company experienced a strong recovery in the European and American markets, with revenues of CNY 4.24 billion and CNY 20.24 billion respectively, representing year-on-year growth of 14.00% and 37.20% [2]. - In H2 2024, the revenue from the U.S. and European markets was CNY 2.27 billion and CNY 10.95 billion, with growth rates of 8.83% and 11.61% respectively [2]. Profitability Analysis - The gross profit margin for 2024 was 37.39%, a decrease of 1.36 percentage points year-on-year, primarily due to changes in product mix [9]. - The adjusted net profit margin for 2024 was 11.04%, down 3.69 percentage points year-on-year, with H2 2024 adjusted net profit margin at 9.17%, a decline of 6.18 percentage points [9]. Future Projections - Revenue projections for 2025-2027 are CNY 12.823 billion, CNY 14.475 billion, and CNY 16.878 billion, with year-on-year growth rates of 8.68%, 12.88%, and 16.60% respectively [10]. - Net profit projections for the same period are CNY 1.476 billion, CNY 1.809 billion, and CNY 2.242 billion, with growth rates of 13.31%, 22.49%, and 23.94% respectively [10].