证券研究报告 | 公司研究报告 可选消费 | 汽车 | | | 投资评级（推荐） 绿源集团控股(2451.HK) 2025 年05 月29 日 电动两轮车行业元老品牌，全场景轻出行方案引领者 ❑ 核心摘要 | 证券分析师 | | --- | Head of TMT Research Chan Kwok Keung SFC 持牌号：BUL892 winson.chan@usmarthk.com 盈利预测 | 财务摘要 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 50.72 | 60.2 | 73.2 | 88.5 | | YoY | -0.22% | 18.69% | 21.59% | 20.90% | | 归母净利润(亿元) | 1.16 | 1.75 | 3.23 | 4.58 | | YoY | -20.29% | 50.86% | 84.57% | 41.80% | | EPS (元/股) | 0.29 | 0.41 | 0.76 | 1.07 | | PE | 25.72 | 17.49 ...

证券研究报告 | 公司研究报告 可选消费 | 汽车 ❑ 核心摘要 | 证券分析师 | | --- | Head of TMT Research Chan Kwok Keung SFC 持牌号：BUL892 winson.chan@usmarthk.com 盈利预测 | 财务摘要 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 50.72 | 60.2 | 73.2 | 88.5 | | YoY | -0.22% | 18.69% | 21.59% | 20.90% | | 归母净利润(亿元) | 1.16 | 1.75 | 3.23 | 4.58 | | YoY | -20.29% | 50.86% | 84.57% | 41.80% | | EPS (元/股) | 0.29 | 0.41 | 0.76 | 1.07 | | PE | 25.72 | 17.49 | 9.48 | 6.68 | 资料来源：公司数据、盈立证券预测 1 | | | 投资评级（推荐） 绿源集团控股(2451.HK) 2025 ...

证券研究报告 | 公司研究报告 金融 | 投行与证券经纪 | 恒生指数 | 22,867.74 | | --- | --- | | 恒生科技指数 | 5,180.25 | | 纳斯达克综合指 | 17,928.92 | | 标普 指数 500 | 5,659.91 | | 基本数据 | | | 收盘价（港元） | 0.052 | | 52 周最高/最低(港元) | 0.058/0.011 | 总市值（亿港元） 10.65 流通市值（亿港元） 10.65 股价相对走势 涨跌幅% 1m 3m 12m 绝对表现 44.44 271.43 108.00 相对表现 30.83 244.86 88.37 TMT 首席分析师 Chan Kwok Keung SFC 持牌号：BUL892 winson.chan@usmarthk.com 事件点评 中达集团控股(0139.HK) 2025 年05 月10日 中达集团控股深化 AIGC 赛道布局，战略投资 GIBO 迎来关键催化剂 | 证券分析师 | | --- | | 首席分析师 TMT | | Chan Kwok Keung | | SFC 持牌号：BUL892 | | w ...

Investment Rating - The report initiates coverage on Viva Biotech (1873.HK) with a "Buy" rating and a target price of HKD 3.5, indicating a potential upside of 133% from the current price of HKD 1.5 [1]. Core Insights - Viva Biotech is positioned as a leader in the structure-based drug discovery (SBDD) market and is expanding into the Contract Development and Manufacturing Organization (CDMO) sector, creating a comprehensive research and production platform [1][8]. - The company has established itself as a global leader in SBDD, leveraging advanced technologies and AI to enhance drug design and development efficiency [8][12]. - The integration of AI into the research and production processes is expected to significantly accelerate the discovery of new drug targets and mechanisms, creating additional market opportunities [1][12]. - The company has successfully attracted strategic investors, which enhances its valuation potential and operational capabilities [1][17]. Summary by Sections Section 1: Global Leader in Structure-Based Drug Discovery - Viva Biotech is a leading provider of SBDD services, offering a one-stop solution from early-stage drug development to commercial production [8]. - The company utilizes advanced technologies such as X-ray crystallography, Cryo-EM, and DNA-encoded library technology to support its drug discovery services [8][9]. Section 2: Focus on SBDD and CDMO - The acquisition of Langhua Pharmaceutical in 2020 allowed Viva Biotech to enter the CDMO market, providing a full-service platform from clinical development to commercial production [9][59]. - The CDMO sector is experiencing significant growth, with projections indicating a market size of USD 231 billion by 2030, with China’s share increasing to 23.9% [59][60]. Section 3: AI Empowerment Across the Value Chain - The company is enhancing its capabilities by integrating AI into its drug discovery processes, which is expected to lead to faster and more efficient drug development [12][28]. - Viva Biotech has developed a proprietary AI drug design platform that will cover all aspects of preclinical drug research [12]. Section 4: Strategic Investments and Valuation - The introduction of strategic investors such as Temasek and Honghui Fund has provided significant capital, enhancing the company's operational and governance structure [17]. - The current valuation of the company is considered low compared to historical levels, indicating substantial room for valuation recovery [1][17]. Section 5: Profit Forecast and Valuation - The company’s revenue is projected to grow from RMB 2,156 million in 2023 to RMB 3,355 million by 2028, with a compound annual growth rate (CAGR) of approximately 14% [2]. - Net profit is expected to increase significantly, from a loss of RMB 100 million in 2023 to RMB 471 million by 2028, reflecting a strong turnaround [2].

Investment Rating - The report initiates coverage on Viva Biotech (1873.HK) with a "Buy" rating and a target price of HKD 3.5, indicating a potential upside of 133% from the current price of HKD 1.5 [1]. Core Insights - Viva Biotech is positioned as a leader in the structure-based drug discovery (SBDD) market and is expanding into the Contract Development and Manufacturing Organization (CDMO) sector, creating a comprehensive R&D and production platform [8][9]. - The company has integrated AI technology into its operations, enhancing its drug discovery capabilities and creating new market opportunities [12][59]. - The introduction of strategic investors has significantly improved the company's valuation, with a notable focus on its low valuation compared to historical levels [17][18]. Summary by Sections Company Overview - Viva Biotech, founded in 2008 and listed in 2019, specializes in SBDD and offers a range of advanced technologies for drug discovery [8]. - The company has established a strong position in the CRO market, serving over 1,568 clients, including major pharmaceutical companies [28]. Business Strategy - The acquisition of Langhua Pharmaceutical in 2020 marked Viva's entry into the CDMO sector, allowing it to provide end-to-end services from drug development to commercialization [9][59]. - The company plans to expand its production capacity by 400 cubic meters between 2024 and 2025 to support new drug commercialization [9]. Financial Projections - Revenue is projected to grow from RMB 1,987 million in 2024 to RMB 3,355 million by 2028, with a compound annual growth rate (CAGR) of approximately 14% [2]. - Net profit is expected to increase significantly, from a loss of RMB 100 million in 2023 to RMB 471 million by 2028, reflecting a strong recovery trajectory [2]. Market Position - The global CRO market is anticipated to reach USD 147.7 billion by 2030, with a CAGR of 8.7%, while the CDMO market is projected to grow to USD 231 billion, highlighting significant growth opportunities for Viva Biotech [22][59]. - The report emphasizes the company's unique "service + investment" model, which combines immediate cash flow from CRO services with long-term gains from investments in biotech startups [9]. Competitive Landscape - Viva Biotech's valuation metrics, such as a 24 PE ratio for its CRO business, indicate a favorable investment opportunity compared to peers [3]. - The company has a competitive edge through its advanced technology platforms and a strong focus on AI-driven drug discovery, setting it apart from competitors in the industry [12][59].

Investment Rating - The report assigns a "STRONG BUY" rating to the company with a target price of HKD101.0 [1][4]. Core Insights - The company demonstrated strong FY24 results with a revenue increase of 26.5% YoY and a significant turnaround in adjusted net profit, which rose by 385.6% YoY, driven by growth in AI and SaaS solutions [2][4]. - The AI+SaaS business is expected to maintain robust growth, with projected revenue growth of 49.8% YoY, supported by a high revenue retention rate of 96% across enterprise customers [2][3]. - The company is positioned as a leader in the underpenetrated Chinese SaaS market, where SaaS/PaaS penetration is only 34.3%, compared to 80% in the U.S., indicating substantial growth potential [3][5]. Summary by Sections Financial Performance - FY24 revenue reached RMB1,559 million, exceeding previous forecasts, with adjusted net profit of RMB79.2 million, significantly higher than the estimated RMB42.5 million [4][5]. - The AI+SaaS revenue was RMB842.2 million, reflecting a 19.9% YoY increase, while precision marketing revenue grew to RMB716.4 million, up 35.2% YoY [2][6]. Business Outlook - The AI-Agentforce platform is expected to enhance the company's capabilities in data processing and lifecycle management, with a focus on government sector relationships and international expansion [2][3]. - The precision marketing segment is anticipated to benefit from rising customer acquisition costs, driving demand for AI-powered solutions [2][3]. Valuation and Forecast - The target price was revised down to HKD101.0 from HKD157.7, reflecting a 12x FY25E price-to-sales multiple due to macro uncertainties [3][4]. - Revenue forecasts for FY25E have been raised to RMB2,243 million, with expected growth rates of 43.89% YoY for total revenue and 49.75% YoY for AI-SaaS revenue [6][9].

Investment Rating - The report assigns a "Buy" rating to the company, Universal New Materials International (6616.HK), with a target price of HKD 7.31, indicating a potential upside of 106.5% from the current closing price of HKD 3.54 [4][8]. Core Insights - The company is a leading domestic producer of pearlescent materials, demonstrating excellent growth and profitability. Its main products include pearlescent materials and synthetic mica, with applications in industrial coatings, plastics, automotive coatings, and cosmetics. The company has shown rapid revenue growth, with a CAGR of 30.54% from 2019 to 2024, and a projected revenue of HKD 1.649 billion in 2024, representing a year-on-year growth of 55.0% [8][12]. - The global pearlescent materials market is steadily expanding, with a market size of RMB 23.5 billion in 2023 and a CAGR of 14.1% from 2016 to 2023. The Chinese market accounts for 27.5% of the global market, with a projected growth to RMB 126.5 billion by 2030 [32][34]. - The company possesses strong competitive advantages, including production cost optimization through technology, proprietary core technology patents, and a mature sales channel that provides strong bargaining power. The ongoing overseas acquisitions are expected to further enhance the company's performance and mark a deeper level of globalization [8][64]. Financial Forecasts - Revenue projections for 2025-2027 are HKD 21.94 billion, HKD 27.71 billion, and HKD 33.08 billion, with growth rates of 33.1%, 26.3%, and 19.4% respectively. Net profit forecasts for the same period are HKD 3.40 billion, HKD 4.57 billion, and HKD 5.95 billion, with growth rates of 40.4%, 34.4%, and 30.2% respectively [8][71]. - The company is expected to maintain a gross margin of approximately 53.0% in 2024, with a slight increase projected in subsequent years due to product structure optimization and supply chain synergies [25][70]. Market Dynamics - The pearlescent materials market is characterized by a shift towards high-end products, particularly synthetic mica-based pearlescent materials, which are in high demand due to their superior optical properties compared to traditional organic/inorganic pigments. The automotive and cosmetics sectors are driving this demand, with a CAGR of 38.0% and 19.5% respectively from 2016 to 2023 [42][51]. - The company is actively expanding its production capacity, with a new facility expected to come online in 2024, which will increase its annual production capacity to 30,000 tons of pearlescent materials [15][16]. Strategic Initiatives - The company is pursuing an acquisition strategy, including a significant deal to acquire Merck's surface solutions business for EUR 665 million, which is expected to enhance its global footprint and product offerings [64][66]. - The integration of the acquired business is anticipated to yield synergies in production capacity, sales channels, and technology, further solidifying the company's market position [66][68]. Conclusion - The report highlights the company's robust growth trajectory, strong market position, and strategic initiatives aimed at enhancing its competitive edge in the pearlescent materials industry, making it a compelling investment opportunity [4][8][12].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 7.31, indicating a potential upside of 106.5% from the current closing price of HKD 3.54 [3][7]. Core Insights - The company is a leading domestic producer of pearlescent materials, demonstrating excellent growth and profitability. Its main products include pearlescent materials and synthetic mica, with applications in industrial coatings, plastics, automotive coatings, and cosmetics. The company has shown rapid revenue growth, with a CAGR of 30.54% from 2019 to 2024, and a projected revenue of HKD 1.649 billion in 2024, representing a year-on-year growth of 55.0% [7][11]. - The global pearlescent materials market is steadily expanding, with a market size of RMB 23.5 billion in 2023 and a CAGR of 14.1% from 2016 to 2023. The demand for high-end products, such as synthetic mica pearlescent materials, is particularly strong due to their optical characteristics compared to traditional organic/inorganic pigments [7][34]. - The company possesses significant competitive advantages, including cost reduction through production technology optimization and smart factories, ownership of core technology patents, and strong bargaining power with distributors. Ongoing overseas acquisitions are expected to further enhance performance and mark a deeper global expansion [7][66]. Financial Projections - Revenue is projected to reach HKD 2.194 billion in 2025, with growth rates of 33.1%, 26.3%, and 19.4% for the years 2025 to 2027. Net profit is expected to be HKD 340 million in 2025, with growth rates of 40.4%, 34.4%, and 30.2% for the same period [7][73]. - The company is expected to maintain a gross margin of approximately 53.0% in 2024, with a slight increase in subsequent years due to product structure optimization and supply chain synergies [7][72]. Market Dynamics - The pearlescent materials market is entering a new phase of diversified development, with increasing recognition and acceptance in various applications, particularly in cosmetics and automotive coatings. The market in China is projected to grow significantly, reaching RMB 126.5 billion by 2030, with a CAGR of 10.0% [34][42]. - The company is strategically positioned to benefit from favorable national policies that support the pearlescent materials and synthetic mica industries, enhancing the investment environment and attracting resources [42].

Investment Rating - The report initiates coverage on NaaS (NAAS.US) with a "Buy" rating and a target price of $3.20, indicating a potential upside of 178% from the current price of $1.15 [4][3]. Core Insights - NaaS is positioned as a leading electric vehicle charging service platform in China, capitalizing on a vast market opportunity as the industry expands [5][8]. - The company has focused its strategy in 2024 on a light-asset business model, resulting in a significant increase in gross margin from 19% in Q4 2023 to 57% in Q3 2024, and a turnaround in net profit margin from -525% to 46% in the same period [3][22]. - The report anticipates that NaaS will achieve breakeven in 2025, transitioning from a startup valuation model to a growth company valuation model, with projected revenues of 1.83 billion, 2.29 billion, and 3.60 billion yuan for 2024-2026 [3][43]. Summary by Sections Company Overview - NaaS, established in 2019 and listed on NASDAQ in 2022, is the largest electric vehicle charging service provider in China, offering charging solutions and value-added services to electric vehicle owners and partners [8][9]. Market Growth - The electric vehicle market in China is rapidly expanding, with the number of electric vehicles expected to exceed 45 million by 2025, driven by policy support and technological advancements [17][18]. - The charging service market has developed a "car-pile synergy" model, with public charging stations expected to reach approximately 3.58 million by the end of 2024 [18][21]. Strategic Focus - In 2024, NaaS has strategically focused on its core charging service business, which now contributes over 95% of total revenue, with a notable increase in gross profit from 12 million yuan in Q4 2023 to 25 million yuan in Q3 2024 [22][24]. Competitive Landscape - The competitive environment is improving, with NaaS enhancing its bargaining power due to a fragmented supply market and a reduction in competition among peers [30][34]. - The company has seen its gross take rate increase from approximately 10% in 2023 to 16.1% in Q3 2024, indicating improved negotiation capabilities with charging station operators [33][29]. AI and Data Utilization - NaaS is leveraging its extensive transaction data to develop AI-driven solutions that enhance operational efficiency and user engagement, establishing a comprehensive ecosystem with various partners [39][40]. Valuation Transition - The report predicts a shift in NaaS's valuation from a startup model to a growth company model, with expected revenue growth and profitability improvements leading to a target price of $3.20 based on a 1.4x P/S ratio for 2025 [3][43].

Investment Rating - The report initiates coverage on NaaS Technology (NAAS.US) with a "Buy" rating and a target price of $3.20, indicating a potential upside of 178% from the current price of $1.15 [4][3]. Core Insights - NaaS Technology is positioned as a leading electric vehicle charging service platform in China, capitalizing on a vast market opportunity as the industry expands rapidly [5][8]. - The company has undergone strategic refocusing in 2024, enhancing its asset-light business model, which has led to a significant increase in gross margin from 19% in Q4 2023 to 57% in Q3 2024, and a turnaround in net profit margin from -525% to 46% in the same period [3][22]. Summary by Sections Company Overview - NaaS Technology, established in 2019 and listed on NASDAQ in 2022, is a major player in China's electric vehicle charging service market, providing charging solutions and value-added services to both operators and users [8][9]. Market Growth - The Chinese electric vehicle market is experiencing rapid growth, with the number of electric vehicles expected to exceed 45 million by 2025, driven by policy support and technological advancements [17][18]. - The charging service market is also expanding, with public charging stations projected to reach approximately 358,000 by the end of 2024, reflecting a robust infrastructure development [18][21]. Strategic Focus - In 2024, the company has strategically focused on its core charging service business, which now accounts for over 95% of total revenue, leading to improved profitability metrics [22][24]. - The gross profit has increased from 12 million RMB in Q4 2023 to 25 million RMB in Q3 2024, showcasing the effectiveness of the strategic shift [22][23]. Competitive Landscape - The competitive environment is stabilizing, with major players like NaaS Technology and its closest competitor, New Electric Path, entering a phase of steady competition, reducing the intensity of rivalry [34][35]. - The company has improved its bargaining power due to the fragmented nature of the upstream charging station market, leading to an increase in its gross take rate from approximately 10% to 16.1% [33][30]. AI and Data Utilization - NaaS Technology is leveraging its extensive transaction data to enhance operational efficiency through its NEF (NaaS Energy Fintech) system, which aims to optimize service pricing and improve user engagement [39][40]. - The company is establishing a comprehensive ecosystem by collaborating with major automotive manufacturers and digital map providers, enhancing its service offerings and market reach [40][41]. Valuation Transition - The company is expected to achieve breakeven by 2025, transitioning from a startup valuation model to a growth-oriented valuation framework, with projected revenues of 1.83 billion RMB in 2024 and 2.29 billion RMB in 2025 [3][42]. - The target price of $3.20 is based on a projected P/S ratio of 1.4x for 2025, reflecting the anticipated growth and stability in the competitive landscape [43].