Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HK$55.17, representing a potential upside of 54% from the current price of HK$35.75 [2][15]. Core Insights - JD Health's revenue for 2024 is projected to be RMB 58.16 billion, reflecting an 8.6% year-on-year growth, with a significant profit increase of 94% to RMB 4.16 billion [6][9]. - The company is expected to continue optimizing its product mix, leading to a gross profit increase to RMB 13.31 billion, a 12.2% rise [6]. - The report highlights the robust growth in service revenue, with expectations of a 17% year-on-year increase from 2025 to 2027 [8]. Financial Summary - **Revenue Projections**: - 2025E: RMB 67.09 billion - 2026E: RMB 77.22 billion - 2027E: RMB 87.60 billion [9][12] - **Gross Profit Projections**: - 2025E: RMB 15.86 billion - 2026E: RMB 18.25 billion - 2027E: RMB 20.79 billion [9][12] - **Net Profit Projections**: - 2025E: RMB 4.53 billion - 2026E: RMB 5.34 billion - 2027E: RMB 6.30 billion [9][12] - **Earnings Per Share (EPS)**: - 2025E: RMB 1.41 - 2026E: RMB 1.67 - 2027E: RMB 1.97 [9][12] Market Comparison - JD Health's target price corresponds to a price-to-sales (P/S) ratio of 2.4 times for 2025, which is below the industry average of 3.1 times for comparable internet healthcare platforms [15][18].

Investment Rating - The investment rating for Anta Sports is "Buy" with a target price of HK$110.40, representing a potential upside of 16% from the current price of HK$95.10 [1][8]. Core Views - The report maintains the earnings forecast and "Buy" rating, raising the target price by 16% to HK$110.40, corresponding to a 19 times P/E for 2026 [8]. - Revenue and operating profit are expected to grow by 10.0% and 10.9% year-on-year in 2025, respectively, while net profit is projected to decrease slightly by 1.0% [9][8]. Summary by Sections Financial Performance - Revenue for 2025 is projected to reach RMB 770.5 billion, with a year-on-year growth of 10.0% [7][9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 5.03, RMB 4.98, and RMB 5.46, respectively, reflecting a 1% increase for both 2024 and 2025 [2][9]. Revenue Growth Drivers - Anta brand is anticipated to achieve a revenue growth of 8.4% in 2025, driven by the expansion of Direct-to-Consumer (DTC) stores and the introduction of "super Anta" stores focusing on cost-effectiveness [7]. - FILA brand is expected to see a revenue increase of 6.4% in 2025, following adjustments in core product designs [7]. - Other brands, including Descente and KOLON, are projected to grow over 30% year-on-year in 2025 [6]. Market Position and Valuation - Anta Sports' market capitalization is approximately US$34.354 billion, with a current share count of 2,807 million [1]. - The report highlights that Anta Sports is trading at a P/E ratio of 18.0 for 2025, which is competitive compared to peers [10].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HK$110.40, indicating a potential upside of 16% from the current price of HK$95.10 [1][2]. Core Views - The report projects a revenue growth of 10% year-on-year for 2025, with operating profit expected to increase by 10.9% [5][8]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are RMB 5.03, RMB 4.98, and RMB 5.46 respectively, reflecting slight increases from previous estimates [2][8]. Revenue and Profit Forecast - For Q1 2025, revenue is expected to grow by 5%-7% year-on-year, with Anta brand sales projected to increase significantly in January due to favorable conditions, while FILA brand sales are expected to remain flat [6][7]. - The overall revenue for Anta Sports in 2025 is forecasted to reach RMB 770.5 billion, driven by growth in various brands, including a 6.3% increase for Anta and a 6.4% increase for FILA [7][8]. Financial Summary - The financial data indicates that Anta Sports' revenue for 2024 is projected at RMB 70.049 billion, increasing to RMB 77.052 billion in 2025 and RMB 84.265 billion in 2026 [9][12]. - The net profit for 2025 is expected to be RMB 139.8 billion, a slight decrease of 1% from the previous year, with a net profit margin of 18.1% [8][9]. Valuation Metrics - The report sets a new target price based on a 19x P/E ratio for 2026, reflecting an increase of 16% from the previous target price [8][10]. - The average P/E ratio for comparable companies is noted, with Anta Sports currently at 18.0 for 2025, indicating competitive positioning within the industry [10].

Investment Rating - The report maintains a "Buy" rating for Gree Electric Appliances with a target price of RMB 51.75, indicating a potential upside of 24% from the current price of RMB 41.69 [1][2]. Core Insights - Gree is expected to have flat revenue in 2024 at RMB 204 billion, while net profit is projected to grow by approximately 12% to RMB 32.6 billion. This growth is attributed to a significant increase in air conditioning demand driven by national subsidy policies [5][8]. - The report highlights a positive signal from the increase in shareholding by the dealer platform, which suggests improved alignment of interests between Gree and its distributors. This could lead to a potential dividend payout in April 2024, with an expected dividend yield of around 6% [6][8]. - The report emphasizes that Gree's stock price has been weak, providing a better entry point for investors, especially with upcoming dividend announcements and a favorable earnings outlook for Q4 2024 and Q1 2025 [7][8]. Financial Summary - Revenue and profit forecasts for Gree Electric Appliances are as follows: - 2024E Revenue: RMB 204 billion (flat YoY) - 2025E Revenue: RMB 212 billion (4% growth YoY) - 2026E Revenue: RMB 222 billion (4.7% growth YoY) - 2024E Net Profit: RMB 32.6 billion (12.2% growth YoY) - 2025E Net Profit: RMB 34.1 billion (4.7% growth YoY) - 2026E Net Profit: RMB 36.3 billion (6.4% growth YoY) [9][10][12]. - The report maintains the earnings per share (EPS) estimates at RMB 5.81 for 2024, RMB 6.09 for 2025, and RMB 6.48 for 2026 [2][9]. Valuation Metrics - Gree's current market valuation corresponds to a P/E ratio of 8.5x for 2025, which is considered attractive compared to its peers, with Midea at 14.6x and Haier at 13.1x [7][8]. - The report notes that Gree's TTM P/E has decreased to 7.6x, which is at the lower end of its trading range over the past two and a half years [7].

Investment Rating - The report assigns a "Buy" rating to Zai Lab (ZLAB US) with a target price of US$62.32, indicating an upside potential of 80% from the current price of US$34.64 [1]. Core Insights - The company is expected to experience significant revenue growth, with a projected revenue of US$5.60-5.90 billion for 2025, following a strong performance in 2024 where revenue reached US$399 million, a 50% year-over-year increase [3][8]. - The inclusion of key products in the National Reimbursement Drug List (NRDL) has driven rapid revenue growth, particularly for Weiqijia and Weilian, which achieved sales of US$93.6 million in 2024 [4]. - The company has effectively controlled expenses, with R&D spending decreasing by 11.6% to US$235 million in 2024, contributing to improved operational efficiency [5][8]. Financial Summary - The financial projections for Zai Lab are as follows: - Revenue (US$ million): 2022A: 215, 2023A: 267, 2024E: 398, 2025E: 562, 2026E: 920 [7]. - Gross Profit (US$ million): 2022A: 141, 2023A: 171, 2024E: 259, 2025E: 364, 2026E: 593 [7]. - Net Profit (US$ million): 2022A: (443), 2023A: (334), 2024E: (307), 2025E: (205), 2026E: 22 [7]. - Earnings per Share (US$): 2022A: (4.63), 2023A: (3.42), 2024E: (3.13), 2025E: (2.10), 2026E: 0.22 [7].

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347 HK) with a target price of HK$44.00, representing a potential upside of 28% from the current price of HK$34.30 [2][9]. Core Insights - The new president, Dr. Bai Peng, has a solid background in IDM and foundry sectors, and he aims to enhance performance and efficiency by migrating some products to more advanced processes [7]. - The company is expected to benefit from the "China for China" strategy, competitive pricing compared to overseas peers, and the gradual ramp-up of its new 12-inch production line in Wuxi [7]. - The integration of Huahong's subsidiary, Huali Microelectronics, is anticipated to bring significant operational improvements and potential profit increases [7]. - Despite a slight increase in average selling prices (ASP), strong demand driven by consumer electronics is expected to continue into the first half of 2025 [8]. - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 5% and 6% respectively due to pricing pressures, but the overall growth strategy remains intact [8][11]. Summary by Sections Financial Adjustments - The target price has been raised from HK$30.40 to HK$44.00, reflecting a revised P/B multiple of 1.5x for 2025 [9][13]. - The 2025E EPS has been adjusted down from US$0.12 to US$0.09, a decrease of 22% [3][11]. - Revenue estimates for 2025E and 2026E have been reduced to US$2,339 million and US$2,770 million, respectively, with year-on-year growth rates of 17% and 18% [11]. Valuation - The report emphasizes a P/B valuation approach, with the target P/B multiple increased to 1.5x, indicating a more optimistic outlook for Huahong's industry positioning and technology portfolio [13][14]. - The estimated book value per share for 2025 is projected at US$3.72, leading to a target price of HK$44.00 [14]. Market Comparison - Huahong's current P/B ratio of 1.2x is at a discount compared to its peers, such as UMC at 1.7x and SMIC at 2.5x, highlighting its valuation attractiveness [9][14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$208.22, indicating a potential upside of 25% from the current price of HK$166.70 [1][6]. Core Insights - The company's revenue for 2024 is projected to reach US$3.81 billion, representing a year-on-year growth of 55.96%. The GAAP net loss is expected to narrow to US$568 million, a 53% improvement compared to the previous year [1]. - Global sales of the drug Zepzelca are anticipated to drive strong growth, with sales reaching US$2.6 billion in 2024, a 104.9% increase year-on-year. The U.S. market sales are expected to grow by 106.3% to US$2 billion, while European sales are projected to increase by 194% to US$359 million [2]. - The company is optimistic about 2025, forecasting revenue between US$4.9 billion and US$5.3 billion, a year-on-year growth of 29% to 39%, and aims to achieve operational breakeven [2]. Financial Summary - The company’s financial data for the years 2022 to 2026 shows a significant increase in revenue, with projections of US$4.9 billion in 2025 and US$5.8 billion in 2026. The gross profit is expected to rise to US$3.86 billion in 2025 [4]. - The net profit is projected to turn positive in 2025, with an expected net income of US$137 million, compared to a loss of US$554 million in 2024 [4]. - The earnings per share (EPS) is expected to improve from a loss of US$0.40 in 2024 to a profit of US$0.10 in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC with a target price of HK$11.00, reflecting a potential upside of 27% from the current price of HK$8.66 [1][8]. Core Insights - The report indicates that Budweiser APAC's sales during the Chinese New Year were encouraging, with management stating that shipments to retailers matched last year's levels. The company is expected to achieve mid-single-digit volume growth in 2025, with a 3% increase in the Chinese market [6][13]. - A strategic shift has been announced, focusing on the "Core++" segment rather than ultra-premium products, aiming to enhance market share amidst a challenging macroeconomic environment [7][13]. - The company declared a dividend of $0.0566 per share, with a high payout ratio of 96%, which is expected to support long-term investor returns [7][8]. Financial Adjustments - The target price has been adjusted downwards from HK$11.60 to HK$11.00, while the earnings per share (EPS) estimates for 2025 and 2026 have been slightly increased by 0.7% and 1.9% respectively [2][8]. - Revenue forecasts for 2025 and 2026 have been raised by 2.0% and 3.2% respectively, reflecting better-than-expected recovery in beer sales in China [13][14]. - The normalized net profit for 2025 is projected at $887 million, with an adjusted net profit margin of 13.4% [10][14]. Market Performance - Budweiser APAC's stock has shown a 52-week range of HK$14.08 to HK$6.84, with a market capitalization of approximately $14.75 billion [1][8]. - The report highlights that the company's valuation is currently at a forward P/E of 21.1x for 2025, which is one standard deviation below the average of the past three years [15][17]. Strategic Focus - The management emphasizes that the strategic adjustment does not neglect high-end products but rather aims for a more comprehensive approach to current market conditions [7][8]. - The report suggests that the focus on the "Core++" segment will create significant synergies within Budweiser APAC's overall product portfolio [7][8].

Investment Rating - The report maintains a "Buy" rating for Li Ning (2331 HK) with a target price of HK$19.30, indicating a potential upside of 16% from the current price of HK$16.68 [1][4][5] Core Views - The report projects a revenue growth of 2.2% and a decline in net profit of 3.3% for 2024, with expected revenues of RMB 28.2 billion and net profits of RMB 3.08 billion [2][5] - The company is entering a stable development phase, with a forecasted revenue increase of 3.9% to RMB 29.33 billion and a net profit increase of 6.4% to RMB 3.28 billion for 2025 [2][3] Summary by Sections Revenue and Profit Forecast - For 2024, revenue is expected to grow by 2.2% to RMB 28.2 billion, while net profit is projected to decline by 3.3% to RMB 3.08 billion [2][5] - For 2025, revenue is forecasted to increase by 3.9% to RMB 29.33 billion, and net profit is expected to rise by 6.4% to RMB 3.28 billion [2][3] Financial Data Summary - The financial data for Li Ning shows a revenue of RMB 27.6 billion for 2023, with projections of RMB 28.2 billion for 2024 and RMB 29.3 billion for 2025 [4][6] - The net profit for 2023 is recorded at RMB 3.19 billion, with expectations of RMB 3.08 billion for 2024 and RMB 3.28 billion for 2025 [4][6] Valuation and Earnings - The report maintains the earnings forecast and target price, corresponding to a P/E ratio of 14 times for 2025 [3][5] - The projected earnings per share (EPS) for 2024 is RMB 1.19, for 2025 is RMB 1.27, and for 2026 is RMB 1.34 [4][5]

Investment Rating - The report maintains a "Buy" rating for SharkNinja, Inc. with a target price of US$122.25, indicating a potential upside of 19% from the current price of US$102.70 [1][5]. Core Insights - SharkNinja has demonstrated a strong track record of product innovation and market expansion, with a revenue CAGR of 17% to 21% over the past years, reflecting its high success rate in new product launches [3]. - The company is expected to achieve double-digit revenue growth this year, with new product introductions contributing significantly to its sales [3]. - The financial outlook remains positive, with revenue and profit guidance raised to a year-on-year growth of 10%-12% and 12%-15%, respectively [4]. Financial Summary - Revenue projections for SharkNinja are as follows: - 2025E: US$6.367 billion - 2026E: US$7.241 billion - 2027E: US$8.084 billion [6][11]. - Adjusted net profit estimates are: - 2025E: US$731 million - 2026E: US$854 million - 2027E: US$976 million [6][11]. - The expected EPS for 2025 is US$5.21, increasing to US$6.09 in 2026 and US$6.96 in 2027 [6][11]. Valuation Metrics - The report maintains a target price of US$122.25, corresponding to a P/E ratio of 20x for 2026, indicating a favorable risk-reward profile [5][7]. - The company’s current P/E ratio is 19.7, which is competitive compared to its peers in the durable consumer goods sector [9]. Market Performance - SharkNinja's stock has shown a trading range between US$90 and US$110, with expectations of continued fluctuations in the near term [4]. - The company is focusing on meeting demand for its top products in North America while expanding into European markets [4]. Product Innovation - SharkNinja plans to introduce 25 new products this year, including enhancements to existing lines and new entries into beauty and kitchen appliance categories [3]. - The successful launch of products like the CryoGlow beauty device has already shown promising sales, further validating the company's innovation strategy [3]. Shareholder Information - The major shareholder, Wang Xuning, holds 48% of the company, indicating a strong insider commitment to the company's future [1]. Conclusion - Overall, the report presents a positive outlook for SharkNinja, highlighting its strong growth potential driven by innovation and market expansion, while maintaining a favorable valuation compared to peers [5][9].