Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company's same-store sales decline has narrowed, and store costs continue to optimize. The core operating profit for Q4 2024 exceeded expectations, with guidance for 2025 indicating that the core operating profit margin will remain at least flat or show positive year-on-year growth. The company maintains a robust shareholder return budget, providing a safety net for dividends [4]. - The company plans to open 1,600 to 1,800 new stores in 2025, with a total of 16,395 stores by the end of 2024, including 11,648 KFC and 3,724 Pizza Hut locations [5][4]. Financial Performance Summary - For Q4 2024, the company achieved revenue of $2.6 billion, a year-on-year increase of 4%. The net profit attributable to shareholders was $115 million, up 18% year-on-year, and core operating profit was $150 million, up 35% year-on-year [4]. - The company expects revenues of $11.84 billion, $12.71 billion, and $13.63 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth of 4.7%, 7.4%, and 7.2%. The net profit attributable to shareholders is projected to be $976 million, $1.06 billion, and $1.14 billion for the same years, with growth rates of 7.1%, 8.2%, and 7.8% [6][4]. - The company’s earnings per share (EPS) are forecasted to be $2.58, $2.87, and $3.18 for 2025, 2026, and 2027, respectively [6]. Shareholder Returns - The company has maintained strong dividend and buyback efforts, with a total shareholder return of $1.5 billion for the year and a 50% increase in quarterly dividends to $0.24 per share for Q4 2024, which will continue into 2025 [4]. - The total shareholder return plan for 2025 and 2026 remains at $3 billion, representing 8.3% of the market capitalization of HKD 1,404 billion [4]. Store Performance - The operating profit margins for KFC and Pizza Hut in Q4 2024 were 13.3% and 9.3%, respectively, showing year-on-year increases of 1.3 and 2.0 percentage points [4]. - Same-store sales for KFC declined by 1% in Q4 2024, while Pizza Hut's same-store sales declined by 2%. However, transaction volumes increased by 3% and 9% for KFC and Pizza Hut, respectively [4].

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1]. Core Viewpoints - Coal prices are experiencing a downward trend, and the market is awaiting a recovery in demand [1]. - The report highlights an increase in daily coal consumption and a faster resumption of coal mining operations, contributing to the decline in coal prices [8]. - The coking coal and coke markets are under pressure, with the ninth round of price reductions for coke initiated [24]. - The steel market is also facing challenges, with a slight decline in iron output [29]. - Futures prices for coking coal and coke have decreased, leading to a convergence in price spreads [37]. - Transportation costs for both sea and land are gradually stabilizing after a period of decline [38]. Weekly Data Tracking - **Thermal Coal**: Daily consumption has risen, and coal mining recovery is accelerating, leading to a weak decline in coal prices [8]. - **Coking Coal and Coke**: The coking market is undergoing its ninth price reduction, while coking coal prices are under pressure [24]. - **Downstream Changes**: The steel price is declining, and iron output has slightly decreased [29]. - **Futures Market**: Both coking coal and coke futures prices have fallen, with price spreads narrowing [37]. - **Transportation Situation**: Shipping rates for both sea and land are gradually stopping their decline [38]. Weekly Market Review (2025.2.10-2025.2.14) - The report provides a comparative performance of major indices and coal stocks, indicating a decline in coal sector performance [43]. - Notable stock performances include AnYuan Coal Industry with a 13.72% increase, while several other companies like Xinji Energy and Zhongmei Energy experienced declines [43]. Weekly Insights (2025.2.9-2025.2.15) - The report includes detailed financial metrics for various coal companies, with ratings and price changes reflecting market conditions [46].

Investment Rating - The investment rating for the company is "Accumulate" (首次) [1] Core Views - The company is expected to achieve significant revenue and profit growth in 2024, driven by the ongoing Singapore UMC project, with projected revenue between 5.166 billion to 5.597 billion yuan, representing a year-on-year increase of 61.39% to 74.84% [3] - The net profit attributable to shareholders is expected to be between 611 million to 662 million yuan, reflecting a year-on-year growth of 112.90% to 130.64% [3] - The company has established long-term partnerships with high-quality clients, enhancing its competitive advantage [4] - The domestic and overseas markets are expected to continue driving growth, with significant contributions from the semiconductor industry [5] - The company has shown improvement in cash flow and maintains a high dividend payout ratio, indicating strong shareholder returns [6] Summary by Sections Financial Performance - For 2024, the company forecasts total revenue of 5.398 billion yuan, a 68.6% increase from 2023, and a net profit of 626 million yuan, a 118.2% increase [8] - The gross profit margin is projected to be 18.1% in 2024, up from 14.2% in 2023 [8] - Earnings per share (EPS) is expected to rise to 2.93 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 10.4 times [8] Market Position and Strategy - The company benefits from a dual-market strategy, with significant revenue contributions from both the domestic and Singaporean markets, accounting for 58.11% and 41.82% of total revenue, respectively [5] - The semiconductor industry in Singapore is robust, with a manufacturing output exceeding 1,330 billion SGD (approximately 1,010 billion USD), which is expected to drive demand for cleanroom engineering services [5] Cash Flow and Dividends - The company's operating cash flow improved significantly, with a net cash flow of 1.343 billion yuan in Q3 2024, a 53.39% increase year-on-year [6] - The dividend payout ratio has been consistently above 30%, reaching 74.37% in 2023, indicating a strong commitment to returning value to shareholders [6]

海外公司跟踪报告 | 美股 证券研究报告 | 公司评级 | 增持（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 14 日 | 基础数据 | 2 月 12 日收盘价（美元） | 68.71 | | --- | --- | | 总市值（亿美元） | 2956 | | 总股本（亿股） | 43 | | 来源：聚源，兴业证券经济与金融研究院整理 | | 相关研究 【兴证海外食饮】可口可乐(KO.N)：拉 美、北美地区收入增速亮眼-2024.11.08 【兴证海外食饮】可口可乐(KO.N)：销 量回升，新兴市场表现亮眼-2024.07.26 【兴证海外食饮】可口可乐(KO.N)：营 收与毛利稳步增长，拉美市场表现亮眼- 2024.05.15 分析师：张博 S0190519060002 BMM189 zhangboyjs@xyzq.com.cn 分析师：张悦 S0190522080006 请注意: 张悦并非香港证券及期货事务监 察委员会的注册持牌人，不可在香港从事 受监管的活动。 zhangyue20@xyzq.com.cn 可口可乐(KO.N) 超强定价权带动业绩增长 投资要点： 主 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1]. Core Insights - The company is positioned as a leader in fingerprint and touch control technologies, with a diverse product line that supports robust growth [6]. - The profit pressure period has ended, and the company is back on a growth trajectory, with significant profit recovery observed in 2024 [3][15]. - The introduction of a new ultrasonic fingerprint sensor is expected to catalyze growth in the Android market, enhancing the company's competitive position [3][49]. - The company plans to acquire Yunyinggu to create a complete OLED solution, which is anticipated to strengthen its market position [3][64]. - A diversified product portfolio, including light sensors and health sensors, is expected to stabilize revenue growth and enhance long-term growth certainty [3][23]. Summary by Sections Company Overview - The company, founded in 2002, provides leading semiconductor hardware and software solutions for smart terminals, IoT, and automotive electronics, evolving from a multi-functional phone chip supplier to a leader in touch control chips [6][9]. Financial Performance - The total revenue for 2023 is projected at 44.08 billion yuan, with a year-on-year growth of 30.3%. The net profit attributable to shareholders is expected to reach 1.65 billion yuan, reflecting a significant year-on-year increase of 122.1% [3]. - The company has successfully recovered from a period of losses in 2022, with net profit for the first three quarters of 2024 reaching 448 million yuan, a substantial increase compared to the previous year [15]. Product Lines and Market Position - The company has developed five key product lines: sensors, touch control, connectivity, audio, and security, which are widely used across various applications [9]. - The ultrasonic fingerprint recognition technology is expected to penetrate the market rapidly, with the first deployment in the Vivo X100 Ultra in May 2024 [3][44]. - The touch control products are positioned to benefit from the growing OLED market, with the company planning to enhance its capabilities through the acquisition of Yunyinggu [3][64]. Growth Projections - Revenue forecasts for 2024-2026 are 43.78 billion, 52.96 billion, and 64.01 billion yuan, with corresponding net profits of 6.09 billion, 9.25 billion, and 11.97 billion yuan, indicating strong growth potential [3].

Investment Rating - The investment rating for the company is "Buy (First Time)" [1] Core Views - The company holds high-quality highway assets in Fujian Province, with significant improvements in dividend expectations [3] - The company plans to increase the minimum dividend payout ratio to 35% in 2024 and implement a mid-term dividend plan, leading to improved dividend rates [4] - The company is expected to achieve net profits of 927 million, 947 million, and 967 million yuan from 2024 to 2026, with corresponding PE valuations of 11.0, 10.8, and 10.5 times [4] - The company has a strong return on assets (ROA) and low financial leverage, indicating potential for ROE improvement [4][47] - The company has a solid investment strategy in the financial sector, providing stable investment returns [4][54] Summary by Sections Company Overview - The company operates 282 kilometers of highways in Fujian, holding the province's best highway assets [4][10] - The company is the only listed entity under Fujian Transportation Investment Group, with a significant state-owned shareholding [8] Historical Performance - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 5.31% from 2004 to 2023 [23] - In 2023, the company achieved total revenue of 3.05 billion yuan, a year-on-year increase of 14.15% [23] Financial Metrics - The company’s total revenue projections for 2024 to 2026 are 3.08 billion, 3.18 billion, and 3.27 billion yuan, with corresponding net profits of 927 million, 947 million, and 967 million yuan [5] - The gross profit margin is expected to remain stable around 55% from 2024 to 2026 [5] Investment Strategy - The company has made strategic investments in financial institutions, yielding stable returns [54] - The company’s investment income from 2021 to 2024 has been consistent, contributing to overall profitability [54] Future Outlook - The company is expected to benefit from the economic growth in Fujian Province, with a GDP growth rate of 5.0% in 2023 [57] - Increased demand for transportation due to rising manufacturing and tourism activities is anticipated to drive revenue growth [62]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology sector [1] Core Views - The pharmaceutical sector has seen a decline in holdings to historical lows, but there is continued optimism for innovative drugs and their industrial chain [2] - The AI field is gaining attention, with significant potential for application in healthcare, projected to grow from $4.2 billion in 2020 to $34.5 billion by 2027, representing a CAGR of 35.1% [4][15] - The report emphasizes the importance of identifying companies with quality data access and a broad user base in the AI+medical field [4][20] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From February 3 to February 7, 2025, the pharmaceutical sector outperformed the CSI 300 index, rising by 3.21% compared to the index's 1.98% increase [4][6] - The sector's valuation as of February 7, 2025, stands at 26.08 times PE, with a premium of 118.48% over the CSI 300 [7] 2. Industry Events and Policy Overview - The National Healthcare Security Administration announced innovations in settlement methods to ensure timely payments to medical institutions [14] - The rapid development of AI technology is being integrated into various sectors, including healthcare, enhancing efficiency and service delivery [14] 3. Industry Investment Strategy - The report suggests focusing on sectors with good growth potential and industrial logic, particularly innovative drugs and the medical device sector, which is expected to improve in 2025 [24][25] - The report highlights the importance of internationalization and innovation in the pharmaceutical industry, with a focus on companies that can leverage these trends [25][26] 4. Recommended Stocks - Recommended stocks include: - **Hengrui Medicine**: Expected to see growth from innovative drugs and international expansion [34] - **Innovent Biologics**: Anticipated to enter a rapid growth phase with several products expected to launch [32] - **WuXi AppTec**: A leading integrated CXO service provider with strong growth in orders and revenue [36] - **Aibot Medical**: A high-growth ophthalmic device platform benefiting from market expansion [36] - **Tongrentang**: A classic Chinese medicine brand expected to improve operational efficiency [38]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The report emphasizes the effectiveness of DeepSeek R1, showcasing the advancements in reinforcement learning and knowledge distillation [4][12] - It highlights the acceleration of intelligent equality through the empowerment of smart cabins and intelligent driving technologies [14] Summary by Sections Section 1: DeepSeek's Effectiveness - DeepSeek R1 model demonstrates excellent performance, being low-cost and open-source [4] - Reinforcement learning enhances reasoning capabilities, indicating a significant improvement in model performance [7] Section 2: Empowerment of Smart Driving and Cabin - DeepSeek R1 is positioned to empower smart cabins and intelligent driving, indicating a shift towards more integrated automotive technologies [14] Section 3: Investment Recommendations - The report suggests focusing on companies like Xpeng Motors, BYD, Li Auto, Great Wall Motors, and SAIC Group due to their strong positions in intelligent driving and product cycles [17] - It also recommends suppliers such as Horizon Robotics and SUTENG for their roles in the domestic chip market and cost-effective lidar solutions [17]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The chemical industry is expected to see price increases for chemical products as the peak season approaches, with a focus on core chemical assets and the growth of new materials [2] - The supply side shows an industry operating rate of 76.9% as of February 7, 2025, an increase of 3.83 percentage points since the beginning of the year, while factory inventory has decreased by 1,077 tons compared to the beginning of the year [3] - The apparent consumption of spandex in December 2024 was 85,200 tons, a year-on-year increase of 15%, with an annual total of 1,026,900 tons, reflecting an 18% year-on-year growth [3] - The price spread for spandex- pure MDI-PTMEG recorded 10,830 RMB/ton as of February 7, 2025, with a month-on-month increase of 115 RMB/ton and a year-to-date increase of 79 RMB/ton [3] - The current supply-demand relationship is expected to gradually improve as the new capacity investment cycle nears its end, benefiting leading companies in the industry [3] Summary by Sections Supply Side - The industry operating rate is 76.9%, up 3.83 percentage points from the start of the year [3] - Factory inventory stands at 154,000 tons, down 1,077 tons from the beginning of the year and down 7,778 tons from the peak in Q3 2024 [3] Demand Side - The spandex market is experiencing steady and rapid growth, with retail sales in the downstream apparel and textile market expected to continue increasing [3] - The demand for spandex is anticipated to rise further during the traditional peak season of "Golden March and Silver April" [3] Price Dynamics - Some spandex manufacturers have raised factory prices, indicating a potential for slight price recovery in the market [5] - As of February 7, 2025, spandex prices in the East China market have increased by 400 RMB/ton and 500 RMB/ton for 20D and 30D respectively [5] Recommended Companies - Companies to watch include Huafeng Chemical, Xinxiang Chemical Fiber, and Taihe New Materials [4]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - Xiaomi's home appliance segment demonstrates diversified advantages with leading market shares across multiple categories, including televisions, air conditioners, humidifiers, and water purifiers, ranking in the top three domestically as of Q3 2024 [2][17] - The revenue from Xiaomi's IoT and lifestyle products grew by 26% year-on-year, reaching 26.1 billion yuan, driven by increased sales in tablets, smart home appliances, and wearable devices [2][23] - Xiaomi's high cost-performance strategy effectively attracts price-sensitive young consumers, leveraging online sales channels and supply chain integration to maintain competitive pricing [2][4] - The company is focusing on innovation and product diversification, with significant R&D investments amounting to 16.6 billion yuan in Q3 2024, a 19.9% increase year-on-year [2][37] - Xiaomi's global market expansion, particularly in Southeast Asia, is expected to drive future growth, with the global home appliance market projected to grow at a CAGR of over 5% from 2024 to 2032 [2][13] Summary by Sections Xiaomi Home Appliances: Diverse Smart Product Lines and High Cost-Performance Strategy - Xiaomi's product range includes major appliances, small appliances, smart home devices, and smart kitchen products, all controllable via the Mi Home app [3] - The brand targets young consumers who prioritize high-tech experiences and cost-effectiveness, successfully capturing market share through competitive pricing [4][10] Market Trends and Growth Projections - The global home appliance market is expected to see a CAGR of over 5% from 2024 to 2032, with specific segments like televisions projected to grow at a CAGR of 10% [13][14] - Xiaomi's market share in air conditioners increased from 4.43% in 2023 to 6.79% in 2024, with online retail market share reaching 12.85% [17][23] Product Innovation and R&D - Xiaomi's R&D efforts focus on enhancing product quality and innovation, with a dedicated smart appliance lab and significant investment in new technologies [37][40] - The company aims to improve product quality through self-manufacturing initiatives, starting with air conditioning units [44][45] Global Expansion and Market Strategy - Xiaomi plans to expand its home appliance business into Southeast Asian markets, with a focus on smart home products [45][48] - The company is enhancing its offline presence with an expected increase in Mi Home stores, aiming to surpass 20,000 locations by 2025 [53]