Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 167.81 (CNY 154.80) based on a 20x adjusted P/E for comparable companies in 2025 [4][9]. Core Insights - The company is expected to benefit from the continuous optimization of its music library and the strengthening of its original music promotion, leading to an increase in online music MAU (Monthly Active Users) [4]. - The forecasted net profit for the company is projected to be CNY 1.56 billion, CNY 1.72 billion, and CNY 2.18 billion for the years 2024, 2025, and 2026 respectively, reflecting a significant increase from previous estimates due to better-than-expected music library additions [4][9]. Financial Performance Summary - **Revenue**: The company's revenue for 2022 was CNY 8.995 billion, with a projected decline to CNY 7.867 billion in 2023, followed by a slight recovery to CNY 8.015 billion in 2024, and further growth to CNY 8.262 billion in 2025 and CNY 9.158 billion in 2026 [6][12]. - **Net Profit**: The net profit for 2022 was a loss of CNY 221 million, with a turnaround to a profit of CNY 734 million in 2023, and projected profits of CNY 1.562 billion, CNY 1.716 billion, and CNY 2.179 billion for 2024, 2025, and 2026 respectively [6][12]. - **Earnings Per Share (EPS)**: EPS is expected to improve from a loss of CNY 1.02 in 2022 to CNY 3.39 in 2023, and further to CNY 7.21, CNY 7.92, and CNY 10.06 in the following years [6][12]. - **Gross Margin**: The gross margin is projected to increase from 14.4% in 2022 to 26.7% in 2023, reaching 33.7% in 2024 and continuing to rise to 38.5% by 2026 [6][12]. - **Net Margin**: The net margin is expected to shift from -2.5% in 2022 to 9.3% in 2023, with further improvements to 19.5%, 20.8%, and 23.8% in the subsequent years [6][12]. Market Performance - The company's stock performance over the past year shows a significant increase, with a 71.01% rise in December and a 31% increase over the past month [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 174.20 HKD / 160.69 CNY [3][6]. Core Views - The launch of new games such as "燕云十六声" and "七日世界" is expected to drive revenue growth for the company. The forecasted net profit for the years 2024 to 2026 is 297 billion, 326 billion, and 348 billion CNY respectively, reflecting adjustments in game launch schedules and sales expense rates [3][8]. Financial Summary - The company's revenue for 2022 was 96,496 million CNY, with a year-on-year growth of 10.15%. The projected revenue for 2024 is 105,295 million CNY, with a growth rate of 1.77% [4][15]. - The operating profit for 2022 was 19,629 million CNY, with a year-on-year growth of 19.56%. The projected operating profit for 2024 is 29,584 million CNY, with a growth rate of 6.77% [4][15]. - The net profit attributable to the parent company for 2022 was 20,338 million CNY, with a year-on-year growth of 20.65%. The projected net profit for 2024 is 29,698 million CNY, with a growth rate of 0.96% [4][15]. - The earnings per share (EPS) for 2022 was 5.89 CNY, projected to be 8.60 CNY in 2024 [4][15]. - The gross margin for 2022 was 54.68%, expected to increase to 62.50% in 2024 [4][15]. - The net margin for 2022 was 21.08%, projected to be 28.20% in 2024 [4][15]. - The return on equity (ROE) for 2022 was 20.33%, expected to decrease to 22.59% in 2024 [4][15]. - The price-to-earnings (P/E) ratio for 2024 is projected to be 17 [4][15].

食品饮料行业 行业研究 | 行业周报 白酒核心单品停货稳价，啤酒 3 月低基数 下旺季行情可期 核心观点 投资建议与投资标的 推荐板块及个股：白酒：优先布局基本面相对强势，未来 1-2 年仍有行业领先成长势能的 白酒，推荐今世缘(603369，买入)、山西汾酒(600809，买入)、迎驾贡酒(603198，买 入)。同时，看好投资反转逻辑，建议布局深蹲起跳，具备估值折价反转与业绩预期反转 的双弹性标的，推荐高端酒中泸州老窖(000568，买入)，全国性次高端酒中 水井坊 (600779，买入)。啤酒：推荐 U8 强势成长、国改盈利提升的燕京啤酒(000729，买入)； 受益去库后低基数与明年餐饮链复苏，高管迎换届期或带来潜在改革动力的青岛啤酒 (600600，买入)；市场预期低、更受益现饮渠道复苏的重庆啤酒(600132，买入)。乳制 品：重点关注伊利股份(600887，买入)，若奶价周期反转，有望迎来利润、估值双增， 空间可观。 风险提示 消费复苏进度不及预期、区域经济增速放缓、食品安全事件风险。 国家/地区 中国 行业 食品饮料行业 报告发布日期 2025 年 03 月 04 日 看好（维持） 叶书怀 y ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 186.3 HKD (171.8 CNY) based on a projected adjusted PS of 2.4x for 2025 [3][4]. Core Insights - The performance of the game "Three Kingdoms: Strategy" Season 6 has exceeded expectations, which is expected to continue driving high growth in gaming revenue. Additionally, improvements in advertising supply-side traffic and user demographics are anticipated to enhance monetization capabilities [3][6]. - The total revenue for Q4 2024 reached 77.3 billion CNY, representing a year-over-year increase of 21.82% and a quarter-over-quarter increase of 5.87%. The growth was primarily driven by advertising and gaming businesses [6][7]. - The company expects revenues for 2024 to be 26.83 billion CNY, with projections of 30.23 billion CNY and 32.44 billion CNY for 2025 and 2026, respectively [3][4]. Financial Summary - The company reported a total revenue of 21,899 million CNY in 2022, with a projected increase to 22,528 million CNY in 2023 and further growth to 26,832 million CNY in 2024 [4][11]. - The gross profit margin is expected to improve from 32.70% in 2024 to 40.06% by 2026, indicating enhanced operational efficiency [4][12]. - The net profit attributable to the parent company is projected to turn positive in 2025, reaching 848 million CNY, with an EPS of 2.01 CNY [4][11]. Revenue Breakdown - Advertising revenue for Q4 2024 was 23.9 billion CNY, up 24% year-over-year, driven by product optimization and increased advertising efficiency [6][7]. - Gaming revenue for Q4 2024 reached 18.0 billion CNY, a significant increase of 79% year-over-year, largely due to the success of "Three Kingdoms: Strategy" [6][7]. - Live streaming and value-added services (VAS) generated 30.8 billion CNY in Q4 2024, reflecting an 8% year-over-year growth [6][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 186.3 HKD (171.8 CNY) based on a projected adjusted PS of 2.4x for 2025 [3][4]. Core Insights - The performance of the game "Three Kingdoms: Strategy" Season 6 has exceeded expectations, which is expected to continue driving high growth in gaming revenue. Additionally, improvements in advertising supply-side traffic and user demographics are anticipated to enhance monetization capabilities [3][6]. - The company's total revenue for Q4 2024 reached 77.3 billion CNY, representing a year-over-year increase of 21.82% and a quarter-over-quarter increase of 5.87%. The gross margin for Q4 2024 was 36%, up 9.9 percentage points year-over-year [6][7]. Financial Projections - Revenue projections for 2024 to 2026 are as follows: 26.832 billion CNY in 2024, 30.230 billion CNY in 2025, and 32.444 billion CNY in 2026, with respective growth rates of 19.10%, 12.67%, and 7.33% [4][11]. - The company expects a Non-GAAP net profit of 4.53 billion CNY for Q4 2024, a significant recovery from a net loss of 5.6 billion CNY in the same period last year [6][7]. Revenue Breakdown - Advertising revenue for Q4 2024 was 23.9 billion CNY, up 24% year-over-year, driven by product optimization and increased advertising efficiency. The daily active users (DAU) reached 103 million, with a DAU/MAU ratio of 30.29% [6][7]. - Gaming revenue for Q4 2024 was 18.0 billion CNY, a 79% increase year-over-year, primarily due to the contribution from "Three Kingdoms: Strategy" [6][7]. Cost and Profitability - The company's operating expenses for Q4 2024 included sales expenses of 12.37 billion CNY, management expenses of 5.06 billion CNY, and R&D expenses of 9.19 billion CNY, with R&D expenses decreasing by 30.74% year-over-year [6][7]. - The projected operating profit for 2025 is expected to be 785 million CNY, with a significant turnaround from the previous year's loss of 1.344 billion CNY [4][11].

房地产行业 行业研究 | 行业周报 1-2 月百强房企拿地总额实现两位数增长 核心观点 投资建议与投资标的 国家/地区 中国 行业 房地产行业 报告发布日期 2025 年 03 月 04 日 看好（维持） | 赵旭翔 | zhaoxuxiang@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521070001 | | 李雪君 | 021-63325888*6069 | | | lixuejun@orientsec.com.cn | | | 执业证书编号：S0860517020001 | | | 香港证监会牌照：BSW124 | | | | | 1 月一线城市房价环比继续上行 | 2025-02-24 | | --- | --- | | 未来随着多方面积极因素累积，房地产行 | 2025-02-10 | | 业有望迎来底部 | | | 多家房企发布业绩预亏公告 | 2025-01-27 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 本周房地产板块指数强于沪深 ...

Investment Rating - The report maintains a "Buy" rating for the industry, particularly highlighting companies such as Ningde Times (300750) and Wanma Co., Ltd. (002276) [8][13]. Core Insights - The demand for new energy vehicles (NEVs) in China is expected to continue its upward trend, with sales projected to reach 12.865 million units in 2024, representing a 35% year-on-year increase. The installed capacity of power batteries is anticipated to be 548.4 GWh, marking a 41% increase [11][12]. - The overall profitability of the industry is showing signs of stabilization and slight improvement, with upstream lithium resources and downstream batteries recovering significantly. However, midstream materials are still affected by the depreciation of lithium carbonate [11][12]. - The solid-state battery technology is gaining traction, with significant advancements expected in the near future. The focus is on sulfide solid electrolytes paired with high-nickel ternary cathodes and silicon-carbon anodes [12][15]. Summary by Sections Industry Overview - The report discusses the ongoing road tests of solid-state batteries by Mercedes-Benz, aiming for a range exceeding 600 miles (approximately 965.61 km) [15][16]. - The second-generation Kirin battery from Ningde Times is being installed in the Xiaomi SU7 Ultra, showcasing high discharge and charge rates [17]. Price Tracking of Battery Materials - Lithium carbonate is priced at 75,000 CNY/ton, showing a decrease of 1.25% from the previous week. Meanwhile, cobalt products have seen price increases, with electrolytic cobalt at 184,000 CNY/ton, up 13.23% [8][37]. - The report provides a comprehensive price tracking table for various battery materials, indicating fluctuations in prices across different categories [37]. Investment Recommendations - The report suggests focusing on companies such as Ningde Times (300750), Shangtai Technology (001301), and Yihua Energy (300014) for potential investment opportunities [13][29].

新能源汽车产业链行业 行业研究 | 行业周报 奔驰固态电池展开路试，龙蟠科技子公司 获 LGES 增资 核心观点 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看好（维持） 本周看点 锂电材料价格 投资建议与投资标的 风险提示 ⚫ 政策变化风险；电动车销量不达预期风险；原材料价格波动，盈利变化风险；产能 投放加快，过剩引发行业竞争风险。 国家/地区 中国 行业 新能源汽车产业链行业 报告发布日期 2025 年 03 月 04 日 | 李梦强 | limengqiang@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860517100003 | | 杨雨浓 | yangyunong@orientsec.com.cn | | | 执业证书编号：S0860524090005 | | 朱洪羽 | zhuhongyu@orientsec.com.cn | | | 执业证书编号：S0860525010001 | | 固态电池技术路线聚焦，龙头引领量产进 | 2025-02-25 | ...

Investment Rating - The report maintains a "Positive" outlook for the real estate industry in China [4] Core Viewpoints - The top 100 real estate companies in China saw a double-digit growth in land acquisition in January and February 2025, indicating a recovery trend in the market [2][37] - New home sales increased significantly in the 9th week of 2025, with 23,000 units sold across 44 major cities, a 42.54% increase from the previous week [14] - The report anticipates a potential market recovery in March 2025, particularly in core cities, driven by improved supply and demand dynamics [37] Summary by Sections Market Performance - The real estate sector index outperformed both the CSI 300 index and the ChiNext index, with a relative return of 4.6% compared to the CSI 300 index's decline of 2.2% [7][10] - The real estate index closed at 2327.29, reflecting a weekly increase of 2.4% [10][13] Policy Developments - National policies include the expansion of support for urban village renovations and adjustments to housing loan policies in various cities, such as lowering down payment ratios [12][16] - Local policies in cities like Beijing and Tianjin aim to stimulate the housing market through land supply and financial incentives [12][16] Sales and Inventory Data - In the 9th week, new home sales rose to 23,000 units, while second-hand home sales reached 22,000 units, marking increases of 42.54% and 23.19% respectively from the previous week [14][18] - The inventory of new homes in 18 major cities increased to 870,000 units, with a sales-to-inventory ratio of 21.1 months [18] Land Market Activity - The land market showed increased activity, with 43 plots sold across 36 major cities, and land transfer fees rising to 36.515 billion yuan, an increase of 9.966 billion yuan from the previous week [22][29] - The average premium rate for land transactions decreased to 19.8%, down 13.7% from the previous week [29] Company Announcements - Key companies such as Poly Developments and China Merchants Shekou have been highlighted for their strong performance and strategic land acquisitions [37] - The report recommends buying shares in Poly Developments and China Merchants Shekou, while suggesting to pay attention to other major players in the market [37]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 124.57 HKD based on a 2025 PE valuation of 40 times, reflecting a 30% premium over comparable companies [2][5]. Core Insights - The company has established itself as a leading brand in the Chinese trendy toy market, transitioning from an exploratory phase to a diversified development stage since its founding in 2010 [7][14]. - The trendy toy industry in China is experiencing robust growth, with a market size reaching 352 billion CNY in 2022 and a compound annual growth rate (CAGR) of 28% from 2015 to 2022 [30][32]. - The company's revenue and net profit have shown significant growth, with a projected net profit of 25.68 billion CNY in 2024, 38.58 billion CNY in 2025, and 50.37 billion CNY in 2026 [2][4]. Financial Forecast and Investment Recommendations - The company is expected to achieve a net profit of 25.68 billion CNY in 2024, 38.58 billion CNY in 2025, and 50.37 billion CNY in 2026, with corresponding earnings per share (EPS) of 1.91 CNY, 2.87 CNY, and 3.75 CNY respectively [2][4]. - The company's revenue is projected to grow from 6,301 million CNY in 2023 to 21,050 million CNY in 2026, reflecting a CAGR of 36.5% from 2023 to 2026 [4][20]. Company Overview - The company has a strong competitive edge in IP (intellectual property) development, with its artist IP products accounting for 77% of total revenue in 2023, and a CAGR of 72% from 2018 to 2023 [20][41]. - The company has diversified its sales channels, with offline retail stores and online channels contributing 48% and 30% of revenue respectively in 2023 [22][24]. - The company has successfully expanded its international presence, with overseas revenue accounting for 30% of total income as of 2024 [12][20]. Market Position - The trendy toy market in China is relatively fragmented, with the top five companies holding only 24% of the market share, while the company itself has increased its market share to 12% in 2022, up from 9% in 2019 [35][36]. - The global trendy toy market is projected to grow from nearly 20 billion USD in 2019 to 41.8 billion USD by 2024, indicating a CAGR of 16% [30][32]. Operational Efficiency - The company has improved its profitability metrics, with gross margin and net profit margin increasing by 3.8 percentage points and 6.9 percentage points respectively in 2023 [25][26]. - The company has maintained a low store closure rate, indicating strong operational stability [12].