Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 21.06 CNY based on a 54 times P/E ratio for 2025 [3][6]. Core Views - The company is expected to experience rapid progress in its core business or key products over the next 1-2 years, with projected earnings per share of 0.26, 0.39, and 0.62 CNY for 2024-2026 [3]. - The company has a solid foundation as a comprehensive pharmaceutical enterprise, having established a research and development platform and acquired a pipeline of high-potential products [10][15]. - The treatment for vitiligo is scarce, and the company's CKBA product is anticipated to stand out in the market due to its unique mechanism and promising clinical trial results [10][50]. Financial Summary - The company's revenue for 2022 was 783 million CNY, with a projected decline to 757 million CNY in 2024, followed by a recovery to 951 million CNY in 2025 and 1,214 million CNY in 2026, reflecting a growth rate of 25.7% and 27.6% respectively [5]. - The net profit attributable to the parent company is expected to decrease from 175 million CNY in 2022 to 111 million CNY in 2024, before increasing to 165 million CNY in 2025 and 262 million CNY in 2026 [5]. - The gross margin is projected to improve from 58.2% in 2022 to 69.7% in 2026, indicating a positive trend in profitability [5]. Business Overview - The company started as an agent for gastrointestinal and ophthalmic medications and has gradually expanded into various fields, establishing a robust R&D platform since 2015 [10][15]. - The core business segments include gastrointestinal medications, sexual health products, and ophthalmic drugs, with stable growth in revenue from these areas [10][23]. - The company has significantly increased its R&D investment, leading to the development of important products such as dapoxetine and a rich pipeline of innovative drugs [32]. Market Opportunity - The prevalence of vitiligo is high, with over 12.33 million patients in China, and the demand for effective treatments is unmet, creating a significant market opportunity for CKBA [10][37]. - The competitive landscape for vitiligo treatments is favorable, with CKBA being the only non-JAK inhibitor drug in the domestic pipeline, currently in Phase II clinical trials [50][51].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.43 CNY [5][2]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 59.47 billion CNY, 82.68 billion CNY, and 101.25 billion CNY for the years 2024, 2025, and 2026 respectively, with a target price based on a 21x PE valuation [2]. - The company has seen significant growth in sales, particularly in its new energy vehicle segment, with notable increases in the sales of its brands Deep Blue and Avita [10][8]. Financial Performance Summary - **Revenue**: The company reported revenues of 121.25 billion CNY in 2022, with projections of 151.30 billion CNY in 2023, and expected growth to 174.82 billion CNY in 2024, 194.29 billion CNY in 2025, and 213.01 billion CNY in 2026, reflecting a growth rate of 15.3% in 2022 and 24.8% in 2023 [4][11]. - **Net Profit**: The net profit attributable to shareholders was 7.80 billion CNY in 2022, increasing to 11.33 billion CNY in 2023, but projected to decline to 5.95 billion CNY in 2024 before recovering to 8.27 billion CNY in 2025 and 10.13 billion CNY in 2026 [4][11]. - **Earnings Per Share (EPS)**: EPS is projected to be 0.79 CNY in 2022, increasing to 1.14 CNY in 2023, but expected to drop to 0.60 CNY in 2024, before rising to 0.83 CNY in 2025 and 1.02 CNY in 2026 [4][11]. - **Profit Margins**: The gross margin is expected to decline from 20.5% in 2022 to 16.1% in 2024, before slightly recovering to 18.0% by 2026 [4][11]. - **Return on Equity (ROE)**: ROE is projected to decrease from 13.2% in 2022 to 8.1% in 2024, with a gradual recovery to 11.5% by 2026 [4][11].

Investment Rating - The report gives the company an "Accumulate" rating for the first time, with a target price of 21.06 CNY based on a 54 times P/E ratio for 2025 [3][6]. Core Views - The company is expected to experience rapid progress in its core business or important products over the next 1-2 years, with projected earnings per share of 0.26, 0.39, and 0.62 CNY for 2024-2026 [3]. - The company has a solid foundation as a comprehensive pharmaceutical enterprise, having established a research and development platform and acquired a pipeline of high-potential products [10][15]. - The treatment for vitiligo is scarce, and the company's CKBA product is expected to stand out in the market due to its unique mechanism and promising clinical trial results [10][50]. Financial Information - The company's revenue for 2022 was 783 million CNY, with a projected revenue of 757 million CNY for 2024, followed by 951 million CNY in 2025 and 1,214 million CNY in 2026, reflecting a growth rate of 25.7% and 27.6% respectively [5]. - The net profit attributable to the parent company for 2022 was 175 million CNY, with projections of 111 million CNY for 2024, 165 million CNY for 2025, and 262 million CNY for 2026, indicating a significant growth trajectory [5]. - The gross margin is expected to improve from 58.6% in 2024 to 69.7% in 2026, while the net margin is projected to increase from 14.7% in 2024 to 21.6% in 2026 [5]. Business Overview - The company started as an agent and has developed into a comprehensive pharmaceutical enterprise, focusing on gastrointestinal, sexual health, and ophthalmic medications [10][15]. - The core products include "Hewei Zhengchang Wan" and "Woli Ting," with a strong emphasis on research and development to enhance product offerings [10][15]. - The company has significantly increased its R&D investment, leading to the successful development of key products like Dapoxetine and a rich pipeline of innovative drugs [32][34].

吉比特 603444.SH 公司研究 | 年报点评 | | 增持 （维持） | | --- | --- | | 股价（2025年04月08日） | 204.8 元 | | 目标价格 | 207.90 元 | | 52 周最高价/最低价 | 265.93/148.25 元 | | 总股本/流通 A 股（万股） | 7,204/7,204 | | A 股市值（百万元） | 14,754 | | 国家/地区 | 中国 | | 行业 | 传媒 | | 报告发布日期 | 2025 年 04 月 10 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -9.3 | -10.18 | -0.24 | 18.78 | | 相对表现% | -3.21 | -2.74 | 3.41 | 15.55 | | 沪深 300% | -6.09 | -7.44 | -3.65 | 3.23 | | 项雯倩 | 021-63325888*6128 | | --- | --- | | 李雨琪 | xiangwenqian@orientsec. ...

公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 39,111 | 40,033 | 42,417 | 44,281 | 46,777 | | 同比增长 (%) | 7.2% | 2.4% | 6.0% | 4.4% | 5.6% | | 营业利润(百万元) | 4,831 | 5,712 | 6,050 | 6,653 | 7,328 | | 同比增长 (%) | 43.3% | 18.2% | 5.9% | 10.0% | 10.1% | | 归属母公司净利润(百万元) | 4,094 | 4,749 | 5,103 | 5,594 | 6,140 | | 同比增长 (%) | 36.4% | 16.0% | 7.5% | 9.6% | 9.8% | | 每股收益（元） | 2.29 | 2.66 | 2.86 | 3.14 | 3.44 | | 毛利率(%) | 26.5% | 27.9% | 28.9% | 29.4% | 29.8% | | ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has demonstrated strong performance growth and optimized its business structure, achieving a revenue of 40.03 billion yuan in 2024, a year-on-year increase of 2.4%, and a net profit attributable to the parent company of 4.75 billion yuan, up 16.0% year-on-year [9] - The report predicts earnings per share for 2025-2027 to be 2.86, 3.14, and 3.44 yuan respectively, with a target price of 62.92 yuan based on a 22x PE valuation for 2025 [3][6] Financial Information Summary - Revenue (million yuan): 2023A: 39,111, 2024A: 40,033, 2025E: 42,417, 2026E: 44,281, 2027E: 46,777 [5] - Year-on-year growth in revenue (%): 2023A: 7.2%, 2024A: 2.4%, 2025E: 6.0%, 2026E: 4.4%, 2027E: 5.6% [5] - Operating profit (million yuan): 2023A: 4,831, 2024A: 5,712, 2025E: 6,050, 2026E: 6,653, 2027E: 7,328 [5] - Year-on-year growth in net profit attributable to the parent company (%): 2023A: 36.4%, 2024A: 16.0%, 2025E: 7.5%, 2026E: 9.6%, 2027E: 9.8% [5] - Gross margin (%): 2023A: 26.5%, 2024A: 27.9%, 2025E: 28.9%, 2026E: 29.4%, 2027E: 29.8% [5] - Net margin (%): 2023A: 10.5%, 2024A: 11.9%, 2025E: 12.0%, 2026E: 12.6%, 2027E: 13.1% [5] - Return on equity (%): 2023A: 10.4%, 2024A: 12.1%, 2025E: 12.3%, 2026E: 11.9%, 2027E: 11.7% [5] - Price-to-earnings ratio: 2023A: 24.8, 2024E: 21.4, 2025E: 19.9, 2026E: 18.1, 2027E: 16.5 [5]

ADWM：基于门控机制的自适应动态因子 加权模型 ——因子选股系列之一一二 研究结论 自适应动态因子加权模型 金融工程 | 专题报告 为了克服市场状态市场风格发生突变时，短周期加权模型很有可能学习到错误的规律从 而造成巨大的回撤，我们设计了一套端到端因子生成和因子加权模型。该模型通过学习 市场上长期历史数据既捕捉 alpha 信息，又根据市场状态和个股属性信息学习 alpha 因子 的时变规律来对 alpha 因子进行加权，该模型框架由两部分组成： 各模型因子对比 根据输入的不同和加权方式的不同，我们提出了五个模型并进行对比，得到以下结论： 因子在各宽基指数上表现 风险提示 报告发布日期 2025 年 04 月 10 日 | 杨怡玲 | yangyiling@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860523040002 | | 陶文启 | taowenqi@orientsec.com.cn | | | 执业证书编号：S0860524080003 | ABCM：基于神经网络的alpha因子和beta 因子协同挖掘模型：——因子选股系列之 一一〇 2024- ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W with a target price of 178.12 HKD [5][12][15] Core Insights - The overall performance of Meituan in Q4 2024 exceeded expectations, with revenue reaching 885 billion CNY, a year-on-year increase of 20% [9] - The core local business showed resilience, with revenue of 656 billion CNY in Q4 2024, up 19% year-on-year [9] - New business segments, particularly overseas expansion, are seeing positive developments, with new business revenue growing by 24% year-on-year [10] Summary by Sections Delivery Business - In Q4 2024, the delivery orders grew in the high single digits, with average order value (AOV) declining year-on-year but showing a reduced decline quarter-on-quarter [2] - The operational improvements and increased monetization rates helped offset the negative impact of AOV decline on revenue [2] - The macroeconomic environment continues to affect delivery order volumes and AOV, but there are structural opportunities for advertising revenue growth [2] Flash Purchase - Flash purchase orders are estimated to have increased by approximately 25% in Q4 2024, achieving profitability for the year [3] - The convenience of instant retail is stimulating consumer demand, particularly in lower-tier markets [3] - Revenue growth is expected to outpace order growth, contributing significantly to long-term profits [3] In-store and Travel Services - Orders in the in-store and travel segment are projected to grow over 65% year-on-year in 2024, with record highs in annual transaction users and active merchants [4] - The introduction of live streaming and promotional activities is enhancing merchant operations and marketing efficiency [4] - The organizational adjustments and the launch of the Meituan membership system are expected to improve customer acquisition and transaction frequency in this segment [4] Financial Projections - The report forecasts a revenue of 337.6 billion CNY for 2024, with a year-on-year growth of 21.99% [12] - Adjusted net profit for 2024 is projected at 35.8 billion CNY, reflecting a significant year-on-year increase of 158.43% [12] - The estimated earnings per share for 2024 is 5.86 CNY, with a projected increase in subsequent years [12][14]

Investment Rating - The investment rating for Meituan is "Buy" (maintained) with a target price of 178.12 HKD [5][12]. Core Insights - The overall performance of Meituan in Q4 2024 exceeded expectations, with revenue reaching 885 billion CNY, a year-on-year increase of 20% [9]. - The core local business showed resilience, with revenue of 656 billion CNY in Q4 2024, up 19% year-on-year [9]. - New business segments, particularly in overseas markets, are seeing positive developments with a revenue increase of 24% year-on-year [10]. Summary by Sections Delivery Business - In Q4 2024, the delivery orders grew in the high single digits, with an improvement in average order profit year-on-year. The average order value (AOV) decreased year-on-year but the decline was less severe compared to the previous quarter [2]. - The operational efficiency is expected to improve with the trial of social security plans for delivery riders starting in Q2 [2]. Flash Purchase - The flash purchase segment achieved profitability in 2024, with a 25% year-on-year increase in orders. The growth is driven by increased convenience in instant retail and expansion in lower-tier markets [3]. In-store and Travel - The in-store and travel segment saw over 65% year-on-year growth in order volume in 2024, with record highs in annual transaction users and active merchants [4]. - The revenue growth slightly outpaced the gross transaction value (GTV) growth, indicating effective marketing strategies [4]. Financial Projections - Revenue for 2024 is projected at 337.59 billion CNY, with a year-on-year growth of 21.99%. The adjusted net profit is expected to reach 35.81 billion CNY, reflecting a significant recovery from previous losses [12][14]. - The company’s valuation is estimated at 10,882 billion HKD, with specific valuations for different segments: 3.5x PS for delivery, 13.2x PE for in-store and travel, and 0.6x P/GMV for new businesses [15].