Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 55.72 HKD per share, compared to the current price of 50.85 HKD [4]. Core Insights - The company has received priority approval for its injectable recombinant collagen filler, which is part of a key national R&D program in medical devices. This product specifically targets neck wrinkles [1]. - The company has a diverse pipeline in the medical aesthetics sector, with four products under development, including liquid and solid formulations of recombinant collagen for various skin concerns [1]. - The brand's performance on social media platforms like Douyin shows significant growth, with year-on-year increases of 57% and 615% for its key products in November [1]. - The company's current market capitalization corresponds to a PE ratio of 23x for 2024 and 18x for 2025, with expectations for steady growth in its cosmetics business and additional upside from its medical aesthetics segment [1]. Financial Summary - The company’s projected revenue for 2024 is 5,398 million RMB, with a growth rate of 53.2%. By 2026, revenue is expected to reach 8,348 million RMB, with a growth rate of 20.1% [2]. - The forecasted net profit attributable to shareholders for 2024 is 2,120 million RMB, with a growth rate of 46.0%, increasing to 3,174 million RMB by 2026 [2]. - The earnings per share (EPS) is projected to be 2.06 RMB in 2024, rising to 3.09 RMB by 2026 [2]. - The company maintains a strong return on equity (ROE) of 39.0% in 2024, slightly decreasing to 38.0% by 2026 [2].

Investment Rating - The report gives Ninebot a "Buy" rating with a target price of 57.89 yuan/CDR, based on a 2025 PE valuation of 25x [4] Core Views - Ninebot is a global leader in smart short-distance transportation, with a diversified product portfolio including balance bikes, scooters, two-wheelers, all-terrain vehicles, and robotic lawn mowers [2] - The company's competitive advantage lies in its deep R&D expertise in underlying technologies for short-distance transportation and its strong overseas brand and channel presence through the acquisition of Segway [2] - Ninebot's revenue reached 10.22 billion yuan in 2023, with a net profit of 598 million yuan, representing a year-on-year increase of 32.50% [2] - The company's two-wheeler business is rapidly growing, contributing 50.8% of total revenue in H1 2024, with a year-on-year growth of 114.8% [3] - New businesses such as all-terrain vehicles and robotic lawn mowers are expanding rapidly in overseas markets, with H1 2024 revenue shares of 7.6% and 6.7%, respectively [3] Business Overview Main Business: Two-Wheelers and Scooters - Ninebot's two-wheeler business focuses on the high-end market, leveraging advanced smart features and trendy designs to meet the social needs of young consumers [3] - The company's two-wheeler revenue reached 3.38 billion yuan in H1 2024, accounting for 50.8% of total revenue, with a year-on-year growth of 114.8% [3] - The balance bike and scooter business has recovered from the adjustment period, with self-branded retail sales reaching 1.079 million units in 2023 and contributing 1.031 billion yuan in H1 2024, a year-on-year increase of 21.4% [3] New Businesses: All-Terrain Vehicles and Robotic Lawn Mowers - Ninebot's all-terrain vehicles target the European and American markets, with 17,700 units sold in 2023 and a revenue share of 7.6% in H1 2024 [3] - The robotic lawn mower business is also focused on overseas markets, with products offering cost-effectiveness and smart features, contributing 6.7% of revenue in H1 2024 [3] Financial Projections and Valuation - The report forecasts a 116% year-on-year growth in net profit for 2024, followed by 28% and 23% growth in 2025 and 2026, respectively [4] - The current stock price implies a 2025 PE of 20.9x, and the report assigns a 25x PE valuation for 2025, resulting in a target price of 57.89 yuan/CDR [4] Competitive Advantages - Ninebot has accumulated deep expertise in underlying technologies such as robotics, vehicle platform development, and IoT/data capabilities [2] - The acquisition of Segway in 2015 provided the company with a strong overseas brand and channel presence, facilitating global market expansion [2] - The company's high R&D investment and extensive patent portfolio further strengthen its competitive position in the smart short-distance transportation industry [54]

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能进入特斯拉供应链；核心技术的迭代风险等。 [Table_Page] 投资策略报告|通用设备 证券研究报告 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------ ...

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Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 5.86 CNY per share based on a 15x PE valuation for 2025 [7]. Core Insights - The company has established itself as a leader in the metal packaging industry, with significant revenue growth from 8.18 billion CNY in 2018 to 13.84 billion CNY in 2023, and a CAGR of 11.1% [3][58]. - The net profit attributable to the parent company increased from 0.23 billion CNY to 0.77 billion CNY during the same period, with a CAGR of 28.1% [3][58]. - The company is well-positioned to benefit from the increasing beer canization rate in China, which is expected to drive industry expansion [4][81]. Summary by Sections 1. Company Overview - The company has been deeply involved in the metal packaging industry for over two decades and has solidified its leading position [26]. - It has a concentrated shareholding structure and a stable management team, which supports long-term strategic planning [36]. 2. Industry Dynamics - The metal packaging industry is undergoing significant consolidation, with the two-piece can market expected to benefit from rising beer canization rates [4][81]. - The market for two-piece cans reached 26.7 billion CNY in 2023, with a CAGR of 5.5% from 2019 to 2023 [4][81]. 3. Customer Diversification - The company has successfully reduced its reliance on major clients, with the largest customer, China Red Bull, accounting for 33.7% of sales in H1 2023, down from 59.1% in 2018 [4][58]. - The company is actively expanding its customer base and diversifying its revenue streams, which enhances its operational stability [4][58]. 4. Financial Projections - The company is projected to achieve net profits of 0.875 billion CNY, 1.0 billion CNY, and 1.117 billion CNY for the years 2024, 2025, and 2026, respectively [4]. - The report anticipates that the company will maintain resilient performance despite market pressures, with a focus on expanding its overseas business and new energy initiatives [4][58].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.84 CNY per share, reflecting a 35 times PE for 2024 [5][2]. Core Insights - The company has changed its name to Marubi Biotech, emphasizing its strategic focus on synthetic biology and the development of biological skincare products. It has achieved self-research and production of core biological raw materials [1]. - The small gold needle series is being gradually improved, positioning the company in the high-growth collagen protein market. The company launched the collagen essence small gold needle in 2021 and has introduced new products in 2023, including the small gold needle cream [1]. - Strong potential for major products is evident, with significant growth in sales expected for key items like the small red pen eye cream and small gold needle essence, with projected GMV increases of 108% and 84% respectively for 2024 [1]. Financial Forecast - The company is projected to achieve a net profit attributable to shareholders of 350 million CNY, 450 million CNY, and 550 million CNY for the years 2024, 2025, and 2026 respectively, following seven consecutive quarters of high growth since the end of 2022 [2]. - Revenue is expected to grow from 2,226 million CNY in 2023 to 2,906 million CNY in 2024, reflecting a growth rate of 30.6% [3]. - The EBITDA is forecasted to increase from 207 million CNY in 2023 to 348 million CNY in 2024, indicating a strong upward trend in profitability [3]. Summary of Financials - The company’s revenue for 2022 was 1,732 million CNY, with a projected increase to 2,906 million CNY in 2024, showing a growth rate of 30.6% [3]. - The net profit for 2022 was 174 million CNY, expected to rise to 353 million CNY in 2024, marking a growth rate of 36.2% [3]. - The earnings per share (EPS) is projected to grow from 0.65 CNY in 2023 to 0.88 CNY in 2024 [3].

[Table_Page] 跟踪分析|传媒 光线传媒等，关注欢瑞世纪、中广天择（视频语料）等。（5）AI IP： 关注中文在线、上海电影、奥飞娱乐、汤姆猫、掌阅科技等。（6）AI 游 戏：推荐恺英网络、三七互娱、姚记科技、完美世界等。 证券研究报告 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

竞争加剧。 [Table_Contacts] [Table_Page] 跟踪分析|机械设备 | --- | --- | --- | --- | |---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" [10]. Core Views - The report highlights that Ningbo Bank has established a solid foundation for future leapfrog development by focusing on building core competitiveness. Key growth drivers include consumer credit as a significant growth engine, innovative deposit products that attract core customers, and a diversified income structure that supports non-interest income growth [10][69]. Summary by Sections 1. Steady Progress, Dual Excellence in Revenue and Cost - Loan business: Consumer credit has become a crucial growth driver, with Ningbo Bank's consumer finance business growing by 24.78% year-to-date in 2024, particularly in offline self-operated business, which increased from 0.16% at the end of 2021 to 30.49% by the second quarter of 2024 [10][69]. - Deposit business: The "Five Management and Two Treasures" product has helped retain a core customer base, leading to stable deposits. The launch of the "Bobo Zhiliao" enterprise service platform in June 2023 has further enhanced customer retention [10][69]. - Non-interest income: Although impacted by exchange rates and capital market fluctuations, the company’s diversified profit centers are maturing, with strong growth in wealth management assets under management (AUM) [10][69]. - Asset quality: The bank has increased its write-off efforts, positioning itself to benefit from economic recovery [10][69]. 2. High Growth Expected in 2025 - Scale: The impact of "Trump 2.0" tariffs is manageable, and the expansion of consumer finance supports credit growth [10][69]. - Net interest margin: Expected to stabilize and recover, with a lower proportion of long-term loans mitigating the impact of interest rate adjustments [10][69]. - Non-interest income: Client trading and wealth management are expected to support growth in non-interest income, with a recovery in demand for foreign exchange hedging and capital market activities [10][69]. - Tax advantages: The one-time impact of loan write-offs on the tax rate is nearing an end, which may expand tax benefits [10][69]. 3. Earnings Forecast and Investment Recommendations - The report forecasts a growth rate of 7.46% and 15.26% for net profit attributable to shareholders in 2024 and 2025, respectively, with earnings per share (EPS) projected at 4.04 and 4.67 yuan per share [10][69]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 6.14X and 5.31X for 2024 and 2025, respectively, and a price-to-book (PB) ratio of 0.82X and 0.72X [10][69]. - The report maintains a reasonable value estimate of 36.43 yuan per share, corresponding to a PB valuation of approximately 1.2X for 2024, and reiterates the "Buy" rating [10][69].