Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock is expected to outperform the relevant market index by more than 15% over the next 12 months [21]. Core Insights - The Chinese beauty market is expansive and fragmented, with a market size projected to grow from CNY 402.6 billion in 2018 to CNY 579.8 billion in 2023, reflecting a compound annual growth rate (CAGR) of 7.6%. It is expected to reach CNY 876.3 billion by 2028, with color cosmetics and skincare markets projected to reach CNY 175.2 billion and CNY 701.1 billion, respectively [4]. - The company, Maogeping, is positioned as a high-end domestic beauty brand, leveraging a unique blend of light and shadow aesthetics with Eastern beauty principles. It has established a strong brand image and operates 372 self-operated counters across 120 cities in China, supported by 2,700 beauty consultants [4][5]. - The pricing strategy for Maogeping's products places them in a competitive range, with color cosmetics priced between CNY 150-180 and skincare products between CNY 300-350, strategically positioned above domestic brands but below foreign brands [5]. - The company has shown robust sales growth, with revenue increasing from CNY 1.58 billion in 2021 to CNY 2.89 billion in 2023, representing a CAGR of 35.3%. Net profit also rose significantly, with a CAGR of 41.6% [6][7]. Summary by Sections Market Overview - The Chinese beauty market is projected to grow significantly, with a CAGR of 8.6% expected from 2023 to 2028, driven by increasing consumer demand for high-quality beauty products [4]. Company Positioning - Maogeping has established itself as a leader in the high-end domestic beauty segment, with a unique brand identity and a strong retail presence [4][5]. Product Performance - The company has a diverse product line with 387 SKUs, including 337 color cosmetics and 50 skincare products. The color cosmetics segment saw a sales volume of 9.72 million units in 2023, a 52.37% increase year-on-year [5]. Financial Performance - Revenue growth from CNY 1.58 billion in 2021 to CNY 2.89 billion in 2023, with a net profit increase from CNY 331 million to CNY 663 million during the same period, indicates strong financial health [6][7].

Investment Rating - The report initiates coverage with an "Outperform" rating for Kerry Properties [5][10]. Core Insights - The company is expected to benefit from the launch of the "Jinling Huating" project in Shanghai, which is anticipated to contribute significant cash flow starting in 2025 [10]. - The company's investment properties and hotels are projected to increase in gross floor area (GFA) by approximately 59% by the end of 2030 compared to H1 2024, enhancing revenue growth potential [10]. - The company emphasizes stable shareholder returns, maintaining a consistent dividend per share (DPS) of HK$1.35 from 2017 to 2023, with a stable interim DPS of HK$0.40 in H1 2024 [10]. - The gearing ratio is expected to decline in 2025 as cash flow from property sales improves, alleviating financial pressure [10]. Summary by Sections Company Overview - Kerry Properties was established in 1978 and primarily engages in real estate development and property leasing, with significant investments in mainland China since the late 1990s [13][14]. Development Business - The company's sales are primarily driven by high-end residential projects, with a notable recovery in contract sales in Hong Kong, achieving HK$7 billion in H1 2024, a 271% increase year-on-year [22][27]. - The company has a robust project pipeline in Hong Kong, with several high-end projects expected to support sales in the coming years [32][34]. Investment Properties - The company reported a consolidated property rental income of HK$2.6 billion in H1 2024, with a slight year-on-year decline of 2.8% [48]. - The investment properties are strategically located in core cities, with a focus on office and retail spaces, providing stable cash flow [53][57]. Financial Analysis - For the fiscal year 2023, the company reported total revenue of HK$13.09 billion, a decrease of 10.3% year-on-year, with a projected recovery in revenue for 2024 [4][9]. - The core net profit for 2024 is estimated at HK$2.99 billion, reflecting an 18.7% increase compared to 2023 [4][9]. Earnings Forecast and Valuation - The report forecasts a stable DPS of HK$1.35 for 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 7.4, 6.8, and 5.7, respectively [10].

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, which serves as 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]. - The company reported Q4 2024 revenue of $2.6 billion, a year-on-year increase of 4%, and a net profit of $115 million, up 18% year-on-year. The core operating profit was $150 million, reflecting a 35% increase, driven by a decrease in personnel costs, property rents, and other operating costs [4]. Financial Projections - 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 rates of 4.7%, 7.4%, and 7.2% [6]. - The projected net profit for the same years is $976 million, $1.056 billion, and $1.139 billion, with growth rates of 7.1%, 8.2%, and 7.8% [6]. - The earnings per share (EPS) are forecasted to be $2.58, $2.87, and $3.18 for 2025, 2026, and 2027, respectively [6]. Operational Performance - KFC and Pizza Hut's restaurant operating profit margins for Q4 2024 were 13.3% and 9.3%, respectively, showing year-on-year increases of 1.3 and 2.0 percentage points [4]. - The same-store sales decline for KFC was 1% in Q4 2024, with transaction volume increasing by 3% and average ticket size decreasing by 4%. For Pizza Hut, the same-store sales decline was 2%, with transaction volume up 9% and average ticket size down 10% [4]. Shareholder Returns - The company returned $248 million to shareholders in Q4 2024, with a total of $1.5 billion for the year. The quarterly dividend increased by 50% to $0.24 per share, which will continue into 2025 [4].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1][3]. Core Views - Rui Pu Lan Jun Energy Co., Ltd. is a leading Chinese lithium battery company under the Qingshan Group, focusing on the development, production, and sales of lithium-ion batteries. The company has implemented an employee stock incentive plan to align the interests of employees and shareholders, enhancing liquidity through full circulation of H-shares. The company is expected to continue reducing losses or achieve breakeven in 2025, with profitability anticipated to gradually materialize thereafter [3][4]. Summary by Relevant Sections Company Overview - Rui Pu Lan Jun was established in 2017 and is a core enterprise in the new energy sector of Qingshan Group. The company is involved in lithium-ion battery research, production, and sales. In 2024, the company is projected to have a domestic lithium iron phosphate battery installation volume of 12.14 GWh, with a market share increase of 1.17 percentage points to 2.97%, ranking 6th among domestic companies [3][4]. Production Capacity and Growth - The company has a planned lithium battery production capacity of over 94 GWh by 2025, with a current capacity of 62 GWh as of the end of 2023. The production bases are well-distributed domestically, and the Indonesian base is set to meet overseas demand. The Indonesian facility is expected to contribute additional profits due to its cost advantages and premium pricing for overseas orders [3][4]. Sales and Revenue Projections - The company’s battery shipment volumes have shown significant growth, with shipments of 3.3 GWh in 2021, 16.6 GWh in 2022, and 19.5 GWh in 2023. In the first half of 2024, shipments are expected to increase by 108% year-on-year to 16.2 GWh, driven by strong demand from both power and energy storage sectors [3][4]. Financial Performance - The company’s revenue for 2023 is projected at 1.3749 billion yuan, with a year-on-year decline of 6.1%. However, revenues are expected to grow significantly in the following years, reaching 2.420 billion yuan in 2025 and 3.4006 billion yuan in 2026, with growth rates of 41.5% and 39.6% respectively. The net profit attributable to the parent company is forecasted to improve from a loss of 1.472 billion yuan in 2023 to a profit of 939 million yuan in 2026 [5][6]. Technological Advancements - The company has a strong focus on R&D, with 1,876 personnel involved and a total of 2,245 patents granted. Key areas of research include advanced battery technologies aimed at improving energy density, fast charging, and overall battery performance [3][4]. Customer Base - The company has established relationships with major automotive manufacturers, including SAIC Motor, Geely, and Dongfeng, and has seen an increase in model approvals. The growth in customer vehicle sales and the increase in model approvals are expected to drive future orders for power batteries [4][6]. Strategic Initiatives - The company has initiated a stock incentive plan to promote performance targets and align employee interests with those of shareholders. Additionally, the full circulation of H-shares is expected to enhance liquidity, with plans to convert 567 million non-circulating shares into circulating shares [6].

Investment Rating - The investment rating for the company is "Buy (Initiate)" [1] Core Views - The report highlights that 福莱特玻璃 (Fuyao Glass) is one of the leading companies in the photovoltaic glass sector. In the short term, there is an expectation for inventory reduction post-Chinese New Year, particularly in March, as production resumes. In the medium to long term, the report anticipates a significant slowdown in new production capacity for photovoltaic glass, with some smaller furnaces potentially exiting the market due to profit pressures, which could improve the supply-demand dynamics and lead to profit recovery for the company [6][4]. Financial Summary - As of February 5, 2025, the company's market capitalization is 447.70 billion HKD, with a total share capital of 2.343 billion shares [2]. - The projected financial performance includes: - Total revenue for 2023 at 21,524 million CNY, with a forecasted decline of 19.4% in 2024, followed by a slight increase of 3.1% in 2025, and a significant growth of 25.4% in 2026 [5]. - The net profit attributable to the parent company is expected to be 2,760 million CNY in 2023, with a drastic decline of 63.4% in 2024, followed by further declines in 2025, and a recovery of 326.3% in 2026 [5]. - The report projects a gross profit margin of 21.8% in 2023, decreasing to 16.2% in 2024, and then stabilizing around 11.3% in 2025, with a recovery to 19.9% in 2026 [5]. Market Position and Competitive Advantage - 福莱特玻璃 is positioned as a market leader with sustained competitive advantages. The report emphasizes the company's cost advantages and its ability to maintain competitiveness in the photovoltaic glass market, suggesting a long-term upward potential in its stock value [6][4].

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company reported a same-store sales decline of 14.2% year-on-year for FY25Q3, with specific declines of 13.0% in mainland China and 20.4% in Hong Kong and Macau [3][4] - The upcoming Chinese New Year is expected to boost sales, with the company focusing on product structure adjustments and channel optimization, which may lead to improved profitability [5] - The company maintains its annual guidance despite the challenges faced in the retail environment [5] Summary by Relevant Sections Financial Performance - For FY2024, total revenue is projected at 108,713 million HKD, with a year-on-year growth rate of 14.8%. For FY2025, revenue is expected to decline to 88,968 million HKD, a decrease of 18.2% [7][9] - The net profit attributable to shareholders for FY2025 is estimated at 5,412 million HKD, reflecting a year-on-year decline of 16.7% [7][9] - The gross profit margin is expected to improve to 29.7% in FY2025, compared to 20.5% in FY2024 [7][10] Market Analysis - In mainland China, the same-store sales decline has narrowed, with a notable increase in the sales proportion of fixed-price gold products, which has positively impacted profitability [4][5] - In Hong Kong and Macau, the sales of jewelry products have shown better performance, with a 33.7% increase in same-store sales for jewelry embedded products, while gold product sales declined by 36.2% [5][8] Shareholder Returns - The company has announced a share buyback plan of 2 billion HKD, with 275 million HKD already repurchased as of January 27, 2025 [5] - The potential dividend yield for FY2025 is projected at 5.8% [5]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Views - The company, Longpan Technology, is a leading global manufacturer of lithium iron phosphate cathode materials and a well-known producer of automotive fine chemicals in China. In the short term, the company is expected to continue facing losses due to a decline in the average market price of lithium iron phosphate, inventory devaluation losses, and impairment of assets and goodwill. However, in the medium to long term, the optimization of product structure and cost reduction measures are anticipated to lead to a reduction in losses or a turnaround to profitability by 2025 [2][3][4]. - The company has signed significant supply agreements with LGES and Blue Oval, which are expected to contribute to incremental profits. The Indonesian plant's production capacity of 120,000 tons of lithium iron phosphate is gradually being released, allowing the company to capture high-priced overseas orders [4][7]. Financial Summary - The company's projected revenues for 2023, 2024E, 2025E, and 2026E are 8,729 million, 7,702 million, 8,980 million, and 13,068 million RMB respectively, with year-on-year growth rates of -38.0%, -11.8%, 16.6%, and 45.5% [6]. - The forecasted net profit attributable to the parent company for 2024, 2025, and 2026 is -663 million, 83 million, and 506 million RMB, indicating a significant turnaround from losses to profits [6][9]. - The company's gross profit margin is expected to improve from -0.7% in 2023 to 23.2% in 2026, reflecting the anticipated recovery in profitability [6][9]. Business Operations - The company has established long-term partnerships with major battery manufacturers such as CATL and LGES, ensuring a stable demand for its products. The domestic market for automotive fine chemicals is also expected to provide steady revenue [7]. - The company is focusing on cost reduction through self-supply of lithium carbonate and iron phosphate, as well as optimizing operational efficiency in various aspects such as energy and raw material costs [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is actively transforming its brand strategy to break through the limitations of a single brand, focusing on differentiated store formats and a multi-brand operational capability [4][8] - The company aims to expand its market presence both domestically and internationally, with specific plans for store openings and revenue growth projections [68] Summary by Sections 1. Company Overview - The company has over 80% of its stores operating under a Direct-to-Consumer (DTC) model, enhancing its control over channel operations and inventory management [8] - The company is restructuring its store types into five levels: Arena, Palace, Elite, Standard, and Non-standard, to diversify its retail strategy [54][56] 2. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 704.70 billion, 781.21 billion, and 864.19 billion CNY, respectively, with year-on-year growth rates of +13.0%, +10.9%, and +10.6% [4][68] - Net profit estimates for the same years are 137.33 billion, 140.12 billion, and 156.73 billion CNY, with growth rates of +34.2%, +2.0%, and +11.9% [4][68] 3. Brand Strategy - The company is launching new store concepts such as "Super Anta," "Champion Store," and "0 Carbon Mission Store," each targeting different consumer segments and emphasizing unique product offerings [12][41][49] - The "Super Anta" concept aims to create a one-stop shopping experience for sports products, focusing on high-quality, cost-effective items [12][13] 4. International Expansion - The company has made strides in international markets, particularly in North America and Southeast Asia, with plans to open stores in the U.S. and expand its presence in Southeast Asia [61][66] - The partnership with Kyrie Irving has helped the company gain traction in the global sneaker market, with successful product launches and collaborations [11][65] 5. Competitive Positioning - The company is positioned as a potential leader in the market, akin to Uniqlo and Decathlon, leveraging its supply chain advantages and brand recognition [23][68] - The report highlights the importance of Olympic sponsorships and collaborations with high-profile athletes in enhancing brand image and market reach [11][23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a slight increase in contract sales amounting to 310.7 billion yuan in 2024, representing a year-on-year growth of 0.3%. The average contract sales price also increased by 16.6% to 27,048 yuan per square meter, primarily due to the launch of high-end improvement projects in core locations of first- and second-tier cities [4][5] - The company focuses on land acquisition in first- and second-tier cities, with a total land expenditure of 80.6 billion yuan in 2024, of which the equity land expenditure was 69.6 billion yuan, maintaining an equity ratio of 86%. The average floor price for land acquisition reached a five-year high of 19,049 yuan per square meter [4][8] - The land acquisition intensity for 2024 was 26%, showing a trend of being lower at the beginning of the year and higher towards the end. In January 2025, the company accelerated its replenishment pace by acquiring projects in Shenzhen and Beijing for 3.065 billion yuan and 4.008 billion yuan, respectively [10] Financial Summary - The total revenue for the company is projected to be 192.2 billion yuan in 2024, a decrease of 5.1% year-on-year, followed by a slight increase to 193.5 billion yuan in 2025. The core net profit is expected to drop to 16.8 billion yuan in 2024, a decline of 29.0%, before recovering to 18.8 billion yuan in 2025, reflecting a growth of 12.1% [4][15] - The gross profit margin is expected to decrease to 17.0% in 2024, with a gradual recovery to 18.0% by 2026. The return on equity (ROE) is projected to decline to 4.4% in 2024, stabilizing at 4.8% in the following years [4][15]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve revenue and profit growth exceeding 85% and 260% respectively in 2024, driven by the strong development of the ADC industry and the company's leading position in the global ADC outsourcing market [2][3] - The company has a robust project pipeline with 681 drug discovery projects and 92 overall projects, indicating strong future revenue contributions from commercialized projects [3] - The global ADC market is projected to grow from $13.2 billion in 2024 to $66.2 billion by 2030, with the company expected to maintain a growth rate exceeding the industry average [3] Financial Summary - Total revenue is projected to grow from 2,124 million RMB in 2023 to 7,273 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of 85.1% [3] - Net profit is expected to increase from 284 million RMB in 2023 to 2,054 million RMB in 2026, with a CAGR of 28.2% [3] - The gross margin is anticipated to improve from 26.3% in 2023 to 37.5% in 2026, indicating enhanced operational efficiency [3] Market Position and Strategy - The company has established a comprehensive production layout in Wuxi, enhancing its capacity to meet growing demand in the ADC sector [3] - The company has successfully commercialized one project and has eight ongoing PPQ projects, which are expected to contribute significantly to future revenues [3] - The company aims to enhance its global capacity with new production lines in Singapore expected to be operational by the end of 2025 [3]