Investment Rating - The report maintains a "Buy" rating for BYD [6] Core Views - BYD is expected to significantly increase its smart driving penetration rate, which will drive substantial growth in both sales and profits for new energy vehicles [2][6] - The target price for BYD shares is set at HKD 481.0, representing a potential upside of 18% for the Hong Kong stock and CNY 469.0 for the A-share, indicating a potential upside of 21% [4][5] Financial Forecasts - Revenue is projected to grow from RMB 602,315 million in 2023 to RMB 966,125 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 24% [3][9] - Net profit is expected to increase from RMB 30,041 million in 2023 to RMB 50,211 million in 2025, with a net profit growth rate of 25% in 2025 [3][9] - The gross margin is forecasted to decline slightly from 20.2% in 2023 to 18.7% in 2025 [3][9] Segment Valuation - The valuation for BYD's new energy vehicle segment is estimated at a price-to-earnings (P/E) ratio of 29.0x, while the mobile and electronic business is valued at 21.0x, and other businesses at 10.0x, leading to a combined target price of HKD 481.0 and CNY 469.0 [10]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) with a target price of HKD 50, indicating a potential upside of 25% from the current price of HKD 40 [1][5][10]. Core Insights - WuXi AppTec's 2024 performance slightly exceeded previous positive earnings forecasts, with revenue reaching RMB 4.052 billion, representing a year-on-year increase of 90.8%, and adjusted net profit of RMB 1.07 billion, up 277.2% year-on-year [5][7]. - The company expects to achieve a revenue growth rate of over 35% in 2025, supported by a strong order backlog of USD 990 million, which is a 71.2% increase year-on-year [5][7]. - North America is identified as a key growth driver, with revenue contribution from this region increasing to 50% in 2024, up from 40% in 2023 [5][7]. Financial Performance Summary - **Revenue Forecasts**: - 2023: RMB 2,124 million - 2024: RMB 4,052 million (90.8% YoY growth) - 2025E: RMB 5,569 million (37.4% YoY growth) - 2026E: RMB 7,618 million (36.8% YoY growth) - 2027E: RMB 9,987 million (31.1% YoY growth) [7][9]. - **Net Profit Forecasts**: - 2023: RMB 284 million - 2024: RMB 1,070 million (277.2% YoY growth) - 2025E: RMB 1,302 million (21.7% YoY growth) - 2026E: RMB 1,739 million (33.6% YoY growth) - 2027E: RMB 2,356 million (35.5% YoY growth) [7][9]. - **Profitability Metrics**: - Gross margin improved to 30.6% in 2024 from 26.3% in 2023, with adjusted net profit margin expected to remain stable [5][7]. Capital Expenditure and Growth Strategy - The company plans to invest approximately RMB 1.4 billion in capital expenditures for 2025, primarily for expanding production capacity in Singapore and Wuxi [5][7]. - WuXi AppTec aims to optimize operations to mitigate potential impacts on gross margins from new capacity coming online [5][7].

Investment Rating - The report maintains a "Buy" rating for NIO, with a target price adjusted to $5.3 for NIO.US and HKD 41.1 for NIO-SW, representing potential upside of 17% and 15% respectively [2][4]. Core Insights - NIO is expected to launch nine new models this year, including the ET9 and L90, which will drive sales growth. The company is also focusing on improving dealership efficiency, with noticeable cost improvements anticipated starting in Q2 [9]. - The fourth quarter results were generally in line with expectations, with revenue of RMB 19.7 billion, a year-on-year increase of 15%, and a gross margin of 11.7% [12]. - The valuation of NIO is currently low, with a price-to-sales ratio of 0.7x, indicating potential for upward movement as fundamentals improve [9]. Financial Performance and Forecast - Revenue projections for NIO from 2023 to 2027 are as follows: - 2023: RMB 55.6 billion - 2024: RMB 65.7 billion - 2025: RMB 80.3 billion - 2026: RMB 106.4 billion - 2027: RMB 141.0 billion - The revenue growth rates are projected at 13% for 2023, 18% for 2024, 22% for 2025, 33% for 2026, and 32% for 2027 [3][10]. - Gross margin is expected to improve from 5.5% in 2023 to 14.2% in 2027, while net losses are projected to decrease from RMB 21.1 billion in 2023 to RMB 9.0 billion in 2027 [3][10]. Market Expectations - The current market price for NIO is $4.50, with a 52-week price range of $3.61 to $7.71. The total market capitalization is approximately $9.4 billion [4]. - For NIO-SW, the current price is HKD 35.90, with a 52-week range of HKD 28.6 to HKD 60.7, and a total market capitalization of around HKD 74.9 billion [5]. Valuation Methodology - The report employs a sum-of-the-parts valuation method, assigning a price-to-sales ratio of 1.0x for automotive sales and 1.1x for other sales, leading to a target price of $5.3 for NIO and HKD 41.1 for NIO-SW [18].

Investment Rating - The report maintains a "Buy" rating for the company, raising the target price to HKD 60.5, indicating a potential upside of 16% from the current price of HKD 52.05 [1][3][11]. Core Insights - The company is expected to achieve steady growth across all business segments by 2025, including acoustic, optical, precision sensing, structural components, sensors, and semiconductors. The short-term growth is supported by favorable policies in China for consumer electronics, with robust demand for components such as acoustic, optical, motors, metal frames, and cooling systems for mobile phones and laptops [1][11]. - The automotive acoustic business has begun to penetrate leading new energy vehicle manufacturers, indicating potential for significant growth. Additionally, the company is expanding into robotics, establishing a foundation for long-term growth [11]. - The company's financial performance in the second half of 2024 showed strong revenue growth of 44% year-on-year, with a gross margin improvement to 22.5%. Operating profit and net profit also saw substantial increases, aligning with previous profit guidance [11][13]. Financial Projections - Revenue is projected to grow from RMB 20,419 million in 2023 to RMB 39,767 million by 2027, with a compound annual growth rate (CAGR) of approximately 14% [2][12]. - Net profit is expected to increase from RMB 740 million in 2023 to RMB 2,831 million in 2027, reflecting a significant growth trajectory [2][12]. - The target price is derived from a sum-of-the-parts valuation method, applying different price-to-earnings (PE) ratios to various business segments, resulting in a target price of HKD 60.5 [11][17].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $26.5 for US shares and HK$41.3 for Hong Kong shares, indicating a potential upside of 64% and 60% respectively [1][6][9]. Core Insights - The company achieved sustainable profitability one year ahead of previous guidance, with a net profit of $37.73 million in 2024, significantly exceeding market expectations and driving an 8% increase in stock prices [2][4]. - The oncology segment's revenue for 2024 is projected to reach $363.4 million, aligning with prior guidance, driven by strong sales of drugs like furmonertinib and sugemalimab [2][3]. - The next-generation technology platform, ATTC, is set to be a key focus for future R&D, with plans to invest approximately $1.4 billion in cash resources [4][9]. Revenue and Profit Forecast - The company expects oncology segment revenues to reach between $350 million and $450 million in 2025, supported by the expansion of indications for furmonertinib and the approval of sugemalimab in China [3][10]. - The report adjusts net profit forecasts for 2025 and 2026 upwards by 18% and 16% respectively, reflecting changes in milestone revenue predictions and gross margin estimates [9][10]. Financial Metrics - The company reported total revenue of $838 million in 2023, with a projected decline to $630 million in 2024, followed by a gradual increase to $943 million by 2027 [10][11]. - The gross profit margin is expected to improve from 54.1% in 2023 to 53.2% in 2027, indicating a positive trend in profitability [12][13]. Market Sentiment and Future Catalysts - The early achievement of profitability has significantly boosted investor confidence, marking the company as the first biotech firm in China to reach this milestone ahead of schedule [2][4]. - Upcoming catalysts include data releases from ongoing clinical trials and regulatory submissions for various products, which could further influence stock performance [5].

Group 1: Federal Reserve's Monetary Policy - The Federal Reserve paused interest rate cuts in March, marking the second consecutive meeting without a rate reduction, indicating a dovish stance for the year[1] - The Fed's economic growth forecast for this year was significantly lowered to 1.7% from 2.1%, aligning closely with a previous prediction of 1.5%[3] - The unemployment rate forecast was slightly adjusted up by 0.1 percentage points to 4.4% for this year[3] Group 2: Inflation and Economic Uncertainty - The core PCE inflation rate expectation was raised by 0.3 percentage points to 2.8%, consistent with previous forecasts[3] - The Fed's statement reflected increasing concerns over economic uncertainty, removing previous language that suggested balanced risks to employment and inflation[3] - Powell downplayed the long-term impact of tariffs on inflation, suggesting that their effects would be transitory rather than persistent[3] Group 3: Future Rate Cuts and Economic Outlook - The expectation is for the Fed to potentially restart rate cuts as early as June, with a total of 2-3 cuts anticipated for the year, each by 25 basis points[2] - The Fed's balance sheet reduction will slow down starting in April, with the monthly redemption cap for U.S. Treasuries lowered from $25 billion to $5 billion[3] - The economic outlook remains cautious, with risks of both inflation and recession increasing, creating a dilemma for the Fed between combating inflation and supporting growth[4]

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) and raises the target price to HKD 118.8, indicating a potential upside of 21.3% from the current price of HKD 97.9 [2][5]. Core Insights - Despite facing significant pressure on profit margins in the short term, Anta's revenue from its main brand is expected to steadily expand, with other brands maintaining rapid growth. The contribution from Amer Sports is projected to significantly increase, supporting a high growth rate in core net profit by 2025. The multi-brand strategy is anticipated to continue driving overall revenue expansion for the company [1][7][8]. Financial Projections - Revenue is forecasted to grow from RMB 62,356 million in 2023 to RMB 78,838 million in 2025, reflecting a compound annual growth rate (CAGR) of 11.3% [9][13]. - The net profit attributable to shareholders is expected to decrease from RMB 15,596 million in 2024 to RMB 13,965 million in 2025, indicating a decline of 10.5% [9][13]. - The gross margin is projected to remain stable around 62.5% in 2025, with operating profit margin slightly declining to 23.2% [11][12]. Brand Performance - Anta's brand revenue is expected to grow at a high single-digit percentage in 2025, while Fila is projected to grow in the mid-single digits. Other brands like Descente and Kolon are anticipated to exceed 30% growth [7][8]. - The online sales channel is expected to continue to grow, contributing to the overall revenue but also leading to increased discounting pressures on margins [7][8]. Market Strategy - Anta plans to increase market investments in 2025, focusing on expanding the new retail formats, enhancing overseas market presence, and increasing product launches. The company aims for overseas revenue to account for 15% within five years [7][8]. - The multi-brand strategy is expected to be a key driver for long-term revenue growth, with Descente and Kolon brands showing strong growth momentum [7][8].

浦银国际研究 公司研究 | 科技行业 重申小米的"买入"评级：在 2024 年四季度，小米的收入、经调整 后净利润、经调整后核心业务净利润分别录得人民币 1,090 亿、83 亿、 90 亿元，均取得历史新高，增长强劲。这两年的经营表现充分体现 其公司战略方向和管理层执行力。小米人车家生态闭环，给予公司长 期增长空间。手机、新能源车、IoT 等业务板块均有望取得中国和全 球领先的位置。这将带来公司收入规模的增长和潜在利润的加速释放。 作为行业首推之一，当前小米市盈率为 42.1x，考虑其新能源车增长、 AI 战略定位和多业务板块龙头估值溢价，估值仍然具备上升空间。我 们对于小米长期的价值增长保持较为乐观的判断。 小米集团（1810.HK）：四季度业绩创 历史新高，看好公司长期价值成长 小米 2025 年展望：1）智能手机：我们预期今年出货量有望达 1.8 亿 部以上。受益于上游成本下行、高端化战略、中国国补等，手机毛利 率有改善空间。2）IoT：大家电板块及境外业务拓展将推动该业务板 块收入增长超 20%。3）互联网：得益于用户基数持续增长及结构改 善，互联网业务将保持收入稳定增长及高毛利率水位。4）智能电动 ...

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 700 HKD, representing a potential upside of 30% from the current price of 540 HKD [4][7]. Core Insights - Tencent's Q4 2024 revenue reached 172.5 billion RMB, a year-on-year increase of 11%, exceeding market expectations by 2.3%. The gross margin improved to 52.6%, up 3 percentage points year-on-year, with adjusted net profit growing by 30% to 55.3 billion RMB [2][4]. - The report highlights strong performance in domestic gaming, with Q4 2024 revenue up 23% to 33.2 billion RMB, driven by low base effects and healthy performance of flagship games. International gaming revenue also grew by 15% to 16 billion RMB [3][4]. - Tencent is increasing its investment in AI, with Q4 2024 capital expenditure related to AI at 39 billion RMB, and plans to continue this trend in 2025, targeting a capital expenditure of approximately 90 billion RMB [4][6]. Financial Performance Summary - For FY23, Tencent reported total revenue of 608.94 billion RMB, with projections for FY24 at 659.62 billion RMB and FY25 at 724.40 billion RMB. Adjusted net profit is expected to grow from 157.61 billion RMB in FY23 to 238.35 billion RMB in FY25 [6][13]. - The report forecasts a steady increase in operating profit, with FY24 projected at 211.79 billion RMB and FY25 at 237.44 billion RMB, reflecting a positive growth trajectory [6][13]. - Key financial ratios indicate an improvement in profitability, with adjusted net profit margin expected to rise from 25.9% in FY23 to 32.9% in FY25 [6][13].

Investment Rating - The report maintains a "Buy" rating for the company, Xiaopeng Motors (XPEV.US/9868.HK) [2][8]. Core Views - The target price for Xiaopeng Motors is raised to $27.2, representing a potential upside of 20%, while the target price for Xiaopeng Motors-W is set at HKD 106.2, indicating a potential upside of 19% [2][6]. - The company is entering a strong product cycle with robust delivery performance for models P7+ and M03, and better-than-expected orders for the new G6 and G9 models [8]. - Xiaopeng aims to double its sales by 2025, supported by new model launches and improved overall gross margins [8]. - The automotive gross margin is expected to improve, with a target of breakeven in Q4 2025 [8]. Financial Forecasts - Revenue projections for Xiaopeng Motors from 2023 to 2027 are as follows: - 2023: RMB 30,676 million - 2024: RMB 40,866 million - 2025E: RMB 86,568 million - 2026E: RMB 138,871 million - 2027E: RMB 190,622 million - The revenue growth rates are projected at 14% for 2023, 33% for 2024, 112% for 2025, 60% for 2026, and 37% for 2027 [3][9]. - Gross margin is expected to rise from 1.5% in 2023 to 19.0% by 2027 [3][9]. - Net profit (loss) projections indicate a loss of RMB 10,376 million in 2023, narrowing to a profit of RMB 13,964 million by 2027 [3][9]. Performance Review and Adjustments - In Q4 2024, Xiaopeng Motors reported revenue of RMB 16,105 million, a 23% year-on-year increase, with a gross profit of RMB 2,325 million, reflecting a 187% increase compared to the previous year [10]. - The automotive sales gross margin reached 10.0% in Q4 2024, with expectations for continued improvement in Q1 2025 [8][10]. - The company plans to enhance its AI capabilities and aims to introduce L3 level software capabilities in the second half of 2025 [8]. Valuation - The valuation is based on a sum-of-the-parts approach, applying a price-to-sales ratio of 1.9x for automotive sales and 5.5x for services and other revenues, leading to a target price of $27.2 for Xiaopeng Motors [8][16]. - The target price for Xiaopeng Motors-W is set at HKD 106.2, corresponding to a target price-to-sales ratio of 2.2x [8][16].