Investment Rating - The report indicates a neutral investment rating for Target, with expectations of flat same-store growth in 2025, taking into account multiple downside risks [1][11]. Core Insights - Target's 2025 same-store sales growth guidance is flat, primarily driven by customer traffic, and considers various downside risks such as adverse weather, consumer confidence issues, and potential job losses [1][11]. - The company reported a slight increase in same-store sales of 1.5% for Q4 2024, exceeding market expectations, with a customer traffic increase of 2.1% [2]. - Target's online business is performing positively, with 80% of revenues coming from online sales, and the drive-up and order pickup services are leading the industry [4][14]. Summary by Sections Financial Performance - In Q4 2024, Target's gross margin was 26.2%, slightly above expectations, despite a year-on-year decline of approximately 40 basis points due to increased online order costs and supply chain expenses [2]. - The company provided a fiscal year 2025 earnings per share (EPS) guidance of $8.80 to $9.80, which is below market expectations [2]. Supply Chain and Imports - Target is the second-largest retail importer in the U.S., with the share of imports from China expected to decrease from 30% to 25% by the end of 2025 [3][12]. - Approximately 50% of Target's supply comes from the U.S., with 25-30% sourced from other countries [3][12]. Product Categories and Margins - The cosmetics and apparel categories are gaining market share, while the home category is expected to see marginal improvements [7][15]. - Target is focusing on enhancing its private label offerings, with over 75% of revenue from private labels in apparel and home categories [15][18]. Inventory Management - Target's inventory increased by 7% year-on-year in Q4 2024, attributed to the introduction of new products and fluctuations in receipt timing [8][19]. - The company plans to optimize its supply chain to address out-of-stock situations in popular categories like toys and home goods [19].

Investment Rating - The report maintains an OUTPERFORM rating for MMG Limited [2][5] Core Views - The company has shown significant profit improvement, with a net profit increase of 200% year-on-year in 2024, reaching US$366 million [3][14] - The production of copper and zinc has steadily increased, with copper production at 400,000 tons in 2024, up 15% year-on-year, and zinc production at 220,000 tons, up 8% year-on-year [3][14] - Major projects are progressing well, including the Chalcobamba development and Kinsevere expansion, which is expected to ramp up production in 2025 [15][17] - The company plans to enhance its production capacity at Khoemacau to 60,000 tons/year by 2026-2027 and aims for a target of 130,000 tons/year by 2028 [15][17] Financial Performance - Revenue for 2024 was US$4.479 billion, a 3% increase year-on-year, with EBITDA rising by 40% to US$2.049 billion [3][14] - The company expects revenues to grow to US$5.334 billion in 2025, with net profit projected to reach US$472 million [5][12] - The projected EPS for 2025-2027 is US$0.04, US$0.05, and US$0.05 respectively, translating to HK$0.31, HK$0.39, and HK$0.39 [5][18] Production Guidance - For 2025, copper production is expected to be between 360,000 and 400,000 tons, with C1 costs ranging from US$1.5 to US$1.7 per pound [4][16] - Zinc production is projected to be between 310,000 and 340,000 tons [9] Acquisition Plans - The company announced the acquisition of Brazilian Nickel for up to US$500 million, expected to close by Q3 2025, which will enhance its nickel production capacity significantly [17]

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [11]. Core Insights - Leapmotor achieved a revenue of RMB 32.16 billion in 2024, a 92% year-over-year increase, and a net loss of RMB 2.82 billion, significantly narrowing from the previous year [11]. - The company reported a quarterly revenue of RMB 13.46 billion in Q4 2024, marking a 155% year-over-year increase and a net profit of RMB 80 million, turning positive ahead of schedule [11]. - The gross profit margin for the year was 8.4%, up 7.9 percentage points year-over-year, with Q4 gross profit margin reaching 13.3% [11]. - Leapmotor's strategic partnerships and international expansion efforts are accelerating, with over 400 sales service outlets established and a target of 550 by 2025 [11]. - The company launched the B10 model, featuring advanced intelligent driving technology, with pre-sale orders reaching 31,688 units within 48 hours [11]. Financial Data and Forecast - Revenue projections for the company are as follows: RMB 55.3 billion in 2025, RMB 86.5 billion in 2026, and RMB 100 billion in 2027, with net profits expected to be RMB 400 million, RMB 1.7 billion, and RMB 4.4 billion respectively [11]. - The report estimates a price-to-sales (PS) ratio of 1.1 for 2025, with a target price of HKD 59.07 based on the current market conditions [11]. - The company is expected to benefit from the expansion of the economic smart car market in the RMB 100,000-200,000 range [11].

Investment Rating - The report assigns an "Outperform" rating to Angelalign, expecting a relative return exceeding 10% over the next 12-18 months [16]. Core Insights - Angelalign is set to establish a manufacturing facility in Wisconsin, USA, marking a significant milestone in its globalization strategy. The factory will cover 52,000 square feet and utilize proprietary automated 3D printing technology, positioning it as one of the world's most advanced orthodontic appliance manufacturing centers [1][5]. - The company's overseas expansion is anticipated to accelerate, particularly in the North American market, with overseas clear aligner cases expected to exceed 110,000 in 2024, representing over 30% of total cases. This expansion aims to mitigate tariff risks and enhance operational efficiency [2][6]. - The application of AI technology in consumer healthcare is viewed positively, as it is expected to reduce information asymmetry and enhance demand perception, particularly in the beauty and healthcare sectors [7]. Summary by Sections Company Overview - Angelalign announced the construction of a new factory in the U.S. as part of its global strategy [1][5]. Market Expansion - The company began its overseas expansion in 2022, with 33,000 overseas clear aligner cases reported in 2023, which is 13% of total cases. The forecast for 2024 is over 110,000 cases [2][6]. Technological Advancements - The report highlights the benefits of the new factory, including automated production lines for rapid demand response, reduced shipping and production costs, and avoidance of tariff risks [2][6]. AI in Healthcare - The report expresses optimism regarding AI's role in consumer healthcare, emphasizing its potential to reduce information asymmetry and enhance brand effects in new markets [7].

Investment Rating - The report does not explicitly state an investment rating for the company [1]. Core Viewpoints - The company is a leading player in the specialty vinyl chloride copolymer industry and is one of the few globally that can waterborne special vinyl chloride copolymers and promote their application [2][3]. - The company focuses on the R&D, production, and sales of vinyl chloride-vinyl acetate copolymerization resin and vinyl chloride copolymer emulsion, with a strong emphasis on waterborne products as a key direction for future development [2][5]. - The specialty vinyl chloride copolymer industry is rapidly developing, with products being sold directly to developed countries such as Europe and the United States [4]. Summary by Sections Company Overview - The company specializes in vinyl chloride-vinyl acetate copolymerization resin and vinyl chloride copolymer emulsion, supported by strong R&D and production management capabilities [2][3]. - It has developed a range of products including binary series, carboxyl ternary series, hydroxyl ternary series, and various modified emulsions [2]. Market Development - The rapid development of industries such as food, medicine, printing, and construction in China has increased the recognition and acceptance of specialty vinyl chloride products, driving industry growth [4]. - The company is among the few domestic enterprises that can sell products directly to developed markets and has entered the procurement systems of major global manufacturers [4]. Future Focus - Water-based emulsion products are identified as the company's future development focus, with a design capacity of 60,000 tons per year for water-based emulsions [5]. - The company has gained recognition from mainstream suppliers in the container coatings sector, indicating a strong market position [5].

Investment Rating - The report upgrades the investment rating for Xiamen Xiangyu to reflect the increased dividend payout ratio for 2024 [1]. Core Views - Xiamen Xiangyu plans to raise its 2024 dividend payout ratio to no less than 65% of net profit attributable to shareholders, marking a minimum 15-percentage-point increase from the 50% payout ratio in 2023 [6][1]. - The company has maintained a stable and active cash dividend policy, with the cash dividend amount over the past five years consistently above 50% of the net profit attributable to shareholders [2]. - The report emphasizes the company's commitment to shareholder returns and its exploration of a multi-dividend mechanism to enhance investor returns and market value management [2]. Summary by Sections Dividend Policy - Xiamen Xiangyu has cumulatively distributed over 5.1 billion yuan in dividends since its restructuring in 2011, with a dividend rate above 40% since 2019 and consistently above 50% when considering net profit after perpetual bond interest [2][3]. Business Performance - Despite facing challenges in the bulk commodity market, the company's core business remains solid, with stable operating volumes and an increasing market share [3]. - The report anticipates improved performance in 2025-2026 due to supportive domestic macro policies, product structure adjustments, and a favorable shipbuilding sector [3]. Long-term Outlook - The report expresses confidence in the company's long-term value, driven by its stable dividend policy, solid business fundamentals, and ongoing market share expansion [3][7].

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about $518 million in the same period in 2023 [7][17] - The company expects a positive trend for its continuing business segments in 2025, with projected revenues of $938 million, representing a year-on-year growth of 58% [2][8] - The total equity valuation of Genscript is estimated at $6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is $523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million [13][14] - The segment's revenue in 2024 was approximately $454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [14][17] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14][15] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed signs of recovery in the second half of 2024 [14][17] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [15][16] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year [14][17] Legend Biotech - After the deconsolidation, the market capitalization of Legend Biotech was $6.8 billion, with Genscript holding a 47.51% stake valued at approximately $3.231 billion [16][17]

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about $518 million in the same period last year [7][17] - The company expects a positive trend for its continuing business segments in 2025, with projected revenues of $938 million, representing a year-on-year growth of 58% [2][8] - The total equity valuation of Genscript is estimated at $6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is $523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million, also growing by 15% [13][14] - The segment's revenue in 2024 was approximately $454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [14][17] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14][17] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed signs of recovery in the second half of 2024 [14][17] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [15][17] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year [14][17] Legend Biotech - Following the deconsolidation, the market capitalization of Legend Biotech was approximately $6.8 billion, with Genscript holding a 47.51% stake valued at about $3.231 billion [16][17]

Investment Rating - The report maintains an "Outperform" rating for Hesai Tech [2][15] Core Insights - The company achieved revenue of 720 million yuan in Q4 2024, representing a 28% year-over-year increase and a 33% quarter-over-quarter increase, with a gross profit margin of 39.0% [15] - The company is expected to reach full profitability in 2025, with projected revenue of 3 to 3.5 billion yuan and a GAAP net profit of 200 to 350 million yuan [15] - The delivery volume of LiDAR products reached 222,000 units in Q4 2024, a 153% year-over-year increase, with ADAS deliveries accounting for 87% [15] Financial Performance - Revenue projections for 2025-2027 are 3.228 billion, 4.225 billion, and 5.355 billion yuan respectively, with GAAP net profits expected to be 226 million, 382 million, and 708 million yuan [15] - The gross profit margin is expected to be around 40% for 2025 [15] - The company has a market capitalization of 3.07 billion USD and a current stock price of 24.08 USD [2] Market Position - The company is the largest revenue scale and the earliest to achieve profitability among all LiDAR companies [15] - The JT series of mini super-hemispherical 3D LiDAR for robotics is expected to see significant growth, with over 20,000 units delivered in December 2024 alone [15] - The target price is set at 21.4 USD per share, based on a 6.0X PS valuation for 2025 [15]

研究报告 Research Report 12 Mar 2025 禾赛科技 Hesai Tech (HSAI US) 24Q4 业绩点评：2025 年盈利展望乐观，机器人应用快速增长 Positive Guidance for 2025 Profitability; Robotic LiDARs See Rapid Growth [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 US$24.08 目标价 US$21.40 市值 US$3.07bn 日交易额 (3 个月均值) US$52.55mn 发行股票数目 97.44mn 自由流通股 (%) 74% 1 年股价最高最低值 US$24.08-US$3.55 注：现价 US$24.08 为 2025 年 03 月 11 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 -4.7% 53.5% 182.4% 绝对值（美元） -4.7% 53.5% 182.4% 相对 MSCI China ...