Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 50.17 RMB per share, representing a potential upside of 49% from the current price of 44.20 RMB [1][8]. Core Insights - The company has entered a high growth phase, with Q1 2025 revenue growth exceeding 20% for the first time since Q2 2021. However, the G-end business continues to pressure overall profits [1][8]. - EPS forecasts for 2025 and 2026 are set at 0.63 RMB and 0.87 RMB, respectively, with a new forecast for 2027 at 1.18 RMB. The current profit levels do not align with the revenue scale due to G-end drag [1][8]. - The company reported a revenue of 1.95 billion RMB in 2024, up 6.38% YoY, and a net profit attributable to shareholders of 113 million RMB, up 35.01% YoY [1][8]. Financial Summary - In Q1 2025, the company achieved a revenue of 449 million RMB, a 23.72% increase YoY, while the net profit attributable to shareholders was 25 million RMB, down 24.50% YoY [1][8]. - The company’s 2024 revenue from its ToB business was 1.18 billion RMB, up 8.46% YoY, with a net profit of 249 million RMB, up 1.60% YoY. The ToG business generated 763 million RMB in revenue, up 3.37% YoY, but incurred a net loss of 136 million RMB, reducing losses significantly from 2023 [1][8]. - The report highlights that the company’s AI products now contribute over 20% to its digital tax business revenue, indicating a strong integration of AI into its service offerings [1][8].

Investment Rating - The report maintains an "OUTPERFORM" rating for Luzhou Laojiao with a target price of RMB 205.00, while the current price is RMB 130.14 [2][8][14]. Core Insights - The report highlights three favorable factors for the Chinese stock market, including continuous policy dividends, accelerated return of international capital, and recovery of economic fundamentals, which have positively impacted the allocation of Baijiu stocks [3][10]. - Luzhou Laojiao has shown resilience during the industry adjustment period, with a focus on steady revenue growth and a significant increase in the share of mid- to high-end products [11][12]. - The company has achieved a compound annual growth rate (CAGR) of 18.3% in total revenue and 27.9% in net profit from 2015 to 2024, maintaining positive growth for ten consecutive years [12][13]. Financial Performance Summary - For the fiscal year 2024, the company reported revenue of RMB 31.196 billion and a net profit of RMB 13.473 billion, with expectations for continued growth in the following years [4][9]. - The gross profit margin has increased significantly, reaching 87.5% in 2024, benefiting from the higher proportion of mid- to high-end products [13]. - The company has committed to a dividend payout ratio of 65% for 2024, with plans to increase it to 70% and 75% in subsequent years, ensuring strong shareholder returns [14].

采浆规模稳步提升，静待新产能释放 派林生物(000403) ——派林生物 2024 年报点评 股票研究 /[Table_Date] 2025.05.04 2025-05-15 [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 27.86 [Table_CurPrice] 当前价格： 21.90 [Table_Market] 交易数据 总市值（百万元） 16,011 总股本/流通A 股（百万股） 731/727 流通 B 股/H 股（百万股） 0/0 本报告导读： 公司当前共有 36 个在营浆站，2024 年采浆量超 1400 吨，二期产能扩产完成后投浆 能力和产品工艺水平都将进一步提升，维持优于大市评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,329 | 2,655 | 3,090 | 3,460 | 3,834 | ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of HK$13.40 based on a current price of HK$8.06 [2]. Core Insights - The company is focused on precision therapy with small molecules in oncology and is expected to achieve profitability in 2024, driven by significant revenue growth from licensing agreements [3][4]. - The core pipeline, particularly Pimicotinib, shows potential for best-in-class status with expected global peak sales exceeding USD 2 billion [4][19]. - The company has a robust pipeline targeting FGFR mutations, with potential to address a significant patient population across various cancers [14][39]. Financial Projections - Revenue projections for FY24 to FY27 are Rmb 504 million, Rmb 595 million, Rmb 420 million, and Rmb 560 million respectively, with net profit expected to reach Rmb 28 million in FY24 and Rmb 76 million in FY25 [2][8]. - The company anticipates milestone payments and royalties from its collaborations, contributing to its financial growth [10][14]. Pipeline Development - The company has advanced clinical programs, including Pimicotinib for TGCT and cGvHD, with promising clinical data indicating high objective response rates [28][33]. - The oral PD-L1 inhibitor ABSK043 is positioned to capture a share of the PD-(L)1 market, which was valued at USD 52 billion in 2023 [6][14]. - The early-stage pipeline includes over 15 preclinical candidates, demonstrating a commitment to innovation and sustained R&D investment [7][16]. Management Team - The management team has extensive experience in drug development and commercialization, with backgrounds in leading pharmaceutical companies [11][13]. - The founder and CEO, Dr. Xu, has nearly 30 years of experience in drug development, enhancing the company's strategic direction [11][13]. Market Opportunity - The global market for CSF-1R inhibitors is expanding, with significant unmet medical needs in conditions like TGCT and cGvHD, where the company’s products are positioned to provide effective solutions [19][25]. - The company’s focus on FGFR-targeted therapies addresses a large patient population, with an estimated 1.9 million cases annually across various cancers [39][40].

Investment Rating - The report maintains an "Outperform" rating for JD Health International [2][5][17] Core Insights - JD Health's revenue for Q1 2025 reached a record high of RMB 16.65 billion, reflecting a year-over-year increase of 25.5% and a quarter-over-quarter increase of 0.8%, surpassing the full-year guidance [3][13] - The significant revenue growth is attributed to increased demand during the influenza season, growth in high-value original drugs, and higher sales of health supplements due to increased advertising investments [3][14] - The company achieved an operating profit of RMB 1.07 billion, a 119.8% increase, with an operating margin of 6.4%, leading to a net profit growth of 47.7% [3][14] - JD Health plans to focus on expanding its instant retail initiatives in 10 key cities, leveraging a hybrid B2C+O2O strategy to enhance customer engagement and operational efficiency [4][15] Financial Performance and Forecast - Revenue forecasts for FY25 and FY26 are RMB 66.6 billion and RMB 75.7 billion, representing year-over-year growth of 14.5% and 13.7% respectively [5][17] - Adjusted net profit projections are RMB 4.4 billion for FY25 and RMB 5.4 billion for FY26, with a corresponding P/E ratio of 26x and 21x [5][17] - The report emphasizes the company's strong fundamentals and maintains an optimistic outlook for the first half of 2025 and the full year [5][17]

Investment Rating - The report does not explicitly state an investment rating for Samsonite, but it indicates a challenging environment for revenue and profit performance [1][9]. Core Insights - In 1Q25, Samsonite's net sales decreased by 4.5% year-on-year to $797 million, primarily due to weak demand in North America and China, along with a high base from the previous year [2][9]. - The company aims to maintain gross margin levels despite a 100 basis points decline to 59.4% in 1Q25, attributed to changes in geographic sales mix [2][9]. - Adjusted EBITDA fell by 20.9% year-on-year, leading to an adjusted EBITDA margin of 18.8%, down 280 basis points [2][9]. - Adjusted net income decreased by 40.3% year-on-year, driven by lower EBITDA, increased depreciation, net interest expenses, and a higher effective tax rate [2][9]. - The company reported a negative adjusted free cash flow of $41 million in 1Q25, reversing from a positive position due to EBITDA decline and increased net working capital [2][9]. Regional Performance - Sales in Asia and North America were weak, with Asia's revenue down 7% and North America's down 8% [3][10]. - Europe showed strong growth with a 4.4% increase in net sales, supported by positive growth across all core brands [3][10]. - Latin America’s sales remained flat, with a notable decline in Mexico offset by strong growth in Chile [3][10]. Channel Performance - The Direct-to-Consumer (DTC) channel accounted for 38.2% of revenue in 1Q25, with e-commerce contributing 10.6% and offline retail 27.5% [4][11]. - The offline retail business saw a decline of 2.6%, primarily due to reduced customer traffic, while wholesale business declined by 6.1% [4][11]. Tariff Policy and Mitigation Strategies - The U.S. tariff policy remains unclear, causing caution among consumers and wholesale customers [5][12]. - The company has reduced its sourcing from China to 14% and plans to further decrease this by year-end, employing various strategies to mitigate potential tariff impacts [5][12]. Future Guidance - Management expects 2Q25 net sales growth to be similar to 1Q25, with a mid-single-digit decline in net revenue on a constant currency basis [6][13]. - Long-term growth is anticipated to be supported by strong travel trends, despite short-term macroeconomic uncertainties affecting consumer demand [6][13].

Investment Rating - The investment rating for JD Logistics is maintained at "OUTPERFORM" [2][5]. Core Insights - JD Logistics reported Q1 2025 results with revenue of RMB 46.97 billion, reflecting a year-on-year growth of 11.5%, and a Non-IFRS net profit of RMB 0.751 billion, up 13.4% year-on-year [3][10]. - The company is expected to achieve total revenue of RMB 203.3 billion in 2025, representing an 11.2% increase, with a Non-IFRS net profit margin projected at 4.0% [5][11]. - The shift in valuation method from Price-to-Sales (PS) to Price-to-Earnings (PE) indicates the company's transition into a stable profitability phase [5][11]. Revenue and Profitability - For Q1 2025, JD Logistics' integrated supply chain customer revenue was RMB 23.2 billion, a 13.2% increase, driven by higher revenue from JD Group and a 13.1% increase in the number of integrated supply chain customers [3]. - The company's total revenue for Q1 2025 included RMB 32.27 billion from external customers, accounting for 69.4% of total revenue, with a 10.3% year-on-year growth [3][4]. - The gross profit margin for Q1 2025 was 7.2%, a decrease of 0.5 percentage points compared to the same period in 2024 [4]. Business Operations - JD Logistics has enhanced its express delivery capabilities through investments in air resources, land transport routes, and personnel, leading to significant growth in its express delivery business [4]. - The company launched its 10th dedicated freighter in January 2025, improving delivery efficiency and supporting growth in high-value services such as fresh produce delivery [4]. Financial Forecast - The forecast for JD Logistics includes a projected net profit of RMB 8.209 billion for 2025, with a target price set at HKD 19.79 based on a 15X PE valuation [5][11]. - The company aims to increase investments in 2025 to expand its customer base and enhance service quality [5].

Investment Rating - The report assigns a rating of "Outperform" for Gambol Pet Group, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [20][22]. Core Insights - Gambol Pet Group demonstrated remarkable growth in both revenue and profit, with operating revenue reaching 5.244 billion yuan in 2024, a year-on-year increase of 21.22%. The net profit attributable to the parent company was 625 million yuan, up 45.68% year-on-year [2][9]. - The company's own brands are the primary drivers of revenue growth, contributing 3.545 billion yuan, which is 67.59% of total revenue, and growing by 29.14% year-on-year [2][9]. - The company is expanding its operations in Thailand, with a factory expansion project expected to double its capacity by June 2025, alongside the establishment of a research and development center [3][11]. Financial Performance - In Q4 2024, the company reported an operating revenue of 1.573 billion yuan, reflecting a quarter-on-quarter increase of 26.41% [2][9]. - The net cash flow from operating activities for 2024 was 719 million yuan, marking a 16.60% year-on-year increase [2][9]. - For Q1 2025, the company continued its positive trend with operating revenue of 1.479 billion yuan, a 34.82% year-on-year increase, and a profit of 204 million yuan, up 37.68% year-on-year [2][9]. Business Strategy - The company is actively mitigating tariff pressures from Sino-US trade frictions by shifting some production to its Thailand factory, which has alleviated some cost burdens [3][10]. - Gambol Pet Group is committed to enhancing its digital transformation efforts to improve operational efficiency and support its premiumization strategy [4][12]. - The company has outlined clear funding usage plans, with nearly 700 million yuan in cash and cash equivalents, and a stable dividend policy that includes two dividends totaling over 200 million yuan in 2024 [5][13]. Research and Development - The company invested over 85 million yuan in R&D in 2024, a 16% increase year-on-year, and has obtained 329 patents, focusing on innovations in fresh meat processing and functional formula reserves [4][12]. - The planned R&D center in Thailand is expected to play a crucial role in the company's global R&D system, enhancing its international competitiveness [3][11].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 35.04 RMB, compared to the current price of 33.52 RMB [4][9]. Core Insights - The company is expected to benefit significantly from major clients, with a clear trend of accelerating revenue and profit. Projected revenues for 2025-2027 are 1.81 billion, 1.97 billion, and 2.01 billion RMB, representing year-on-year growth of 4.97%, 8.95%, and 1.99% respectively [9]. - The net profit attributable to shareholders is projected to grow significantly, with estimates of 173 million, 196 million, and 216 million RMB for 2025-2027, reflecting growth rates of 30.6%, 13.5%, and 10.0% respectively [3][9]. - The company’s EBITDA is expected to reach 1.26 billion, 1.31 billion, and 1.33 billion RMB for 2025-2027, with growth rates of 11.06%, 3.71%, and 1.11% respectively [9]. Financial Summary - For 2023, the company reported a revenue of 1,542 million RMB, with a growth of 6.0%. The net profit for the same year was 123 million RMB, reflecting a growth of 4.6% [3]. - In 2024, the company is projected to achieve a revenue of approximately 1,721 million RMB, up 11.57% year-on-year, and a net profit of about 132 million RMB, up 7.49% year-on-year [9]. - The gross profit margin for IDC services improved to 32.12% in 2024, an increase of 3.09 percentage points year-on-year [9]. Market Position and Client Dependency - The company has a high dependency on a major internet client, which accounted for 92.46% of its main business revenue in early 2020, and this client is expected to remain the largest end customer for the foreseeable future [9]. - The company is currently fulfilling a contract for a project with an internet client, with a total investment of 1.5 billion RMB and an internal rate of return (IRR) of around 10% [9]. Valuation Metrics - The report assigns a forward EV/EBITDA multiple of 19x for 2025, valuing the company at approximately 20.98 billion RMB [9]. - The current price-to-earnings (P/E) ratio is noted at 116.25 for 2025, with a projected price-to-book (P/B) ratio of 6.00 [3][9].

[Table_subIndustry] 细分行业评级 医药制造业 增持 医药服务业 增持 本报告导读： 持续推荐创新药等投资主线 [Table_Industry] 医药 ——国泰海通医药 2025 年 5 月第一周周报 [Table_Invest] 评级： 增持 制药龙头恒瑞医药港股发行已通过港交所聆讯，有望持续催化创新药行情，持续推 进创新药等投资主线。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 股票研究 /Table_Date] 2025.05.11 请务必阅读正文之后的免责条款部分 2 of 8 [table_Authors] 余文心分析师 郑琴分析师 谈嘉程分析师 02138676666 02138676666 02138676666 登记编号 S0880525040111 S0880525040108 S0880523070004 2025-05-12 [Table_Summary] 持续推荐创新药等投资主线。持续推荐景气度向上的创新药，维持 恒瑞医药、华东医药、翰森制药、贝达药业、信立泰、科伦药业、 百利天恒、荣昌生物、科伦博泰生 ...