小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 -37% -16% 6% 27% 48% 4/23 7/23 10/23 1/24 小米集团-W 恒生指数 -50% 0% 50% 100% 小米集团-W 恒生指数 -10% 90% 190% 290% 24/03 24/06 ...

| 总股本（百万股） | 1333 | | --- | --- | | 流通股本（百万股） | 1333 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 30 | | 流通市值（亿港元） | 30 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 朝云集团 [Table_StockNameRptType] （6601.HK） 公司点评 产品战略持续推进，高质量稳利润发展 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-03-21 | | [Table_BaseData] 收盘价（港元） 2.29 | | 近 12 个月最高/最低（港元） 2.35/1.45 | 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 1. 家居护理基石稳固，宠物线下实体 门店服务业态助力高增长，高股息率 保障股东权益 2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focused on continuous product strategy advancement, achieving high-quality and stable profit growth. It offers a one-stop platform for home care, personal care, and pet products, covering various segments with seven core brands [3][4] - In the first half of 2024, the company reported revenue of 1.249 billion yuan, a year-on-year increase of 10.3%, and a net profit of 176 million yuan, up 29.6% year-on-year. The offline channel grew by 12.2%, while online revenue increased by 10.7%, with new e-commerce channels experiencing a remarkable growth rate of 300% [3][4] - The company signed a strategic cooperation agreement with Yangnong Chemical, marking the start of its fourth five-year strategic partnership, aimed at enhancing product quality and expanding its pet store network [3][4] Summary by Sections Financial Performance - The company achieved a revenue of 1.616 billion yuan in 2023, with projections of 1.813 billion yuan in 2024, 2.002 billion yuan in 2025, and 2.194 billion yuan in 2026, reflecting year-on-year growth rates of 12% for 2024 and 10% for 2025 and 2026 [9][10] - The net profit for 2023 was 175 million yuan, expected to rise to 213 million yuan in 2024, 237 million yuan in 2025, and 262 million yuan in 2026, with growth rates of 22% for 2024 and 11% for the following years [9][10] - The company maintains a strong cash flow with cash and cash equivalents totaling 2.665 billion yuan [3] Product Strategy - The company has successfully launched several products that have gained popularity, such as the Super We mosquito repellent spray and the Weiwang pine wood orange fragrance toilet cleaner, both achieving top rankings on platforms like Douyin [4][6] - The company is actively enhancing its product offerings across various segments, including high-end natural home cleaning products and innovative pet food solutions [4][6] Market Position - The company is recognized as a leading platform in China for multi-category home care, personal care, and pet products, with a significant focus on expanding its offline pet store presence [7][9] - The strategic initiatives and product innovations are expected to drive the company's growth trajectory, establishing a second growth curve through the pet business [7][9]

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 整体表现：收入利润均超出 BBG 一致预期，24Q4 收入 1090 亿元 (yoy+48.8%)，超 BBG 预期 4.4%；Non-GAAP 净利润 83.2 亿元 (yoy+69.4%)，超 BBG 预期 27.2%； | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year, exceeding expectations [4][5] - In Q4 2024, the company achieved a record revenue of 2.448 billion yuan, with a year-on-year growth of 31.35%, and a net profit of 594 million yuan, reflecting a 34.1% increase year-on-year [4][5] - The company’s gross margin for 2024 was 34.3%, a slight decrease of 0.35 percentage points from 2023, while the net margin improved by 0.36 percentage points to 22.85% [5] Revenue Breakdown - The tire mold segment accounted for 52.78% of total revenue in 2024, generating 4.651 billion yuan, with a year-on-year growth of 22.73% and a gross margin of 39.59%, down 3.1 percentage points [6] - The large component machinery segment contributed 37.81% to revenue, achieving 3.332 billion yuan, a 20.31% increase year-on-year, with a gross margin of 25.67%, up 2.66 percentage points [6] - The CNC machine tool segment, which is a key growth area, represented 4.53% of revenue, generating 399 million yuan, a 29.3% increase year-on-year [6] Financial Forecasts - Revenue forecasts for 2025-2027 are adjusted to 10.105 billion yuan, 11.498 billion yuan, and 13.046 billion yuan respectively, with net profits projected at 2.320 billion yuan, 2.651 billion yuan, and 3.037 billion yuan [8] - The current stock price corresponds to a PE ratio of 19.5 for 2025, 17 for 2026, and 14.9 for 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 8.813 billion yuan for 2024, representing a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 2.011 billion yuan, up 24.77% year-on-year, exceeding expectations [4][8] - In Q4 2024, the company achieved a record revenue of 2.448 billion yuan, with a year-on-year growth of 31.35%, and a net profit of 594 million yuan, reflecting a 34.1% increase year-on-year [4][5] - The company’s gross margin for 2024 was 34.3%, a slight decrease of 0.35 percentage points from 2023, while the net margin improved by 0.36 percentage points to 22.85% [5] Revenue Breakdown - The tire mold segment accounted for 52.78% of total revenue in 2024, generating 4.651 billion yuan, with a year-on-year growth of 22.73% and a gross margin of 39.59%, down 3.1 percentage points [6] - The large component machinery segment contributed 37.81% to revenue, achieving 3.332 billion yuan, a 20.31% increase year-on-year, with a gross margin of 25.67%, up 2.66 percentage points [6] - The CNC machine tool segment, which is a key growth area, represented 4.53% of revenue, generating 399 million yuan, a 29.3% increase year-on-year [6] Financial Forecasts - Revenue forecasts for 2025-2027 are adjusted to 10.105 billion yuan, 11.498 billion yuan, and 13.046 billion yuan respectively, with net profits projected at 2.320 billion yuan, 2.651 billion yuan, and 3.037 billion yuan [8][12] - The company’s current stock price corresponds to a PE ratio of 19.5 for 2025, 17.0 for 2026, and 14.9 for 2027 [8]

Investment Rating - Investment Rating: Buy (Maintained) [2] Core Insights - FY25Q1 performance exceeded expectations, with total revenue reaching $5.714 billion, a year-on-year increase of 10.3%. Adjusted profit was $2.715 billion, up 10.1% year-on-year, and adjusted net profit attributable to shareholders was $2.224 billion, an increase of 8.7% year-on-year [4][5] - The digital media segment saw revenue of $4.23 billion in Q1, growing 10.8% year-on-year, while the digital experience segment generated $1.41 billion, up 9.4% year-on-year [4][5] - The company has strong demand for generative AI, with significant user growth driven by new features and products, including Firefly Services. Monthly active users for Photoshop generative AI are approximately 35%, and for Lightroom generative AI, about 30% [5] - Price adjustments for Creative Cloud products have been implemented, with increases for Photoshop and Lightroom subscriptions, aimed at converting users to long-term paid plans [5] Financial Performance Summary - FY25Q2 revenue guidance is set at $5.77 to $5.82 billion, with digital media revenue expected to be around $4.27 to $4.30 billion. The full-year revenue guidance for FY25 is $23.3 to $23.55 billion, slightly below market expectations [6] - Projected revenues for FY25-27 are $23.46 billion, $25.73 billion, and $28.18 billion, respectively, with year-on-year growth rates of 9.1%, 9.7%, and 9.5% [7] - Adjusted net profits for FY25-27 are expected to be $8.853 billion, $9.765 billion, and $10.692 billion, with growth rates of 6.9%, 10.3%, and 9.5% respectively [7] Market Position and Future Outlook - The company is focusing on expanding its AI capabilities and commercializing its AI content, indicating potential growth opportunities in the future [7] - The overall market perception of the company's leading position in AI remains uncertain, with the initial advantages not meeting expectations [6][7]

牧[Ta原ble股_Sto份ckN（ameRptType] 002714） 公司点评 [Table_Title] 2025 年出栏规划超预期，2 月成本已降至 12.9 元 | [T投a资ble评_R级an：k]买入（维持） | | | --- | --- | | 报告日期： | 2025-03-19 | | [收Ta盘bl价e_（Ba元se）Data] | 38.74 | | 近 12 个月最高/最低（元） | 49.72/34.29 | | 总股本（百万股） | 5,463 | | 流通股本（百万股） | 3,811 | | 流通股比例（%） | 69.76 | | 总市值（亿元） | 2,116 | | 流通市值（亿元） | 1,476 | [分Ta析bl师e_：Au王th莺or] 执业证书号：S0010520070003 邮箱：wangying@hazq.com [相Ta关bl报e_告CompanyReport] 叠加规划修订 2024-10-29 100 亿 2024-10-09 主要观点： [T2a0b2le4_S年um实m现a归ry]母净利 178.8 亿元，拟每 10 股派 5.72 元 公司 ...

Investment Rating - Investment Rating: "Accumulate" (Maintain) [2] Core Views - The report highlights that Desay SV's revenue for 2024 reached 27.618 billion yuan, a year-on-year increase of 26.06%, with a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [5][11] - The company is focusing on the integration of automotive intelligence, expanding its smart cockpit, smart driving, and smart connectivity sectors, benefiting from market growth opportunities [11] Revenue and Profitability - Revenue momentum remains strong, with smart cockpit business generating 18.229 billion yuan, up 15.36% year-on-year, and smart driving business achieving 7.314 billion yuan, a significant increase of 63.06% year-on-year [6] - The overall gross margin was 19.88%, with smart cockpit and smart driving margins at 19.11% and 19.97% respectively [7] International Expansion - The company has secured new project orders exceeding 16 billion yuan for smart cockpit and over 10 billion yuan for smart driving, with overseas orders surpassing 5 billion yuan, reflecting a growth rate of over 120% [8] - A new smart factory in Spain is under construction, expected to be completed by the end of 2025, which will enhance production capacity [8] Research and Development - Desay SV is advancing its product offerings with the launch of the fifth-generation smart cockpit platform and is actively collaborating with Chery to develop a central computing platform [10] - The company is investing in AI technology to build advanced computing infrastructure, reducing reliance on external resources [10] Financial Forecast - The forecast for net profit attributable to shareholders is projected to be 2.591 billion yuan in 2025, 3.385 billion yuan in 2026, and 4.267 billion yuan in 2027, with respective year-on-year growth rates of 29.2%, 30.6%, and 26.1% [11][12]