CMB International Global Markets | Equity Research | Company Update BeiGene (ONC US) 3 Mar 2025 Strong FY25 guidance issued Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (US$ mn) | 2,459 | 3,810 | 5,090 | 6,261 | 7,335 | | Net profit (US$ mn) | (882) | (645) | 131 | 694 | 1,336 | | EPS (Reported) (US$) | (8.45) | (6.12) | 1.23 | 6.50 | 12.52 | | R&D expenses (US$mn) | (1,779) | (1,953) | (1,985) | (2,004) | (2,127) | | CAPEX (US$ mn) ...

2025年3月3日 招商银行国际全球市场 | 股票研究 | 公司更新 2025财年第四季度（4QFY25）的结果与共识预期基本一致。 2025财年第 四季度，cRPO同比增长9%（按固定汇率计算同比增长11%），符合管理 层的指导。从部门来看，4QFY25销售/服务/平台及其他/市场营销和商务/集 成与云分析收入分别同比增长8%、8%、12%、7%、5%。多云势头持续， 4QFY25前100笔交易的平均每笔交易包含6种云服务。行业云也取得了稳 健的表现，年度经常性收入（ARR）同比增长20%，达到57亿美元。对于2 026财年第一季度，管理层预计总营收同比增长6%-7%至97.1-97.6亿美元 ，cRPO同比增长10%。 预计数据云与人工智能在财年26E中将持续强劲的动力。 数据云与人工智 能年度经常性收入在4QFY25达到9亿美元，同比增长120%。自2024年10月推 出以来，Agentforce已积累超过3000名付费客户。该人工智能解决方案还推动 了其核心产品和数据云产品的交叉销售。50%的《财富》100强公司既是Salesf orce的数据云与人工智能客户。4QFY25的前10笔大单中均包含数据云 ...

2025年3月3日 招商银行国际全球市场 | 股票研究 | 公司更新 贝吉纳（美国纳斯达克：ONC US） 发布了强劲的2025财年指导方针 由zanubrutinib驱动的强劲产品销售 贝灵格生物科技公司2024财年总产品销售额 达到37.8亿美元（同比增长73%），与我们的先前估计一致。总收入为38.1亿美元， 与我们的先前估计一致，并且超出彭博社一致预期2.7%。在2024财年，zanubrutini b（Zanu）的销售额同比增长105%至26.4亿美元。排除2024年第四季度季节性因素 和客户订单时间对30亿美元的正向影响和第三季度15亿美元的负向影响，Zanu在第 四季度的销售额同比增长13%，超出市场预期。Zanu在2024财年的强劲增长主要得 益于美国和欧洲的市场份额增长，销售额分别同比增长106%和194%，达到20亿美 元和3.59亿美元。在美国市场，Zanu在2024年第四季度继续保持在1L和R/R CLL新 患者处方中的领先地位，鉴于CLL的慢性性质和延长治疗周期，这进一步巩固了其持 续增长潜力。值得注意的是，第四季度是Zanu美国销售额（6.16亿美元，环比增长2 2%）首次超过ac ...

3 Mar 2025 CMB International Global Markets | Equity Research | Company Update Salesforce (CRM US) Conservative guidance weighs on sentiment; strong Data Cloud & AI momentum Salesforce reported 4QFY25 results: total revenue grew by 9% YoY in constant currency to US$10.0bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 20% YoY to US$2.7bn, 6% ahead of consensus estimate thanks to enhanced operating efficiency. For FY26E, management guided total revenue of US$40.5-40.9bn (+7-8% YoY ...

Market Performance - Chinese stock market experienced a pullback on February 27, with technology, telecommunications, and materials sectors leading the decline[1] - In the US, the Nasdaq saw its largest single-day drop since the DeepSeek impact, driven by declines in technology, utilities, and telecommunications sectors[1] Economic Indicators - US initial jobless claims rose, indicating potential economic stagnation, while January pending home sales hit a historical low due to high prices and interest rates[1] - The Kiel Institute estimates that a 25% tariff from the US on the EU could lead to a 0.4% loss in the EU economy and a 0.17% loss in the US economy in the first year[1] Currency and Commodity Movements - The US dollar index increased, while the euro fell sharply against the dollar due to rising risk aversion from tariff threats[1] - Oil prices rebounded amid mixed signals from OPEC+ regarding production increases, with some members supporting an increase while others opposed it[1] - Gold prices declined as a stronger dollar put pressure on the commodity, and industrial metals like copper also fell due to tariff concerns[1]

Investment Rating - The industry investment rating is not explicitly stated in the report, but it is implied that the semiconductor sector is expected to outperform the market in the next 12 months [20][21]. Core Insights - Nvidia reported a revenue of $39.3 billion for Q4 FY25, representing a 78% year-over-year increase and a 12% quarter-over-quarter increase, exceeding consensus expectations [1][12]. - The company's guidance for the next quarter indicates a revenue of $43 billion, surpassing the consensus estimate of $42.2 billion, with a projected quarter-over-quarter growth of 9.3% [2][12]. - Nvidia's non-GAAP gross margin for Q4 FY25 was 73.5%, slightly above consensus expectations, but the guidance for the next quarter is lower at 71.0% [2][12]. - The data center revenue, which constitutes 88% of total revenue, reached $35.6 billion, showing a 93% year-over-year increase and a 16% quarter-over-quarter increase, driven by strong demand for Blackwell and H200 products [2][12]. - Nvidia's management highlighted the potential for growth in emerging fields such as robotics and autonomous driving [2][4]. Summary by Sections Financial Performance - Nvidia's Q4 FY25 revenue was $39.3 billion, with a year-over-year growth of 78% and a quarter-over-quarter growth of 12% [1][12]. - Non-GAAP net income for the quarter was $22.1 billion, exceeding consensus expectations by 5% [1][12]. - The company expects revenue of $43 billion for the next quarter, which is above the consensus estimate of $42.2 billion [2][12]. Product and Market Insights - The data center segment generated $35.6 billion in revenue, accounting for 88% of total revenue, with a year-over-year growth of 93% [2][12]. - Nvidia's management noted that cloud service providers like Microsoft, Google, Amazon, and Oracle remain the largest revenue sources, contributing approximately 50% of data center revenue [2][4]. - The introduction of new products such as Blackwell is expected to drive further growth, with management expressing confidence in the long-term growth potential of the company [4][8]. Future Outlook - Nvidia's management anticipates that gross margins will stabilize in the low 70% range as production capacity for Blackwell increases, with expectations to return to around 75% later in the year [2][8]. - The upcoming GTC conference is expected to be a catalyst for the company's stock, with investors focusing on the progress of new products [3][4].

Investment Rating - The report maintains a "BUY" rating for Rimag Group with a new target price of HK$52.39, reflecting a 16.3% upside from the current price of HK$45.05 [4][6]. Core Insights - Rimag Group is positioned to benefit from the standardization of medical imaging data, which is crucial for advancing AI applications in healthcare. The company's initiatives in data standardization and its extensive network of medical imaging centers enhance its competitive edge [1][6]. - The introduction of the MIIA Radiological Foundation Model by Rimag's subsidiary, Medical Image Insights, aims to address the limitations of conventional medical imaging AI products by providing adaptability across multiple imaging tasks [2]. - A strategic collaboration with Xunfei Healthcare is expected to leverage Rimag's data assets and enhance its positioning in AI-enabled healthcare, focusing on joint market development and research initiatives [6]. Financial Summary - Revenue for FY22 was RMB 784 million, with a projected increase to RMB 1,050 million in FY25, reflecting a year-on-year growth of 18.0% [3][9]. - The net profit is expected to recover from a loss of RMB 15 million in FY24 to a profit of RMB 38 million in FY25, with further growth to RMB 64 million in FY26 [3][9]. - The company's price-to-sales (P/S) ratio is projected to decrease from 16.8x in FY24 to 14.3x in FY25, indicating a more favorable valuation as revenue grows [3][9]. Share Performance - Rimag's share price has shown significant volatility, with a 1-month increase of 21.8% and a 6-month increase of 147.8% [6]. - The market capitalization of Rimag Group is approximately HK$16,051.8 million, with an average turnover of HK$4.1 million over the past three months [4][6]. Strategic Initiatives - Rimag has been proactive in standardizing medical imaging examinations through its Rimag Cloud platform, which is expected to enhance the quality and availability of imaging data for AI applications [1][6]. - The company's dual role as a third-party imaging service provider and a data standardization pioneer positions it uniquely to capitalize on the growing demand for AI-driven healthcare solutions [1][6].

Market Performance - Chinese stock market surged, with Hong Kong's consumer, information technology, and real estate sectors leading gains, while telecommunications and energy sectors declined[1] - A-shares in robotics, steel, brokerage, and real estate saw significant increases, while agriculture and AI healthcare sectors fell[1] - US stock market opened high but closed slightly up, with information technology and utilities sectors rising, while consumer staples, healthcare, and real estate sectors declined[1] Economic Indicators - US new home sales dropped to a three-month low in January due to high interest rates and adverse weather, indicating economic slowdown[1] - Trump's proposed $4.5 trillion tax cut plan passed the House with a narrow margin, benefiting corporations and initially boosting the dollar and US stocks[1] - The contribution of government spending to GDP growth exceeded 25% over the past three years, but upcoming spending cuts may tighten the economy[1] Global Market Trends - European stocks reached a historical high, driven by strong corporate earnings and a mineral agreement between the US and Ukraine, with financial, industrial, and consumer discretionary sectors leading[1] - Oil prices fell to a two-month low due to increased US fuel inventories and geopolitical factors, while gold prices rose slightly amid heightened risk aversion from Trump's tariff threats[2] - Copper prices increased as global manufacturing PMI returned to expansion territory, supported by a strong Chinese stock market and improved economic expectations[2] Future Outlook - US stock market volatility is expected to rise significantly in the first half of the year, with potential corrections of 10%-15% from recent highs[1] - Despite risks, the probability of a financial crisis or economic recession remains low due to robust household balance sheets, resilient job markets, and strong corporate earnings[1]

Group 1: AI Market Trends - The emergence of open-source large models has lowered the development threshold for B-end software, potentially boosting the software ecosystem with more small and medium developers engaging in secondary development[1] - Key sectors for AI application growth include online advertising, search, CRM, office collaboration, and programming, which are expected to have higher AI contribution rates and faster revenue growth[1] - E-commerce, online advertising, tourism, gaming, healthcare, finance, education, and industrial manufacturing are projected to have larger potential monetization scales compared to other industries[1] Group 2: Investment Opportunities - The report highlights three types of companies to focus on: AI cloud companies, companies with mature AI application products, and companies where AI can significantly empower their core business[1] - The AI infrastructure investment opportunities include the computing power supply chain, edge computing, and foundries, with specific beneficiaries like Zhongji Xuchuang and SMIC[2] - The year 2025 is anticipated to be pivotal for AI application commercialization due to decreasing model training and API calling costs, narrowing gaps between open-source and closed-source models, and advancements in AI product development since 2023[3]

Market Performance - Chinese stock market experienced a continuous decline, with Hong Kong's consumer discretionary, materials, and telecommunications sectors leading the drop[1] - Southbound capital net purchases amounted to 22 billion RMB[1] - European stocks opened high but closed slightly up, with the UK planning to increase defense spending to 2.5% of GDP by 2027[1] Economic Indicators - Eurozone's Q4 salary growth slowed to 4.1%, indicating signs of economic slowdown[1] - U.S. consumer confidence index dropped significantly to 98.3, while inflation expectations rose to 6%[1] - Market anticipates a potential 60 basis points rate cut by the Federal Reserve this year, up from a previous expectation of 25 basis points[1] Commodity Trends - Oil prices declined due to weak U.S. consumer confidence impacting demand outlook, with expectations of OPEC+ potentially restoring production by 150,000 barrels per day in April[2] - Gold prices fell as some investors took profits at high levels[2] - Copper prices varied, with LME copper down but New York copper up due to tariff concerns on imports[2]