Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of RMB 146.81, indicating a potential upside of 14.7% from the current price of RMB 128 [1][5]. Core Insights - The company reported a robust performance for the fiscal year 2024, with revenue increasing by 32.4% year-on-year to RMB 17.9 billion, surpassing estimates [1]. - Net profit also saw a significant rise of 34.3% year-on-year to RMB 1.9 billion, aligning with estimates but slightly below consensus [1]. - The gross profit margin improved to 24.8%, up from 23.4% in the previous fiscal year, driven by recovering demand despite the impact of new factory expansions [1]. - Revenue forecasts for fiscal years 2025 and 2026 have been raised by 15% and 21% respectively, reflecting higher utilization rates and increased capital expenditures from domestic cloud companies [1]. - The company is expected to benefit from the rapid penetration of high-end autonomous driving systems, which will drive growth in automotive PCB revenue [1]. Revenue and Profitability - PCB sales increased by 30% to RMB 10.5 billion, driven by strong demand from data centers and automotive sectors, despite a decline in the telecommunications industry [2]. - The gross profit margin for PCBs improved to 31.6% in fiscal year 2024, up from 26.6% in fiscal year 2023, reflecting higher capacity utilization and an optimized product mix [2]. - The PCBA segment also experienced a year-on-year growth of 33.2%, benefiting from strong performance in data center and automotive sales [2]. Financial Summary - The company’s revenue is projected to grow from RMB 17.9 billion in fiscal year 2024 to RMB 28.2 billion by fiscal year 2027, with a compound annual growth rate (CAGR) of 28.5% during the period [4]. - Net profit is expected to increase from RMB 1.9 billion in fiscal year 2024 to RMB 3.7 billion by fiscal year 2027, with a CAGR of 28.5% [4]. - The earnings per share (EPS) is forecasted to rise from RMB 3.66 in fiscal year 2024 to RMB 7.24 by fiscal year 2027 [4]. Market Position and Outlook - The company is positioned to outperform expectations in the PCB market, leveraging its leading position and increased capacity in FC-BGA substrates [3]. - The report suggests that the company will benefit from the trend of localization within the industry, enhancing its competitive edge [3].

Investment Rating - The report upgrades the investment rating of Shennan Circuit to BUY, with a new target price of RMB146.81, up from the previous RMB115.00, indicating a potential upside of 14.7% from the current price of RMB128.00 [1][3]. Core Insights - Shennan Circuit reported solid FY24 results, with revenue increasing by 32.4% year-on-year to RMB17.9 billion, surpassing estimates by 2% and 7% compared to internal estimates and Bloomberg consensus, respectively. Net profit rose by 34.3% year-on-year to RMB1.9 billion, aligning with internal estimates but falling 2% short of Bloomberg consensus [1][2]. - The gross profit margin (GPM) improved to 24.8% in FY24 from 23.4% in FY23, reflecting a recovery in demand, although this was partially offset by the ramp-up of a new factory [1]. - Revenue forecasts for FY25 and FY26 have been revised upwards by 15% and 21%, respectively, due to higher utilization rates, increased revenue from data center and AI-related sectors, and better growth in automotive PCB revenue [1][10]. - Net profit estimates for FY25 and FY26 have also been increased by 12% and 16%, respectively, despite lower GPM estimates due to ongoing capacity ramp-up costs [1][10]. Financial Performance Summary - FY24 revenue reached RMB17,907 million, with a year-on-year growth of 32.4%. The projected revenue for FY25 is RMB21,551 million, reflecting a growth of 20.3% [2][13]. - The net profit for FY24 was RMB1,878 million, with a year-on-year growth of 34.3%. The forecast for FY25 is RMB2,429 million, indicating a growth of 29.4% [2][13]. - The gross margin is expected to stabilize at around 25.1% for FY25, with a gradual increase to 26.2% by FY27 [2][13]. Market Position and Growth Drivers - Shennan Circuit is positioned as a key beneficiary of domestic localization trends, particularly in the PCB market, with significant growth expected in the data center and automotive sectors [1][7]. - The PCB sales grew by 30% year-on-year to RMB10.5 billion, driven by strong demand in data centers and automotive applications, despite a decline in telecom-related sales [7]. - The company is expected to benefit from the increasing capital expenditure by domestic cloud companies and the faster-than-anticipated penetration of high-end autonomous driving systems [1][7].

Investment Rating - The report maintains a "BUY" rating for Adobe, indicating a potential return of over 15% over the next 12 months [18]. Core Insights - Adobe's 1QFY25 results showed total revenue of US$5.71 billion, up 11% YoY in constant currency, and non-GAAP net income of US$2.22 billion, up 9% YoY, both in line with consensus estimates [1]. - The company expects its AI standalone products' annual recurring revenue (ARR) to double by the end of FY25, contributing approximately 1% to total revenue [1]. - Adobe's Digital Media revenue increased by 11% YoY to US$4.23 billion in 1QFY25, driven by strong growth in Acrobat and Creative offerings [6]. - The company has slightly lowered its FY25-27 earnings forecast by 0-1% and adjusted its target price to US$629.00 based on a 32x FY25E non-GAAP PE [1][9]. Financial Performance - For FY25E, Adobe's revenue is projected to be US$23.43 billion, with a YoY growth of 8.9% [2]. - Adjusted net profit for FY25E is estimated at US$8.79 billion, with an adjusted EPS of US$19.66 [2]. - The company reported a non-GAAP operating profit margin of 46.1% for FY25E, slightly down from previous estimates [7]. Revenue Breakdown - Adobe's Digital Experience revenue grew by 9% YoY to US$1.41 billion in 1QFY25, primarily due to strong demand for the Adobe Experience platform [6]. - The company has begun to provide a breakdown of revenue streams by customer groups to enhance its customer-focused strategy [6]. Shareholder Actions - Adobe accelerated its share repurchase program, buying back 7.0 million shares for US$3.25 billion in 1QFY25, which is about 2% of its market cap [6]. - The company plans to continue share repurchases if it believes the stock is undervalued [6].

Investment Rating - The report maintains a BUY rating for Weibo, with a target price (TP) of US$14.50, down from the previous TP of US$15.00, indicating a potential upside of 39.2% from the current price of US$10.42 [3][6]. Core Insights - Weibo's 4Q24 results showed net revenue of US$457 million, largely flat year-over-year (YoY) on a constant currency basis, and non-GAAP net income grew by 40% YoY to US$107 million, exceeding consensus estimates by 9% due to effective operational expense control [1][6]. - The overall advertiser sentiment for FY25 remains mixed, with certain sectors like 3C and e-commerce increasing ad budgets due to national subsidy programs, while others like cosmetics and personal care are cautious [1][6]. - The forecast for Weibo's total revenue in FY25 is a growth of 2% YoY on a constant currency basis, with a reduction in FY25-26E earnings forecast by 3-5% due to a soft revenue outlook and increased AI investments [1][6]. Financial Performance - FY24 net revenue was US$1.75 billion, up 1% YoY on a constant currency basis, while advertising revenue in 4Q24 declined by 3% YoY to US$386 million [1][6]. - VAS (Value-Added Services) revenue increased by 18% YoY to US$71 million in 4Q24, driven by membership and game-related revenue growth [6]. - Monthly Active Users (MAUs) declined by 1% YoY to 590 million in December 2024, but the Daily Active Users (DAU) to MAU ratio improved to 44.1% [6]. Revenue and Profitability Forecast - The revenue forecast for FY25 is US$1.77 billion, with adjusted net profit expected to be US$481 million, reflecting a slight decrease from previous estimates [2][7]. - The adjusted net profit margin is projected to be 27.2% for FY25, down from 27.3% in FY24, primarily due to increased investments in AI [6][12]. - The report anticipates a gross margin of 79.0% for FY25, consistent with previous years [7][12]. Shareholding and Market Data - Major shareholders include Sina with 37.3% and Alibaba with 28.9% [4]. - The market capitalization of Weibo is approximately US$2.45 billion, with an average trading volume of US$13.4 million over the past three months [3][4].

Investment Rating - The report maintains a BUY rating for CGN Mining with a target price of HK$2.36, indicating a potential upside of 55.5% from the current price of HK$1.52 [3]. Core Insights - CGN Mining's profit alert indicates a net profit drop of HK$130-180 million year-on-year for 2024, primarily due to a one-off dividend withholding tax and a fair value loss from share swaps related to Paladin Energy. However, excluding these items, the pretax profit from continuing operations is expected to grow by HK$230-280 million year-on-year, translating to a growth rate of 41-50% [1]. - The company is set to release its full-year results on March 20, 2025, and will host an analyst meeting on March 21, 2025 [1][6]. Financial Summary - Revenue is projected to grow from HK$7,363 million in FY23 to HK$10,992 million in FY24, reflecting a year-on-year growth of 49.3% [2]. - Adjusted net profit is expected to decline from HK$497.1 million in FY23 to HK$443.4 million in FY24, a decrease of 10.8% [2]. - The earnings per share (EPS) is forecasted to decrease from 6.54 HK$ cents in FY23 to 5.83 HK$ cents in FY24 [2]. - The price-to-earnings (P/E) ratio is projected to be 26.1x in FY24, decreasing to 17.1x in FY25 [2]. - The return on equity (ROE) is expected to decline from 13.8% in FY23 to 10.8% in FY24, before recovering to 14.6% in FY25 [2]. Share Performance - The market capitalization of CGN Mining is approximately HK$11,553 million, with an average turnover of HK$72.3 million over the past three months [3]. - The stock has experienced a 1-month decline of 2.6% and a 3-month decline of 7.9% [5]. Shareholding Structure - The major shareholder is China General Nuclear Power Corporation, holding 56.9% of the shares, followed by China Chengtong Holding Group with 10.0% [4].

Industry Insights - The beauty industry, particularly domestic brands, is experiencing significant growth, with notable performances from brands like Mao Geping and Juzi Biotechnology, which have shown remarkable sales increases on platforms like Douyin [2][5] - In February, the online GMV for beauty products reached 31.6 billion RMB, marking an 18% year-on-year increase and a 1% month-on-month increase, driven primarily by skincare products [5][6] - The performance of domestic brands on Douyin is particularly strong, with brands like Marubi and Mao Geping showing growth rates of 336% and 274% year-on-year, respectively [5][6] Company Analysis - EHang Intelligent (EH US) reported a 1.9 times year-on-year revenue increase to 164 million RMB in Q4 2024, driven by eVTOL aircraft deliveries [7][8] - EHang aims for a revenue target of 970 million RMB in 2024, representing a 97% increase, with expectations of maintaining a gross margin around 60% [8][9] - 361 Degrees (1361 HK) achieved a 20% year-on-year sales growth to 10 billion RMB in FY24, with net profit increasing by 19% to 1.15 billion RMB, exceeding market expectations [9][10] - 361 Degrees has set a conservative sales growth target of 10-15% for FY25, focusing on volume increases and maintaining a gross margin of 40-42% [10][11] - The report highlights the potential for 361 Degrees' new store expansion strategy, which could serve as a catalyst for future growth [11][12]

Investment Rating - The report maintains a "Buy" rating for Adobe with a target price adjusted to $629.00, reflecting a slight decrease in earnings forecasts for FY25-27 [1][12][28]. Core Insights - Adobe's total revenue for Q1 FY25 reached $5.71 billion, showing an 11% year-over-year growth, with non-GAAP net income increasing by 9% to $2.22 billion, aligning with expectations [1]. - The company anticipates that its AI-driven independent products will double their annual recurring revenue by the end of FY25, contributing approximately 1% to total revenue [1]. - Digital media revenue grew by 11% year-over-year to $4.23 billion, driven by strong performance in Acrobat and Creative flagship products [2]. - Adobe's strategic focus on customer-centric innovation and cross-cloud services is expected to drive long-term growth [3]. Financial Summary - For FY25, Adobe's projected revenue is $23.43 billion, with a year-over-year growth rate of 8.9% [4]. - Non-GAAP net profit for FY25 is estimated at $8.79 billion, with adjusted earnings per share expected to be $19.66 [4]. - The company has accelerated its stock buyback program, repurchasing 7 million shares valued at $3.25 billion in Q1 FY25 [3]. Valuation - Adobe's valuation is based on a 32x price-to-earnings ratio for FY25, resulting in an estimated equity valuation of $281 billion [12][13]. - The target price reflects a 43.4% upside from the current price of $438.60 [4][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at $14.5 based on an 8x P/E ratio for FY25E [1][19]. Core Insights - The company reported a net revenue of $457 million for Q4 2024, showing a year-over-year growth of approximately 0% in constant currency, aligning with Bloomberg consensus expectations. Non-GAAP net profit increased by 40% year-over-year to $107 million, exceeding expectations by 9% due to effective operational expense control [1][2]. - For FY25E, the overall sentiment among advertisers remains mixed, with certain verticals like 3C products and e-commerce increasing ad budgets supported by national subsidy programs, while others like cosmetics and gaming are cautious in ad spending. The company forecasts a 2% year-over-year revenue growth in constant currency for FY25E [1][3]. Revenue and Profitability Forecast - The company expects a slight revenue recovery in FY25E, projecting a total revenue of $1.77 billion, which represents a 2% year-over-year increase, primarily driven by growth in advertising revenue from 3C and e-commerce sectors [3][4]. - The adjusted net profit for FY25E is estimated at $481 million, with an adjusted EPS of $1.81. The report indicates a decrease in the non-GAAP operating profit margin to 31% for FY25E, down from 33% in FY24, mainly due to increased investments in artificial intelligence [4][14]. User Engagement Metrics - As of December 2024, the monthly active users (MAUs) decreased by 1% year-over-year to 590 million, while the daily active users (DAUs) to MAUs ratio improved to 44.1% from 43.0% in December 2023 [2][3]. Dividend Policy - The company announced an annual dividend policy, planning to pay $200 million in dividends for FY24, which equates to an approximate 8% dividend yield [3][4].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Group (1164 HK) with a target price of HKD 2.36, representing a potential upside of 55.5% from the current price of HKD 1.52 [4][5][25] Core Insights - The profit warning issued by China General Nuclear Power Group indicates a projected net profit decline of HKD 130-180 million for 2024, primarily due to one-off items such as dividend withholding tax and fair value changes from stock exchanges [1][2] - Excluding these one-off factors, the pre-tax profit from ongoing operations is expected to grow by HKD 230-280 million in 2024, reflecting a year-on-year increase of 41-50%, slightly above previous forecasts [1][2] - The company reported a significant increase in income tax expenses for the first half of 2024, attributed to changes in Kazakhstan's tax policy regarding dividend withholding tax [1] Financial Summary - Revenue is projected to grow from HKD 7,363 million in FY23A to HKD 10,992 million in FY24E, representing a year-on-year growth rate of 49.3% [3][12] - Adjusted net profit is expected to decline from HKD 497.1 million in FY23A to HKD 443.4 million in FY24E, a decrease of 10.8% [3][12] - The company’s earnings per share (adjusted) is forecasted to decrease from HKD 6.54 in FY23A to HKD 5.83 in FY24E [3][12] Shareholder Structure - China General Nuclear Power Group holds a 56.9% stake in the company, with China Chengtong Holdings holding 10.0% [5] Stock Performance - The stock has experienced a decline of 2.6% over the past month and 7.9% over the past three months [6]

Inflation Trends - February CPI increased by 2.8% year-on-year, down from 3% in January, and the month-on-month growth rate fell from 0.47% to 0.22%, below the market expectation of 0.27%[5] - Core CPI year-on-year growth decreased from 3.3% to 3.1%, with month-on-month growth dropping from 0.45% to 0.23%, also below the expected 0.28%[5] - The most persistent rent prices have seen their growth rate decline to near 2019 levels over the past three months[1] Market Reactions - Following the inflation data release, market expectations for interest rate cuts increased to 72 basis points for the year, with the 10-year Treasury yield slightly declining to below 4.3%[1] - The Federal Reserve is expected to maintain a cautious stance on interest rate cuts in March, May, and June, potentially considering a cut in September or December[1] Economic Uncertainties - Trump's tariff policy introduces medium-term inflation uncertainties, with a projected 10% tariff expected to raise PCE inflation by approximately 0.5 percentage points over the next 12 months[5] - Consumer and business confidence indices have declined due to factors such as mass deportations and government spending cuts, leading to a potential slowdown in economic momentum[5] Core Services and Rent - Core services inflation has shown a mild decline, with transportation service prices significantly impacting the core CPI, dropping from a growth of 1.8% in January to -0.8% in February[5] - Owner's equivalent rent (OER), which accounts for nearly 35% of CPI, has maintained a growth rate of 0.3%, with its annualized growth over the past three months falling to 3.7%[5]