Market Overview - Global markets showed mixed performance with the Hang Seng Index closing at 23,203, down 0.02% for the day but up 36.11% year-to-date [1] - The S&P 500 and Nasdaq in the US rose by 0.67% and 0.87% respectively, while European markets experienced declines, particularly in healthcare and real estate sectors [3] Company Analysis 用友 (Yonyou) - Reported total revenue of 9.2 billion RMB for 2024, a decrease of 7% year-on-year, attributed to macroeconomic headwinds and a strategic shift towards subscription models [4] - Net loss expanded to 2.1 billion RMB from 967 million RMB in 2023, primarily due to reduced revenue and increased costs related to employee compensation and goodwill impairment [4] - Target price adjusted to 14.49 RMB based on a 2025E EV/sales multiple of 5.3x, maintaining a "Hold" rating [4] 新希望服务 (New Hope Service) - Achieved a revenue increase of 17% to 1.48 billion RMB in 2024, exceeding expectations by 5% [4] - Net profit rose by 5% to 230 million RMB, driven by a 29% increase in basic property management revenue [4] - Target price set at 2.67 HKD, maintaining a "Buy" rating, with a projected dividend yield of 9.7% for FY25E [4] 滨江服务 (Binjiang Service) - Revenue grew by 28% to 3.6 billion RMB, surpassing estimates by 3% [5] - Net profit increased by 11% to 550 million RMB, with a core net profit growth of 21% to 600 million RMB after adjusting for tax impacts [6] - Target price adjusted to 32.86 HKD, maintaining a "Buy" rating, with a projected dividend yield of 7.0% for FY25E [6] Sector Performance - The Hang Seng Financial Index rose by 0.39% year-to-date, while the Hang Seng Real Estate Index saw a decline of 14.03% [2] - The technology sector within the Hang Seng Index performed well, with a year-to-date increase of 44.16% [1]

Investment Rating - The report maintains a "BUY" rating for New Hope Services with a target price revised down by 4% to HK$2.67, reflecting lower earnings forecasts [1][8]. Core Insights - New Hope Services' FY24 revenue grew 17% YoY to RMB 1,480 million, exceeding CMBI estimates by 5%, driven by stable managed GFA growth and strong retail & catering services [1][8]. - Net profit increased by 5% YoY to RMB 230 million, aligning with the company's guidance, despite a decline in gross margin and a reduction in SG&A ratio [1][8]. - The company reported impressive third-party expansion, with new contract value reaching RMB 600 million, a 192% increase YoY, and expects FY25 third-party expansion to rise by 16% to RMB 700 million [1][8]. Financial Performance Summary - FY24 revenue: RMB 1,481 million, a 17.5% increase YoY [2]. - FY24 net profit: RMB 227 million, a 5% increase YoY [2]. - EPS for FY24: RMB 0.28, reflecting a 5.5% growth YoY [2]. - Average PM fee for new third-party projects rose by 51% to RMB 2.63, indicating a shift towards higher-end projects [1][8]. - The company expects a dividend yield of 9.6% in 2025E based on the current price [1][8]. Earnings Forecast - Revenue projections for FY25E: RMB 1,644 million, with a YoY growth of 11% [2][10]. - Net profit projections for FY25E: RMB 250 million, with a YoY growth of 10.4% [2][10]. - The gross margin is expected to decline to 29.5% in FY25E from 30.4% in FY24A [10][11]. Shareholder Structure - Golden Rose Developments holds a 66.9% stake in New Hope Services, indicating a strong controlling interest [4]. Market Data - Current market capitalization: HK$ 1,619.9 million [3]. - The stock is currently trading at a P/E ratio of 6.0x for FY25E [3][11]. Share Performance - The stock has shown a 1.5% decline over the past month and a 0.5% increase over the past three months [5].

Investment Rating - The report maintains a "BUY" rating for Binjiang Service with a target price of HK$32.86, reflecting a potential upside of 29.9% from the current price of HK$25.30 [1][3]. Core Insights - Binjiang Service's FY24 revenue increased by 28% year-over-year to RMB 3.6 billion, driven by managed GFA expansion and a strong renovation business. Net profit rose 11% year-over-year to RMB 550 million, slightly below expectations due to a decline in gross margin and an additional withholding tax [1][7]. - The company plans to focus on expanding its operations outside Zhejiang, where it currently has a significant concentration of third-party GFA, to mitigate risks associated with regional concentration [1][7]. - The basic payout ratio was raised by 10 percentage points to 70%, indicating a dividend yield of 5.9% for FY24 and 7.0% for FY25E, showcasing attractive shareholder returns [1][7]. Financial Summary - FY24 revenue is projected at RMB 3,595 million, with a year-over-year growth of 28% [2][13]. - Net profit for FY24 is expected to be RMB 547 million, reflecting an 11% increase compared to FY23 [2][13]. - The company anticipates continued growth in managed GFA, with a target of 67.9 million square meters for FY24, representing a 24% increase [2][8]. Earnings Projections - Revenue is expected to grow to RMB 4,145 million in FY25E, with a year-over-year growth rate of 15.3% [2][9]. - Net profit is projected to reach RMB 643 million in FY25E, indicating a growth of 17.6% [2][9]. - The P/E ratio is forecasted to decrease from 12.0x in FY24 to 10.2x in FY25E, suggesting a more attractive valuation over time [2][9]. Shareholder Structure - The major shareholders include Great Dragon Ventures with a 45.9% stake and Haoyu Ventures Ltd with a 12.9% stake, indicating a concentrated ownership structure [4]. Market Performance - The stock has shown strong performance, with a 1-month increase of 16.3% and a 3-month increase of 24.6% [5].

Investment Rating - The report maintains a HOLD rating for Yonyou, with a target price (TP) raised to RMB14.49 from RMB9.08, reflecting a 5.3x 2025E EV/sales valuation, in line with its two-year average [1][3][9]. Core Insights - Yonyou's total revenue for 2024 was RMB9.2 billion, a decrease of 7% year-over-year (YoY), primarily due to postponed customer demand and a strategic shift towards a subscription business model [1][2]. - The net loss attributable to ordinary shareholders increased to RMB2.1 billion in 2024 from RMB967 million in 2023, driven by revenue decline, employee compensation, and goodwill impairment provisions [1][2]. - Management aims for significant loss reduction in 2025 by enhancing labor productivity and improving product delivery quality and efficiency [1]. - Despite a positive long-term outlook due to increasing digitalization demand and international expansion plans, caution is advised in the near term due to already priced-in market sentiment following a 40% stock price increase year-to-date [1][9]. Financial Performance Summary - Revenue projections for 2025 and 2026 have been lowered by 18% to RMB9.982 billion and RMB11.081 billion, respectively, reflecting slower-than-expected growth in large and mid-sized enterprises [9][10]. - The gross profit margin is expected to improve to 55.0% in 2025, up from 47.5% in 2024, while the operating margin is projected to remain negative at -5.3% [10][16]. - The number of employees decreased by 15% YoY to 21,283, which is anticipated to enhance labor productivity and operational efficiency [9][10]. Revenue and Profit Forecast - The revenue for 2025 is estimated at RMB9.982 billion, with a YoY growth of 9.1%, followed by RMB11.081 billion in 2026, representing an 11.0% growth [2][15]. - The net profit is projected to improve to a loss of RMB426 million in 2025, narrowing from a loss of RMB2.061 billion in 2024, and is expected to turn positive with a profit of RMB768 million by 2027 [2][15]. Market and Share Performance - Yonyou's market capitalization stands at RMB51.22 billion, with a current share price of RMB14.99, reflecting a slight downside of 3.4% from the target price [3][4]. - The stock has shown a strong performance with a 47.4% increase over the past three months [6].

Company Analysis - SANY International (631 HK) is expected to enter a recovery phase, targeting RMB 50 billion in revenue and a 24% gross margin by 2027, indicating a compound annual growth rate (CAGR) of 32% from 2025 to 2027 [2] - The company anticipates a 20% CAGR in overseas mining equipment driven by strong demand for mining trucks, with confidence in a rebound in coal mining machinery in the second half of this year [2] - The target price for SANY International has been raised from HKD 7.2 to HKD 8.2, maintaining a buy rating [2] Market Performance - The Hang Seng Index closed at 23,207, up 0.38% for the day and 36.13% year-to-date [2] - The Hang Seng Tech Index rose by 0.23%, reflecting a year-to-date increase of 43.65% [2] - European markets rebounded, with technology, industrials, and financials leading the gains, while energy and healthcare lagged [4] Healthcare Sector - Kangfang Biotech (9926 HK) reported a total revenue of RMB 2.1 billion for 2024, with product sales increasing by 25% year-on-year [5] - The company expects a 60% increase in product sales to RMB 3.3 billion in 2025, driven by the inclusion of AK104 and AK112 in the national medical insurance [5] - AK112 is positioned as a next-generation immuno-oncology therapy, with key clinical data expected to validate its clinical advantages [6][7] AI and Traditional Medicine - Guoshengtang (2273 HK) achieved a revenue growth of 30.1% to RMB 3.02 billion in 2024, with adjusted net profit increasing by 31.4% to RMB 400 million [8] - The company plans to expand its store network significantly, with a target of opening 15-20 new stores in 2025 [9] - AI applications are being integrated into Guoshengtang's operations, with expectations of generating additional revenue through enhanced medical services [9] Semiconductor Industry - Zhaoshengwei (300782 CH) reported a revenue of RMB 4.5 billion for the 2024 fiscal year, a 2.5% increase year-on-year, but net profit fell by 64.2% to RMB 400 million [10] - The company is transitioning from a Fabless to a Fab-lite operational model, which is expected to impact profit margins in the short term [11] - Long-term growth prospects remain positive as the company builds platform-level manufacturing capabilities [11] Investment Ratings - The report maintains a buy rating for several companies, including SANY International, Kangfang Biotech, and Guoshengtang, with target prices adjusted based on growth forecasts and market conditions [2][5][8]

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company reported a revenue growth of 30.1% year-on-year to 3.02 billion RMB and an adjusted net profit growth of 31.4% to 400 million RMB, exceeding profit expectations by 3.1% [1][2]. - The company is expanding its offline store network, adding 21 new stores in 2024, significantly up from 9 in 2023, and now operates 78 stores across 20 cities in China and Singapore [1][7]. - The management expects a revenue growth of 25% year-on-year in 2025, with adjusted profit growth of no less than 20% [1][7]. Financial Performance - For FY23A, the company achieved a sales revenue of 2,323 million RMB, with a projected increase to 3,022 million RMB in FY24A [2]. - The adjusted net profit for FY23A was 305 million RMB, expected to rise to 400 million RMB in FY24A [2]. - The adjusted earnings per share (EPS) for FY24A is projected at 1.64 RMB, with a market average estimate of 1.93 RMB for FY25E [2]. Valuation - The target price is set at 52.38 HKD, representing a potential upside of 57.5% from the current price of 33.25 HKD [3][7]. - The report adjusts the DCF-based target price, reflecting a WACC of 10.2% and a perpetual growth rate of 3.0% [10][7]. Growth Strategy - The company is leveraging AI technology to enhance service efficiency and patient care, with plans to launch AI-powered services to improve the productivity of scarce medical resources [7][8]. - The management aims to increase overseas revenue to 150-200 million RMB by 2025, focusing on expanding in first-tier cities in China and entering new markets [7][8]. Shareholder Returns - The company returned 420 million RMB to shareholders in 2024 through dividends and buybacks, amounting to 137% of its net profit for the year [7][8]. - The management anticipates maintaining a dividend payout ratio of over 30% in the future [7].

Investment Rating - The report maintains a "BUY" rating for Akeso, indicating a potential return of over 15% over the next 12 months [15]. Core Insights - Akeso's FY24 results showed strong cost controls despite a revenue shortfall, with total revenue of RMB2.1 billion, including RMB2.0 billion from product sales, representing a 25% YoY increase [8]. - The company is expected to see product sales surge by 60% YoY to RMB3.3 billion in FY25, driven by the inclusion of AK104 and AK112 in the National Reimbursement Drug List (NRDL) [8]. - AK112 is positioned as a next-generation immuno-oncology (IO) therapy, with pivotal clinical data demonstrating a meaningful progression-free survival (PFS) benefit in a Phase 3 trial against Keytruda for first-line PD-L1-positive non-small cell lung cancer (NSCLC) [8]. - The report highlights ongoing clinical trials for AK112 in various cancer types, including triple-negative breast cancer (TNBC) and pancreatic cancer, indicating a broad first-line strategy [8]. - The target price for Akeso has been raised from HK$58.97 to HK$102.61, reflecting increased sales projections for AK112 [8]. Financial Summary - For FY23A, Akeso reported revenue of RMB4,526 million, with a YoY growth of 440.3%, followed by a projected revenue of RMB2,124 million for FY24A, reflecting a decline of 53.1% [2]. - The net profit for FY23A was RMB2,028.3 million, with a projected net loss of RMB501 million for FY24A [2]. - R&D expenses are projected to be RMB1,306 million for FY25E, increasing to RMB1,937 million by FY27E [2]. - The company held a cash balance of RMB7.3 billion at the end of FY24, sufficient to support ongoing R&D and future commercial expansion [8]. Share Performance - Akeso's current market capitalization is HK$77,191.5 million, with a current price of HK$86.00 and a target price indicating a 19.3% upside [3]. - The stock has shown strong performance, with a 1-month absolute return of 17.9% and a 3-month return of 41.7% [5]. Valuation - The DCF valuation estimates the equity value at RMB 85,652 million, translating to a DCF per share of RMB 95.43 or HK$ 102.61 [9]. - The report includes a sensitivity analysis indicating how changes in the weighted average cost of capital (WACC) and terminal growth rate affect the target price [10].

2025 年 4 月 2 日 招银国际环球市场 | 睿智投资 | 公司更新 固生堂 (2273 HK) AI 赋能中医服务龙头 资料来源：公司资料、彭博及招银国际环球市场预测 | 目标价 | 52.38 港元 | | --- | --- | | (此前目标价 | 56.50 港元) | | 潜在升幅 | 57.5% | | 当前股价 | 33.25 港元 | 中国医药 武 煜, CFA (852) 3900 0842 jillwu@cmbi.com.hk 黄本晨, CFA huangbenchen@cmbi.com.hk 公司数据 固生堂发布 24 年度业绩，收入同比增长 30.1%至 30.2 亿元，经调整净利润同比 增长 31.4%至 4.0 亿元。公司的收入符合我们的预期，但利润端比我们的预测高 3.1%。公司业绩在医保监管趋严的情况下保持了高速的增长，体现出固生堂作为 龙头企业的合规性以及强劲发展势头。受益于强劲增长的客户需求，公司线下收 入同比增长 35%，其中老店收入同比增长 28%，门诊人次同比增长 25.9%，客单 价同比增长 3.3%。公司持续推进医联体合作，全年新增 8 家医联体合作单位。 ...

1 Apr 2025 Source: Company data, Bloomberg, CMBIGM estimates CMB International Global Markets | Equity Research | Company Update Maxscend (300782 CH) LT prospects intact; Maintain HOLD on continued margin pressure Maxscend released its FY24 results. Revenue went up by 2.5% YoY to RMB4.5bn, missing CMBI estimates/BBG consensus by 2%/1%. NP declined significantly by 64.2% YoY to RMB402mn, missing CMBI estimates/BBG consensus by 28%/21%. GPM/NPM declined by 7.0ppt/16.7ppt to 39.5%/9.0% in FY24 (vs. 46.4%/25.6% ...

2025 年 4 月 1 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观经济及公司点评 全球市场观察 宏观经济 中国经济 - PMI 显示复苏势头持续 3 月制造业 PMI 继续保持复苏势头，新订单和生产均强劲增长。但通缩压力 依然存在，原材料采购和出厂价格指数进一步收缩。原材料和制成品库存下 降，显示企业不愿扩大资本支出和库存投资。服务业 PMI 因需求改善而小幅 上升，而建筑业 PMI 进一步扩张。 受益于房地产市场改善、耐用品销售强劲以及贸易顺差扩大，今年第一季度 GDP 增速可能达到 5.2%。但是 4 月和 5 月外部冲击风险将会上升，特朗普 的对等关税和极限施压可能会抑制全球贸易活动、商业投资和市场信心。 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 23,120 | -1.31 | 35.62 | | 恒生国企 | 8,517 | -1.05 | 47.64 | | 恒生科技 ...