Investment Rating - The report maintains a "BUY" rating for Innovent Biologics, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - Innovent Biologics is entering a phase of sustainable profitability, having achieved a full-year non-IFRS net profit of RMB332 million in FY24, driven by strong product revenue growth and one-off license fee income [8]. - The target price has been revised upwards from HK$57.67 to HK$61.71, reflecting a 33.6% upside potential from the current price of HK$46.20 [3][8]. - The company is advancing its next-generation immuno-oncology (IO) therapies and antibody-drug conjugates (ADCs), with significant clinical programs underway [8]. Financial Summary - Revenue is projected to grow from RMB6,206 million in FY23 to RMB11,356 million in FY25, representing a year-on-year growth of 51.8% [2][13]. - Net profit is expected to turn positive in FY25, reaching RMB445.7 million, with EPS projected at RMB0.27 [2][11]. - R&D expenses are forecasted to remain stable, while gross profit margin is expected to expand to 84.9% in FY24 from 82.8% in FY23 [2][8]. Share Performance - The market capitalization of Innovent Biologics is approximately HK$75.68 billion, with a 52-week high of HK$51.15 and a low of HK$30.00 [3][4]. - The stock has shown strong performance, with a 1-month absolute return of 14.2% and a 3-month return of 29.8% [5]. Pipeline and Growth Potential - Innovent has a robust pipeline with over 10 ADC clinical programs and is focusing on combination trials with its next-generation IO therapy, IBI363 [8]. - The company aims to initiate multiple Phase 3 trials by 2030, targeting global markets with its innovative therapies [8].

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update EHang Holdings (EH US) Obtained the first-ever OC for commercial operations According to media reports over the weekend, EHang General Aviation (a wholly-owned subsidiary of Ehang in Guangdong) and Heyi Aviation (Ehang's JV in Hefei) obtained the Operator Certificate (OC) issued by the Civil Aviation Administration of China (CAAC) on Mar 28. EHang also officially confirmed the news this morning (link). This is the first-ever OC ...

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update Great Wall Motor (2333 HK/601633 CH) Wey could be key to FY25 earnings growth Maintain BUY. Great Wall's 4Q24 earnings were a mixed bag, in our view, as revenue missed but GPM and SG&A expenses beat our prior estimates. We believe a stronger model cycle in FY25E than FY24 could be a positive catalyst for its share price. In particular, new Wey-brand models could be key to Great Wall's sales volume and profit growth in FY25E. We ...

2025 年 3 月 28 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 公司点评 潍柴动力（2338 HK/000338 CH，买入，目标价：18.00 港元/18.70 元人民 币）- 2024 年发动机利润率强劲扩张；55%的派息比率创历史新高 潍柴动力 2024 年净利润同比增长 27% 至人民币 114 亿元，符合我们的预期。 2024 年四季度净利润同比增长 19% 至人民币 30 亿元，尽管收入同比持平， 但销售和研发费用同比下降 28%/13%。潍柴动力拟派发末期股息每股 0.347 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 | 23,579 | 0.41 | 38.31 | | 恒生国企 | 8,678 | 0.27 | 50.43 | | 恒生科技 | 5,589 | 0.29 | 48.48 | | 上证综指 | 3,374 | 0.15 | 13 ...

Investment Rating - The report maintains a "BUY" rating for Giant Biogene, indicating a potential return of over 15% over the next 12 months [3][12]. Core Insights - Giant Biogene reported strong performance in 2024, with revenue increasing by 57% year-over-year (YoY) to RMB 5.5 billion. Revenue from skincare products and medical dressing rose by 62.5% YoY and 41.5% YoY, respectively [1][2]. - The gross profit margin (GPM) declined from 83.6% in 2023 to 82.1% in 2024 due to the increased revenue proportion from skincare products and rising marketing costs [1]. - Online revenue surged by 70% YoY, contributing 71.6% to total revenue, which led to an increase in the selling expense ratio by 3.2 percentage points to 36.3% in 2024. Consequently, the attributable net profit margin (NPM) decreased by 4 percentage points to 37.2% [1][2]. Financial Summary - For FY24, revenue is projected at RMB 5,539 million, with a YoY growth of 57.2%. The adjusted net profit is expected to be RMB 2,152 million, reflecting a YoY growth of 48.2% [2][13]. - The earnings estimates for FY25, FY26, and FY27 are RMB 7,138 million, RMB 9,320 million, and RMB 11,944 million, respectively, with corresponding YoY growth rates of 28.9%, 30.6%, and 28.2% [2][13]. - The price-to-earnings (P/E) ratio is projected to decrease from 42.4x in FY23 to 30.0x in FY24, indicating improved valuation metrics as earnings grow [2][13]. Target Price and Valuation - The target price for Giant Biogene is set at HK$ 79.96, representing an upside of 18.5% from the current price of HK$ 67.45 [3][10]. - The valuation is based on a discounted cash flow (DCF) model with a weighted average cost of capital (WACC) of 10.9% and a terminal growth rate of 3.0% [8][10]. Share Performance - The market capitalization of Giant Biogene is approximately HK$ 69.87 billion, with a 52-week high of HK$ 72.80 and a low of HK$ 35.70 [3][4]. - The stock has shown strong performance, with a 1-month increase of 5.8% and a 6-month increase of 39.6% [5].

Investment Rating - The report maintains a BUY rating for Haidilao and raises the target price to HK$ 20.20, based on an 18x FY25E P/E, up from 16x due to faster expansion and sector re-rating [1][13]. Core Insights - FY24 results showed a small beat primarily driven by robust gross profit margin expansion, with sales increasing by 3% YoY to RMB 42.8 billion, although this was below estimates due to greater-than-expected store closures [1][13]. - The company is expected to experience a mild turnaround in FY25E, supported by potential store expansion acceleration and margin improvements, despite stable same-store sales growth (SSSG) [1][10]. - The "Red Guava" project aims to encourage current store managers to open new restaurants under different brands, with 74 stores already established under 11 new brands as of FY24 [10]. Financial Summary - Revenue is projected to grow from RMB 42,755 million in FY24 to RMB 44,607 million in FY25, reflecting a 4.3% YoY growth [2][15]. - Net profit is expected to increase from RMB 4,700 million in FY24 to RMB 5,213 million in FY25, indicating a 10.3% YoY growth [2][15]. - The gross profit margin is anticipated to remain stable at 62.1% for FY25, supported by improved supply chain capabilities and better input costs [11][16]. Store Expansion and Management - Haidilao opened 59 self-owned stores and 3 franchise stores in FY24, resulting in a net decrease of 19 stores due to 70 closures [10]. - For FY25E, the company expects a net increase of approximately 40 stores, equivalent to about 3% YoY growth, with management estimating around 60-70 new openings [10]. - The adoption of multi-store management and digitalization is expected to enhance operational efficiency and staff productivity [10][11]. Earnings Revision - The FY25E net profit forecast has been cut by 10% to RMB 5,192 million, reflecting greater-than-expected store closures and a more conservative outlook on SSSG [11][13]. - The report indicates a significant improvement in gross profit margin, which is expected to positively impact overall profitability [11][13].

2025 年 3 月 27 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 公司点评 ◼ 药明生物（2269 HK, 买入，目标价：30.94 港元） – 强健需求驱动 25 年加 速增长 药明生物公布亮眼的 24 年业绩，收入同比增长 9.6%，经调整利润（即剔除 XDC 少数股东权益前的利润）同比增长 9.0%，收入和利润增速均接近此前 指引（增长 5-10%）区间的上端。非新冠收入同比增长 13.1%，显示出稳健 的客户需求。管理层预计 25 年收入将增长 12-15%，持续经营（即剔除爱尔 兰疫苗业务）收入同比增长 17-20%。 2H24 业绩展现不俗的改善趋势。24 年下半年收入同比增长 18.3%，相比 24 年上半年的 7.7%的同比增速显著提速。非新冠收入同比增长 13.1%，其中下 半年增长 18.3%。所有业务板块均展现提速趋势，特别是临床前收入下半年 同比强劲增长 54.2%（vs 1H24：同比增长 9.2%）。 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | ...

26 Mar 2025 CMB International Global Markets | Equity Research | Company Update Zoomlion (1157 HK/000157 CH) 2024 results below expectation; Still positive on the structural overseas growth trend Zoomlion's 2024 results were weaker than our expectation, due to a slowdown of overseas revenue growth (14%) in 4Q24, reduction of other income, and increase in inventory turnover days. While we revise down our 2025E/26E earnings forecast by 7%/8%, after incorporating lower sales volume growth and higher distributi ...

CMB International Global Markets | Equity Research | Company Update China Taiping (966 HK) FY24 NBV outshined; resume coverage with BUY Resume coverage with new TP at HK$15. China Taiping reported robust full- year results with net profit rising 36.2% YoY to HK$8.43bn, 10%/11% lower than our and Bloomberg consensus. The drag was mainly due to an approx. six-fold increase of income tax charges (+5.8x YoY) for the sake of prudence under the transition to IFRS17. Pre-tax profit surged 90% YoY to HK$22bn, broad ...