Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][13]. Core Insights - The company is expected to achieve a net profit of RMB 85 billion to 100 billion in Q1 2025, representing a year-on-year growth of 86.04% to 118.88% [8]. - The company sold 1 million vehicles from January to March 2025, marking a 59.8% increase year-on-year, setting a new record for the same period [8]. - The launch of new models, Han L and Tang L, is anticipated to enhance the company's competitiveness in the 200,000 RMB price range [10]. - The company is projected to have net profits of RMB 516 billion, 653 billion, and 788 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 21% [10][12]. Company Overview - The company operates primarily in the automotive industry, with 79.5% of its business coming from automotive sales and 20.5% from mobile components and assembly [5]. - As of April 7, 2025, the company's H-share price was 315.20 HKD, with a market capitalization of 95.79 billion RMB [3]. Financial Performance - The company reported a net profit of RMB 30.041 billion in 2023, with projections of RMB 40.254 billion in 2024 and RMB 51.629 billion in 2025, reflecting significant growth [12]. - The earnings per share (EPS) are expected to rise from RMB 10.319 in 2023 to RMB 17.746 in 2025, indicating a strong upward trend [12]. - The company's H-share price-to-earnings (P/E) ratio is projected to decrease from 30.54 in 2023 to 17.76 in 2025, suggesting a more attractive valuation over time [12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][13]. Core Insights - The company is expected to achieve a net profit of RMB 85 billion to 100 billion in Q1 2025, representing a year-on-year growth of 86.04% to 118.88% [8]. - The automotive sales for the first three months of 2025 reached 1 million units, a year-on-year increase of 59.8%, setting a historical record for the same period [8]. - The launch of new models, Han L and Tang L, is anticipated to enhance the company's competitiveness in the 200,000 RMB price range [10]. Company Overview - The company operates primarily in the automotive industry, with 79.5% of its business derived from automotive sales and 20.5% from mobile components and assembly [5]. - As of April 7, 2025, the company's H-share price was 315.20 HKD, with a market capitalization of 95.79 billion RMB [3]. Financial Projections - The company forecasts net profits of RMB 516 billion, 653 billion, and 788 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 21% [8][12]. - Earnings per share (EPS) are projected to be RMB 17.8, 22.4, and 27.1 for the years 2025, 2026, and 2027, respectively [8][12]. - The current price-to-earnings (P/E) ratios for H-shares are estimated at 17.8, 14.1, and 11.6 for the years 2025, 2026, and 2027, indicating a reasonable valuation [8][12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][10]. Core Insights - The company is expected to achieve a net profit growth of 42% in 2024, driven by significant growth in online channels [5]. - The company reported a revenue of RMB 55.4 billion for 2024, representing a year-over-year increase of 57.2%, with a net profit of RMB 21.5 billion, up 42.1% year-over-year [7]. - The company plans to distribute a dividend of RMB 0.6021 per share, with a special dividend of RMB 0.5921, resulting in a dividend yield of approximately 2.1% based on the latest closing price [7]. Financial Performance - The company’s revenue for 2024 is projected to be RMB 30.0 billion for the second half, reflecting a year-over-year growth of 56.3%, with a net profit of RMB 10.8 billion, up 37.5% [7]. - The company’s gross margin for 2024 is reported at 82.1%, a slight decrease of 1.5 percentage points year-over-year, attributed to product category expansion and increased costs [7]. - The total revenue for the company is forecasted to reach RMB 72.9 billion by 2025, with net profits expected to grow to RMB 26.5 billion [9][12]. Product and Sales Performance - The company’s main brand, 可复美, achieved revenue of RMB 45.4 billion in 2024, marking a year-over-year increase of 62.9%, with strong sales during major promotional events [7]. - Online sales channels have become a significant growth driver, with the company reporting over 60% and 100% growth in GMV during the "618" and "Double Eleven" promotions, respectively [7]. - The company’s online direct sales revenue accounted for 72% of total revenue, an increase of 6 percentage points year-over-year [7]. Earnings Forecast - The company is projected to achieve net profits of RMB 32.9 billion and RMB 40.2 billion in 2026 and 2027, respectively, with corresponding EPS of RMB 3.20 and RMB 3.91 [9][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 22X in 2025 to 15X in 2027, indicating a potentially undervalued stock [7][9].

2025 年 04 月 08 日 王睿哲 C0062@capital.com.tw 目标价(HKD) 75 公司基本资讯 | 产业别 | 美容护理 | | --- | --- | | H 股价(2025/04/07) | 60.90 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 72.8/35.7 | | 总发行股数(百万) | 1,035.90 | | H 股数(百万) | 1,035.90 | | H 市值(亿元) | 630.87 | | 主要股东 | 范代娣 (57.32%) | | 每股净值(元) | 6.91 | | 股价/账面净值 | 8.81 | | 一个月 三个月 | 一年 | | 股价涨跌(%) -12.12% 26.88% 46.25% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-09-26 | 39.95 | 买进 | | 产品组合 | | | --- | --- | | 功效性护肤品 | 78.6% | | 医用敷料 | 23.3% | | 保健品及其他 | 0 ...

2025 年 4 月 8 日 沈嘉婕 | H70455@capital.com.tw | | | --- | --- | | 目标价(港币) | 17.3 | 公司基本资讯 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/04/07) | | 13.42 | | 恒生指数(2025/04/07) | | 19,828.3 | | 股价 12 个月高/低 | | 18.98/7.47 | | 总发行股数(百万) | | 10,077.39 | | H 股数(百万) | | 10,077.39 | | H 市值(亿元) | | 1,352.39 | | | 浙江吉利控股集 | | | 主要股东 | | 团有限公司 | | | | (39.94%) | | 每股净值(元) | | 8.61 | | 股价/账面净值 | | 1.56 | | 一个月 | 三个月 一年 | | | 股价涨跌(%) -24.86% | -5.36% 49.40% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2024-1 ...

2025 年 4 月 8 日 沈嘉婕 | H70455@capital.com.tw | | | --- | --- | | 目标价(港币) | 17.3 | 公司基本资讯 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/04/07) | | 13.42 | | 恒生指数(2025/04/07) | | 19,828.3 | | 股价 12 个月高/低 | | 18.98/7.47 | | 总发行股数(百万) | | 10,077.39 | | H 股数(百万) | | 10,077.39 | | H 市值(亿元) | | 1,352.39 | | | 浙江吉利控股集 | | | 主要股东 | | 团有限公司 | | | | (39.94%) | | 每股净值(元) | | 8.61 | | 股价/账面净值 | | 1.56 | | 一个月 | 三个月 一年 | | | 股价涨跌(%) -24.86% | -5.36% 49.40% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2024-1 ...

2025 年 04 月 08 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(港币) | 34 | 公司基本资讯 | 产业别 | 商贸零售 | | --- | --- | | H 股价(2025/04/07) | 29.05 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 51.12/24.6 | | 总发行股数(百万) | 1,251.34 | | H 股数(百万) | 1,251.34 | | H 市值(亿元) | 363.51 | | 主要股东 | 杨云云(62.7%) | | 每股净值(元) | 8.25 | | 股价/帐面净值 | 3.52 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -23.17 -43.17 -23.04 | 近期评等 | | | 产品组合 | 名创优品 | 94.2% | | --- | --- | | TOPTOY | 5.8% | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c ...

2025 年 04 月 08 日 近期评等 | | | 产品组合 | 名创优品 | 94.2% | | --- | --- | | TOPTOY | 5.8% | | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(港币) | 34 | 公司基本资讯 | 产业别 | 商贸零售 | | --- | --- | | H 股价(2025/04/07) | 29.05 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 51.12/24.6 | | 总发行股数(百万) | 1,251.34 | | H 股数(百万) | 1,251.34 | | H 市值(亿元) | 363.51 | | 主要股东 | 杨云云(62.7%) | | 每股净值(元) | 8.25 | | 股价/帐面净值 | 3.52 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -23.17 -43.17 -23.04 | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c ...

2025 年 04 月 03 日 | 产业别 | | 食品饮料 | | --- | --- | --- | | A 股价(2025/4/2) | | 1549.02 | | 上证指数(2025/4/2) | | 3350.13 | | 股价 12 个月高/低 | | 1880.59/1226. | | | | 65 | | 总发行股数(百万) | | 1256.20 | | A 股数(百万) | | 1256.20 | | A 市值(亿元) | | 19458.76 | | 主要股东 | | 中国贵州茅台 | | | | 酒厂(集团)有 | | | | 限责任公司 | | | | (54.07%) | | 每股净值(元) | | 185.56 | | 股价/账面净值 | | 8.35 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 5.6 | 5.0 -5.7 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 2025-01-02 | 1488.00 | 区间操作 | | 2024-10-28 | 1558.85 | 区间操作 | | 2024-08-09 | 14 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The company achieved a revenue of 27.98 billion RMB in 2024, representing a year-over-year growth of 22.6%, and a net profit of 6.34 billion RMB, with a year-over-year increase of 47.3% [8]. - The sales of innovative drugs continue to grow, with a reported income of 13.9 billion RMB from innovative drugs, a 30.6% increase year-over-year [8]. - The company is expected to have 47 innovative products and indications approved for market launch over the next three years, which will drive future revenue growth [8]. Company Performance - The company reported a Q4 revenue of 7.8 billion RMB, a year-over-year increase of 34.3%, and a net profit of 1.72 billion RMB, with a year-over-year increase of 107.2% [8]. - The overall gross margin for 2024 was 86.2%, an increase of 1.6 percentage points year-over-year, driven by high-margin overseas transactions [8]. - The company’s operating expenses ratio decreased to 60.4%, down 3 percentage points year-over-year, primarily due to reductions in sales and management expenses [8]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 6.98 billion RMB, 8.75 billion RMB, and 10.4 billion RMB, respectively, with year-over-year growth rates of 10.2%, 25.3%, and 18.9% [10]. - The expected earnings per share (EPS) for the same years are 1.09 RMB, 1.37 RMB, and 1.63 RMB, with corresponding price-to-earnings (P/E) ratios of 45X, 36X, and 30X [10].