Group 1 - The trend of public funds allocating to companies listed on the Beijing Stock Exchange (BSE) is increasingly prominent, with 440 funds holding BSE companies as of March 31, 2025 [3][7][23] - Among the top holdings in BSE, Jinbo Biological, Suzhou Axle, and Tongli Co. are the three largest by market value, with significant institutional interest [3][23][24] - The BSE 50 Index has shown a strong performance, leading the market with a year-to-date increase of 24% [3][28][34] Group 2 - The overall price-to-earnings (PE) ratio for BSE A-shares is currently at 44X, indicating a slight recovery in valuation [4][33] - The average daily trading volume for BSE A-shares has rebounded to 385 billion, reflecting improved market activity [4][36] - The number of companies listed on the BSE is steadily increasing, contributing to a more mature market ecosystem [3][29][21] Group 3 - The report highlights a focus on companies with stable dividends and potential for exceeding performance expectations in Q1 2025, such as Minshida and Wantong Hydraulic [3][29] - There is an emphasis on sectors like semiconductors, robotics, and consumer electronics as key areas for trading opportunities [3][29][19] - The investment strategy is centered around "valuation cost-effectiveness + performance certainty," with a focus on capturing growth opportunities while managing risks [3][13][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the core product CM310 is set for significant commercialization growth, with a strong pipeline of innovative products progressing steadily [5][7] - The company is expected to achieve substantial revenue growth, with projected revenues of RMB 696 million in 2025, RMB 1.157 billion in 2026, and RMB 2.247 billion in 2027, reflecting growth rates of 62.66%, 66.21%, and 94.13% respectively [6][8] Financial Performance Summary - For the year 2024, the company reported total revenue of RMB 428 million, a year-on-year increase of 20.9%, with a gross profit margin of 97.2% [7] - The company’s net profit attributable to shareholders for 2024 was a loss of RMB 515 million, with a projected loss of RMB 695 million in 2025, but expected to turn profitable with a net profit of RMB 102 million in 2027 [6][8] - The company’s cash position at the end of the year was approximately RMB 21 billion, indicating a strong liquidity position [7] Product Pipeline and Market Strategy - CM310 has received approvals for three indications, including moderate to severe atopic dermatitis, chronic sinusitis with nasal polyps, and seasonal allergic rhinitis, positioning it for rapid sales growth [7] - The collaboration with AstraZeneca (AZ) on CMG901 is expected to enhance the company’s global market presence, with multiple clinical trials underway [7] - The company is actively pursuing diverse business development (BD) strategies to unlock the value of its early-stage pipeline, which includes several promising candidates in various stages of clinical trials [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong performance in Q1, with several brands exceeding expectations, and the acquisition of Jack Wolfskin is expected to stabilize and enhance its multi-brand strategy [5][7] - The company is positioned as a leading player in the sportswear industry in China, with significant growth potential through multi-brand operations and overseas expansion [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 62,661 million RMB - 2024: 70,826 million RMB (growth of 16.37%) - 2025E: 78,944.69 million RMB (growth of 11.46%) - 2026E: 87,795.88 million RMB (growth of 11.21%) - 2027E: 96,556.82 million RMB (growth of 9.98%) [6] - Net profit attributable to the parent company is projected as follows: - 2023: 10,236 million RMB - 2024: 15,596 million RMB (growth of 52.36%) - 2025E: 13,500.18 million RMB (decline of 13.44%) - 2026E: 15,559.12 million RMB (growth of 15.25%) - 2027E: 17,142.09 million RMB (growth of 10.17%) [6] - Earnings per share (EPS) are expected to be: - 2023: 3.69 RMB - 2024: 5.55 RMB - 2025E: 4.81 RMB - 2026E: 5.54 RMB - 2027E: 6.11 RMB [6] Brand Performance - The Anta brand recorded high single-digit growth in Q1 2025, maintaining stable operations - The FILA brand also showed high single-digit growth, continuing the improvement trend from Q4 2024 - Other brands experienced a significant growth rate of 65-70% in Q1 2025, benefiting from a high demand in the outdoor sports sector [7] Acquisition Impact - The acquisition of Jack Wolfskin for USD 290 million is expected to enhance the company's outdoor product matrix and broaden its customer base - Jack Wolfskin's established presence in Europe is anticipated to support the company's global expansion strategy [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing rapid growth in innovative drug revenue and is making significant progress in international markets [5] - The company reported a total revenue of 27.985 billion yuan in 2024, representing a year-on-year increase of 22.63%, with a net profit attributable to shareholders of 6.337 billion yuan, up 47.28% year-on-year [6] - The company is accelerating its transformation driven by innovation, with innovative drug revenue growing by 30.6% year-on-year in 2024, accounting for approximately 55% of total operating revenue [6] - The company has a robust pipeline with 19 first-class innovative drugs and 4 second-class new drugs approved, and expects over 70 innovative drugs to be approved in the next three years [6] - The company has achieved significant results in business development (BD) overseas, with licensing income of 2.7 billion yuan in 2024, including substantial upfront payments from international partners [6] Financial Summary - The company forecasts revenue growth from 30.844 billion yuan in 2025 to 40.483 billion yuan in 2027, with corresponding net profits of 7.005 billion yuan and 9.883 billion yuan respectively [5][6] - The projected net profit growth rates for 2025 to 2027 are 10.56%, 18.25%, and 19.30% respectively [5] - The company's price-to-earnings (P/E) ratios are expected to decrease from 44.05 in 2025 to 31.23 in 2027, indicating improving valuation [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is steadily advancing its global layout and emphasizes its IP channel's capacity to capture demand [5] - The company achieved significant revenue growth in 2024, with a total revenue of 16.994 billion RMB, representing a year-on-year increase of 22.8% [7] - The company completed its annual store opening target, with a total of 7,780 stores by the end of 2024, including 6,504 Miniso stores [7] - The overseas store expansion is notable, with 631 new stores opened abroad, accounting for 58% of total new openings [7] - The company's gross margin reached a historical high of 44.9% in 2024, up 3.7 percentage points year-on-year, driven by an increase in overseas direct sales [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 11,473.21 million RMB - 2024: 16,994.03 million RMB - 2025E: 20,851.52 million RMB - 2026E: 24,818.06 million RMB - 2027E: 29,259.03 million RMB - The expected year-on-year growth rates for revenue are 13.76% in 2023, 48.12% in 2024, and 22.70% in 2025 [6] - The adjusted net profit for 2025 is projected to be 3,123.30 million RMB, with a year-on-year growth rate of 19.3% [6] - The earnings per share (EPS) are expected to increase from 1.42 RMB in 2023 to 2.50 RMB in 2025 [6] Store Expansion and Product Strategy - The company has successfully launched new products under the WAKUKU brand, with a recent release selling out within two hours, indicating strong consumer interest [7] - The TOPTOY brand has also seen rapid overseas expansion, achieving a revenue of 984 million RMB in 2024, a year-on-year increase of 44.7% [7] - The company is focusing on adjusting its revenue structure and IP product mix to enhance gross margin performance [7]

非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 11 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 证券研究报告 市场表现： | 基本数据 | | | | 2025 | 年 | 04 | | | 11 | | 月 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 35.18 | | | | | | | 一 年 内 最 低 | 最 | 高 | / | | | | | | | | | | | | （元） | | | | | | | 35.18/12.74 | | | | | | | | 总市值（百万元） | | | | | | | | | 15,890.55 | | | | | | 流通市值（百万元） | | | | | | | | | 14,874.7 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in this regard [4][8]. Core Viewpoints - The company has transitioned from a local advertising pioneer to a leader in comprehensive marketing, integrating AI technology and establishing a full-spectrum marketing capability [4][6]. - The company has a strong foundation in content production, particularly in variety shows, and is rapidly expanding its overseas marketing services [5][10]. Summary by Relevant Sections Company Overview - The company was founded in 2005 and has undergone three major development phases: initial growth, expansion and upgrade, and digital transformation [16]. - The company has established a stable shareholding structure, with the chairman holding 39.39% of the shares as of January 2025 [19]. Financial Performance - The company reported a revenue of 47.38 billion yuan in 2023, a year-on-year increase of 9.34%, with digital marketing contributing 97.07% of total revenue [21]. - The company has eliminated goodwill risks, which is expected to support a rebound in profitability [22][31]. Industry Insights - The advertising industry is evolving through four stages, with the current phase focusing on integrated marketing strategies that leverage multiple platforms for user engagement [35]. - The digital marketing market is projected to grow significantly, with a compound annual growth rate of 24% for overseas marketing from 2020 to 2023 [107]. Key Highlights - The company has a robust content production capability, having developed a comprehensive service model for variety shows and digital content [92]. - The company has received TikTok certifications, enhancing its overseas marketing capabilities and positioning it well in the growing global digital marketing landscape [113].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in the copper alloy segment, with expected growth driven by aerospace, medical, and semiconductor sectors [6][8]. - The company has shown steady growth in historical performance, with a projected revenue increase of 12.78% year-on-year for 2024, reaching 1.33 billion yuan [8][10]. - The company is actively expanding its production capacity and product offerings, which is anticipated to lead to accelerated revenue growth [11][42]. Summary by Sections 1. Company Overview - The company, established in 1995, has developed into a leader in high-strength and high-conductivity copper alloys and medium-high voltage contact materials, with a strong market position and recognition for its products [21][27]. 2. Financial Performance - From 2020 to 2023, the company's revenue and net profit have grown at a CAGR of 20.11% and 23.58%, respectively [8]. - For 2024, the company expects to achieve a revenue of 1.33 billion yuan and a net profit of 117 million yuan, reflecting year-on-year growth rates of 12.78% and 19.21% [10][11]. 3. Traditional Business Strengths - The company benefits from a strong position in traditional business areas, including traction motor end rings and high-end connector contacts, which are expected to see increased demand due to infrastructure projects [9][13]. - The company is the global leader in medium-high voltage contact materials, addressing domestic needs and exporting to international markets [33]. 4. Emerging Business Segments - The company is making significant progress in emerging sectors such as aerospace and medical imaging, with new products expected to contribute to revenue growth [4][14]. - Projects like the liquid rocket engine thrust chamber and CT/DR tube components are set to benefit from increasing market demand and production capacity expansions [15][39]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.17 million yuan in 2024, 1.56 million yuan in 2025, and 2.10 million yuan in 2026, with respective growth rates of 19.21%, 33.44%, and 33.94% [10][11]. - The estimated P/E ratios for 2024, 2025, and 2026 are 74.27, 55.66, and 41.55, respectively, indicating a favorable valuation outlook [11].

赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 04 | | 10 | 日 | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 44.13 | | | | | 一 年 高 最 | 最 | 内 | / | | | | 低 | | | | | | （元） | | | | | | | | | | 61.75/13.01 | | | 总市值（百万元） | | | | | | | | 2,013.44 | | | | | 流通市值（百万元） | | | | | | | | 921.23 | | | | | 总股本（百万股） | | | | | | | | 45.63 | | | | | 资产负债率（%） | | | | | | | | 39.92 | | | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage, highlighting a value reassessment amid the PC replacement cycle [5][87]. Core Insights - The company is positioned to benefit from the ongoing PC replacement cycle, particularly as Windows 10 support ends in October 2025, which may drive demand for new devices [7][40]. - The AI transformation across its three main business segments (IDG, ISG, SSG) is expected to enhance growth and profitability [11][74]. - The report anticipates significant revenue growth in the commercial PC sector, with a projected shipment of 138 million units in 2025, reflecting a 4.3% year-on-year increase [59][60]. Summary by Sections Market Performance - The closing price of the stock is HKD 7.50, with a market capitalization of approximately HKD 93 billion [3]. Financial Forecasts and Valuation - Revenue projections for the company are as follows: - 2023: USD 61.95 billion - 2024: USD 56.86 billion - 2025E: USD 67.65 billion - 2026E: USD 74.63 billion - 2027E: USD 80.35 billion - Net profit forecasts are: - 2023: USD 1.68 billion - 2024: USD 1.10 billion - 2025E: USD 1.62 billion - 2026E: USD 1.80 billion - 2027E: USD 2.05 billion - The report indicates a projected PE ratio of 7X for 2026, which is below the average PE of comparable companies [6][87]. Business Analysis - The company operates through three main segments: - Intelligent Device Group (IDG): Contributes 69% of revenue, with a projected growth rate of 12% from 2025 to 2027. - Infrastructure Solutions Group (ISG): Accounts for 20% of revenue, with a forecasted growth of 52% in 2025. - Solutions and Services Group (SSG): Represents 11% of revenue, with expected growth of 11% in 2025 [19][21][83]. Key Growth Drivers - The report emphasizes the importance of the PC replacement cycle and the demand for AI-integrated PCs (AIPC) as significant growth drivers for the company [11][59]. - The company’s strategy includes leveraging its AI capabilities to enhance user experience and drive demand in both commercial and consumer markets [57][60]. Strategic Initiatives - The company has adopted a strategic framework called "One Horizontal and Five Verticals" to support its AI infrastructure, aiming to provide comprehensive solutions across various sectors [74]. - The SSG segment focuses on local market needs, enhancing its service offerings to meet the demands of various industries [80].