Investment Rating - The report maintains a "Strong Buy" rating for the company [1][8]. Core Views - The company achieved significant growth in 2024, with revenue increasing by 57% to 5.54 billion CNY and net profit rising by 42% to 2.06 billion CNY, driven by strong brand performance and effective marketing strategies [1][8]. - Despite a slight decline in gross margin due to new product expansions and increased sales expenses, the company is expected to maintain robust growth in the coming years, with projected net profits of 2.51 billion CNY, 2.91 billion CNY, and 3.27 billion CNY for 2025 to 2027, representing year-on-year growth rates of 22%, 16%, and 12% respectively [1][8]. Revenue Breakdown - The company's revenue is segmented by product categories, with functional skincare products generating 4.30 billion CNY (up 62.5%), medical dressings at 1.22 billion CNY (up 41.5%), and health foods at 0.18 billion CNY (up 15.0%) [2]. - By brand, the company's flagship brand, 可复美, achieved revenue of 5.32 billion CNY (up 62.9%), while 可丽金 and other brands also showed significant growth [2]. - In terms of sales channels, direct sales revenue reached 4.13 billion CNY (up 70.8%), with online direct sales through DTC stores contributing 3.59 billion CNY (up 66.5%) and e-commerce platforms showing a remarkable increase of 112.5% [3]. Financial Performance - The company's gross margin for 2024 was 82.1%, a decrease of 1.5 percentage points year-on-year, primarily due to increased product costs and new product introductions [8]. - The net profit margin for 2024 was 37.2%, down 3.9 percentage points from the previous year, influenced by rising sales expenses [8]. - The company plans to distribute a final dividend of 0.6021 CNY per share and a special dividend of 0.5921 CNY per share [1]. Future Projections - The company is expected to continue its growth trajectory with a strong product lineup and effective channel expansion, projecting revenues of 7.09 billion CNY, 8.69 billion CNY, and 10.27 billion CNY for 2025 to 2027, with respective growth rates of 28%, 23%, and 18% [10]. - The earnings per share (EPS) is projected to increase from 2.01 CNY in 2024 to 3.15 CNY by 2027 [12].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company is expected to enhance its profitability through both organic growth and external collaboration, positioning itself as a key platform for capital operations and international business expansion under China Tobacco's high-quality development strategy [6][8]. - Revenue for 2024 is projected to reach 13.07 billion HKD, reflecting a year-on-year growth of 10% [6]. - The company has shown robust growth in its import and export business, particularly in tobacco leaf and cigarette exports, with significant increases in both revenue and profit margins [6][8]. Financial Data and Valuation - Total revenue is forecasted to grow from 11.84 billion HKD in 2023 to 17.21 billion HKD by 2027, with a compound annual growth rate (CAGR) of approximately 8% [6][8]. - The net profit attributable to shareholders is expected to rise from 599 million HKD in 2023 to 1.23 billion HKD in 2027, with a notable growth rate of 14% in 2025 [6][8]. - Earnings per share (EPS) are projected to increase from 0.87 HKD in 2023 to 1.77 HKD in 2027, indicating a strong upward trend in profitability [6][8]. Key Financial Ratios - The company’s return on equity (ROE) is expected to remain strong, with a forecast of 28.4% in 2024, slightly decreasing to 24.6% by 2027 [8]. - The debt-to-asset ratio is projected to rise from 60% in 2023 to 69.3% in 2025, indicating a potential increase in leverage [8]. - The price-to-earnings (PE) ratio is expected to decrease from 28.0 in 2023 to 13.6 by 2027, suggesting an attractive valuation as earnings grow [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6][8] Core Views - The company's revenue for 2024 is projected to be 46.924 billion, a decrease of 19.30% year-on-year, with a net profit attributable to shareholders of 125 million, down 93.81% [1][6] - The fourth quarter revenue was 10.824 billion, reflecting a decline of 41.81%, with a net loss attributable to shareholders of 1.034 billion [1][6] - The jewelry business maintains a leading market position, with continuous expansion of the sales network, while other consumer sectors such as food and department stores show collaborative growth [1][6] - The company is actively adjusting and optimizing its operations in response to the pressure on consumer business [1][6] Financial Data Summary - Total revenue for 2023 was 58.147 billion, with a projected increase to 48.801 billion in 2025, representing a 4% growth [2][8] - The net profit attributable to shareholders is expected to rebound significantly to 1.509 billion in 2025, after a projected loss in 2024 [2][8] - The company's gross margin for 2024 is reported at 13.60%, a slight decrease of 0.52 percentage points [6][8] - The company’s total assets are projected to decrease from 120.692 billion in 2024 to 114.306 billion in 2025 [7][8] Market Position and Business Segments - The jewelry fashion business generated revenue of 29.977 billion in 2024, down 18.38% year-on-year, but the gross margin improved by 0.57 percentage points to 8.25% [6][8] - The company has a total of 4,615 retail outlets as of the end of 2024, with a net decrease of 379 outlets compared to the previous year [6][8] - The report highlights the impact of fluctuating gold prices on jewelry sales and the ongoing challenges in the property development sector due to the downturn in the real estate market [6][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company's life insurance new business value (NBV) for 2024 is projected at 17.282 billion, representing a year-on-year increase of 57.7% [7] - The net profit attributable to shareholders is expected to reach 44.96 billion, reflecting a 64.9% year-on-year growth [7] - The operating profit attributable to shareholders is forecasted at 34.425 billion, with a slight increase of 2.5% year-on-year [7] Financial Data and Valuation - Total revenue for 2024 is projected at 404.089 billion, a 25% increase from 2023 [2] - The operating profit for 2024 is expected to be 55.711 billion, a significant increase of 74% compared to 2023 [2] - The net profit for 2025 is estimated at 48.251 billion, with a growth rate of 7% [8] Business Performance - The company reported a total insurance premium income of 201.243 billion for property insurance, marking a 6.8% increase year-on-year [7] - The combined ratio for property insurance is 98.6%, which is an increase of 0.9 percentage points year-on-year [7] - The investment asset scale at the end of 2024 is projected to be 27.34457 trillion, a 21.5% increase from the beginning of the year [7] Profitability Metrics - The return on equity (ROE) is reported at 15.4% [3] - The earnings per share (EPS) for 2024 is expected to be 4.67, with a price-to-earnings (PE) ratio of 6.8 [8] - The book value per share (PB) is projected at 1.0 for 2024 [8]

第三方稳健增长，股东回报可观 消费品/食品饮料 24 年公司营收/归母净利润分别实现 65.4/7.4 亿，同比 +6.4%/-13.3%，公司 收入端第三方业务实现反弹带动增长，但关联方业务受需求及价格影响对业绩 有所拖累。利润端受公司促销加大、关联方价格调整等因素影响下滑。H2 公司 收入/归母净利润分别实现 36.1/4.3 亿，同比+2.3%/-12.9%。25 年看，第三方 业务随着渠道精耕及新品研发等战略落地，有望保持增长势头，关联方业务仍 有压力期待改善。此外，公司加大对于 B 端及海外市场的拓展力度，寻求增量 贡献。同时，公司短期无重大资本开支，分红率有望维持高位，股东回报可观。 当前行业格局已逐步稳定，虽然复苏期竞争仍激烈，但公司品牌优势领先，产 品及渠道不断完善，未来渗透市场提升份额仍有空间。我们给予 25-27 年 EPS 预期为 0.78、0.86、0.96 元，对应 25 年估值 17X，维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：NA 当前股价：14.36 港元 基础数据 | 总股本（百万股） | 1037 | | --- | --- | | 香港股（百万股） | 1037 ...

Investment Rating - The report maintains a positive outlook on leading companies in the media and internet sector, particularly recommending companies such as Tencent Holdings, Perfect World, and Meitu Inc. [1] Core Insights - The media industry experienced a decline of 4.64% recently, ranking 29th among all sectors, but has seen a year-to-date increase of 9.44%, placing it 5th overall [1] - The report highlights the strong performance of gaming companies, with many maintaining high growth rates and a favorable policy environment for innovation [1] - Meitu Inc. reported a revenue of 3.341 billion yuan for 2024, a year-on-year increase of 23.9%, with adjusted net profit rising by 59.2% [1] Summary by Sections Market Performance - The media sector's recent performance shows a decline of 4.64%, while the year-to-date performance is up by 9.44% [1][9] - Individual stock performances varied, with notable gains from companies like Dazheng Culture and Zhejiang Wenlian, while others like Huawen Group faced significant declines [12][13] Gaming Sector - The gaming sector is highlighted for its rapid growth, with companies like Tencent and Perfect World leading the market [1] - The report emphasizes the importance of AI applications in gaming, suggesting that these companies will not miss out on the opportunities presented by AI [1] AI Applications - Meitu's AI-driven high-margin business saw significant growth, with a revenue increase of 57.1% in its imaging and design products segment [1] - The company also reported a 21.7% year-on-year increase in monthly active users (MAU) outside mainland China, indicating successful global expansion [1] Financial Highlights - Meitu's total revenue for 2024 reached 3.341 billion yuan, with a net profit of 586 million yuan, reflecting strong operational efficiency and growth [1] - The company announced a dividend of 0.0552 HKD per share, totaling approximately 252 million HKD, with a payout ratio of about 40% [1] Industry Trends - The report notes a shift in investment focus towards AI applications in the media sector, particularly as major internet companies ramp up their AI initiatives [1] - The gaming industry is expected to benefit from a favorable regulatory environment, with an increase in the issuance of game licenses [1]

Investment Rating - The report maintains a "Strong Buy" rating for BYD [4] Core Viewpoints - BYD's 2024 performance meets expectations, with continuous improvement in competitiveness [1] - The company is accelerating its globalization efforts, with new production facilities in Uzbekistan and Thailand, and ongoing construction in Brazil and Hungary [2] - Strategic partnerships have been established with Shell and Uber to enhance charging infrastructure and expand electric vehicle offerings in key markets [3] - Technological innovations, including the fifth-generation DM technology, are driving new vehicle cycles and enhancing the company's smart vehicle strategy [3] Financial Performance - In 2024, BYD achieved revenue of 777.1 billion, a year-on-year increase of 29.02%, and a net profit of 40.25 billion, up 34% [8] - The fourth quarter of 2024 saw significant growth, with revenue reaching 2748.51 billion, a 52.66% increase year-on-year, and net profit of 150.16 billion, up 73.12% [8] - The company’s gross profit margin for 2024 was 19.44%, slightly down by 0.77 percentage points year-on-year, while the net profit margin was 5.35%, up by 0.15 percentage points [8] Production and Sales - BYD's sales volume reached 1.5243 million vehicles in the fourth quarter of 2024, representing a year-on-year increase of 61.34% [8] - The company has launched multiple new models in 2024, including the Song PLUS DM-i and Han DM-i, with competitive pricing strategies [9][10] Future Outlook - BYD is expected to benefit from a new product cycle, with projected profits of 59.21 billion, 71.85 billion, and 102.82 billion for 2025, 2026, and 2027 respectively [14] - The company is focusing on optimizing its product structure and enhancing its competitive edge in the electric vehicle market [14]

Investment Rating - The report maintains a "Strong Buy" recommendation for the company [4]. Core Views - The company reported a significant increase in quarterly profits, with a year-on-year growth of 8.8% in net profit for Q4 2024, indicating a recovery from previous quarters [2]. - The company has shown steady asset growth, with interest-earning assets increasing by 8.1% year-on-year in 2024, and loans growing by 8.2% [2]. - The net interest margin remained stable, with a slight decrease to 1.40% for the year, but a projected recovery in Q4 2024 to 1.36% [2]. - Other non-interest income saw a substantial increase of 35% year-on-year, driven by trading gains and the realization of OCI investment income [2]. Summary by Sections 1. Performance - The company reported a total revenue of 630,090 million yuan for 2024, with a year-on-year growth of 1.16% [8]. - The net profit attributable to shareholders for 2024 was 237,841 million yuan, reflecting a growth of 2.56% [8]. - The report highlights a decline in the growth rate of operating income compared to previous quarters, but an overall recovery in net profit growth [1][2]. 2. Non-Interest Income - Non-interest income increased significantly, with a year-on-year growth of 35% in 2024, primarily from trading gains and OCI income realization [2][31]. - The report notes a strong performance in other non-interest income categories, contributing positively to overall profitability [2]. 3. Interest Margin and Asset Quality - The net interest margin for 2024 was reported at 1.40%, with a slight decrease from earlier quarters, but a projected recovery in Q4 [2][3]. - The company maintained a stable non-performing loan ratio of 1.25% at the end of Q4 2024, with improvements in certain sectors [3]. 4. Capital and Shareholder Returns - The company plans to distribute a total dividend of 0.24 yuan per share for 2024, maintaining a stable payout ratio of 30% [2]. - The report indicates that the recent capital injection from state-owned banks may dilute EPS but enhance long-term dividend sustainability [2].

Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company achieved a revenue of 86.804 billion yuan in 2024, representing a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [1][7] - The company plans to distribute a cash dividend of 0.095 yuan per share, totaling 4.797 billion yuan, with a dividend payout ratio of 44.36% [7] - The company’s operational nuclear power generation increased by 6.13% year-on-year, contributing to a stable revenue performance despite a slight decline in average electricity prices [7] - The company is expected to benefit from the injection of nuclear power assets, with plans to add 1-2 new units annually from 2025 to 2030 [7][8] Financial Data and Valuation - The company’s total revenue is projected to grow from 88.827 billion yuan in 2025 to 101.227 billion yuan in 2027, with respective year-on-year growth rates of 2% and 8% [3][11] - The net profit attributable to shareholders is forecasted to reach 12.876 billion yuan by 2027, reflecting a growth of 11% from 2026 [8] - The company’s price-to-earnings (PE) ratio is expected to decrease from 17.2x in 2025 to 14.7x in 2027, indicating potential valuation improvement [8]

Investment Rating - The report maintains a rating of "Buy" for the company [4] Core Views - The company's 2024 annual report shows that it achieved operating revenue of 123.47 billion yuan, a year-on-year increase of 0.86%, and a net profit attributable to shareholders of 4.51 billion yuan, a significant year-on-year increase of 229.7% [1][8] - The improvement in profitability is attributed to the decline in fuel costs and increased hydropower generation, leading to a substantial recovery in thermal power profits [8] - The company plans to distribute a cash dividend of 0.0621 yuan per share, totaling 1.15 billion yuan, with a dividend payout ratio of 38.13% [8] Financial Data and Valuation - The company forecasts total operating revenue for 2025 to be 130.02 billion yuan, with a year-on-year growth of 5% [3][11] - The net profit attributable to shareholders is projected to be 5.09 billion yuan in 2025, reflecting a year-on-year growth of 13% [9][11] - The company's average on-grid electricity price for the year was 451.4 yuan per megawatt-hour, a decrease of 3.22% year-on-year [8] - The company has a total market capitalization of 54 billion yuan and a circulating market capitalization of 36.2 billion yuan [4] Performance Metrics - The company achieved a gross profit margin of 14.87% in 2024, an increase of 3.12 percentage points year-on-year, and a net profit margin of 5.55%, up by 3.1 percentage points [8] - The return on equity (ROE) for the trailing twelve months (TTM) is 5.9% [4] - The company's debt-to-asset ratio stands at 71.0% [4] Growth and Investment Outlook - The company is actively pursuing a low-carbon transition, with significant wind and solar projects in progress, including 2.59 million kilowatts of new wind power and 1.70 million kilowatts of solar power added in 2024 [8] - The company expects continued growth in its renewable energy capacity, which is anticipated to contribute positively to future earnings [8]