Investment Rating - The investment rating for the company is a specialized IPO score of "5.3" [7][9]. Core Insights - The company, Weisheng Pharmaceutical-B (2561.HK), is a late-stage biopharmaceutical firm focused on providing treatment solutions for specific endocrine diseases in China, including Hong Kong, Macau, and Taiwan. It has one core product and two other candidate drugs in development, all licensed from its partner and major shareholder, Ascendis Pharma [1]. - The Chinese growth hormone market is experiencing significant growth, with a market size increasing from 4 billion yuan in 2018 to 11.6 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 23.9%. It is expected to reach 28.6 billion yuan by 2030, with a projected CAGR of 13.7% from 2023 to 2030 [3]. - The company has a highly certain pipeline nearing commercialization, with its core product, Longpei Growth Hormone, being a long-acting growth hormone replacement therapy for PGHD, which has already received acceptance for BLA submission by the National Medical Products Administration [4]. Financial Status - As of now, the company has no commercialized products and has not achieved profitability. The other income for the years 2022, 2023, and up to September 30, 2024, was 5.764 million yuan, 11.356 million yuan, and 8.647 million yuan, respectively, with total losses of 290 million yuan, 250 million yuan, and 130 million yuan for the same periods [2]. Industry Status and Outlook - The growth in the demand for growth hormone treatments, the continuous emergence of treatment solutions, and the increasing awareness of growth hormone deficiency among patients are the main drivers for future industry growth [3]. Competitive Advantages - The company possesses a pipeline based on proven technologies, with a high degree of certainty in approaching revenue generation. The management team is noted for its exceptional commercialization capabilities and strong support from shareholders and investors [4]. Use of Proceeds from IPO - Approximately 84.0% of the proceeds will be used for the ongoing BLA registration of the core product and funding for the planned commercialization of Longpei Growth Hormone. About 7.6% will support the ongoing Phase 3 pivotal trial of Parolepitide in China, while 1.8% will fund the open-label extension study of Navepitide for treating achondroplasia. The remaining 6.6% will be allocated for working capital and general corporate purposes [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and customer service customization [2]. - The company has shown strong performance in overseas markets, with significant revenue growth, particularly in the overseas segment [3]. Financial Summary - The company reported a revenue of HKD 944.01 million for FY2022, with projected revenues of HKD 1,368.11 million for FY2024 and HKD 2,049.96 million for FY2026, reflecting a growth rate of 15.3% in FY2022 and an expected 23.0% in FY2026 [4][10]. - The net profit for FY2022 was HKD 69.40 million, with projections of HKD 89.05 million for FY2024 and HKD 162.88 million for FY2026, indicating a growth rate of 16.9% in FY2022 and an expected 35.5% in FY2026 [4][10]. - The company’s gross margin is projected to be around 42.6% by FY2026, with a net profit margin of 7.9% [4][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.90 in FY2022 to 4.76 in FY2026, indicating increasing earnings relative to the stock price [4][10]. Business Performance - The company achieved a revenue of HKD 340 million in the Greater China region for H1 2024, a year-on-year increase of 5.8%, while overseas revenue reached HKD 270 million, a significant increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, highlighting the company's successful expansion strategy [3]. - The company is focusing on enhancing its brand recognition in overseas markets, particularly in Singapore, where it has seen rapid growth [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and customer service customization [2]. - The company's overseas business has shown significant growth, with a 47.2% year-on-year increase in revenue from international markets [3]. Summary by Sections AI Application and Business Enhancement - The company has announced the application of AI in its inspection, operation, and testing processes, which is expected to enhance efficiency and meet diverse customer needs [1][2]. - Key technological advancements include the introduction of a "business language decoder" and a multi-modal knowledge graph [2]. Overseas Business Performance - In the first half of 2024, revenue from the Greater China region reached HKD 340 million, a steady growth of 5.8%, while overseas revenue surged to HKD 270 million, marking a substantial increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, indicating a successful expansion strategy [3]. Financial Projections - The company forecasts revenue growth rates of 22.3% for FY2024 and 21.9% for FY2025, with net profit expected to grow by 11.2% in FY2024 and 35.0% in FY2025 [4][10]. - The projected earnings per share (EPS) are expected to increase from HKD 0.164 in FY2024 to HKD 0.222 in FY2025 [4][10].

Investment Rating - The report maintains a low valuation for the company, with a 2025 PE ratio of 14.4 times, which is considered low within the photovoltaic industry chain [4][7]. Core Views - The company experienced a significant decline in performance in 2024, with revenue dropping by 9.3% to 21.9 billion RMB and net profit plummeting by 73.8% to 1.0 billion RMB due to the photovoltaic glass industry being at a cyclical low [2][4]. - The company anticipates a recovery in profitability in 2025, driven by an increase in component operating rates and rising demand for photovoltaic glass, alongside a price increase in March 2025 [1][4]. - The company plans to resume production capacity in 2025, with an expected domestic capacity of 4,000 tons per day and new production lines in Indonesia projected to commence in Q1 2026 [3][4]. Summary by Sections Financial Performance - In 2024, the company's revenue decreased by 9.3% to 21.9 billion RMB, primarily due to a decline in solar glass sales and a drop in average selling prices, which fell by 18.7% year-on-year [2][4]. - The gross margin decreased by 11 percentage points to 15.8%, and the net margin fell by 11.3 percentage points to 4.6% [2][4]. - The company did not declare a final dividend due to losses in the second half of 2024 [2]. Production Capacity and Market Demand - The company had a total daily melting capacity of 23,200 tons at the end of 2024, down from 25,800 tons at the end of 2023, as several production lines were temporarily shut down during the industry downturn [3]. - With the anticipated recovery in demand, the company plans to restart four production lines in 2025, each with a daily melting capacity of 1,000 tons [3]. - The demand for photovoltaic glass is expected to improve due to increased orders from component manufacturers and a controlled supply-demand relationship, leading to price increases in March 2025 [4]. Investment Recommendation - The report suggests that the current valuation of the company is low compared to its historical PE levels and within the Hong Kong photovoltaic industry, indicating potential for valuation improvement [4].

Investment Rating - The investment rating for the company is maintained, with a 2025 PE of 8.1 times [6][9]. Core Viewpoints - The company reported better-than-expected performance, with a 7% year-on-year revenue increase to 2.44 billion RMB in 2024, driven by the contribution from newly acquired photovoltaic power stations [2][6]. - Despite the revenue growth, net profit decreased by 12% year-on-year to 790 million RMB due to power restrictions and declining electricity prices [2][6]. - The company plans to distribute a final dividend of 2.7 HKD cents per share, resulting in a payout ratio of 49% and a dividend yield of approximately 5.1% [2][6]. Summary by Sections Financial Performance - In 2024, the company's revenue increased to 2.44 billion RMB, primarily due to the contribution from 636.5 MW and 860 MW photovoltaic power stations acquired in 2023 and 2024, respectively [2][6]. - The gross margin decreased from 67.9% to 65.6%, and the net margin fell from 39.5% to 32.4% [2][6]. - The company’s net profit for 2024 was 790 million RMB, reflecting a 12% decline compared to the previous year [2][6]. Project Portfolio - The company mainly holds grid-parity projects, which are less affected by subsidies. By the end of 2024, it operated 46 large solar power stations with a total installed capacity of 4,510.5 MW, of which 2,776.5 MW (61.6%) are grid-parity projects [3][6]. - The company has a project reserve of 1.2 GW from its parent company, with 890 MW being grid-parity projects, indicating potential for future acquisitions [3][6]. Financial Management - The company has improved its financial management, with the proportion of RMB-denominated loans increasing to 80% and financial costs decreasing to 3.5% in 2024, down from 6.1% in 2023 [4][6]. - The management's efforts in loan restructuring and dividend distribution have been noted as impressive [4][6]. Market Outlook - The outlook for 2025 suggests potential improvements in the impact of power restrictions and electricity price declines, particularly in regions with high electricity demand such as Anhui and Hubei [5][6]. - The company is also expanding into overseas markets, with plans to commence construction on a 100 MW photovoltaic power station in Malaysia within the year [5][6].

Investment Rating - The report maintains a low valuation for the company, with a 2025 PE ratio of 14.4 times, which is considered low within the photovoltaic industry chain [4][7]. Core Views - The company's performance in 2024 saw a significant decline, with revenue dropping by 9.3% to 21.9 billion RMB, primarily due to the photovoltaic glass industry being at a cyclical low [2][4]. - The net profit for 2024 plummeted by 73.8% to 1.0 billion RMB, leading to the decision not to distribute a final dividend [2][4]. - There is an expectation for marginal improvement in 2025, driven by an increase in the operating rate of components and rising demand for photovoltaic glass, with price increases noted in March 2025 [4][3]. Summary by Sections Financial Performance - In 2024, the company's revenue decreased by 9.3% to 21.9 billion RMB, largely due to a decline in solar glass sales and a drop in average selling prices, which fell by 18.7% year-on-year [2][4]. - The gross margin decreased by 11 percentage points to 15.8%, and the net margin fell by 11.3 percentage points to 4.6% [2][4]. - The company reported a net profit of 1.0 billion RMB for 2024, a significant decline of 73.8% [2][4]. Production Capacity and Market Outlook - The company plans to resume production capacity of 4,000 tons per day in 2025, with new production lines in Indonesia expected to be operational by Q1 2026 [3]. - As of the end of 2024, the company's photovoltaic glass capacity was 23,200 tons per day, down from 25,800 tons at the end of 2023 [3]. - The demand for photovoltaic glass is expected to improve in 2025, with a notable increase in component orders and effective capacity control within the industry [4][3]. Price Trends and Market Dynamics - In March 2025, the average price of mainstream 2.0mm photovoltaic glass increased by 15%, while 3.2mm products saw a price rise of 12.5% [4]. - The improvement in supply-demand dynamics is anticipated to help the photovoltaic glass industry recover from its cyclical low in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 29.2, indicating a potential upside of 19% from the current stock price of HKD 24.85 [1][5][7]. Core Insights - The company achieved a revenue of HKD 13,074.2 million, representing a year-on-year growth of 10.5%, and a net profit of HKD 902.8 million, which is a 30.4% increase compared to the previous year [1][5]. - The report forecasts net profits for the years 2025, 2026, and 2027 to be HKD 9.6 billion, HKD 10.2 billion, and HKD 10.8 billion respectively, with corresponding EPS of HKD 1.32, HKD 1.40, and HKD 1.48 [1][5]. Revenue Breakdown - The tobacco leaf import business showed steady growth, with a revenue of HKD 8.254 billion in 2024, up 2.2% year-on-year, and a gross profit of HKD 826 million, reflecting a 12.7% increase. The gross margin improved to 10.0%, up 0.9 percentage points year-on-year [2]. - The cigarette export segment saw a revenue of HKD 1.574 billion, a 30.2% increase, with gross profit rising by 69.1% to HKD 277 million, resulting in a gross margin of 17.6%, up 4.0 percentage points year-on-year [3]. - The export of tobacco leaf products generated HKD 2.062 billion in revenue, a 24.8% increase, with gross profit soaring by 85.8% to HKD 84 million, leading to a gross margin of 4.1%, up 1.4 percentage points year-on-year [3]. - The new tobacco products export business recorded revenue of HKD 135 million, a 4.0% increase, with gross profit of HKD 7 million, up 23.2%, and a gross margin of 5.2%, an increase of 0.8 percentage points [4]. Financial Projections - The company is expected to maintain a stable growth trajectory, with projected revenues of HKD 13.14 billion in 2025, HKD 13.671 billion in 2026, and HKD 14.155 billion in 2027, reflecting growth rates of 0.5%, 4.0%, and 3.5% respectively [11][13]. - The net profit is projected to grow to HKD 960 million in 2025, HKD 1.021 billion in 2026, and HKD 1.076 billion in 2027, with growth rates of 6.4%, 6.3%, and 5.4% respectively [11][13]. Valuation Analysis - The report employs comparable company analysis and DCF methods for valuation, concluding a target price of HKD 29.2 based on a 22x PE ratio for 2025, with a forecasted EPS of HKD 1.32 [14]. - The DCF valuation estimates a reasonable market value of HKD 20.607 billion, corresponding to a price of HKD 29.4 [14].

Investment Rating - The investment rating for the company is maintained, with a target price of 6 HKD [7]. Core Insights - The company reported a revenue growth of 6.3% year-on-year to 2.75 billion RMB for 2024, while net profit decreased by 16.5% to 805 million RMB due to a reduction in the sale of completed power stations [2][4]. - The company plans to prepare for a secondary listing on the Singapore Exchange to enhance overseas business development and broaden potential financing channels [3][4]. - The company emphasizes shareholder returns with a dividend payout ratio of 32% and a dividend yield of 7% [2][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 reached 2.75 billion RMB, reflecting a 6.3% increase compared to the previous year [2]. - The net profit for 2024 was 805 million RMB, down 16.5% year-on-year, attributed to a significant decrease in the sale of completed power stations [2][4]. - The company maintained a dividend of 0.035 HKD per share, consistent with the previous year, resulting in a dividend yield of 7% [2][4]. Operational Highlights - The company’s installed capacity for renewable energy generation is expected to reach 1 GW in 2025, with a total installed capacity of 4.6 GW by the end of 2024, an increase of 565 MW year-on-year [2]. - The company faced challenges in its power generation business, with utilization hours for wind and solar projects declining by over 10% [3]. - Despite these challenges, the company’s equity power generation increased by 25% year-on-year to 7,515 GWh, and revenue from power generation rose by 11.4% to 2.52 billion RMB [3]. Strategic Initiatives - The company is preparing for a secondary listing on the Singapore Exchange to expand its financing options and investor base, which is expected to support its future growth [3][4]. - The company is focused on increasing its market share in overseas renewable energy projects, which is anticipated to contribute positively to its growth trajectory [4].

Investment Rating - The investment rating for the company is maintained, with a target price of 6 HKD [7]. Core Insights - The company reported a revenue growth of 6.3% year-on-year to 2.75 billion RMB for 2024, while net profit decreased by 16.5% to 805 million RMB due to a reduction in the sale of completed power stations [2][4]. - The company plans to prepare for a secondary listing on the Singapore Exchange to enhance overseas business development and broaden potential financing channels [3][4]. - The company emphasizes shareholder returns with a dividend payout ratio of 32% and a dividend yield of 7% [2][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 reached 2.75 billion RMB, reflecting a 6.3% increase compared to the previous year [2]. - The net profit for 2024 was 805 million RMB, down 16.5% year-on-year, attributed to a significant decrease in the sale of completed power stations [2][4]. - The company maintained a dividend of 0.035 HKD per share, consistent with the previous year, resulting in a dividend yield of 7% [2][4]. Operational Highlights - The company’s installed capacity for renewable energy generation is expected to reach 1 GW in 2025, with a total installed capacity of 4.6 GW by the end of 2024, an increase of 565 MW year-on-year [2]. - The company faced challenges in its power generation business, including a decline in utilization hours for wind and solar projects, with wind power curtailment rates at 9.5% and solar at 18.5% [3]. - Despite these challenges, the company’s equity power generation increased by 25% year-on-year to 7,515 GWh, and revenue from equity power generation rose by 11.4% to 2.52 billion RMB [3]. Strategic Initiatives - The company is preparing for a secondary listing on the Singapore Exchange, aiming to expand its financing options and investor base while enhancing its overseas project acquisition efforts [3][4]. - The company’s capital expenditure for 2024 is projected at 4 billion RMB, with ongoing projects totaling 1,996 MW [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 22.0, indicating a potential upside of 23% from the current price [1][4][8]. Core Insights - The company has launched the "Qianli Haohan" intelligent driving system, which is expected to enhance product sales and reshape valuation through its multiple AI-driven initiatives [1][4]. - February sales saw a year-on-year increase of 83.9%, with total sales reaching 205,000 vehicles, while cumulative sales for January and February rose by 45.2% [2]. - The company has completed a comprehensive AI-driven layout, including smart architecture, intelligent cockpit, smart energy solutions, and the establishment of a "Smart Car Computing Power Alliance" [3]. Summary by Sections Sales Performance - In February, the company sold 205,000 vehicles, marking an 83.9% year-on-year increase and a 23.2% decrease month-on-month. Cumulative sales for January and February reached 472,000 vehicles, up 45.2% year-on-year [2]. AI and Intelligent Driving Initiatives - The "Qianli Haohan" system features five levels of performance planning, with advanced capabilities such as highway NOA and urban commuting NOA. The system aims to promote intelligent driving technology and safety equity [4]. - The company has developed a self-research AI Drive model and integrated various AI technologies into its manufacturing and operational processes [3]. Financial Projections - The report projects sales revenue to grow from RMB 147.965 billion in FY2022 to RMB 288.745 billion in FY2025, with a compound annual growth rate (CAGR) of 34% from FY2023 to FY2025 [5][12]. - Net profit is expected to increase significantly, with projections of RMB 15.779 billion in FY2024 and RMB 13.774 billion in FY2025, reflecting a 197% growth in FY2024 [5][12]. Market Position and Valuation - The company is positioned as a leader in the Chinese automotive industry, with a market capitalization of approximately HKD 1,803.49 million and a significant shareholder structure led by Li Shufu [8][9]. - The report highlights a strong relative performance over the past year, with a 111.96% absolute return [9].