Investment Rating - The report assigns a "Buy" rating for Great Wall Motors (02333) based on its robust growth potential and competitive positioning in both domestic and international markets [2][7]. Core Insights - Great Wall Motors is expected to achieve steady revenue and profit growth driven by its expansion in overseas markets and successful model upgrades domestically. The company has significantly increased its sales volume and revenue from international markets, particularly in regions like Russia and South America [6][16]. - The company is projected to have a total sales volume of 1.23 million vehicles in 2024, with revenues reaching 2022 billion yuan, primarily fueled by overseas market growth [6][16]. - The introduction of new models and upgrades, such as the Haval Dragon and Wei brand Blue Mountain, has strengthened the company's competitiveness in the domestic market, leading to increased sales and market share [47][62]. Financial Data and Profit Forecast - Revenue projections for Great Wall Motors are as follows: 2023 - 173.21 billion yuan, 2024 - 202.20 billion yuan, 2025E - 243.55 billion yuan, 2026E - 286.23 billion yuan, and 2027E - 328.88 billion yuan, with growth rates of 26%, 17%, 20%, 18%, and 15% respectively [5]. - The forecasted net profit attributable to shareholders is expected to be 7.02 billion yuan in 2023, 12.69 billion yuan in 2024, 15.68 billion yuan in 2025, 18.60 billion yuan in 2026, and 21.69 billion yuan in 2027, with significant growth rates particularly in 2024 and 2025 [5][6]. - The company aims to achieve a price-to-earnings ratio of 10 by 2025, indicating a potential upside of 69% from current levels [7]. Domestic and International Market Dynamics - The report highlights that Great Wall Motors has successfully penetrated various international markets, with significant sales growth in Russia, Australia, and Brazil. The company is expected to maintain a strong presence in these regions, with projected sales of 55,000 vehicles in 2025, a 21% increase year-on-year [6][44][46]. - In the domestic market, the successful upgrades of existing models have led to a resurgence in sales, with the Haval Dragon and Wei brand Blue Mountain models showing strong performance post-upgrade [47][62]. Competitive Positioning - Great Wall Motors is actively expanding its product lineup beyond SUVs and pickups to include sedans and MPVs, enhancing its competitive edge in the automotive market [7]. - The company is also focusing on optimizing its cost structure, with a projected decrease in expense ratios, which is expected to further enhance profitability [20][9].

证券研究报告 泡泡玛特 (9992 HK) 港股通 Q1 业绩再超预期，全球化组织架构升级 | 华泰研究 | | | 公告点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 23 日│中国香港 | 消费轻工 | 公司公布 1Q25 业务数据，营收同增 165%-170%，高于此前指引（同增 100%+），国内、海外收入分别同增 95%-100%/475%-480%，均超市场预 期（彭博 80%/450%）。尽管后续基数抬升，但我们认为 1）搪胶毛绒仍处 发展阶段早期，2）欧美客群快速破圈，店面扩容/店型调优/本地化等支撑店 效环比走强，线上渗透延伸触达范围；3）多元业务陆续贡献营收，市场尚 未充分预期。我们看好公司短期业绩及中长期成长前景，继续重点推荐。 毛绒、哪吒 2 等热门新品驱动下，Q1 国内收入、店效均高增 Q1 在哪吒 2 新品、Dimoo 搪胶毛绒、The Monsters x 海贼王等热门新品拉 动下，国内收入延续强劲成长。线下、线上收入同增 85%-90%/140%-145%。 展望后续，Q2 哪吒 2 爆品持续确认收入，Labubu 搪胶毛绒三代 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance [3][40]. Core Insights - The company demonstrates brand dominance in the affordable ready-to-drink beverage sector, supported by an efficient supply chain and the emotional barrier created by the "Snow King" IP [3][40]. - The "Snow King" IP has become a top-tier brand in the IP space, enhancing emotional connections with consumers and improving marketing efficiency [2][34]. - The company is expected to achieve significant revenue growth, with projected revenues of 29.58 billion, 33.37 billion, and 36.35 billion CNY for 2025, 2026, and 2027 respectively, alongside net profits of 5.32 billion, 6.08 billion, and 6.70 billion CNY [3][39]. Summary by Sections 1. Introduction - The report discusses a recent incident involving a store using overnight lemons and oranges, highlighting the consumer's leniency towards the brand due to its efficient supply chain and emotional connection through the "Snow King" IP [1][13]. 2. Brand Dominance in Affordable Ready-to-Drink Beverages - The affordable ready-to-drink beverage market in China is growing rapidly, with a CAGR of 25.6% from 2021 to 2023. The company holds a market share of 32.7% in this segment, significantly leading over competitors [14][22]. 3. Emotional Barrier from "Snow King" IP - The "Snow King" IP was created in 2018 and has been developed through various marketing strategies, enhancing its emotional connection with consumers. The IP has gained high recognition and popularity, contributing to lower customer acquisition costs [2][27][34]. 4. Profit Forecast and Investment Recommendations - The company is expected to open 9,000, 8,500, and 8,000 new franchise stores from 2025 to 2027, with a stable closure rate of 4.3%. Revenue and net profit are projected to grow significantly during this period [39][40].

Investment Rating - The report assigns a "Buy" rating to the company, predicting strong growth in core net profit and a favorable P/E ratio over the next few years [4][6][21]. Core Insights - The company, China Resources Vientiane Life, is a leading property management and commercial operation service provider in China, established in 2017 and part of the Fortune Global 500 company China Resources Group [6][15]. - The company has a dual-track development model focusing on commercial and property management, achieving significant revenue growth and maintaining a high dividend payout ratio [4][6][21]. - The projected core net profit for 2025-2027 is expected to be CNY 41.09 billion, CNY 48.01 billion, and CNY 54.81 billion, respectively, with corresponding P/E ratios of 18.88X, 16.16X, and 14.15X [4][21]. Financial Performance - In 2024, the company achieved a revenue of CNY 170.43 billion, representing a year-on-year growth of 15.41% [21]. - The revenue breakdown for 2024 shows that the commercial segment contributed CNY 62.74 billion (36.8%), while the property management segment accounted for CNY 107.15 billion (62.9%) [21][28]. - The company’s core net profit for 2024 was CNY 35.07 billion, with a dividend payout ratio of 100% [6][21]. Business Segments Commercial Management - The commercial management segment focuses on shopping centers and office buildings, with a revenue of CNY 62.74 billion in 2024, reflecting a growth of 21.45% [31][41]. - The shopping center segment generated CNY 42.09 billion in revenue, with operational services contributing CNY 29.2 billion [31][41]. - The office building segment achieved a revenue of CNY 20.65 billion, primarily from property management and operational services [31][41]. Property Management - The property management segment generated CNY 107.15 billion in revenue, with community space and urban space contributing CNY 88.94 billion and CNY 18.21 billion, respectively [28][31]. - The community space revenue includes residential management and value-added services, with the residential management segment alone generating CNY 66.60 billion [28][31]. Growth Strategy - The company has been expanding its managed projects, with a total of 122 operational projects and a managed area of 131.4 million square meters as of 2024 [60]. - The growth strategy includes both internal expansion through the parent company and external market development, with a significant increase in third-party projects [60][65]. - The company aims to maintain a high growth rate in managed area, with a CAGR of 19.97% from 2021 to 2024 [60][65].

证 券 研 究 报 告 李宁（02331.HK）2024 年报点评 强推（维持） 2024 年平稳收官，稳中求进蓄力长期 目标价：18.25 港元 事项： ❖ 公司公布 2024 年业绩。2024 年公司实现营收 286.8 亿元，同比+3.9%；归母 净利润 30.1 亿元，同比-5.5%，对应归母净利率 10.5%。同时，公司派发末期 股息 20.73 分人民币/股，连同中期股息，全年合计派发股息 58.48 分/股，对派 息比例为 50%，同比提升 5pcts。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,676 | 28,966 | 30,431 | 32,188 | | 同比增速(%) | 3.5% | 1.0% | 5.1% | 5.8% | | 归母净利润(百万) | 3,013 | 2,738 | 3,032 | 3,326 | | 同比增速(%) | -5.5% | -9.1% | 10.8% | 9 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [2][7]. Core Views - The company operates a content platform with a high concentration of young users and a favorable competitive landscape, which is expected to drive growth in subscription revenue [7]. - The online music revenue for the company is projected to grow by 23% year-on-year in 2024, primarily driven by a 22% increase in subscription membership [7]. - The company has a significant growth opportunity in its paid user base, with a current payment rate of 26% compared to Spotify's 39% [7]. - The domestic music platform landscape is more favorable than overseas, with a higher theoretical profitability ceiling due to a more fragmented upstream market [7]. - The company has a strong focus on community building and user retention, particularly among younger demographics, which enhances its long-term growth potential [7]. - Following its re-inclusion in the Hong Kong Stock Connect in September 2024, the company's liquidity has improved significantly [7]. - The profit forecast has been adjusted, with expected revenues of 82 billion and 91 billion for 2025 and 2026 respectively, and adjusted net profits of 17.8 billion and 20.8 billion for the same years [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 7,867 million - 2024: 7,950 million - 2025E: 8,238 million - 2026E: 9,094 million - 2027E: 9,997 million [6][8] - Adjusted net profit forecasts are: - 2023: 819 million - 2024: 1,700 million - 2025E: 1,781 million - 2026E: 2,078 million - 2027E: 2,369 million [6][8] - The company’s price-to-earnings (PE) ratios for 2025-2027 are projected to be 18, 15, and 13 respectively [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][59]. Core Views - The company achieved a revenue of 278.8 billion yuan in 2024, representing an 11% year-on-year increase, while the core net profit decreased by 8% to 25.4 billion yuan [11][59]. - The contribution from recurring business increased, accounting for 41% of the core net profit, which is an 8% increase year-on-year [11][59]. - The company maintains a healthy financial position with a net asset of 396.7 billion yuan and a net debt ratio of 31.9%, which decreased by 0.7 percentage points year-on-year [47][59]. Summary by Sections Development and Sales Business - The revenue from the development and sales business was 237.2 billion yuan, up 12% year-on-year, while the contracted sales amount was 261.1 billion yuan, down 15% [21][59]. - The company ranked third in industry sales, with a market share of 2.7%, an increase of one position year-on-year [21][59]. - The total land reserve area was 51.94 million square meters, remaining sufficient despite a 70% year-on-year decrease in new land reserves [21][59]. Investment Properties - The operating income from investment properties was 23.3 billion yuan, reflecting a 5% increase year-on-year, with shopping center rental income contributing 19.4 billion yuan, an 8% increase [38][59]. - The overall occupancy rate of shopping centers reached 97.1%, up 0.6 percentage points year-on-year, with 92 shopping centers in operation [38][59]. Financial Health - As of the end of 2024, the company had total assets of 1.1 trillion yuan, with investment properties accounting for 24% [47][59]. - The weighted average financing cost decreased by 45 basis points to 3.11% [47][59]. - The recurring business income can cover twice the dividend and interest expenses, indicating low debt repayment pressure [47][59]. Earnings Forecast - The earnings forecast for 2025 and 2026 has been slightly adjusted, with expected revenues of 246.9 billion yuan and 228.2 billion yuan, respectively [59]. - The projected net profit for 2025 and 2026 is 24.5 billion yuan and 24.1 billion yuan, respectively, with corresponding earnings per share of 3.43 yuan and 3.39 yuan [59].

Investment Rating - The report initiates coverage with a "Buy" rating for Horizon Robotics, highlighting its technological advantages and flexible open ecosystem strategy [3][7]. Core Insights - Horizon Robotics aims to become a leading provider of advanced driving assistance systems (ADAS) and integrated driving solutions, leveraging proprietary software and hardware technologies [20]. - The company has undergone a strategic pivot to focus on the automotive sector, recognizing it as a significant application for robotics, which has led to substantial market share in China [24]. - Horizon Robotics has established a strong research and development team, with over 1,500 personnel dedicated to ADAS software and hardware, enhancing its competitive edge [26]. Financial Data and Profit Forecast - Revenue projections for Horizon Robotics are as follows: - 2025: 36.61 billion RMB - 2026: 57.72 billion RMB - 2027: 88.10 billion RMB - Year-over-year growth rates are expected to be 54% for 2025, 58% for 2026, and 53% for 2027 [2][7]. - The company anticipates a shift towards profitability by 2027, with net profit expected to reach 813 million RMB [2]. Market Position and Competitive Landscape - Horizon Robotics holds over 40% market share in the Chinese OEM ADAS market and ranks second among independent third-party ADAS solution providers [24]. - The company is positioned as a key player in the domestic chip manufacturing sector for automotive applications, similar to its role in the GPU field [7][49]. Product Development and Innovation - The company is set to launch the new "Journey 6" product line, which is expected to drive significant revenue growth in the automotive solutions segment [8]. - Horizon Robotics has developed a comprehensive stack of solutions that integrate algorithms, chips, and software, enhancing its ability to deliver optimized products [38]. Strategic Vision and Future Outlook - Horizon Robotics aims to establish an open ecosystem that supports the democratization of advanced driving technologies, positioning itself as a Tier 2 supplier [20][49]. - The company is expected to benefit from the growing demand for ADAS solutions, both domestically and internationally, with significant growth potential in overseas markets [50].

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of 565.67 HKD, corresponding to a 31X PE for 2026 [8][22]. Core Insights - The company is the largest player in the global fresh beverage market, focusing on providing high-quality, affordable drinks around 1 USD. It operates two major brands: "Mixue Ice City" for tea and "Lucky Coffee" for coffee, with a total of 46,500 stores expected by 2024. The company leverages an efficient end-to-end supply chain to create a vast infrastructure network that meets consumer demand for affordable, high-quality beverages, establishing significant competitive barriers [1][22]. - The business model is centered on "supply chain economies of scale," which disrupts traditional franchise strategies. The company maximizes demand through high-quality, affordable products, with a cup price in 2024 being only 5.7% of the average disposable income in China. The vertical integration of the supply chain reduces costs, enhancing efficiency and profitability [2][22]. - Future growth drivers include market penetration in lower-tier cities, international expansion in Southeast Asia, and the cross-brand synergy between "Lucky Coffee" and "Mixue," which is expected to create a non-symmetric competitive advantage [3][22]. Summary by Sections Company Overview - The company is positioned as a leader in the fresh beverage sector, with a focus on providing affordable drinks globally. It has established a robust store network and aims to expand further in both domestic and international markets [1][22]. Business Model - The company employs a unique business model that emphasizes supply chain efficiency and cost control, allowing it to offer high-quality products at competitive prices. This model is supported by a strong franchise system that enhances market reach [2][22]. Growth Potential - The company has significant growth potential, with opportunities for expansion in lower-tier cities and international markets. The report estimates that the domestic store count could reach between 69,000 to 80,000, while international stores could reach 19,000 in the medium term [3][22]. Financial Projections - The report forecasts a compound annual growth rate (CAGR) of 20% for net profit from 2025 to 2027, with expected net profits of 5.29 billion, 6.44 billion, and 7.68 billion RMB for those years, respectively. The earnings per share (EPS) is projected to grow from 13.93 RMB in 2025 to 20.23 RMB in 2027 [5][7][13].

证券研究报告·海外公司深度·食物饮品(HS) 卫龙美味（09985.HK） 卫龙美味：全能选手，乘风而起 2025 年 04 月 21 日 卖出（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,887 | 6,266 | 7,862 | 9,283 | 10,693 | | 同比(%) | 5.08 | 28.22 | 25.47 | 18.07 | 15.19 | | 归母净利润（百万元） | 880.35 | 1,068.51 | 1,382.97 | 1,836.90 | 2,202.44 | | 同比(%) | 481.87 | 21.37 | 29.43 | 32.82 | 19.90 | | EPS-最新摊薄（元/股） | 0.37 | 0.45 | 0.59 | 0.78 | 0.94 | | P/E（现价&最新摊薄） | 40.84 | 33.65 | 26.00 | 19.57 | 16.33 | ...