Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Insights - The company achieved a revenue of 13 billion yuan in 2024, representing a year-on-year growth of 107%, with an adjusted net profit of 3.4 billion yuan and an adjusted net profit margin of 26.1%, an increase of 7.2 percentage points year-on-year [1][5]. - The company has successfully expanded its overseas operations, with expectations that overseas revenue will exceed 10 billion yuan in 2025, accounting for over 50% of total revenue [5][6]. - The company has completed an organizational restructuring to accelerate its global expansion strategy, focusing on regional headquarters in Greater China, the Americas, Asia-Pacific, and Europe [5][6]. Financial Performance - The company reported a gross margin of 66.8% in 2024, an improvement of 5.5 percentage points year-on-year, driven by enhanced cost control and a higher proportion of high-margin overseas business [5][6]. - The adjusted net profit for 2025 is projected to be 5.9 billion yuan, reflecting a growth rate of 73% [6][9]. - The company’s total revenue is expected to reach 20.9 billion yuan in 2025, with a year-on-year growth of 60% [7][9]. Market and Product Insights - The company has 13 IPs that have generated over 100 million yuan in revenue, with significant contributions from various IPs such as labubu and molly, which saw year-on-year growth rates of 727% and 105%, respectively [5][6]. - The domestic market generated 7.97 billion yuan in revenue, a 52% increase year-on-year, while overseas revenue reached 5.07 billion yuan, a staggering 375% increase [5][6]. Valuation Metrics - The company’s PE ratios for 2025 and 2026 are projected to be 34.8x and 25.8x, respectively, reflecting its growth potential and scarcity in the market [6][9]. - The report indicates a strong return on equity (ROE) of 29.3% for 2024, with expectations for continued improvement in subsequent years [2][9].

证 券 研 究 报 告 申洲国际（02313）2024 年报点评 强推（维持） 2024 年顺利收官，收入利润表现亮眼 目标价：82.50 港元 事项： ❖ 公司公布 2024 年年报。2024 年，公司实现营收 286.6 亿元，同比+14.8%，归 母净利润 62.4 亿元，同比+36.9%。公司 24 年末派息 1.28 港元/股，考虑中期 股息，全年累计派息 2.53 港元/股，派息比例为 55.8%，按 4 月 11 日收盘价 计，对应股息率 5.2%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,663 | 32,147 | 35,564 | 38,825 | | 同比增速(%) | 14.7% | 12.2% | 10.6% | 9.2% | | 归母净利润(百万) | 6,241 | 6,631 | 7,431 | 8,231 | | 同比增速(%) | 36.9% | 6.3% | 12.1% | 1 ...

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 | ...

证券研究报告 | 2025年04月21日 绿竹生物-B（02480.HK） 优于大市 核心产品重组带状疱疹疫苗 LZ901 上市申请获受理 全年亏损收窄，在研管线有序推进。2024 年公司经调整亏损 1.68 亿元，上 年同期为亏损 2.49 亿元，全年亏损收窄。2024 全年研发开支为 1.35 亿元（同 比-21.7%），主要由于随着 LZ901 国内 Ph3 临床进展，相关折旧摊销减少， 同时以股份付款的员工成本减少等原因；行政开支为 0.87 亿元（同比 -25.5%），主要由于以股份付款的员工成本减少。 LZ901（重组带状疱疹疫苗）：于 2023 年 9 月在中国启动 LZ901 的多中心、 随机、双盲、安慰剂对照 Ph3 临床研究，2024 年 1 月在江苏、山东、湖北 及山西四省完成共计 2.6 万名 40 岁及以上健康受试者入组，并于 2024H2 获得了临床试验中期分析结果，目前 LZ901 在中国的上市申请已获得国家药 监局受理，预计 2026H1 实现产品商业化。 K3（阿达木单抗生物类似药）：公司计划根据市场情况及公司可动用资源， 进一步评估在中国启动 K3 的 Ph3 临床试验的适 ...

2025 年 04 月 20 日 绿竹生物-B(02480.HK) 各管线进展加速，LZ901 商业化可期 事件：公司发布 2024 年度报告，亏损持续收窄，研发管线加速 推进。2024 年全年，公司亏损进一步收窄至 1.7 亿元，研发管线 中核心产品带状疱疹疫苗 LZ901 取得关键进展，2024 年 1 月，公 司完成了 LZ901 中国 III 期临床试验共计 26,000 名健康受试者 的入组工作，并于 2024 年下半年获得了临床试验中期分析结果并 完成了 LZ901 与 Shingrix®共 300 人的头对头临床试验主要研 究。2025 年 2 月，公司公告 LZ901 的 BLA 已获得 NMPA 受理，商 业化值得期待。 LZ901 产品独具优势，商业化值得期待。根据此前披露的临床数 据来看，LZ901 独特的四聚体分子结构使其表现出更好的免疫原 性，进而诱导出更高水平的中和抗体滴度。同时，在相对 Shingrix 的临床前头对头试验中，LZ901 展现出了更好的细胞免疫效果； Ⅰ期临床试验结果显示，LZ901 的免疫原性不弱于 Shingrix，不 良事件发生频率和严重程度均明显较低，Ⅱ期 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - In 2024, the company achieved revenue of 6.074 billion yuan, a year-on-year increase of 1.47%. However, the net profit attributable to shareholders was 55.807 million yuan, a significant decline of 87.69%. The core operating profit was 252 million yuan, down 60.09% year-on-year [2][6]. - The company is set to enhance its supply chain capabilities with the expected launch of the Nansha supply chain center in Guangzhou in 2025, which is anticipated to lower costs related to raw materials. Additionally, the establishment of supermarket sales and online retail businesses in 2024 is expected to broaden external market opportunities [2][9]. - Revenue projections for 2025-2027 are estimated at 6.45 billion, 7.086 billion, and 7.825 billion yuan, with net profits of 194 million, 301 million, and 334 million yuan respectively [2][9]. Summary by Sections Financial Performance - The company reported a revenue of 6.074 billion yuan in 2024, with a year-on-year growth of 1.47%. The net profit attributable to shareholders was 55.807 million yuan, reflecting a decline of 87.69%. The core operating profit was 252 million yuan, down 60.09% year-on-year [2][6]. Operational Insights - The company faced challenges in restaurant performance, leading to a cautious approach in asset impairment provisions. The impairment losses for properties, plants, and equipment increased by 411.9% year-on-year, reaching 112 million yuan [6][9]. - In Q1 2025, the average daily sales for the main brands showed a slight increase compared to Q4 2024, with stable per-customer spending for two consecutive quarters [6][9]. Brand and Store Adjustments - In 2024, the company opened 150 new restaurants while closing 69, resulting in a total of 807 restaurants by the end of the year. The new brand "Shanwaimian" showed promising potential with a table turnover rate of 4.3 times per day and an average spending of 87 yuan [9][9]. - The company continued to adjust its brand matrix, with a reduction in the number of stores to 780 in Q1 2025, primarily due to closures in the "Tai Er" brand [9].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][8]. Core Insights - The company reported a revenue of 5.21 billion yuan for 2024, representing a year-on-year increase of 15%, with a net profit of 581 million yuan, up 9% from the previous year [5]. - The gross margin decreased by 0.4 percentage points to 68.12% due to price adjustments aimed at enhancing cost-effectiveness, while employee costs as a percentage of revenue decreased by 2 percentage points to 27.29% due to improved operational efficiency [6]. - The company expanded its store network, with a total of 106 stores in first-tier cities and 291 in third-tier cities by the end of 2024, contributing to a 34% increase in revenue from the takeaway business [7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.21 billion yuan, with a net profit of 581 million yuan, reflecting growth rates of 15% and 9% respectively [5]. - The forecast for 2025-2027 projects earnings per share (EPS) of 0.58, 0.69, and 0.83 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 times [8][11]. Operational Efficiency - The company improved operational efficiency, leading to a reduction in employee costs as a percentage of revenue, while other operational costs such as utilities and advertising saw slight increases [6]. - The takeaway business revenue reached 2.00 billion yuan in 2024, driven by an increase in service outlets, while dine-in revenue was 3.19 billion yuan, reflecting a 5% increase [7]. Market Expansion - The company continued to expand its store presence, adding a net of 22, 40, 20, and 49 stores in first-tier, new first-tier, second-tier, and third-tier cities respectively by the end of 2024 [7]. - The average consumer spending in various city tiers decreased, indicating a strategic price adjustment to maintain competitiveness [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company maintains high capacity utilization, with a focus on the incremental space brought by the localization of mature processes [4] - The company reported sales revenue of $539.2 million in 4Q24, an increase of 18.4% year-over-year and 2.4% quarter-over-quarter, aligning with guidance [1] - The gross margin for 4Q24 was 11.4%, up 7.4 percentage points year-over-year, slightly exceeding the guidance of 9%-11% [1] - The company expects 1Q25 revenue to be between $530 million and $550 million, with a gross margin of 11%-13% [1] Summary by Sections Financial Performance - In 4Q24, the company achieved a gross margin of 11.4% and net profit was impacted by exchange losses and increased operational costs [1] - The company’s capital expenditure in 4Q24 was $1.506 billion, primarily for 12-inch capacity expansion [4] - The projected net profits for 2025-2027 are $107 million, $168 million, and $231 million respectively [4] Production and Capacity - As of the end of 4Q24, the company had a monthly capacity equivalent to 391 thousand 8-inch wafers, with wafer shipments of 1,213 thousand 8-inch wafers, a year-over-year increase of 27.5% [2] - The capacity utilization rate was 103.2%, showing a year-over-year increase of 19.1 percentage points [2] Market Demand - The demand from downstream applications remains stable, with independent non-volatile memory revenue increasing by 57% quarter-over-quarter [3] - Revenue from 12-inch wafers grew by 40.2% year-over-year, while 8-inch wafer revenue saw a slight increase of 0.6% [2][3] Strategic Insights - The company is positioned to benefit from the acceleration of localization in mature processes, with a significant portion of its revenue coming from power devices and analog management [4] - The company has established itself as a preferred foundry for overseas clients, which is expected to support its 12-inch capacity expansion and profitability [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The restructuring plan involves the transfer of controlling stakes in Wuling Power and Changzhou Hydropower to Yuanda Environmental Protection, with an assessed value of 18.609 billion, corresponding to an estimated valuation of approximately 1.87 times PB [2][6]. - After the completion of the transaction, the company will hold a 55.13% stake in Yuanda Environmental Protection, with a commitment from the controlling shareholder to facilitate the injection of additional hydropower assets into Yuanda within three years, establishing a core platform for hydropower [2][9]. - The transaction is expected to significantly enhance the valuation of the restructured assets, demonstrating strong support for minority shareholders [2][9]. Summary by Sections Event Description - The company signed agreements with Xiangtou International and Yuanda Environmental Protection to transfer 63% and 37% stakes in Wuling Power for a total consideration of 24.667 billion, and a 64.93% stake in Changzhou Hydropower for 3.068 billion [6]. - The payment will be made through shares and cash, with the share issuance price set at 6.55 per share [6]. Event Commentary - The restructuring plan highlights the company's commitment to minority shareholders and the significant appreciation in asset value, with Wuling Power's assessed value increasing by 73.21% and Changzhou Hydropower's by 221.76% compared to their book values [9]. - The company aims to solidify its position as a comprehensive clean energy flagship platform under the National Energy Investment Group, with plans to increase dividend payouts to at least 50% [9]. - Future earnings projections for 2025-2027 are estimated at 4.263 billion, 4.683 billion, and 5.239 billion, with corresponding EPS of 0.34, 0.38, and 0.42, indicating a favorable valuation [9].

研究报告 Research Report 20 Apr 2025 百威亚太 Budweiser Brewing Co APAC (1876 HK) 进入深度调整期，期待改革释成效 Entering a period of deep adjustment, looking forward to the release of reform [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持中性 Maintain NEUTRAL 评级 中性 NEUTRAL 现价 HK$8.44 目标价 HK$7.90 HTI ESG 3.7-3.0-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$111.77bn / US$14.40bn 日交易额 (3 个月均值) US$30.22mn 发行股票数目 13,243mn 自由流通股 (%) 13% 1 年股价最高最低值 HK$11.66-HK$6.94 注：现价 HK$8.44 为 2025 年 04 月 17 日收盘价 资料来源： Fa ...