Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][6][17] Core Insights - The company reported a 6% year-on-year decline in revenue to 12.3 billion RMB for the first half of FY26, with a net profit decrease of 10% to 0.79 billion RMB, aligning with expectations [7][9] - The company proposed a mid-term dividend of 0.13 RMB per share, achieving a high payout ratio of 102%, emphasizing shareholder returns [7] - The main brand's revenue decline narrowed to 5%, while other brands faced a 12% drop, attributed to fluctuations in consumer environment and reduced foot traffic [7] - The company is enhancing operational efficiency through channel optimization and a multi-channel approach, resulting in double-digit growth in online retail [7][6] Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: 28.93 billion RMB (FY2024), 27.01 billion RMB (FY2025), 25.94 billion RMB (FY2026E), 27.34 billion RMB (FY2027E), and 29.04 billion RMB (FY2028E) [6][17] - Net profit forecasts are 2.21 billion RMB (FY2024), 1.29 billion RMB (FY2025), 1.29 billion RMB (FY2026E), 1.42 billion RMB (FY2027E), and 1.55 billion RMB (FY2028E) [6][17] - The gross margin is projected to be 41.8% (FY2024), declining to 38.4% (FY2025) and stabilizing around 39.3% to 40% in subsequent years [6][17] Operational Performance - The company has reduced its direct store count by 332 to 4,688 stores, with a 3% decline in direct sales to 10.6 billion RMB, indicating a strategic focus on operational efficiency [7] - Inventory levels decreased to 5.8 billion RMB, with inventory turnover days at 150 days, reflecting improved inventory management [7] - The company maintains a strong online presence with over 800 Douyin and WeChat video accounts, and more than 3,600 mini-program stores, establishing a comprehensive online-offline operational network [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has successfully obtained approval for its self-developed "Recombinant Type I α1 Collagen Freeze-Dried Fiber," marking it as the first of its kind in China, with various specifications suitable for facial dermal tissue filling [2] - The recombinant collagen market in China is projected to reach 54.7 billion yuan by 2025, with the medical aesthetics market expected to grow to 7 billion yuan, indicating significant growth potential for the company [3] - The company is positioned as the second domestic enterprise to receive approval for recombinant collagen, allowing it to benefit from industry expansion [3] - The skincare segment is currently facing short-term sales fluctuations but is expected to stabilize and recover through optimized channel structures and strong brand recognition [4] Summary by Sections Medical Aesthetics - The company's recombinant collagen product showcases technical advantages and strengthens its leading position in the market, with a focus on improving skin structure and reducing dynamic wrinkles [3] - The product's unique formulation and research barriers enhance its market competitiveness [3] Skincare Products - Short-term sales have been impacted by a reduction in collaboration with influencers, but the brand's strength and product recognition remain robust [4] - The company aims to recover sales through channel optimization and continued consumer confidence driven by scientific marketing [4] Financial Projections - Revenue forecasts for 2025-2027 are adjusted to 6.917 billion, 8.540 billion, and 10.419 billion yuan respectively, with net profits projected at 2.452 billion, 2.988 billion, and 3.603 billion yuan [5] - The earnings per share (EPS) for the same period are expected to be 2.29, 2.79, and 3.36 yuan, with corresponding price-to-earnings (PE) ratios of 17, 14, and 11 times [5][8]

Investment Rating - The report assigns a "Buy" rating for 康耐特光学 (Conant Optical) as part of its initial coverage [1]. Core Insights - The report addresses key questions regarding the advantages of traditional lens manufacturers in the context of smart glasses trends, the competitive barriers for 康耐特光学, and the growth potential of domestic optical lens manufacturers compared to international giants like Essilor Luxottica [7][12]. Company Overview - 康耐特光学 is a leading resin lens manufacturer in China, ranking first in both sales volume and revenue in the domestic market as of 2023. The company has a strong custom production capability and has established close partnerships with various eyewear brands and international optical companies [8][15]. - The company has seen a steady revenue growth with a compound annual growth rate (CAGR) of 14.05% from 2018 to 2024, and a net profit CAGR of 33.5% during the same period [8][34]. Industry Trends - The lens industry is experiencing a clear trend towards high-end and smart products. The Chinese lens market is projected to continue growing, driven by increasing demand for functional lenses and a higher replacement frequency among consumers [9][55]. - The global market for AI smart glasses is expected to grow significantly, with sales projected to increase from 240,000 units in 2023 to 1.52 million units in 2024, marking a growth of 533.33% [9]. Competitive Barriers - 康耐特光学 has built a robust customer network, including several well-known eyewear brands, which enhances its production quality and efficiency. The company has a long-standing relationship with core clients, ensuring stable orders [11]. - The company’s business model leverages its custom production capabilities to enhance product value, with a gross margin exceeding 50% for customized lenses [11]. Growth Potential - The report forecasts 康耐特光学's revenue to reach 2.35 billion yuan in 2025, with net profits expected to be 537.78 million yuan, reflecting a strong growth trajectory [13]. - The company is actively expanding its presence in the smart glasses segment, collaborating with leading technology and consumer electronics firms to develop and produce smart eyewear lenses [12][19]. Financial Performance - 康耐特光学's revenue increased from 859 million yuan in 2018 to 2.06 billion yuan in 2024, with a net profit growth from 78 million yuan to 428 million yuan during the same period [34]. - The company’s gross margin improved from 30.61% in 2018 to 38.58% in 2024, driven by increased production efficiency and a higher proportion of high-margin customized products [43][34]. Market Position - 康耐特光学 is positioned as a significant player in the global resin lens market, ranking second in sales volume and fifth in revenue as of 2023, with a strong international presence in over 90 countries [15][8].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 43.29, representing a potential upside of 36% from the current price of HKD 31.76 [2][5]. Core Insights - The company demonstrated strong resilience with performance exceeding market expectations, driven by both gold and copper production [5]. - The company has a diversified global mineral portfolio, effectively mitigating risks associated with price fluctuations of individual metals [5]. - The long-term growth strategy is clear, with ongoing expansions at major mines expected to support production growth in the coming years [5]. Financial Performance Summary - For the fiscal year ending December 31, 2023, the company reported revenues of CNY 293.4 billion, a 9% increase year-over-year, and a net profit of CNY 21.1 billion, reflecting a 5.4% growth [3][6]. - The forecast for 2025 predicts revenues of CNY 363.2 billion, a 20% increase, and net profit of CNY 53.1 billion, a significant 65.7% growth [3][6]. - The company achieved a third-quarter revenue of CNY 86.5 billion in 2025, an 8.14% year-over-year increase, with net profit reaching CNY 14.6 billion, up 57.14% [5]. Production and Operational Highlights - Gold production in the first three quarters of 2025 reached 65 tons, a 20% increase, primarily from projects in Ghana, Shanxi, Guizhou, and Serbia [5]. - Copper production for the same period was 830,000 tons, a 5.1% increase, despite a slight decline due to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [5]. - The company is set to enhance copper production by 150,000 to 200,000 tons with the completion of the tailings dam at the Jilong copper mine by the end of 2025 [5]. Financial Metrics - The company’s earnings per share (EPS) is projected to grow from CNY 0.80 in 2023 to CNY 2.00 in 2025, reflecting a 65.1% increase [3][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 40.9 in 2023 to 16.4 in 2025, indicating improved valuation as earnings grow [3][6]. - The dividend per share is forecasted to rise from CNY 0.26 in 2023 to CNY 0.64 in 2025, with a dividend yield increasing from 0.8% to 1.9% [3][6].

聚焦肿瘤免疫，ADC 联合 IO 差异化竞争：首次覆盖 乐普生物-B(2157) MRG003 获批在即，联合 PD-1 大有可为 [Table_Invest] [Table_CurPrice] [Table_Market] 公司是国内 ADC 联合 IO 布局领先内资创新药企，我们预计 MRG003 获批上市后将 较快放量。同时，公司产品管线有出海 BD 预期，我们看好公司长期发展。 投资要点： | 财务摘要(百万人民币) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 368 | 853 | 1204 | 1665 | | (+/-)% | 63% | 132% | 41% | 38% | | 毛利润 | 292.97 | 724.82 | 1,023.09 | 1,415.20 | | 净利润 | -411 | -18 | -80 | -29 | | (+/-)% | -1762% | 96% | -350% | 64% | | PE | -10.04 | -622.79 | -138.30 | -3 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a 6% year-on-year decline in revenue to 12.3 billion RMB for the first half of FY26, with a net profit decrease of 10% to 0.79 billion RMB, aligning with expectations. A high dividend payout ratio of 102% was proposed, emphasizing shareholder returns [7] - The main brand's revenue decline has narrowed to 5%, while other brands faced a 12% drop, attributed to fluctuations in consumer environment and reduced foot traffic [7] - The company is enhancing operational efficiency through channel optimization and multi-channel integration, with a notable increase in online retail sales [7] - Gross margin remained stable with a slight decrease of 0.1 percentage points to 41.0%, supported by brand partnerships and improved retail business proportions [7] - The company is focused on high-quality growth in the sports apparel retail sector, maintaining strong partnerships with Nike and Adidas, and expanding its brand portfolio [7] Financial Data and Profit Forecast - Revenue projections for FY2024 to FY2028 are as follows: 28.93 billion RMB, 27.01 billion RMB, 25.94 billion RMB, 27.33 billion RMB, and 29.04 billion RMB respectively, with a forecasted net profit of 2.21 billion RMB for FY2024 [6][17] - The company expects net profits for FY26 to be 1.29 billion RMB, with corresponding PE ratios of 15, 14, and 13 for FY26, FY27, and FY28 respectively [7]

Investment Rating - The report maintains an "Outperform" rating for Sands China [2][6] Core Insights - The company achieved net revenue of USD 1.91 billion in Q3 2025, representing a year-on-year increase of 7.6% [3][10] - Adjusted property EBITDA reached USD 601 million, up 2.7% year-on-year, with an adjusted property EBITDA margin of 31.5% [3][13] - The market share of Sands China increased to 23.7% in Q3 2025, up from 22.7% in Q2 2025 [5][14] Financial Performance Summary - Revenue projections for 2025-2027 are USD 7,395 million, USD 7,907 million, and USD 8,325 million, with year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [6][15] - Gaming gross revenue is expected to be USD 7,034 million, USD 7,471 million, and USD 7,864 million for the same period, with growth rates of 4.2%, 6.2%, and 5.3% [6][15] - Adjusted property EBITDA is forecasted at USD 2,327 million, USD 2,601 million, and USD 2,784 million, with margins of 31.5%, 32.9%, and 33.4% [6][15] Property Performance Breakdown - The performance of individual properties varied, with The Londoner showing a net revenue increase of 49% year-on-year, while The Venetian and The Parisian experienced declines [3][11] - The net revenue contributions from properties were as follows: The Venetian and The Londoner at USD 690 million each, The Parisian at USD 220 million, Plaza at USD 210 million, and Sands at USD 70 million [3][11] Market Share and Competitive Position - Sands China continues to hold the leading market share in Macau, benefiting from its large-scale casinos and convention centers [6][15] - The company’s gaming gross revenue reached USD 1.84 billion, up 9.2% year-on-year, although this growth was below the industry average of 12.5% [4][12]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 4.00 [1][10]. Core Insights - The company reported a revenue of RMB 12.3 billion for the first half of FY25/26, representing a year-on-year decrease of 5.8%, and a net profit attributable to the parent company of RMB 790 million, down 9.7% year-on-year. The interim dividend proposed is HKD 0.13 per share, with a payout ratio increasing by 2.8 percentage points to 102.2% [6][10]. - The company is accelerating its omnichannel retail strategy and optimizing operational efficiency to enhance resilience, maintaining a robust performance despite market challenges. The outlook is positive with expectations of improved retail and discount conditions as inventory levels decrease and new product sales increase [6][10]. Financial Performance Summary - **Revenue and Profit Forecasts**: - FY25 revenue is projected at RMB 27,013 million, a decrease of 6.64% from FY24. The net profit for FY25 is expected to be RMB 1,286 million, down 41.86% year-on-year [5][10]. - **Earnings Per Share (EPS)**: - EPS for FY25 is projected at RMB 0.21, with a gradual increase to RMB 0.27 by FY28 [5][10]. - **Return on Equity (ROE)**: - ROE is expected to improve from 12.97% in FY25 to 17.56% in FY28 [5][10]. - **Dividend Yield**: - The dividend yield is projected to be 8.81% for FY25, decreasing to 6.61% in FY26, and then increasing to 8.63% by FY28 [5][10]. Market and Operational Insights - **Sales Performance**: - The main brands (Nike and Adidas) saw a revenue decline of 4.8%, while other brands experienced a 12.2% drop. Online retail continues to grow, achieving double-digit growth despite a decline in offline traffic [7][10]. - **Inventory Management**: - The company reported a 4.7% decrease in inventory year-on-year, with inventory turnover days increasing by 1.7 days to 150 days [8][10]. - **Omnichannel Strategy**: - The company is enhancing its omnichannel retail capabilities, with over 800 accounts on platforms like Douyin and WeChat, and more than 3,600 mini-program stores [7][10]. Valuation and Comparison - **Valuation Metrics**: - The company is valued at a PE ratio of 14.89 for FY25, decreasing to 11.26 by FY28. The average PE for comparable companies is 12.0x for FY26 [5][10]. - **Target Price Adjustment**: - The target price has been adjusted to HKD 4.00, reflecting the company's leading position in omnichannel retail and attractive dividend yield [10].

2025 年 10 月 24 日 公司研究 "立讯系"线缆互联方案供应商，高密度光纤产品β与α并存 ——汇聚科技（1729.HK）投资者日点评 买入(维持) 当前价：14.14 港元 作者 分析师：付天姿 CFA，FRM 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com 执业证书编号：S0930522120001 021-52523862 yunwang@ebscn.com 联系人：沈昱恒 021-52523686 shenyuheng@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 19.59 | | 总市值(亿港元)： | 276.95 | | 一年最低/最高(港元) | 3.43-18.5 | | 近 3 月换手率（%）： | 52.2 | 股价相对走势 -50% 0% 50% 100% 150% 200% 250% 300% 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 汇聚科技 恒生指数 | 收益表现 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The approval of the first Class III medical device, recombinant type I collagen, opens new growth avenues in the medical aesthetics sector [7] - The company is a leader in the recombinant collagen field in China, with strong brand and product capabilities, supported by a core technology platform and channel expansion [7] - The company has four additional recombinant collagen injection products under application, with the latest approval expected to catalyze growth [7] - Continuous innovation in research and development is expanding the application boundaries of technology, with recent patent grants enhancing the company's product offerings [7] - Financial forecasts indicate a robust growth trajectory, with projected net profits of 2.57 billion, 3.21 billion, and 4.05 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 25%, and 26% [7] Financial Summary - Total revenue is projected to grow from 5.54 billion yuan in 2024 to 11.62 billion yuan in 2027, with year-on-year growth rates of 57.17%, 28.60%, 27.20%, and 28.23% respectively [1][8] - The latest diluted EPS is expected to increase from 1.93 yuan in 2024 to 3.78 yuan in 2027, with corresponding P/E ratios decreasing from 19.47 to 9.92 [1][8] - The company maintains a low debt ratio of 18.58%, indicating strong financial health [6]