Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 18.84 per share, corresponding to a PE valuation of 20x for 2025 [5][4]. Core Views - The company reported a revenue of CNY 28.24 billion for 2024, a year-on-year decrease of 18.8%, and a net profit of CNY 1.27 billion, down 51.8% year-on-year. The second half of 2024 saw a revenue of CNY 13.82 billion, down 22.0%, and a net profit of CNY 240 million, down 83.6% year-on-year. The decline is attributed to an accelerated inventory clearance strategy [1][2]. - Looking ahead to 2025, the company is expected to benefit from product structure optimization and market share growth due to the effects of trade-in subsidies and new national standards [2][3]. Summary by Sections Financial Performance - In 2024, the company accelerated inventory clearance, leading to a decline in sales volume to 6.64 million units in the second half, a decrease of 20.1% year-on-year, with an average selling price of CNY 2,082, down 2.3% year-on-year [2]. - The net profit margin for the second half of 2024 was 1.7%, down 6.5 percentage points year-on-year, with a gross margin decrease of 4.7 percentage points due to lower selling prices [3]. Market Outlook - The company is focusing on optimizing its supply chain and expanding into overseas markets, with investments in core components like batteries and controllers. It plans to launch its first mass-produced sodium battery electric bicycle in January 2025 [3]. - The company is expanding its production scale in Southeast Asia and deepening its retail network, with factories in Indonesia and Vietnam and flagship stores in Thailand and Indonesia [3]. Earnings Forecast - The company is projected to achieve revenues of CNY 37.56 billion, CNY 40.91 billion, and CNY 46.37 billion for 2025, 2026, and 2027 respectively, with net profits of CNY 2.70 billion, CNY 2.93 billion, and CNY 3.38 billion for the same years [8][9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are CNY 0.87, CNY 0.94, and CNY 1.08 respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company 康诺亚 (2162 HK) with a target price adjusted to HKD 57.00, indicating a potential upside of 42.7% from the closing price of HKD 39.95 [2][3][12]. Core Insights - 康诺亚 is expected to achieve sales of RMB 500 million in its first year, driven by multiple competitive advantages such as multi-indication approvals and superior clinical data compared to competitors [3][7]. - The company has a robust cash reserve of RMB 2.16 billion, which is projected to support stable development over the next three years [7]. - The sales growth for 康悦达 (the company's product) is anticipated to be propelled by its approval for multiple indications, a well-established commercialization team, and effective market access strategies [7][8]. Financial Forecasts - Revenue projections for 2025 are set at RMB 689 million, reflecting a decrease of 12.6% from previous estimates, with further declines expected in 2026 and 2027 [6][13]. - The gross profit for 2025 is forecasted at RMB 478 million, with a gross margin of 69.5%, down from 74.4% in prior estimates [6][13]. - The net loss for 2025 is projected to be RMB 870 million, widening from RMB 840 million in the previous forecast [6][13]. Market Position and Strategy - 康诺亚 has established a commercialization team of approximately 300 personnel, effectively covering over 1,100 hospitals across more than 220 cities [7]. - The company is expected to submit applications for additional indications in the first half of 2025, which could further enhance its market presence [7]. - Despite competitive pricing pressures, 康诺亚 is positioned to leverage its superior efficacy data to capture market share [7].

Investment Rating - The report maintains a "Buy" rating for Tencent Music [5] Core Views - The company is expected to see continuous improvement in online music revenue and profit margins due to the growth in paid users and ARPPU [2] - The projected net profits for the years 2024 to 2026 are 66 billion, 76 billion, and 91 billion CNY respectively, with a target price set at 66.89 HKD [2] Financial Performance Summary - For 2024, the company anticipates revenue of 28.4 billion CNY, reflecting a year-on-year growth of 2.3% [12] - The operating profit for 2024 is projected to be 7.35 billion CNY, with a significant year-on-year increase of 53.8% [12] - The net profit attributable to the parent company for 2024 is expected to reach 6.64 billion CNY, marking a 35% increase year-on-year [12] - The gross margin is forecasted to improve to 42.3% in 2024, up from 35.3% in 2023 [12] - The net margin is projected to rise to 23.4% in 2024, compared to 17.7% in 2023 [12] - The return on equity (ROE) is expected to be 10.7% in 2024, increasing from 9.5% in 2023 [12] Revenue Breakdown - Online music service revenue for Q4 is reported at 58.3 billion CNY, showing a year-on-year increase of 16.1% [9] - Social entertainment service revenue for Q4 is 16.3 billion CNY, reflecting a year-on-year decrease of 13% [9] - The company expects total revenue for 2025 to reach 310 billion CNY, representing a year-on-year growth of 9% [9] User Metrics - The monthly active users (MAU) for Q4 stand at 560 million, a decrease of 3.5% year-on-year [9] - The monthly paying users (MPU) reached 120 million, an increase of 13.4% year-on-year [9] - The average revenue per paying user (ARPPU) is reported at 11 CNY per month, with expectations for it to rise to 11.3 CNY in Q1 2025 [9]

港股公司报告 | 公司点评 昆仑能源（00135） 证券研究报告 年报点评：业绩稳健增长，毛差环比 H1 修复 公司发布 2024 年业绩 实现收入人民币 1870.46 亿元，同比+96.92 亿元或 5.5%；股东应占溢利人 民币 59.60 亿元，同比+2.78 亿元或 4.9%；股东应占核心溢利 63.59 亿元， 同比+2.15 亿元或 3.5%。全年分配股息 0.3158 人民币每股，派息率約 43%。 （按照核心利润派发） 公司销气量跑赢行业，毛差较上半年小幅提升 2024 年全国天然气表观消费量保持较快增长，增幅达 8%。公司全年实现 天然气销量 541.70 亿立方米，同比+9.9%，其中实现零售气量 327.57 亿方， 同比+8.1%，分销与贸易约 214 亿方，同比+12.9%。推动优质城燃项目 8 个，累计用户达 1645 万户。2024 年新增多个新能源和新材料用户、建材 用户以及热电用户，带动工业用户销量快速增长。业务布局向增量大、利 润贡献多的中西部省份拓展，西北及西南零售气量分别增长 12%及 19.2%。 按用户类型划分：工业销气量 245.2 亿方，同比+16.5%；商业 ...

Investment Rating - The report maintains a "Strong Buy" rating for BYD Electronics, expecting it to outperform the benchmark index by over 20% in the next six months [11][27]. Core Views - BYD Electronics is projected to achieve steady growth in 2024, with revenue expected to increase by 36.43% year-on-year to 177.306 billion yuan. The growth is driven by strong performance in consumer electronics and automotive electronics, with respective increases of 44.97% and 45.53% [1][11]. - The acquisition of Jabil's mobile manufacturing business is expected to deepen BYD Electronics' engagement with major clients, particularly in the AI terminal market, which is anticipated to benefit the company significantly [3][11]. - The automotive electronics segment is expanding rapidly, with the introduction of advanced driving technologies across BYD's vehicle lineup, supported by the parent company's product diversification [2][11]. Financial Summary - For 2024, total revenue is projected at 177.306 billion yuan, with a year-on-year growth rate of 36.0%. The net profit attributable to shareholders is expected to reach 4.266 billion yuan, reflecting a growth of 5.5% [4][11]. - The earnings per share (EPS) for 2024 is estimated at 1.89 yuan, with a price-to-earnings (P/E) ratio of 20.7 times [4][11]. - The company’s gross margin is expected to decline to 6.94% in 2024, down from 8.03% in 2023, primarily due to changes in product mix [10][11]. Revenue Growth Projections - Revenue is forecasted to continue growing in the following years, with estimates of 203.101 billion yuan in 2025, 229.042 billion yuan in 2026, and 259.181 billion yuan in 2027, reflecting growth rates of 14.5%, 12.8%, and 13.2% respectively [4][13]. - The net profit is projected to increase to 5.715 billion yuan in 2025, 7.085 billion yuan in 2026, and 8.216 billion yuan in 2027, with growth rates of 34.0%, 24.0%, and 16.0% respectively [4][11]. Market Position and Competitive Landscape - BYD Electronics is positioned as a leading platform manufacturing enterprise globally, benefiting from the expansion of its consumer electronics business and the acceleration of AI terminal upgrades [11]. - The company is also enhancing its automotive electronics offerings, with a focus on smart driving and thermal management products, which are expected to see increased demand as the market for electric vehicles grows [2][11].

Investment Rating - The investment rating for the company is maintained as "Buy" [1]. Core Views - The report emphasizes the ongoing adjustments in the study abroad business while highlighting the growth supported by the quality education and training sector [1][7]. - The company is expected to generate revenue of $1.225 billion in Q3 FY25, reflecting a year-on-year growth of 1.5%, with the education business (including cultural tourism) contributing $1.111 billion, a 21% increase [4]. - The report anticipates a decline in net profit attributable to the parent company, projected at $91 million, down 13.2% year-on-year, with a Non-GAAP net profit margin of 7.6%, narrowing by 1.1 percentage points [4]. Summary by Sections Study Abroad Business - The growth rate of the study abroad business has slowed, with revenue from overseas exam training and consulting reaching $310 million, a 16.6% increase, but down 30.1 percentage points from the previous year [5]. - The high-end one-on-one training segment faces challenges due to its premium pricing, and the demand for studying abroad is returning to normal after a surge due to the pandemic [5]. New Business Growth - New business segments, including K9 quality education and learning machine services, are expected to see a 37% year-on-year revenue growth, reaching $332 million [6]. - The company plans to expand its service offerings to meet differentiated demands in primary and secondary education, which is expected to drive rapid growth in new business [6]. Financial Projections - Revenue forecasts for FY25-FY27 have been revised down to $4.96 billion, $6.02 billion, and $7.34 billion, respectively, due to the slowdown in the high-margin study abroad business [7]. - Non-GAAP net profit estimates for FY25-FY27 have also been adjusted to $454 million, $534 million, and $636 million, respectively [7]. - The DCF target price has been lowered to $74.8, corresponding to a PE ratio of 17.3 for FY25 and a PEG ratio of 0.93 [7]. Financial Data - The company’s revenue for FY25 is projected at $4.959 billion, with a year-on-year growth rate of 14.96% [9]. - Adjusted net profit for FY25 is expected to be $454 million, reflecting a growth rate of 19.21% [11]. - The company’s cash and bank deposits are projected to increase to $2.021 billion by FY25 [12].

Investment Rating - The report assigns a "Buy" rating to the company 京能清洁能源 (579 HK) with a target price of HKD 2.46, indicating a potential upside of 20.6% from the current price of HKD 2.04 [1][14]. Core Insights - The company is expected to achieve a net profit of RMB 3.34 billion in 2024, reflecting a year-on-year increase of 6.1%, which is 15% higher than previous expectations. This is attributed to higher-than-expected compensation for shut-down hydropower projects, reduced operational costs for wind and solar projects, and a 7% decrease in financial expenses [6][15]. - The company plans to maintain a generous dividend of RMB 0.14 per share, which is a 2% increase year-on-year [6]. - The company has a total renewable energy capacity target of 21 GW by 2025, with a current construction of 2.1 GW. The ability to meet this target will be assessed in the upcoming half-year report [6][15]. Financial Overview - Revenue projections for the company are as follows: RMB 20.45 billion in 2023, RMB 20.56 billion in 2024, and RMB 21.88 billion in 2025, with a compound annual growth rate (CAGR) of 11% expected from 2024 to 2027 [3][15]. - The net profit is projected to grow from RMB 3.15 billion in 2023 to RMB 4.55 billion in 2027, with a steady increase in earnings per share from RMB 0.37 in 2023 to RMB 0.54 in 2027 [3][15]. - The company maintains a dividend yield of 7.5% for 2025 and 2026, which is considered attractive for investors [6][15]. Operational Data - The company’s installed capacity is expected to grow significantly, with wind power capacity increasing from 5,566 MW in 2023 to 11,958 MW by 2027, and solar power capacity from 3,818 MW to 10,368 MW in the same period [8][9]. - The proportion of wind and solar power in the total energy mix is projected to rise from 64.7% in 2023 to 81.2% by 2027 [8]. Market Position - The company is positioned favorably within the renewable energy sector, with a focus on wind and solar energy, which are expected to dominate its energy production in the coming years [6][15].

➢ 投资建议：中国金茂背靠母公司中国中化，融资成本具备央企优势，随着公 司在一线和核心二线城市获取的项目越来越多，凭借"金玉满堂"的产品力公司 或将在销售端逐渐发力。我们预测 2025-2027 年营收分别达 636.40 亿元 /694.38 亿元/767.90 亿元，归母净利润分别为 15.66 亿元/21.72 亿元/29.81 亿 元，对应 PE 倍数为 9X/7X/5X。维持"推荐"评级。 ➢ 风险提示：城市运营项目再谈判不及预期；销售回暖不及预期；计提减值不 充分风险。 中国金茂（0817.HK）2024 年度业绩点评 归母净利润"止跌回稳"，未来增长可期 2025 年 03 月 26 日 ➢ 事件：2025 年 3 月 25 日，中国金茂（0817.HK）发布 2024 年度业绩，截 至 2024 年 12 月 31 日，公司实现营收 590.53 亿元，同比减少 18%；归母净利 润为 10.65 亿元，较 2023 年度-68.97 亿元的归母净利润回正。 ➢ 城市及物业开发主业保持第一梯队，其他业务实行"盘活存量"。2024 年度， 公司城市及物业开发业务实现销售规模排名行业第 12 位， ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to achieve a revenue of 28.66 billion RMB and a net profit of 6.24 billion RMB in 2024, representing year-on-year growth of 15% and 37% respectively [1] - The company anticipates a revenue growth of 10% to 15% in 2025, driven by an increase in order share and improved production efficiency [5] Revenue and Profitability - In 2024, the company's revenue and net profit are projected to be 28.66 billion RMB and 6.24 billion RMB, with respective year-on-year growth rates of 15% and 37% [1] - The gross margin for 2024 is expected to increase by 3.8 percentage points to 28.1%, primarily due to the recovery of capacity utilization [2] - The net profit margin is projected to rise by 3.5 percentage points to 21.8% in 2024 [2] Orders and Client Base - The company has seen healthy growth in orders from major clients such as Uniqlo, Nike, Adidas, and PUMA, with sales to the top four clients reaching 79.9 billion RMB, 74.0 billion RMB, 50.0 billion RMB, and 27.6 billion RMB respectively in 2024 [3] - Sales in the sports, leisure, underwear, and other categories for 2024 are expected to be 198.0 billion RMB, 72.1 billion RMB, 14.4 billion RMB, and 2.2 billion RMB, with year-on-year growth rates of 10%, 27%, 35%, and 11% respectively [3] Capacity and Production - The company is actively increasing its workforce to meet growing customer demand, with a saturated capacity utilization rate in 2024 [4] - The company is expanding its overseas production capacity, with a new garment factory in Cambodia nearing completion and expected to start hiring in 2025 [4] Financial Projections - The company expects to achieve a net profit of 6.65 billion RMB in 2025, with a projected P/E ratio of 11.5 times based on the current price [5] - The estimated revenue for 2025 is 32.03 billion RMB, reflecting a year-on-year growth rate of 11.8% [6]

Investment Rating - The report maintains a "Buy" rating for 康诺亚 (2162 HK) with a target price adjusted to HKD 57.00, indicating a potential upside of 42.7% from the closing price of HKD 39.95 [2][3][12]. Core Insights - 康诺亚 is expected to achieve sales of RMB 500 million in its first year, driven by multiple competitive advantages including broad indication approvals and superior clinical data compared to competitors [3][7]. - The company anticipates a revenue of RMB 428 million in 2024, representing a 21% year-on-year growth, primarily from collaboration income and initial sales of 康悦达 (司普奇拜单抗) [7]. - Despite facing increased competition, 康诺亚's management is optimistic about the long-term sales growth potential of 康悦达, which has already received approvals for multiple indications [7][8]. Financial Forecasts - Revenue projections for 康诺亚 have been revised downwards for 2025 and 2026, reflecting a more cautious outlook on collaboration income, with expected revenues of RMB 689 million and RMB 1,212 million respectively [6][13]. - The gross profit margin is projected to decline from 69.5% in 2025 to 79.6% in 2026, indicating increased cost pressures [6][13]. - The company is expected to incur a net loss of RMB 870 million in 2025, widening from RMB 515 million in 2024, primarily due to increased R&D and sales expenses [6][13]. Market Position and Strategy - 康诺亚 has established a commercialization team of approximately 300 people, effectively covering over 1,100 hospitals across more than 220 cities, which positions the company well for market penetration [7]. - The company plans to maintain R&D expenses at levels similar to 2024 while increasing sales expenses, indicating a focus on expanding market presence [7]. - 康诺亚's competitive edge is expected to be bolstered by superior efficacy data, which may help it withstand pricing pressures from competitors [7].