Investment Rating - The report maintains a "Buy" rating for Geely Automobile [5] Core Views - Geely's March sales showed significant growth, with total sales reaching 232,200 units, a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. The sales of new energy vehicles reached 119,700 units, up 167.2% year-on-year [7] - The company is expected to launch five new energy models in 2025, enhancing its product matrix across various segments [7] - The target price is set at 20.55 HKD, based on a 15x PE valuation for 2025 [2] Financial Forecasts - The forecasted EPS for 2025-2027 is 1.27, 1.50, and 1.84 CNY respectively, with a target price of 19.05 CNY [2] - Revenue is projected to grow from 179,204 million CNY in 2023 to 414,141 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 16.5% [4][8] - Operating profit is expected to increase from 3,806 million CNY in 2023 to 17,395 million CNY in 2027, with a significant growth rate of 100.8% in 2024 [4][8] Sales Performance - Geely's brand sales in March reached 191,500 units, a year-on-year increase of 62.0% [7] - The Galaxy series saw a remarkable sales increase of 290.3% year-on-year in March [7] - Lynk & Co's sales also grew by 28.6% year-on-year, with the Lynk 900 model set to launch soon [7] Market Position - Geely's market capitalization is approximately 140,685 million HKD, with a total share capital of 1,007,770,000 shares [5] - The company is positioned within the automotive and components industry in China [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][43]. Core Insights - The company is expected to achieve a revenue of 474 million yuan in 2024, representing a year-on-year growth of 52%. The net profit is projected to be 313 million yuan, a significant recovery from a loss of 4.86 billion yuan in 2023, primarily due to a fair value change gain of financial instruments [1][8]. - The revenue from autonomous driving products and solutions is anticipated to reach 438 million yuan in 2024, marking a 58.5% increase, driven by sales to leading domestic car manufacturers and an increase in the number of mass-produced models [10][19]. - The company is actively expanding into the robotics sector, with expectations for chip products and solutions to begin mass shipments in 2025 [3][35]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 41.06%, an increase of 16.4 percentage points year-on-year. The gross margin for autonomous driving products and solutions was 37.4%, up 16.0 percentage points [2][14]. - The company’s total revenue for 2024 is projected at 474 million yuan, with a year-on-year growth of 51.8%. The adjusted operating loss is expected to be 1.304 billion yuan, compared to 1.254 billion yuan in 2023 [8][43]. Product Development and Market Position - The A1000 series chips have been mass-produced and delivered to major car manufacturers such as Geely, Dongfeng, and BYD. The company has achieved nationwide coverage for its high-speed Navigation on Autopilot (NoA) solutions [18][19]. - The company is also focusing on the development of the A2000 chip series, which supports a wide range of autonomous driving scenarios, including urban NoA and fully autonomous Robotaxi applications [31][35]. Future Outlook - The company plans to deepen collaborations with leading automotive manufacturers and explore overseas market opportunities. It aims to enhance its product matrix and application scenarios, particularly in the commercial vehicle sector [29][33]. - The company is expected to continue benefiting from increased demand for intelligent driving chips, with revenue projections for 2025-2027 set at 810 million, 1.27 billion, and 2 billion yuan, respectively [43][44].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.0 HKD, indicating a potential upside of 58% from the current price [1][4][7]. Core Insights - The company achieved a significant revenue growth of 16.7% year-on-year, reaching a total revenue of 202.0 billion RMB in 2024, while the net profit surged by 80.8% to 12.69 billion RMB, marking a record high [2][4]. - A strategic partnership was established with Yushu Technology to explore advancements in embodied intelligence, focusing on robotics and smart manufacturing [1][4]. Sales Performance - In March, the company's total sales reached 98,000 units, reflecting a year-on-year decline of 2.3% but a month-on-month increase of 26% [3]. - The sales breakdown shows a decline in Haval brand sales by 2.5% year-on-year, while WEY brand sales increased by 30.0% [3]. Financial Projections - The financial forecast indicates a projected revenue growth rate of 26% for FY2023, followed by 17% in FY2024, and a net profit growth of 81% for FY2024 [5][11]. - The report outlines a steady gross margin of 20% and a net profit margin of 6% for the upcoming years [5][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) due to important data catalyst nodes approaching and accelerated progress in the "new pipeline" [5] Core Views - The company is expected to experience significant revenue growth driven by the inclusion of its products in the medical insurance directory and the expansion of indications for its drugs [7] - The company has a strong innovation pipeline and increasing commercial clarity in overseas clinical trials, supporting the maintained "Buy" rating [7] Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 34.19 billion, 55.98 billion, and 85.77 billion RMB respectively, with growth rates of 60.98%, 63.71%, and 53.23% [6][8] - The net profit attributable to the parent company is forecasted to be 24 million, 587 million, and 1.343 billion RMB for 2025-2027, with corresponding growth rates of 104.71%, 2323.13%, and 128.90% [6][8] - The company's reasonable equity value is calculated at 100.3 billion HKD based on a DCF method with a perpetual growth rate of 3% and WACC of 8.67% [7]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 2.20, while the closing price is HKD 1.63 [4][6]. Core Insights - The company focuses on the automotive finance sector, with a dual business model of platform and self-operated financing, achieving significant revenue growth in 2024 [2][4]. - In 2024, the company reported a revenue of HKD 9.888 billion, a year-on-year increase of 47.9%, with platform business revenue at HKD 7.894 billion (up 54.9%) and self-operated financing revenue at HKD 1.991 billion (up 25.4%) [2][4]. - The company has seen a structural change in its platform business, with significant growth in the used car segment, which outpaced new car sales [3][55]. Summary by Sections Business Overview - The company was established in 2014 and listed in Hong Kong in 2017, with Tencent as the largest shareholder [2][16]. - It utilizes 4S store channels for customer acquisition and implements differentiated pricing based on customer profiles [2]. Financial Performance - The company achieved a net profit of HKD 810 million in 2024, a 45.9% increase year-on-year [5][17]. - The gross profit margin for the overall business was 46.9%, with the platform business margin at 46.7% [17][36]. Market Position - The company has increased its market share in the used car financing sector, with a market share of 1.78% in 2024, up 0.26 percentage points year-on-year [46][54]. - The new energy vehicle segment has also seen a rise in market share, reaching 1.36% in 2024, an increase of 0.14 percentage points [46][54]. Business Strategy - The company is expanding its customer base by targeting long-tail customers and focusing on localization and electrification trends in the automotive market [57]. - The SaaS business has become a new growth driver, providing technology solutions and enhancing connections between financial and industrial institutions [61]. Future Projections - Revenue projections for 2025-2027 are estimated at HKD 12.209 billion, HKD 14.702 billion, and HKD 17.159 billion, respectively, with corresponding profit estimates of HKD 1.081 billion, HKD 1.213 billion, and HKD 1.415 billion [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 18.0, indicating a potential upside of 58% from the current price of HKD 11.4 [1][4][7]. Core Insights - The company achieved a significant revenue growth of 16.7% year-on-year, with total revenue reaching RMB 202.2 billion in 2024. The net profit attributable to shareholders surged by 80.8% to RMB 12.7 billion, marking a record high [2][4]. - A strategic partnership was established with Yushu Technology to explore advancements in robotics and intelligent manufacturing, focusing on applications in industrial robotics and the integration of off-road vehicles with robotic technology [4]. Sales Performance - In March, the company's total sales reached 98,000 units, reflecting a year-on-year decline of 2.3% but a month-on-month increase of 26%. The Haval brand saw a 2.5% decrease in sales, while the WEY brand experienced a 30% increase [3]. - For the first quarter of 2025, cumulative sales were 257,000 units, down 6.7% year-on-year. The Haval brand's sales fell by 8.4%, while the WEY brand's sales rose by 38.7% [3]. Financial Projections - The report forecasts a revenue growth rate of 26% for FY2023, followed by 17% in FY2024, and a gradual decline to 14% by FY2025. Net profit is expected to rebound significantly in FY2024 with an 81% growth [5][11]. - Key financial metrics include a projected net profit margin of 6% and a return on equity (ROE) of 16% for the upcoming years [5][11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][11][14] Core Insights - The company is the largest mid-priced freshly-made tea store brand in China, with a significant presence in lower-tier cities and towns, holding a market share of 17.7% in the mid-priced segment [5][29][32] - Strong product innovation capabilities are highlighted, with a high repurchase rate of 53% and a successful track record of new product launches [7][54][45] - The company operates the largest cold-chain supply chain in the industry, enabling efficient delivery of fresh ingredients to stores [8][59] - Franchisee profitability is robust, with an average operating profit of RMB 376,000 per store and a profit margin of 20.2% [9][10] - Revenue is projected to grow by 17% year-on-year to RMB 10.3 billion in 2025, driven by the opening of 2,000 new stores [10][15] Financial Data and Earnings Forecast - Revenue and profit forecasts for the company from 2023 to 2027 show significant growth, with adjusted net profit expected to reach RMB 1.9 billion in 2025, a 23% increase year-on-year [4][10][15] - The company’s current P/E ratio is 19x for 2025, with a target price set at HK$21.2, indicating a potential upside of 32% [11][14] Market Position and Competitive Advantage - The company has established a strong market presence in key provinces, achieving critical mass in store networks and leading market share in freshly-made tea drinks [5][56] - The franchise model is a key component of the business strategy, contributing significantly to revenue and profitability [39][40] - The company’s supply chain efficiency, driven by regional densification strategies, enhances its competitive edge in the market [55][56]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6]. Core Views - The company's revenue for 2024 reached 257.673 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to shareholders was 3.351 billion yuan, a decrease of 13.06% due to impairment losses from joint ventures [1]. - The pharmaceutical segment showed strong performance, contributing significantly to gross profit, with revenue from the pharmaceutical business at 46.32 billion yuan, up 6.6% year-on-year [2]. - The company has made progress in state-owned enterprise reforms, enhancing operational efficiency and core competitiveness [4]. - The net profit forecast for 2025-2026 has been adjusted to 4.535 billion yuan and 4.976 billion yuan, respectively, with a recovery expected in 2025 [5]. Revenue and Profit Analysis - In 2024, the company achieved a gross profit of 40.689 billion yuan, a 6.1% increase year-on-year, with an overall gross margin of 15.8% [3]. - The three main business segments contributed to the revenue as follows: pharmaceutical (16.1%), pharmaceutical distribution (80.0%), and retail (3.9%) [2]. Business Segment Performance - The pharmaceutical segment's gross profit was 27.505 billion yuan, reflecting a 7.1% increase year-on-year, while the distribution segment's gross profit was 12.507 billion yuan, up 5.2% [2]. - The retail segment, however, saw a decline in gross profit to 0.625 billion yuan, down 14.7% year-on-year [2]. Strategic Initiatives - The company has successfully introduced strategic investors into its commercial segment, enhancing resource allocation and operational efficiency [4]. - Market-oriented recruitment and performance exit mechanisms have been strengthened, with incentive plans introduced for certain subsidiaries [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a rebound in performance in H1 2025, driven by both volume and price increases, while the sustainability of performance in H2 2025 needs to be monitored [4][5] - The forecast for net profit for 2025-2026 has been revised down from HKD 27.0 billion and HKD 29.0 billion to HKD 19.8 billion and HKD 22.1 billion, respectively, with a new forecast for 2027 at HKD 30.3 billion, representing year-on-year growth of 48.3%, 11.8%, and 36.9% [4] - The current market capitalization corresponds to a PE ratio of 11.3, 10.2, and 7.4 for 2025-2027 [4] Financial Summary and Valuation Indicators - Revenue (million HKD): 2023A: 16,750, 2024A: 18,541, 2025E: 20,261, 2026E: 21,112, 2027E: 23,916, with year-on-year growth rates of -25.1%, 10.7%, 9.3%, 4.2%, and 13.3% respectively [7] - Net Profit (million HKD): 2023A: 907, 2024A: 1,326, 2025E: 1,977, 2026E: 2,210, 2027E: 3,027, with year-on-year growth rates of -64.5%, 45.5%, 48.3%, 11.8%, and 36.9% respectively [7] - Gross Margin (%): 2023A: 16.0, 2024A: 15.7, 2025E: 19.8, 2026E: 20.5, 2027E: 22.5 [7] - Net Margin (%): 2023A: 5.4, 2024A: 7.2, 2025E: 9.8, 2026E: 10.5, 2027E: 12.7 [7] - ROE (%): 2023A: 6.1, 2024A: 8.7, 2025E: 14.0, 2026E: 15.0, 2027E: 19.4 [7] - EPS (diluted/HKD): 2023A: 0.29, 2024A: 0.43, 2025E: 0.63, 2026E: 0.71, 2027E: 0.97 [7] - P/E (times): 2023A: 24.7, 2024A: 16.9, 2025E: 11.3, 2026E: 10.2, 2027E: 7.4 [7]

证 券 研 究 报 告 乐普生物-B（02157.HK）2024 年业绩点评 强推（维持） 营收大幅增长，多款核心产品进入研发晚期 目标价：6.02 港元 事项： 乐普生物发布 2024 年业绩，2024 年公司实现营业收入 3.68 亿元（+63.21%）， 其中：1）普特利单抗销售收入达 3.00 亿元，较 2023 年销售额的 1.01 亿元增 长约 3 倍，2）BD 收入 0.22 亿元，来自 CMG901 里程碑付款，3）CDMO 服 务收入 0.46 亿元；年内亏损 4.24 亿元。2024 年末，公司现金收支实现基本持 平，货币资金余额 4.01 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 368 | 895 | 1,571 | 1,772 | | 同比增速(%) | 63.0% | 143.4% | 75.5% | 12.7% | | 归母净利润(百万) | -411 | -100 | 138 | 1 ...