Investment Rating - The report maintains an "Outperform" rating for the company [2][11]. Core Insights - The company reported a revenue of RMB 2.13 billion in 2024, a decrease of 53.1%, primarily due to a reduction in licensing revenue, while commercial sales revenue increased by 24.9% to RMB 2.00 billion [3][16]. - The company has effectively managed costs, with a significant decline in expense ratios, leading to a narrowed operating net loss of RMB 660 million, down 16.7% year-over-year [4][18]. - The clinical pipeline is advancing steadily, with key programs such as Cadonilimab and Ivonescimab making progress in various clinical trials [5][19]. Financial Performance - Revenue projections for 2025-2027 are RMB 3.41 billion, RMB 5.45 billion, and RMB 7.31 billion, reflecting year-over-year growth of 60% and 34% in subsequent years [11][34]. - The company is expected to turn a profit in 2025, achieving a net profit of RMB 50 million [11][34]. - The gross profit margin is projected to remain high, with estimates of 92.3% in 2025 and 92.9% in 2027 [15]. Clinical Pipeline Progress - Cadonilimab is involved in multiple clinical trials, including adjuvant treatment for hepatocellular carcinoma and combination therapies for non-small cell lung cancer [5][19]. - Ivonescimab is also progressing in various trials, including first-line treatments for biliary tract cancer and head and neck squamous cell carcinoma [20][23]. - The company has several NDA/sNDA approvals expected in 2025, which could significantly impact revenue and market position [9][25]. Cost Management - The company has demonstrated excellent cost management, with R&D expenses decreasing by 5.3% due to the transition of certain clinical research services to in-house execution [4][18]. - Selling expenses grew at a lower rate than commercial sales revenue, resulting in a decline in the selling expense ratio by 5.5 percentage points [4][18]. Valuation - The target price has been adjusted to HKD 96.6 per share based on a DCF model, reflecting a WACC of 10.0% and a perpetual growth rate of 3.0% [11][34].

2025 年 04 月 08 日 王睿哲 C0062@capital.com.tw 目标价(HKD) 75 公司基本资讯 | 产业别 | 美容护理 | | --- | --- | | H 股价(2025/04/07) | 60.90 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 72.8/35.7 | | 总发行股数(百万) | 1,035.90 | | H 股数(百万) | 1,035.90 | | H 市值(亿元) | 630.87 | | 主要股东 | 范代娣 (57.32%) | | 每股净值(元) | 6.91 | | 股价/账面净值 | 8.81 | | 一个月 三个月 | 一年 | | 股价涨跌(%) -12.12% 26.88% 46.25% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-09-26 | 39.95 | 买进 | | 产品组合 | | | --- | --- | | 功效性护肤品 | 78.6% | | 医用敷料 | 23.3% | | 保健品及其他 | 0 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [14]. Core Insights - The company achieved a total revenue of 14,024 million HKD in 2024, reflecting a year-on-year growth of 7.5%, while the net profit attributable to shareholders reached 1,511 million HKD, up by 12.5% [3][5]. - The improvement in profitability is attributed to an increase in property management area and enhanced value-added services, with the gross profit margin rising from 15.9% to 16.6% [5][9]. - The company proposed a dividend of 0.095 HKD per share, an increase from 0.085 HKD in 2023, indicating a commitment to shareholder returns [3][5]. Revenue Performance - The company reported a main business revenue of 14,024 million HKD for 2024, with a year-on-year growth rate of 7% projected for 2025 [2]. - The net profit attributable to shareholders is forecasted to grow from 1,511 million HKD in 2024 to 1,870 million HKD by 2026, reflecting a steady growth trajectory [2][9]. Business Segments - The property management area increased to 431 million square meters, a 7.4% growth year-on-year, with third-party project area contributing 39.4% [7]. - The revenue from property management services rose to 76.1% of total revenue, up from 72.1% in 2023, indicating a strategic focus on core business [7]. Value-Added Services - The non-residential value-added services revenue decreased by 14.7% year-on-year to 1,829 million HKD, while residential value-added services revenue grew by 7.2% to 1,385 million HKD, maintaining its share of total revenue [8][9]. - The company is actively optimizing its service structure in response to the downturn in the real estate sector [8]. Financial Projections - The earnings per share (EPS) is projected to increase from 0.46 HKD in 2024 to 0.63 HKD by 2027, reflecting a consistent growth outlook [2][9]. - The price-to-earnings (P/E) ratio is expected to decline from 9.9 in 2025 to 7.2 by 2027, indicating potential undervaluation [2][9].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has optimized its diversified business structure, resulting in stable revenue and profit performance. In 2024, the company achieved revenue of 3.671 billion yuan, a year-on-year increase of 1.2%, with an adjusted net profit of 1.251 billion yuan, reflecting a significant year-on-year increase of 120% [2][6] - The gaming and streaming segments have shown substantial growth, with gaming revenue reaching 1.992 billion yuan, a year-on-year increase of 346%, and online streaming and advertising revenue at 1.516 billion yuan, up 63% [2][6] - The company has successfully launched several films that received positive market feedback, contributing to its content production segment despite a challenging market environment [2] Financial Performance Summary - In 2024, the company reported total revenue of 3.671 billion yuan, with a gross margin of 52% and an adjusted net profit of 1.251 billion yuan [2][7] - The company expects revenue growth to continue, projecting revenues of 4.865 billion yuan, 6.121 billion yuan, and 7.025 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 1.545 billion yuan, 1.817 billion yuan, and 2.115 billion yuan for the same years [7][8] - The company’s financial ratios indicate a projected PE of 22.1, 18.8, and 16.2 for 2025, 2026, and 2027 respectively, suggesting a favorable valuation trend [7][8] Business Segment Analysis - The content production segment generated revenue of 127 million yuan, a decrease of 94% year-on-year, while the online streaming and advertising segment saw significant growth [2][6] - The gaming segment has been a major driver of revenue, with the successful launch of games leading to a substantial increase in income [6] - The company is actively embracing AI technology to enhance content personalization and expand its market reach through self-produced short dramas [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][14] Core Views - The company achieved a revenue of 16.342 billion RMB in 2024, representing a year-on-year growth of 8.5%, while the net profit attributable to shareholders was 1.474 billion RMB, up 6.8% year-on-year [5][7] - The company is focusing on cost reduction and efficiency improvement while expanding the quality of its services [4][6] - The company proposed a final dividend of 1.332 RMB per share, increasing the payout ratio from 40% to 50% of net profit attributable to shareholders [7][11] Revenue Performance - The company reported a revenue of 16.342 billion RMB for 2024, with a year-on-year growth rate of 8% projected for 2025 and 2026 [4][8] - The revenue increase was primarily driven by the continuous expansion of property management services [7][10] Profitability Metrics - The gross profit margin slightly declined from 19.61% in 2023 to 18.26% in 2024, with specific service segments experiencing varying degrees of margin compression [7][10] - The net profit margin for 2024 was 9.0%, with a projected decline in return on equity (ROE) from 16% in 2024 to 13.2% by 2027 [4][13] Business Segmentation - The property management service segment generated 11.675 billion RMB in revenue, reflecting a 15% year-on-year increase, while non-owner value-added services saw a revenue decline of 6.4% [8][10] - The company secured new third-party project contracts worth 3.005 billion RMB in 2024, with a significant portion of its managed area coming from third-party projects [8][10] Future Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 2.88 RMB and 3.09 RMB, respectively, with a new forecast for 2027 set at 3.33 RMB [10][13]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [15]. Core Insights - The company achieved a total revenue of HKD 14.024 billion in 2024, representing a year-on-year growth of 7.5%, while the net profit attributable to shareholders reached HKD 1.511 billion, up 12.5% year-on-year [4][6]. - The company plans to distribute a dividend of HKD 0.095 per share, an increase from HKD 0.085 per share in 2023, reflecting a commitment to enhancing shareholder returns [4][6]. Revenue and Profitability - The company's revenue growth is attributed to an increase in property management area and the expansion of value-added services [6]. - The gross profit margin improved from 15.9% to 16.6% due to cost-saving measures and better management of loss-making projects [6]. - The company’s core property management business is expected to maintain steady growth, with projected revenues of HKD 15.426 billion in 2025 and HKD 16.814 billion in 2026 [10]. Business Operations - The managed area increased to 431 million square meters, a 7.4% year-on-year growth, with third-party project contributions accounting for 39.4% of this area [8]. - The company signed new contracts worth HKD 4.441 billion during the reporting period, including notable projects in Beijing, Chengdu, and Hong Kong [8]. Value-Added Services - The company’s non-residential value-added services revenue decreased by 14.7% year-on-year to HKD 1.829 billion, while residential value-added services revenue grew by 7.2% to HKD 1.385 billion [9]. - The proportion of non-residential services in total revenue fell from 16.5% in 2023 to 13.0% in 2024, indicating a shift in service focus due to market conditions [9]. Financial Projections - The report projects earnings per share (EPS) of HKD 0.51 for 2025 and HKD 0.57 for 2026, with a long-term outlook for EPS to reach HKD 0.63 by 2027 [10]. - The net asset return rate is expected to decline from 37% in 2023 to 21% by 2027, reflecting the anticipated market challenges [3].

2025 年 4 月 8 日 沈嘉婕 | H70455@capital.com.tw | | | --- | --- | | 目标价(港币) | 17.3 | 公司基本资讯 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/04/07) | | 13.42 | | 恒生指数(2025/04/07) | | 19,828.3 | | 股价 12 个月高/低 | | 18.98/7.47 | | 总发行股数(百万) | | 10,077.39 | | H 股数(百万) | | 10,077.39 | | H 市值(亿元) | | 1,352.39 | | | 浙江吉利控股集 | | | 主要股东 | | 团有限公司 | | | | (39.94%) | | 每股净值(元) | | 8.61 | | 股价/账面净值 | | 1.56 | | 一个月 | 三个月 一年 | | | 股价涨跌(%) -24.86% | -5.36% 49.40% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2024-1 ...

2025 年 4 月 8 日 沈嘉婕 | H70455@capital.com.tw | | | --- | --- | | 目标价(港币) | 17.3 | 公司基本资讯 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/04/07) | | 13.42 | | 恒生指数(2025/04/07) | | 19,828.3 | | 股价 12 个月高/低 | | 18.98/7.47 | | 总发行股数(百万) | | 10,077.39 | | H 股数(百万) | | 10,077.39 | | H 市值(亿元) | | 1,352.39 | | | 浙江吉利控股集 | | | 主要股东 | | 团有限公司 | | | | (39.94%) | | 每股净值(元) | | 8.61 | | 股价/账面净值 | | 1.56 | | 一个月 | 三个月 一年 | | | 股价涨跌(%) -24.86% | -5.36% 49.40% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2024-1 ...

2025 年 04 月 08 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(港币) | 34 | 公司基本资讯 | 产业别 | 商贸零售 | | --- | --- | | H 股价(2025/04/07) | 29.05 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 51.12/24.6 | | 总发行股数(百万) | 1,251.34 | | H 股数(百万) | 1,251.34 | | H 市值(亿元) | 363.51 | | 主要股东 | 杨云云(62.7%) | | 每股净值(元) | 8.25 | | 股价/帐面净值 | 3.52 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -23.17 -43.17 -23.04 | 近期评等 | | | 产品组合 | 名创优品 | 94.2% | | --- | --- | | TOPTOY | 5.8% | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c ...

Investment Rating - The report maintains a "Buy" rating for Longyuan Power [2][7][17] Core Views - The company reported a revenue of 37.07 billion RMB for 2024, a decrease of 2.6% year-on-year, while the net profit attributable to shareholders was 6.425 billion RMB, a slight increase of 0.2% [7] - The company plans to distribute a final dividend of 0.2278 RMB per share, resulting in a dividend payout ratio of 30% based on the net profit [7] - Longyuan Power's wind power segment faced challenges with a decrease in utilization hours, but the recovery in electricity prices and reduced impairment losses contributed to positive growth in the segment's performance [7] - The photovoltaic segment saw significant growth in installed capacity, but faced challenges due to increased fixed asset impairments [7] - The company is transitioning to a pure renewable energy enterprise by divesting its thermal power assets [7] - Longyuan Power plans to start new renewable energy projects with a total capacity of 5GW in 2025, indicating strong growth potential [7] Financial Data and Profit Forecast - Revenue projections for Longyuan Power are as follows: 35.703 billion RMB in 2025, 38.176 billion RMB in 2026, and 40.332 billion RMB in 2027, with respective growth rates of -4%, 7%, and 6% [6] - The net profit attributable to shareholders is forecasted to be 7.132 billion RMB in 2025, 7.536 billion RMB in 2026, and 8.046 billion RMB in 2027, with growth rates of 11%, 6%, and 7% respectively [6] - The earnings per share are projected to be 0.85 RMB in 2025, 0.90 RMB in 2026, and 0.96 RMB in 2027 [6] - The price-to-earnings ratio is expected to decrease from 7.1 in 2023 to 5.8 in 2027, indicating a potentially undervalued stock [6]