Investment Rating - The report maintains a "Buy" rating for the company with a target price of $26.5 for US shares and HK$41.3 for Hong Kong shares, indicating a potential upside of 64% and 60% respectively [1][6][9]. Core Insights - The company achieved sustainable profitability one year ahead of previous guidance, with a net profit of $37.73 million in 2024, significantly exceeding market expectations and driving an 8% increase in stock prices [2][4]. - The oncology segment's revenue for 2024 is projected to reach $363.4 million, aligning with prior guidance, driven by strong sales of drugs like furmonertinib and sugemalimab [2][3]. - The next-generation technology platform, ATTC, is set to be a key focus for future R&D, with plans to invest approximately $1.4 billion in cash resources [4][9]. Revenue and Profit Forecast - The company expects oncology segment revenues to reach between $350 million and $450 million in 2025, supported by the expansion of indications for furmonertinib and the approval of sugemalimab in China [3][10]. - The report adjusts net profit forecasts for 2025 and 2026 upwards by 18% and 16% respectively, reflecting changes in milestone revenue predictions and gross margin estimates [9][10]. Financial Metrics - The company reported total revenue of $838 million in 2023, with a projected decline to $630 million in 2024, followed by a gradual increase to $943 million by 2027 [10][11]. - The gross profit margin is expected to improve from 54.1% in 2023 to 53.2% in 2027, indicating a positive trend in profitability [12][13]. Market Sentiment and Future Catalysts - The early achievement of profitability has significantly boosted investor confidence, marking the company as the first biotech firm in China to reach this milestone ahead of schedule [2][4]. - Upcoming catalysts include data releases from ongoing clinical trials and regulatory submissions for various products, which could further influence stock performance [5].

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 1.21 HKD [1][10]. Core Views - The report highlights that the company has accelerated its overseas expansion, which is expected to enhance operational efficiency [1][6]. - The company achieved a revenue of 11.58 billion HKD in 2024, representing a year-on-year growth of 20.5%, while the net profit attributable to shareholders was 0.90 billion HKD, down 6.9% year-on-year [4][7]. - The average Return on Equity (ROE) was 8.1%, a decrease of 2.9% compared to the previous year [4]. Financial Performance - Revenue breakdown for the reporting period includes operating leasing services at 4.62 billion HKD, engineering technical services at 3.75 billion HKD, and asset management and other services at 3.21 billion HKD, with respective year-on-year changes of -10.1%, +26.5%, and +113.0% [5]. - The overall gross margin decreased by 6.5 percentage points to 32.6%, primarily due to a decline in equipment utilization and rental prices [5]. - The company’s capital expenditure reached 7.10 billion HKD, a significant increase of 249.5% year-on-year, with net capital expenditure after sales of second-hand equipment at 4.83 billion HKD, up 847.3% [5]. Strategic Initiatives - The company is diversifying its product matrix and expanding into non-construction sectors, including mining machinery leasing and oil and chemical industries [6]. - The overseas asset management scale has exceeded 2.1 billion HKD, with overseas revenue increasing over 27 times to 0.39 billion HKD, achieving breakeven [6]. - The company is pursuing an "operationally driven" transformation and advancing its "3+3+3" globalization strategy, which is expected to improve operational quality and efficiency [6]. Earnings Forecast - Projected revenues for 2025-2027 are 12.27 billion HKD, 13.46 billion HKD, and 14.84 billion HKD, with net profits of 0.96 billion HKD, 1.07 billion HKD, and 1.20 billion HKD respectively [7]. - The estimated earnings per share (EPS) for the same period are 0.30 HKD, 0.33 HKD, and 0.38 HKD, with corresponding price-to-earnings (PE) ratios of 3.76, 3.37, and 2.99 [7].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Insights - The company achieved a revenue of 14.8 billion yuan in 2024, representing a year-on-year increase of 8.5%, with an adjusted net profit of 624 million yuan, up 29.7% year-on-year [1]. - The company is focusing on market share growth and optimizing operational efficiency, with a significant increase in user engagement and store expansion [3][4]. - The company is actively enhancing its supply chain efficiency and supporting franchisees to improve operational performance [5]. Revenue and Profitability - In 2024, the company reported a gross profit of 3.7 billion yuan, a year-on-year increase of 11.5%, with a gross margin of 25.4%, up 0.7 percentage points [1]. - The adjusted net profit margin for 2024 was 4.2%, reflecting a year-on-year increase of 0.7 percentage points [1]. - For the second half of 2024, the company expects revenue of 7.6 billion yuan, with a slight decrease in adjusted net profit to 266 million yuan [1]. User and Store Growth - By the end of 2024, the total number of stores reached 6,874, with a net increase of 965 stores, marking a 16.3% year-on-year growth [3]. - The number of transaction users increased to 24.1 million, a year-on-year growth of 24.8%, while registered users reached 139 million, up 20.4% [3]. - The company has expanded its presence in key regions, including over 1,000 stores in Guangdong and coverage in major cities [3]. New Energy Vehicle Strategy - The company is accelerating its penetration into the new energy vehicle market, with transaction users for new energy vehicles reaching 2.7 million, a 105% year-on-year increase [4]. - The sales of hybrid engine oil increased by over 270% year-on-year, and the company has established connections with 70,000 charging stations across more than 340 cities [4]. Operational Efficiency - The total operating expenses as a percentage of revenue decreased to 23.6%, down 0.7 percentage points year-on-year [2]. - The company has implemented a support program for franchisees, investing nearly 100 million yuan in 2024 to enhance profitability and operational efficiency [5]. - The company has increased its warehouse density and optimized inventory models, leading to a reduction in fulfillment costs [5].

24 年公司毛利率 62%同减 0.4pct，其中安踏 55%，FILA68%，其他品牌 72%。 24 年公司经营利润 166 亿，OPM 为 23%同减 1.2pct；其中安踏牌经营利润 70 亿，OPM21%同减 1.2pct，FILA 经营利润 67 亿，OPM 为 25.3%同减 2.3pct， 其他品牌经营利润 31 亿，OPM28.6%同增 1.5pct。 港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 领跑体育品牌成长 主品牌经营稳健，新品牌增长强劲 公司发布 24 年业绩公告，全年公司收入 708 亿同增 14%；分品牌看，安 踏牌实现收入 335 亿同增 11%，持续巩固中国运动品牌领导地位。FILA 收 入 266 亿同增 6%，增量赛道维持强劲势头。其他品牌（主要来自迪桑特& 可隆体育）收入 107 亿同增 54%，继续保持高速增长。 公司 24 年归母净利（不含 Amer 一次性利得）119 亿，同增 17%。 平均存货周转日数 123 天同比持平。 安踏持续打造差异化零售新业态 相比过去"千店一面"的零售战略，公司通过发展更多更具针对性的新业 态，例如安踏竞技场级 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 21 年 月 日 万国数据-SW（09698.HK） 国内新签大单，受益于 AI 大趋势 2024 年使用面积进一步增长，收入稳健增长。4Q24 净新增使用面积 增加 14440 平米，其中 14275 平米为内生增长，165 平米为 B-O-T 项 目。全年新增使用面积 47792 平米，期末已使用面积为 45 万平米，同 比增长 11.8%，上架率达到 73.8%。每平方米年度产生收入同比有所 降低。公司 2024 年收入录得 103 亿人民币，同比增长 5.5%，实现稳 健增长。4Q24 收入同比增长 9.1%至 26.9 亿人民币。2024 年公司实 现了 48.76 亿的经调整 EBITDA，同比增长 3%，经调整 EBITDA 利润 率同比降低 1.2pct 至 47.2%。需要特别说明的是，公司原控股子公司 DayOne 完成 B 轮融资后不再并表，倘若考虑 DayOne 在内的合并报 表，2024 年的经调整 EBITDA 达到 51.9 亿，超出指引的 49.5-51.5 亿。 国内新签大单，受益于 AI 大趋势。1） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focused on continuous product strategy advancement, achieving high-quality and stable profit growth. It offers a one-stop platform for home care, personal care, and pet products, covering various segments with seven core brands [3][4] - In the first half of 2024, the company reported revenue of 1.249 billion yuan, a year-on-year increase of 10.3%, and a net profit of 176 million yuan, up 29.6% year-on-year. The offline channel grew by 12.2%, while online revenue increased by 10.7%, with new e-commerce channels experiencing a remarkable growth rate of 300% [3][4] - The company signed a strategic cooperation agreement with Yangnong Chemical, marking the start of its fourth five-year strategic partnership, aimed at enhancing product quality and expanding its pet store network [3][4] Summary by Sections Financial Performance - The company achieved a revenue of 1.616 billion yuan in 2023, with projections of 1.813 billion yuan in 2024, 2.002 billion yuan in 2025, and 2.194 billion yuan in 2026, reflecting year-on-year growth rates of 12% for 2024 and 10% for 2025 and 2026 [9][10] - The net profit for 2023 was 175 million yuan, expected to rise to 213 million yuan in 2024, 237 million yuan in 2025, and 262 million yuan in 2026, with growth rates of 22% for 2024 and 11% for the following years [9][10] - The company maintains a strong cash flow with cash and cash equivalents totaling 2.665 billion yuan [3] Product Strategy - The company has successfully launched several products that have gained popularity, such as the Super We mosquito repellent spray and the Weiwang pine wood orange fragrance toilet cleaner, both achieving top rankings on platforms like Douyin [4][6] - The company is actively enhancing its product offerings across various segments, including high-end natural home cleaning products and innovative pet food solutions [4][6] Market Position - The company is recognized as a leading platform in China for multi-category home care, personal care, and pet products, with a significant focus on expanding its offline pet store presence [7][9] - The strategic initiatives and product innovations are expected to drive the company's growth trajectory, establishing a second growth curve through the pet business [7][9]

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 整体表现：收入利润均超出 BBG 一致预期，24Q4 收入 1090 亿元 (yoy+48.8%)，超 BBG 预期 4.4%；Non-GAAP 净利润 83.2 亿元 (yoy+69.4%)，超 BBG 预期 27.2%； | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved profitability in 2024 with total revenue of $630 million, driven by strong sales of its core product, furmonertinib, which exceeded expectations [6] - The global sales of furmonertinib surpassed $400 million, with overseas sales reaching $291 million (up 1825% year-on-year) and domestic sales at $115 million (up 7% year-on-year) [7] - The company expects a combined revenue from oncology/immunology business in 2025 to be between $350 million and $450 million [7] - The company has adjusted its net profit forecasts for 2025-2027, projecting net profits of $2.383 billion, $797 million, and $961 million respectively [6] Financial Summary - In 2024, the company reported a net profit of $38 million, marking a return to profitability [6] - The company's operating income for 2024 was $452 million, with a year-on-year decrease of 23.8% [11] - The projected earnings per share (EPS) for 2025 is $2.7, with a price-to-earnings (P/E) ratio of 8.8 [11] - The company has significantly reduced its R&D, sales, and management expenses in 2024, with respective decreases of 29.8%, 7.55%, and 20.0% [7] Product Development - The SAVANNAH Phase II study results for savolitinib showed promising outcomes, with an overall response rate (ORR) of 56% [8] - The company plans to submit a new drug application for savolitinib for MET amplified gastric cancer in the second half of 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 5.09 billion RMB for 2024, representing a year-on-year increase of 53.9%, while the net profit attributable to shareholders was 480 million RMB, a decrease of 6.3% [1] - The growth is primarily driven by the rapid expansion of diverse social products powered by AI technology, alongside the consolidation of Blue City Brothers and Land of Glory Ltd. starting from Q3 2023 [1] - The company plans to repurchase shares with a budget of up to 200 million HKD over the next two years [1] Summary by Sections Social Business - The social business segment generated 4.63 billion RMB in revenue for 2024, marking a 58.1% increase [2] - The company has successfully developed a diverse product matrix, including MICO, YoHo, TopTop, and SUGO, which collectively form a "bush" of social products [2] - SUGO's revenue increased by over 200% year-on-year, with average monthly revenue surpassing 10 million USD, making it the second product to reach this milestone [2] Innovative Business - The innovative business segment achieved a revenue of 460 million RMB in 2024, reflecting a 21.3% growth [3] - The flagship game "Alice's Dream: Merge Games" has entered a profitable phase, contributing significantly to the company's revenue [3] - The social e-commerce business has seen substantial growth through user demand exploration and product category expansion [3] AI Integration - The company has enhanced its research and development efficiency by implementing AI tools, significantly shortening product development cycles [4] - The proprietary multi-modal algorithm model Boomiix has improved product social efficiency and user payment willingness, leading to a more than 20% increase in SUGO's ARPU by year-end [4] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been adjusted to 884 million, 1.02 billion, and 1.19 billion RMB, respectively, with increases of 13.9% and 12.1% for 2025 and 2026 [5] - The target price is set at 8.87 HKD, corresponding to a 13X PE for 2025, reflecting a valuation premium due to cost reduction and efficiency improvements [5]

证券研究报告·海外公司点评·纺织及服饰(HS) 安踏体育（02020.HK） 2024 年业绩点评：新业态引领市场，看好 25 年延续增势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62356 | 70826 | 78173 | 86079 | 94239 | | 同比(%) | 16.23 | 13.58 | 10.37 | 10.11 | 9.48 | | 归母净利润（百万元） | 10236 | 15596 | 13232 | 14763 | 16431 | | 同比(%) | 34.86 | 52.36 | (15.16) | 11.57 | 11.30 | | EPS-最新摊薄（元/股） | 3.65 | 5.56 | 4.71 | 5.26 | 5.85 | | P/E（现价&最新摊薄） | 23.50 | 15.43 | 18.18 | 16.30 | 14.64 | [Table_Tag] ...