Investment Rating - The report assigns a rating of "Buy" for the company, expecting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [19]. Core Insights - The company's beer business is steadily progressing towards high-end products, while the white liquor segment is experiencing counter-cyclical growth [1][10]. - For 2024, the company achieved total revenue of 38.635 billion yuan, a year-on-year decrease of 0.8%, and a net profit attributable to shareholders of 4.739 billion yuan, down 8% year-on-year [3][9]. - The company is expected to see revenue growth rates of 6%, 5%, and 4% for 2025, 2026, and 2027 respectively, with net profit growth rates of 9%, 8%, and 8% for the same years [6][9]. Summary by Sections Beer Business - In 2024, the company sold 10.874 million tons of beer at a price of 3,355 yuan per ton, reflecting a year-on-year decrease of 2.5% in volume but an increase of 1.5% in price. High-end beer sales grew over 9% year-on-year, with Heineken close to 20% growth [4][5]. - The company is expanding its distribution channels, including partnerships with instant retail platforms, resulting in over 30% growth in online GMV [4]. White Liquor Business - The white liquor segment generated revenue of 2.149 billion yuan in 2024, a year-on-year increase of 4%, with a gross margin improvement of 5.6 percentage points to 68.5% [5]. - The brand "摘要" saw a sales increase of 35%, contributing over 70% to the white liquor revenue, driven by strong brand building and inventory management [5]. Financial Performance - The overall gross margin for the company improved to 42.6%, up 1.3 percentage points year-on-year. The EBITDA margin was 20.9%, reflecting a 0.7 percentage point increase [6]. - The company plans to distribute a total dividend of 0.76 yuan per share for 2024, with a payout ratio of 52% [6]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 40.904 billion yuan, 42.758 billion yuan, and 44.588 billion yuan respectively, with corresponding net profits of 5.145 billion yuan, 5.574 billion yuan, and 6.031 billion yuan [9][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The report highlights a turning point in the company's atomization business and expresses optimism about the future of its HNB (Heated Not Burned) business [1]. - The company reported a total revenue of 11.8 billion RMB for 2024, representing a year-on-year increase of 5.3%. However, net profit decreased by 20.8% to 1.3 billion RMB, with a net profit margin of 11.0% [4][6]. Summary by Sections Financial Performance - In 2024, the company's revenue was 11.8 billion RMB, with a gross margin of 37.4%, down 1.3 percentage points from the previous year. The net profit was 1.3 billion RMB, reflecting a decrease of 20.8% year-on-year [4][6][7]. - The company declared a final dividend of 0.05 HKD per share as of December 31, 2024 [4]. Revenue Breakdown - The self-owned brand business saw significant growth, with revenue reaching 2.48 billion RMB, up 34.0% year-on-year. Notably, revenue from Europe and other regions for electronic atomization products was 2.02 billion RMB, up 37.2% [6]. - Revenue from enterprise client business was 9.32 billion RMB, slightly down by 0.3%. The report anticipates that increased regulatory enforcement in the U.S. will enhance market share for compliant products [6]. Research and Development - The company maintained a high R&D expenditure, amounting to 1.57 billion RMB, which is 13.3% of total revenue. This includes 1.03 billion RMB for electronic nicotine delivery systems [6][7]. - Sales and distribution expenses rose significantly by 74.7% to 920 million RMB, attributed to increased marketing efforts for self-owned brands globally [6]. Future Projections - The company is projected to achieve revenues of 13.13 billion RMB in 2025, 15.27 billion RMB in 2026, and 17.54 billion RMB in 2027, with growth rates of 11%, 16%, and 15% respectively [9][10]. - Expected net profits for 2025, 2026, and 2027 are 1.63 billion RMB, 2.15 billion RMB, and 2.64 billion RMB, with growth rates of 25%, 32%, and 23% respectively [9][10].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Insights - The company reported total revenue of $4.28 billion in 2024, a year-on-year increase of 1.6%, and a net profit attributable to the parent company of $62 million, up 68% year-on-year [6]. - North America showed signs of profit recovery, with an EBITDA margin of 8.1%, an increase of 2.3 percentage points year-on-year, while the Asia-Pacific region's revenue grew by 10% [6]. - The company has secured multiple cutting-edge technology contracts, including steer-by-wire and rear-wheel steering systems, which are expected to enhance market expansion [6]. Financial Data and Forecasts - Revenue projections for 2025-2027 are $4.48 billion, $4.76 billion, and $5.11 billion respectively, with year-on-year growth rates of 4.7%, 6.2%, and 7.5% [7][9]. - Net profit forecasts for the same period are $147 million, $169 million, and $193 million, reflecting significant growth rates of 138.3%, 14.9%, and 14.0% respectively [9]. - The company’s gross margin is expected to improve from 10.5% in 2024 to 12.6% by 2027 [7]. Regional Performance - North America is projected to generate revenues of $2.24 billion in 2025, with a modest growth rate of 2% [7]. - The Asia-Pacific region is expected to see revenues rise to $1.50 billion in 2025, maintaining a robust growth rate of 12% [7]. - The Europe, Central Asia, and South America region is forecasted to have revenues of $732 million in 2025, with a slight growth of 2% [7]. Valuation and Price Target - The company is assigned a price-to-earnings (P/E) ratio of 15-17x for 2025, leading to a fair value range of HKD 6.84 to HKD 7.75 [6][8]. - The price-to-sales (P/S) ratio is estimated at 1.0-1.2x for 2025, corresponding to a fair value range of HKD 13.92 to HKD 16.70 [6][8].

Investment Rating - The investment rating for ZTO Express is "Buy" [1] Core Views - ZTO Express reported an adjusted net profit of 10.2 billion yuan for 2024, representing a year-on-year increase of 12.7% [2] - The company achieved operating revenue of 44.281 billion yuan in 2024, up 15.3% year-on-year, with Q4 2024 revenue reaching 12.92 billion yuan, a 21.7% increase year-on-year [2] - The report emphasizes ZTO's leading market share in the express delivery industry, with a focus on maintaining and enhancing its competitive position [5][7] Financial Summary - In 2024, ZTO Express's adjusted net profit was 10.2 billion yuan, with a year-on-year growth of 12.7% [2] - The operating revenue for 2024 was 44.281 billion yuan, reflecting a 15.3% increase compared to the previous year [2] - The company’s express delivery volume reached 34 billion pieces in 2024, marking a 12.6% year-on-year increase, maintaining a market share of approximately 19.4% [3] - The average revenue per package was 1.20 yuan, up 2.5% year-on-year, with Q4 2024 showing an increase to 1.24 yuan, a rise of 11.0% year-on-year [4] - The average cost per package decreased to approximately 0.68 yuan, down 6.0% year-on-year, with significant improvements in operational efficiency [4] Operational Insights - ZTO Express aims to achieve a business volume of approximately 40.8 billion to 42.2 billion pieces in 2025, targeting a year-on-year growth of 20% to 24% [5] - The company is focusing on service quality, business volume, and profit as its three main priorities for 2025 [5] - The report highlights the ongoing growth potential in the express delivery industry, driven by the expansion of e-commerce and changing consumer behaviors [6][7] Profit Forecast and Valuation - The forecast for adjusted net profit for ZTO Express from 2025 to 2027 is 10.44 billion yuan, 11.78 billion yuan, and 13.51 billion yuan, with respective year-on-year growth rates of 3.58%, 12.81%, and 14.73% [8] - The report maintains a "Buy" rating based on ZTO's strong market position and expected steady growth in volume and profit [8]

Investment Rating - The investment rating for BOSS Zhipin is "Buy" with a target price of HKD 98.01, reflecting an upward adjustment based on a valuation of 25x PE for 2025, which is above the industry average [2][4]. Core Insights - The company has shown steady market share growth, with AI and specific job sectors gradually improving in demand. The implementation of AI-related products is expected to contribute to incremental revenue [4][11]. - The financial performance for Q4 2024 exceeded expectations, with revenue reaching RMB 1.824 billion, a year-on-year increase of 15.4%. The adjusted net profit was RMB 722 million, up 14.92% [11]. - The company has adjusted its projected net profits for 2025 and 2026 to RMB 3.299 billion and RMB 3.998 billion, respectively, reflecting a slight downward revision due to increased expenses [4][11]. Financial Summary - Revenue growth from 2021 to 2024 shows a significant increase, with 2024 projected revenue at RMB 7.356 billion, representing a 24% increase year-on-year. The adjusted net profit for 2024 is expected to be RMB 2.710 billion, a 25.72% increase [7][11]. - The company has maintained effective cost control, with a decrease in sales and R&D expense ratios, contributing to a 27% growth in operating profit [11]. - The blue-collar market has expanded, with blue-collar revenue accounting for 38% of total revenue in Q4 2024, indicating a shift in market dynamics [11].

[Table_Industry] 金融 [Table_Invest] 评级： 增持 ——众安在线 2024 年年报业绩点评 本报告导读： 公司 24 年净利润同比 105.4%（剔除同期众安国际并表影响），预计主要得益于承保 盈利贡献，投资收益提振，科技及银行盈利改善。维持"增持"。 投资要点： 催化剂：资本市场回暖。 利润显著改善，AI 打造增长曲线 众安在线(6060) | [table_Authors] 刘欣琦(分析师) | 李嘉木(分析师) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 13.82 | | 021-38676647 | 021-38038619 | | | | liuxinqi@gtjas.com | lijiamu026075@gtjas.com | [Table_Market] | | | 登记编号 S0880515050001 | S0880524030003 | 交易数据 | | 风险提示：长端利率下行；赔付率提升；虚拟银行盈利不及预期。 -26% -8% 10% 27% 45% 63% ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 44.00, indicating a potential upside of 84.1% from the current price of HKD 23.90 [2][3][10]. Core Insights - The company is expected to achieve profitability again in 2024, driven by strong overseas sales of Furmonertinib and effective cost control measures. The focus for 2025 will be on the NDA submission for SAVANNAH in the U.S. and the progress of new product approvals in mainland China [3][7]. - Despite a decline in one-time collaboration income, the company has managed to maintain a positive outlook due to robust sales performance and cost management [3][7]. - The company’s revenue for 2025 is projected at USD 708 million, with a slight decrease from previous estimates, while net profit is expected to rise significantly to USD 452 million, reflecting a 15% increase from prior forecasts [6][12]. Financial Projections - Revenue and profit forecasts for 2025-2027 show a slight downward adjustment of 1-4% for revenue, but an increase in net profit projections due to ongoing cost control efforts [7][12]. - The company anticipates oncology and immunology revenue to reach USD 350-450 million in 2025, with a projected growth of over 30% in product market sales [7]. - The DCF model estimates the company's equity value at approximately USD 4.916 billion, translating to a per-share value of HKD 44.00 [8][12]. Market Performance - The stock has shown a year-to-date increase of 5.99%, with a 52-week high of HKD 34.70 and a low of HKD 20.25 [5][11]. - The report highlights the significant growth in oncology product revenue, which increased by 65% year-on-year, primarily due to the strong market performance of Furmonertinib [7][12].

Investment Rating - The investment rating for ZTO Express (2057.HK) is "Buy" [1] Core Views - The report highlights ZTO Express's strong market position, with a leading market share of approximately 19.4% in the express delivery sector, despite a slight year-on-year decline of 1.5% [3][5] - The company achieved an adjusted net profit of 10.2 billion yuan in 2024, representing a year-on-year increase of 12.7% [2][4] - ZTO Express is expected to maintain robust growth, with projected business volume for 2025 estimated between 40.8 billion and 42.2 billion pieces, reflecting a year-on-year growth of 20% to 24% [5][7] Financial Performance - In 2024, ZTO Express reported total revenue of 44.281 billion yuan, a year-on-year increase of 15.3% [2][9] - The adjusted net profit for 2024 was 10.15 billion yuan, with a quarterly performance in Q4 showing a revenue of 12.92 billion yuan, up 21.7% year-on-year [2][4] - The company’s single-piece express revenue increased by 2.5% year-on-year to 1.20 yuan, with Q4 showing a more significant increase of 11.0% to 1.24 yuan [3][4] Operational Metrics - ZTO Express handled 34 billion pieces in 2024, marking a year-on-year growth of 12.6% [3][5] - The company’s single-piece express cost decreased by 6.0% year-on-year to approximately 0.68 yuan, benefiting from economies of scale and improved route planning [4] - The adjusted net profit per single piece remained stable at 0.30 yuan for the year, with Q4 showing an increase of 11.2% to 0.28 yuan [4] Market Outlook - The express delivery industry is expected to continue growing, with an estimated industry volume growth of 10-15% in 2025 [7] - ZTO Express is well-positioned to enhance its market share and profitability, supported by its scale and management advantages [8] - The report anticipates that ZTO Express will achieve adjusted net profits of 10.44 billion yuan, 11.78 billion yuan, and 13.51 billion yuan for 2025, 2026, and 2027, respectively, indicating a steady growth trajectory [8][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 21% based on a target market capitalization of 34.7 billion HKD for 2025 [6][12]. Core Insights - The company achieved a revenue of 8.12 billion CNY in 2024, representing a year-on-year growth of 16%. However, it reported a net loss of 210 million CNY primarily due to goodwill impairment of 1.1 billion CNY from New Classics Media [1][6]. - Adjusted net profit, excluding the impact of goodwill impairment, was 1.14 billion CNY, showing a slight increase of 1% year-on-year [1][6]. - The online reading business stabilized with a revenue of 4.03 billion CNY in 2024, marking a 2% increase, while the paid reading segment grew by 3% [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 7.012 billion CNY - 2024: 8.121 billion CNY - 2025E: 8.164 billion CNY - 2026E: 8.591 billion CNY - 2027E: 9.056 billion CNY - Adjusted net profit forecasts are: - 2023: 1.13 billion CNY - 2024: 1.14 billion CNY - 2025E: 1.28 billion CNY - 2026E: 1.42 billion CNY - 2027E: 1.56 billion CNY [3][7]. Business Developments - New Classics Media's goodwill risk has been released, with a reported net profit of 340 million CNY in 2024, the lowest in 19 years, due to poor box office performance affecting overall results [6]. - The company plans to focus on high-quality content, which may extend the development cycle of new projects and increase production costs, leading to a decline in profit expectations over the next few years [6]. - The derivative products and other copyright operations have shown positive progress, with a revenue increase of 36% in 2024, excluding New Classics Media [6].

——安踏体育（2020.HK）2024 年业绩点评 买入（维持） 当前价：93.15 元港币 2025 年 3 月 20 日 公司研究 24 年主营业绩健康增长，多品牌龙头优势继续凸显 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 28.07 | | --- | --- | | 总市值(亿港元)： | 2614.92 | | 一年最低/最高(港元)： | 65.55/107.50 | | 近 3 月换手率： | 40.9% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/0 ...