Investment Rating - The report does not specify a clear investment rating for the company [1] Core Insights - The company reported a revenue of 39.43 million HKD for 2024, with a net loss of 798.13 million HKD, which is an increase of 50 million HKD compared to the previous year [7] - The core product, CT053 (赛恺泽), received approval for market launch, with 154 orders received from 华东医药 as of December 31, 2024 [7] - CT041, a CAR-T candidate for advanced gastric cancer, achieved its primary endpoint in a confirmatory Phase II clinical trial and is expected to submit a New Drug Application (NDA) in the first half of 2025 [7] - The company is advancing its universal CAR-T product pipeline, with multiple candidates under development [7] - Revenue projections for 2025-2027 are estimated at 1.5 billion HKD, 4.3 billion HKD, and 8.3 billion HKD respectively, driven by the commercialization of CT053 and CT041 [8][9] Financial Summary - Revenue and growth rates are projected as follows: - 2024A: 39.43 million HKD - 2025E: 149.98 million HKD (growth rate: 280.42%) - 2026E: 429.94 million HKD (growth rate: 186.67%) - 2027E: 829.89 million HKD (growth rate: 93.02%) [2][9] - The net profit attributable to the parent company is projected to improve from a loss of 798.13 million HKD in 2024 to a loss of 402.37 million HKD in 2027 [2][9] - Earnings per share (EPS) is expected to improve from -1.39 HKD in 2024 to -0.70 HKD in 2027 [2][9] - The return on equity (ROE) is projected to shift from -75.53% in 2024 to 67.22% in 2027 [2][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company, ZTO Express, reported a revenue of 44.28 billion yuan for 2024, representing a year-on-year growth of 15.3%. The net profit attributable to shareholders was 8.82 billion yuan, a slight increase of 0.8%, while the adjusted net profit was 10.15 billion yuan, up by 12.7% [4][13][22] - In Q4 2024, the company achieved a revenue of 12.92 billion yuan, marking a year-on-year increase of 21.7%, with a net profit of 2.38 billion yuan, up 8.7% [4][13] - The express delivery volume for the company reached 34 billion pieces in 2024, a growth of 12.6%, contributing to a total express business revenue of 40.95 billion yuan, which is a 15.4% increase [5][14] Company Overview - The latest closing price of the company's stock is 172.2 HKD, with a total market capitalization of 138.5 billion HKD. The company has a debt-to-asset ratio of 32.13% and a price-to-earnings ratio of 11.63 [3] - The largest shareholder is ZTO Lms Holding Limited [3] Financial Performance - The company is expected to continue focusing on service quality, business scale, and profitability balance. For 2025, capital expenditure is projected to be around 5.2 billion yuan, with business volume anticipated to reach 40.8-42.2 billion pieces, reflecting a growth of 20%-24% [7][23] - Revenue forecasts for 2025-2027 are 54.5 billion yuan, 62 billion yuan, and 67.5 billion yuan, with year-on-year growth rates of 23.1%, 13.8%, and 8.9% respectively. Net profits for the same period are expected to be 10.81 billion yuan, 11.88 billion yuan, and 12.86 billion yuan, with growth rates of 22.6%, 9.9%, and 8.2% [7][23] Cost Management - The company has successfully reduced core costs, with unit transportation costs decreasing by 8.9% to 0.41 yuan due to improved routing and loading rates. Overall, core costs have been further reduced [6][18] - The gross profit for 2024 increased by 17.6% to 13.72 billion yuan, with a gross margin improvement of 0.6 percentage points to 31.0% [19]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company, ZTO Express, reported a revenue of 44.28 billion yuan for 2024, representing a year-on-year growth of 15.3%. The net profit attributable to shareholders was 8.82 billion yuan, a slight increase of 0.8%, while the adjusted net profit was 10.15 billion yuan, up 12.7% year-on-year [4][13][22] - In Q4 2024, the company achieved a revenue of 12.92 billion yuan, a year-on-year increase of 21.7%, with a net profit of 2.38 billion yuan, up 8.7% [4][13] - The express delivery volume for the company reached 34 billion pieces in 2024, a growth of 12.6%, contributing to a total express business revenue of 40.95 billion yuan, which is a 15.4% increase [5][14] - The company has focused on improving efficiency and reducing core costs, with unit transportation costs decreasing by 8.9% to 0.41 yuan [6][18] Financial Performance - The company forecasts a capital expenditure of approximately 5.2 billion yuan for 2025, continuing a downward trend, with expected business volume growth of 20%-24% [7][23] - Projected revenues for 2025-2027 are 54.50 billion yuan, 62.00 billion yuan, and 67.51 billion yuan, with year-on-year growth rates of 23.1%, 13.8%, and 8.9% respectively. The net profit for the same period is expected to be 10.81 billion yuan, 11.88 billion yuan, and 12.86 billion yuan, with growth rates of 22.6%, 9.9%, and 8.2% [7][10][23] - The company's price-to-earnings (P/E) ratios for 2025-2027 are projected to be 11.6X, 10.6X, and 9.8X, indicating a relatively low valuation [7][23] Operational Efficiency - The company has seen an increase in high-value packages and a reduction in core costs, with the overall gross profit rising by 17.6% to 13.72 billion yuan, and the gross margin improving by 0.6 percentage points to 31.0% [19][22]

Investment Rating - The investment rating for the company is maintained as "Buy" [7]. Core Views - The company has shown preliminary signs of reversing its difficulties, with a positive outlook for 2025. The revenue for 2024 is projected at $4.479 billion, a year-over-year increase of 3%, while the net profit after tax is expected to reach $366 million, significantly up from $122 million in 2023 [1][4]. - The company is expected to achieve strong growth in 2025, with a projected net profit of $498 million, reflecting a substantial increase from the previous year [4][6]. Summary by Sections Financial Performance - In 2024, the company achieved copper production and sales of 320,000 and 300,000 tons respectively, with a C1 cost of $1.51 per pound. The production increase and cost reduction were attributed to the commissioning of a second pit [2]. - The Kinsevere copper mine produced 45,000 tons in 2024, with a C1 cost of $3.26 per pound, benefiting from reduced external ore purchases [2]. - The company reported a significant increase in net profit for 2024, reaching $162 million compared to just $9.5 million in 2023, despite facing cobalt impairment losses of $53 million [3][6]. Production Guidance - The company has provided guidance for 2025, expecting copper production to rise significantly across its mines, with the LB copper mine projected to produce between 360,000 to 400,000 tons and the Kinsevere mine expected to produce between 63,000 to 69,000 tons [2]. - The C1 costs for the LB mine are anticipated to increase to between $1.50 and $1.70 per pound due to rising employee benefits, while the Kinsevere mine's costs are expected to decrease to between $2.50 and $2.90 per pound [2]. Valuation and Price Target - The target price for the company's stock has been raised to HKD 3.31 from HKD 2.43, based on a price-to-earnings (PE) ratio of 10.4x for 2025, reflecting a 20% premium over comparable companies with an average PE of 8.7x [4][8]. - The company’s earnings per share (EPS) is projected to be $0.04 in 2025, with a return on equity (ROE) expected to reach 13.58% [6][18].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 7.04 [7][24]. Core Insights - The company reported a core profit growth of 5% for 2024, driven by structural upgrades in green energy, despite a revenue decline of 3% to HKD 55.5 billion [1][5]. - The gas sales volume in Hong Kong remained stable, with a slight increase of 0.1% year-on-year, while the company expects to benefit from a favorable pricing mechanism [2][3]. - The renewable energy and green energy sectors show significant growth potential, with net profit from renewable energy reaching HKD 322 million, a 544% increase year-on-year [4][5]. Summary by Sections Financial Performance - For 2024, the company reported revenues of HKD 55.5 billion, a decrease of 3% year-on-year, and a core profit of HKD 5.95 billion, an increase of 5% year-on-year [1][6]. - The net profit attributable to shareholders was HKD 5.71 billion, down 6% year-on-year [1][6]. Gas Sales - The gas sales volume in Hong Kong was 27,159 TJ, with residential gas volume decreasing by 1.4% and commercial/industrial gas volume increasing by 1.4% and 5.2% respectively [2][3]. - The company anticipates stable gas sales in Hong Kong for 2025, maintaining an EBITDA margin of approximately 52% [2][3]. Renewable Energy Growth - The renewable energy segment is expected to grow rapidly, with the company shifting towards a light-asset strategy, projecting significant revenue growth from carbon services and asset management [4][5]. - The green energy business, including green methanol and sustainable aviation fuel (SAF), is strengthening its capacity to capture future demand [4][5]. Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been adjusted downwards by 6% and 9% respectively, with expected net profits of HKD 6.24 billion and HKD 6.56 billion [5][24]. - The target price has been revised down to HKD 7.04 from HKD 7.63, reflecting a price-to-book ratio of 2.3x for 2025 [5][24].

Investment Rating - The investment rating for the company is "Buy" with a target price of 34.33 HKD [7][8]. Core Insights - The company reported a revenue increase of 15.8% to 8.12 billion RMB for 2024, but incurred a net loss of 209 million RMB due to goodwill impairment and increased sales expenses [1][2]. - The core business continues to grow, with significant advancements in IP derivative products and ongoing AI integration enhancing IP operations [1][4]. - The company has a robust pipeline of IP reserves, with online business revenue growing steadily and IP operations showing a substantial increase of 33.5% in revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 8.12 billion RMB, a 15.8% increase from 2023, but reported a net loss of 209 million RMB compared to a profit of 805 million RMB in 2023 [1][12]. - Non-IFRS net profit for 2024 was 1.14 billion RMB, aligning with the upper limit of the prior forecast [1][12]. Online Business - Online business revenue reached 4.03 billion RMB in 2024, a 2.1% increase, driven by the launch of more member content [2][12]. - The company optimized its distribution channels, resulting in a 28.2% decrease in revenue from Tencent products, while third-party platform revenue grew by 32.0% [2][12]. IP Operations - IP operations generated 4.09 billion RMB in revenue for 2024, marking a 33.5% increase, with the new subsidiary contributing 1.64 billion RMB [2][3]. - The company has established partnerships with over 150 licensing partners across various sectors, enhancing its IP derivative product offerings [3][4]. Profitability Forecast - The profit forecast for 2025 and 2026 has been slightly adjusted, with expected Non-IFRS net profits of 1.41 billion RMB and 1.57 billion RMB respectively [4][12]. - The target price has been revised to 34.33 HKD, reflecting adjustments in profit expectations and valuation metrics [4][14].

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 ——安踏体育（2020.HK）2024 年业绩点评 买入（维持） 当前价：93.15 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 -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 25/01 25/02 25/03 安踏体育 恒生指数 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.2 | -7.0 | -25.6 | | 绝对 | 9.7 | 15.9 | 20.8 | | 资料来源：Wind | | | | 相关研报 24Q4 各品牌流水环比改善，25 年看好多品 牌高质量增长（2025-01-09） Q3 安踏及 FILA 流水走弱，Q4 冬装旺季期 ...

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 US and the expansion of new products and indications in the domestic market [3][7]. - The company reported a revenue of USD 363 million for its oncology/immunology business in 2024, with oncology product revenue increasing by 65% year-on-year to USD 272 million, largely due to the significant sales growth of Furmonertinib in overseas markets [7]. - The report anticipates that overseas sales will grow to USD 460 million in 2025, supported by improved insurance coverage in the US and the commercialization of new markets in Japan and the EU [7]. Financial Forecasts - Revenue projections for 2025 are set at USD 708 million, with a slight decrease from previous estimates. The gross profit is expected to be USD 386 million, reflecting a gross margin of 54.6% [6][12]. - The net profit forecast for 2025 is USD 452 million, representing a significant increase of 15% compared to prior estimates, with a net profit margin of 63.9% [6][12]. - The report outlines a DCF valuation model, projecting a free cash flow of USD 42 million in 2025, with a perpetual growth rate of 3% [8]. Key Catalysts - Upcoming catalysts include the NDA submission for SAVANNAH, approval progress for various indications of Furmonertinib and Savolitinib in the domestic market, and the entry of the first candidate drug from the ATTC platform into clinical trials in the second half of 2025 [7][8].

Investment Rating - The investment rating for the company is "Buy" [2][6][7] Core Insights - The company's 2024 performance met market expectations, with revenue reaching 70.83 billion RMB, a year-on-year increase of 13.6% [6] - The company aims for revenue growth in 2025 to be in the high single digits to double digits [6] - The company has maintained a dividend payout ratio of 51.4% for 2024, slightly up from 50.9% in 2023 [6] Financial Overview - Revenue projections for the company are as follows: 62.36 billion RMB in 2023, 70.83 billion RMB in 2024, and 77.16 billion RMB in 2025, with year-on-year growth rates of 16.2%, 13.6%, and 8.9% respectively [5][9] - Net profit is expected to be 10.24 billion RMB in 2023, increasing to 15.60 billion RMB in 2024, and then decreasing to 14.08 billion RMB in 2025 [5][9] - The company’s earnings per share (EPS) are projected to be 3.57 RMB in 2023, 5.37 RMB in 2024, and 4.84 RMB in 2025 [5][10] Brand Performance - The Anta brand generated revenue of 33.52 billion RMB in 2024, a year-on-year increase of 10.6% [6] - The FILA brand's revenue grew by 6.1% to 26.63 billion RMB, with significant sales in footwear [6] - Other brands contributed 10.68 billion RMB, with Descente and Kolon showing strong growth rates of 35% and 60% respectively [6] Market Strategy - The company is focusing on a multi-brand global strategy, with plans to enhance its presence in Southeast Asia and the Middle East [6] - The management has set a target for overseas business contributions to reach 15% within five years [6] - The company expects Anta, FILA, and other brands to achieve high single-digit, mid-single-digit, and over 30% growth respectively in 2025 [6]

2025 年 3 月 20 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | | | 目标价(港币) | 65.0 | 公司基本资讯 | 产业别 | | | | | 电子 | | --- | --- | --- | --- | --- | --- | | H 股价(2025/03/20) | | | | | 56.50 | | 恒生指数(2025/03/20) | | | 24,220.0 | | | | 股价 12 个月高/低 | | | 58.2/13.08 | | | | 总发行股数(百万) | | | 25,111.69 | | | | H 股数(百万) | | | 20,595.40 | | | | H 市值(亿元) | | | 5,127.34 | | | | | | | ARK Trust (Hong | | | | 主要股东 | | | | | Kong) | | | | Limited(25.02% | | | | | | | | | | ) | | 每股净值(元) | | | | | 7.52 | | 股价/账面净值 | | | | | ...