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 | | | | | ...

Investment Rating - The report assigns a "Buy" rating for Tencent Holdings (700 HK) with a target price raised to HKD 583, indicating a potential upside of 8.0% from the current price of HKD 540 [1][4][50]. Core Insights - The report highlights that AI applications are expected to rapidly integrate into Tencent's ecosystem, contributing to revenue growth. The anticipated revenue for 2025 is projected to reach RMB 713.8 billion, reflecting an 8.1% year-on-year growth [2][8]. - The report emphasizes strong performance in various segments, including a 20% increase in gaming revenue and a 60%+ growth in video advertising revenue, driven by AI enhancements [7][8]. Financial Overview - Revenue projections for Tencent are as follows: - 2023: RMB 609,015 million - 2024: RMB 660,257 million - 2025E: RMB 713,818 million - 2026E: RMB 767,880 million - 2027E: RMB 818,920 million - Year-on-year growth rates are expected to decline gradually from 9.8% in 2023 to 6.6% in 2027 [3][52]. - Net profit forecasts are: - 2023: RMB 157,688 million - 2024: RMB 222,703 million - 2025E: RMB 244,774 million - 2026E: RMB 268,648 million - 2027E: RMB 289,453 million - The report anticipates a significant increase in earnings per share (EPS), from RMB 16.33 in 2023 to RMB 31.91 in 2027 [3][52]. Segment Performance - The report details segment performance for Q4 2024: - Total revenue reached RMB 172,446 million, up 11% year-on-year - Online gaming revenue increased by 23% year-on-year, with local games contributing significantly - Marketing services revenue grew by 17%, driven by video and search advertising [8][9]. - The report notes that the gross margin improved to 53% due to the growth of high-margin businesses [7][8]. Valuation - The report estimates a price-to-earnings (P/E) ratio of 19 times for 2025, with a projected share buyback of HKD 80 billion and dividends of HKD 41 billion, enhancing shareholder returns [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.34 based on a 12x PE valuation for 2025 [4][5]. Core Insights - The company has adjusted its revenue and gross margin forecasts for 2025-2026, introducing a new forecast for 2027, with expected earnings per share of RMB 0.49, 0.56, and 0.63 for 2025-2027 respectively [4][5]. - The main brand is focusing on increasing Direct-to-Consumer (DTC) investments to enhance customer interaction and brand loyalty [7][8]. - The professional sports segment, particularly the Saucony brand, has shown significant revenue growth and improved profitability, indicating the effectiveness of the DTC strategy [7][8]. Financial Performance Summary - For 2023, the company reported revenue of RMB 14,346 million, with a year-on-year growth of 10.9%. The projected revenues for 2024, 2025, 2026, and 2027 are RMB 13,577 million, RMB 14,452 million, RMB 15,795 million, and RMB 17,244 million respectively, with growth rates of -5.4%, 6.4%, 9.3%, and 9.2% [4][8]. - The operating profit for 2023 was RMB 1,580 million, with a year-on-year growth of 7.9%. The expected operating profits for the following years are RMB 1,966 million, RMB 1,980 million, RMB 2,309 million, and RMB 2,593 million, reflecting growth rates of 24.4%, 0.7%, 16.6%, and 12.3% [4][8]. - The net profit attributable to the parent company for 2023 was RMB 1,030 million, with a year-on-year increase of 11.8%. The forecasts for the next four years are RMB 1,238 million, RMB 1,369 million, RMB 1,558 million, and RMB 1,745 million, with growth rates of 20.2%, 10.6%, 13.8%, and 12.0% [4][8]. - The gross margin is expected to improve from 42.2% in 2023 to 45.0% by 2027, while the net margin is projected to increase from 7.2% to 10.1% over the same period [4][8].

Investment Rating - The report maintains an "Outperform" rating for Anta Sports [3][40]. Core Views - Anta Sports is expected to achieve a core net profit growth of 16.5% in 2024, with a revenue increase of 13.6% to 70.83 billion RMB, excluding non-cash profits from Amer Sports [1][7]. - The company is optimistic about the growth potential in the Chinese sports consumption market, with management projecting high single-digit growth for the Anta brand and over 30% growth for other brands in 2025 [2][39]. Financial Performance Summary - **Revenue and Profit**: In 2024, Anta's revenue is projected to reach 70.83 billion RMB, with a core net profit of 11.93 billion RMB, reflecting a 16.5% increase [1][4]. - **Brand Performance**: Revenue from Anta, FILA, and other brands is expected to be 33.5 billion RMB, 26.6 billion RMB, and 10.7 billion RMB respectively, with growth rates of 10.6%, 6.1%, and 53.7% [2][7]. - **Profit Margins**: The overall gross margin is projected to be 62.2%, with a decline of 0.4 percentage points from the previous year, while the operating profit margin is expected to decrease by 1.2 percentage points to 23.4% [8][29]. Brand-Specific Insights - **Anta Brand**: Revenue is expected to grow by 10.6% to 33.5 billion RMB, with a focus on e-commerce and new retail formats [18][19]. - **FILA Brand**: Revenue growth of 6.1% is anticipated, driven by professional sports series and e-commerce channels, despite a decline in profit margins [22][23]. - **Other Brands**: Significant growth of 53.7% is expected, with Descente and Kolon achieving strong performance [24][26]. Cash Flow and Dividend Policy - The company maintains a robust cash flow with a net cash position of 31.4 billion RMB and a dividend payout ratio of 51.4% [15][39]. - Operating cash inflow is projected at approximately 16.74 billion RMB, indicating a healthy net cash ratio [15][39]. Future Outlook - The report projects net profits for 2025-2027 to be 13.48 billion RMB, 15.46 billion RMB, and 17 billion RMB respectively, with a corresponding growth rate of 13.0%, 14.7%, and 10.0% [3][39]. - The reasonable valuation is adjusted to 113-118 HKD, reflecting an increase from the previous estimate of 103-112 HKD [3][39].