Investment Rating - The report maintains a "Buy" rating for Anta Sports [1][7] Core Views - The company is expected to achieve revenue and net profit growth in 2024, with revenue at 708.26 billion and net profit at 155.96 billion, representing year-on-year growth of 13.6% and 52.4% respectively [2] - The main brand's stability is attributed to online contributions, while FILA faces pressure; other brands maintain high growth [3] - The company plans to expand its store count significantly by 2025, focusing on Southeast Asia and other international markets [3][7] Financial Performance - In 2024, the company's gross margin is projected to be 62.2%, a slight decrease of 0.4 percentage points year-on-year [4] - The operating profit margin (OPM) is expected to decline to 23.4%, down 1.2 percentage points year-on-year [4] - The net profit margin is forecasted to be 22.0%, an increase of 5.6 percentage points year-on-year [4] Revenue and Profit Forecast - Revenue for 2025 is projected at 770.44 billion, with a year-on-year growth of 8.78% [9] - The net profit for 2025 is estimated at 138.74 billion, reflecting a decrease of 11.04% compared to 2024 [9] - Earnings per share (EPS) for 2025 is expected to be 4.94 yuan, with a PE ratio of 18 times [9][7] Brand Performance - Revenue from Anta, FILA, and other brands for 2024 is expected to be 335.22 billion, 266.26 billion, and 106.78 billion respectively, with year-on-year growth rates of 10.6%, 6.1%, and 53.7% [3] - The online sales channel is projected to grow significantly, with online revenue expected to reach 248.6 billion, a year-on-year increase of 21.5% [3] Dividend Policy - The company plans to distribute a final dividend of 1.18 HKD per share, resulting in a dividend yield of 2.4% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a total transaction volume of 3.35 trillion yuan for 2024, representing a year-on-year increase of 6.6%. The existing home transaction volume was 2.25 trillion yuan, up 10.8% year-on-year, accounting for 67.1% of total transactions. The new home transaction volume was 0.97 trillion yuan, down 3.3% year-on-year, with a market share of 11.4%, an increase of 1.7 percentage points from 2023. The company's net revenue for 2024 was 93.5 billion yuan, a year-on-year increase of 20.2%, while adjusted net profit was 7.21 billion yuan, down 26.4% year-on-year [1][10] Summary by Sections Market Performance - The second-hand housing market showed a 6% increase in transaction area in 35 key cities, while the new housing market saw a 12.9% decline in transaction area nationwide. The company, as a leading internet intermediary, is expected to benefit from the market recovery [2] Operational Efficiency - The company's operating expenses for 2024 were 19.2 billion yuan, with a fee rate of 20.5%, down 1.2 percentage points from 2023. The number of stores increased to 51,573, with active stores at 49,693, a growth of 18.3%. The number of agents reached 500,000, with active agents at 445,000, a year-on-year increase of 12.1% [3] Revenue Growth from New Segments - The home decoration business generated net revenue of 14.8 billion yuan, up 36.1% year-on-year, accounting for 15.8% of total revenue. The rental business saw net revenue of 14.3 billion yuan, a significant increase of 135% year-on-year, contributing to 15.3% of total revenue. The "second curve" revenue contribution reached 34%, an increase of 9 percentage points year-on-year [4] Financial Forecasts - The company is expected to achieve an adjusted net profit of 6.8 billion yuan in 2025, with an adjusted earnings per share of 1.89 yuan. The revenue for 2025 is projected to be 101.37 billion yuan, reflecting an 8% growth [11][10]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (0291.HK) with a current price of HKD 30.05 [1] Core Insights - The company is expected to see both volume and price increases in 2025, with a high certainty of profit margin improvement [1] - In 2024, the company achieved revenue of CNY 38.64 billion, a year-on-year decrease of 0.8%, and a net profit of CNY 4.74 billion, down 8% year-on-year [5][11] - The beer sales volume in 2024 was 10.874 million kiloliters, a decrease of 2.5% year-on-year, while the average selling price increased by 1.5% to CNY 3,355 per kiloliter [6][11] Summary by Sections Financial Performance - The company's core EBIT for 2024 was CNY 6.344 billion, reflecting a year-on-year increase of 2.9% [7] - The gross profit margin for 2024 was 42.6%, up 1.3 percentage points year-on-year, with the beer business margin at 41.1%, an increase of 0.9 percentage points [7] - The company distributed dividends totaling CNY 2.466 billion in 2024, with a payout ratio of 52%, expected to rise to over 60% in the future [7] Business Segments - The high-end beer segment showed strong growth, with sales of premium products increasing by over 9% year-on-year [6] - The white wine business achieved a revenue growth of 4% in 2024, with a significant contribution from high-end products, which accounted for over 70% of the segment's revenue [6][10] Future Outlook - For 2025, the company aims for double-digit revenue growth in its white wine business and plans to optimize its product pricing and brand strategy [10] - The company introduced a "Three Precision Principles" strategy to streamline operations and reduce costs, which is expected to enhance profitability [10] - The forecast for net profit in 2025 is CNY 5.308 billion, reflecting a 12% increase year-on-year [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The professional sports segment is experiencing rapid revenue growth, with net profit attributable to the parent company increasing by 20% [5] - The company has completed the strategic divestiture of KP Global, with a revenue growth of 6.5% year-on-year for 2024 [7] - The company focuses on the running segment, enhancing resource allocation to optimize operations [7] Financial Performance Summary - Revenue for 2024 is projected at 135.77 billion RMB, a year-on-year increase of 6.5%, with a gross profit of 58.65 billion RMB, up 10.0% [7] - The net profit attributable to the parent company for 2024 is expected to be 12.38 billion RMB, reflecting a 20.2% increase [7] - The gross margin and net profit margin for 2024 are projected to be 43.2% and 9.1%, respectively, improving by 1.36 percentage points and 1.04 percentage points compared to 2023 [7] Brand and Product Analysis - The mass sports segment shows steady growth, with revenue from the main brand reaching 123.27 billion RMB in 2024, a 3.2% increase [7] - The professional sports segment (including Saucony and Merrell) is growing rapidly, with a revenue increase of 57.2% to 12.50 billion RMB in 2024 [7] - The footwear segment achieved revenue of 80.54 billion RMB in 2024, a 15.9% increase, accounting for 59.3% of total revenue [7] Earnings Forecast and Valuation - The company is expected to achieve net profits of 13.63 billion RMB, 15.77 billion RMB, and 17.88 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.07%, 15.67%, and 13.37% [7] - The projected earnings per share for 2025 is 0.49 RMB, with a price-to-earnings ratio of 10.46 [6][7]

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Buy" (maintained) [1] Core Views - The report indicates that the industry trends are continuously catalyzing growth, with expectations for core business net profit growth driven by improvements in various business segments and a reduction in losses from new ventures such as automotive [4][6] - Adjusted net profit forecasts for 2025-2026 have been raised from 28.2 billion and 33.3 billion to 38.9 billion and 55.2 billion respectively, with a new forecast for 2027 set at 64.2 billion, reflecting year-on-year growth of 43%, 42%, and 16% [4][6] - The current stock price of HKD 58.2 corresponds to price-to-earnings ratios of 35.2, 24.8, and 21.3 for 2025-2027, indicating market recognition of the brand's upward potential and AI capabilities [4] Financial Summary and Valuation Metrics - Revenue projections for 2023A to 2027E are as follows: 270.97 billion, 365.91 billion, 504.46 billion, 617.19 billion, and 682.59 billion, with year-on-year growth rates of -3.2%, 35.0%, 37.9%, 22.3%, and 10.6% respectively [7] - Adjusted net profit estimates for the same period are: 19.27 billion, 27.24 billion, 38.90 billion, 55.18 billion, and 64.24 billion, with year-on-year growth rates of 126.3%, 41.3%, 42.8%, 41.9%, and 16.4% [7] - The gross margin is expected to improve from 21.2% in 2023A to 22.3% in 2027E, while the net margin is projected to increase from 7.1% to 9.4% over the same period [7] - The return on equity (ROE) is forecasted to rise from 10.6% in 2023A to 19.2% in 2027E [7]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has shown a steady revenue growth of 5.6% year-on-year, achieving a total revenue of 11.799 billion yuan in 2024, although net profit decreased by 20.8% to 1.303 billion yuan due to increased short-term expenses [1][2] - The company's APV segment has performed well, with a revenue increase of 34.0% year-on-year, reaching 2.475 billion yuan, driven by strong growth in Europe and the US [2] - The HNB product line has made significant progress, with plans for a broader market launch in 2025, indicating potential for future revenue growth [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.799 billion yuan, with a year-on-year growth of 5.6%. The net profit was 1.303 billion yuan, down 20.8% from the previous year [1][5] - The gross margin for 2024 was 37.4%, a decrease of 1.4 percentage points year-on-year, while the net profit margin was 12.01%, down 2.0 percentage points [5] Revenue Breakdown - The APV segment generated 2.475 billion yuan in revenue, marking a 34.0% increase year-on-year, with notable growth in Europe (+37.2%) and the US (+14.0%) [2] - The OEM business saw a slight decline of 0.3% year-on-year, totaling 9.224 billion yuan, but showed a recovery in the second half of the year with a 10.7% increase [2][3] Future Outlook - The company is focusing on HNB as a key growth area, with innovative product designs and positive feedback from customers, aiming for a significant market presence by 2025 [3] - The forecast for net profit from 2025 to 2027 is projected to grow to 1.547 billion yuan, 2.420 billion yuan, and 3.077 billion yuan respectively, with corresponding P/E ratios decreasing from 49.4X to 24.9X [5][7]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (00291.HK) [1] Core Views - The company is expected to focus on efficiency improvements and high-end product offerings, with a projected recovery in revenue and profit performance in the coming years [7][8] - The beer business is anticipated to benefit from a shift towards premium products, with sales volume and revenue outperforming the industry [7][8] - The company aims to enhance shareholder returns by increasing dividend payouts [8] Financial Summary - For 2023, total revenue was 38,932 million RMB, with a year-on-year growth of 10.40%. In 2024, revenue is projected to decrease slightly to 38,635 million RMB, a decline of 0.76% [1] - The net profit attributable to shareholders for 2023 was 5,153 million RMB, with a year-on-year increase of 18.62%. For 2024, it is expected to drop to 4,739 million RMB, a decrease of 8.03% [1] - Earnings per share (EPS) for 2023 was 1.59 RMB, projected to decrease to 1.46 RMB in 2024, before recovering to 1.63 RMB in 2025 [1] Business Performance - The beer segment's revenue for 2024 is expected to be 36,486 million RMB, with a slight decline in sales volume but an increase in average price per ton [7][8] - The company is focusing on high-end products, with sales of premium beers increasing by 9% year-on-year [7][8] - The white liquor segment is also undergoing optimization, with a projected revenue of 21.49 million RMB for 2024, reflecting a growth of 3.97% [7][8] Future Outlook - The company is expected to continue its dual focus on beer and white liquor, with net profit forecasts for 2025-2027 at 52.76 billion RMB, 57.22 billion RMB, and 61.34 billion RMB respectively, indicating growth rates of 11.33%, 8.45%, and 7.21% [8] - The report anticipates that the company will maintain a strong growth trajectory in its premium beer offerings, with a focus on cost optimization and efficiency improvements [8]

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 13.3 HKD, indicating an expected return of over 20% within the next six months [4][12]. Core Views - The company reported a revenue of 11.8 billion HKD for 2024, reflecting a year-on-year growth of 5.3%, while net profit decreased by 20.8% to 1.303 billion HKD [1][3]. - The company maintains its position as a global leader in the manufacturing of vaporization devices, with a market share of approximately 13.1% [7]. - The self-branded business segment showed significant growth, achieving a revenue of 2.475 billion HKD, which is a 34% increase year-on-year [7]. Summary by Sections Financial Performance - In 2024, the company generated 9.324 billion HKD from enterprise client business, accounting for 79.0% of total revenue, with a slight decline of 0.3% year-on-year. However, the second half of 2024 saw a recovery with a revenue of 5.357 billion HKD, up 9.7% [7]. - The company’s gross margin for 2024 was 37.4%, a decrease of 1.3 percentage points, primarily due to changes in product mix [7]. Business Segments - The enterprise client business saw revenues of 5.096 billion HKD from Europe and other markets, a slight increase of 0.3% year-on-year, while the U.S. market generated 3.988 billion HKD, down 2.4% [7]. - The self-branded business, including the newly launched "Lan Zhi" beauty vaporization product, contributed 2.475 billion HKD, with a notable growth of 34% [7]. Research and Development - The company invested 1.572 billion HKD in R&D in 2024, representing 13.3% of revenue, which is a 6.0% increase year-on-year [7]. - The focus of R&D includes products for vaporization medical applications and heated non-combustible products, with positive feedback received from consumers [7].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's AI strategy is driving sustained increases in vehicle deliveries, leading to an upward revision of revenue forecasts for 2025 and 2026 to 99 billion and 167.8 billion RMB respectively, with year-on-year growth of 142% and 70% [3] - The company is expected to achieve a turnaround in net profit in 2025, with a projected net profit of 1.07 billion RMB in 2026, reflecting a year-on-year increase of 608% [3] - The company plans to launch significant new models and upgrades in 2025, covering a price range of 100,000 to 500,000 RMB, which is expected to enhance long-term growth [9] Financial Performance - In Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.4% [9] - The gross margin for Q4 2024 was 14.4%, showing an improvement from the previous year [9] - The company delivered 92,000 new vehicles in Q4 2024, with an average revenue per vehicle of 160,000 RMB [9] Future Outlook - For Q1 2025, the company anticipates delivering between 91,000 and 93,000 new vehicles, representing a year-on-year growth of 317% to 326% [9] - The company aims to achieve L3 level autonomous driving experience in China by the second half of 2025, with plans for L4 low-speed autonomous vehicles in 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain a high growth momentum, with projected revenue of 135.77 billion yuan in 2024, representing a year-on-year increase of 6.5%. The net profit attributable to shareholders is forecasted to be 12.38 billion yuan, reflecting a growth of 20.2% [5] - The main brand is increasing its Direct-to-Consumer (DTC) strategy, which is anticipated to enhance store efficiency and maintain high growth in revenue, particularly in children's clothing and e-commerce segments [6][7] - The company has adjusted its profit forecasts slightly downward for 2025-2026 but has introduced a new forecast for 2027, with net profits expected to be 13.7 billion yuan, 15.3 billion yuan, and 16.9 billion yuan for the respective years [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2023: 12,743 million yuan - 2024: 13,577 million yuan (YOY +6.5%) - 2025: 14,446 million yuan (YOY +6.4%) - 2026: 15,896 million yuan (YOY +10.0%) - 2027: 17,375 million yuan (YOY +9.3%) [8] - Net profit projections are: - 2023: 1,030 million yuan - 2024: 1,238 million yuan (YOY +20.2%) - 2025: 1,373 million yuan (YOY +10.8%) - 2026: 1,530 million yuan (YOY +11.5%) - 2027: 1,693 million yuan (YOY +10.6%) [8] - The company's gross margin is expected to improve from 41.8% in 2024 to 45.5% in 2027, while the net profit margin is projected to increase from 9.1% in 2024 to 9.7% in 2027 [8]