Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6][17]. Core Insights - The company reported a revenue of 2.061 billion RMB for 2024, reflecting a year-on-year growth of 17.1%, and a net profit of 428 million RMB, up 31.0% year-on-year [6]. - The company is experiencing robust growth in its XR business, with significant collaboration with leading technology and consumer electronics firms, enhancing its market position [6][7]. - The company has adjusted its equity incentive plan, extending the assessment period to four years, which reflects confidence in long-term growth [6][7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 1.76 billion RMB - 2024: 2.061 billion RMB - 2025: 2.403 billion RMB - 2026: 2.790 billion RMB - 2027: 3.248 billion RMB - The net profit forecast is as follows: - 2023: 327 million RMB - 2024: 428 million RMB - 2025: 528 million RMB - 2026: 636 million RMB - 2027: 762 million RMB - The company’s earnings per share (EPS) are projected to increase from 0.77 RMB in 2023 to 1.59 RMB in 2027 [2][8]. Market Data - As of April 8, 2025, the closing price of the company's stock was 22.20 HKD, with a market capitalization of 10.654 billion HKD [3]. - The stock has shown significant volatility, with a 52-week high of 32.00 HKD and a low of 7.72 HKD [3]. Business Development - The company is focusing on product structure upgrades, with significant growth in functional lenses, which saw a revenue increase of 32.4% year-on-year [6][7]. - The company is expanding its market presence in regions such as South America, India, and Mexico, contributing to revenue growth [6][7]. - The company’s self-owned brand business achieved a revenue of 1.15 billion RMB in 2024, marking a 24.5% increase year-on-year, accounting for 55.8% of total revenue [6][7].

Investment Rating - The investment rating for Meituan is "Buy" (maintained) with a target price of 178.12 HKD [5][12]. Core Insights - The overall performance of Meituan in Q4 2024 exceeded expectations, with revenue reaching 885 billion CNY, a year-on-year increase of 20% [9]. - The core local business showed resilience, with revenue of 656 billion CNY in Q4 2024, up 19% year-on-year [9]. - New business segments, particularly in overseas markets, are seeing positive developments with a revenue increase of 24% year-on-year [10]. Summary by Sections Delivery Business - In Q4 2024, the delivery orders grew in the high single digits, with an improvement in average order profit year-on-year. The average order value (AOV) decreased year-on-year but the decline was less severe compared to the previous quarter [2]. - The operational efficiency is expected to improve with the trial of social security plans for delivery riders starting in Q2 [2]. Flash Purchase - The flash purchase segment achieved profitability in 2024, with a 25% year-on-year increase in orders. The growth is driven by increased convenience in instant retail and expansion in lower-tier markets [3]. In-store and Travel - The in-store and travel segment saw over 65% year-on-year growth in order volume in 2024, with record highs in annual transaction users and active merchants [4]. - The revenue growth slightly outpaced the gross transaction value (GTV) growth, indicating effective marketing strategies [4]. Financial Projections - Revenue for 2024 is projected at 337.59 billion CNY, with a year-on-year growth of 21.99%. The adjusted net profit is expected to reach 35.81 billion CNY, reflecting a significant recovery from previous losses [12][14]. - The company’s valuation is estimated at 10,882 billion HKD, with specific valuations for different segments: 3.5x PS for delivery, 13.2x PE for in-store and travel, and 0.6x P/GMV for new businesses [15].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [5] Core Views - Geely's March sales showed significant growth, with total sales reaching 232,200 units, a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. The sales of new energy vehicles reached 119,700 units, up 167.2% year-on-year [7] - The report forecasts EPS for 2025-2027 to be 1.27, 1.50, and 1.84 RMB respectively, maintaining a target price of 20.55 HKD based on a PE ratio of 15 times [2] - The report highlights the launch of new models and the advancement in intelligent driving technology, which are expected to enhance sales performance [7] Financial Forecasts - Revenue is projected to grow from 179,204 million RMB in 2023 to 414,141 million RMB in 2027, with a compound annual growth rate (CAGR) of 16.5% [4] - Operating profit is expected to increase from 3,806 million RMB in 2023 to 17,395 million RMB in 2027, reflecting a CAGR of 23.3% [4] - Net profit attributable to the parent company is forecasted to rise from 5,308 million RMB in 2023 to 18,526 million RMB in 2027, with a notable increase of 213.3% in 2024 [4] Sales Performance - Geely's brand sales in March reached 191,500 units, a year-on-year increase of 62.0%, with the Galaxy series achieving a remarkable 290.3% growth [7] - The report indicates that Geely's sales growth is expected to outperform the industry average, which saw a 10% increase in March [7] Model Launches and Innovations - The report details the launch of several new models, including the Galaxy series and the Zeekr brand, which are expected to contribute significantly to sales in 2025 [7] - The introduction of the L3 level intelligent driving technology is highlighted as a strategic move to enhance Geely's competitive edge in the market [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 7.067 billion yuan for 2024, representing a year-on-year increase of 0.52%. However, the profit attributable to shareholders decreased by 43.12% to 1.324 billion yuan, while the adjusted net profit increased by 3.31% to 1.676 billion yuan. In the second half of 2024, revenue dropped by 16.46% to 2.934 billion yuan, and profit attributable to shareholders fell by 22.94% to 572 million yuan [2][7][10]. Summary by Sections Revenue and Profit Performance - The company achieved a total revenue of 7.067 billion yuan in 2024, with a slight increase of 0.52% year-on-year. The profit attributable to shareholders was 1.324 billion yuan, down 43.12% year-on-year. The adjusted net profit was 1.676 billion yuan, reflecting a year-on-year increase of 3.31%. In the second half of 2024, revenue was 2.934 billion yuan, a decrease of 16.46% year-on-year, and profit attributable to shareholders was 572 million yuan, down 22.94% year-on-year [2][10]. Brand Performance - Revenue from the brand "Zhenjiu" was 4.48 billion yuan in 2024, a decrease of 2.26% year-on-year, with sales volume at 12,284 tons, down 2.74%. The average price per ton was 3.65 million yuan, up 0.55% year-on-year. For the second half of 2024, revenue from "Zhenjiu" was 1.777 billion yuan, down 21.95% year-on-year. The "Lidu" brand generated 1.313 billion yuan in revenue, an increase of 18.33% year-on-year, with sales volume at 3,033 tons, up 24.87%. The average price per ton was 4.33 million yuan, down 5.25% year-on-year [10]. Margin and Cost Structure - The company's gross margin increased to 58.63%, up 0.59 percentage points year-on-year. The sales expense ratio decreased to 22.8%, down 0.34 percentage points year-on-year. The overall price per ton for the company was 2.85 million yuan, reflecting a year-on-year increase of 5.56% [10]. Future Outlook - The company is expected to benefit from external recovery and internal optimization, with a projected EPS of 0.49 yuan for 2025 and 0.55 yuan for 2026, corresponding to PE ratios of 12 and 11 times, respectively. The long-term outlook suggests potential benefits from a multi-brand strategy and improvements in the competitive landscape of the liquor industry [10].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a total revenue of 3.022 billion yuan in 2024, representing a year-on-year growth of 30.1%, and an adjusted net profit of 400 million yuan, up 31.4% year-on-year [1][4]. - Key operational metrics such as outpatient visits, customer retention rate, average spending per visit, and customer unit price have all improved in 2024, indicating robust operational performance [2]. - The company is developing an "AI avatar" of renowned doctors, leveraging extensive data sources and deep learning algorithms to replicate expert diagnostic capabilities, which is expected to enhance service delivery and accelerate revenue growth [3][4]. Financial Performance and Forecast - The company’s revenue is projected to grow from 3.022 billion yuan in 2024 to 5.902 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.65% [4][10]. - Adjusted net profit is forecasted to increase from 400 million yuan in 2024 to 708 million yuan in 2027, reflecting a steady growth trajectory [4][10]. - The report anticipates adjusted earnings per share (EPS) to rise from 1.64 yuan in 2024 to 2.95 yuan in 2027 [4][10]. Operational Metrics - In 2024, the company recorded 5.411 million outpatient visits and a customer retention rate of 67.1%, up from 65.2% in 2023 [2]. - The average spending per visit increased from 541 yuan to 559 yuan, showcasing improved customer engagement and service value [2]. Strategic Initiatives - The company is actively pursuing mergers and acquisitions, as well as expanding its physical presence, with a total of 79 clinics established in China and Singapore by the end of 2024 [2][4]. - The anticipated launch of several "AI avatars" of top doctors in July 2025 is expected to significantly enhance the company's service capabilities and operational efficiency [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved its first Non-IFRS profit in 2024, with total revenue of 9.42 billion RMB (up 51.8% year-on-year), product revenue of 8.23 billion RMB (up 43.6% year-on-year), net profit of 330 million RMB, EBITDA of 410 million RMB, and a gross margin of 84.9% (up 2.1% year-on-year). The sales and administrative expense ratio decreased to 50.9% (down 7.1% year-on-year), with cash on hand of 10.22 billion RMB and R&D investment of 2.5 billion RMB [2][5][8]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 9.42 billion RMB, marking a 51.8% increase year-on-year. Product revenue reached 8.23 billion RMB, reflecting a 43.6% year-on-year growth. The net profit was 330 million RMB, with an EBITDA of 410 million RMB and a gross margin of 84.9% [2][5][8]. Strategic Goals - The company has set clear strategic goals for the next decade, aiming for a product revenue of 20 billion RMB by 2027 and plans for five pipelines to enter global multi-center Phase III clinical trials by 2030 [8]. Product Development - The company has seen significant growth in new products, with strong sales performance from its main products, including 达伯舒® (信迪利单抗注射液) and others. The product portfolio is expanding with new targeted drugs, including 达伯特® (KRAS G12C) and others. Notable new drug approvals include 信必乐® and 信必敏® [8]. Long-term Growth Drivers - The long-term growth is driven by the oncology and comprehensive product lines, with expectations of reaching 20 billion RMB in product revenue by 2027. The company plans to leverage at least 20 approved products and expand into new clinical innovations and indications [8]. Profit Forecast - The company forecasts net profits of 631 million RMB, 1.142 billion RMB, and 1.570 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.38 RMB, 0.69 RMB, and 0.95 RMB [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve high growth driven by commercialization and milestone achievements, with smooth progress in overseas markets [5] - The company reported a narrowing net loss of 267 million RMB in 2024, a 53.5% year-on-year reduction, with total revenue of 1.933 billion RMB, reflecting a 25.5% increase [7] - The company is entering a commercialization phase with promising data and backing from Merck, indicating potential for increased global value [7] Financial Performance Summary - Revenue projections for 2025-2027 are 1.963 billion RMB, 3.007 billion RMB, and 5.363 billion RMB respectively, with growth rates of 1.55%, 53.18%, and 78.35% [6][8] - The company is expected to achieve a positive net profit of 877 million RMB by 2027, with a significant increase in earnings per share from -2.40 RMB in 2025 to 3.86 RMB in 2027 [6][8] - The company's reasonable equity value is estimated at 81 billion HKD, based on a DCF method with a perpetual growth rate of 2% and WACC of 8.58% [7]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [5] Core Views - Geely's March sales showed significant growth, with total sales reaching 232,200 units, a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. The sales of new energy vehicles reached 119,700 units, up 167.2% year-on-year [7] - The company is expected to launch five new energy models in 2025, enhancing its product matrix across various segments [7] - The target price is set at 20.55 HKD, based on a 15x PE valuation for 2025 [2] Financial Forecasts - The forecasted EPS for 2025-2027 is 1.27, 1.50, and 1.84 CNY respectively, with a target price of 19.05 CNY [2] - Revenue is projected to grow from 179,204 million CNY in 2023 to 414,141 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 16.5% [4][8] - Operating profit is expected to increase from 3,806 million CNY in 2023 to 17,395 million CNY in 2027, with a significant growth rate of 100.8% in 2024 [4][8] Sales Performance - Geely's brand sales in March reached 191,500 units, a year-on-year increase of 62.0% [7] - The Galaxy series saw a remarkable sales increase of 290.3% year-on-year in March [7] - Lynk & Co's sales also grew by 28.6% year-on-year, with the Lynk 900 model set to launch soon [7] Market Position - Geely's market capitalization is approximately 140,685 million HKD, with a total share capital of 1,007,770,000 shares [5] - The company is positioned within the automotive and components industry in China [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][43]. Core Insights - The company is expected to achieve a revenue of 474 million yuan in 2024, representing a year-on-year growth of 52%. The net profit is projected to be 313 million yuan, a significant recovery from a loss of 4.86 billion yuan in 2023, primarily due to a fair value change gain of financial instruments [1][8]. - The revenue from autonomous driving products and solutions is anticipated to reach 438 million yuan in 2024, marking a 58.5% increase, driven by sales to leading domestic car manufacturers and an increase in the number of mass-produced models [10][19]. - The company is actively expanding into the robotics sector, with expectations for chip products and solutions to begin mass shipments in 2025 [3][35]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 41.06%, an increase of 16.4 percentage points year-on-year. The gross margin for autonomous driving products and solutions was 37.4%, up 16.0 percentage points [2][14]. - The company’s total revenue for 2024 is projected at 474 million yuan, with a year-on-year growth of 51.8%. The adjusted operating loss is expected to be 1.304 billion yuan, compared to 1.254 billion yuan in 2023 [8][43]. Product Development and Market Position - The A1000 series chips have been mass-produced and delivered to major car manufacturers such as Geely, Dongfeng, and BYD. The company has achieved nationwide coverage for its high-speed Navigation on Autopilot (NoA) solutions [18][19]. - The company is also focusing on the development of the A2000 chip series, which supports a wide range of autonomous driving scenarios, including urban NoA and fully autonomous Robotaxi applications [31][35]. Future Outlook - The company plans to deepen collaborations with leading automotive manufacturers and explore overseas market opportunities. It aims to enhance its product matrix and application scenarios, particularly in the commercial vehicle sector [29][33]. - The company is expected to continue benefiting from increased demand for intelligent driving chips, with revenue projections for 2025-2027 set at 810 million, 1.27 billion, and 2 billion yuan, respectively [43][44].

业绩大幅增长，与宇树科技达成合作 2024 年长城汽车总营收为 2022.0 亿元，同比增长 16.7%；归母净利润为 126.9 亿元，同比增长 80.8%，业绩创新高。长城与宇树科技达成战略合作，代表长城 开始向具身智能方向拓展。维持目标价 18.0 港元，对应 25 年的 10.0 倍预测市盈 率，距离现价有 58%上涨空间，买入评级。 投资建议。维持目标价 18.0 港元，对应 25 年的 10.0 倍预测市盈率，距离现价有 58%上涨空间，买入评级。 风险提示：行业竞争加剧；价格不及预期 | (年结 31/12；RMB | 百万元) | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | --- | | 销售收入 | | 173,212 | 202,195 | 231,413 | 273,808 | 332,786 | | 增长率（%） | | 26% | 17% | 14% | 18% | 22% | | 净利润 | | 7,022 | 12,692 | 14,344 | 1 ...