Investment Rating - The report maintains a neutral rating for the company, with a target price of HKD 28.00, indicating a potential upside of 2.6% from the current price of HKD 27.30 [1][4][19]. Core Insights - The online business is expected to exceed expectations in the second half of 2024, with projected revenue of RMB 3.9 billion, representing a year-on-year growth of 5%, driven by a 9% increase in paid reading users. The core IP operation revenue is anticipated to grow by 20% year-on-year [2][7]. - The adjusted net profit for 2024 is forecasted at RMB 4.4 billion, which aligns with previous profit warnings. For 2025, the company expects stable online business performance and a 14% increase in core IP operation revenue to RMB 2.69 billion [2][7]. Financial Forecasts - Revenue projections for 2025 are set at RMB 8.1 billion, with online business revenue expected to reach RMB 4.09 billion. The core IP operation is projected to generate RMB 2.69 billion [3][13][21]. - Adjusted operating profit for 2025 is estimated at RMB 1.34 billion, with an adjusted net profit of RMB 1.42 billion, reflecting a net profit margin of 17.5% [3][21][23]. Business Segments - The online business segment is expected to contribute significantly to revenue, with a forecast of RMB 4.09 billion for 2025, while the copyright operation and other segments are projected to generate RMB 4.01 billion [3][13]. - The company is focusing on expanding its derivative products and short drama business, which are anticipated to provide additional revenue streams [2][7]. Market Performance - The stock has shown a year-to-date change of 8.33%, with a 52-week high of HKD 36.00 and a low of HKD 23.30, indicating volatility in market performance [6][19].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6]. Core Insights - The company achieved record revenue in Q4 2024, surpassing 100 billion RMB for the first time, with total revenue for the year reaching 365.9 billion RMB, a year-on-year increase of 35.0%. Adjusted net profit was 27.2 billion RMB, up 41.3% year-on-year [5][6]. - The company is focusing on high-end smartphone and electric vehicle markets, with significant growth expected in IoT and internet services, supported by strong R&D investments [6]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 109 billion RMB, a 48.8% increase year-on-year, and adjusted net profit of 8.3 billion RMB, up 69.4% year-on-year [5][6]. - For the full year 2024, total revenue was 365.9 billion RMB, with a net profit of 27.2 billion RMB, including a loss of 6.2 billion RMB from innovative businesses like smart electric vehicles [5][6]. Smartphone Business - The smartphone segment generated revenue of 191.8 billion RMB in 2024, a 21.8% increase year-on-year, with a market share of 13.8% [5][6]. - The company is advancing its high-end strategy, achieving a market share of 24.3% in the 4000-5000 RMB price range, ranking first [5][6]. IoT Business - IoT revenue reached 104.1 billion RMB in 2024, a 30.0% increase year-on-year, with a gross margin of 20.3% [5][6]. - The company is expanding its high-end IoT product offerings and plans to open 10,000 Xiaomi stores overseas in the next five years [5][6]. Internet Services - Internet services revenue grew by 13.3% year-on-year to 34.1 billion RMB in 2024, with a gross margin of 76.6% [5][6]. - The number of global monthly active users reached 702.3 million, a 9.5% increase year-on-year [5][6]. Automotive Business - The automotive segment generated revenue of 32.8 billion RMB in 2024, with an adjusted net loss of 6.2 billion RMB [5][6]. - The company has set a delivery target of 350,000 vehicles for 2025, with strong demand for the SU7 model [6].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 82.62 HKD based on a 2025 PE of 25X [2][9]. Core Insights - Miu Miu's retail revenue surged by 93% in 2024, with EBIT margin reaching a 10-year high. Overall revenue increased by 14.9% YoY to 5.43 billion Euros, while net profit rose by 25% YoY to 839 million Euros [2][9]. - The company is expected to continue its strong growth trajectory, with net profit forecasts of 972 million Euros in 2025, 1.088 billion Euros in 2026, and 1.191 billion Euros in 2027, reflecting growth rates of 15.9%, 11.9%, and 9.5% respectively [2][9]. Financial Data Summary - **Revenue Forecast**: - 2023: 4.726 billion Euros - 2024: 5.432 billion Euros (YoY +14.9%) - 2025E: 6.059 billion Euros (YoY +11.5%) - 2026E: 6.646 billion Euros (YoY +9.7%) - 2027E: 7.207 billion Euros (YoY +8.4%) [2][6] - **Net Profit Forecast**: - 2023: 671 million Euros - 2024: 839 million Euros (YoY +25.0%) - 2025E: 972 million Euros (YoY +15.9%) - 2026E: 1.088 billion Euros (YoY +11.9%) - 2027E: 1.191 billion Euros (YoY +9.5%) [2][6] - **EPS Forecast**: - 2023: 0.26 Euros - 2024: 0.33 Euros - 2025E: 0.38 Euros - 2026E: 0.43 Euros - 2027E: 0.47 Euros [2][6] - **Gross Margin**: - 2024: 79.84% - 2025E: 79.80% - 2026E: 79.90% - 2027E: 80.00% [2][6] - **Return on Equity**: - 2024: 19.07% - 2025E: 19.84% - 2026E: 19.93% - 2027E: 19.63% [2][6] Retail Performance Summary - Miu Miu's total channel revenue increased by 82.9% YoY to 1.38 billion Euros, with a significant rise in direct retail efficiency [2][9]. - The company plans to optimize its retail network, with a focus on expanding Miu Miu into new markets while controlling general and administrative expenses [2][9]. - Retail revenue growth in 2024 was notable across regions, with Japan leading at 46% YoY growth, followed by the Middle East at 26% [2][9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 161.28 billion yuan in 2024, representing a year-on-year increase of 23.37%. Gross profit reached 52.36 billion yuan, up 24.65%, and net profit attributable to shareholders was 30.80 billion yuan, an increase of 23.63% [2][12] - The domestic market showed strong demand in the first half of 2024, particularly in daily consumer goods, while the automotive supply chain demand is expected to recover in the second half. The overseas market benefits from structural adjustments in the global supply chain and the company's early investments in Southeast Asia, North America, and South America [2][12] - The company has launched new products, including the fifth-generation injection molding machine, enhancing its competitiveness in high-end markets while also targeting lower-tier markets with the SE series [6][22] Revenue and Profitability - In 2024, the injection molding machine segment generated revenue of 154.05 billion yuan, a year-on-year increase of 23.77%, while components and services contributed 7.23 billion yuan, up 16.18% [3][13] - The gross margin for 2024 was 32.46%, an increase of 0.32 percentage points year-on-year, attributed to full order books and improved capacity utilization [4][14] - The net profit margin for 2024 was 19.10%, remaining stable year-on-year despite foreign exchange losses [4][16] Cash Flow and Working Capital - As of the end of 2024, accounts receivable stood at 3.706 billion yuan, a year-on-year increase of 7.96%, while inventory rose to 4.576 billion yuan, up 29.31% [5][18] - The net cash generated from operating activities was 2.101 billion yuan, reflecting a year-on-year increase of 4.41%, indicating improved cash flow from accounts receivable recovery [5][18] Market Position and Future Outlook - The company has established a comprehensive global layout with six regional management centers, five manufacturing centers, and nine application service experience centers, positioning itself well for future growth in overseas markets [6][23] - The report projects net profit for 2025 and 2026 to be 35.22 billion yuan and 39.08 billion yuan, respectively, with a forecast for 2027 at 42.94 billion yuan, maintaining a favorable price-to-earnings ratio [24]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a robust revenue growth of 23.37% year-on-year in 2024, reaching 16.128 billion yuan, driven by strong demand in the domestic market and strategic overseas expansion [2][12] - The gross profit margin slightly improved to 32.46%, attributed to increased order fulfillment and lower raw material costs [4][14] - The company is well-positioned for future growth due to its strong product competitiveness and comprehensive global layout [6][22] Revenue and Profitability - Total revenue for 2024 is projected at 16.128 billion yuan, with a year-on-year growth of 23.37% [2][12] - The net profit attributable to shareholders is expected to reach 3.08 billion yuan, reflecting a year-on-year increase of 23.63% [2][12] - The gross profit for 2024 is estimated at 5.236 billion yuan, up 24.65% from the previous year [2][12] Business Segmentation - The injection molding machine segment generated revenue of 15.405 billion yuan, a year-on-year increase of 23.77% [3][13] - Domestic revenue reached 10.112 billion yuan, growing by 27.73%, while overseas revenue was 6.016 billion yuan, up 16.76% [3][13] Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 1.93 yuan, with a price-to-earnings (P/E) ratio of 10.82 [1][24] - The operating profit for 2024 is estimated at 2.918 billion yuan, with a net profit margin of 19.10% [4][24] Cash Flow and Working Capital - As of the end of 2024, accounts receivable increased to 3.706 billion yuan, up 7.96% year-on-year, while inventory rose to 4.576 billion yuan, a 29.31% increase [5][18] - The net cash generated from operating activities is projected at 2.101 billion yuan, reflecting a year-on-year growth of 4.41% [5][18] Product Development and Market Expansion - The company launched a new generation of injection molding machines, enhancing its competitiveness in both high-end and value-oriented markets [6][22] - The global market for injection molding machines is significantly larger than the domestic market, providing ample growth opportunities for the company [23][24]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved revenue of 13.577 billion, net profit of 1.238 billion, and operating cash flow of 1.228 billion in 2024, with year-on-year growth of 6.5%, 20.2%, and -2.1% respectively [2] - The net profit growth was primarily due to a significant reduction in losses from the KP brand, which decreased by 70.1% to 67 million [2] - The company plans to continue expanding its product matrix and develop retro and commuting series to meet diverse consumer needs, while also focusing on high-end store openings in first and second-tier cities [7] Financial Performance Summary - In 2024, the company's revenue from the mass sports segment (Xtep) and professional sports segment (Saucony, Myle) was 12.327 billion and 1.25 billion respectively, with year-on-year growth of 3.2% and 57.2% [3] - The gross profit margin for 2024 was 43.2%, an increase of 1.4 percentage points, driven by the higher contribution from e-commerce in the mass sports segment [4] - The company’s inventory improved, with year-end inventory at 1.596 billion, a decrease of 11.0% [5] Earnings Forecast and Valuation - The company’s revenue is projected to reach 14.286 billion in 2025, with a year-on-year growth of 5.22% [9] - The net profit for 2025 is estimated at 1.374 billion, reflecting a year-on-year increase of 10.92% [9] - The earnings per share (EPS) for 2025 is forecasted to be 0.50, with a price-to-earnings (PE) ratio of 10.69 [9]

Investment Rating - The report assigns a rating of "Buy" to the company, with a target price raised to HKD 22.88, reflecting a 16x PE for 2025 [9][17]. Core Insights - The company is expected to complete the integration of the second-largest beauty service brand, Nairui, by 2024, enhancing its "Double Beauty + Double Health" business model and accelerating market consolidation [3][9]. - The company reported a revenue of RMB 1.138 billion in H1 2024, a year-on-year increase of 9.7%, with beauty and health service revenue growing by 13.6% [9]. - The integration of Nairui is projected to significantly expand the customer base, with a total of 150 stores expected to be consolidated [9]. Financial Summary - Revenue for 2023 is reported at RMB 2,153.25 million, with a projected increase to RMB 2,608.26 million in 2024, reflecting a growth rate of 21.1% [7]. - The net profit for 2023 is RMB 215.66 million, with an expected increase to RMB 249.24 million in 2024, indicating a growth of 15.6% [7]. - The company’s gross margin for H1 2024 is reported at 47.0%, an increase of 0.9 percentage points year-on-year [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.07 billion in 2024, representing a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 1.15 billion, also up by 19.5%. The dividend payout ratio increased to 45% [2][4]. - For the second half of 2024, the company achieved a revenue of 4.93 billion, a year-on-year growth of 20.0%, with a net profit of 360 million, marking a significant increase of 39.2% [2][4]. - The revenue performance met expectations, while the profit performance slightly exceeded expectations [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 10.07 billion, with a year-on-year growth of 19.6%. The net profit attributable to shareholders was 1.15 billion, also reflecting a growth of 19.5%. The dividend payout ratio was raised to 45% [2][4]. - The second half of 2024 saw revenues of 4.93 billion, up 20.0% year-on-year, and a net profit of 360 million, which is a 39.2% increase compared to the previous year [2][4]. Future Outlook - The company is exploring new business models, with the opening of "super stores" expected to contribute to future retail growth. The first super store opened in Shijiazhuang, Hebei, with plans for further openings in Huizhou, Guangdong, Chengdu, Sichuan, and Nanning, Guangxi [8]. - The company anticipates strong performance in the first three quarters of 2025, with a high certainty of continued revenue growth. The product matrix is improving, and the channel structure is being optimized [8]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.31 billion, 1.48 billion, and 1.65 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 6.69, 5.93, and 5.31, which are significantly lower than other sports goods companies [10].

丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 2024 年四季度业绩点评：强势新车周 期带动营收创新高，汽车毛利率超 10% 报告要点 [Table_Summary] 2024 年四季度公司实现收入 161.1 亿元，同比+23.4%，环比+59.4%；毛利率 14.4%，同比 +8.2%，环比-0.82%；净亏损 13.3 亿元，亏损同比收窄 0.18 亿元，Non-GAAP 净亏损 13.9 亿 元，亏损同比收窄 3.8 亿元。智驾能力持续领先，新车周期强势开启，叠加渠道变革和营销体 系加强，公司销量有望加速提升。规模提升、平台和技术降本效果将进一步体现，叠加软件盈 利的商业模式拓展以及出海持续增长，公司财务有望持续改善。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Title 小鹏汽车 2024 2] 年四季度业绩点评：强势新车周 期带动营收创新高，汽车毛利 ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - Kingsray Biotechnology (1548.HK) reported a significant profit increase, with net profit reaching $2.961 billion in 2024, primarily due to the gain from the demerger of its cell therapy business [7][8] - The company’s revenue for 2024 was $594.49 million, reflecting a decrease of 29.19% year-on-year, but is expected to rebound with a projected revenue of $937.21 million in 2025, representing a growth of 57.65% [2][8] - The life sciences segment showed steady growth, with external revenue of approximately $450 million in 2024, up 10.2% year-on-year, driven by platform upgrades and operational efficiency improvements [7][8] Summary by Sections Financial Performance - In 2024, the company achieved a gross profit of $270 million, with a gross margin of 45.77% [10] - The projected net profit for 2025 is $309.95 million, with a significant drop in profitability expected in 2026 [2][8] - The earnings per share (EPS) for 2024 was $1.37, but is expected to decline to $0.14 in 2025 [2][8] Revenue Breakdown - Life Sciences Services and Products: Expected revenue growth of 15% in 2025, reaching $523.2 million [9] - Biologics Development Services: Anticipated revenue of $114 million in 2025, with a recovery expected after a decline in 2024 [9] - Industrial Synthetic Biology Products: Projected revenue growth of 25% in 2025, reaching $65 million [9] Strategic Development - The company plans to invest in R&D for antibody drug development and AI drug development, aiming to enhance product reliability and cost-effectiveness [7][8] - Expansion of production capacity in North America and Europe is a key focus to meet customer demands and mitigate supply chain risks [7][8] Market Position - The company’s market capitalization is approximately $27.69 billion, with a 52-week price range of HKD 8.23 to HKD 16.74 [5] - The stock has shown a relative performance against the Hang Seng Index, with fluctuations noted over the past year [4]