Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 3.34 billion RMB in 2024, representing a year-on-year growth of 23.94%, and an adjusted net profit of 586.17 million RMB, up 59.16% year-on-year, which is at the upper limit of the previously forecasted range [7] - The imaging and design products continue to show rapid growth, with revenue from this segment reaching 2.09 billion RMB, a year-on-year increase of 57.12%, accounting for 62.43% of total revenue [7] - The company is leveraging AI to enhance product capabilities, resulting in a steady increase in paid user penetration, with a total of 12.61 million paid users and a penetration rate of 4.74%, up 1.09 percentage points year-on-year [7] - The company's productivity and globalization strategies are showing breakthroughs, with MAU outside mainland China reaching 94.51 million, a year-on-year increase of 21.66% [7] - The report projects adjusted net profits for 2025-2027 to be 914.27 million RMB, 1.20 billion RMB, and 1.56 billion RMB respectively, with corresponding PE ratios of 29, 22, and 17 times based on the current stock price [7] Financial Summary - Total revenue for 2024 is projected at 3.34 billion RMB, with a growth rate of 23.93% for 2025 and 21.96% for 2026 [8] - The adjusted net profit is expected to grow significantly, with projections of 914.27 million RMB for 2025 and 1.20 billion RMB for 2026 [8] - The company’s gross margin improved to 68.67%, an increase of 7.25 percentage points year-on-year, driven by high-margin product revenue growth [7]

Investment Rating - The report maintains a rating of "Buy" for Smoore International (06969.HK) [1] Core Views - The company achieved a revenue of 11.799 billion yuan in 2024, representing a year-on-year increase of 5.6%, while the net profit attributable to shareholders was 1.303 billion yuan, down 20.8% year-on-year [7] - The second half of 2024 saw a revenue of 6.761 billion yuan, up 11.8% year-on-year, but the net profit was 620 million yuan, down 33.2% year-on-year [7] - The gross margin for 2024 was 37.4%, a decrease of 1.3 percentage points, primarily due to changes in product mix [7] - The company is experiencing rapid growth in its proprietary brand business, with revenue reaching 2.475 billion yuan, up 34% year-on-year [7] - The HNB (Heated Not Burned) product line is expected to contribute significantly to profits, with the new product glo Hilo showing positive feedback during trials in Serbia [7] Summary by Sections Financial Performance - Total revenue for 2024 was 11.799 billion yuan, with a year-on-year decline of 8.04% in 2023 [1] - The net profit attributable to shareholders for 2024 was 1.303 billion yuan, down 34.47% from 2023 [1] - Earnings per share (EPS) for 2024 is projected at 0.21 yuan, with a P/E ratio of 59.07 [1] Business Segments - Revenue from proprietary brand business reached 2.475 billion yuan, up 34% year-on-year, while revenue from disposable electronic vapor products was 3.050 billion yuan, down 9.5% [7] - The company’s B2B business revenue for the second half of 2024 was 5.402 billion yuan, up 9.7% year-on-year [7] Market Trends - The report highlights a positive trend in H2 revenue growth due to stricter regulations in Europe and the US, which has led to a recovery in ODM sales [7] - The HNB market is rapidly growing, and the company is diversifying its vaporization business, including beauty and medical applications [7] Profit Forecast - The report adjusts profit forecasts for 2025 to 2027, estimating net profits of 1.636 billion yuan, 2.221 billion yuan, and 2.870 billion yuan respectively [7] - The corresponding P/E ratios for these years are projected at 47, 35, and 27 [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.03 HKD, indicating an expected return of over 20% within the next six months [7]. Core Insights - The company has successfully implemented a platform-based development strategy, leading to a significant increase in platform technology service revenue, which reached 3.47 billion HKD, a year-on-year growth of 103.6% [2]. - The company's net profit for 2024 is projected to be 3.80 billion HKD, reflecting a 42% increase year-on-year, despite a decline in overall revenue due to the impact of the sale of a subsidiary [1]. - The integration of AI technology into the supply chain has positioned the company as a leader in the digital transformation of key industries such as infrastructure, pharmaceuticals, and commodities [3][4]. Summary by Sections Financial Performance - The company's total revenue for 2024 is expected to be 9.19 billion HKD, a decrease of 4.6% year-on-year, primarily due to the divestment of Wuxi Guojin Commercial Factoring Co., Ltd. [1]. - The platform technology service revenue has become a major growth driver, accounting for 37.7% of total revenue in 2024, up from 17.7% in 2023 [2]. Strategic Development - The company has established strong partnerships with local state-owned enterprises, enhancing its platform-based financial services and increasing the number of funding partners to 163, a growth of 24.4% [2]. - The company is actively exploring new markets, including e-commerce and robotics, with potential market sizes exceeding 10 trillion HKD and over 10 million potential clients [4][5]. AI and Technology Integration - The company has integrated its cloud platform with advanced AI models, enhancing its capabilities in supply chain management and decision-making processes [4]. - The company has also secured significant computational resources to support its AI initiatives, further solidifying its position in the digital ecosystem [4]. Future Projections - Revenue forecasts for FY2025 and FY2026 have been adjusted to 11.11 billion HKD and 13.46 billion HKD, respectively, with net profit projections of 4.98 billion HKD and 6.53 billion HKD [6]. - A new revenue forecast for FY2027 is introduced at 16.15 billion HKD, with a net profit of 8.36 billion HKD [6].

Investment Rating - The report maintains an "Outperform" rating for Li Auto, indicating an expected relative performance above the market benchmark over the next 12-18 months [10][19]. Core Insights - Li Auto's revenue for 2024 is projected at RMB 144.5 billion, reflecting a year-on-year increase of 17%. The fourth quarter of 2024 saw revenue of RMB 44.3 billion, up 6% year-on-year and 3% quarter-on-quarter [3][10]. - The net profit attributable to shareholders for 2024 is expected to be RMB 8 billion, down 31% year-on-year, with Q4 2024 net profit at RMB 3.5 billion, down 38% year-on-year but up 25% quarter-on-quarter [3][10]. - For Q1 2025, vehicle deliveries are anticipated to be between 88,000 and 93,000 units, representing a year-on-year increase of 9.5% to 15.7%. Total revenue for this period is expected to be between RMB 23.4 billion and RMB 24.7 billion, down 8.7% to 3.5% year-on-year [3][10]. Financial Data Summary - Key financial metrics for Li Auto from 2023 to 2027 are as follows: - Revenue (in million RMB): 2023: 123,851; 2024: 144,460; 2025E: 189,483; 2026E: 210,516; 2027E: 230,781, with year-on-year growth rates of 173.5%, 16.6%, 31.2%, 11.1%, and 9.6% respectively [2][3]. - Net Profit (in million RMB): 2023: 11,704; 2024: 8,032; 2025E: 13,146; 2026E: 15,434; 2027E: 17,955, with year-on-year growth rates of 681.7%, -31.4%, 63.7%, 16.6%, and 15.9% respectively [2][3]. - Fully Diluted EPS (in RMB): 2023: 5.52; 2024: 3.79; 2025E: 6.19; 2026E: 7.27; 2027E: 8.46 [2][3]. Market Position and Strategy - Li Auto is focusing on enhancing user experience through intensive OTA upgrades, which have led to an increase in the order proportion of the ADMax version, particularly in models priced above RMB 300,000 [3][10]. - The company is set to launch its first pure electric SUV, the Li Auto i8, in July 2025, as part of its dual-energy strategy, while also expanding its charging network with 1,874 supercharging stations and 10,008 charging poles by February 2025 [3][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to see steady growth in HNB (Heated Not Burned) products in 2025, with significant contributions anticipated in the second half of the year. The potential of the aerosol medical business is also highlighted as a key component of the company's 2030 goals [11] - Revenue for 2024 is projected at 117.99 billion CNY, with a year-on-year growth of 5.3%, while net profit is expected to decline by 20.8% to 13.03 billion CNY [1][11] - The company is focusing on expanding its HNB and aerosol medical product lines, with R&D investments showing significant increases in these areas [3][11] Financial Performance - In 2024, the company achieved a revenue of 117.99 billion CNY, with a net profit of 13.03 billion CNY, resulting in a net profit margin of 11.05% [1] - The company’s revenue for the fourth quarter of 2024 was 34.63 billion CNY, reflecting an 8% increase year-on-year, but a decline in profit by 42% due to high expenses [1] - The projected revenues for 2025, 2026, and 2027 are 128.92 billion CNY, 151.12 billion CNY, and 173.48 billion CNY, respectively, with corresponding net profits of 16.19 billion CNY, 21.21 billion CNY, and 26.59 billion CNY [11][12] Market Potential - The global market for electronic aerosol is expected to reach 91.42 billion USD by 2029, with a CAGR of approximately 7.4% from 2024 to 2029 [4] - The heated not burned market is projected to reach 66.86 billion USD by 2029, with a CAGR of about 10.1% during the same period [4] - The aerosol medical market is anticipated to grow significantly, with the global market for pulmonary drugs and delivery devices expected to reach 93.28 billion USD by 2030 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company achieved a significant improvement in profitability in 2024, with total revenue reaching USD 10.259 billion, a year-on-year increase of 15.9%, driven by strong global parcel volume growth [8] - Adjusted EBITDA rose to USD 778 million, reflecting a substantial increase of 430.5%, indicating enhanced profitability [8] - The company turned a profit with a net income of USD 114 million in 2024, compared to a loss of USD 1.156 billion in 2023 [8] - The report highlights the continued improvement in domestic business profitability and the ongoing increase in overseas market share [5] Financial Performance Summary - The company’s revenue for 2024 was USD 10.259 billion, with a growth rate of 15.9% [7] - Adjusted EBITDA for 2024 was USD 778 million, showing a significant increase of 430.5% [8] - The net profit for 2024 was USD 114 million, a turnaround from a loss of USD 1.156 billion in 2023 [8] - The operating cash flow for 2024 reached USD 807 million, a year-on-year increase of 136.1% [8] Parcel Volume and Cost Control - The global parcel volume reached 24.65 billion pieces in 2024, a year-on-year increase of 31.0% [8] - The cost per parcel in Southeast Asia decreased from USD 0.67 to USD 0.57, and in China from USD 0.34 to USD 0.30, demonstrating effective cost control [8] - Despite a slight decline in revenue per parcel due to competitive pricing adjustments, overall profitability improved due to cost reductions [8] Regional Performance - Southeast Asia remains the core market with a parcel volume of 4.56 billion pieces and a market share of 28.6% [8] - In China, the parcel volume reached 19.8 billion pieces, with a market share of 11.3%, ranking sixth in the industry [8] - New markets, including the Middle East and South America, saw revenue growth of 76.1% to USD 576 million, indicating successful market expansion efforts [8]

港股公司报告 | 公司点评 华润建材科技（01313） 证券研究报告 优质资产或被显著低估，维持"买入"评级 25 年水泥涨价盈利弹性可期，优质资产或被显著低估 公司 24 年全年实现归母净利润 2.11 亿元，同比下降 67.25% 公司发布 24 年年报，全年实现收入/归母净利润 230.38/2.11 亿元，同比 -10.47%/-67.25%，实现扣非归母净利润 2.11 亿元，同比-36.73%。其中 Q4 单季度实现收入 70.4 亿元，同比-16.4%，归母净利润-0.98 亿元，同比增 亏，扣非归母净利润-0.98 亿元，同比减亏。24 年公司共计提减值 5 亿元， 其中商誉/固定资产/存货减值分别计提 2.68/1.59/0.66 亿元。 水泥主业量价有所下滑，25 年水泥涨价盈利弹性可期 24 年公司水泥熟料收入 1.5 亿元，同比下降 20%，销量同比-11%达 6171 万吨，测算吨均价同比下滑 29 元（-11%）达 244 元，吨成本同比下降 33 元（-14%）达 207 元，主要受煤炭采购价格同比降低 14%影响，吨毛利同 比提升 4 元（+13%）达 37 元。Q4 水泥价格 ...

Investment Rating - The report assigns a "Neutral" rating with a total score of 69 out of 100 [3][14]. Core Insights - The company has a promising pipeline with products that, if approved, could meet significant demand in the Chinese market, particularly for conditions like Pediatric Growth Hormone Deficiency (PGHD) and Hypoparathyroidism [2][8][10]. - The company is positioned as the first endocrine drug manufacturer in the Hong Kong market, which may provide a competitive edge [14]. Industry Outlook - PGHD is prevalent among children under 18, accounting for 41.5% of short stature cases in China, with only 5.3% treatment rate in 2023, indicating a substantial unmet need [2]. - The market for achondroplasia treatment is currently limited, with only two products in clinical trials, suggesting a strong first-mover advantage for the company's product, Navepegritide [6]. - The demand for drugs treating Hypoparathyroidism is expected to grow, with the patient population projected to increase from 410,100 in 2023 to 495,600 by 2030 [7]. Company Operations - The company has not yet launched any products, resulting in no sales revenue. The net loss for shareholders in 2023 was approximately 250 million RMB, a 13.5% reduction year-on-year [8]. - Research and development costs have decreased significantly, contributing to the reduced net loss, while cash flow from operating activities remains healthy with no bank loans [8]. - The company has a robust pipeline with core products already approved in Europe and the U.S., with expectations for approval in China by 2025 [5][10]. Valuation Level - The company's valuation is considered reasonable, with a market capitalization range of 77.0 to 84.6 billion HKD, slightly lower than comparable companies in the biotech sector [10][12]. - The price-to-book ratio for the company's IPO price is estimated at 18.3 to 20.2 times, which is competitive compared to peers [10]. Market Sentiment - The recent market atmosphere has improved, with a higher percentage of newly listed companies experiencing price increases on their debut [13]. - The presence of notable cornerstone investors, such as WuXi Biologics, indicates confidence in the company's research capabilities [14].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company achieved a significant improvement in profitability in 2024, with total revenue reaching USD 10.259 billion, a year-on-year increase of 15.9%, driven by strong global parcel volume growth [8] - Adjusted EBITDA rose to USD 778 million, reflecting a substantial increase of 430.5%, indicating enhanced profitability [8] - The company turned a profit with a net income of USD 114 million in 2024, compared to a loss of USD 1.156 billion in 2023 [8] - The report highlights the continued improvement in domestic business profitability and the ongoing increase in overseas market share [5] Financial Performance Summary - The company’s revenue is projected to grow from RMB 63.056 billion in 2023 to RMB 109.376 billion by 2027, with a compound annual growth rate (CAGR) of approximately 13% [7] - The adjusted EBITDA is expected to improve significantly from a loss of RMB 4.107 billion in 2023 to a profit of RMB 11.567 billion by 2027 [7] - The net profit is forecasted to increase from a loss of RMB 7.845 billion in 2023 to RMB 6.341 billion by 2027, representing a growth rate of 240.1% in 2025 [7] - Earnings per share (EPS) are expected to rise from a loss of RMB 0.88 in 2023 to RMB 0.71 by 2027 [7] Market and Operational Insights - The company’s global parcel volume reached 24.65 billion pieces in 2024, marking a year-on-year growth of 31.0% [8] - The Southeast Asia market remains a core area, with parcel volume reaching 4.56 billion pieces and a market share increase to 28.6% [8] - In China, parcel volume reached 19.8 billion pieces, with a market share of 11.3%, ranking sixth in the industry [8] - The company has made strategic price adjustments to expand its market share in Southeast Asia, which has slightly impacted single-ticket revenue but has improved cost efficiency [8]

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 grew 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, 1.088 billion Euros, and 1.191 billion Euros for 2025-2027, representing growth rates of 15.9%, 11.9%, and 9.5% respectively [2][9]. Financial Data and Forecasts - Key financial metrics for the company include: - Revenue (million Euros): 2023: 4726, 2024: 5432, 2025E: 6059, 2026E: 6646, 2027E: 7207 [2][6]. - Net Profit (million Euros): 2023: 671, 2024: 839, 2025E: 972, 2026E: 1088, 2027E: 1191 [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 and Strategy - The retail network optimization is evident, with a slight decrease in the number of direct stores to 609, and a net opening of 3 stores. The company plans to continue retail investments and expand Miu Miu into new markets [2][9]. - Retail revenue growth in 2024 was notable across regions, with Asia-Pacific, Europe, Americas, Japan, and the Middle East showing growth rates of 13%, 18%, 9%, 46%, and 26% YoY respectively [2][9]. Management Changes - Miu Miu appointed Silvia Onofri as the new CEO, who has extensive experience in the luxury sector, previously holding positions at Bulgari and Bally [2][9].