Investment Rating - The investment rating for the company is "Outperform" [5][14]. Core Insights - The report highlights that the company's gross profit margin remains robust at 60.2% for Q4, with expectations for revenue growth to improve in Q1 2025 [7][14]. - The company has announced a buyback plan, reflecting long-term confidence in its performance [2][14]. - The overall revenue for 2024 is projected to decline by 2.5% to USD 3.59 billion, with a slight recovery expected in 2025 [7][14]. Financial Data and Forecasts - **Revenue Forecast**: - 2023: USD 3,682 million - 2024: USD 3,589 million - 2025E: USD 3,743 million - 2026E: USD 3,928 million - 2027E: USD 4,118 million - Year-over-year growth rates show a decline of 2.5% in 2024, followed by modest growth in subsequent years [4][11]. - **Net Profit Forecast**: - 2023: USD 417 million - 2024: USD 346 million - 2025E: USD 382 million - 2026E: USD 413 million - 2027E: USD 440 million - The net profit margin is expected to recover gradually after a decline in 2024 [4][11]. - **Earnings Per Share (EPS)**: - 2023: USD 0.29 - 2024: USD 0.24 - 2025E: USD 0.26 - 2026E: USD 0.28 - 2027E: USD 0.30 [4][11]. - **Gross Margin**: - 2023: 59.3% - 2024: 60.0% - 2025E: 60.0% - 2026E: 60.1% - 2027E: 60.2% [4][11]. - **Return on Equity (ROE)**: - 2023: 28.8% - 2024: 23.4% - 2025E: 20.6% - 2026E: 18.2% - 2027E: 16.2% [4][11]. Market Performance - The company's stock closed at HKD 19.10, with a 52-week price range of HKD 16.78 to HKD 31.60 [5][14]. - The total market capitalization is approximately HKD 27,930 million [5][14]. Revenue Performance by Region - Q4 2024 revenue showed a slight decline of 0.1% year-over-year, with a currency-neutral increase of 1% [7][14]. - Revenue changes in Q4 2024 by region were as follows: - Asia: -6.3% - North America: +3.9% - Europe: +5.6% - Latin America: +14% [7][14]. Cash Flow and Dividends - Adjusted free cash flow increased by 9.3% to USD 310 million [7][14]. - Total dividends for the year were USD 150 million, with a payout ratio of 43.4% [7][14].

Investment Rating - The report maintains an "Outperform" rating for Haitian International [2] Core Views - Haitian International achieved a revenue of RMB 16.13 billion in 2024, representing a year-on-year increase of 23.4%, with a net profit of RMB 3.08 billion, up 23.6% year-on-year [3][11] - The company is focused on enhancing its global market share through multi-dimensional market strategies and active globalization efforts [5][14] - The target price is set at HKD 26.3, with a projected P/E ratio of 12 for 2025 [5][15] Revenue and Profit Growth - The company reported a gross margin of 32.5% for 2024, an increase of 0.4 percentage points from the previous year, driven by lower raw material prices and improved economies of scale [3][11] - In the second half of 2024, revenue reached RMB 8.11 billion, a 21.2% increase year-on-year, with net profit attributable to shareholders of RMB 1.56 billion, up 26.4% year-on-year [3][11] Regional Performance - Domestic revenue for 2024 was RMB 10.11 billion, a 27.7% increase year-on-year, while overseas revenue was RMB 6.02 billion, up 16.8% year-on-year [4][12] - The company experienced significant growth in the Mars and Zhafir series of injection molding machines, benefiting from demand recovery in consumer goods and home appliances [4][13] Future Outlook - The company plans to continue benefiting from the recovery of global manufacturing and domestic consumption demand, aiming to expand into both mature and emerging markets [5][14] - Factories in Japan and Serbia are expected to be completed in 2025, enhancing the localization of the supply chain [5][14] Earnings Forecast and Valuation - The revenue forecast for 2025 is RMB 17.1 billion, with a net profit of RMB 3.24 billion, and for 2026, revenue is projected at RMB 15.8 billion with a net profit of RMB 2.88 billion [5][15]

Investment Rating - The report maintains a "Buy" rating for China Tower (0788.HK) [3]. Core Views - The company's performance is driven by its "One Body, Two Wings" strategy, leading to steady growth and an increased focus on shareholder returns through a higher dividend payout ratio [1]. - In 2024, the company reported a revenue of RMB 97.772 billion, a year-on-year increase of 4.0%, with a net profit of RMB 10.729 billion, reflecting a 10% growth [1]. - The EBITDA for 2024 reached RMB 66.559 billion, up 4.7%, with an EBITDA margin of 68.1% [1]. Summary by Sections Revenue and Profitability - The operator business generated revenue of RMB 84.119 billion, growing by 2.4%, while the two wings business saw revenue of RMB 13.388 billion, up 16.4% [1]. - The company achieved a significant improvement in cash flow, with operating cash flow of RMB 49.468 billion, a year-on-year increase of RMB 16.628 billion [1]. Operator Business - The tower business revenue was RMB 75.689 billion, a 0.9% increase, with the number of tower sites increasing to 2.094 million [1]. - The indoor distribution business revenue reached RMB 8.430 billion, growing by 18.1%, with significant expansions in coverage areas [1]. Two Wings Business - The smart connection business generated RMB 8.911 billion, a 22.4% increase, focusing on sectors like emergency services and agriculture [1]. - The energy business revenue was RMB 4.477 billion, up 6.2%, while the battery swap business revenue reached RMB 2.5 billion, growing by 20.9% [1]. Shareholder Returns - The company increased its dividend payout ratio, distributing a total dividend of RMB 0.41696 per share for 2024, an 11.5% increase from 2023 [1]. - The depreciation and amortization as a percentage of revenue decreased from 52.2% in 2023 to 51.4% in 2024, indicating effective investment management [1]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been adjusted downwards by 10% and 14% to RMB 11.726 billion and RMB 18.123 billion, respectively, with a new forecast for 2027 at RMB 19.2 billion [1]. - The report emphasizes the potential for significant profit growth in 2026 due to the expiration of certain tower depreciations [1].

服装家纺 多元化布局打造强客户粘性，开拓运动赛道成长性提升 ——晶苑国际深度报告 晶苑国际（02232.HK） 证券研究报告/公司深度报告 2025 年 03 月 18 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2022A | | 2023A | 2024E | 2025E | 2026E | | 分析师：张潇 | | 营业收入（百万元） | 17,499 | | 15,651 | 17,593 | 19,569 | 21,635 | | | | 增长率 yoy% | | 16% | -11% | 12% | 11% | 11% | | 执业证书编号：S0740523030001 | | 归母净利润（百万元） | | 1,203 | 1,158 | 1,412 | 1,682 | 1,946 | | Email：zhangxiao06@zts.com.cn | | 增长率 yoy% | | 16% | -4% | 22% | 19% ...

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 9.1, indicating a potential upside of 19% from the current price of HKD 7.63 [1][3]. Core Insights - The company focuses on high-quality revenue growth, strategically emphasizing high-end camera module projects, which is expected to lead to significant profit improvements in the second half of 2024 [7]. - The fundamental growth trend is anticipated to continue into 2025, driven by a doubling of shipments for mobile periscope modules, rapid growth in ultrasonic fingerprint recognition modules, and ongoing expansion in automotive and drone sectors [7]. - The company has shown strong performance in controlling expenses, resulting in a net profit increase of 168% year-on-year for 2024 [7]. Financial Forecasts - Revenue is projected to grow from RMB 12,531 million in 2023 to RMB 20,974 million by 2027, with a compound annual growth rate (CAGR) of approximately 8% [2]. - Net profit is expected to rise significantly from RMB 82 million in 2023 to RMB 667 million in 2027, reflecting a robust growth trajectory [2]. - The gross margin is forecasted to improve from 4.1% in 2023 to 7.0% in 2027, indicating enhanced profitability [2]. Performance Metrics - For the second half of 2024, the company anticipates a revenue of RMB 84.8 billion, a year-on-year increase of 20%, with a gross margin of 6.9% [7]. - The company expects that by 2025, at least 55% of mobile module shipments will be 32 million pixels or higher, with a significant increase in sales of fingerprint modules and automotive IoT modules [7]. - The average selling price of camera modules is projected to increase, contributing to overall revenue growth [7]. Valuation - The report employs a sum-of-the-parts valuation method, assigning target price-to-earnings (P/E) ratios of 15.0x for mobile camera modules, 18.0x for other camera modules, and 20.0x for fingerprint recognition modules, leading to a target price of HKD 9.1 [7][15].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][10]. Core Insights - The company has unveiled a humanoid robot prototype capable of various actions, showcasing its innovation in robotics [5]. - The company has a strong foundation in the robotics industry, having entered the industrial robotics sector in 2015 and acquired KUKA, a leading global manufacturer [6]. - The company is integrating resources to develop humanoid robots, focusing on key components such as gear reducers, motors, sensors, and controllers [6]. - Recent government policies are expected to support the home appliance sector, with a significant increase in funding for consumer goods upgrades [6]. - Profit forecasts for the company indicate net profits of RMB 39.06 billion, RMB 44.05 billion, and RMB 49.11 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.8%, 12.8%, and 11.5% [6]. Financial Summary - The company's revenue is projected to grow from RMB 373.71 billion in 2023 to RMB 442.58 billion in 2025 [12]. - The earnings per share (EPS) are expected to increase from RMB 4.93 in 2023 to RMB 6.32 in 2025 [5][12]. - The dividend per share (DPS) is forecasted to rise from RMB 3.00 in 2023 to RMB 3.79 in 2025, with a dividend yield exceeding 4% [5][12].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of $3.6 billion for 2024, a year-on-year decrease of 2.5%, but a slight decline of 0.2% when excluding foreign exchange impacts. Adjusted EBITDA was $680 million, down 3.7% year-on-year, and net profit attributable to shareholders was $350 million, down 12.9% year-on-year. In Q4 alone, revenue reached $940 million, a year-on-year decrease of 0.6%, with adjusted EBITDA of $190 million, up 7.7% year-on-year, and net profit of $110 million, up 22.7% year-on-year [1][5][12]. Summary by Sections Revenue Performance - In Q4, North America, Europe, and China saw positive revenue growth, while India and South Korea experienced declines, leading to a 7% year-on-year drop in Asian revenue. Specifically, revenue from China was $70 million (up 2%), India $50 million (down 28%), Japan $50 million (up 3%), and South Korea $30 million (down 17%). North America generated $350 million (up 4%), with the U.S. contributing $330 million (up 4%). Europe achieved $210 million (up 5%), with Belgium at $60 million (up 16%) and Germany at $30 million (down 7%) [2][3]. Brand and Channel Performance - In Q4, the brands TUMI and Samsonite saw revenue growth, with TUMI at $250 million (up 4%) and Samsonite at $480 million (up 3%). The DTC (Direct-to-Consumer) channel showed stable performance, with revenues of $280 million (up 0.1%) and $130 million (up 1.2%) for DTC self-operated and DTC e-commerce channels, respectively. The company plans to open 67 new stores, increasing the total to 1,119, demonstrating confidence in growth despite a weak retail environment [3][4]. Profitability and Margins - The gross margin for Q4 was 60.2%, an increase of 0.3 percentage points year-on-year, attributed to higher-end brand performance and discount control. The adjusted EBITDA margin reached 20.7%, a historical high, while the net profit margin was 12.2%, down 3.5 percentage points year-on-year due to a high base from previous impairment reversals [4][5]. Earnings Forecast and Valuation - The company is expected to achieve revenues of $3.7 billion, $3.8 billion, and $3.9 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.8%, 4.1%, and 3.5%. Net profit attributable to shareholders is projected to be $370 million, $410 million, and $460 million for the same years, with growth rates of 6.2%, 10.8%, and 12.8%. The price-to-earnings ratio is estimated to be 10, 9, and 8 times for the respective years [5][12][13].

Investment Rating - The report maintains a "Buy" rating for XtalPi, indicating an expected return exceeding 15% over the next 12 months [21]. Core Insights - XtalPi is positioned as an AI-driven innovative R&D platform with stable revenue growth, focusing on drug discovery solutions and intelligent automation services [1][2]. - The company has established strategic partnerships with leading pharmaceutical companies, enhancing its capabilities in drug discovery and automation [1]. - Revenue is projected to grow from RMB 174 million in FY23 to RMB 251 million in FY24 (44% YoY) and further to RMB 434 million in FY25 (73% YoY) [1][4]. Summary by Sections Revenue and Growth - XtalPi's revenue is forecasted to increase significantly, with FY24E revenue at RMB 251 million and FY25E at RMB 434 million, reflecting growth rates of 44% and 73% respectively [4][16]. - The company has a diverse revenue stream from both drug discovery and intelligent automation, which are on stable growth trajectories [3]. Financial Position - XtalPi completed two financing arrangements in 2025, raising HKD 3.2 billion to strengthen its cash reserves and support future growth plans [3]. - The financial summary indicates a net loss reduction from RMB 1,906 million in FY23 to RMB 1,491 million in FY24E, and further to RMB 310 million in FY25E [4][16]. Partnerships and Collaborations - The company has a broad network of partnerships across various industries, including collaborations with GCL Group for new energy materials and with Guangzhou University of Chinese Medicine for traditional medicine R&D [2]. - XtalPi's partnerships with major firms like Microsoft China and JW Pharmaceuticals highlight its potential in biomedicine and new materials innovation [2]. Valuation - The target price for XtalPi is set at HKD 7.57 based on a discounted cash flow (DCF) model, with a weighted average cost of capital of 9.64% and a terminal growth rate of 3.0% [3][13].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company experienced a revenue decline of 8.0% year-on-year in 2024, totaling 18.454 billion yuan, primarily due to weak offline foot traffic and channel restructuring. However, net profit showed resilience, increasing by 0.2% to 491 million yuan, supported by improved gross margin and effective cost management strategies [1][3]. - The company is focusing on enhancing its online channels, with the proportion of revenue from all-channel sales rising to 28%, a 16% increase year-on-year. Key drivers include significant growth in sales through Douyin and the integration of local live streaming with national inventory [2][3]. - The management outlook for 2025 indicates stable revenue and profit, with a target of maintaining the number of direct stores around 3,300 and increasing the all-channel revenue share to 30% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 18.454 billion yuan, with a net profit of 491 million yuan. The gross margin improved by 0.5 percentage points to 34.2% due to strict discount control and inventory optimization [1][4]. - The fourth quarter of 2024 saw a revenue decline of 3.2% year-on-year, with a net profit drop of 17.3% to 150 million yuan, attributed to the same challenges faced throughout the year [1][2]. Operational Insights - The company reduced its direct store count by 75 to 3,448, while the average store area increased slightly. The average monthly sales per square meter and per store declined significantly due to poor customer traffic [2]. - The company plans to open 100 new stores in 2025, contributing to revenue growth from new brands that have been incubated over the past one to two years [2][3]. Future Projections - The company expects stable revenue and profit for 2025, with net profit projections of 492 million yuan, reflecting no growth compared to 2024. The target price is maintained at 0.59 to 0.69 HKD, corresponding to a PE ratio of 6-7x for 2025 [3][4].

Investment Rating - The report maintains a "BUY" rating for XtalPi, indicating a potential return of over 15% over the next 12 months [20]. Core Insights - XtalPi is leveraging its AI-driven innovative R&D platform to achieve stable revenue growth across its two core businesses: drug discovery solutions and intelligent automation solutions. The company has established strategic collaborations with leading pharmaceutical firms, enhancing its market position [9]. - Revenue is projected to grow significantly, from RMB 174 million in FY23 to RMB 251 million in FY24 (+44% YoY), and further to RMB 434 million in FY25 (+73% YoY) [2][9]. - The company has strengthened its financial position by completing two fundraising placements in 2025, raising HK$3.2 billion to enhance cash reserves and fund future growth initiatives [9]. Financial Summary - Revenue growth from FY22 to FY26 is expected to be substantial, with a forecast of RMB 841 million by FY26, reflecting a growth rate of 93.8% YoY [2][15]. - Adjusted net profit is projected to improve from a loss of RMB 1,491 million in FY24 to a loss of RMB 86 million by FY26 [2][12]. - The company’s operating profit is expected to improve significantly, moving from a loss of RMB 640 million in FY24 to a loss of RMB 158 million by FY26 [12][15]. Share Performance - The current price of XtalPi is HK$ 6.68, with a target price set at HK$ 7.57, indicating an upside potential of 13.3% [4]. - The market capitalization of XtalPi is approximately HK$ 26.85 billion [4]. Shareholding Structure - Major shareholders include Tencent Holdings with 10.9% and QuantumPharm ROC with 7.4% [5]. Partnerships and Collaborations - XtalPi has formed diverse partnerships across various industries, including collaborations with GCL Group for new energy materials and with Guangzhou University of Chinese Medicine for TCM drug R&D [9]. - The company is also working with Microsoft China on biomedicine innovations and has a joint venture with Indonesia's Sinar Mas Group to promote AI applications across different sectors [9]. Valuation - The target price of HK$ 7.57 is derived from a DCF model, with a WACC of 9.64% and a terminal growth rate of 3.0% [10].