Investment Rating - The report maintains a "Buy" rating for Leap Motor (零跑汽车) [1] Core Insights - Leap Motor's total sales for 2024 reached 293,700 units, a year-on-year increase of 103.8%, with total revenue of 32.16 billion yuan, up 92.0% year-on-year. The gross margin improved to 8.4%, an increase of 7.9 percentage points year-on-year, and the net loss was reduced to 2.82 billion yuan, a decrease of 1.4 billion yuan year-on-year [4][5] - The B10 model, which is Leap Motor's first intelligent vehicle, has a pre-sale price range of 109,800 to 139,800 yuan, and is expected to significantly boost sales with its competitive features [4] - The company is expected to further improve its gross margin to over 10% in 2025, driven by scale effects, product structure optimization, and cost reductions [4] Financial Data and Profit Forecast - For 2024, the company forecasts total revenue of 32.16 billion yuan, with a projected growth rate of 92%. By 2025, revenue is expected to reach 57.01 billion yuan, with a growth rate of 77% [5] - The net profit forecast for 2025 is 98 million yuan, with a significant turnaround from previous losses, and is expected to grow to 3.12 billion yuan by 2027 [5][6] - The earnings per share (EPS) is projected to be 0.07 yuan in 2025, turning positive for the first time [5][6]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299) [2] Core Views - The company reported a year-on-year increase in OPAT of 12% per share, exceeding targets, and announced a new share buyback plan of $1.6 billion [5][6] - The company's NBV growth rate is in line with expectations, with a year-on-year increase of 18% to $4.712 billion [5] - The report highlights a robust performance in investment returns, with total investment assets increasing by 8.2% year-on-year to $255.3 billion [8] Financial Performance Summary - The company achieved a year-on-year increase in OPAT of 7% to $6.605 billion, with a significant rise in net profit attributable to shareholders of 81.6% to $6.836 billion [5][10] - The expected net profit for 2025-2027 is revised upwards to $7.774 billion, $8.434 billion, and $8.949 billion respectively [8] - The report indicates a total investment return of 4.8% for equity assets and 4.3% for fixed income assets, remaining stable year-on-year [8] Market Segment Analysis - In the Hong Kong market, NBV increased by 23% to $1.764 billion, with strong growth in agent and partner distribution channels [11] - In mainland China, NBV grew by 20% to $1.217 billion, supported by the establishment of four new branches [11] - Southeast Asia markets showed positive growth, with Thailand, Singapore, and Malaysia reporting year-on-year increases in NBV of 15%, 15%, and 10% respectively [11]

Investment Rating - The investment rating for AIA Group Limited is "Outperform" (maintained) [1] Core Views - The report highlights that the company achieved a 2024 New Business Value (NBV) of USD 4.71 billion, representing an 18% year-on-year increase, which aligns with expectations [4] - The report anticipates a steady growth in NBV for 2025-2026, with projections of +10.8% and +10.2% respectively, and a new forecast for 2027 at +10.4% [4] - The company is recognized as a leader in the Asia-Pacific life insurance sector, with strong performance in its main business regions [4] Financial Performance Summary - The total premium and fee income for 2023 was HKD 32.1 billion, with a year-on-year growth of 13.3% [6] - The intrinsic value increased to HKD 54.5 billion in 2024, reflecting a 2.1% year-on-year growth [6] - The NBV for 2024 is projected to be HKD 3.7 billion, with a year-on-year increase of 16.8% [6] - The net profit attributable to shareholders for 2024 is estimated at HKD 46.9 billion, showing a year-on-year decrease of 5.4% [6] - The price-to-earnings (P/E) ratio for 2025 is projected at 12.4 times, while the price-to-embedded value (P/EV) ratio is expected to be 1.1 times [6] Regional Performance - The NBV growth in various regions for 2024 is as follows: Mainland China +20%, Hong Kong +23%, Thailand +15%, Singapore +15%, Malaysia +10%, and other regions +18% [5] - The Mainland China market achieved an NBV of USD 1.22 billion, with a year-on-year increase of 20% [5] - Hong Kong's NBV reached USD 1.76 billion, benefiting from a rebound in individual insurance channels and strong demand for savings products [5]

Investment Rating - The investment rating for AIA Group Limited is maintained at "Outperform" [1] Core Views - The report highlights that the company achieved a 2024 New Business Value (NBV) of USD 4.71 billion, representing an 18% year-on-year increase, which aligns with expectations [4] - The 2024 annualized new premium reached USD 8.61 billion, up 14% year-on-year, with a margin increase of 1.9 percentage points to 54.5% [4] - The after-tax operating profit increased to USD 6.605 billion, reflecting a 7% year-on-year growth [4] - The report projects NBV growth of 10.8% and 10.2% for 2025 and 2026, respectively, with an additional forecast of 10.4% for 2027 [4] - The company's strong liability performance and stable asset yield led to an upward revision of the 2025-2026 net profit forecast to HKD 52.7 billion and HKD 56.7 billion, respectively [4] Financial Summary and Valuation Metrics - The total premium and fee income for 2023 was HKD 32.1 billion, with a year-on-year growth of 13.3% [6] - The embedded value for 2024 is projected at HKD 55.7 billion, with a year-on-year increase of 2.1% [6] - The new business value for 2024 is expected to be HKD 37 billion, reflecting a 16.8% year-on-year growth [6] - The net profit attributable to shareholders for 2024 is forecasted at HKD 46.9 billion, with a year-on-year decrease of 5.4% [6] - The price-to-earnings ratio (P/E) for 2025 is estimated at 12.4 times, while the price-to-embedded value (P/EV) is projected at 1.1 times [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of $8.2 billion for 2024, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of $390 million, up 43% year-on-year. The manufacturing segment generated $5.6 billion in revenue, an 11% increase year-on-year, while the retail segment saw a revenue decline of 10% to $2.6 billion [1][5] - Manufacturing business orders are robust, with a significant increase in shipments and a narrowing decline in average selling price (ASP). The ASP for 2024 was $20.3, down 5% year-on-year, while shipments reached 260 million pairs, a 17% increase [2][5] - The retail business is showing signs of improvement, with a smaller revenue decline in Q4 and effective cost management strategies leading to stable profit margins. Online retail revenue grew by 16%, with Douyin sales doubling year-on-year [4][5] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of $8.2 billion and a net profit of $390 million. The manufacturing segment contributed $5.6 billion, while the retail segment accounted for $2.6 billion [1][5] - In Q4 alone, the company reported a revenue of $2.1 billion, an 11% increase year-on-year, but net profit dropped by 52% to $70 million due to increased operational costs and tax disputes [1][3] Manufacturing Business - The manufacturing segment's revenue for 2024 was $5.6 billion, with a shipment volume of 260 million pairs, reflecting a 17% increase. The ASP remained stable at $20.3 [2][5] - The manufacturing gross margin was 19.9%, with a capacity utilization rate of 93%. However, Q4 gross margin was pressured due to increased overtime and outsourcing costs, alongside a tax dispute in Indonesia [3][5] Retail Business - The retail segment's revenue for 2024 was $2.6 billion, down 10% year-on-year, but the decline in Q4 was only 2%. The company managed to improve its gross margin to 34.2% through effective discount management [4][5] - The number of offline stores decreased to 3,448, with same-store sales down 17.1%. However, online sales showed resilience, particularly on platforms like Douyin [4][5] Earnings Forecast and Valuation - The company is expected to achieve revenues of $8.4 billion, $9.0 billion, and $9.6 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of $454 million, $498 million, and $529 million [5][12] - The projected P/E ratios for the next three years are 6.0, 5.5, and 5.2, with a dividend payout ratio of 69% for 2024, translating to a dividend yield of 10% [5][12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of USD 8.182 billion for 2024, reflecting a year-on-year growth of 4%, and a net profit attributable to shareholders of USD 392 million, which is a significant increase of 43% [3][5] - The manufacturing business is operating at full capacity, with an increase in operational efficiency leading to a gross margin rise [3] - The retail segment is experiencing a decline in physical store sales but shows strong growth in online sales, contributing to an overall improvement in gross margin [3] - The company is the largest sports shoe manufacturer globally and has a strong presence in the sports retail sector, indicating a robust position in the industry [3] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: USD 7.890 billion - 2024: USD 8.182 billion - 2025E: USD 8.654 billion - 2026E: USD 9.082 billion - 2027E: USD 9.464 billion - Net profit attributable to shareholders is forecasted to grow from USD 275 million in 2023 to USD 489 million in 2025E, and further to USD 592 million by 2027E [3][12] - The earnings per share (EPS) is expected to increase from 17.05 cents in 2023 to 30.49 cents in 2025E [3][12] Operational Efficiency - The manufacturing business achieved a capacity utilization rate of 93% in 2024, up from 79% in FY23, contributing to a gross margin increase of 0.7 percentage points to 19.9% [3] - The retail business saw a decline in physical store sales but a 16% increase in online sales, leading to a gross margin improvement of 0.5 percentage points to 34.2% [3] Dividend Policy - The company proposed a final dividend of HKD 0.9 per share, resulting in a total annual dividend of approximately HKD 1.3 per share, with a payout ratio of 69% and a dividend yield of about 10% [3]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299) [2][8] Core Insights - The company's NBV (New Business Value) growth is in line with expectations, with a year-on-year increase of 18% to $4.712 billion, while OPAT (Operating Profit After Tax) exceeded targets with a 12% year-on-year increase [5][6] - A new share buyback plan of $1.6 billion has been announced, indicating strong shareholder returns [6] - The company has shown a significant increase in equity asset allocation, with total investment assets rising by 8.2% year-on-year to $255.3 billion [8] Financial Performance Summary - For 2024, the company reported a year-on-year increase in OPAT of 7% to $6.605 billion, with net profit attributable to shareholders rising by 81.6% to $6.836 billion [5][10] - The expected growth in net profit for 2025-2027 is projected at $7.774 billion, $8.434 billion, and $8.949 billion respectively, with corresponding year-on-year growth rates of 13.7%, 8.5%, and 6.1% [10][12] - The company's PEV (Price to Embedded Value) is currently at 1.14x for 2025, indicating a potential valuation recovery opportunity [8][10] Market Segmentation Analysis - In Hong Kong, NBV increased by 23% to $1.764 billion, driven by strong performance in agent and partner distribution channels [11] - In mainland China, NBV grew by 20% to $1.217 billion, supported by the establishment of four new branches [11] - Southeast Asian markets showed robust growth, with Thailand, Singapore, and Malaysia reporting NBV increases of 15%, 15%, and 10% respectively [11]

Investment Rating - The report assigns an "Outperform" rating to Angelalign, expecting a relative return exceeding 10% over the next 12-18 months [16]. Core Insights - Angelalign is set to establish a manufacturing facility in Wisconsin, USA, marking a significant milestone in its globalization strategy. The factory will cover 52,000 square feet and utilize proprietary automated 3D printing technology, positioning it as one of the world's most advanced orthodontic appliance manufacturing centers [1][5]. - The company's overseas expansion is anticipated to accelerate, particularly in the North American market, with overseas clear aligner cases expected to exceed 110,000 in 2024, representing over 30% of total cases. This expansion aims to mitigate tariff risks and enhance operational efficiency [2][6]. - The application of AI technology in consumer healthcare is viewed positively, as it is expected to reduce information asymmetry and enhance demand perception, particularly in the beauty and healthcare sectors [7]. Summary by Sections Company Overview - Angelalign announced the construction of a new factory in the U.S. as part of its global strategy [1][5]. Market Expansion - The company began its overseas expansion in 2022, with 33,000 overseas clear aligner cases reported in 2023, which is 13% of total cases. The forecast for 2024 is over 110,000 cases [2][6]. Technological Advancements - The report highlights the benefits of the new factory, including automated production lines for rapid demand response, reduced shipping and production costs, and avoidance of tariff risks [2][6]. AI in Healthcare - The report expresses optimism regarding AI's role in consumer healthcare, emphasizing its potential to reduce information asymmetry and enhance brand effects in new markets [7].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 4.00 [7][25][8] Core Insights - The company reported a revenue of HKD 21.314 billion for 2024, representing a year-on-year increase of 7%, and a core net profit of HKD 1.601 billion, which is up 35% year-on-year, exceeding the forecast of HKD 1.45 billion [1][2] - The natural gas sales volume for 2024 increased by 5% year-on-year, with the city gas gross margin rising by RMB 0.02 per cubic meter [1][2] - The company plans to maintain a dividend payout ratio of 41%, with expected dividend yields of 6.2%, 6.5%, and 6.8% for 2025-2027 [1][4] Summary by Sections Revenue and Profitability - The company achieved a core net profit of HKD 1.601 billion in 2024, a 35% increase from the previous year, and revenue reached HKD 21.314 billion [1][6] - The forecast for core net profit for 2025 and 2026 has been raised to HKD 1.71 billion and HKD 1.81 billion, respectively [1][4] Natural Gas Sales - The total gas sales volume for 2024 is projected to be 17.2 billion cubic meters, with industrial, commercial, and residential sales increasing by 2.5%, 4.5%, and 5.2% respectively [2][4] - The forecast for gas sales growth for 2025 and 2026 has been adjusted to 4.8% and 4.6% [2][4] Renewable Energy - The company’s distributed photovoltaic capacity reached 2.3 GW by the end of 2024, with a projected increase to 2.5 GW and 3.0 GW in 2025 and 2026, respectively [3][4] - The renewable energy segment is expected to contribute significantly to profit growth, with net profit estimates for this segment raised by 70% and 66% for 2025 and 2026 [3][4] Valuation and Target Price - The target market capitalization for the company is set at HKD 13.9 billion, with a target price of HKD 4.00 based on a valuation of 7x PE for the city gas business and 11x PE for the renewable energy business [4][25] - The previous target price was HKD 3.85, indicating a positive outlook for the company's valuation [4][25]

[Table_Title] 2024 年业绩亮眼，线上业务高增 ——361 度（01361）2024 年业绩点评 2025 年 03 月 16 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn 最近一年走势 | 相对恒生指数表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 361 度 | 16.5% | 9.3% | 14.2% | | 恒生指数 | 5.9% | 20.0% | 41.3% | | 市场数据 | | | 2025/03/14 | | 当前价格（港元） | | | 4.72 | | 52 周价格区间（港元） | | | 3.15-4.85 | | 总市值（百万港元） | | | 9,759.46 | | 流通市值（百万港元） | | | 9,759.46 | | 总股本（万股） | | | 206,768.20 | | 流通股本（万 ...