Investment Rating - The report maintains a "Buy" rating for Haidilao with a target price of HK$19.45, representing a potential upside of 15% from the current price of HK$16.96 [1][5]. Core Insights - The report anticipates low single-digit growth in both revenue and profit for 2024, with a projected revenue increase of 4.0% to RMB 431.1 billion and a net profit growth of 2.1% to RMB 45.9 billion [3][5]. - The first quarter of 2025 is expected to face significant operational pressure, with potential revenue and profit declines due to high base effects from the previous year [4][5]. - The valuation is based on a 19x P/E ratio for 2026, with adjusted earnings per share (EPS) estimates for 2024, 2025, and 2026 being RMB 0.82, RMB 0.91, and RMB 0.96 respectively [5][6]. Summary by Sections Financial Performance - Revenue for 2024 is estimated at RMB 431.1 billion, with a 4.0% year-on-year growth. The net profit is projected to be RMB 45.9 billion, reflecting a 2.1% increase [3][6]. - The report outlines a slight increase in gross margin to 61.5% for 2024, driven by lower beef and lamb prices [3][7]. Earnings Forecast - The report adjusts the revenue forecasts downwards for 2024-2026 by 6.5%, 9.2%, and 10.5% respectively, while net profit estimates are adjusted upwards by 2.1% for 2024 and 1.6% for 2025, but down by 0.4% for 2026 [7][6]. Market Position - Haidilao's market capitalization is approximately US$12.16 billion, with a current share count of 5,574 million [1][5]. - The report highlights that the company is expected to maintain a stable growth trajectory despite facing challenges in the upcoming quarters [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company demonstrated significant growth resilience, with a reported NBV increase of 18% year-on-year to $4.712 billion in 2024, and a steady rise in operating profit by 7% [1][4]. - The company is confident in achieving a compound annual growth rate (CAGR) of 9% to 11% for after-tax operating profit over the next three years [3]. Summary by Sections Performance Review - In the 2024 annual report, the company reported an 18% year-on-year increase in NBV and a 7% increase in after-tax operating profit [1]. Operational Analysis - All reporting segments achieved double-digit growth in NBV, with a fixed exchange rate NBV of $4.712 billion in 2024, reflecting an 18% increase year-on-year. The margin improved by 1.9 percentage points to 54.5%, and annualized new business increased by 14% [2]. - Breakdown by regions: - Mainland China: NBV increased by 20%, annualized new business by 10%, and margin improved by 4.9 percentage points to 56.1% [2]. - Hong Kong: NBV rose by 23%, with local and MCV growth at 24% and 22% respectively, and margin increased by 8 percentage points to 65.5% [2]. - Southeast Asia (Thailand, Singapore, Malaysia): Thailand's NBV grew by 15%, Singapore's by 15% with a 52% increase in annualized new business, and Malaysia's by 10% [2]. Shareholder Returns - The company reported a 7% increase in after-tax operating profit, with a target of returning $6.5 billion to shareholders through dividends and share buybacks in 2024, equating to an approximate shareholder return rate of 8.3% [3]. - The company announced a $1.6 billion share buyback plan, including $600 million from free surplus and an additional $1 billion [3]. Profit Forecast, Valuation, and Rating - The company is expected to maintain double-digit growth in NBV, with projected growth rates of 9%, 10%, and 10% for 2025-2027, and operating profit growth rates of 9%, 8%, and 9% respectively [4]. - The estimated PEV for 2025 is 1.20 times, which is at the 10th percentile of valuations since 2018 [4].

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [2][9] Core Views - The company has a clear strategy focusing on AI and cloud integration, with the split of the Intelligent Information Business Group marking an increase in AI ToC applications. Revenue forecasts for FY2025-2027 are projected at 10046 billion, 11230 billion, and 12545 billion yuan, with adjusted net profits of 1577 billion, 1656 billion, and 1863 billion yuan respectively. The estimated market value of the company is 30703 billion yuan, corresponding to a per-share value of 175.10 HKD [2][9] Financial Performance Summary - Revenue for FY2023 was 868,687 million yuan, with a year-on-year growth of 1.83%. Projections for FY2025, FY2026, and FY2027 are 1,004,569 million, 1,123,039 million, and 1,254,470 million yuan respectively, with expected growth rates of 6.74%, 11.79%, and 11.70% [7] - The adjusted net profit for FY2023 was 72,509 million yuan, with a year-on-year growth of 17.03%. The forecast for FY2025 is 132,264 million yuan, reflecting a significant growth of 65.87% [7] - The report indicates a gross margin of 36.72% for FY2023, projected to increase to 39.05% by FY2025 [7] AI Application and Market Position - Alibaba's new AI flagship application, "New Quark," launched on March 13, integrates various AI functionalities and is expected to enhance user engagement. The application has achieved a daily active user count of 34.3 million, leading the AI application market [5][9] - The report highlights Alibaba's strong position in the AI and cloud computing sectors, benefiting from increased demand for cloud computing power driven by AI applications. The company’s proprietary AI models are expected to outperform competitors [5][9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at HKD 13.28, expecting a relative return of over 20% within the next six months [6][14]. Core Insights - The company reported a revenue of USD 8.2 billion for FY24, reflecting a 4% year-on-year increase. Manufacturing revenue was USD 5.6 billion, up 11%, while retail revenue was RMB 18.5 billion, down 8% [1][2]. - The gross profit margin stood at 24.4%, with manufacturing gross margin at 19.9%, an increase of 0.7 percentage points, driven by strong demand for footwear orders and improved production efficiency [1]. - The company aims to leverage the "athleisure" trend and enhance its manufacturing capabilities through automation and R&D, focusing on sustainable growth in regions like Indonesia and India [3]. Financial Performance - The net profit attributable to shareholders was USD 390 million, a significant increase of 43% year-on-year [2]. - The footwear shipment volume reached 255 million pairs, marking a 17% increase, with Indonesia accounting for 54% of shipments, up 29% [2]. - The average selling price (ASP) was USD 20.3, down 5% [2]. Future Outlook - The company plans to balance volume and price for sustainable growth, while enhancing operational resilience and efficiency through rigorous cost management [3]. - The revenue forecasts for FY25, FY26, and FY27 are projected at USD 8.7 billion, USD 9.3 billion, and USD 10.0 billion, respectively, with net profits expected to be USD 500 million, USD 550 million, and USD 620 million [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][11]. Core Views - The company is expected to see a revenue decline of 8% year-on-year in 2024, reaching 8.33 billion yuan, while net profit attributable to shareholders is projected to grow by 35% to 45% [1]. - Domestic profit contribution is estimated at around 200 to 300 million yuan, with overseas profit expected to be between 600 to 700 million yuan, leading to a total net profit of approximately 600 to 700 million yuan [1]. - The company is actively expanding its overseas operations, with significant acquisitions and new production lines planned, including a recent acquisition in the Democratic Republic of Congo and projects in Mozambique, Uganda, Zimbabwe, and Ethiopia [1][2]. - For 2025, the company anticipates continued profit growth, particularly in Ethiopia where cement prices are expected to rise, and overall profit estimates for 2025 have been adjusted to 1.7 billion yuan [2]. Summary by Sections Financial Performance - The company forecasts a net profit of 600 to 700 million yuan for 2024, with a significant recovery in 2025 expected to reach 1.7 billion yuan [1][2]. - The projected net profit for 2026 is 2.9 billion yuan, and for 2027, it is expected to be 3.5 billion yuan, reflecting year-on-year growth rates of 178%, 71%, and 21% respectively [2]. Market Position - The company’s current price-to-book (PB) ratio is 0.67, indicating potential for significant market value appreciation compared to recent acquisitions in the sector [2]. - The company is positioned in the construction industry, specifically in cement production, which is expected to benefit from both domestic and international market dynamics [3]. Operational Strategy - The company is focusing on international expansion with new production capacities planned for various countries, aiming for a total overseas capacity of 25.8 million tons by the end of 2027 [1][2]. - The report highlights the positive impact of the removal of previous impairments and fines on future profitability, suggesting a more favorable operating environment moving forward [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company is expected to achieve a revenue growth rate of 10%+ in the second half of FY2025, despite challenges in the overall consumption environment [5]. - The company has shown resilience in its operations, with a focus on product innovation and brand upgrades, which are anticipated to drive sales during the off-season [5]. - The company's strategic transformation has solidified its position as an expert in down jackets, with a continued emphasis on enhancing product quality and expanding product categories [5]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 16,774 million - 2024A: 23,214 million (growth rate: 38%) - 2025E: 25,681 million (growth rate: 11%) - 2026E: 28,930 million (growth rate: 13%) - 2027E: 32,426 million (growth rate: 12%) [2]. - **Net Profit Forecast**: - 2023A: 2,139 million - 2024A: 3,074 million (growth rate: 44%) - 2025E: 3,521 million (growth rate: 15%) - 2026E: 4,041 million (growth rate: 15%) - 2027E: 4,562 million (growth rate: 13%) [2]. - **Earnings Per Share (EPS)**: - 2023A: 0.18 - 2024A: 0.27 - 2025E: 0.30 - 2026E: 0.35 - 2027E: 0.39 [2]. - **Valuation Ratios**: - P/E: - 2024A: 14.0 - 2025E: 12.3 - 2026E: 10.7 - 2027E: 9.5 - P/B: - 2024A: 3.1 - 2025E: 2.5 - 2026E: 2.0 - 2027E: 1.7 [2][8]. Market Position and Strategy - The company is actively integrating new digital technologies with traditional business models to enhance operational efficiency and decision-making accuracy [5]. - The introduction of AI-designed products has significantly reduced the development time for new designs, showcasing the company's commitment to innovation [5]. - The company is focusing on sustainable development across its entire supply chain, achieving a leading ESG rating [5].

Investment Rating - The report assigns a "Buy" rating for Lenovo Group [9]. Core Insights - Lenovo Group, established in 1984, has become the largest player in the PC industry, with a strong position expected to continue in the AIPC era due to its early investments in smart PC technology and a focus on user experience [2][4]. - The company is leveraging its ISG and SSG businesses to create a comprehensive IT architecture that integrates edge, cloud, and AI solutions, which is anticipated to enhance profitability [2][7]. - The AIPC (AI PC) segment is expected to drive a new cycle of demand in the PC market, with Lenovo leading the way by launching over ten AIPC products [4][6]. Summary by Sections Company Overview - Lenovo Group has been a key player in the PC industry for over 40 years, growing significantly after acquiring IBM's PC business and becoming the global leader in PC sales since 2013 [4][16]. - The company has initiated a transformation towards intelligent technology since 2016, focusing on AIPC to enhance user experience and maintain its market leadership [4][6]. AIPC Development - AIPC is characterized by its ability to provide personalized services and improve user interaction, positioning itself as a revolutionary advancement in human-computer interaction [35][39]. - The AIPC market is projected to grow significantly, with global penetration expected to reach 18% by 2024 and 70% by 2028, driven by strong demand for AI capabilities in PCs [53][54]. Business Segments - The IDG (Intelligent Device Group) remains the core revenue source, encompassing PCs, smartphones, and other electronic devices, while the ISG (Infrastructure Solutions Group) and SSG (Solutions and Services Group) are rapidly growing segments [6][21]. - The ISG focuses on AI servers and cloud infrastructure, while the SSG provides IT services and customized solutions, contributing to a robust ecosystem that supports Lenovo's overall strategy [7][21]. Financial Performance - Lenovo's revenue for FY2024 was reported at $56.864 billion, a decline of 8.21% year-on-year, with a net profit of $1.011 billion, down 37.13% [28]. - Projections for FY2025 to FY2027 indicate a recovery in revenue and profit, with net profits expected to reach $1.515 billion, $1.813 billion, and $2.504 billion respectively [7]. Market Position and Strategy - Lenovo's global PC market share is projected to reach 25.5% in 2024, maintaining its leadership position [16]. - The company is strategically positioned to capitalize on the upcoming replacement cycle in the PC market, driven by the discontinuation of Windows 10 updates in 2025 and the increasing adoption of AIPC technology [6][7].

Investment Rating - The report maintains a "Buy" rating for Kuaishou, with a target price of HKD 75.96 per share, based on a 15x PE valuation for 2025 [4][5]. Core Viewpoints - Kuaishou's Keling technology is positioned to lead in the multi-modal video generation space, with significant competitive advantages and ongoing technological iterations [2][4]. - The report emphasizes the importance of continuous monitoring of video generation model advancements and AI empowerment in existing business operations [4][8]. Summary by Sections Financial Forecast and Investment Recommendations - Adjusted net profits for Kuaishou are projected to be CNY 176 billion, CNY 201 billion, and CNY 247 billion for 2024, 2025, and 2026 respectively [4]. - The report anticipates a 13.5% growth in e-commerce GMV for Kuaishou in 2025, outpacing the market [8]. Video Generation Model Development - The report identifies Keling as a top player globally in video generation technology, particularly excelling in consistency and precise control metrics [8][22]. - Kuaishou's Keling is noted for its rapid iteration and development, maintaining a competitive edge in the evolving landscape of video generation technology [22][33]. User Engagement and Commercialization - Kuaishou's user engagement metrics, including MAU and DAU, show steady growth, with daily average usage time remaining high at 120-130 minutes [8][9]. - The report highlights the ongoing optimization of Kuaishou's internal operations to enhance user experience and commercial performance [8][9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a significant cloud transformation, which is expected to drive revenue growth and lead to a gradual narrowing of losses, with a forecast to achieve breakeven by 2025 [3][6] - The integration of AI capabilities into ERP systems is a key focus, with the launch of the DeepSeek model enhancing the company's SaaS applications [4][45] - The company has a strong competitive advantage in the SME market, with high renewal rates and significant growth in large enterprise cloud revenue [5][6] Summary by Sections 1. Cloud Transformation and Revenue Growth - The company has transitioned from traditional ERP to cloud services, with revenue increasing from 1.586 billion in 2015 to 5.679 billion in 2023, reflecting a CAGR of 17.29% [3][24] - Losses peaked at 360 million in 2020 due to increased R&D and the cessation of certain ERP product sales, but narrowed to 143 million in 2023, with expectations of breakeven by 2025 [3][25] 2. AI Integration in ERP - The company has been implementing AI strategies since 2017, with significant advancements in financial and HR management through partnerships and the development of large-scale AI models [4][46] - The launch of the "Cang Qiong GPT" model in 2023 represents a major step in enhancing the company's AI capabilities within its ERP offerings [4][46] 3. Competitive Positioning - The company has demonstrated a strong competitive edge in the SME market, achieving a cloud revenue of 1.642 billion in the first half of 2024, with renewal rates of 95% for SMEs and 92% for small enterprises [5][6] - In the large enterprise segment, cloud revenue reached 546 million in the first half of 2024, marking a year-on-year growth of 38.9% [5][6] 4. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 6.484 billion, 7.561 billion, and 8.860 billion respectively, with net profits expected to turn positive by 2025 [6][10] - The company's subscription ARR reached 3.15 billion in the first half of 2024, indicating strong growth potential [5][38]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a significant cloud transformation, which is expected to drive revenue growth and lead to a gradual narrowing of losses, with a forecast to achieve breakeven by 2025 [3][6] - The integration of AI capabilities into ERP systems is positioned to enhance the company's competitive edge and facilitate intelligent transformation [4][5] Summary by Sections 1. Business Transformation and Growth - The company has transitioned from traditional ERP to cloud services, with revenue increasing from 1.586 billion yuan in 2015 to 5.679 billion yuan in 2023, reflecting a CAGR of 17.29% [3][24] - The cloud service revenue accounted for 83.25% of total revenue in the first half of 2024, indicating a rapid shift from traditional ERP services [26][29] - The company expects to narrow its losses to 0.78 billion yuan in 2024 and achieve a net profit of 1.97 billion yuan in 2025 [6][10] 2. AI Integration and Market Position - The company has integrated AI capabilities into its ERP offerings, launching the "DeepSeek" model to enhance its SaaS applications [4][45] - The AI-driven products are expected to optimize processes in financial and human resource management, improving efficiency and decision-making [45][46] - The ERP software market in China is projected to grow from 385 billion yuan in 2021 to 682 billion yuan by 2027, with a CAGR of approximately 11% [50] 3. Financial Performance and Projections - The company forecasts revenues of 6.484 billion yuan, 7.561 billion yuan, and 8.860 billion yuan for 2024, 2025, and 2026 respectively, with a return to profitability expected in 2025 [6][10] - The subscription ARR for cloud services reached 3.15 billion yuan in the first half of 2024, with a significant growth trajectory [38][40] - The company's gross margin is expected to recover as operational efficiencies improve, following a period of high R&D and sales expenses [34][36]