Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expanding its product matrix with two new electric SUVs set to launch in 2025, enhancing its advanced driving capabilities [3] - The company aims to establish 2,500 supercharging stations by the time the new model i8 is released, with plans to increase this to 4,000 by the end of 2025 [3] Financial Forecasts - The company’s total revenue for 2023 is projected at 123.85 billion RMB, with a year-on-year growth of 173.48% [4] - Revenue forecasts for 2024, 2025, 2026, and 2027 are 144.46 billion RMB, 172.86 billion RMB, 236.56 billion RMB, and 275.05 billion RMB respectively, with year-on-year growth rates of 16.64%, 19.66%, 36.85%, and 16.27% [4] - The net profit attributable to the parent company for 2023 is expected to be 11.70 billion RMB, with a staggering year-on-year increase of 681.65% [4] - The net profit forecasts for 2025, 2026, and 2027 are 9.38 billion RMB, 14.49 billion RMB, and 17.51 billion RMB, reflecting year-on-year growth rates of 16.79%, 54.41%, and 20.86% respectively [4] - The report projects EPS for 2025, 2026, and 2027 to be 4.42 RMB, 6.83 RMB, and 8.25 RMB, with corresponding P/E ratios of 23.85, 15.44, and 12.78 [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 113.20 per share [2][8]. Core Views - The company is expected to achieve stable revenue growth in 2024, with a projected revenue of CNY 144.46 billion, representing a year-on-year increase of 16.6%. The net profit attributable to shareholders is forecasted to be CNY 8.03 billion, a decrease of 32.0% year-on-year [1][8]. - The company is focusing on electric vehicles and intelligent driving technology, with new models set to launch in 2025, which are anticipated to drive sales growth [7][8]. Revenue Summary - In Q4 2024, total revenue reached CNY 44.27 billion, with year-on-year and quarter-on-quarter growth of 6.1% and 3.3%, respectively. The automotive business revenue was approximately CNY 42.64 billion, also showing growth [1][2]. - The average selling price (ASP) decreased slightly from CNY 270,000 in Q3 2024 to CNY 269,000 in Q4 2024, influenced by changes in product mix and customer interest subsidies [2][3]. Profit Summary - The automotive business gross profit for Q4 2024 was CNY 8.39 billion, with a gross margin of 19.7%, reflecting a decline compared to the previous year [3]. - The operating profit for Q4 2024 was CNY 3.70 billion, with an operating margin of 8.4%, showing slight improvements year-on-year [3]. Cash Flow and Financial Health - The company reported a net cash inflow from operating activities of CNY 8.7 billion in Q4 2024, with free cash flow of CNY 6.1 billion [6]. - As of March 11, 2025, the company has established a robust charging network with 1,900 supercharging stations and 10,160 charging piles across 31 provinces and 214 cities [6]. Future Outlook - The company anticipates Q1 2025 vehicle deliveries to be between 88,000 and 93,000 units, representing a year-on-year growth of 9.5% to 15.7% [6]. - Revenue projections for 2025 to 2027 are CNY 165.36 billion, CNY 202.45 billion, and CNY 222.69 billion, respectively, with net profits expected to grow significantly [8][10].

港股公司报告 | 公司点评 友邦保险（01299） 证券研究报告 业绩亮眼，16 亿回购新计划再启 如无特殊说明，本文中同比指固定汇率下同比。 1、集团：友邦保险 2024 全年实现 NBV47.12 亿美元，同比+18%；实现 年化新保 86.06 亿美元，同比+14%；NBV margin 同比+1.9pct 至 54.5%。 1. 分渠道来看，代理队伍及伙伴分销分别实现 NBV37.07 亿美元/ 13.01 亿 美元，同比+16%/+28%；实现年化新保 54.86 亿美元/31.20 亿美元，同比 +13%/+16%； NBV margin 67.6%/41.7%，同比+2.1pct/+3.9pct。2. 分地区来 看，本年度所有地区在新业务价值上均取得双位数增长，其中中国内地及 中国香港增长尤为显著，分别为+20%及+23%。 2、中国内地： 2024A NBV 录得双位数增长，固定汇率下同比+20%至 12.17 亿美元，其中自 2019 年以来设立的新分公司为友邦中国贡献 27%的新业务 价值增长，NBV 占集团比例第二高；NBV margin +4.9 pct 至 56.1% 。分渠 道来看 ...

理想汽车（2015.HK）系列点评六 1.理想汽车（2015.HK）系列点评五：2024Q 3 毛利亮眼 智驾加速推进-2024/11/01 2.理想汽车（2015.HK）系列点评四：2024Q 2 毛利超预期 智驾加速推进-2024/08/30 3.理想汽车系列点评三：2024Q1 毛利维持健 康 静待纯电产品优化-2024/05/22 4.理想汽车系列点评二：理想 MEGA 发布 再 续强势产品周期-2024/03/02 5.理想汽车系列点评一：2023Q4 业绩大超预 期 新品周期持续强势-2024/02/28 ➢ 营收稳定增长 毛利保持健康 营 收 端 ： 2024Q4 公 司 总 营 收 为 442.7 亿 元 ， 同 比 / 环 比 分 别 为 +6.1%/+3.3%；其中 2024Q4 汽车业务收入约为 426.4 亿元，同比/环比分别为 +5.6%/+3.2%。车辆销售收入较 2023 年四季度及 2024 年三季度车辆销售收入 增长均主要由于交付量增加，但前者因产品组合变化、后者因客户利息补贴致使 平均售价下滑，部分抵消了增长态势。整体 ASP 由 2024Q3 的 27.0 万元下降至 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 113.20 HKD per share [2][8]. Core Insights - The company is expected to achieve stable revenue growth in 2024, with a projected revenue of 144.46 billion RMB, representing a year-on-year increase of 16.6%. The net profit attributable to shareholders is forecasted to be 8.03 billion RMB, a decrease of 32.0% year-on-year [1][10]. - The company is focusing on electric vehicles and intelligent driving technology, with new models set to launch in 2025, which are anticipated to drive sales growth [7][8]. - The company has a strong cash reserve and is continuously investing in charging infrastructure, with 1,900 supercharging stations and over 10,000 charging piles established across 31 provinces and 214 cities as of March 2025 [6][8]. Revenue Summary - In Q4 2024, the total revenue reached 44.27 billion RMB, with a year-on-year growth of 6.1%. The automotive business revenue was approximately 42.64 billion RMB, also showing a year-on-year increase of 5.6% [2][3]. - The total vehicle deliveries in Q4 2024 amounted to 159,000 units, reflecting a year-on-year increase of 20.4% [2][3]. Profitability Summary - The gross profit for the automotive business in Q4 2024 was 8.39 billion RMB, with a gross margin of 19.7%, down 3.1 percentage points year-on-year [3][4]. - The operating profit for Q4 2024 was 3.70 billion RMB, with an operating margin of 8.4%, showing an improvement of 1.1 percentage points year-on-year [3]. Future Outlook - The company anticipates Q1 2025 vehicle deliveries to be between 88,000 and 93,000 units, with corresponding revenue expected to be around 23.4 billion to 24.7 billion RMB, indicating a year-on-year decline of 8.7% to 3.5% [6][8]. - Revenue projections for 2025 to 2027 are estimated at 165.36 billion, 202.45 billion, and 222.69 billion RMB, respectively, with net profits expected to be 10.11 billion, 13.46 billion, and 16.54 billion RMB [10][11].

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]. 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 CNY 18.5 billion, down 8% [1][2]. - The gross 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 projections for FY25-27 are 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].

港股研究丨公司深度丨联想集团（0992.HK） [Table_Title] AIPC 风云至，大象起舞展新篇 research.95579.com %% %% 1 %% %% 丨证券研究报告丨 报告要点 [Table_Summary] 联想集团成立于 1984 年，深耕 PC 行业 40 余载，至今成长为 PC 行业第一大巨头。PC 行业 经历长时期的成熟期后，有望迎来 AIPC 的换机周期。联想提前布局智能 PC 行业，同时基于 "私人秘书"理念提出 AIPC 五大核心特征，以 AI Agent 为核心要素，更契合用户需求，在 AIPC 时代有望继续保持龙头地位，并改善盈利能力。ISG 与 SSG 业务在 AI 浪潮下完善联想 "端-边-云-网-智"新 IT 架构的全面布局，ISG 扭亏后 AI 服务器有望加速放量，结合 SSG 为 客户提供一栈式服务。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 35 %% %% %% %% research.95579.com 2 联想集团（0992.HK） cjz ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is expanding its product matrix with two new electric SUVs, the Li Auto i8 and i6, set to launch in July 2025 and the second half of 2025 respectively [3] - The company aims to enhance its high-level autonomous driving capabilities alongside the new vehicle launches [3] - The company plans to increase its supercharging station network to 4,000 by the end of 2025, starting with 2,500 stations at the launch of the Li Auto i8 [3] Financial Forecasts - The company’s total revenue for 2023 is projected at 123.85 billion RMB, with a year-on-year growth of 173.48% [4] - Revenue forecasts for 2024, 2025, 2026, and 2027 are 144.46 billion RMB, 172.86 billion RMB, 236.56 billion RMB, and 275.05 billion RMB respectively, with growth rates of 16.64%, 19.66%, 36.85%, and 16.27% [4] - The net profit attributable to the parent company for 2023 is expected to be 11.70 billion RMB, with a staggering year-on-year increase of 681.65% [4] - The net profit forecasts for 2025, 2026, and 2027 are 9.38 billion RMB, 14.49 billion RMB, and 17.51 billion RMB, reflecting growth rates of 16.79%, 54.41%, and 20.86% respectively [4] - The earnings per share (EPS) for 2023 is projected at 5.52 RMB, with forecasts of 3.79 RMB, 4.42 RMB, 6.83 RMB, and 8.25 RMB for the following years [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Viewpoints - The company is expected to achieve a revenue of 10.07 billion RMB in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion RMB, also up by 19.5% [1] - The gross margin is reported at 41.5%, an increase of 0.4 percentage points, while the net profit margin remains stable at 11.4% [1] - The company has shown strong performance in various product categories, with children's clothing revenue growing by 19.5% and accessories by 27% [1] - The e-commerce segment has also demonstrated resilience, with online sales reaching 2.61 billion RMB, a year-on-year increase of 12.2% [2] Revenue and Profit Forecast - The company forecasts revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB for the years 2025 to 2027, respectively [4] - Corresponding net profits are expected to be 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB for the same years [4] - The earnings per share (EPS) are projected to be 0.61 RMB, 0.69 RMB, and 0.79 RMB for 2025 to 2027 [9] Channel Structure Optimization - The company operates 5,750 stores with an average store size of 149 square meters, showing a net increase of 11 square meters year-on-year [3] - Approximately 75.9% of the stores are located in third-tier cities or below, indicating a strategic focus on expanding in less saturated markets [3] - The introduction of the new "super product" store format aims to enhance customer experience and capture new market opportunities [3]

Investment Rating - The investment rating for AIA Group is maintained as "Buy" [8] Core Insights - In 2024, AIA Group reported a net profit attributable to shareholders of $6.836 billion, an increase of 84% year-on-year at constant exchange rates. The after-tax operating profit was $6.605 billion, and the new business value (NBV) reached $4.712 billion, reflecting a year-on-year increase of 7% and 18% respectively. The embedded value (EV) stood at $69.035 billion, up 4% from the beginning of the year. The final dividend was HK$1.31 per share, a 10% increase year-on-year, with the total annual dividend rising by 9%, aligning with expectations [1][4][6]. Summary by Sections Performance Overview - AIA Group's total investment scale reached $288.621 billion by the end of 2024, marking a 7.5% increase from the beginning of the year. The net and total investment yield for non-participating and surplus assets remained stable at 4.3% and 4.8% respectively, with net investment performance increasing by 133.4% year-on-year, primarily due to reduced financial expenses related to insurance contracts [4][6]. Liability Side - The NBV growth rate for 2024 was 18%, a decrease of 7 percentage points compared to the first half of 2024, but still indicating robust growth. The main driver was the new annualized premium income, which reached $8.606 billion, up 14% year-on-year. The new business profitability also improved, with the value rate increasing by 1.9 percentage points to 54.5% [2][3]. Regional Performance - In 2024, the NBV growth rates for various regions were as follows: Hong Kong +23%, Mainland China +20%, Thailand +15%, Singapore +15%, Malaysia +10%, and other regions +18%. Hong Kong led with an NBV of $1.764 billion, benefiting from strong growth in local and visitor business [3]. Shareholder Returns - AIA Group announced a new share buyback program of $1.6 billion, slightly increasing its shareholder return strategy. The expected completion of this buyback is within 2025, and the total shareholder return, including dividends and buybacks, is estimated to yield a dividend yield of approximately 6% based on the company's market capitalization at the end of the previous year [5][6]. Profit Forecast and Valuation - Given the strong growth momentum in diverse business markets and the expected opening of new branches, the profit forecast for AIA Group has been revised upward. The projected net profit attributable to shareholders for 2025-2027 is expected to grow by 2.2%, 25.0%, and 10.4% respectively. The target price is set at HK$83.3, corresponding to a price-to-embedded value (PEV) of 1.5 times for 2025, maintaining the "Buy" rating [6][13].