Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 185 / USD 119 [4][6][7]. Core Insights - The company's Q4 2024 revenue was RMB 26.75 billion, a slight year-on-year decline of 1.4%, primarily due to a decrease in non-gaming business [1]. - Game-related revenue increased by 1.5% year-on-year, with a notable 56.6% growth in PC game revenue, driven by titles such as "Naraka: Bladepoint" and "Dungeons & Dragons" [2][3]. - The launch of new games is expected to drive revenue growth, with strong performance from titles like "Marvel's Avengers" and "World of Warcraft" [3]. Summary by Sections Financial Performance - Q4 2024 adjusted net profit was RMB 9.68 billion, exceeding market expectations of RMB 8.12 billion, with an adjusted net profit margin of 28.6% [1]. - The company forecasts FY25E revenue of RMB 113.5 billion and FY26E revenue of RMB 121.5 billion, with adjusted net profits of RMB 34.5 billion and RMB 37 billion respectively [4][5]. Game Revenue Breakdown - Q4 2024 game revenue reached RMB 20.5 billion, a year-on-year increase of 5.1%, with mobile game revenue declining by 10.5% due to high base effects from the previous year [2]. - The share of PC games in total game revenue increased to 34.7%, reflecting the company's strong long-term operational capabilities [2]. New Game Pipeline - The company has a robust pipeline of new games, including "Destiny: Rising" and "Marvel's Secret Wars," which are expected to launch in 2025 [3]. - The successful launch of "Marvel's Avengers" has already seen over 40 million registered users, indicating strong market interest [3]. Shareholder Returns - The company is committed to shareholder returns, with a total of USD 2.88 billion allocated for dividends and buybacks in 2024, representing a return rate of approximately 4.3% [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 76.03 HKD per share, based on a 15x PE valuation for 2025 [3][10]. Core Insights - The company's AI capabilities, particularly the KuaLing model, show significant improvement, with a 195% enhancement in overall performance from version 1.5 to 1.6, indicating strong commercial potential and business empowerment [1]. - The company is experiencing healthy traffic growth, with a projected 4.01 billion daily active users (DAU) in Q4 2024, representing a year-over-year increase of 4.8% [2]. - The e-commerce sector is expected to see a 14% year-over-year growth in GMV during the Double 11 shopping festival, driven by both supply and demand factors [2]. - The advertising revenue is projected to grow by 15% year-over-year, supported by external advertising cycles [2]. Summary by Sections Revenue and Profitability - The company expects total revenue in Q4 2024 to reach approximately 357 billion CNY, reflecting a year-over-year increase of 9.6% [5]. - The adjusted net profit for Q4 2024 is estimated at around 45.4 billion CNY, with an adjusted profit margin of 12.7% [5]. - The gross margin is anticipated to improve by 1.1 percentage points year-over-year to 54.2% in Q4 2024 [5]. Financial Forecasts - The adjusted net profit forecasts for 2024, 2025, and 2026 are 175.51 billion CNY, 201.14 billion CNY, and 243.24 billion CNY, respectively [3][10]. - The company’s revenue is projected to grow from 127.19 billion CNY in 2024 to 141.03 billion CNY in 2025, and further to 153.44 billion CNY in 2026, with respective growth rates of 12.1%, 10.9%, and 8.8% [6][8]. Market Position and Competitive Landscape - The company is actively enhancing its AI capabilities and integrating external large model technologies, which are expected to improve content delivery and advertising efficiency [1]. - The report highlights the importance of the company's ongoing commercial exploration and product integration efforts, particularly in the e-commerce and advertising sectors [1][2].

Investment Rating - The report maintains an "OUTPERFORM" rating for Standard Chartered PLC [2] Core Views - The report highlights that net interest income (NII) is under pressure in 2025, but cost control measures are expected to take effect [1][5] - The company reported a 14% year-on-year revenue increase in Q4 2024 on a constant currency basis, exceeding guidance [3][18] - A new $1.5 billion share buyback was announced, following the completion of a previous buyback [3][18] - The core Tier 1 capital ratio for Q4 2024 was stable at 14.2%, with risk-weighted assets declining by $2 billion [3][18] - The report projects net income growth of 9.6% and 11.6% for 2025 and 2026, respectively [4] Financial Summary - For 2024, net interest income is expected to be $10.4 billion, a 10% increase year-on-year, while non-interest income is projected to grow by 20% [5][21] - The report indicates that credit impairment losses for 2024 rose by 5% year-on-year to $557 million [8][21] - The cost-to-income ratio improved to 59% in 2024, a 4 percentage point year-on-year improvement [9][21] - The report anticipates a dividend yield increase from 1.4% in 2023 to 2.5% in 2025 [2][16] Valuation - The target price for Standard Chartered PLC is set at HK$129.57, based on a price-to-book ratio of 0.80 for 2025 [4] - The report provides a forecast for diluted EPS of $1.70 for 2025, with a P/E ratio of 9 [2][16]

Investment Rating - The report assigns an "Outperform" investment rating for China LESSO Group Holdings, with a target price of HKD 4.25 based on an 8.5x PE valuation for 2025 [80]. Core Insights - China LESSO Group Holdings is a leading domestic enterprise in the plastic pipe industry, benefiting from the downward trend of raw material prices, which enhances its profitability [39][42]. - The company is expected to see stabilized downstream demand, particularly in the construction and municipal sectors, which are crucial for its plastic pipe business [53]. - The company is actively optimizing its product mix and expanding into overseas markets, including plans for local production in countries like Vietnam and Tanzania [73][76]. Company Overview - China LESSO Group Holdings is a major player in the plastic pipe industry, with over 30 advanced production bases across 19 provinces in China and overseas [4]. - The company has a wide distribution network with 2,891 independent exclusive distributors, offering over 10,000 high-quality products used in various applications [4]. Financial Performance - In the first half of 2024, the company's revenue was RMB 13.564 billion, a year-on-year decrease of 11.3%, with the plastic pipe system contributing over 80% of total revenue [6]. - The gross margin and net margin for the first half of 2024 were 27.48% and 7.47%, respectively, indicating strong profitability compared to industry peers [42]. Market Dynamics - The plastic pipe industry in China has a stable production output, with the total production in 2023 reaching 16.19 million tons, accounting for about 20% of the total plastic products industry [46]. - The demand for plastic pipes is primarily driven by agricultural, municipal, and construction applications, which together account for over 60% of the market [49]. Raw Material Trends - The company benefits from a significant reduction in raw material costs, with prices for key materials like PVC and PE down by approximately 40% compared to 2021 [39]. - The cost of raw materials constitutes over 80% of the main business costs in the plastic pipe industry, making price fluctuations critical for profitability [39]. Future Outlook - The company is diversifying its product offerings beyond traditional markets, including the development of hydrogen and oil transportation pipes [64]. - There is a projected investment of approximately RMB 4 trillion for urban infrastructure upgrades, which will likely benefit the plastic pipe sector [55]. Dividend Policy - The company has maintained a stable dividend payout ratio of around 30%, with a dividend of HKD 0.20 per share in 2023 [21].

Investment Rating - The report assigns an "Outperform" rating for BYD Electronics, marking its first coverage [5]. Core Insights - BYD Electronics is positioned as a leading platform-based high-end manufacturing enterprise, with a diverse portfolio spanning automotive, consumer electronics, and AI computing sectors. The company has shown significant revenue growth in both its consumer electronics and automotive segments, achieving revenues of 97.42 billion and 14.096 billion RMB respectively in 2023, reflecting year-on-year growth of 19% and 52% [1][2]. - The acquisition of Jabil's mobile manufacturing business is expected to deepen BYD's collaboration with Apple, potentially benefiting from the AI-driven upgrade cycle in the consumer electronics market. The company is also enhancing its product structure and deepening partnerships with domestic and international automotive manufacturers [2][3]. - BYD Electronics is actively expanding into new intelligent product sectors, including home energy storage, smart home devices, gaming hardware, drones, IoT, robotics, and data centers, which are anticipated to drive future growth [3][25]. Financial Projections - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 4.681 billion, 6.207 billion, and 7.777 billion RMB, representing growth rates of 16%, 33%, and 25% respectively. The earnings per share (EPS) are expected to be 2.08, 2.75, and 3.45 RMB for the same period [4][3]. - The company's revenue is expected to grow from 129.957 billion RMB in 2023 to 218.501 billion RMB by 2026, with a compound annual growth rate (CAGR) of 21% from 2007 to 2023 [4][31]. Business Segments - The consumer electronics segment remains the largest revenue contributor, accounting for 75% of total revenue in 2023, while the automotive segment is the fastest-growing, with a revenue increase of 52.18% year-on-year [36][39]. - In the automotive sector, BYD Electronics is focusing on high-margin products such as intelligent cockpit systems, intelligent driving systems, and thermal management systems, which are expected to enhance the company's profitability [38][39]. - The company is also leveraging its partnership with NVIDIA to expand its presence in the AI server market, transitioning from contract manufacturing to higher-margin segments such as liquid cooling solutions [3][51]. Market Position - BYD Electronics has established itself as a key supplier for major clients, including Apple and various automotive manufacturers, with over 15 years of collaboration with North American clients [2][20]. - The company has a concentrated ownership structure, with BYD holding a 65.76% stake, allowing for significant control and strategic direction [26][27].

证券研究报告 | 季报点评 gszqdatemark 2025 02 24 年 月 日 哔哩哔哩-W（09626.HK） 季度全面盈利，聚焦 AI 时代优质内容 哔哩哔哩 2024Q4 在 GAAP 和 non-GAAP 层面均实现盈利。B 站 2024Q4 收入为 77 亿元，同比增长 22%。其中增值服务、广告、游戏、IP 衍生品 及其他分别为 31/24/18/4.6 亿元，yoy+8%/+24%/+79%/-16%。 2024Q4 公司实现毛利率 36.1%，同比改善约 10pct，主要是因为收入增 加而运营相关成本有所减少。销售费用率/行政费用率/研发费用率各为 16.0%/6.5%/11.9%。本季公司实现经调整运营利润4.6亿元，经调整OPM 约 6.0%；GAAP 归母净利 0.9 亿元、non-GAAP 归母净利 4.5 亿元，non- GAAP 归母净利率约 5.9%。我们预计公司后续有继续提高盈利能力。 常青游戏增长稳健，《三谋》表现亮眼。2024Q4 公司游戏收入同比增长 79%至 18 亿元，主要由于独家授权游戏《三谋》表现强劲。同时，两大 常青游戏《FGO》和《碧蓝航线》带来的收入 ...

哔哩哔哩 [Table_StockNameRptType] -W（09626） 港股公司点评 利润转正后增势不减，盈利能力不断验证 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 主要观点： ⚫[Table_Summary] 24Q4 业绩： 24Q4 公司实现营收 77.34 亿元，yoy+21.8%；24Q4 经调整归母净利 润为 4.52 亿元，yoy+181.4%，公司游戏和广告业务有望受益于 AI， 进一步降低成本，为公司带来增长势能。 分业务看，移动游戏超预期（18.0 亿 vs 17.9 亿 consensus）， yoy+78.5%；增值服务超预期（30.8 亿 vs30.0 亿 consensus）， yoy+7.9%；广告超预期（23.9 亿 vs 23.8 亿 consensus）， yoy+23.8%；IP 衍生品及其他略低预期（4.7 亿 vs 4.8 亿 consensus），yoy-16.4%。 ⚫ 《三谋》长线运营能力初步验证，支撑游戏业务持续增长 《三国：谋定天下》赛季制运营模式显现长期营运能力，为 ...

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (388 HK) is "Buy" with a target price of HKD 404.00 [7][8]. Core Views - The report discusses the optimization of the securities market's transaction fee structure, which will eliminate the upper and lower limits on stock and ETP transaction fees, adjusting the new rates to 0.0042% and 0.0020% respectively, effective from June this year. This change is expected to balance transaction costs across different types of trades, potentially increasing revenue volatility for the exchange but having a minimal long-term impact on average fee rates [1][2]. Summary by Sections Transaction Fee Structure - The new fee structure will adjust the transaction fees for general exchange trades to 0.0042% for buyers and sellers, compared to the current rates of 0.0020% and 0.0010%. The minimum and maximum fees will be removed, which currently are HKD 2/1 and HKD 100/50 respectively. In comparison, the A-share market has a transaction fee rate of 0.001% [1][2]. Revenue and Profit Forecast - The report anticipates increased revenue volatility for the exchange due to the removal of fee limits, which will strengthen the correlation between transaction fees and trading volumes. It is estimated that 77% of trades could see reduced transaction costs under the new structure. The average effective transaction fee rate is projected to remain around 0.0042% over the 2019-2024 period, with an average transaction amount of approximately HKD 62,000 [2][4]. Market Activity - As of February 21, 2025, the average daily trading volume for the first quarter of 2025 reached HKD 200.3 billion, up from HKD 186.9 billion in the fourth quarter of 2024. This increase in trading activity is expected to support the exchange's performance and valuation [3]. Earnings and Valuation - The profit forecasts for the years 2024, 2025, and 2026 have been slightly adjusted to HKD 131 billion, HKD 132 billion, and HKD 133 billion respectively. The target price remains at HKD 404, based on a DCF model with a 50-year forecast period and a discount rate of 5% [4][6].

Investment Rating - The report suggests a positive outlook for the company, recommending active attention to its developments [4]. Core Insights - The establishment of a robotics company aims to empower the entire robotics industry through diverse services such as sales agency, leasing, industry consulting, and supply chain management, enhancing the application of quality robotics enterprises and products [2]. - The company has initiated a partnership to establish a Beijing Robotics Industry Development Investment Fund with a total commitment of 10 billion yuan, focusing on key sectors like humanoid robots, medical robots, and industrial automation, thereby creating a closed-loop system of investment, production, and services [3]. - The existing parking business provides stable cash flow and synergizes with investments in robotics and autonomous driving, positioning the company for potential growth as a platform and ecosystem enterprise [4]. Summary by Sections - **Investment Rating**: The company is expected to benefit from improved liquidity and valuation levels after being included in the Hang Seng Index and returning to the Hong Kong Stock Connect [4]. - **Robotics Company Establishment**: The new robotics company will leverage the company's strategic initiatives to enhance the commercialization of humanoid robots and improve industry service capabilities [2]. - **Investment Fund**: The partnership to create a 10 billion yuan fund will support innovative companies in the robotics sector, facilitating market access and technological implementation [3].

Investment Rating - The report assigns an "Outperform" rating for the company [1]. Core Insights - The company is positioned as a global leader in compliant vaping technology, with significant growth potential in the Heat-Not-Burn (HNB) segment [3]. Market Overview - The global new tobacco market is estimated at approximately $76.9 billion in 2023, with HNB and e-cigarettes accounting for 45% and 28% of the market, respectively [4][14]. - The penetration rate of new tobacco products among smokers is only 8.1%, indicating substantial room for growth [15]. Regional Analysis - **United States**: The largest market for new tobacco, valued at $24.8 billion in 2023, with HNB market potential expected to increase following patent resolutions between major tobacco companies [23][27]. - **Europe**: The market reached $31 billion in 2023, with a high acceptance of HNB products, particularly in Eastern Europe [5]. - **Japan and South Korea**: Dominant markets for HNB, with respective market sizes of $11.7 billion and $2.6 billion in 2023, showing strong growth trends [5]. Competitive Landscape - Major tobacco companies like PMI and BAT are leading the transition to new tobacco products, with significant market shares in the HNB segment [6]. - The company holds approximately 13.7% of the global e-vapor device market, with a focus on expanding its HNB product offerings [7]. Financial Projections - The company is projected to achieve net profits of $1.304 billion, $1.578 billion, and $2.040 billion for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.21, 0.26, and 0.33 [8]. - The estimated market value for the company is expected to reach between HKD 714 billion and HKD 1,020 billion by 2025, with a PE ratio ranging from 45 to 65 [8]. Growth Drivers - The growth is driven by the industry's beta benefits and the anticipated regulatory clarity, alongside the commercialization of HNB products for major clients [8].