Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.12, indicating an expected upside of over 20% from the current price of HKD 7.52 [6]. Core Insights - The company reported a total revenue of HKD 504 million for 2024, representing a year-on-year increase of 2544%, primarily due to a USD 70 million upfront payment from Merck. The net profit for 2024 was HKD 28.3 million, up 107% year-on-year [1]. - The clinical trial results for ABSK021 in the treatment of TGCT in the Phase III MANEUVER study were positive, achieving a 54.0% overall response rate (ORR) compared to 3.2% in the placebo group, with significant improvements in key secondary endpoints [2]. - The company is advancing its clinical trials for ABSK011, which has received approval for a Phase III registration trial, targeting advanced or unresectable HCC patients [4]. - The market for ACH (Achondroplasia) presents unmet medical needs, with a global incidence of 1 in 17,000 to 28,000 live births, indicating a significant patient population for potential treatments [5]. Summary by Sections Financial Performance - The company expects revenues of HKD 630 million in 2025, with an upward revision of 2026 revenues from HKD 617 million to HKD 684 million. The projected net profits for 2025 and 2026 are HKD 45 million and HKD 68 million, respectively, with an expected net profit of HKD 98 million in 2027 [6]. Clinical Development - ABSK021 has shown excellent efficacy and safety in its Phase III trials for TGCT, with a low rate of treatment-related adverse events and no evidence of cholestatic liver toxicity [2]. - The Phase II trial results for ABSK021 in cGvHD showed an overall response rate of 57.7%, with significant responses observed across various affected organs [3]. Market Potential - The report highlights the potential of FGFR2/3 inhibitors like ABSK061 in treating ACH, with a significant market opportunity given the prevalence of the condition and the limited current treatment options [5].

Investment Rating - The report maintains a "Buy" rating for JD Group, with a target price of 220.5 HKD per share, based on a valuation of 12x PE for the retail business in 2025 [3][4][9]. Core Insights - JD Group's Q4 2024 performance exceeded expectations, with revenue of 3469.9 billion CNY, representing a year-over-year increase of 13.4%, and a Non-GAAP net profit of 112.9 billion CNY, up 34.2% year-over-year [6][9]. - The company benefits from the "old-for-new" policy, which has significantly boosted revenue, particularly in the electronics sector, where revenue reached 1741.5 billion CNY, a 15.8% increase year-over-year [6][9]. - The report highlights a strong user engagement, with active user numbers and purchase frequency both showing double-digit growth for multiple consecutive quarters [6][9]. Financial Projections - Revenue forecasts for 2024-2026 are adjusted to 11588 billion CNY, 12586 billion CNY, and 13322 billion CNY, respectively, reflecting the positive impact of the "old-for-new" policy [3][9]. - Adjusted net profit estimates for the same period are projected at 436 billion CNY, 483 billion CNY, and 510 billion CNY, benefiting from an increased proportion of high-margin products [3][9]. - The report indicates that JD's retail segment is expected to maintain high single-digit to double-digit growth due to ongoing government subsidies and a favorable market environment [6][9]. Segment Performance - JD Retail achieved revenue of 3070.6 billion CNY in Q4 2024, a 14.7% year-over-year increase, with operating profit rising to 100.4 billion CNY [6][9]. - JD Logistics reported revenue of 521.0 billion CNY, up 10.4% year-over-year, with operating profit increasing by 37.1% [6][9]. - New business initiatives, including the launch of JD's food delivery service, are in early stages but are expected to leverage existing operational capabilities without significant immediate financial impact [6][9]. Shareholder Returns - In 2024, JD Group repurchased 2.553 million shares for approximately 36 billion USD, representing 8.1% of the total shares outstanding as of the end of 2023 [6][9]. - The company plans to distribute a dividend of 0.5 USD per share in 2024, totaling around 1.5 billion USD, with a new share repurchase program set to commence in September 2024 [6][9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received approval for the first Trop2 ADC lung cancer indication globally, which aligns with previous expectations [7] - The expansion of indications is favorable for commercialization in China, with the company expected to participate in the 2025 national medical insurance negotiations [7] - The potential of the product is gradually being realized, with ongoing global phase III studies for additional lung cancer indications [7] - 2025 is projected to be a pivotal year for the company's product commercialization, with several products expected to be approved [7] Financial Summary - Revenue projections for the company are as follows: - 2023A: 1,540.5 million RMB - 2024E: 1,746.8 million RMB (growth rate: 13.4%) - 2025E: 1,836.7 million RMB (growth rate: 5.2%) - 2026E: 2,877.2 million RMB (growth rate: 56.7%) [2] - The net profit attributable to the parent company is projected to be negative, with figures as follows: - 2023A: -574.1 million RMB - 2024E: -350.1 million RMB - 2025E: -434.6 million RMB - 2026E: -286.1 million RMB [2] - Earnings per share (EPS) is expected to improve from -2.53 in 2023A to -1.26 in 2026E [2] - The company anticipates significant revenue from the product Lukanosatuzumab, with projected sales of 47 million RMB in 2024, 960 million RMB in 2025, and 1,886 million RMB in 2026 [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.12, indicating an expected upside of over 20% from the current price of HKD 7.52 [6]. Core Insights - The company reported a total revenue of HKD 504 million for 2024, representing a year-on-year increase of 2544%, primarily due to a USD 70 million upfront payment from Merck. The net profit for 2024 was HKD 28.3 million, up 107% year-on-year [1]. - The clinical trial results for ABSK021 in the treatment of TGCT were outstanding, with a 54% overall response rate (ORR) in the 50mg QD dosage group, significantly outperforming the placebo group [2]. - The company is advancing its clinical trials for ABSK011, which has received approval for a Phase III registration trial, showing promising results in earlier phases with an ORR of 44.8% [4]. - The market for ACH (Achondroplasia) presents significant unmet medical needs, with a global incidence rate of 1 in 17,000 to 28,000 live births, indicating a substantial patient population for potential treatments [5]. Summary by Sections Financial Performance - The company expects revenues of HKD 630 million in 2025, with an upward revision of 2026 revenues from HKD 617 million to HKD 684 million, and projected revenues of HKD 634 million in 2027 [6]. Clinical Development - ABSK021 has shown excellent efficacy and safety in its Phase III trial for TGCT, with a 25-week ORR of 54% and a low rate of treatment-related adverse events [2][3]. - The ongoing Phase II trial for ABSK021 in cGvHD has reported an overall ORR of 57.7%, with promising results across various affected organs [3]. Market Potential - The global market for ACH treatments is expanding, with existing therapies showing significant sales growth, indicating a robust opportunity for the company's FGFR2/3 inhibitor, ABSK061 [5].

Investment Rating - The report maintains a "Buy" rating for JD Group, with a target price of 220.5 HKD per share [4][9]. Core Insights - JD Group's Q4 2024 performance exceeded expectations, with revenue of 3469.9 billion CNY, representing a year-over-year increase of 13.4%, and a Non-GAAP net profit of 112.9 billion CNY, up 34.2% year-over-year [6][9]. - The company benefits from the "old-for-new" policy, which has significantly boosted revenue, particularly in the electronics sector [6][9]. - The forecast for revenue from 2024 to 2026 has been adjusted upward due to the better-than-expected impact of the old-for-new policy, with projected revenues of 11588 billion CNY, 12586 billion CNY, and 13322 billion CNY respectively [3][9]. Financial Performance Summary - For Q4 2024, JD Group achieved a product revenue of 2809.8 billion CNY, a 14.0% increase year-over-year, with the electronics category generating 1741.5 billion CNY, up 15.8% year-over-year [6][9]. - The service revenue for Q4 2024 was 660.1 billion CNY, reflecting a 10.8% year-over-year growth, driven by increased user engagement and advertising revenue [6][9]. - The adjusted net profit for 2024 is projected to be 436 billion CNY, with further increases to 483 billion CNY in 2025 and 510 billion CNY in 2026 [3][9]. Segment Performance - JD Retail's revenue for Q4 2024 was 3070.6 billion CNY, a 14.7% increase year-over-year, benefiting from high growth in home appliances and electronics [6][9]. - JD Logistics reported revenue of 521.0 billion CNY for Q4 2024, a 10.4% year-over-year increase, with operating profit rising by 37.1% [6][9]. - New business initiatives, including the launch of JD's food delivery service, are in early stages but are expected to leverage existing logistics capabilities without significant immediate financial impact [6][9]. Shareholder Returns - In 2024, JD Group repurchased 2.553 million shares for approximately 36 billion USD, representing 8.1% of the total shares outstanding as of the end of 2023 [6][9]. - The company plans to distribute a dividend of 0.5 USD per share in 2024, totaling around 1.5 billion USD [6][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February, the company delivered 25,287 vehicles, representing a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. Cumulatively, the company delivered over 50,000 vehicles in the first two months of the year, reflecting a year-on-year growth of 167.8%. The company anticipates continued sales growth driven by a strong new car cycle and overseas expansion through collaboration with Stellantis [2][4][6]. Summary by Sections Sales Performance - The company achieved a delivery of 25,287 vehicles in February, marking a year-on-year growth of 285.1% and a slight month-on-month growth of 0.5%. The total deliveries for January and February reached over 50,000 vehicles, which is a 167.8% increase year-on-year [2][4]. Future Outlook - The company is optimistic about future sales growth, with a target of 500,000 vehicles for 2025. The upcoming launch of the B10 model on March 10 is expected to further boost sales. The company plans to introduce 2-3 new products globally each year over the next three years, with three models from the B series planned for 2025 [6]. Market Strategy - The company is focusing on a strong new car cycle and competitive pricing to enhance sales. It has established a "1+N" channel development model in China, with 860 stores as of the end of 2024. Internationally, the company has 339 stores in Europe and aims to exceed 500 globally by 2025 [6]. Technological Advancements - The company is investing in advanced driving technology, planning to implement high-level driving functions based on a new architecture in the first half of 2025. The B10 model will be the first in its price range to feature laser radar for urban driving [6].

港股公司报告 | 公司点评 京东集团-SW（09618） 证券研究报告 24Q4 业绩点评：盈利改善超预期，国补扩类物流协同打开增量空间 事件：北京时间 2025 年 3 月 6 日，京东集团（9618.SW）发布 2024 年第四季度及全年业 绩报告。2024 年第四季度，公司实现营业收入 3470 亿元，同比增长 13.4%，超彭博一致 预期；其中，商品收入 2,810 亿元，同比增长 14.0%；服务收入 660 亿元，同比增长 10.8%。 从 费 用 端 来 看 ， 2024 年 第 四 季 度 研 发 / 销 售 / 管 理 / 履 约 费 用 率 分 别 为 1.3%/4.9%/0.7%/5.8%，研发/管理/履约费用率环比下降 0.4/0.2/0.5pct，销售费用率环比 上升 1.0pct。利润端表现强劲：2024 年第四季度 Non-GAAP 归属于公司普通股股东净利 润为 113 亿元，同比增长 34.5%，Non-GAAP 净利润率达 3.3%，同比优化 0.6pct。全 年来看，2024 年总收入 11,588 亿元，同比增长 6.8%；Non-GAAP 归母净利润 478 亿元， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In February 2025, the company achieved sales of 205,000 vehicles, representing a year-on-year increase of 83.9% but a month-on-month decrease of 23.2% [2][4]. - Cumulative sales for January and February 2025 reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA platform, with strong performance across its brands including Geely, Lynk & Co, and Zeekr [2][6]. - The transition to new energy vehicles is progressing smoothly, with significant scale effects anticipated to enhance profitability [2][6]. - The company has a solid foundation in fuel vehicles and is exploring innovative overseas expansion strategies [2][6]. - An AI-driven smart driving strategy is set to accelerate the enhancement of intelligent driving capabilities [2][6]. - The company aims for a sales target of 2.71 million vehicles in 2025, representing a 25% year-on-year growth, with specific targets for each brand [2][6]. Summary by Sections Sales Performance - February 2025 sales were 205,000 vehicles, with a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2][4]. - January-February 2025 cumulative sales reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - Breakdown by brand: Geely brand sold 174,000 vehicles (+91.5% YoY), Lynk & Co sold 17,000 vehicles (+30.5% YoY), and Zeekr sold 14,000 vehicles (+86.9% YoY) [2][6]. New Energy Transition - New energy vehicle sales in February reached 98,000 units, a year-on-year increase of 193.8% [2][6]. - The share of new energy vehicles in total sales was 48.0%, up 18.0 percentage points year-on-year [2][6]. - The company is focusing on high-quality overseas expansion, launching models in over 40 countries [2][6]. Strategic Developments - The GEA platform is expected to drive a new cycle of technology and product development, enhancing profitability [2][6]. - The company plans to fully embrace AI technology to improve smart driving capabilities [2][6]. - Expected net profits for 2024-2026 are projected at 16.4 billion, 12.4 billion, and 16.8 billion respectively, with corresponding PE ratios of 9.9X, 13.2X, and 9.7X [2][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February, the company delivered 25,287 vehicles, representing a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. Cumulatively, the company delivered over 50,000 vehicles in the first two months of the year, reflecting a year-on-year growth of 167.8% [2][4][7]. - The company is expected to continue benefiting from a strong new car cycle domestically, with plans for the B10 model to be launched in March, which is anticipated to drive further sales growth. Additionally, the partnership with Stellantis is expected to facilitate overseas expansion and enhance global sales potential [2][7]. Summary by Sections Sales Performance - February deliveries reached 25,287 units, marking a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. The cumulative delivery for January and February exceeded 50,000 units, with a year-on-year growth of 167.8% [2][4][7]. Future Outlook - The company aims to achieve a sales target of 500,000 vehicles in 2025, with expectations for continued rapid growth driven by new vehicle launches and increased demand for high-priced models [7]. - The company plans to introduce 2-3 new products globally each year over the next three years, with three models from the B series set to launch in 2025, priced between 100,000 to 150,000 RMB [7]. Strategic Initiatives - The company is focusing on enhancing its competitive advantage through technological innovation and maintaining a strong price-performance ratio. The domestic market is expected to see a rapid increase in sales, while the overseas strategy with Stellantis aims to leverage global resources for efficient market entry [7].

丨证券研究报告丨 港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车点评：四季度实现净利润转正，B10 发 布即爆款 报告要点 [Table_Summary] 零跑汽车专注全域自研构造成本优势，造就极致品价比，产品覆盖 5-20 万价格带，2024 年四 季度营收 135 亿元，毛利率 13.3%。B10 发布 1 小时后，订单突破 1.5 万辆，订单火爆。展望 未来，公司国内新车周期带来销量持续增长，海外与 Stellantis 合作实现轻资产出海，打开全球 销量空间。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 零跑汽车点评：四季度实现净利润转正， 2] B10 发 布即爆款 [Table_Summary2] 事件描述 公司 2024 年年报发布，同时零跑 B10 正式发布上市。 事件评论 丨证券研究报告丨 2025-03-14 港股研究 ...