Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) with a target price range of HKD 547.75 to HKD 608.61 [1][5]. Core Insights - Tencent's 4Q24 financial results exceeded expectations, with revenue of CNY 172.4 billion, a year-over-year increase of 11%, and a quarter-over-quarter increase of 3%. The NON-IFRS net profit reached CNY 55.3 billion, up 30% year-over-year but down 8% quarter-over-quarter [1][8]. - The company is increasing its investment in AI infrastructure, anticipating significant advancements in application scenarios [1][34]. Summary by Sections Financial Performance - In 4Q24, Tencent achieved revenue of CNY 1724 billion, YOY +11%, QOQ +3%, exceeding expectations by 2%. The NON-IFRS net profit was CNY 553 billion, YOY +30%, QOQ -8%, surpassing expectations by 4% [1][8]. - The total revenue forecast for 2025 is adjusted to CNY 721.8 billion, with a YOY growth of 9%. The NON-IFRS net profit forecast is CNY 225.9 billion, reflecting a YOY increase of 16.4% [5][6]. Business Segments - **Gaming**: Revenue reached CNY 492 billion, YOY +20%, marking the highest growth rate since 2021. The international gaming segment contributed CNY 160 billion, YOY +15%, while the domestic market generated CNY 332 billion, YOY +23% [4][20]. - **Social Networks**: Revenue was CNY 298 billion, YOY +6%, driven by mobile game income and TME membership growth [27]. - **Marketing Services**: Revenue reached CNY 350 billion, YOY +17%, supported by the WeChat ecosystem [31]. - **Financial Technology and Enterprise Services**: Revenue was CNY 561 billion, YOY +3%, meeting expectations [33]. Capital Expenditure and AI Investment - Tencent's CAPEX for the quarter was CNY 39 billion, a significant increase of 418% YOY and 225% QOQ, indicating a strong commitment to AI infrastructure [33][34]. - The company is focusing on enhancing its AI capabilities, with plans to integrate self-developed and open-source models into its applications [34]. Shareholder Returns - Tencent announced a cash dividend of CNY 41 billion, corresponding to a dividend rate of approximately 17%, and plans to repurchase over CNY 80 billion worth of shares [38].

Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][27]. Core Insights - The company demonstrated strong operational capabilities despite challenging market conditions, with a steady increase in dividend payout ratio to approximately 50% for the year [7]. - Revenue for 2024 reached 28.68 billion RMB, reflecting a year-on-year growth of 3.9%, outperforming expectations, primarily due to a strong recovery in Q4 sales [7]. - The company’s net profit for 2024 was 3.01 billion RMB, a decrease of 5.5% year-on-year, but adjusted for a one-time impairment loss, the profit would have shown a 5% increase [7]. - The company continues to focus on enhancing brand value and product innovation, particularly in the running segment, which saw a 25% increase in sales [7]. Financial Data and Profit Forecast - Revenue projections for the upcoming years are as follows: - 2023: 27.6 billion RMB - 2024: 28.7 billion RMB - 2025E: 28.8 billion RMB - 2026E: 30.1 billion RMB - 2027E: 31.2 billion RMB - The expected growth rates for these years are 7%, 4%, 0%, 4%, and 4% respectively [6]. - The forecasted net profit for 2025 is 2.48 billion RMB, with a projected PE ratio of 17 [6][17]. - The gross margin is expected to remain stable around 49.4% for 2025, with a slight increase in operating profit margin to 12.8% [7]. Sales Performance - The company’s footwear segment generated 14.3 billion RMB in revenue, a 7% increase, while apparel revenue decreased by 2.9% to 12.05 billion RMB [7]. - E-commerce sales grew by 10.3% to 8.3 billion RMB, while direct sales saw a slight decline of 0.3% [7]. - The company’s total store count at the end of 2024 was 7,585, with a net decrease of 83 stores, indicating a strategic focus on optimizing store performance [7]. Market Comparison - The company’s market capitalization is approximately 44.36 billion HKD, with a target market value of 48.3 billion HKD for 2025, suggesting a potential upside of 9% from current levels [7][17]. - Compared to peers, the company’s projected PE for 2025 is 18, which is competitive within the industry [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown operational efficiency improvements and is actively investing in cultivating competitive advantages. The revenue for 2024 is projected to be 28.676 billion, reflecting a year-on-year increase of 3.9%. The gross profit margin is expected to be 49.4%, with a slight increase of 1.0 percentage points. The net profit for 2024 is forecasted at 3.013 billion, a decrease of 5.5% year-on-year, but EBITDA is expected to improve by 6% [2][5] Financial Summary - **Revenue Forecast**: - 2024: 28.676 billion (+3.9%) - 2025: 28.870 billion (+0.68%) - 2026: 30.315 billion (+5.0%) - 2027: 31.747 billion (+4.72%) [2][6] - **Net Profit Forecast**: - 2024: 3.013 billion (-5.46%) - 2025: 2.616 billion (-13.18%) - 2026: 2.923 billion (+11.75%) - 2027: 3.217 billion (+10.04%) [2][6] - **Earnings Per Share (EPS)**: - 2024: 1.17 - 2025: 1.01 - 2026: 1.13 - 2027: 1.24 [2][6] - **Price-to-Earnings (P/E) Ratio**: - 2024: 13.6 - 2025: 15.6 - 2026: 14.0 - 2027: 12.7 [2][6] Operational Insights - The company has reported a stable revenue performance with a focus on enhancing operational quality. The e-commerce channel has shown a growth rate of 10.3% year-on-year, while the direct sales channel has seen a slight decline of 0.4%. The average store size has increased, and the average monthly sales per store have reached 300,000 RMB [5][6] - Cash flow remains strong, with operating cash flow of 5.268 billion in 2024, reflecting a year-on-year increase of 12.4%. The inventory level is healthy, with a turnover period of 4 months [5][6] Market Positioning - The company is expected to enhance its brand presence and product reputation through increased investment in professional research and development, sponsorship of various sports events, and targeting different consumer segments. The revenue growth for 2025, 2026, and 2027 is projected to be 289 billion, 303 billion, and 317 billion respectively, with a focus on maintaining its position as a leading sports brand in China [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][12] Core Insights - The company is accelerating its AI ecosystem layout, with profit margins expected to continue improving. The revenue structure adjustment, cost reduction, and efficiency enhancement are key factors driving this improvement [5][6][7] - The adjusted net profit forecasts for 2025-2026 have been raised to HKD 250 million and HKD 360 million respectively, with a new forecast for 2027 at HKD 510 million, corresponding to year-on-year growth rates of 41% for each year [5][9] - The company aims for revenue close to HKD 3 billion in 2025, with a year-on-year growth rate of nearly 25%, and AI-related business expected to reach a preliminary scale of USD 10 million [7] Financial Summary - For 2024H2, the company reported revenue of HKD 1.22 billion, a year-on-year increase of 22.3%, and an adjusted net profit of HKD 120 million, marking a return to profitability [6][9] - The subscription service revenue for 2024H2 was HKD 560 million, up 39% year-on-year, driven by increased demand from content platform providers [6] - The adjusted net profit margin for 2024H2 was 9.5%, with a gross margin improvement of 2.1 percentage points due to revenue structure optimization [6][9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4]. Core Views - The company achieved a revenue of 4.1 billion RMB in 2024, representing a year-on-year increase of 4%, and a net profit of 500 million RMB, up 87% year-on-year [1]. - The company is optimistic about a profit improvement cycle, driven by strategic investments in vocational education parks in key provinces [4][8]. - The company plans to expand its campus network, particularly in culinary and fashion education sectors, which are expected to have significant growth potential [8]. Financial Performance - The gross profit margin for 2024 was 51.4%, an increase of 3.4 percentage points year-on-year, attributed to revenue growth and improved cost control [3]. - The company reported a total asset value of 9.5 billion RMB, with a net asset value of 5.7 billion RMB, reflecting a year-on-year increase of 2% and 3% respectively [1]. - The company’s total number of schools and centers decreased to 233, a reduction of 12 from the previous year [1]. Business Segmentation - Revenue from New Oriental and Meiwai Academy remained stable at 1.9 billion RMB, while Oumandi saw a significant increase of 125% to 100 million RMB [1]. - The average training participants for 2024 were 140,000, a decrease of 6% year-on-year, with notable declines in several brands [2]. - The company’s strategic focus includes enhancing student demand through the establishment of vocational education parks, which are expected to drive future growth [4][8].

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a 6-month target price of HKD 57.32 [5][4]. Core Insights - The company reported a revenue of HKD 94.2 billion for 2024, representing a year-on-year growth of 51.8%, with product revenue reaching HKD 82.3 billion, up 43.6% [1]. - The company is advancing its PD-1/IL-2 dual antibody IBI363, which is expected to showcase updated proof-of-concept data at the 2025 ASCO conference and initiate multiple registration clinical studies in 2025 [2]. - The company aims to achieve product revenue of HKD 20 billion by 2027, demonstrating strong confidence in the growth of its innovative drug portfolio [3]. Financial Projections - Revenue projections for the company are estimated at HKD 118.96 billion, HKD 157.49 billion, and HKD 199.78 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 6.50 billion, HKD 17.75 billion, and HKD 28.78 billion [4][10]. - The company anticipates that five of its pipelines will enter global multi-center phase 3 clinical trials by 2030, indicating a robust pipeline for future growth [3]. Market Position and Strategy - The company is focusing on internationalization, with IBI363 positioned as a cornerstone drug for next-generation immuno-oncology therapies, highlighting its potential for overseas licensing [2]. - The company plans to launch several key products, including IBI311 and a GLP-1R/GCGR dual-target peptide product, which are expected to contribute significantly to revenue growth [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - The company achieved a revenue of 3.885 billion RMB in 2024, representing a year-on-year growth of 34.6%, and a net profit of 881 million RMB, up 32.8% year-on-year [1][2]. - The strong growth momentum in the color cosmetics and skincare segments is highlighted, with the makeup art training business growing by 45.78% year-on-year [2]. - The company is recognized as a leading player in the high-end beauty market in China, with robust performance in color cosmetics and rapid growth in skincare [4]. Revenue Breakdown - In 2024, product sales accounted for 3.733 billion RMB, a 34.19% increase year-on-year, with color cosmetics generating 2.304 billion RMB (up 42.03%) and skincare products 1.429 billion RMB (up 23.21%) [2]. - The makeup art training and related sales generated 152 million RMB, reflecting a 45.78% increase, driven by a rise in participants [2]. Channel Performance - Offline sales reached 1.949 billion RMB, a 21.64% increase, while online sales surged to 1.784 billion RMB, marking a 51.23% growth [3]. - The company’s sales channels include self-operated counters, sales to a high-end multinational beauty retailer, and online platforms such as Tmall and Douyin [3]. Profitability Metrics - The gross margin for 2024 was 84.4%, with a net profit margin of 22.69%, showing a slight decrease of 0.3 percentage points year-on-year [4]. - The company’s selling expense ratio was 49.01%, reflecting increased investment in brand promotion and channel development [4]. Future Projections - The company is expected to achieve net profits of 1.12 billion RMB, 1.41 billion RMB, and 1.76 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 27.0%, 26.0%, and 24.9% [4][6]. - The estimated P/E ratios for 2025, 2026, and 2027 are projected to be 42X, 34X, and 27X, respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a net profit of 4.7 billion yuan in 2024, exceeding expectations, with total revenue of 42.8 billion yuan (yoy +3%) and core operating profit of 6.2 billion yuan (yoy +19%) [1][3] - The company plans to maintain a high dividend payout ratio of approximately 95% for 2024, which is the highest since its listing, providing attractive shareholder returns with a current annualized dividend yield of about 5% [1] - The company is expected to continue its growth trajectory with a focus on enhancing customer spending and improving table turnover rates, which are projected to reach 4.1 in 2024, up from 3.8 in 2023 [1][2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42.8 billion yuan, a year-on-year increase of 3%, and a net profit of 4.7 billion yuan, reflecting a 5% growth [1][11] - The core operating profit margin improved by 2 percentage points, with gross margin increasing by approximately 3 percentage points due to enhanced supply chain efficiency and reduced raw material costs [2] Growth Potential - The company is expected to open new stores at a moderate single-digit growth rate in 2025, supported by a high table turnover rate and the introduction of the "Pomegranate Plan" to encourage the development of new restaurant brands [1][3] - The "Pomegranate Plan" aims to foster the growth of new dining brands, which has already resulted in 74 new stores by the end of 2024, enhancing long-term growth potential [1] Profit Forecast and Valuation - The company is projected to achieve net profits of 5.2 billion yuan, 5.9 billion yuan, and 6.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 13%, and 10% [3][11] - The price-to-earnings (P/E) ratios are expected to be 18, 16, and 14 for the years 2024, 2025, and 2026, respectively, indicating a potential valuation premium due to the company's leading position in the industry [3][11]

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][21] Core Views - The company achieved significant growth in 2024, with revenue of approximately $3.816 billion, a year-on-year increase of 5.55%, and a net profit attributable to shareholders of about $399 million, up 43.55% year-on-year [1][9] - The company is focused on increasing copper production from its own mines, with a total copper output of approximately 159,200 tons in 2024, a decrease of 6.02% year-on-year, primarily due to operational disruptions [1][18] - The company has made substantial progress in resource expansion, with new copper resources of nearly 120,000 tons from the new Luanshya project and approximately 60,000 tons from other projects [18][19] Financial Performance - The company plans to distribute a dividend of $0.042893 per share, totaling approximately $167 million, which represents 42% of its net profit for 2024 [2][17] - The company’s revenue projections for 2025-2027 are $4.227 billion, $4.271 billion, and $4.315 billion, with expected year-on-year growth rates of 10.8%, 1.0%, and 1.0% respectively [4][21] - The net profit forecasts for the same period are $414 million, $422 million, and $540 million, with growth rates of 3.9%, 1.8%, and 28.1% respectively [4][21] Production and Capacity Expansion - The company aims to gradually increase its annual copper production to approximately 300,000 tons by 2030, with several projects currently under construction or in planning stages [3][19] - The company has five ongoing and planned mining projects that are expected to add an annual copper production capacity of 150,000 tons once fully operational [19][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company achieved a revenue of 5.012 billion yuan in 2024, representing a year-on-year increase of 48%, and a net profit of 812 million yuan, recovering from a loss of 83 million yuan in 2023. The growth is primarily driven by the strong performance of self-developed games and the user growth of TapTap [5][9] - The gaming business revenue reached 3.434 billion yuan in 2024, up 64% year-on-year, with a gross margin of 63%, an increase of 16 percentage points. TapTap generated revenue of 1.578 billion yuan, a 21.6% increase year-on-year, maintaining a stable gross margin of 84% [5][9] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion yuan, 1.592 billion yuan, and 1.757 billion yuan respectively, with corresponding EPS of 2.6 yuan, 3.2 yuan, and 3.6 yuan [5][9] Game Development and Growth - The top five games contributing to revenue in 2024 were "Let's Go Muffin," "Sausage Party," "Lily of the Valley," "Torchlight," and "Ragnarok M." The game "Heart Town," launched in July 2024, is expected to significantly contribute to revenue in 2025 [6] - The company has a pipeline of games, including "Iser," expected to launch in the second half of 2025, and "RO2," anticipated for 2026, which will continue to drive growth in the gaming business [6] TapTap Platform Performance - TapTap's monthly active users (MAU) reached 44.05 million in 2024, a 23% year-on-year increase. The growth is attributed to the launch of popular new games and exclusive partnerships [7] - The platform's revenue is expected to continue growing due to its zero-commission advantage and increasing user base, with potential for higher advertising prices and loading rates [7] Financial Summary and Valuation Metrics - The company's financial metrics for 2023A to 2027E show a significant recovery and growth trajectory, with revenues projected to reach 6.148 billion yuan in 2025 and 7.205 billion yuan in 2026 [9] - The net profit margin is expected to improve, with net profit margins of 20.9%, 22.1%, and 22.5% for 2025, 2026, and 2027 respectively [9]