Investment Rating - The report maintains a "Hold" rating for the company and lowers the target price to HKD 6.6, indicating a potential downside of 14% from the current price of HKD 7.7 [2][3][7]. Core Insights - The company's revenue growth has shown a recovery with a year-on-year increase of 11% in the second half of 2024, reversing a declining trend since 2022. However, the adjusted net profit margin has narrowed, failing to continue the previous expansion trend [2][7]. - For 2025, the company is expected to achieve low double-digit revenue growth, but the potential for profit margin improvement appears limited due to significant expense reductions in 2024 and forward-looking investments in elder care and AI projects [2][7]. - The integration with Ping An Group is anticipated to enhance business synergies, but the extent of additional business growth from this consolidation remains uncertain [2][7]. Financial Projections - Revenue projections for the company are as follows: - 2023: RMB 4,674 million - 2024: RMB 4,808 million (up 2.9% YoY) - 2025E: RMB 5,480 million (up 14.0% YoY) - 2026E: RMB 6,253 million (up 14.1% YoY) - 2027E: RMB 7,211 million (up 15.3% YoY) [3][8]. - The adjusted net profit is projected to turn positive in 2024, reaching RMB 81 million, and is expected to grow to RMB 169 million in 2025 [3][8]. Market Position - The company's current market capitalization stands at HKD 16,686 million, with an average daily trading volume of HKD 51 million over the past three months [3][7]. - The stock has a 52-week price range of HKD 3.2 to HKD 9.6, indicating significant volatility [3][7]. Valuation Metrics - The report provides the following valuation metrics: - Price-to-Sales (P/S) ratio for 2025E is projected at 2.9, decreasing to 2.2 by 2027E [3][8]. - The expected earnings per share (EPS) for 2025 is projected to be RMB 0.1, with a diluted EPS of RMB 0.2 by 2027 [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 0.70, indicating a potential upside of 22.8% from the current price of HKD 0.57 [4][8]. Core Insights - The company is expected to see a marginal improvement in performance, with a high probability of earnings recovery in 2025. This is supported by a low valuation and an increased dividend yield, which provides significant upside potential compared to downside risks [8]. - The revenue trend is anticipated to reverse starting in the second quarter of 2024, with management expecting a return to healthier inventory levels in the industry by April. The company aims for its 2025 revenue to remain stable year-on-year [8]. - There is potential for a slight improvement in operating profit margins in 2025 due to expected retail discount improvements and increased sales of new products. However, the growth of e-commerce may continue to impact channel structure [8]. - The company is likely to maintain a high dividend payout ratio in 2025, with an expected dividend yield exceeding 10%, providing a safety net for the stock price [8]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: RMB 20,064 million - 2024: RMB 18,454 million - 2025: RMB 18,592 million - 2026: RMB 19,272 million - 2027: RMB 19,782 million - The net profit attributable to shareholders is projected to increase from RMB 490 million in 2023 to RMB 684 million in 2027, reflecting a compound annual growth rate [3][10]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 5.6x in 2024 to 4.0x in 2027, indicating a more attractive valuation over time [3][10]. Market Performance - The company's stock has a 52-week price range of HKD 0.48 to HKD 0.69, with a current market capitalization of HKD 3,036 million [4][8]. - The average daily trading volume over the past three months is HKD 0.7 million, suggesting moderate liquidity in the stock [4].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The company achieved a significant turnaround in Q4 2024, reporting a net profit of 0.8 billion yuan for the first time in a single quarter since its establishment, with a full-year revenue of 32.164 billion yuan, representing a 92.06% increase year-on-year [4][8] - The launch of the new model B10 has commenced pre-sales, showcasing competitive pricing and advanced features, particularly in the lidar-equipped versions [6][27] - The company has upgraded its technology with the release of the LEAP 3.5 architecture, enhancing smart driving capabilities and overall vehicle performance [20][23] Financial Performance - In 2024, the company reported a total revenue of 32.164 billion yuan, with a year-on-year growth of 92.06% [4][8] - The gross profit margin for 2024 was 8.38%, with Q4 achieving a record high of 13.3% [11][33] - The company sold over 293,300 vehicles in 2024, with a quarterly average of over 40,000 units sold [14][17] Sales and Revenue Projections - The company expects to achieve revenues of 58.3 billion yuan, 84.0 billion yuan, and 116.3 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding growth rates of 81.3%, 44.1%, and 38.5% [35] - The projected net profit for 2025 is estimated at -0.72 billion yuan, transitioning to 24.88 billion yuan in 2026 and 50.81 billion yuan in 2027 [35] Product Development and Market Strategy - The B10 model is positioned to compete strongly in the market with a starting price of 10.98 million yuan for the base model and up to 13.98 million yuan for the lidar version, emphasizing high cost-performance [6][28] - The company plans to expand its product lines with the introduction of multiple models in the B and C series, aiming for annual sales exceeding 500,000 units by 2025 [31][33] Valuation and Market Position - The reasonable valuation for the company is set between 56.16 and 60.84 Hong Kong dollars, reflecting a potential upside of 12.1% to 21.4% from the current stock price [35] - The company is expected to maintain a gross margin of over 10% with monthly sales of 40,000 units or more, supported by cost control and product structure optimization [33]

Investment Rating - The report assigns an "Outperform" rating to CR Beverage, with a target price of HKD 17.50, indicating an expected return above 10% over the next 12 months [5][10]. Core Insights - CR Beverage is expected to benefit from a dual-driven revenue growth strategy focusing on national expansion and market penetration, with a projected compound annual growth rate (CAGR) of 3.5% for its packaged water segment from FY24 to FY26 [1][9]. - The company plans to enhance its gross margin from 44.7% in FY23 to 49.0% in FY26 by increasing its self-production ratio from approximately 50% in 1H24 to 70% in FY26, supported by a planned investment of 4.3 billion RMB in capacity construction [2][9]. - Adjusted net profit is forecasted to grow at a CAGR of 16.8% from FY24 to FY26, driven by the expansion of self-production facilities and a strong brand presence [2][9]. Summary by Sections Revenue and Profit Forecast - Revenue (in million RMB) is projected to grow from 12,623 in 2022 to 16,443 in 2026, with year-on-year growth rates of 11.3%, 7.1%, 5.3%, 7.0%, and 8.1% respectively [3]. - Net profit (in million RMB) is expected to increase from 990 in 2022 to 2,067 in 2026, with growth rates of 15.3%, 34.3%, 22.3%, 16.3%, and 9.3% [3]. - Diluted earnings per share (in RMB) are forecasted to rise from 0.49 in 2022 to 0.86 in 2026, reflecting similar growth trends [3]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 23.3 in 2022 to 14.4 in 2026, indicating a more attractive valuation over time [3]. - The expected dividend per share (in HKD) is set to increase from 0 in 2023 to 0.28 in 2026, with corresponding yields rising from 1.6% to 2.1% [3]. Market Position and Strategy - CR Beverage holds an 18.4% market share in China's packaged water market, ranking second, with significant growth potential in northern and central-western regions [1]. - The company aims to deepen its market penetration in lower-tier cities and enhance retail network coverage, which is expected to drive market share growth [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [3]. Core Insights - The company is expected to achieve nearly 10% revenue growth in 2024, with a net loss not exceeding 275 million USD, representing a reduction of over 58% compared to the previous year [1][2]. - The overseas business revenue is projected to grow approximately 80% year-on-year, benefiting from the synergies and advantages of a global platform [1]. - The company has focused on core business areas, leading to stable revenue growth and a significant reduction in losses through various measures [2]. - The company is a leading player in high-value consumables, with strong R&D investment and a robust pipeline of products, including 36 green channel products and multiple regulatory approvals [3]. Financial Performance Summary - Revenue is expected to grow from 951 million USD in 2023 to 1,045 million USD in 2024, with a growth rate of 10% [5]. - The net loss is projected to decrease from 478 million USD in 2023 to 270 million USD in 2024, and further to 59 million USD in 2025, with a forecasted profit of 91 million USD in 2026 [5][9]. - The company has achieved a significant increase in revenue from its various business lines, including a 145%-155% increase in revenue from surgical robots and over 100% growth in overseas revenue from heart valve business [2][3].

纺织服饰 2025 年 03 月 14 日 上 市 公 司 公 司 点 评 / 公 司 点 评 361 度 (01361) ——业绩表现超预期，分红率稳步提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 13 日 | | --- | --- | | 收盘价（港币） | 4.49 | | 恒生中国企业指数 | 8640.61 | | 52 周最高/最低（港币） | 4.85/3.15 | | H 股市值（亿港币） | 92.84 | 一年内股价与基准指数对比走势： -28% 22% 72% HSCEI 361度 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 | 货币单位：人民币 | FY2023 | FY2024 | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 84.23 | 100. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company's 2024 full-year performance was below expectations, with revenue of $4.451 billion, a year-on-year increase of 6%, which fell short of the Bloomberg consensus estimate of $4.566 billion. Net profit reached $154 million, up 19% year-on-year, but also below the expected $187 million [1][4]. - The company anticipates a revenue growth of 5-15% for 2025, significantly lower than the consensus estimate of 25% [1][4]. - The demand for AI servers remains strong, contributing to the growth in the network infrastructure segment, which is expected to maintain double-digit growth in Q1 2025 [2]. Summary by Sections Financial Performance - In 2024, the company achieved a net profit of $154 million, with a net profit margin of 3.5%, reflecting a 0.4 percentage point increase year-on-year. The revenue breakdown shows a decline in smartphone revenue by 9.7%, while network infrastructure and electric vehicle segments grew by 39.1% and 57.6%, respectively [1][3]. Business Segments - The network infrastructure segment is experiencing rapid growth due to increased demand for AI servers and related components. The company expects this segment to continue growing at a rate greater than 15% in Q1 2025 [2]. - The automotive business is benefiting from acquisitions, with significant revenue growth expected following the integration of Voltaira and Kabel [2]. - The acoustic business saw slight revenue growth due to new product launches, which helped mitigate the impact of a weak consumer electronics market [3]. Profitability Forecast - The report projects a decrease in net profit estimates for 2025 and 2026 to $242 million and $326 million, respectively, reflecting a reduction of 11% and 13% from previous forecasts. The 2027 net profit is estimated at $393 million [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [3][7][13] Core Views - The company is expected to achieve a core profit growth of approximately 15.7% year-on-year in 2024, reaching HKD 12.7 billion [2][7] - The target price has been adjusted down to HKD 23.1, reflecting a potential upside of 25.7% from the current price of HKD 18.38 [2][7][13] - The adjustments in profit forecasts for 2025 and 2026 are due to changes in wind and solar project utilization rates and average electricity prices, with profit estimates reduced by 22% and 21% respectively [2][7] Financial Performance Summary - The company’s revenue for 2024 is projected at HKD 104.1 billion, with a slight decrease in operating profit estimates for 2025 and 2026 [6][15] - The net profit for 2024 is expected to be HKD 12.7 billion, with a net profit margin of 12.2% [6][15] - The company is projected to maintain a dividend payout ratio of 40%, with dividend yields of 5.3% and 5.9% for 2024 and 2025 respectively [7] Capacity and Sales Forecast - The total installed capacity is expected to increase from 68,507 MW in 2024 to 78,507 MW in 2025, with a significant rise in renewable energy capacity [8] - The total electricity sales volume is projected to grow from 207,638 GWh in 2024 to 223,796 GWh in 2025 [8] Valuation Summary - The valuation for the thermal power segment is based on a 0.7x 2025E P/B ratio, while the renewable energy segment is valued at 8.0x 2025E P/E [9] - The total estimated value of the company is HKD 119.6 billion, translating to a per-share value of HKD 23.10 [9]

Investment Rating - The report initiates coverage with an "Outperform" rating, expecting a return above 10% over the next 12 months [5][10]. Core Insights - CR Beverage is positioned to benefit from national expansion and market penetration strategies, which are expected to drive revenue growth [9]. - The company plans to improve its gross margin by increasing its self-production ratio from approximately 50% in 1H24 to 70% by FY26F, which will enhance cost control and product quality [2]. - The target price for CR Beverage is set at HKD 17.50, based on a 20x FY25F price-to-earnings ratio, reflecting the average valuation of the Chinese beverage sector [2]. Revenue and Profit Forecast - Revenue projections for CR Beverage are as follows: - FY23: RMB 13,515 million - FY24: RMB 14,224 million - FY25: RMB 15,217 million - FY26: RMB 16,443 million - The compound annual growth rate (CAGR) for revenue from FY24 to FY26 is estimated at 3.5% [3]. - Net profit forecasts are: - FY23: RMB 1,329 million - FY24: RMB 1,626 million - FY25: RMB 1,891 million - FY26: RMB 2,067 million - The CAGR for adjusted net profit from FY24 to FY26 is projected at 16.8% [3]. Market Position and Strategy - CR Beverage holds an 18.4% market share, ranking second in China's packaged water market, with significant growth potential in northern and central-western regions [1]. - The company aims to enhance its market presence by deepening penetration in lower-tier cities and expanding retail network coverage [1][2].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 22 CNY per share [1][6]. Core Insights - The company is expected to record a net profit of between 0.5 billion to 2.5 billion CNY for 2024, a significant decrease from 4.8 billion CNY in the previous year [7]. - The report highlights that while revenue is anticipated to decline due to weak demand, cost pressures are expected to ease, leading to an improvement in gross and operating profit margins [7]. - A substantial impairment loss is projected to impact the company's overall profitability, primarily due to losses from its subsidiary Bellamy's and its joint venture Modern Dairy [7]. - The outlook for 2025 is more optimistic, with expectations of gradual revenue recovery driven by favorable policies and supply-demand improvements in the dairy sector [7]. - The company plans to maintain a stable dividend policy, with a historical dividend yield of over 2% [7]. Summary by Sections Company Overview - The company operates in the food and beverage industry, specifically in dairy products, with a market capitalization of 56.43 billion CNY [2]. - The major shareholder is COFCO Group, holding 24.14% of the shares [2]. Financial Performance - The company reported a net profit of 4.809 billion CNY in 2023, with projections of 121 million CNY for 2024, followed by a recovery to 4.405 billion CNY in 2025 and 5.075 billion CNY in 2026 [9]. - Earnings per share (EPS) are expected to drop to 0.03 CNY in 2024, then rise to 1.12 CNY in 2025 and 1.30 CNY in 2026 [9]. Market Position - The product mix is heavily weighted towards liquid milk (81.18%), with ice cream (7.55%), milk powder (3.66%), cheese (4.73%), and other products making up the remainder [3]. - The stock price has shown a 15.82% increase over the past month, while it has decreased by 1.43% over the past year [2].