Investment Rating - The report initiates coverage with a "BUY" rating for the company [5][17][20]. Core Insights - The company is positioned in the commercialization stage, focusing on innovative drug development across oncology, cardiovascular-metabolic, autoimmune, and ophthalmology sectors, with over 10 innovative drugs launched in China and three products under NMPA review [2][13][27]. - A diversified product portfolio is expected to drive significant revenue growth, with projected product sales exceeding RMB 8.2 billion in 2024, representing over 40% year-on-year growth [2][14][20]. - The oncology pipeline includes advanced products such as IBI363 and IBI343, which are in various clinical stages and show promising early efficacy and safety data [3][15][47]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are RMB 82.4 billion, RMB 107.1 billion, and RMB 132.9 billion, respectively, with a narrowing net loss expected in 2024 and a return to profitability by 2025 [5][20][22]. - The target price is set at HK$ 59.6, indicating a potential upside of 53% from the current price [5][20][17]. Product Pipeline and Development - The company has a robust pipeline with four innovative drugs in phase III clinical stages and over 20 drugs in clinical development, including key products targeting obesity, diabetes, and various cancers [4][16][21]. - The non-oncology pipeline is also gaining traction, with significant products like mazdutide expected to receive approval in the first half of 2025, enhancing the company's market position in the cardiovascular and metabolic sectors [4][16][23]. Market Position and Competitive Advantage - The company has established a leading position in the GLP-1 market with mazdutide, which is anticipated to capture significant market share due to its first-mover advantage and commercialization capabilities [23][24]. - The oncology strategy focuses on "IO+ADC," leveraging advanced antibody technology and differentiated linker-payload platforms to enhance drug efficacy and safety [3][47].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4]. - The company is actively exploring new business formats, including "super specialty stores," which aim to enhance customer shopping experience and improve inventory management [6]. - The company has shown strong growth in both adult and children's segments, with adult revenue growing approximately 19.1% and children's revenue increasing by 19.5% [5]. Financial Summary - For 2024, the company forecasts revenue of 10.07 billion HKD and a net profit of 1.15 billion HKD, with a gross margin of 41.5% and a net margin of 11.4% [7]. - The projected earnings per share (EPS) for 2024 is 0.56 HKD, with a price-to-earnings (P/E) ratio of 7.6 [7]. - The company plans to maintain a dividend payout ratio of 45%, which is an increase of nearly 5 percentage points year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [1] Core Insights - Cathay Pacific Airways reported a net profit of HKD 9.607 billion for 2024, a 6% increase year-on-year, exceeding market expectations [6] - The airline's operating revenue for 2024 grew by 10.5% to HKD 104.371 billion, driven by increased capacity and strong air cargo demand [6] - The company plans to distribute a second interim dividend of HKD 0.49 per share, raising the overall dividend payout ratio to 46% for 2024 [6] Financial Data and Profit Forecast - Revenue projections for Cathay Pacific Airways are as follows: - 2023: HKD 94.485 billion - 2024: HKD 104.371 billion - 2025E: HKD 109.011 billion - 2026E: HKD 114.937 billion - 2027E: HKD 120.286 billion - Year-on-year growth rates for revenue are projected at 85.1% for 2023, 10.5% for 2024, and 4.4% for 2025 [5] - Net profit forecasts are: - 2023: HKD 9.067 billion - 2024: HKD 9.607 billion - 2025E: HKD 9.008 billion - 2026E: HKD 10.248 billion - 2027E: HKD 10.702 billion - The net profit growth rates are -226.6% for 2023, 6.0% for 2024, and -6.2% for 2025 [5] - The report anticipates a slight decline in passenger kilometer yield for 2025, projecting a year-on-year decrease of 8% [6]

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [2][7] Core Insights - Cathay Pacific Airways announced a net profit of HKD 9.607 billion for 2024, a 6% increase year-on-year, exceeding market expectations [7] - The airline's operating revenue for 2024 grew by 10.5% to HKD 104.371 billion, with a notable increase in passenger and cargo traffic [7] - The company plans to distribute a second interim dividend of HKD 0.49 per share, raising the overall dividend payout ratio to 46% for 2024 [7] Financial Data and Profit Forecast - Revenue projections for Cathay Pacific Airways are as follows: - 2023: HKD 94.485 billion - 2024: HKD 104.371 billion - 2025E: HKD 109.011 billion - 2026E: HKD 114.937 billion - 2027E: HKD 120.286 billion - Net profit forecasts: - 2023: HKD 9.067 billion - 2024: HKD 9.607 billion - 2025E: HKD 9.008 billion - 2026E: HKD 10.248 billion - 2027E: HKD 10.702 billion - Earnings per share (EPS) estimates: - 2023: HKD 1.41 - 2024: HKD 1.49 - 2025E: HKD 1.40 - 2026E: HKD 1.59 - 2027E: HKD 1.66 - The report indicates a projected price-to-earnings (P/E) ratio of 7.8 for 2025 [6][7]

纺织服饰/服装家纺 361 度（01361.HK） 2025 年 03 月 13 日 投资评级：买入（维持） | 日期 | 2025/3/12 | | --- | --- | | 当前股价(港元) | 4.590 | | 一年最高最低(港元) | 4.850/3.150 | | 总市值(亿港元) | 94.91 | | 流通市值(亿港元) | 94.91 | | 总股本(亿股) | 20.68 | | 流通港股(亿股) | 20.68 | | 近 3 个月换手率(%) | 12.8 | 股价走势图 -32% -16% 0% 16% 32% 48% 2023-03 2023-07 2023-11 2024-03 361度 恒生指数 数据来源：聚源 相关研究报告 《Q4 电商流水延续靓丽表现，加码布 局专业品类 —港股公司信息更新报 告》-2024.1.17 《Q3 亚运及新品催化下流水靓丽，延 续净开店—港股公司信息更新报告》 -2023.10.17 《2023H1 童装及电商流水持续高增 —港股公司信息更新报告》-2023.8.17 2024 年营收破百亿，布局超品店积极探索新业态 ——港股公司信息更新报告 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to achieve a revenue of 10.07 billion HKD in 2024, representing a year-on-year growth of 19.6%, with a net profit of 1.15 billion HKD, also up by 19.5% [4]. - The company is actively exploring new business formats, such as super specialty stores, to enhance customer experience and improve inventory management [6]. - The company has a strong focus on professional product categories, particularly in running and basketball, which are driving significant revenue growth [5]. Financial Summary - Revenue for 2023 was 8.423 billion HKD, with a projected increase to 10.074 billion HKD in 2024, and further growth expected in subsequent years [7]. - The net profit for 2023 was 961 million HKD, expected to rise to 1.149 billion HKD in 2024 [7]. - The gross margin is projected to remain stable at 41.5% through 2027, with a net margin of 11.4% [7]. Market Performance - The stock price is currently at 4.590 HKD, with a 12-month high of 4.850 HKD and a low of 3.150 HKD [1]. - The company has a total market capitalization of 94.91 billion HKD [1]. - The stock has shown a turnover rate of 12.8% over the past three months [1].

布鲁可（00325.HK） 2025 年 03 月 13 日 投资评级：买入（首次） | 日期 | 2025/3/12 | | --- | --- | | 当前股价(港元) | 115.80 | | 一年最高最低(港元) | 130.80/73.500 | | 总市值(亿港元) | 288.63 | | 流通市值(亿港元) | 288.63 | | 总股本(亿股) | 2.49 | | 流通港股(亿股) | 2.49 | | 近 3 个月换手率(%) | 24.47 | 股价走势图 -16% 0% 16% 32% 48% 2024-03 2024-07 2024-11 2025-03 布鲁可 恒生指数 数据来源：聚源 拼搭角色玩具龙头，多 IP 共振快速成长 ——港股公司首次覆盖报告 | 吕明（分析师） | 方光照（分析师） | 蒋奕峰（联系人） | | --- | --- | --- | | lvming@kysec.cn | fangguangzhao@kysec.cn | jiangyifeng@kysec.cn | | 证书编号：S0790520030002 | 证书编号：S0790520030004 ...

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1] Core Views - The company reported a revenue of 10.07 billion HKD for 2024, representing a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion HKD, also up by 19.5% [1][3] - The company plans to increase its dividend payout ratio to 45% for the year 2024 and accelerate the opening of 361 Degrees super brand stores [1] Revenue and Profitability - In the second half of 2024, the company achieved a revenue of 4.93 billion HKD, with a growth rate of 20.0% year-on-year [3] - The net profit for the second half of 2024 was 359 million HKD, showing a significant increase of 39.7% year-on-year [3] - The gross margin for 2024 slightly improved to 41.5%, while the operating profit margin decreased to 15.6% [5] Channel Performance - The company’s e-commerce channel generated revenue of 2.61 billion HKD in 2024, a year-on-year increase of 12.2%, accounting for 25.9% of total revenue [4] - Domestic offline stores achieved revenue of 7.28 billion HKD, growing by 23.1% year-on-year, with a total of 5,750 stores by the end of 2024 [4] - The overseas market revenue remained stable at 185 million HKD, representing 1.8% of total revenue, with 1,365 sales points globally [4] Future Projections - The company expects to achieve revenues of 11.37 billion HKD, 12.71 billion HKD, and 14.11 billion HKD for 2025, 2026, and 2027 respectively, with growth rates of 12.8%, 11.9%, and 11.0% [8] - The projected net profit for the same years is 1.31 billion HKD, 1.45 billion HKD, and 1.61 billion HKD, with growth rates of 13.7%, 10.9%, and 11.4% [8] Financial Metrics - The report indicates a projected P/E ratio of approximately 6.7, 6.0, and 5.4 for the years 2025 to 2027 [8] - The company’s return on equity (ROE) is expected to be 12.1% in 2024, increasing to 12.8% by 2025 [10]