Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The report highlights that the company has achieved significant revenue growth and profit improvement, driven by its strong brand and market position in the local delivery sector [7][8]. - The company reported a revenue of 15.746 billion RMB for 2024, representing a year-on-year increase of 27%, and a net profit of 132 million RMB, which is a 161.8% increase year-on-year [4][10]. - The report anticipates continued growth in revenue and profit for the years 2025 to 2027, with projected revenues of 19.613 billion RMB, 23.502 billion RMB, and 27.502 billion RMB, reflecting growth rates of 25%, 20%, and 17% respectively [10]. Summary by Sections Recent Performance - In the second half of 2024, the company achieved a revenue of 8.868 billion RMB, a year-on-year increase of 33.6%, and a net profit of 70 million RMB, up 233.3% year-on-year [4][5]. Business Segments - The company's To B (business-to-business) segment saw a revenue increase of 36% in H2 2024, driven by new key account orders and a 39% increase in active merchants [5]. - The To C (business-to-consumer) segment experienced a slower growth rate of 6% in H2 2024 compared to 20% in H1 2024 [5]. Profitability and Cost Management - The overall gross margin for 2024 was 6.8%, an increase of 0.4 percentage points year-on-year, attributed to improved scale network effects [6]. - The adjusted net profit margin for the year was 0.9%, reflecting a 0.5 percentage point increase year-on-year [6]. Future Projections - The report projects a significant increase in net profit for the years 2025 to 2027, with expected figures of 208 million RMB, 320 million RMB, and 449 million RMB, corresponding to growth rates of 57%, 54%, and 40% respectively [10]. - The report emphasizes the potential for continued growth driven by the company's strong market position and operational efficiencies [8].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [7]. Core Insights - The company achieved a total revenue of 9.42 billion RMB in 2024, representing a year-on-year growth of 51.8%. Product revenue reached 8.23 billion RMB, up 43.6% year-on-year. The company also reported its first positive Non-IFRS profit of 330 million RMB and an EBITDA of 410 million RMB, with IFRS losses narrowing by 90.8% [1]. - The company has seen a decrease in various expense ratios, with sales expenses at 4.347 billion RMB (46.14% of revenue, down 3.83 percentage points), R&D expenses at 2.681 billion RMB (28.45%, down 7.45 percentage points), and administrative expenses at 738 million RMB (7.83%, down 4.25 percentage points). This reduction in expense ratios is attributed to significant revenue growth [2]. - The company is expected to launch six new drugs in 2025, with one drug entering the medical insurance system. Several products are nearing commercialization, which will serve as a significant growth driver. Recently, five new products were approved for market, including drugs targeting various cancers and conditions [3]. - The company has promising products in the pipeline, particularly in the weight loss sector with the drug Masitide, which is expected to yield data from ongoing studies by the end of 2025. In oncology, early data from several products have shown strong potential, with international clinical trials underway [4]. - Revenue forecasts for 2025-2026 have been revised upwards, with expected revenues of 11.518 billion RMB and 14.721 billion RMB, respectively. Net profit estimates for the same period have also been increased to 515 million RMB and 1.830 billion RMB. The revenue for 2027 is projected to reach 20.020 billion RMB, with net profit expected at 3.109 billion RMB [5].

2025 年 3 月 31 日 公司研究 24 年表现平稳，25 年将加大投入、促品牌力向上 ——李宁（2331.HK）2024 年业绩点评 买入（维持） 当前价：17.16 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 25.85 | | --- | --- | | 总市值(亿港元)： | 443.55 | | 一年最低/最高(港元)： | 12.56/24.60 | | 近 3 月换手率： | 109.8% | 股价相对走势 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 李宁 恒生指数 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | ...

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Insights - The company is positioned as a leader in the global trendy toy market, driven by a strong brand rather than supply chain advantages. Its revenue and profit growth are attributed to multiple IPs, categories, and regions exceeding expectations [8]. - The IP matrix is expanding, with four IPs expected to generate over 1 billion in revenue in 2024, and significant growth in established and new IPs [8]. - The company's overseas expansion is gaining momentum, particularly in Southeast Asia and North America, with plans to open 100 stores in the year [8]. - The product category expansion continues, with non-blind box products expected to account for 47% of sales in 2024, enhancing the IP's lifecycle and monetization potential [8]. - Membership operations are highlighted, with a significant increase in registered members and store count, indicating strong customer engagement [8]. - The profit forecast has been revised upwards, with expected revenues and net profits for 2025 to 2027 being significantly higher than previous estimates [8]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 6,301 million, 13,038 million, 21,107 million, 25,929 million, and 29,709 million respectively, with growth rates of 36%, 107%, 62%, 23%, and 15% [7][9]. - Non-IFRS net profit forecasts are 1,184 million, 3,220 million, 5,992 million, 7,820 million, and 8,980 million for the same years, with growth rates of 107%, 172%, 86%, 31%, and 15% [7][9]. - The company’s return on equity is projected to be 15.2%, 29.6%, 35.1%, 31.1%, and 26.1% from 2023 to 2027 [7].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 2.2 billion HKD in Q4 2024, representing a year-on-year growth of 30%, with the adjusted operating profit turning positive for the first time at 24.37 million HKD, corresponding to a profit margin of 1.1% [7] - For the full year of 2024, the company reported a revenue of 7.8 billion HKD, a year-on-year increase of 10.5%, with an adjusted net loss of 830 million HKD, narrowing the loss margin by 8 percentage points [7] - The public cloud service revenue in Q4 2024 reached 1.4 billion HKD, growing 34% year-on-year, driven by a significant increase in AI cloud business revenue, which surged approximately 500% to 470 million HKD [7] - The industry cloud service revenue hit a historical high of 800 million HKD in Q4 2024, reflecting a 23% year-on-year growth, with continuous improvement in operational performance [7] - The company's gross margin improved to 19% in Q4 2024, with a full-year gross margin of 17%, an increase of 5 percentage points year-on-year [7] - The company benefits from strategic partnerships with Xiaomi and Kingsoft, with revenue from these collaborations growing 76% year-on-year in Q4 2024 [7] - Revenue forecasts for 2025 and 2026 have been raised to 9.867 billion HKD and 11.412 billion HKD, respectively, with a new forecast for 2027 set at 12.871 billion HKD [7] Financial Data and Earnings Forecast - Projected revenues (in million HKD) for the years 2023 to 2027 are as follows: 7,047 (2023), 7,785 (2024), 9,867 (2025E), 11,412 (2026E), and 12,871 (2027E) [6] - Adjusted net profit forecasts (in million HKD) for the same period are: -1,291 (2023), -825 (2024), -428 (2025E), -178 (2026E), and 173 (2027E) [6] - The projected earnings per share (in HKD) are: -0.36 (2023), -0.23 (2024), -0.11 (2025E), -0.05 (2026E), and 0.05 (2027E) [6]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 4.446 billion yuan, representing a year-on-year increase of 9.1%, while net profit decreased by 12.6% to 598 million yuan [1] - The hospital business showed steady growth, with revenue reaching 4.323 billion yuan in 2024, up 11.1% year-on-year, driven by outpatient and inpatient services [2] - The company is focusing on enhancing its oncology specialty capabilities and innovating its business development model, including collaborations with commercial insurance companies and the integration of AI technology [3] Summary by Sections Financial Performance - Revenue for 2024 is projected at 4.825 billion yuan, with a growth rate of 8.5% [4] - Net profit for 2024 is forecasted at 688 million yuan, reflecting a 15% increase from the previous year [4] - Earnings per share (EPS) for 2024 is estimated at 1.11 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 for 2024, 2025, and 2026 respectively [3][4] Business Development - The company operates 16 hospitals, including 4 tertiary hospitals and 12 secondary hospitals, with ongoing construction of 2 additional tertiary hospitals [2] - The company is actively expanding its service offerings beyond basic medical services, including partnerships for infertility treatment and enhancements in aesthetic and dental services [3] Market Position - The company has a total market capitalization of 85.93 billion HKD, with a current share price of 13.82 HKD [5] - The stock has experienced a significant decline over the past year, with a relative performance of -98.3% [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company reported a revenue of 2.8 billion RMB for 2024, a decrease of 8% year-on-year, while net profit reached 240 million RMB, an increase of 27% year-on-year [1]. - The training services segment generated 2.3 billion RMB (84% of total revenue), down 7% year-on-year, with online learning products contributing 100 million RMB, large class training courses 500 million RMB, and small class training courses 1.7 billion RMB [1]. - The company is increasing its investment in AI, launching products such as AI written exams and AI teacher one-on-one interview reviews, aiming to enhance user experience and maintain industry leadership [4]. Summary by Sections Financial Performance - The company’s gross margin for 2024 was 52.5%, up 0.5 percentage points year-on-year, with training services gross margin at 56% and book sales gross margin at 34% [1]. - Management fee rate was 15%, down 0.8 percentage points year-on-year, while sales fee rate was 23%, up 0.4 percentage points [2]. - The net profit margin for 2024 was 8.6%, an increase of 2.4 percentage points year-on-year [2]. Market Position - Despite facing intense market competition, the company maintains a stable user base, with 7,177 employees at the end of 2024, a decrease of 2% year-on-year, and an average monthly active user count of 9.1 million, roughly unchanged from 2023 [3]. - The company is committed to avoiding low-quality, homogenized products and focuses on improving educational services while maintaining a stable core team [3]. AI Development - The company plans to increase its AI R&D investment by 30% annually, collaborating with top institutions to build an educational model capable of "diagnosis-prediction-evolution" [4]. - The increase in AI R&D personnel has led to an additional expense of 13 million RMB in 2024, reflecting the company's commitment to enhancing its AI capabilities [4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6]. Core Insights - The company reported a revenue of 28.7 billion RMB for 2024, a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3 billion RMB, a decrease of 5.5%, resulting in a net profit margin of 10.5% [1]. - The second half of 2024 saw a revenue of 14.3 billion RMB, reflecting a year-on-year growth of 5.5%, with a net profit of 1.1 billion RMB, down 0.4% year-on-year [1]. - The company declared a total dividend of 0.5848 RMB per share for the year, with a payout ratio of 50% [1]. Revenue Breakdown - By brand, the total number of stores at the end of 2024 was 7,585, a decrease of 83 from the beginning of the year. The main brand, Li Ning, saw a reduction of 123 stores to 6,117, while Li Ning Young increased by 40 stores to 1,468 [2]. - In terms of channels, wholesale revenue reached 13 billion RMB, up 3% year-on-year; direct sales revenue was 6.9 billion RMB, slightly down by 0.3%; and e-commerce revenue was 8.3 billion RMB, up 10% year-on-year [2]. Product Performance - The company focuses on six core categories: running, basketball, fitness, badminton, table tennis, and sports lifestyle, with new product retail sales accounting for 85% of overall offline sales [3]. - Running sales increased by 25%, with over 10.6 million pairs sold from three new running shoe series. The company upgraded its "SOFT" technology matrix, enhancing product performance while ensuring comfort [3]. - Basketball sales decreased by 21%, with plans to promote street basketball culture through events in multiple cities [3]. Cost Management and Inventory - The gross margin for 2024 was 49.4%, an increase of 1 percentage point, attributed to a higher proportion of sales from the more profitable e-commerce channel and improved discounts in offline stores [5]. - Sales expenses rose by 1.3% year-on-year to 9.2 billion RMB, mainly due to increased market expansion efforts and brand promotion [5]. - Inventory turnover across all channels was maintained at a healthy level of four months, with channel inventory increasing in high units year-on-year [5]. Earnings Forecast - The report adjusts the earnings forecast for 2025-2027, projecting revenues of 29.5 billion RMB, 31.7 billion RMB, and 34 billion RMB respectively, with net profits of 2.8 billion RMB, 3 billion RMB, and 3.2 billion RMB [10].

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 03 月 31 日 [Table_Title] 业绩符合预期，期待原奶周期反转 [Table_Title2] 现代牧业(1117.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1117 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 0.91/0.63 | | 目标价格(港元)： | | 总市值(亿港元) | 90.24 | | 最新收盘价(港元)： | 1.14 | 自由流通市值(亿港元) | 90.24 | | | | 自由流通股数(百万) | 7,915.66 | [Table_Summary] 事件概述 公司 24FY 实现营业收入 132.5 亿元，同比-1.5%，实现股东应占亏损 14.7 亿元，去年同期为实现盈利 1.9 亿元。据此推算，公司 24H2 实现营业收入 68.4 亿元，同比基本持平，实现股东应占亏损 12.6 亿元，去年同 期为亏损 0.3 亿元。公司业绩表现符合之前盈利预警预期。 分析判断: ► ...

Investment Rating - The report maintains a "Buy" rating for New Oriental Education Technology (9901 HK) with a target price adjusted to HKD 46.00, indicating a potential upside of 24.7% from the current price of HKD 36.90 [1][10][12]. Core Insights - The report highlights that the study company is experiencing pressure in its study abroad business while maintaining stable performance in K12 education. The revenue for non-selective business is expected to grow by 22% year-on-year, with an adjusted operating profit margin declining by approximately 2.5 percentage points due to slower growth in study abroad-related services and investments in cultural tourism [2][4][8]. - The company plans to allocate more resources to youth study abroad services, and with cost reduction and efficiency improvement measures taking effect, there is still potential for long-term profit margin improvement [2][3][4]. Financial Forecast Adjustments - Revenue projections for FY25E have been slightly adjusted to USD 4,902 million, a decrease of 0.9% from previous estimates. For FY26E and FY27E, revenue is projected at USD 5,670 million and USD 6,420 million, reflecting decreases of 2.2% and 3.9% respectively [3][13]. - The adjusted operating profit for FY25E is forecasted at USD 503 million, with an operating profit margin of 10.3%. For FY26E and FY27E, the adjusted operating profit is expected to be USD 656 million and USD 771 million, with margins of 11.6% and 12.0% respectively [3][13][14]. - The adjusted net profit for FY25E is projected at USD 474 million, with a net profit margin of 9.7%. For FY26E and FY27E, net profits are expected to be USD 519 million and USD 620 million, with margins of 9.2% and 9.7% respectively [3][13][14]. Market Performance - The stock has a 52-week high of HKD 70.90 and a low of HKD 35.40, with a market capitalization of HKD 60,342.20 million. The stock has seen a year-to-date decline of 24.62% [6][12].