24 年业绩符合预期，25 年起加大投入追求 中长期高质量发展 核心观点 盈利预测与投资建议 ⚫ 根据业绩公告，我们调整 24-26 年盈利预测，预计 24-26 年 EPS 分别为 1.17、0.99 和 1.15 元（原 1.2、1.37 和 1.54 元），参考可比公司，给予 2025 年 20 倍的 PE 估 值，目标价为 21.19 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：运动服饰消费低于预期、终端去库存进度和新产品推广不及预期等 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for stock price appreciation in the next six months [3][15]. Core Insights - The company achieved a revenue of 3.885 billion yuan in 2024, representing a growth of 34.61% year-on-year, with a net profit attributable to the parent company of 881 million yuan, up 33.04% [9][10]. - The growth in revenue is driven by both makeup and skincare segments, with makeup revenue reaching 2.304 billion yuan, accounting for 59.31% of total revenue, and skincare revenue at 1.429 billion yuan, representing 36.78% [2][10]. - The company is expanding its presence in high-end department stores and has increased its number of self-operated counters to 378, with a steady expansion pace across over 120 cities [10][12]. Financial Summary - Revenue projections for the company are as follows: 5.224 billion yuan in 2025, 6.754 billion yuan in 2026, and 8.460 billion yuan in 2027, with corresponding net profits of 1.183 billion yuan, 1.525 billion yuan, and 1.939 billion yuan respectively [3][15]. - The company’s earnings per share (EPS) are projected to be 2.41 yuan in 2025, 3.11 yuan in 2026, and 3.96 yuan in 2027 [3][15]. - The company maintains a high gross margin of 84.37% in 2024, with a net profit margin of 22.67% [12][15]. Market Position and Strategy - The company is recognized as the only domestic high-end makeup brand, with strong brand and product recognition among high-net-worth clients [3][15]. - The strategy includes expanding product lines, increasing the number of counters, and enhancing consumer penetration, which is expected to provide significant long-term growth opportunities [3][15]. - The company has successfully entered the Hong Kong market, further enhancing its brand presence [10][12].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company achieved a revenue of 3.87 billion yuan in 2024, representing a year-on-year growth of 20% [2]. - The core net profit attributable to shareholders increased by 5.1% year-on-year, amounting to 510 million yuan, after excluding goodwill impairment [2]. - The company actively repurchased shares, spending 7.34 million yuan to buy back 2.68 million shares, which is 0.17% of the issued shares [2][3]. Summary by Sections Financial Performance - The company reported a total revenue of 3.87 billion yuan in 2024, with non-commercial segment revenue at 3.13 billion yuan (up 19.2%) and commercial segment revenue at 730 million yuan (up 23.7%) [2]. - The gross profit margin decreased by 3.3 percentage points to 23.3%, while the net profit attributable to shareholders fell by 27.5% to 350 million yuan [2][3]. - The company recognized a goodwill impairment of 240 million yuan related to the acquisition of Guangzhou Metro Environmental Engineering Co., which is expected to have limited future impact on performance [3]. Business Segments - Revenue from property management, non-owner value-added services, community value-added services, and commercial operations reached 1.24 billion, 680 million, 1.22 billion, and 630 million yuan respectively, with year-on-year growth rates of 20.1%, 1.7%, 30.6%, and 29.7% [3]. Cash Position and Shareholder Returns - As of the end of 2024, the company had cash and cash equivalents totaling 4.7 billion yuan, indicating a strong cash position [4]. - The total dividend for 2024 was 0.169 yuan per share, amounting to 260 million yuan, which corresponds to a dividend yield of 6.4% based on the closing price on March 28, 2025 [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 610 million and 680 million yuan respectively, with a new forecast for 2027 set at 750 million yuan [5]. - The company is expected to have a price-to-earnings ratio of 7, 6, and 5 times for 2025, 2026, and 2027 respectively, indicating attractive valuation [5].

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 177.3 billion yuan in 2024, representing a year-on-year growth of 36.0%, with a net profit of 4.27 billion yuan, up 5.6% year-on-year [7] - The consumer electronics segment showed significant growth, with a revenue increase of 45.0% to 141.23 billion yuan, driven by major clients [7] - The automotive electronics sector is expected to benefit from the parent company's advancements in smart technology, with a projected revenue increase of 45.5% to 20.51 billion yuan in 2024 [7] - The company is enhancing its AI and robotics capabilities, with a focus on strategic partnerships and new product developments [7] - Profit forecasts for 2025 and 2026 have been adjusted downwards, with expected net profits of 5.26 billion yuan and 6.32 billion yuan respectively [7] Financial Summary - Total revenue is projected to grow from 177.3 billion yuan in 2024 to 237.4 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.19% [1][8] - The net profit is expected to increase from 4.27 billion yuan in 2024 to 7.30 billion yuan in 2027, reflecting a CAGR of about 15.52% [1][8] - The earnings per share (EPS) is forecasted to rise from 1.89 yuan in 2024 to 3.24 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 19.97 in 2024 to 11.67 in 2027, indicating potential valuation improvement [1][8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][9]. Core Insights - The company achieved a revenue of RMB 284.42 billion in 2024, representing a year-over-year growth of 10.07%. The net profit attributable to shareholders was RMB 10.17 billion, with a year-over-year increase of 23.51% [7]. - The express and large parcel segment accounted for 70.4% of the company's revenue, with a notable increase in volume and profit margins [2][10]. - The supply chain and international business segment showed signs of recovery, with a revenue increase of 17.72% year-over-year [7][10]. - The company plans to distribute a total dividend of approximately RMB 41.04 billion for 2024, reflecting a dividend payout ratio of about 40% [7]. Financial Performance - The company reported a net profit of RMB 10.17 billion for 2024, with projections for future profits of RMB 11.83 billion in 2025, RMB 13.60 billion in 2026, and RMB 15.20 billion in 2027, indicating a steady growth trajectory [9][11]. - The earnings per share (EPS) for 2024 is projected at RMB 2.11, with expected growth in subsequent years [9][11]. - The company's price-to-earnings (P/E) ratio is forecasted to decrease from 16.42 in 2024 to 11.36 by 2027, suggesting an attractive valuation over time [9][11]. Business Segments - The express and large parcel segment generated revenue of RMB 200.16 billion in 2024, with a net profit of RMB 10.98 billion, reflecting a profit margin of 5.49% [7][10]. - The same-city delivery segment saw a revenue increase of 22.24%, with net profit growth exceeding 160%, driven by increased order volumes and improved operational efficiency [10]. - The supply chain and international business segment recorded a revenue of RMB 74 billion, although it faced a net loss of RMB 1.32 billion due to restructuring efforts [7][10]. Market Position - The company maintains a strong competitive edge in the logistics sector, with a fleet of 110 aircraft and a significant ground transportation network, positioning it well to capitalize on the growing demand for logistics services [10]. - The report highlights the company's strategic focus on international expansion, with over 9,100 international cargo flights in 2024, marking a 19% increase year-over-year [7][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a revenue of 168.1 billion yuan in 2024, a year-on-year decrease of 6.2%, with a gross profit of 10.672 billion yuan, down 22.5% year-on-year, and a net profit attributable to shareholders of 3.212 billion yuan, down 36.0% year-on-year [6] - The company has a strong market position with 4.19 million active customers, a 10.7% year-on-year increase, and holds 14.1% of luxury car brand users in 32 major cities [6] - The company is expected to improve its market share despite industry challenges, with a focus on embracing new energy vehicles [6] Financial Performance Summary - In 2024, the company sold 485,300 new cars, a year-on-year decrease of 3.2%, with a gross loss of 3.208 billion yuan from new car sales [7] - The after-sales service revenue reached 22.001 billion yuan, a year-on-year increase of 9.6%, with a gross profit of 10.216 billion yuan, reflecting stable growth in after-sales business [8] - The company forecasts net profits of 3.519 billion yuan and 4.944 billion yuan for 2025 and 2026 respectively, with an estimated EPS of 1.5, 2.1, and 2.7 yuan for 2025, 2026, and 2027 [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated resilience as a market leader, with stable overseas expansion [1] - In 2024, the company achieved total revenue of 95.06 billion yuan, a year-on-year increase of 10.82%, and a net profit attributable to shareholders of 5.86 billion yuan, up 10.16% year-on-year [7] - The company’s sales volume increased against industry trends, with domestic sales rising by 12.8% to 109,000 units, while the overall heavy truck industry saw a decline of 1.7% [7] - The gross margin slightly decreased to 15.6%, attributed to intense domestic price competition and changes in export market structure [7] - Effective cost control led to a slight increase in net profit margin to 7.0% [7] - The company’s earnings per share (EPS) for 2024 is projected at 2.12 yuan, with a price-to-earnings (P/E) ratio of 10.56 [1] Financial Summary - Total revenue forecast for 2024 is 95.06 billion yuan, with projections of 106.86 billion yuan for 2025 and 118.77 billion yuan for 2026 [1][8] - Net profit attributable to shareholders is expected to reach 6.84 billion yuan in 2025 and 8.16 billion yuan in 2026 [1][8] - The company’s cash and cash equivalents are projected to increase significantly from 19.08 billion yuan in 2024 to 110.79 billion yuan by 2027 [8] - The company maintains a strong balance sheet with a debt-to-asset ratio of 62.13% [6]

Investment Rating - The report maintains a "BUY" rating for Innovent Biologics, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - Innovent Biologics is entering a phase of sustainable profitability, having achieved a full-year non-IFRS net profit of RMB332 million in FY24, driven by strong product revenue growth and one-off license fee income [8]. - The target price has been revised upwards from HK$57.67 to HK$61.71, reflecting a 33.6% upside potential from the current price of HK$46.20 [3][8]. - The company is advancing its next-generation immuno-oncology (IO) therapies and antibody-drug conjugates (ADCs), with significant clinical programs underway [8]. Financial Summary - Revenue is projected to grow from RMB6,206 million in FY23 to RMB11,356 million in FY25, representing a year-on-year growth of 51.8% [2][13]. - Net profit is expected to turn positive in FY25, reaching RMB445.7 million, with EPS projected at RMB0.27 [2][11]. - R&D expenses are forecasted to remain stable, while gross profit margin is expected to expand to 84.9% in FY24 from 82.8% in FY23 [2][8]. Share Performance - The market capitalization of Innovent Biologics is approximately HK$75.68 billion, with a 52-week high of HK$51.15 and a low of HK$30.00 [3][4]. - The stock has shown strong performance, with a 1-month absolute return of 14.2% and a 3-month return of 29.8% [5]. Pipeline and Growth Potential - Innovent has a robust pipeline with over 10 ADC clinical programs and is focusing on combination trials with its next-generation IO therapy, IBI363 [8]. - The company aims to initiate multiple Phase 3 trials by 2030, targeting global markets with its innovative therapies [8].

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) Conservative guidance but quite expected FY24 results were inline with market expectation while 4Q24 operating numbers were slightly better than expected. Going forward, on one hand, the Company is outlining conservative FY25E guidance and the plan to invest more for the future, and on the other hand, the numbers in 1Q25E are already trending better. Therefore, we tend to think the worst should have already gon ...

Investment Rating - The report maintains a "BUY" rating for Xunfei Healthcare, indicating a potential return of over 15% over the next 12 months [13]. Core Insights - Xunfei Healthcare reported a strong revenue growth of 32.0% YoY in 2024, reaching RMB 734.0 million, with a notable acceleration in growth from 17.8% in 1H24 to 39.6% in 2H24, driven by robust demand for medical AI services [1][2]. - The company improved its cost structure significantly, with SG&A expense ratio declining by 10.3 percentage points and R&D expense ratio falling by 10.4 percentage points, leading to a substantial narrowing of the net loss margin [1]. - Adjusted net loss narrowed by 21.4% YoY to RMB 44.8 million, with total R&D spending at RMB 296.8 million, representing 40.4% of revenue [1]. - The revenue mix improved, with hospital service revenue increasing by 103% YoY and patient service revenue rising by 57% YoY, indicating a shift towards higher contributions from both To B and To C segments [6]. - The company is well-positioned to lead the healthcare AI market, serving over 500 secondary and tertiary hospitals, including 40 of China's Top 100 hospitals [6]. Financial Summary - Revenue is projected to grow from RMB 734 million in 2024 to RMB 1,855 million by 2027, reflecting a CAGR of 37.9% from 2024 to 2026 [2][10]. - The adjusted net profit is expected to improve significantly, reaching RMB 120 million by 2027, with a YoY growth of 456.7% [2][10]. - The company’s net loss margin is projected to narrow from -8.10% in 2025E to 3.80% in 2027E, indicating a path towards profitability [7][11]. Market Position and Growth Potential - Xunfei Healthcare's data flywheel effect enhances its technological leadership, serving over 70,000 primary healthcare institutions and generating millions of AI-assisted diagnosis suggestions daily [6]. - The company maintains a leading position in the To G healthcare AI market, with a significant recovery in revenue from primary healthcare services in 2H24, increasing by 40% YoY [6]. - The target price for Xunfei Healthcare is set at HK$166.69, reflecting a 33.3% upside from the current price of HK$125.00 [3].