Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In February 2025, the company achieved sales of 205,000 vehicles, representing a year-on-year increase of 83.9% but a month-on-month decrease of 23.2% [2][4]. - Cumulative sales for January and February 2025 reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA platform, with strong performance across its brands including Geely, Lynk & Co, and Zeekr [2][6]. - The transition to new energy vehicles is progressing smoothly, with significant scale effects anticipated to enhance profitability [2][6]. - The company has a solid foundation in fuel vehicles and is exploring innovative overseas expansion strategies [2][6]. - An AI-driven smart driving strategy is set to accelerate the enhancement of intelligent driving capabilities [2][6]. - The company aims for a sales target of 2.71 million vehicles in 2025, representing a 25% year-on-year growth, with specific targets for each brand [2][6]. Summary by Sections Sales Performance - February 2025 sales were 205,000 vehicles, with a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2][4]. - January-February 2025 cumulative sales reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - Breakdown by brand: Geely brand sold 174,000 vehicles (+91.5% YoY), Lynk & Co sold 17,000 vehicles (+30.5% YoY), and Zeekr sold 14,000 vehicles (+86.9% YoY) [2][6]. New Energy Transition - New energy vehicle sales in February reached 98,000 units, a year-on-year increase of 193.8% [2][6]. - The share of new energy vehicles in total sales was 48.0%, up 18.0 percentage points year-on-year [2][6]. - The company is focusing on high-quality overseas expansion, launching models in over 40 countries [2][6]. Strategic Developments - The GEA platform is expected to drive a new cycle of technology and product development, enhancing profitability [2][6]. - The company plans to fully embrace AI technology to improve smart driving capabilities [2][6]. - Expected net profits for 2024-2026 are projected at 16.4 billion, 12.4 billion, and 16.8 billion respectively, with corresponding PE ratios of 9.9X, 13.2X, and 9.7X [2][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February, the company delivered 25,287 vehicles, representing a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. Cumulatively, the company delivered over 50,000 vehicles in the first two months of the year, reflecting a year-on-year growth of 167.8% [2][4][7]. - The company is expected to continue benefiting from a strong new car cycle domestically, with plans for the B10 model to be launched in March, which is anticipated to drive further sales growth. Additionally, the partnership with Stellantis is expected to facilitate overseas expansion and enhance global sales potential [2][7]. Summary by Sections Sales Performance - February deliveries reached 25,287 units, marking a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. The cumulative delivery for January and February exceeded 50,000 units, with a year-on-year growth of 167.8% [2][4][7]. Future Outlook - The company aims to achieve a sales target of 500,000 vehicles in 2025, with expectations for continued rapid growth driven by new vehicle launches and increased demand for high-priced models [7]. - The company plans to introduce 2-3 new products globally each year over the next three years, with three models from the B series set to launch in 2025, priced between 100,000 to 150,000 RMB [7]. Strategic Initiatives - The company is focusing on enhancing its competitive advantage through technological innovation and maintaining a strong price-performance ratio. The domestic market is expected to see a rapid increase in sales, while the overseas strategy with Stellantis aims to leverage global resources for efficient market entry [7].

丨证券研究报告丨 港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车点评：四季度实现净利润转正，B10 发 布即爆款 报告要点 [Table_Summary] 零跑汽车专注全域自研构造成本优势，造就极致品价比，产品覆盖 5-20 万价格带，2024 年四 季度营收 135 亿元，毛利率 13.3%。B10 发布 1 小时后，订单突破 1.5 万辆，订单火爆。展望 未来，公司国内新车周期带来销量持续增长，海外与 Stellantis 合作实现轻资产出海，打开全球 销量空间。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 零跑汽车点评：四季度实现净利润转正， 2] B10 发 布即爆款 [Table_Summary2] 事件描述 公司 2024 年年报发布，同时零跑 B10 正式发布上市。 事件评论 丨证券研究报告丨 2025-03-14 港股研究 ...

Investment Rating - The report assigns a "Neutral" investment rating to the company,阅文集团 (772 HK), with a target price adjusted to HKD 28.00, indicating a potential upside of 12.7% from the current price of HKD 24.85 [1][4][12]. Core Insights - The report highlights that the delay in the 新丽 project impacts the 2024 profit expectations, while growth is anticipated in short dramas and derivative IP businesses [2]. - The company is expected to face a net loss of RMB 150-250 million for 2024, primarily due to non-cash goodwill impairment related to the acquisition of 新丽传媒 [5]. - Revenue expectations for 2024 have been slightly reduced by 1% to RMB 7.7 billion, with online business remaining stable and core IP operations expected to grow by 34% [5][8]. - The report emphasizes the potential for growth in core IP operations, driven by the integration of 腾讯动漫 and the launch of short dramas [5][8]. Financial Overview - Revenue projections for the years 2023 to 2026 are as follows: RMB 7,012 million (2023), RMB 7,695 million (2024E), RMB 7,882 million (2025E), and RMB 8,220 million (2026E), with a projected growth rate of 9.8% in 2024 [3][8][13]. - Net profit is forecasted to be RMB 1,130 million (2023), RMB 1,139 million (2024E), RMB 1,445 million (2025E), and RMB 1,568 million (2026E), with a notable increase of 23.7% in 2025 [3][8][13]. - The report indicates a decrease in the adjusted net profit expectation for 2024 by 18% to RMB 1.1 billion, reflecting a profit margin of 15% [5][8]. Valuation - The valuation is based on a projected adjusted net profit of RMB 1.4 billion for 2025, with a reference to a price-to-earnings ratio of 18 times for comparable quality content and copyright companies [5][8]. - The target price has been slightly adjusted from HKD 29.00 to HKD 28.00, maintaining a neutral stance on the stock [5][12].

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 布鲁可(0325.HK) 证券研究报告 公司研究 | | | 上次评级 买入 [Table_A 姜文镪 uthor新消费] 行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com [Table_Title] 布鲁可：被低估的品牌力 2025 YYYY 年年MM3 月月14DD 日日 [Table_S 事件：我们预计 ummary] 2 月出货延续景气，渠道库存健康。 深度思考：1）布鲁可的品牌价值某种程度上是被低估的，货架占领力可侧 面印证；2）产品力本身优势显著，除涂色、质感、拼搭手感外，我们可以 观察到产品的一些小巧思（果酱、香蕉、肩甲等细节），拼搭作为一种沉浸 式体验，产品 know-how 本身就是一种壁垒；3）布鲁可有在用心运营粉丝， BFC 创作赛、每月玩家生日抽奖等私域活动持续沉淀粉丝；根据国家统计 局，2023 年我国 5-14 岁儿童数量约 1.8 亿人（其中预估男童约 9800 万人）， 公司 24 年出货粗略估计在 1 亿件左右，考虑端 ...

24Q4 业绩超预期，25 年国补红利持续释 放 ——京东集团 24Q4 点评 核心观点 盈利预测与投资建议 ⚫ 我们调整盈利预测，预测 2024-2026 年收入为 11588/12586/13322 亿元（原 2024- 2026 年预测为 11385/12098/12878 亿元，因以旧换新政策效果超预期上调收 入），经调整归母净利润为 436/483/510 亿元（原 2024-2026 年预测为 421/472/507 亿元，因带电类等高毛利商品占比增加上调利润率）。参考可比公 司，给予京东零售业务 2025 年 12xPE，分部估值计算公司市值 6480 亿元，对应每 股股价 220.48 港元（人民币兑港币汇率 1.083），维持"买入"评级。 风险提示：政策效果不及预期，行业竞争加剧，行业监管趋严。 京东集团-SW 公司研究 | 季报点评 | | 09618.HK | | --- | --- | | | 买入（维持） | | 股价（2025年03月12日） | 156.7 港元 | | 目标价格 | 220.5 港元 | | 52 周最高价/最低价 | 192.3/94.65 港元 | | 总 ...

Investment Rating - The report assigns a "Buy" rating to the company 361 Degrees (1361.HK) with a target price of HKD 5.63, indicating a potential upside of 22.7% from the current price of HKD 4.59 [3][8]. Core Insights - The company is expected to achieve a revenue growth of 20% and a net profit growth of 19% for 2024, aligning with expectations. The end-of-period inventory increased by 56% to HKD 2.1 billion due to early stocking for the Spring Festival [5][6]. - The company plans to expand its "super product stores" to 100 by the end of 2025, aiming to create a store model similar to "Uniqlo" in the sports industry [7][8]. - The report anticipates a revenue growth of 10-15% for 2025, with a net profit margin projected between 10-12% [8]. Financial Performance - For 2024, the company reported a revenue of HKD 10.07 billion, with a gross profit margin of 41.5% and a net profit margin of 11.4% [5][9]. - The forecast for 2025E-2027E indicates revenues of HKD 11.24 billion, HKD 12.41 billion, and HKD 13.66 billion, representing year-on-year growth rates of 11.5%, 10.4%, and 10.1% respectively [8][9]. - The net profit for the same period is expected to be HKD 1.28 billion, HKD 1.41 billion, and HKD 1.57 billion, with growth rates of 11.3%, 10.5%, and 11.0% respectively [8][9]. Market Position and Strategy - The company has seen strong performance in its running and basketball categories, with year-on-year growth rates of 30% and 20% respectively. High-end products have also made significant contributions to sales [6][8]. - The company is focusing on enhancing its inventory management and improving cash flow, with a projected operating cash flow of HKD 70 million for 2024 [5][8].

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 京东集团-SW（9618）公司季报点评 2025 年 03 月 14 日 [Table_InvestInfo] 股票数据 分析师:汪立亭 Tel:(021)23219399 | 3[T月ab12le日_S收t盘oc价kI（nf港o元] ） | 156.7 | | --- | --- | | 周股价波动（港元） 52 | 93.4-192.3 | | 总股本/流通股（百万股） | 3183/2860 | | 总市值/流通市值（百万港元） | 498844/448197 | 相关研究 [《Ta京bl东e_集Re团po3rQtIn20fo24] 季 报 点 评 ： 3Q24 Non-GAAP 净利同比增 24%，看好消费品"以 旧换新"带动收入景气延续》2024.11.27 《 京 东 集 团 2Q2024 季 报 点 评 ： 2Q24 Non-GAAP 净利增 69%超预期》2024.08.21 《京东集团 1Q2024 季报点评：1Q24 收入增 7 超预期，供需两侧正向飞轮转动》2024.06.09 市场表现 资料来源：海通证券研究 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.12, indicating an expected relative return of over 20% within six months [6]. Core Insights - The company reported a total revenue of HKD 504 million for 2024, a significant increase of 2544% year-on-year, primarily due to a USD 70 million upfront payment from Merck. The net profit for 2024 was HKD 28.3 million, reflecting a year-on-year growth of 107% [1]. - The clinical trial results for ABSK021 in the treatment of TGCT in Phase III were positive, achieving a 54.0% overall response rate (ORR) compared to 3.2% in the placebo group, with significant improvements in key secondary endpoints [2]. - The company is advancing its clinical trials for ABSK011, which has received approval for Phase III registration trials, showing promising results in earlier phases with an ORR of 44.8% in HCC patients [4]. Summary by Sections Financial Performance - The company expects revenues of HKD 630 million in 2025, with an upward revision of 2026 revenues from HKD 617 million to HKD 684 million, and projected revenues of HKD 634 million in 2027. The net profit estimates for 2025 and 2026 have been adjusted to HKD 45 million and HKD 68 million, respectively, with a forecast of HKD 98 million for 2027 [6]. Clinical Development - ABSK021 has shown excellent efficacy and safety in its Phase III clinical trials for TGCT, with a low rate of treatment-related adverse events and no evidence of cholestatic liver toxicity [2]. - The company is also progressing with ABSK011, which has received approval for Phase III trials, targeting advanced or unresectable HCC patients [4]. Market Potential - The ACH indication presents a significant unmet medical need, with a global prevalence of approximately 360,000 affected individuals. The report highlights the potential of FGFR2/3 inhibitors like ABSK061 in addressing this need [5].

Investment Rating - The report maintains a "Buy" rating for China Resources Power (836 HK) with a target price adjusted to HKD 23.10, indicating a potential upside of 25.7% from the current price of HKD 18.38 [1][2][3]. 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. This growth is partly attributed to the increase in market trading volume and a decrease in the fire power price difference [2][7]. - The target price adjustment reflects a downward revision in profit forecasts for 2025 and 2026 by 22% and 21% respectively, due to anticipated limitations on wind and solar project utilization rates and average electricity prices [2][7]. - The report highlights that the current P/E ratio of 6.8 for 2025 is below the historical average, suggesting that the market has partially priced in uncertainties regarding electricity prices and utilization hours for 2025 [7]. Financial Forecasts - The updated financial forecasts for the company are as follows: - Revenue for 2024 is projected at HKD 104.132 billion, with a slight decrease in the forecast for 2025 to HKD 105.084 billion, reflecting a 6.8% reduction from previous estimates [6][15]. - Operating profit for 2024 is estimated at HKD 21.965 billion, with a decrease in 2025 to HKD 21.947 billion, indicating a 19.2% drop from prior forecasts [6][15]. - Net profit for 2024 is expected to be HKD 12.727 billion, with a forecasted decline to HKD 13.954 billion in 2025, representing a 21.9% reduction from earlier predictions [6][15]. Operational Metrics - The company’s installed capacity is projected to increase significantly, with total capacity expected to reach 68,507 MW by 2024 and 78,507 MW by 2025, with a growing share of renewable energy [8]. - The report anticipates that the proportion of renewable energy in the total installed capacity will rise from 48% in 2024 to 53% in 2025 [8]. Valuation - The valuation breakdown indicates that the thermal power segment is valued at HKD 16.837 billion, while the renewable energy segment is valued at HKD 102.778 billion, leading to a total valuation of HKD 119.6 billion [9].