Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The report highlights that the company achieved a year-on-year revenue growth of 12.6% to 1.82 billion RMB and a net profit growth of 13% to 195 million RMB in 2024, with a gross margin of 49.14%, an increase of 4.68 percentage points year-on-year [6][10]. - The company is expected to continue its multi-brand and multi-category channel development strategy, enhancing its competitive advantages through product innovation and channel optimization [10]. Revenue and Profit Growth - The home care product segment showed stable growth, with revenue reaching 1.634 billion RMB, a year-on-year increase of 11%, and a gross margin improvement from 45.0% in 2023 to 49.2% in 2024 [7]. - The pet product segment experienced rapid growth, with revenue of 127 million RMB, a year-on-year increase of 64.49%, and a gross margin increase from 43.2% to 54.7% [7]. Channel Development - Online sales channels achieved revenue of 671 million RMB, a year-on-year increase of 22.1%, with gross margins rising from 47.8% to 55.8% [7]. - Offline sales channels generated 1.149 billion RMB in revenue, a year-on-year increase of 7.8%, with gross margins improving from 42.7% to 45.2% [7]. Research and Innovation - The company has a strong focus on research and development, with over 172 patents by the end of 2024, and notable product performance in various categories [7][10]. - Key products such as the "Super Mosquito Repellent Green Bottle" and "Pet Food Fresh Package" have seen significant sales growth, indicating strong market demand [7]. Financial Projections - The company is projected to achieve revenues of 2.006 billion RMB, 2.206 billion RMB, and 2.420 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 225 million RMB, 247 million RMB, and 271 million RMB [10][11]. - The expected price-to-earnings (P/E) ratios for the next three years are 12, 11, and 10 respectively, indicating a favorable valuation outlook [10].

Investment Rating - The report maintains a "Buy" rating for China Resources Beverage (02460) [3][5][17] Core Views - The company's performance for 2024 met expectations, with revenue of RMB 13.52 billion, flat year-on-year, and a net profit of RMB 1.64 billion, up 23% year-on-year [6][7] - The bottled water business is under short-term pressure, but profitability is expected to improve steadily due to capacity expansion and reduced reliance on outsourcing [6][8] - The beverage business is experiencing rapid growth, with a 30.8% increase in revenue to RMB 1.4 billion in 2024, supported by the existing distribution network [6][8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 13.515 billion - 2024: RMB 13.521 billion - 2025E: RMB 14.602 billion - 2026E: RMB 15.618 billion - 2027E: RMB 16.648 billion - Year-on-year growth rates for revenue are projected at 7.1% for 2023, 0.0% for 2024, and 8.0% for 2025 [4][8] - Net profit forecasts are: - 2023: RMB 1.329 billion - 2024: RMB 1.637 billion - 2025E: RMB 1.981 billion - 2026E: RMB 2.262 billion - 2027E: RMB 2.484 billion - Year-on-year growth rates for net profit are projected at 34.3% for 2023, 23.1% for 2024, and 21.1% for 2025 [4][8] Market Performance - The closing price on March 27, 2025, was HKD 14.54, with a market capitalization of HKD 34.87 billion [5][6] - The stock has shown a comparative performance of -38% against the Hang Seng China Enterprises Index over the past year [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Insights - The company reported better-than-expected performance for 2024, with revenue of 28.66 billion RMB, a year-on-year increase of 14.8%, and a net profit attributable to the parent company of 6.24 billion RMB, up 36.9% year-on-year [6]. - The DCF target valuation is set at 93.18 HKD, reflecting an optimistic outlook for the company's growth potential [2][7]. - The company is expected to maintain a high production capacity utilization rate, with an output growth of no less than 10% in 2025, despite uncertainties in the external environment [6]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024-2026 are 28.66 billion, 32.21 billion, and 36.13 billion RMB, respectively [2][10]. - **Net Profit**: Expected net profits for the same period are 6.24 billion, 6.70 billion, and 7.66 billion RMB, respectively [2][10]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 4.15, 4.46, and 5.10 RMB for 2024-2026 [2][10]. - **Profit Margins**: The gross margin is expected to improve to 28.1% in 2024, with a net profit margin of 21.8% [6][10]. - **Valuation Ratios**: The projected P/E ratios for 2024-2026 are 12.4, 11.6, and 10.1, indicating a favorable valuation [2][10]. Market Performance - The company's stock price as of March 25, 2025, was 55.3 HKD, with a 52-week high of 84.23 HKD and a low of 54.78 HKD [3]. - The report notes a relative underperformance compared to the Hang Seng Index over various time frames [4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company has over 40 listed products across various therapeutic areas, with core products like TPIAO and Mandi series expected to maintain steady growth. The research pipeline is rich, with several innovative drugs entering harvest periods, particularly SSGJ707 showing promising early clinical results [6][13]. - The company is well-positioned in the market with a diversified business layout and mature commercialization capabilities, driving stable growth of core products [7]. - Financial projections indicate a net profit of 2.33 billion, 2.61 billion, and 2.94 billion CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97, 1.09, and 1.23 CNY, suggesting a favorable valuation [9]. Summary by Sections 1. Core Products and Innovation Pipeline - The company has a strong focus on innovative drug development, with SSGJ707 (a PD-1/VEGF dual antibody) showing excellent early clinical data and potential for significant market impact [8][24]. - TPIAO, the company's flagship product, is the only commercialized rhTPO globally, with plans to expand its indications, including a recent approval for pediatric ITP [28][34]. 2. Financial Performance and Projections - The company reported a revenue of 9.11 billion CNY in 2024, reflecting a year-on-year growth of 16.5%. The net profit for the same year was approximately 2.09 billion CNY [9][21]. - The gross margin has been stable, with an increase from 80.98% in 2020 to 85.94% in 2024, indicating effective cost management [21]. 3. Market Position and Competitive Landscape - TPIAO has a market share of 66.6% in 2024, benefiting from its safety and efficacy profile, which allows it to replace traditional therapies [40][41]. - The company is actively collaborating with various pharmaceutical firms to enhance its product offerings and market reach, particularly in the oncology and hematology sectors [7][8]. 4. Research and Development Focus - The company has a comprehensive pipeline with 30 products under development, focusing on hematology, oncology, and autoimmune diseases, with several nearing NDA submission [25][24]. - The R&D expenses for 2024 were approximately 1.33 billion CNY, reflecting a commitment to innovation and development of high-value products [21].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth outlook. Core Insights - The company reported a revenue of 2.073 billion yuan for 2024, representing a year-on-year increase of 30.9%, and a net profit attributable to shareholders of 356 million yuan, up 50.1% year-on-year [1] - The brand business is experiencing rapid growth, with significant contributions from the U.S. market, where revenue reached 1.251 billion yuan, reflecting a 69.0% increase year-on-year [2] - The gross margin for the company improved to 40.3%, with the brand business gross margin at 43.5%, indicating strong profitability [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.073 billion yuan, with a net profit of 356 million yuan, and an adjusted net profit of 383 million yuan [1] - The revenue for the second half of 2024 (Q2-Q4) was 1.570 billion yuan, showing a year-on-year growth of 21.6% [1] - The company expects revenues to grow to 2.711 billion yuan in 2025, with net profits projected at 428 million yuan [6] Business Segments - The brand business generated 1.861 billion yuan in revenue, a 34.8% increase year-on-year, while the ODM business brought in 213 million yuan, up 4.7% [2] - The brand business accounted for 89.7% of total revenue, an increase of 2.6 percentage points year-on-year [2] Profitability and Expenses - The company's gross margin improved to 40.3%, with the brand business gross margin at 43.5% [3] - Sales expenses increased due to higher e-commerce platform commissions and increased online marketing efforts, leading to a sales expense ratio of 18.1% [3] - The net profit margin for 2024 was 17.2%, reflecting an increase of 2.2 percentage points year-on-year [3] Future Outlook - The company is expected to continue its rapid revenue growth, with projections indicating a revenue increase of 31% in 2025 [6] - The focus will be on product development and expanding both online and offline sales channels, particularly in the U.S., China, Western Europe, and Japan [3][4]

(30%) (12%) 6% 24% 42% 60% 24/3/27 24/6/7 24/8/18 24/10/29 25/1/9 25/3/22 ◼ 股票数据 总股本/流通(亿股) 31.13/31.13 总市值/流通(亿港元) 467.52/467.52 12 个月内最高/最低价 (港元) 17.28/9 2025 年 03 月 27 日 公司点评 买入/维持 雅迪控股(01585) 目标价: 昨收盘:15.02 雅迪控股：2024H2 业绩短期承压，中高端+出海值得期待 ◼ 走势比较 相关研究报告 <<收入利润双位数增长，优化产品结 构和终端有望持续增厚业绩>>-- 2024-03-20 <<雅迪控股 23H1 点评：拓展价格带 推升销量，盈利压力逐步释放>>-- 2023-08-30 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Insights - The company is reducing its reliance on a single IP and is expected to achieve strong growth through market penetration and international expansion [8][20]. - The company has demonstrated significant revenue growth, with a projected increase in revenue from 8.77 billion RMB in 2023 to 41.07 billion RMB in 2025, reflecting a growth rate of 83% [7][26]. - The company is expanding its IP portfolio and product offerings, with a notable increase in SKUs to 682 in 2024, enhancing its competitive edge [8][18]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 8.77 billion RMB (2023), 22.41 billion RMB (2024), 41.07 billion RMB (2025), 61.82 billion RMB (2026), and 76.51 billion RMB (2027) [7][26]. - Adjusted net profit is expected to grow from 742.63 million RMB in 2023 to 1.09 billion RMB in 2025, with corresponding growth rates of 133.37% and 87.41% [7][26]. - The gross margin is projected to remain stable, with a slight increase from 47.33% in 2023 to 53.57% in 2025 [7][26]. Growth Drivers - The company is diversifying its IP portfolio, reducing the share of its main IP, Ultraman, from 57% in the first half of 2024 to 41% in the second half [15][11]. - The company is targeting lower-tier markets with a successful 9.9 RMB product series, which has shown strong sales and potential for further penetration [20][21]. - International expansion is a key focus, with overseas revenue expected to reach 353 million RMB in 2025, reflecting a growth rate of 450% [30][26]. Market Positioning - The company is leveraging its extensive sales network and product development capabilities to enhance its IP acquisition and product differentiation [8][18]. - The introduction of new IPs and products is anticipated to broaden the customer base, particularly among women and older demographics [20][21]. - The company is positioned to benefit from a growing demand for affordable and high-quality building toys, with a strong market presence in Southeast Asia and North America [21][26].

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Insights - The company achieved steady growth in 2024, with revenue of 4.75 billion RMB, a year-on-year increase of 7.2%, and a net profit of 240 million RMB, up 23.5% year-on-year [1] - The company continues to deepen its global market expansion, with stable revenue growth across major segments [2] - The overseas market, particularly Iraq, showed strong performance, contributing significantly to future growth [3] Revenue and Profitability - In 2024, the oilfield management services segment generated revenue of 1.85 billion RMB, a 14.2% increase year-on-year [2] - The oilfield technical services segment reported revenue of 2.13 billion RMB, up 5.2% year-on-year [2] - The company’s comprehensive gross margin was 29.5%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin increased by 0.4 percentage points to 5.4% [1] Market Performance - Domestic market revenue was 1.66 billion RMB, down 4.8% year-on-year, while overseas market revenue reached 3.09 billion RMB, a 15.0% increase [3] - The Iraq market alone generated 2.6 billion RMB in revenue, reflecting a 17.7% year-on-year growth due to increased capital investment from major clients [3] Order Growth - The company secured new orders worth 3.21 billion RMB in the domestic market, a 22.5% increase year-on-year, and 5.01 billion RMB in the Iraq market, a significant 97.3% increase [3] - Overall, the company’s robust order book supports its future growth trajectory [3] Financial Forecast - The report projects a 10.8% and 15.7% increase in net profit for 2025 and 2026, respectively, with estimates of 360 million RMB and 460 million RMB [4] - Earnings per share (EPS) are forecasted to be 0.12 RMB for 2025, 0.15 RMB for 2026, and 0.19 RMB for 2027 [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company has over 40 listed products across various therapeutic areas, with core products like TPIAO and Mandi series expected to maintain steady growth. The research pipeline is rich, with several innovative drugs entering harvest periods, particularly SSGJ707 showing promising early clinical results [6][13]. - The company is well-positioned in the market with a diversified business layout and mature commercialization capabilities, driving stable growth of core products [7]. - Financial projections estimate the company's net profit for 2025-2027 to be 2.328 billion, 2.612 billion, and 2.938 billion CNY, with corresponding EPS of 0.97, 1.09, and 1.23 CNY, indicating a favorable valuation trend [9]. Summary by Sections 1. Core Products and Innovation - The company has a strong portfolio with TPIAO as its leading product, projected to achieve a 20.4% year-on-year growth in 2024. The successful negotiation for continued pricing and the addition of new indications for TPIAO are expected to provide new growth opportunities [7][40]. - Mandi, the first OTC minoxidil in China, is anticipated to continue its growth trajectory, with revenue reaching 1.337 billion CNY in 2024 [7]. 2. Research and Development Pipeline - The company has a robust pipeline with 30 products under development, focusing on hematology, oncology, and autoimmune diseases. SSGJ707 has shown excellent early clinical data and is expected to be a significant product [8][24]. - The NDA for SSS06, a new generation long-acting erythropoietin, has been accepted, and several other products are in various clinical stages, indicating a strong potential for future revenue growth [8][25]. 3. Financial Performance and Projections - The company reported a revenue of 7.836 billion CNY in 2023, with a projected increase to 10.078 billion CNY in 2025, reflecting a compound annual growth rate of 10.7% [9]. - The gross margin is expected to remain stable around 84.2% for the next few years, with net profit margins improving to 26.6% by 2025 [9][21]. 4. Market Position and Competitive Landscape - TPIAO is the only commercialized rhTPO globally, with expanding indications and a significant market share of 66.6% in 2024. The product's safety and efficacy advantages position it favorably against competitors [34][40]. - The company has established collaborations with various pharmaceutical firms, enhancing its market presence and potential for revenue growth [7].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268.HK) [4] Core Views - WuXi AppTec reported strong annual performance for 2024, with revenue increasing by 91% year-on-year to 4.052 billion RMB and net profit attributable to shareholders rising by 277% to 1.070 billion RMB [1] - The company is experiencing robust growth in new projects and a diverse development in research projects, with 45 early discovery projects advancing to the iCMC stage and a total of 681 early discovery projects [1][2] - The company has a strong order backlog, with a total of 991 million USD in hand orders at the end of 2024, representing a 71% year-on-year increase [3] Summary by Sections Financial Performance - Revenue for 2024 reached 4.052 billion RMB, with a growth rate of 90.8% [4] - Adjusted net profit for 2024 was 1.174 billion RMB, reflecting a year-on-year increase of 185% [1] - Gross margin improved by 4.3 percentage points to 30.6%, while adjusted net profit margin increased by 7.3 percentage points to 26.4% [1] Business Development - The company signed 53 new comprehensive projects in 2024, including 9 backend production projects [1] - The production capacity at the Wuxi base is operating at high/full load, with a delivery success rate exceeding 99% [2] - The company plans to expand its production capacity significantly, with new lines expected to come online in 2025 and 2027 [2] Market Position - WuXi AppTec serves a growing client base, with 499 cumulative clients, including 13 of the top 20 global pharmaceutical companies [3] - The company anticipates continued growth in inquiries for iCMC stage projects, particularly in the U.S. market, which saw a 43% year-on-year increase in inquiries [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are 5.554 billion RMB, 7.291 billion RMB, and 9.395 billion RMB, respectively, with expected growth rates of 37.1%, 31.3%, and 28.9% [4] - Net profit attributable to shareholders is projected to reach 1.342 billion RMB, 1.870 billion RMB, and 2.448 billion RMB for the same years, with growth rates of 25.4%, 39.4%, and 30.9% [4]