Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [1][53]. Core Insights - The company has successfully cleared its convertible bonds and is positioned for growth in 2024, leveraging its CRO and CDMO businesses to capitalize on the recovering industry [1][53]. - The CRO business is a leader in protein analysis, with a global market share of approximately 70%, and has begun to see a recovery in new orders since Q2 2024 [8][24]. - The CDMO segment, through the acquisition of Langhua Pharmaceutical, has strengthened its production capabilities and is experiencing improved operational efficiency [37][41]. - The investment incubation arm, VBI, has invested in 93 biotech startups, with several projects nearing clinical stages, indicating a potential for future returns [43][49]. Financial Data and Valuation - Total revenue is projected to decline from 2,382 million in 2022 to 1,966 million in 2024, before recovering to 2,597 million by 2026, with a CAGR of 15% from 2024 to 2026 [3][54]. - Adjusted net profit is expected to grow from 209 million in 2023 to 408 million by 2026, reflecting a strong recovery trajectory [3][54]. - The company’s PE ratio is projected to decrease from 15.5 in 2023 to 7.9 by 2026, indicating increasing valuation attractiveness [3][54]. Business Segments CRO Business - The CRO segment focuses on first-in-class drug development and has seen a 15% decline in revenue in the first half of 2024, primarily due to a cooling global investment environment [20][24]. - The company has established a unique AI-enabled SBDD platform, enhancing its drug discovery capabilities [31][32]. CDMO Business - The CDMO segment, through Langhua Pharmaceutical, has a solid customer base with a revenue contribution of approximately 57% from CDMO services in the first half of 2024 [37][41]. - The company is expanding its production capacity, with new facilities expected to be operational by Q4 2025 [41][42]. Investment Incubation - VBI has a diverse portfolio of 200+ drug pipelines, with several projects in advanced clinical stages, indicating a robust pipeline for future growth [43][49]. - The investment strategy has already yielded returns, with approximately 144 million in cash inflows from successful exits in the first half of 2024 [43][49].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 0.90, indicating a potential upside of 53.3% from the current price of HKD 0.59 [1][2][7]. Core Insights - The report highlights that the company's profit margins have improved due to better discount control and operational efficiency, with a stable performance expected in 2025 [6]. - For 2024, the company anticipates a revenue decline of 8.0% to RMB 18.45 billion, but it expects to maintain a stable profit margin through cost control and efficiency improvements [6]. - The company plans to enhance its multi-channel strategy, including the introduction of new brands and digital transformation initiatives to capture new growth opportunities [6]. Financial Overview - Revenue projections for the company are as follows: RMB 20,064 million in 2023, RMB 18,454 million in 2024, and RMB 18,831 million in 2025, with a projected growth of 2.0% in 2025 [5][9]. - Net profit is expected to increase from RMB 490 million in 2023 to RMB 546 million in 2025, reflecting a growth rate of 11.1% [5][9]. - The company’s gross margin is projected to improve to 34.5% in 2025, up from 34.2% in 2024 [10]. Stock Performance - The stock has shown a year-to-date increase of 18.0% and has a market capitalization of approximately HKD 3,057.68 million [4][6]. - The stock's 52-week high and low are HKD 0.70 and HKD 0.48, respectively [4].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 7.66, indicating a potential upside of 18.9% from the current price of HKD 6.44 [1][4][12]. Core Insights - The company is facing significant challenges, including a large impairment leading to a larger-than-expected loss. The average selling price of polysilicon has dropped significantly, impacting revenue projections [2][7]. - The report highlights strong financial support from the controlling shareholder, which is expected to help the company navigate through the current downturn in the market [7]. - The company has adjusted its earnings forecasts for 2024-2026, reflecting anticipated losses in 2024 but a potential recovery in 2026 [7][9]. Financial Overview - Revenue is projected to decline from RMB 37,541 million in 2022 to RMB 20,788 million in 2024, with a further drop to RMB 17,657 million in 2025 before recovering to RMB 23,255 million in 2026 [3][15]. - Net profit is expected to turn negative in 2024, with a forecasted loss of RMB 3,936 million, followed by a smaller loss of RMB 248 million in 2025, and a return to profit in 2026 with RMB 1,534 million [3][15]. - The average selling price of polysilicon is expected to decrease by approximately 60% year-on-year to around RMB 38,000 per ton in 2024, significantly below cash costs [7][8]. Segment Valuation - The report uses a sum-of-the-parts valuation method, estimating the polysilicon segment at RMB 14 billion and the power station and inverter segments at RMB 88 billion, leading to a total valuation of RMB 102 billion [9]. - The target price of HKD 7.66 corresponds to a price-to-earnings ratio of 6.6 times for 2026, with the power station segment contributing approximately HKD 6.62 per share [7][9]. Market Performance - The company's stock has seen a year-to-date decline of 14.02%, with a 52-week high of HKD 11.66 and a low of HKD 6.30 [6]. - The average trading volume is reported at 3.98 million shares per day, indicating active trading interest [6]. Future Outlook - The report anticipates a recovery in polysilicon prices due to supply-side reforms and seasonal factors affecting electricity prices, which could lead to improved financial performance in 2026 [7]. - The company is expected to reduce production to mitigate losses, with a forecasted output of 10,000 tons in 2025 [7][8].

| 52周高位 (港元) | 17.28 | | --- | --- | | 52周低位 (港元) | 8.23 | | 市值 (百万港元) | 27,121.66 | | 日均成交量 (百万) | 28.89 | | 年初至今变化 (%) | 30.08 | | 200天平均价 (港元) | 11.38 | | 资料来源 : FactSet | | 丁政宁 交银国际研究 财务模型更新 | 医药 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 13 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 12.80 | 港元 28.75 | +124.6% | | | 金斯瑞生物 (1548 HK) | | | | | | 2H24 核心业务板块增速复苏，新业务将迎增长拐点，维持买入 剔除传奇生物（LEGN US/买入）脱表影响后的 2024 全年收入和经调整净利润 基本符合业绩预告或我们的预期，生命科学和 CDMO 业务在 2H24 迎来增速反 弹，2025 年蓬勃生物和百斯杰有望迎来关键增长拐点。维持买入评级和 28.75 港元目标价。 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue increased by 19.6% to 10.07 billion, with a gross margin of 41.5%, and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel sales growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength in running and basketball categories, while optimizing store structure [2] Children's Business - The children's segment revenue grew by 19.5% to 2.34 billion, supported by a strong product matrix and sponsorship of youth events [3] - The number of children's stores increased slightly, with improved store efficiency [3] E-commerce Business - E-commerce revenue rose by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer engagement [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the holiday season [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue reached 10.07 billion, with a gross margin of 41.5% and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength, optimizing store structure and maintaining a stable number of adult stores at 5,750 [2] Children's Business - The children's segment reported a revenue growth of 19.5% to 2.34 billion, supported by a rich product matrix and sponsorship of youth events [3] - The number of children's stores reached 2,548, with an average store area increase of 9 square meters to 112 square meters [3] E-commerce Business - E-commerce revenue grew by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer interaction [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the Spring Festival [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Insights - The company is positioned as a leader in the AI2.0 era, focusing on generative AI and has strategically adjusted its business structure to enhance profitability [6][9] - The company has achieved significant revenue growth in generative AI, with a 255.70% year-on-year increase in revenue for this segment in the first half of 2024 [6][30] - The company is leveraging its large-scale AI infrastructure and advanced model capabilities to create competitive barriers in the market [6][9] Financial Data and Earnings Forecast - Revenue projections for 2024-2026 are estimated at 45.6 billion, 61.1 billion, and 81.5 billion RMB, with corresponding growth rates of 33.9%, 34.1%, and 33.4% [7][8] - The company anticipates a gradual narrowing of net losses from -42.0 billion RMB in 2024 to -19.9 billion RMB in 2026 [7][8] - The revenue for 2024 is expected to be driven primarily by generative AI, with traditional AI business continuing to shrink [7][8] Business Structure and Strategic Focus - The company has restructured its business into three main segments: generative AI, traditional AI, and smart automotive, with a clear focus on generative AI [6][23] - The generative AI segment's revenue share increased significantly from 20.62% in 2023H1 to 60.42% in 2024H1, indicating a successful business transformation [30][23] - The company has established a 1+X strategic framework, allowing for independent financing and development of various AI applications [6][40] Competitive Advantages - The company has built a robust AI infrastructure, with a total operational computing power exceeding 20,000 PetaFLOPS and over 54,000 GPUs deployed [6][51] - The company ranks third in the GenAI IaaS service market share, demonstrating its competitive position in the industry [6][56] - The rapid iteration of its large model, "日日新," has positioned the company to compete effectively against leading models like GPT-4 Turbo [6][61] Market Trends and Future Outlook - The demand for generative AI services is expected to continue growing, driven by advancements in AI applications across various sectors [6][47] - The company is well-positioned to capitalize on the increasing need for AI infrastructure and services, particularly in the context of the ongoing digital transformation [6][57]

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for future performance [4]. Core Insights - The company is one of the top global automotive parts suppliers, with a strong traditional business that supports performance growth. It has expanded into battery boxes, smart exteriors, and chassis components, accelerating its transition to electric and intelligent vehicles [4]. - Emerging businesses such as robotics, low-altitude flight, and wireless charging for vehicles are market hotspots, with new products expected to be mass-produced by 2025 or 2026, contributing to revenue [4]. - The company is expected to resume dividend payments after a hiatus in 2023 due to high capital expenditures and debt levels. It is transitioning from an expansion phase to a harvesting phase, with improved cash flow and stock buybacks anticipated [4]. - Projected net profits for 2024-2026 are 2.2 billion, 2.51 billion, and 3.15 billion, respectively, with corresponding P/E ratios of 11.3x, 9.9x, and 7.9x, indicating a currently low valuation [4]. Company Overview - The company has over 30 years of experience in the automotive parts industry, with a global presence. Founded in 1992 and listed in Hong Kong in 2005, it is the largest supplier of battery boxes and body structure parts globally, employing over 20,000 people across 77 factories and offices in 14 countries [9][10]. Financial Performance - The company has shown resilient revenue growth since its listing, with a 13.8% year-on-year increase in revenue to 11.09 billion in the first half of 2024, and a 20.4% increase in net profit to 1.07 billion [18][22]. - The gross profit margin and net profit margin have improved slightly in the first half of 2024, with figures of 28.5% and 9.7%, respectively [22]. Revenue Structure - The company has seen a continuous increase in overseas market share, with overseas revenue accounting for 59.2% of total revenue in the first half of 2024. The Americas and Europe represent significant portions of this revenue [26]. - The traditional business, including metal trims, plastic parts, and aluminum components, constitutes 67% of revenue, while new businesses like battery boxes account for 33% [29]. Emerging Business Development - The company has a strong order backlog of 236 billion, with over 53% of orders related to battery boxes, indicating significant growth potential in this area [31]. - The company has established a research center focused on automotive intelligent integration components and lightweight technology, leading to innovations in various sectors, including robotics and low-altitude flight [33][36].

交银国际研究 公司更新 | 汽车 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 12 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 97.45 | 港元 134.69↑ | +38.2% | | | 小鹏汽车 (9868 HK) | | | | | | 产品大年，受惠智驾普及，维持买入 个股评级 买入 股份资料 | 52周高位 (港元) | 97.45 | | --- | --- | | 52周低位 (港元) | 26.05 | | 市值 (百万港元) | 150,811.67 | | 日均成交量 (百万) | 42.08 | | 年初至今变化 (%) | 108.90 | | 200天平均价 (港元) | 51.63 | | 资料来源 : FactSet | | 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 | 财务数据一览 | | | | | | | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for Li Ning (2331 HK) with a target price of HK$19.30, indicating a potential upside of 16% from the current price of HK$16.68 [1][3][5]. Core Views - The report forecasts a revenue growth of 2.2% and a decline in net profit of 3.3% for 2024, with expected revenues of RMB 28.2 billion and net profits of RMB 3.08 billion [2][5]. - The company is entering a stable development phase, with projected revenue growth of 3.9% in 2025, reaching RMB 29.33 billion, and a net profit increase of 6.4% to RMB 3.28 billion [2][3]. Financial Summary - Revenue and profit forecasts for Li Ning are as follows: - 2024E Revenue: RMB 28,217 million, a 2.2% increase YoY - 2024E Net Profit: RMB 3,083 million, a 3.3% decrease YoY - 2025E Revenue: RMB 29,326 million, a 3.9% increase YoY - 2025E Net Profit: RMB 3,281 million, a 6.4% increase YoY [4][6][7]. - The report anticipates a slight decline in gross margin in 2H24, with an overall gross margin of 49.4% for 2024, reflecting a 1.0 percentage point increase YoY [1][2]. Valuation - The report maintains the earnings forecast and target price, corresponding to a P/E ratio of 14 times for 2025 [3][5]. - The estimated P/E ratios for the upcoming years are as follows: - 2024E P/E: 13.5 - 2025E P/E: 12.1 - 2026E P/E: 11.4 [4][7].