Investment Rating - The report has downgraded the investment rating to "Accumulate" from "Buy" [3][5]. Core Views - The company benefits from the AI trend, with a significant increase in new contracts and a strong growth outlook for 2024 [2][3]. - The company achieved a revenue of 10.322 billion RMB in 2024, representing a year-on-year growth of 5.5% [1][4]. - The adjusted EBITDA for 2024 was 4.876 billion RMB, with a slight decrease in the EBITDA margin to 47.2% [1][4]. Summary by Sections Financial Performance - In Q4 2024, the company added 14,440 square meters of new usage area, with 14,275 square meters from organic growth [1]. - The total signed area reached 630,000 square meters, with a significant new contract of 40,000 square meters expected to positively impact revenue [2]. - The company expects total revenue growth of 9.4%-12.3% in 2025, projecting revenue between 11.29 billion and 11.59 billion RMB [2]. Future Projections - Revenue projections for 2025-2027 are estimated at 11.5 billion, 12.8 billion, and 13.7 billion RMB respectively [3]. - Adjusted EBITDA for the same period is projected to be 5.29 billion, 5.77 billion, and 6.18 billion RMB [3]. Valuation Metrics - The target valuation for the company is set at 45 billion RMB, corresponding to an EV/Adjusted EBITDA of approximately 15x for 2025 [3]. - Current stock price reflects an EV/Adjusted EBITDA of 14.3x for 2025, 13.0x for 2026, and 11.8x for 2027 [3][4].

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 -37% -16% 6% 27% 48% 4/23 7/23 10/23 1/24 小米集团-W 恒生指数 -50% 0% 50% 100% 小米集团-W 恒生指数 -10% 90% 190% 290% 24/03 24/06 ...

| 总股本（百万股） | 1333 | | --- | --- | | 流通股本（百万股） | 1333 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 30 | | 流通市值（亿港元） | 30 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 朝云集团 [Table_StockNameRptType] （6601.HK） 公司点评 产品战略持续推进，高质量稳利润发展 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-03-21 | | [Table_BaseData] 收盘价（港元） 2.29 | | 近 12 个月最高/最低（港元） 2.35/1.45 | 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 1. 家居护理基石稳固，宠物线下实体 门店服务业态助力高增长，高股息率 保障股东权益 2024 ...

Investment Rating - The report maintains a "Buy" rating for the company, raising the target price to HKD 60.5, indicating a potential upside of 16% from the current price of HKD 52.05 [1][3][11]. Core Insights - The company is expected to achieve steady growth across all business segments by 2025, including acoustic, optical, precision sensing, structural components, sensors, and semiconductors. The short-term growth is supported by favorable policies in China for consumer electronics, with robust demand for components such as acoustic, optical, motors, metal frames, and cooling systems for mobile phones and laptops [1][11]. - The automotive acoustic business has begun to penetrate leading new energy vehicle manufacturers, indicating potential for significant growth. Additionally, the company is expanding into robotics, establishing a foundation for long-term growth [11]. - The company's financial performance in the second half of 2024 showed strong revenue growth of 44% year-on-year, with a gross margin improvement to 22.5%. Operating profit and net profit also saw substantial increases, aligning with previous profit guidance [11][13]. Financial Projections - Revenue is projected to grow from RMB 20,419 million in 2023 to RMB 39,767 million by 2027, with a compound annual growth rate (CAGR) of approximately 14% [2][12]. - Net profit is expected to increase from RMB 740 million in 2023 to RMB 2,831 million in 2027, reflecting a significant growth trajectory [2][12]. - The target price is derived from a sum-of-the-parts valuation method, applying different price-to-earnings (PE) ratios to various business segments, resulting in a target price of HKD 60.5 [11][17].

公司回购持续进行，积极分红回馈股东。2024 年公司公告拟在公 开市场回购不超过 3044 万股，占回购前总股本的 2%。截至 2025 年 3 月 20 日公司合计回购 1305 万股，占回购前总股本的 0.86%， 后续仍有进一步回购的空间。同时公司维持 50%的全年派息比例， 通过回购加分红的方式提升股东回报。 盈利预测、估值与评级 业绩简评 2025 年 3 月 20 日，公司发布 2024 年全年业绩：2024 年实现收入 38.68 亿元，同比增长 20.0%；归母净利润 3.53 亿元，同比下滑 27.5%。 经营分析 增值服务带动收入保持高速增长，受商誉减值影响归母净利润有 所回落。2024 年公司收入保持高速增长，其中社区增值服务收入 12.17 亿元，同比+30.6%；商业运营及管理服务收入 6.3 亿元，同 比+29.4%。受商誉减值影响，归母净利润减少 1.59 亿元，但剔除 商誉减值的核心净利润仍保持增长，同比+5.1%。公司综合毛利率 同比下降 3.3pct 至 23.3%，主要因为：①物业管理服务毛利率下 滑 1.1pct 至 15.0%；②非业主增值服务毛利率下滑 7.5pct ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $26.5 for US shares and HK$41.3 for Hong Kong shares, indicating a potential upside of 64% and 60% respectively [1][6][9]. Core Insights - The company achieved sustainable profitability one year ahead of previous guidance, with a net profit of $37.73 million in 2024, significantly exceeding market expectations and driving an 8% increase in stock prices [2][4]. - The oncology segment's revenue for 2024 is projected to reach $363.4 million, aligning with prior guidance, driven by strong sales of drugs like furmonertinib and sugemalimab [2][3]. - The next-generation technology platform, ATTC, is set to be a key focus for future R&D, with plans to invest approximately $1.4 billion in cash resources [4][9]. Revenue and Profit Forecast - The company expects oncology segment revenues to reach between $350 million and $450 million in 2025, supported by the expansion of indications for furmonertinib and the approval of sugemalimab in China [3][10]. - The report adjusts net profit forecasts for 2025 and 2026 upwards by 18% and 16% respectively, reflecting changes in milestone revenue predictions and gross margin estimates [9][10]. Financial Metrics - The company reported total revenue of $838 million in 2023, with a projected decline to $630 million in 2024, followed by a gradual increase to $943 million by 2027 [10][11]. - The gross profit margin is expected to improve from 54.1% in 2023 to 53.2% in 2027, indicating a positive trend in profitability [12][13]. Market Sentiment and Future Catalysts - The early achievement of profitability has significantly boosted investor confidence, marking the company as the first biotech firm in China to reach this milestone ahead of schedule [2][4]. - Upcoming catalysts include data releases from ongoing clinical trials and regulatory submissions for various products, which could further influence stock performance [5].

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 1.21 HKD [1][10]. Core Views - The report highlights that the company has accelerated its overseas expansion, which is expected to enhance operational efficiency [1][6]. - The company achieved a revenue of 11.58 billion HKD in 2024, representing a year-on-year growth of 20.5%, while the net profit attributable to shareholders was 0.90 billion HKD, down 6.9% year-on-year [4][7]. - The average Return on Equity (ROE) was 8.1%, a decrease of 2.9% compared to the previous year [4]. Financial Performance - Revenue breakdown for the reporting period includes operating leasing services at 4.62 billion HKD, engineering technical services at 3.75 billion HKD, and asset management and other services at 3.21 billion HKD, with respective year-on-year changes of -10.1%, +26.5%, and +113.0% [5]. - The overall gross margin decreased by 6.5 percentage points to 32.6%, primarily due to a decline in equipment utilization and rental prices [5]. - The company’s capital expenditure reached 7.10 billion HKD, a significant increase of 249.5% year-on-year, with net capital expenditure after sales of second-hand equipment at 4.83 billion HKD, up 847.3% [5]. Strategic Initiatives - The company is diversifying its product matrix and expanding into non-construction sectors, including mining machinery leasing and oil and chemical industries [6]. - The overseas asset management scale has exceeded 2.1 billion HKD, with overseas revenue increasing over 27 times to 0.39 billion HKD, achieving breakeven [6]. - The company is pursuing an "operationally driven" transformation and advancing its "3+3+3" globalization strategy, which is expected to improve operational quality and efficiency [6]. Earnings Forecast - Projected revenues for 2025-2027 are 12.27 billion HKD, 13.46 billion HKD, and 14.84 billion HKD, with net profits of 0.96 billion HKD, 1.07 billion HKD, and 1.20 billion HKD respectively [7]. - The estimated earnings per share (EPS) for the same period are 0.30 HKD, 0.33 HKD, and 0.38 HKD, with corresponding price-to-earnings (PE) ratios of 3.76, 3.37, and 2.99 [7].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Insights - The company achieved a revenue of 14.8 billion yuan in 2024, representing a year-on-year increase of 8.5%, with an adjusted net profit of 624 million yuan, up 29.7% year-on-year [1]. - The company is focusing on market share growth and optimizing operational efficiency, with a significant increase in user engagement and store expansion [3][4]. - The company is actively enhancing its supply chain efficiency and supporting franchisees to improve operational performance [5]. Revenue and Profitability - In 2024, the company reported a gross profit of 3.7 billion yuan, a year-on-year increase of 11.5%, with a gross margin of 25.4%, up 0.7 percentage points [1]. - The adjusted net profit margin for 2024 was 4.2%, reflecting a year-on-year increase of 0.7 percentage points [1]. - For the second half of 2024, the company expects revenue of 7.6 billion yuan, with a slight decrease in adjusted net profit to 266 million yuan [1]. User and Store Growth - By the end of 2024, the total number of stores reached 6,874, with a net increase of 965 stores, marking a 16.3% year-on-year growth [3]. - The number of transaction users increased to 24.1 million, a year-on-year growth of 24.8%, while registered users reached 139 million, up 20.4% [3]. - The company has expanded its presence in key regions, including over 1,000 stores in Guangdong and coverage in major cities [3]. New Energy Vehicle Strategy - The company is accelerating its penetration into the new energy vehicle market, with transaction users for new energy vehicles reaching 2.7 million, a 105% year-on-year increase [4]. - The sales of hybrid engine oil increased by over 270% year-on-year, and the company has established connections with 70,000 charging stations across more than 340 cities [4]. Operational Efficiency - The total operating expenses as a percentage of revenue decreased to 23.6%, down 0.7 percentage points year-on-year [2]. - The company has implemented a support program for franchisees, investing nearly 100 million yuan in 2024 to enhance profitability and operational efficiency [5]. - The company has increased its warehouse density and optimized inventory models, leading to a reduction in fulfillment costs [5].

24 年公司毛利率 62%同减 0.4pct，其中安踏 55%，FILA68%，其他品牌 72%。 24 年公司经营利润 166 亿，OPM 为 23%同减 1.2pct；其中安踏牌经营利润 70 亿，OPM21%同减 1.2pct，FILA 经营利润 67 亿，OPM 为 25.3%同减 2.3pct， 其他品牌经营利润 31 亿，OPM28.6%同增 1.5pct。 港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 领跑体育品牌成长 主品牌经营稳健，新品牌增长强劲 公司发布 24 年业绩公告，全年公司收入 708 亿同增 14%；分品牌看，安 踏牌实现收入 335 亿同增 11%，持续巩固中国运动品牌领导地位。FILA 收 入 266 亿同增 6%，增量赛道维持强劲势头。其他品牌（主要来自迪桑特& 可隆体育）收入 107 亿同增 54%，继续保持高速增长。 公司 24 年归母净利（不含 Amer 一次性利得）119 亿，同增 17%。 平均存货周转日数 123 天同比持平。 安踏持续打造差异化零售新业态 相比过去"千店一面"的零售战略，公司通过发展更多更具针对性的新业 态，例如安踏竞技场级 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall performance in Q4 2024 exceeded Bloomberg consensus expectations, with revenue reaching 109 billion yuan (yoy +48.8%) and Non-GAAP net profit of 8.32 billion yuan (yoy +69.4%) [4] - The company has raised its 2025 automotive delivery target to 350,000 units, reflecting strong demand and improved production capacity [4][5] - The smartphone business is showing significant progress in high-end market penetration, with the average selling price (ASP) reaching 1,202 yuan (yoy +10.1%) [4][5] Summary by Sections Q4 2024 Performance - Revenue was 109 billion yuan, exceeding expectations by 4.4% - Non-GAAP net profit was 8.32 billion yuan, exceeding expectations by 27.2% - Smartphone revenue was 51.31 billion yuan (yoy +16.0%), IoT revenue was 30.87 billion yuan (yoy +51.7%), internet services revenue was 9.34 billion yuan (yoy +18.5%), and innovative automotive revenue was 16.7 billion yuan [4] Automotive Business - Nearly 70,000 vehicles were delivered in Q4 2024, surpassing the expected 60,000 units - Automotive gross margin improved significantly to 20.4%, up 3.3 percentage points from the previous quarter - The company is focusing on enhancing automotive production capacity and has plans for a new factory to be operational by mid-year [4][5] Smartphone Business - The ASP for smartphones has shown double-digit growth for two consecutive quarters - The share of high-end smartphones (priced above 3,000 yuan) in the Chinese market has increased to 23.3% [4] IoT Business - The IoT segment experienced over 50% year-on-year growth in Q4 2024, driven by strong sales in home appliances and tablets - The overseas market for IoT is expected to be twice the size of the domestic market, indicating significant growth potential [5][6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 492 billion yuan, 626 billion yuan, and 731 billion yuan respectively, with year-on-year growth rates of 34.5%, 27.3%, and 16.8% [8] - Adjusted net profit projections for the same years are 38.3 billion yuan, 54.2 billion yuan, and 67.3 billion yuan, with growth rates of 40.7%, 41.4%, and 24.3% [8]