Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focused on continuous product strategy advancement, achieving high-quality and stable profit growth. It offers a one-stop platform for home care, personal care, and pet products, covering various segments with seven core brands [3][4] - In the first half of 2024, the company reported revenue of 1.249 billion yuan, a year-on-year increase of 10.3%, and a net profit of 176 million yuan, up 29.6% year-on-year. The offline channel grew by 12.2%, while online revenue increased by 10.7%, with new e-commerce channels experiencing a remarkable growth rate of 300% [3][4] - The company signed a strategic cooperation agreement with Yangnong Chemical, marking the start of its fourth five-year strategic partnership, aimed at enhancing product quality and expanding its pet store network [3][4] Summary by Sections Financial Performance - The company achieved a revenue of 1.616 billion yuan in 2023, with projections of 1.813 billion yuan in 2024, 2.002 billion yuan in 2025, and 2.194 billion yuan in 2026, reflecting year-on-year growth rates of 12% for 2024 and 10% for 2025 and 2026 [9][10] - The net profit for 2023 was 175 million yuan, expected to rise to 213 million yuan in 2024, 237 million yuan in 2025, and 262 million yuan in 2026, with growth rates of 22% for 2024 and 11% for the following years [9][10] - The company maintains a strong cash flow with cash and cash equivalents totaling 2.665 billion yuan [3] Product Strategy - The company has successfully launched several products that have gained popularity, such as the Super We mosquito repellent spray and the Weiwang pine wood orange fragrance toilet cleaner, both achieving top rankings on platforms like Douyin [4][6] - The company is actively enhancing its product offerings across various segments, including high-end natural home cleaning products and innovative pet food solutions [4][6] Market Position - The company is recognized as a leading platform in China for multi-category home care, personal care, and pet products, with a significant focus on expanding its offline pet store presence [7][9] - The strategic initiatives and product innovations are expected to drive the company's growth trajectory, establishing a second growth curve through the pet business [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved profitability in 2024 with total revenue of $630 million, driven by strong sales of its core product, furmonertinib, which exceeded expectations [6] - The global sales of furmonertinib surpassed $400 million, with overseas sales reaching $291 million (up 1825% year-on-year) and domestic sales at $115 million (up 7% year-on-year) [7] - The company expects a combined revenue from oncology/immunology business in 2025 to be between $350 million and $450 million [7] - The company has adjusted its net profit forecasts for 2025-2027, projecting net profits of $2.383 billion, $797 million, and $961 million respectively [6] Financial Summary - In 2024, the company reported a net profit of $38 million, marking a return to profitability [6] - The company's operating income for 2024 was $452 million, with a year-on-year decrease of 23.8% [11] - The projected earnings per share (EPS) for 2025 is $2.7, with a price-to-earnings (P/E) ratio of 8.8 [11] - The company has significantly reduced its R&D, sales, and management expenses in 2024, with respective decreases of 29.8%, 7.55%, and 20.0% [7] Product Development - The SAVANNAH Phase II study results for savolitinib showed promising outcomes, with an overall response rate (ORR) of 56% [8] - The company plans to submit a new drug application for savolitinib for MET amplified gastric cancer in the second half of 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 5.09 billion RMB for 2024, representing a year-on-year increase of 53.9%, while the net profit attributable to shareholders was 480 million RMB, a decrease of 6.3% [1] - The growth is primarily driven by the rapid expansion of diverse social products powered by AI technology, alongside the consolidation of Blue City Brothers and Land of Glory Ltd. starting from Q3 2023 [1] - The company plans to repurchase shares with a budget of up to 200 million HKD over the next two years [1] Summary by Sections Social Business - The social business segment generated 4.63 billion RMB in revenue for 2024, marking a 58.1% increase [2] - The company has successfully developed a diverse product matrix, including MICO, YoHo, TopTop, and SUGO, which collectively form a "bush" of social products [2] - SUGO's revenue increased by over 200% year-on-year, with average monthly revenue surpassing 10 million USD, making it the second product to reach this milestone [2] Innovative Business - The innovative business segment achieved a revenue of 460 million RMB in 2024, reflecting a 21.3% growth [3] - The flagship game "Alice's Dream: Merge Games" has entered a profitable phase, contributing significantly to the company's revenue [3] - The social e-commerce business has seen substantial growth through user demand exploration and product category expansion [3] AI Integration - The company has enhanced its research and development efficiency by implementing AI tools, significantly shortening product development cycles [4] - The proprietary multi-modal algorithm model Boomiix has improved product social efficiency and user payment willingness, leading to a more than 20% increase in SUGO's ARPU by year-end [4] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been adjusted to 884 million, 1.02 billion, and 1.19 billion RMB, respectively, with increases of 13.9% and 12.1% for 2025 and 2026 [5] - The target price is set at 8.87 HKD, corresponding to a 13X PE for 2025, reflecting a valuation premium due to cost reduction and efficiency improvements [5]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [1] Core Views - Anta Sports reported a revenue of 70.83 billion yuan for 2024, representing a year-on-year increase of 13.6%, and a net profit of 15.60 billion yuan, up 52.4% year-on-year [7] - The company aims for high single-digit growth for its main brand by 2025, with significant contributions from various store formats and a strong performance in key markets [7] - FILA is expected to achieve mid-single-digit growth by 2025, with a notable increase in footwear sales [7] - Other brands under Anta Sports are projected to grow over 30% by 2025, driven by strong sales performance [7] - Amer Sports is anticipated to see a revenue growth of 13%-15% in 2025, following a successful turnaround [7] - The report adjusts the net profit forecast for 2025-2026 slightly downward but increases the 2027 forecast, maintaining a positive outlook on the company's growth trajectory [7] Financial Summary - Total revenue projections for Anta Sports are as follows: 70.83 billion yuan in 2024, 78.17 billion yuan in 2025, 86.08 billion yuan in 2026, and 94.24 billion yuan in 2027 [1] - The net profit estimates are 15.60 billion yuan for 2024, 13.23 billion yuan for 2025, 14.76 billion yuan for 2026, and 16.43 billion yuan for 2027 [1] - The report indicates a slight decrease in gross margin to 62.2% in 2024, with expectations for gradual recovery in subsequent years [7] - The company's P/E ratios are projected to be 15.43 for 2024, 18.18 for 2025, and 16.30 for 2026 [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 7.07 billion RMB for the year 2024, a slight increase of 0.5% year-on-year, with an adjusted net profit of 1.68 billion RMB, up 3.3% year-on-year [1]. - The second half of 2024 saw a decline in revenue to 2.93 billion RMB, down 16.5% year-on-year, and an adjusted net profit of 660 million RMB, down 19.7% year-on-year [1]. - The company is focusing on high-end and next-high-end products, with revenue from high-end products decreasing by 11% to 1.71 billion RMB, while next-high-end products saw a 9% increase to 3.00 billion RMB [2]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 7.07 billion RMB, with a year-on-year growth of 0.5% and an adjusted net profit of 1.68 billion RMB, reflecting a 3.3% increase [1]. - The second half of 2024 experienced a revenue drop to 2.93 billion RMB, a decline of 16.5% year-on-year, and an adjusted net profit of 660 million RMB, down 19.7% [1]. Operational Analysis - Revenue by product for 2024: Zhenjiu 4.48 billion RMB (-2%), Lidou 1.31 billion RMB (+18%), Xiangjiao 800 million RMB (-4%), and Kaikouxiao 340 million RMB (-12%) [2]. - The company adjusted its market expansion strategy, slowing down the growth of Zhenjiu and focusing on high-end products, which still showed double-digit growth [2][3]. Financial Quality - The overall gross margin for 2024 increased by 0.6 percentage points to 58.6%, with adjusted net profit margin rising to 23.7% [3]. - The company reported a year-end balance of 6.9 billion RMB in accrued rebates and 1.75 billion RMB in advance customer payments, showing a slight increase and decrease respectively compared to the previous year [3]. Profit Forecast and Valuation - The report projects a revenue growth of 3.0% in 2025, with adjusted net profit expected to increase by 17.1% to 1.55 billion RMB [4]. - The current stock price corresponds to a PE ratio of 15.0X for 2025, 13.3X for 2026, and 10.6X for 2027, indicating a favorable valuation [4].

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME) with a current price of $15.09 and a fair value of $16.36 [9][40]. Core Insights - The report highlights that Tencent Music's profit performance exceeded expectations, balancing membership growth and ARPU (Average Revenue Per User) [3][9]. - The company is expected to continue enhancing its SVIP (Super VIP) membership scale and ARPU, leading to steady revenue growth [9][34]. - The online music revenue for Q4 2024 was reported at 58.31 billion RMB, showing a year-over-year increase of 16% [9][34]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 27,752 million RMB - 2024A: 28,401 million RMB (growth rate: 2.3%) - 2025E: 30,973 million RMB (growth rate: 9.1%) - 2026E: 35,313 million RMB (growth rate: 14.0%) - 2027E: 38,160 million RMB (growth rate: 8.1%) [4] - **Net Profit Forecast**: - 2023A: 5,923 million RMB - 2024A: 7,671 million RMB (growth rate: 29.5%) - 2025E: 8,699 million RMB (growth rate: 13.4%) - 2026E: 10,359 million RMB (growth rate: 19.1%) - 2027E: 11,645 million RMB (growth rate: 12.4%) [4] - **EPS and Valuation Ratios**: - EPS for 2025E is projected at 5.58 RMB, with a P/E ratio of 21.60 [4]. - The report anticipates a continuous improvement in gross margin, reaching 45.1% and 47.4% in 2025 and 2026, respectively [35]. Business Segment Performance - **Online Music Business**: - Expected to generate revenues of 252.31 billion RMB and 298.59 billion RMB in 2025 and 2026, respectively, with growth rates of 16% and 18% [34]. - The net profit margin for the online music segment is projected to be 27% and 29% for 2025 and 2026 [36]. - **Social Entertainment Business**: - Revenue is expected to decline, with projections of 57.42 billion RMB and 54.55 billion RMB for 2025 and 2026, reflecting a year-over-year decrease of 14% and 5% [34][36]. Valuation Analysis - The fair value of Tencent Music is calculated at $16.36 per ADS, based on a segmented valuation approach [40]. - The online music business is valued at 28x P/E, while the social entertainment business is valued at 9x P/E [41].

Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020.HK) [1] Core Views - In 2024, Anta Sports achieved a revenue of 70.826 billion yuan, representing a year-on-year growth of 13.6%, and a net profit attributable to shareholders of 15.596 billion yuan, up 52.4% year-on-year [1][3] - The company plans to distribute a final dividend of 1.18 HKD per share, with an annual payout ratio of 51.4% [1] - The outdoor sports brand revenue is expected to exceed 10 billion yuan in 2024 [1] Revenue Performance - In 2024, the e-commerce channel revenue grew by 21.8% year-on-year, accounting for 35.1% of total revenue, an increase of 2.3 percentage points [3] - The retail sales of Anta brand, FILA brand, and other brands grew by high single digits, mid single digits, and 40%-45% respectively [3] - The revenue from the Anta brand reached 33.522 billion yuan, a 10.6% increase, while FILA brand revenue was 26.626 billion yuan, up 6.1% [4][5] Profitability Analysis - The overall gross margin for the company decreased by 0.4 percentage points to 62.2%, while the operating profit margin fell by 1.2 percentage points to 23.4% [7] - The net profit margin attributable to shareholders increased by 5.6 percentage points to 22.0% [7] - The company’s net cash position was 31.4 billion yuan, down 6.5% year-on-year [7] Future Earnings Projections - The report forecasts earnings per share (EPS) of 4.99, 5.57, and 6.35 yuan for the years 2025, 2026, and 2027 respectively [8] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.1, 16.2, and 14.2 times respectively [8] Market Positioning - Anta Sports is focusing on a strategy of single focus, multi-brand, and globalization, which has led to steady revenue growth and an increase in market share [8] - The company is increasing investments in brand, channel, and product development, despite some fluctuations in profitability [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has shown stable profitability in property and casualty insurance, with significant improvements in technology and banking operations [1]. - The net profit attributable to shareholders for 2024 is projected at 600 million yuan, reflecting a 105% year-on-year increase when excluding one-time accounting adjustments from 2023 [1]. - The company is expected to maintain a competitive advantage in the internet property and casualty insurance market, with substantial growth potential in technology output and digital banking operations [1]. Financial Performance Summary - Total revenue for 2023 is reported at 27,535 million yuan, with a projected increase to 31,744 million yuan in 2024, representing a year-on-year growth of 15.29% [1]. - The net profit attributable to shareholders is forecasted to decline significantly in 2024 to 603 million yuan, down 85.2% from the previous year, but is expected to recover in subsequent years [1]. - The company's book value per share (BPS) is projected to increase from 14.24 yuan in 2024 to 17.78 yuan by 2027 [1]. Business Segment Performance - The insurance segment reported a total premium of 33.4 billion yuan in 2024, a 13.3% increase year-on-year, with health and digital life insurance showing strong growth [1][12]. - The technology segment achieved a revenue of 960 million yuan, marking a 15% increase, while the banking segment's net income improved significantly, with a 53% increase in revenue to 550 million HKD [1]. - The overall investment income for the company rose to 1.34 billion yuan in 2024, an 85% increase year-on-year, driven by favorable market conditions [1].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5] Core Insights - The company achieved a revenue of HKD 11.8 billion in 2024, representing a slight increase of 5.3%, while net profit decreased by 20.8% to HKD 1.3 billion. The second half of 2024 showed improved performance with revenue of HKD 6.76 billion, up 11.2%, and net profit of HKD 620 million, down 33.2% [1][2] - The company's proprietary brand business, including Vaporesso and MOYAL, saw significant growth, with revenue reaching HKD 2.48 billion, a 34.0% increase, and its revenue share rising from 16.5% to 21.0% [1] - The company is focusing on developing a heating not burning (HNB) product line, which is expected to become a second growth curve, with positive consumer feedback from its recent launch in Serbia [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of HKD 11.8 billion, a 5.3% increase, and a net profit of HKD 1.3 billion, a decrease of 20.8%. The second half of 2024 showed a revenue increase of 11.2% to HKD 6.76 billion, while net profit decreased by 33.2% to HKD 620 million [1][2] - The company declared a final dividend of HKD 0.05 per share, with an annual dividend yield of 40.2% [1] Business Segments - The ODM business saw a slight decline in revenue to HKD 9.32 billion, with a first half decrease of 12.3% and a second half increase of 10.7%. The European market contributed HKD 5.1 billion, while the US market generated HKD 3.99 billion [2] - The proprietary brand segment showed strong growth, particularly in Europe and other markets, with revenue of HKD 2.02 billion, a 37.2% increase, and in the US, revenue reached HKD 420 million, a 14.0% increase [1] Future Outlook - The company is optimistic about the HNB product line, which is expected to contribute to revenue growth in 2025. The focus on creating a comprehensive vaporization technology platform is anticipated to drive long-term growth [3] - The profit forecast for 2025-2027 has been adjusted, with expected net profits of HKD 1.52 billion, HKD 2.00 billion, and HKD 2.52 billion, reflecting growth rates of 16.3%, 32.0%, and 26.0% respectively [3][4]

主品牌韧性增长+户外品牌持续高增，加速 海外市场布局 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整了 25-26 年的盈利预测（上调了收入，下调了毛利率）并引入了 27 年的盈利预测，预计 2025-2027 年每股收益分别为 4.82、5.54 和 6.24 元（原 25- 26 为 4.92 和 5.64 元），参考可比公司，我们维持公司 2025 年 21 倍 PE 估值，对应 目标价 108.31 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：流行风尚变化、市场竞争加剧、全球运动服饰消费减速等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 62,356 | 70,826 | 78,370 | 86,449 | 95,412 | | 同比增长 (%) | 16.2% | 13.6% | 10.7% | 10.3% | 10.4% | | 营业利润(百万元) | 15,367 | 16,595 | 18,525 | ...