Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of no less than RMB 70 million in the first half of 2025, which is more than three times the RMB 21.8 million net profit from the same period last year [1] - The high growth in performance is attributed to "scale effects + high gross margin business + digital empowerment" [4] - The company's self-owned brand products continue to see strong downstream demand, contributing to the growth of high-margin business and improving overall gross margin [4] - The strategic flagship product, Huoxiang Zhengqi Oral Liquid, has shown strong sales performance, with a peak daily sales exceeding RMB 5 million [4] - The company is expected to maintain high growth in the second half of 2025, driven by self-owned brands, AI, robotics, and stock buybacks [4][5] Financial Summary - The company’s total revenue is projected to be approximately RMB 20.83 billion, RMB 23.51 billion, and RMB 26.70 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16%, 13%, and 14% [6][7] - The net profit attributable to shareholders is expected to be RMB 1.49 billion, RMB 3.20 billion, and RMB 5.50 billion for the same years, with year-on-year growth rates of 395%, 116%, and 71% [6][7] - The gross margin is projected to improve from 10.89% in 2025 to 11.82% in 2027 [6] - The return on equity (ROE) is expected to increase from 6.14% in 2025 to 16.68% in 2027 [6] - The earnings per share (EPS) is projected to rise from RMB 0.22 in 2025 to RMB 0.81 in 2027 [6]

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 07 月 31 日 [Table_Title] 25H1 净利润超预期，上调盈利预测 公司公告 2025 年中报净利增长 45-50%，超出市场预期。公司净利增加主要由于（1）上半年新生注册机新 客户注册数量增加约 7%，从而导致收入增加约 10%；（2）上半年公司高效的运营及成本控制，使得整体成本 在收入增长的情况下，仍能保持平稳。 分析判断: 我们分析，公司收入增长主要由于 15 个月高价格专业占比提升、职教升学、美业增长超预期带动，利润 为高经营杠杆效应的体现。 投资建议 我们分析，（1）短期来看，我们预计公司秋季招生良好，随着成本控制全年业绩有望持续超预期；（2）中 期来看，在长期生招生恢复的基础上，明后年收入有望加速增长；分品类来看，我们预计烹饪招生恢复、汽车和 美业维持快速增长，欧米奇和美业减亏趋势持续、汽车服务净利率提升；（3）公司长期优势在于就业竞争力、 针对市场变化快速调节课程的能力，公司区域中心建设完成后、技师学院资质获批、从而有望拉长学制。上调盈 利预测，上调 25-27 年营业收入预测 44.1/48.4/53.2 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Views - The report highlights that the company is undervalued and is expected to stabilize its Return on Equity (ROE) earlier than its peers. The current market conditions present a favorable opportunity for valuation recovery [7][8]. - The management's proactive approach in addressing asset quality issues and the company's strategic focus on risk control are seen as key strengths that will support long-term valuation premiums [7][10]. Financial Data and Profit Forecast - Projected operating revenue (in million) for the company is as follows: - 2023: 205,896 - 2024: 213,646 - 2025E: 213,032 - 2026E: 217,022 - 2027E: 224,121 - Year-on-year growth rates are expected to be: - 2023: -2.60% - 2024: 3.76% - 2025E: -0.29% - 2026E: 1.87% - 2027E: 3.27% [6] - Projected net profit attributable to shareholders (in million) is as follows: - 2023: 67,016 - 2024: 68,576 - 2025E: 69,936 - 2026E: 72,249 - 2027E: 75,435 - Year-on-year growth rates are expected to be: - 2023: 7.91% - 2024: 2.33% - 2025E: 1.98% - 2026E: 3.31% - 2027E: 4.41% [6] - Earnings per share (in CNY) are projected as follows: - 2023: 1.27 - 2024: 1.17 - 2025E: 1.17 - 2026E: 1.21 - 2027E: 1.27 [6] - The report anticipates a stable long-term ROE of around 11% due to improved net interest margins and reduced credit costs [10][9]. Investment Analysis - The report emphasizes that the market has not fully recognized the management's effective actions and the sustainable ROE trend, which are critical for the company's long-term valuation premium [8][10]. - The company is expected to benefit from a stable dividend payout exceeding 30%, alongside a favorable fundamental outlook for 2025 [8][9]. - The target valuation is set at 0.64 times the 2025 Price-to-Book (PB) ratio, indicating a potential upside of 25% [8].

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2][7]. Core Viewpoints - The company is a leading online investment education service provider in China, benefiting from a unique "public MCN + private enterprise WeChat + self-owned app traffic synergy" model, which positions it well to capitalize on the flow era [7][6]. - The demand for investment advisory services is expected to surge due to supportive policies and a shift in investor preferences towards capital markets, as traditional investment channels narrow [6][49]. - The company has a strong product matrix that covers both high-end and long-tail customers, with a focus on technology and research to enhance user experience [6][29]. Summary by Sections 1. Company Overview - The company is one of the first to obtain a securities investment advisory license from the China Securities Regulatory Commission, establishing a solid foundation in the industry [15]. - The investment advisory license is scarce, with only 78 licensed institutions as of April 2025, and the regulatory environment is stringent [16]. 2. Market Demand - The capital market is experiencing a revival, with policies enhancing liquidity and investor confidence, leading to increased demand for professional asset allocation services [49]. - The scale of wealth management products has grown significantly, from 0.37 trillion yuan in 2019 to 5.16 trillion yuan in 2024, reflecting a CAGR of 68.98% [53]. 3. Business Model - The company employs a multi-channel approach for user acquisition, leveraging MCN accounts, internet terminals, and traditional media to create a diversified "traffic pool" [24]. - The operational focus is on precise user segmentation and targeted content delivery, converting traffic into valuable sales leads [25]. 4. Product System - The company has developed a comprehensive product line that includes high-end VIP services and small, lightweight products to cater to a broader audience [29]. - The introduction of small-scale products has significantly increased user engagement, with 2.2 million uses recorded by the end of 2024 [31]. 5. Performance Metrics - The company's revenue has grown from 282 million yuan in 2019 to 2.306 billion yuan in 2024, with a CAGR of 52.3% [31]. - The order revenue for 2024 reached 3.51 billion yuan, marking a year-on-year increase of 49.3% [31]. 6. Profitability Forecast - The projected net profit for 2025 is 1.158 billion yuan, reflecting a year-on-year growth of 325% [8]. - The company is expected to maintain a high gross margin above 80%, despite slight declines due to increased content production costs [39].

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of HKD 4.62, based on a 10x PE valuation for 2026 [5]. Core Insights - The company, Honghua Smart Energy, is a leading urban gas company under China Gas Holdings, focusing on providing integrated clean energy solutions and expanding into renewable energy systems [1][12]. - The company has shown significant revenue growth, with a CAGR of 13.5% from HKD 12.85 billion in 2020 to HKD 21.31 billion in 2024, and a core profit increase of 34.5% to HKD 1.601 billion in 2024 [2][23]. - The urban gas industry is experiencing a slowdown in gas sales growth, but the gross margin is expected to improve due to a decrease in international gas prices [3][59]. - The renewable energy segment has rapidly expanded, with net profits from this sector reaching HKD 4.79 billion in 2024, a fivefold increase from the previous year [4][19]. Summary by Sections Company Overview - Honghua Smart Energy is committed to providing one-stop clean energy solutions, operating urban pipeline gas and expanding into renewable energy systems, including digital energy management and carbon management services [1][12]. Revenue and Profitability - The company’s revenue has grown significantly, with a projected core profit of HKD 1.606 billion in 2024, marking a 34.5% increase [2][23]. - The main revenue source is pipeline natural gas sales, accounting for 80% of total revenue in 2024, while renewable energy revenue has increased from 5.3% in 2023 to 8.7% in 2024 [25][27]. Industry Trends - The urban gas industry is seeing a general slowdown in gas sales growth, with the company’s sales volume expected to reach 17.201 billion cubic meters in 2024, a 4.5% increase [3][71]. - The gross margin for the urban gas industry is improving, with the company’s procurement costs decreasing due to lower international gas prices [59][60]. Renewable Energy Development - The company has invested in over 1,000 renewable energy projects across 24 provinces, with a cumulative installed capacity of 2.3 GW in distributed solar power by the end of 2024 [4][19]. - The renewable energy business has turned profitable, achieving a net profit of HKD 0.78 billion in 2023 and projected to reach HKD 4.79 billion in 2024 [4][19]. Financial Forecast and Valuation - The forecasted net profits for the company are HKD 1.625 billion, HKD 1.680 billion, and HKD 1.734 billion for 2025, 2026, and 2027 respectively, with an EPS of HKD 0.45, HKD 0.46, and HKD 0.48 [5][19].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][6]. Core Views - The launch of the Li Auto i8 marks the beginning of a new cycle for pure electric vehicles, with a competitive pricing strategy that is expected to enhance market positioning [2][6]. - The company is projected to achieve steady monthly sales of 5,000 to 7,000 units for the i8, supported by its strong product features and charging infrastructure [2][6]. - The report anticipates a significant growth in revenue and net profit in the coming years, despite a slight decline in 2025 due to internal competition from the L8 model [2][6]. Financial Summary - **Revenue Forecast**: - 2024A: 144,460 million CNY - 2025E: 143,049 million CNY - 2026E: 175,237 million CNY - 2027E: 207,067 million CNY - Year-on-Year Growth: 16.6% in 2024, -1.0% in 2025, 22.5% in 2026, 18.2% in 2027 [2][7]. - **Net Profit Forecast**: - 2024A: 8,032 million CNY - 2025E: 7,156 million CNY - 2026E: 9,921 million CNY - 2027E: 12,879 million CNY - Year-on-Year Growth: -31.4% in 2024, -10.9% in 2025, 38.6% in 2026, 29.8% in 2027 [2][7]. - **Earnings Per Share (EPS)**: - 2024: 3.79 CNY - 2025: 3.34 CNY - 2026: 4.63 CNY - 2027: 6.02 CNY [2][7]. - **Valuation Ratios**: - Price-to-Earnings (P/E) Ratio: 25.1 in 2024, 28.5 in 2025, 20.5 in 2026, 15.8 in 2027 [2][7]. - Price-to-Book (P/B) Ratio: 2.8 in 2024, 2.6 in 2025, 2.3 in 2026, 2.0 in 2027 [2][7]. Market Positioning - The i8 is positioned in the mid-to-large SUV segment, targeting families and consumers preferring electric vehicles, with a market size of approximately 130,000 units per year [2][6]. - Key competitors include NIO ES6, Li Auto L8, and Mercedes-Benz GLC, with the i8 expected to leverage its unique features to capture market share [2][6]. Future Catalysts - Anticipated catalysts for growth include seasonal sales increases in Q4, rising acceptance of the i8 and fast-charging solutions, and enhancements in AI capabilities with the VLA driver model [2][6].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 112.25 [1][9]. Core Insights - The company reported a revenue growth of 5.7% year-on-year for H1 2025, with a pre-tax profit increase of 5.1% [1]. - The board has approved a second dividend of USD 0.10 per share for 2025 and plans to initiate a share buyback of up to USD 3 billion [1]. - The company is experiencing strong growth in wealth management, with non-interest income increasing by 24.8% year-on-year in H1 2025 [3]. - The company has seen total assets, loans, and deposits grow by 8.0%, 4.5%, and 7.8% year-on-year, respectively, as of June [1]. Financial Performance - The net interest margin for Q2 2025 was 1.56%, down 3 basis points from Q1 2025, primarily due to declining yields in Asia [2]. - The banking net interest income for H1 2025 decreased by 4.0% year-on-year, with a guidance of USD 42 billion for the full year [2]. - Non-interest income from wealth management grew by 22.3% in H1 2025, marking six consecutive quarters of double-digit growth [3]. Asset Quality and Provisions - As of June, the non-performing loan ratio was 2.41%, with a provision coverage ratio of 43% [4]. - The company anticipates credit costs for 2025 to be around 0.40%, reflecting ongoing pressures in the Hong Kong commercial real estate sector [4]. - The company has increased its provisions, with expected credit losses rising to USD 1.1 billion for Q2 2025 [4]. Valuation Metrics - The target price corresponds to a price-to-book (PB) ratio of 1.25 for 2025, with a forecasted earnings per share (EPS) of USD 1.23 for 2025 [9]. - The company's current market capitalization is approximately HKD 1,688,949 million, with a closing price of HKD 96.95 as of July 30 [6].

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 9.40, indicating a potential upside of 24.9% from the current price of HKD 7.52 [1][3][23]. Core Insights - The report highlights the significant achievements of the company in its transformation from generic to innovative pharmaceuticals, focusing on key therapeutic areas such as oncology, liver disease/metabolism, respiratory, and surgical/pain management [1][9][26]. - The company has increased its R&D investment, with R&D expenses projected to reach RMB 5.09 billion in 2024, accounting for 17.6% of revenue, up from 9.9% in 2019 [10][40]. - The innovative product pipeline has expanded significantly, with 17 approved innovative drugs by the end of 2024, and the revenue contribution from innovative products is expected to reach 50% by 2025 and 60% by 2027 [10][47]. Financial Summary - For FY23A, the company reported sales revenue of RMB 26.199 billion, with a projected growth of 10.2% in FY24A [2]. - Adjusted net profit for FY23A was RMB 2.589 billion, with an expected increase of 33.5% in FY24A [2]. - The adjusted earnings per share (EPS) is forecasted to grow from RMB 0.14 in FY23A to RMB 0.19 in FY24A [2]. Market Performance - The company's market capitalization is approximately HKD 141.08 billion, with an average trading volume of HKD 860.8 million in March [3]. - The stock has shown strong performance, with a 166.7% increase over the past six months [5]. Product Pipeline and Innovation - The company has a robust pipeline with multiple products showing potential for overseas licensing, including TQC3721, 罗伐昔替尼, and TQB2102 [12][27]. - The oncology segment is highlighted as a key growth area, with 安罗替尼 being a cornerstone product that has received multiple indications and is expected to generate significant sales [13][14]. Business Strategy - The company is focusing on enhancing its supply chain and production efficiency, achieving a procurement coverage rate of 95% by 2024 [28]. - A strategic shift towards a more specialized sales structure has been implemented to improve marketing effectiveness and operational efficiency [33]. Growth Projections - Revenue is expected to grow at a compound annual growth rate (CAGR) of 10.5% from 2024 to 2027, driven by innovative product sales and a strong pipeline [23][24]. - Adjusted net profit is projected to increase at a CAGR of 11.4% during the same period [24].

Investment Rating - The report indicates a strong positive outlook for the company, suggesting active monitoring of its performance due to significant profit growth [1][3]. Core Insights - The company is expected to report an unaudited profit attributable to owners between approximately HKD 60 million to HKD 65 million for the first half of 2025, representing an increase of about 367.2% to 406.2% compared to HKD 12.842 million for the same period in 2024 [1]. - The substantial increase in net profit is attributed to a significant reduction in operating costs [2]. - The company's mobile glass fiber back cover and smart home business are projected to drive sustained growth, with increasing demand for thinner and more durable materials in mobile devices [2]. - The smart home segment, which supplies various plastic components to major clients like IKEA and Decathlon, is also expected to contribute positively to revenue growth [2]. - The company has successfully upgraded its production lines to smart manufacturing, enhancing operational efficiency and reducing the impact of international policy uncertainties [2]. - The report emphasizes the long-term growth potential of the company's mobile and smart home businesses, with expectations of achieving operating profits above the industry average [3]. Summary by Sections - **Financial Performance**: The company repaid most of its long-term bank loans in 2024, leading to a significant reduction in financial expenses and bank charges [4]. - **Cost Management**: The sale of the precision components business in April 2024 eliminated related R&D expenses, and the company has focused its R&D resources on core businesses, resulting in a substantial decrease in R&D costs [4]. - **Operational Efficiency**: Despite facing intense market competition, the company benefited from reduced depreciation expenses due to fixed asset impairment conducted in 2024 [4].

Investment Rating - The report downgrades the investment rating to "Hold" due to the slowdown in the education business growth [7] Core Views - The company's 4QFY25 revenue reached $1.243 billion, a year-on-year increase of 9.4%, with the education business (including cultural tourism) generating $1.083 billion, up 18.7%. Other businesses, primarily Oriental Selection, saw a revenue decline of 28.5% [4] - The company announced a three-year shareholder return plan, committing to return at least 50% of adjusted net profit to shareholders through dividends or buybacks [4] - The study predicts that the growth rate of the study abroad examination training and consulting business will gradually bottom out, with 4QFY25 revenue of $315 million, a year-on-year increase of 11%, but a slowdown compared to the previous year [5] - New business segments, including K9 competency training and learning machine services, showed strong growth, with 4Q revenue increasing by 32.5% to $307 million [5] - The report anticipates a continued improvement in operating profit margins, with Non-GAAP operating profit margin expanding by approximately 4.1 percentage points to 6.5% in 4Q [6] Financial Data and Profit Forecast - FY24A revenue was $4.314 billion, with a year-on-year growth rate of 43.89%. FY25A revenue is projected at $4.9 billion, with a growth rate of 13.60% [8] - The adjusted net profit for FY24A was $464 million, with a year-on-year growth of 79.20%. For FY25A, the adjusted net profit is expected to be $517 million, a growth of 11.40% [8] - The report revises FY26 and FY27 revenue forecasts to $5.28 billion and $5.79 billion, respectively, down from previous estimates of $5.8 billion and $7.03 billion [7] - The DCF target price is adjusted to $53.4, corresponding to a target price of HKD 41.9 per share, with a PE ratio of 15.6x for FY26 [7]