Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 1.50 and a fair value of HKD 2.41 [2]. Core Views - The company has a comprehensive AIDD technology platform that enhances its operational efficiency and competitive edge, with a significant recovery in its CRO business expected due to cost reduction and industry recovery [7]. - The introduction of strategic investors has helped the company address its debt crisis and improve governance and management [7]. - The company's revenue is projected to grow significantly, with expected main revenues of RMB 2,053 million in 2024, RMB 2,393 million in 2025, and RMB 2,823 million in 2026 [7]. Summary by Sections 1. Strategic Investment and AIDD Technology Platform - The company has introduced strategic investors to alleviate its debt crisis and has restructured its operations to enhance efficiency [7][30]. - The transition from SBDD/FBDD/ASMS platforms to a full-process AIDD technology platform has been pivotal, leveraging AI to improve drug discovery processes [7][34]. 2. Industry Recovery and Project Advancement - The CRO business is gradually recovering, with new orders increasing post-2024 Q2, supported by AI applications and cost efficiency measures [7][60]. - The company has expanded its client base to over 2,350, indicating a robust demand for its services [7][56]. 3. Financial Projections and Investment Recommendations - The company is expected to see a turnaround in profitability, with adjusted net profits projected to reach RMB 257 million in 2024 and RMB 323 million in 2025 [7]. - The report anticipates a PE ratio of 15x for 2025, leading to a fair value estimate of HKD 2.41 per share [7].

Investment Rating - The report assigns a "Buy" rating for the company, Baoshan International (3813 HK) [2][6][12] Core Insights - The company is expected to maintain stable performance in 2025, with revenue projected to be flat year-on-year. The average selling price is anticipated to grow slightly, while order volume is expected to remain stable [6][9] - The company has improved its profit margins through discount control and enhanced operational capabilities, despite a decline in revenue due to reduced foot traffic in physical stores [6][9] - The target price for the company has been adjusted down to HKD 0.90 from HKD 1.01, reflecting an 8x price-to-earnings ratio for 2025 [6][7] Financial Overview - Revenue is projected to decrease by 8.0% in 2024 to RMB 18,454 million, with a slight recovery expected in 2025 to RMB 18,831 million, representing a 2.0% year-on-year growth [5][9] - Net profit is expected to grow by 11.1% in 2025, reaching RMB 546 million, with earnings per share projected at RMB 0.11 [5][9] - The company’s gross margin is expected to improve to 34.5% in 2025, up from 34.2% in 2024, driven by effective inventory management and discount control [6][10] Stock Performance - The stock closed at HKD 0.59, with a potential upside of 53.3% to the target price of HKD 0.90 [1][7] - The stock has shown an 18.0% increase year-to-date [4] Market Position - The company is focusing on new brand development and enhancing its multi-channel strategy to adapt to market changes and capture new growth opportunities [6][9]

Investment Rating - The report assigns a "Buy" rating for the company, New Special Energy (1799 HK), 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 for 2024 and 2025 [2][7]. - The report highlights that the controlling shareholder, TBEA, is providing substantial financial support to help the company navigate through the current downturn in the market [7]. - The report anticipates a recovery in polysilicon prices due to supply-side reforms and seasonal factors affecting electricity prices, which may improve the company's financial outlook 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 loss of RMB 3,936 million, followed by a smaller loss of RMB 248 million in 2025, before returning to profitability with a net profit of RMB 1,534 million in 2026 [3][15]. - The average selling price of polysilicon is forecasted to decrease by approximately 60% year-on-year to around RMB 38,000 per ton in 2024, significantly below the cash cost of production [7][8]. Segment Valuation - The report uses a sum-of-the-parts valuation approach, estimating the value of the power station and inverter segments at RMB 88 billion based on a 5.5x P/E ratio for 2025, while the polysilicon segment is valued at RMB 14 billion based on a capacity valuation of RMB 0.5 billion per ton [9][7]. - The total valuation amounts to RMB 102 billion, leading to a revised target price of HKD 7.66, which corresponds to a P/E ratio of 6.6x for 2026 [9][7].

交银国际研究 angus.chan@bocomgroup.com (86) 21 6065 3601 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 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 9868 HK MSCI中国指数 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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 28.75, indicating a potential upside of 124.6% from the current price of HKD 12.80 [1][6]. Core Insights - The core business segments are expected to recover in the second half of 2024, with new business lines anticipated to reach a growth inflection point. The adjusted revenue and net profit for 2024 are in line with expectations, with significant growth expected in the life sciences and CDMO businesses in 2025 [2][6]. - The company has shown a strong recovery momentum in its core business segments, particularly in the life sciences sector, which reported a year-on-year revenue increase of 10%. The protein business experienced nearly 50% growth, enhancing the delivery capacity of gene services [6][7]. Financial Performance Summary - Revenue projections for 2025 are set at USD 912 million, reflecting a 28.6% increase from previous forecasts. The gross profit is expected to reach USD 541 million, a 58.1% increase, with a gross margin of 59.3% [5][13]. - The net profit attributable to shareholders is projected at USD 239 million for 2025, with a net profit margin of 26.2%, significantly up from 9.0% in the previous year [5][13]. - The company anticipates a strong performance in 2025, with guidance indicating a 10-15% revenue growth in the life sciences business and a 15-20% growth in the CDMO segment [6][7]. Stock Performance and Valuation - The stock has shown a year-to-date increase of 30.08%, with a 52-week high of HKD 17.28 and a low of HKD 8.23 [4][6]. - The SOTP (Sum of the Parts) valuation model estimates the total valuation at approximately USD 8.795 billion, with the life sciences services segment contributing significantly to the overall valuation [7][6].

Investment Rating - The report maintains a "Buy" rating for Cathay Pacific Airways [6][7]. Core Views - The net profit for 2H24 exceeded expectations, and the company is expected to maintain a historically high profit level. The 2024 operating revenue is projected at HKD 104.37 billion, a year-on-year increase of 10.5%, with a net profit attributable to shareholders of HKD 9.89 billion, up 1.0% [2][3]. - The report highlights strong passenger revenue and robust cargo demand, with 2H24 revenue reaching HKD 547.7 billion, a 7.6% increase year-on-year [3][4]. - The company is expected to share profits with a dividend of HKD 4.443 billion, corresponding to a dividend yield of 6.3% based on the closing price on March 12 [2][6]. Summary by Sections Financial Performance - In 2H24, Cathay Pacific's operating revenue was HKD 547.7 billion, up 7.6% year-on-year, driven by a 5.3% increase in passenger revenue to HKD 325.8 billion and a 14.7% increase in cargo revenue to HKD 131.0 billion [3][4]. - The company recorded a net profit of HKD 62.8 billion in 2H24, a 13.6% increase, benefiting from a 9.5% decrease in Brent oil prices and one-time gains of HKD 6.4 billion [4][5]. Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025-2027 to HKD 7.966 billion, HKD 8.483 billion, and HKD 8.224 billion, respectively, reflecting a slight increase in profitability expectations [5][19]. - The target price is raised to HKD 13.05, with a price-to-book ratio (PB) of 1.5 times for 2025, indicating a premium based on historical earnings [5][6]. Operational Metrics - The company is expected to maintain a high passenger load factor of 83.9% despite a slight year-on-year decrease, with unit revenue per passenger kilometer remaining strong [3][4]. - The report notes that the company is effectively managing capacity and increasing utilization rates despite fleet expansion limitations [3][5].

证券研究报告 东方国际作为中国东方重要投资平台，是其连接境内外业务和资源的桥梁 东方国际是中央金融企业中国东方资产管理公司的间接全资子公司，也是其 在海外最为重要的投资平台，业务遍布中国境内及境外。在境外，主要从事 直接投资业务和资产管理业务，提供专业化、多元化和综合性的金融服务和 定制化解决方案，包括不良资产投资、特殊机会投资以及一级和二级市场投 资；在境内，主要从事债权投资、股权投资及财务顾问及管理咨询等业务。 本次交易有望显著优化公司资产负债表，进一步提升运营能力 本次交易所得款项 29.99 亿港元，约 16.67%用于偿还计息债务，16.67%用 于装配式建筑和其他建筑科技的生产、研发和投资；66.66%用于投资本集 团的建筑或其他建筑相关业务及本集团一般企业目的。本次交易为公司优化 报表的同时提升了运营能力。根据 23 年末资产负债表模拟测算，交易完成 后预计公司资产负债率、净借贷比率分别下降 0.9、6.5pct 至 69.3%/60.6%。 北部都会区建设蓬勃发展，内地聚焦城市更新为装配式建筑带来机遇 香港特区 25 年 2 月 26 日公布 2025-26 年度《财政预算案》，随着北部都会 ...

| 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 12 日│中国香港 | 乘用车 | 证券研究报告 零跑汽车 (9863 HK) 港股通 Q4 毛利率新高并盈利，B10 有望爆款 公司 24 年营收/归母净利+321.6/-28.2 亿，同比+92.0%/减亏 14.0 亿，毛利 率达 8.4%；24Q4 营收/归母净利+134.6/+0.8 亿，同比+155.0%/转正；符 合此前公司业绩预告(24 年营收不低于 305 亿元且毛利率不低于 8%，Q4 实现净利润转正)。25 年公司将迎全球化新车周期，叠加渠道端提前布局和 下沉，LEAP3.5 架构进一步集成降本，我们预计公司 25-27 年营收将保持 高速增长且毛利率持续提升，25 年有望实现全年盈利。维持买入评级。 规模效应+销量结构优化+成本管理，Q4 毛利率创新高并盈利 公司 24Q4 毛利率和净利率达 13.3%和 0.6%，提前一年实现单季度净利润 转正的目标。主要系：①24Q4 销量 12.09 万辆，同/环比+118.5%/+40.3%， 规模效应放大；我们预计 25 年公司销量有望大 ...

证券研究报告·海外公司点评·软件服务(HS) 风险提示：供应链拓展风险，宏观经济风险 2025 年 03 月 13 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 证券分析师 张家琦 京东集团-SW（09618.HK） 2024Q4 业绩点评：营收利润双超预期，带电 品类显著增长 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,084,662 | 1,158,819 | 1,237,771 | 1,307,251 | 1,388,740 | | 同比（%） | 3.7% | 6.8% | 6.8% | 5.6% | 6.2% | | 归母净利润（百万元） %） 净利润（百万元） 同比（ Non-GAAP | 35,200 | 47,827 | 49,989 | 54,053 | 58,280 | | 同比（%） | 24.7% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has experienced revenue growth driven by a high manufacturing environment, with footwear shipment volume increasing nearly 17% [5][7] - For FY24, the company achieved revenue of $8.182 billion, a year-on-year increase of 3.7%, with manufacturing revenue growing by 11.1% [7] - The gross profit for FY24 was $1.993 billion, reflecting a 3.5% increase year-on-year, and the net profit attributable to shareholders was $392 million, up 42.8% year-on-year [7] Financial Performance Summary - Revenue projections for FY25 to FY27 are estimated at $8.674 billion, $9.131 billion, and $9.541 billion respectively, with corresponding net profits of $501 million, $571 million, and $604 million [6][8] - The company’s earnings per share (EPS) are projected to be $0.31, $0.36, and $0.38 for FY25, FY26, and FY27 respectively [6][8] - The return on equity (ROE) is expected to improve from 8.84% in FY25 to 10.36% in FY27 [6][8] Manufacturing Business Insights - The manufacturing segment reported a revenue of $5.621 billion for FY24, with a gross margin of 19.9%, an increase of 0.7 percentage points year-on-year [7] - Footwear shipment volume reached 255 million pairs, a year-on-year increase of 16.9%, with capacity utilization rising to 93%, the highest since FY21 [7] - The company’s footwear shipments from Indonesia increased by 28.6%, contributing to 54% of total shipments, benefiting from lower labor costs [7] Retail Business Insights - The retail segment saw a revenue decline of 8.0% (in RMB terms) for FY24, but the gross margin improved to 34.2%, up 0.5 percentage points year-on-year [7] - The company is diversifying its brand portfolio by increasing investments in emerging sports brands and aims to restore growth in its retail business [7]