Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company's revenue and profit growth for 2024 exceeded Bloomberg consensus expectations, driven by increases in product sales and advertising revenue [7]. - The company has strengthened its self-operated advantages and enhanced the competitiveness of its online platform and instant retail business, achieving complementary advantages across three business models [7]. - The daily average transaction amount reached 1,164.74 million HKD, with over 1.84 million active users by the end of 2024 [7][8]. Financial Performance Summary - For 2024, the company reported revenue of 582 billion RMB, a year-on-year increase of 8.6%, with a gross profit of 133 billion RMB and a gross margin of 22.9% [5][10]. - Adjusted operating profit was 2.6 billion RMB, corresponding to an operating margin of 4.5%, while adjusted net profit reached 4.8 billion RMB, reflecting a year-on-year growth of 15.9% [5][10]. - The company expects revenues of 660 billion RMB in 2025, 741 billion RMB in 2026, and 820 billion RMB in 2027, with adjusted net profits of 4.5 billion RMB, 4.9 billion RMB, and 5.4 billion RMB respectively [9][10]. Market Position and User Engagement - The company has expanded its online medical insurance payment capabilities, significantly enhancing user conversion rates and reducing medication costs for users [7]. - The AI health assistant "KangKang" has served over 30 million users, achieving a problem-solving rate of 70% [8].

Investment Rating - The report maintains a positive investment outlook for Bandai Namco, with an upward revision of the annual guidance indicating strong growth potential [5][6]. Core Insights - Bandai Namco's revenue for FY25 is projected to reach 1.23 trillion JPY, a 17% year-on-year increase, with operating profit expected to be 180 billion JPY, reflecting a 99% increase [5][6]. - The company's IP-driven strategy is highlighted as a key growth driver, with significant contributions from major franchises such as Gundam, Dragon Ball, and One Piece [6][21]. Summary by Sections Financial Performance - For FY25, Bandai Namco's revenue is expected to be 1.23 trillion JPY, up from a previous estimate of 1.15 trillion JPY, with operating profit revised to 180 billion JPY from 160 billion JPY [5]. - In FY24, the company achieved a revenue of 955.7 billion JPY, a 24% increase year-on-year, and an operating profit of 179.2 billion JPY, a 129% increase [5][17]. Business Segments - Bandai Namco operates four main business segments: Digital Business, Toys and Hobby, IP Production, and Amusement Business, with the Toys and Hobby segment contributing the largest share of revenue at 5.1 billion JPY [10][17]. - The Toys and Hobby segment is expected to generate 590 billion JPY in FY25, representing a 16% increase [21]. IP Strategy - The report emphasizes the importance of the IP axis strategy, which aims to maximize the value of IP through various channels and enhance global reach [31][41]. - Major IPs such as Gundam, Dragon Ball, and One Piece have shown strong revenue growth, with One Piece achieving a CAGR of over 40% in the last three years [6][21]. Market Dynamics - The report notes that Japan remains the primary market for Bandai Namco, accounting for 72% of FY24 revenue, while international markets are increasingly contributing to growth [17][41]. - The company aims to increase its overseas revenue contribution to 35% in the medium term and 50% in the long term, indicating a strategic focus on international expansion [41].

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HK$55.17, representing a potential upside of 54% from the current price of HK$35.75 [2][15]. Core Insights - JD Health's revenue for 2024 is projected to be RMB 58.16 billion, reflecting an 8.6% year-on-year growth, with a significant profit increase of 94% to RMB 4.16 billion [6][9]. - The company is expected to continue optimizing its product mix, leading to a gross profit increase to RMB 13.31 billion in 2024, up 12.2% [6]. - The report highlights the robust growth in product sales and the optimization of the omnichannel layout, with product sales revenue expected to grow at a compound annual growth rate (CAGR) of 15% from 2025 to 2027 [7]. - JD Health is expanding its healthcare service ecosystem, with service revenue projected to grow at a CAGR of 17% from 2025 to 2027 [8]. Financial Summary - The financial data indicates that JD Health's revenue is expected to reach RMB 67.09 billion in 2025, with a gross profit of RMB 15.86 billion and a net profit of RMB 4.53 billion [9][21]. - The adjusted EPS for 2025 is projected at RMB 1.41, with a growth trajectory leading to RMB 1.97 by 2027 [9][12]. - The report notes a significant increase in operating efficiency, with operating profit expected to rise by 132.9% in 2024 [6][10]. Valuation - The DCF valuation method used in the report results in a target price of HK$55.17, which is based on a WACC of 9.0% and a perpetual growth rate of 3.0% [15][16]. - The target price corresponds to a P/S ratio of 2.4 for 2025, which is below the industry average of 3.1, indicating potential for valuation upside [15][18].

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HK$55.17, representing a potential upside of 54% from the current price of HK$35.75 [2][15]. Core Insights - JD Health's revenue for 2024 is projected to be RMB 58.16 billion, reflecting an 8.6% year-on-year growth, with a significant profit increase of 94% to RMB 4.16 billion [6][9]. - The company is expected to continue optimizing its product mix, leading to a gross profit increase to RMB 13.31 billion, a 12.2% rise [6]. - The report highlights the robust growth in service revenue, with expectations of a 17% year-on-year increase from 2025 to 2027 [8]. Financial Summary - **Revenue Projections**: - 2025E: RMB 67.09 billion - 2026E: RMB 77.22 billion - 2027E: RMB 87.60 billion [9][12] - **Gross Profit Projections**: - 2025E: RMB 15.86 billion - 2026E: RMB 18.25 billion - 2027E: RMB 20.79 billion [9][12] - **Net Profit Projections**: - 2025E: RMB 4.53 billion - 2026E: RMB 5.34 billion - 2027E: RMB 6.30 billion [9][12] - **Earnings Per Share (EPS)**: - 2025E: RMB 1.41 - 2026E: RMB 1.67 - 2027E: RMB 1.97 [9][12] Market Comparison - JD Health's target price corresponds to a price-to-sales (P/S) ratio of 2.4 times for 2025, which is below the industry average of 3.1 times for comparable internet healthcare platforms [15][18].

3 月 10 日晚，零跑汽车发布 24Q4 及 24 年全年业绩： 1、营收：Q4 零跑交付汽车 120863 辆，同/环比+147.9%/+40.3%，Q4 营收 134.55 亿元，同/环比+144.6%/+36.5%。我们计算 Q4 单车 ASP 11.13 万元，同/环比+12.5%/-2.7%。24 年零跑总销量 29.4 万辆， 同比+103.8%，营收 321.6 亿元，同比+92%，单车 ASP 10.95 万元， 同比-13.2%。 2、费用：Q4 研发/销售/管理费用分别为 9.0/3.7/6.9 亿元，研发/ 管理/销售费用率分别为 6.7%/2.7%/5.1%，环比-1.2/-0.7/-0.5pct。 3、利润：Q4 毛利率 13.3%，同/环比+6.6/+5.2pct；归母净利 0.8 亿 元，首次实现盈利；我们计算 Q4 单车盈利 0.07 万元。24 年全年公 司毛利率 8.4%，同比+7.9pct；归母净利-28.2 亿元，单车亏损 0.96 万元。 1、业绩整体符合预期。受：1）Q4 公司销量大幅提振月均破 4 万， LEAP 3.0 加持下平台化率提升到 88%，规模效应、 ...

[Table_Info1] [Table_Title] 证券研究报告 / 港股公司报告 风险提示：消费不及预期，专柜扩张不达预期，新品表现未及预期，业 绩预测和估值判断不达预期。 | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1829.11 | 2885.96 | 4034.52 | 5351.31 | 6855.97 | | (+/-)% | 15.96% | 57.78% | 39.80% | 32.64% | 28.12% | | 归属母公司净利润 | 352.08 | 661.93 | 876.47 | 1166.00 | 1487.50 | | (+/-)% | 6.36% | 88.00% | 32.41% | 33.03% | 27.57% | | 每股收益（元） | -- | -- | 1.79 | 2.38 | 3.03 | | 市盈率 | -- | -- | 47.36 | 35.60 | 27.91 | ...

Investment Rating - The report maintains a "Buy" rating for JD Logistics [2][5] Core Insights - JD Logistics achieved a revenue of 182.84 billion yuan in 2024, representing a year-on-year growth of 9.7%, and a net profit of 7.09 billion yuan, a significant increase of 507.2% [3] - The company’s gross profit rose from 12.7 billion yuan in 2023 to 18.7 billion yuan in 2024, with the gross margin improving from 7.6% to 10.2% [5] - The integration into the Taobao and Tmall platforms is expected to broaden the customer base and leverage the advantages of integrated supply chain solutions [5] Financial Performance Summary - Revenue for 2024 was 182.84 billion yuan, with a growth rate of 9.73% compared to 2023 [11] - The net profit for 2024 was 6.20 billion yuan, showing a remarkable growth rate of 905.79% [11] - The company’s operating costs increased by 6.6% to 164.1 billion yuan, while the cost-to-income ratio decreased from 92.4% in 2023 to 89.8% in 2024 [4] - The average revenue per external customer slightly decreased by 4.8% to 400,000 yuan [3] Customer Revenue Breakdown - Revenue from external customers accounted for approximately 69.9% of total revenue, with external customer revenue growing by 9.6% to 127.78 billion yuan [3] - Revenue from integrated supply chain customers was 32.29 billion yuan, a growth of 2.8%, with the number of customers increasing from 74,700 to 80,700 [3] Future Profit Forecast - The forecasted net profit for 2025, 2026, and 2027 is expected to be 6.63 billion yuan, 7.36 billion yuan, and 7.94 billion yuan respectively [5][11]

Investment Rating - The report maintains a "Buy" rating for JD Logistics [2][5] Core Views - JD Logistics achieved a revenue of 182.84 billion in 2024, representing a year-on-year growth of 9.7%, and a net profit of 7.09 billion, up 507.2% year-on-year [3] - The company’s external customer revenue remains stable at around 70%, with external customer revenue of 127.78 billion, growing by 9.6% [3] - The company’s gross profit increased from 12.7 billion in 2023 to 18.7 billion in 2024, with a gross margin rising from 7.6% to 10.2% [5] Financial Performance Summary - In 2024, JD Logistics' operating costs increased by 6.6% to 164.1 billion, with the cost-to-revenue ratio decreasing by 2.6 percentage points to 89.8% [4] - The company’s employee compensation rose by 11.2% to 61.5 billion, while other cost items grew at a slower pace than revenue [4] - The forecast for net profit for 2025-2027 is 6.63 billion, 7.36 billion, and 7.94 billion respectively, indicating continued growth [5][11]

Investment Rating - The report maintains a "Buy" rating for JD Logistics [2][5] Core Insights - JD Logistics achieved a revenue of 182.84 billion yuan in 2024, representing a year-on-year growth of 9.7%, and a net profit of 7.09 billion yuan, a significant increase of 507.2% [3] - The company’s gross profit rose from 12.7 billion yuan in 2023 to 18.7 billion yuan in 2024, with the gross margin improving from 7.6% to 10.2% [4][5] - The integration into the Taobao and Tmall platforms is expected to broaden the customer base and leverage the advantages of an integrated supply chain [5] Financial Performance Summary - Revenue for 2024 was 182.84 billion yuan, with a growth rate of 9.73% compared to 2023 [11] - The net profit for 2024 was 6.20 billion yuan, showing a remarkable growth of 905.79% from the previous year [11] - The company’s operating costs increased by 6.6% to 164.1 billion yuan, while the cost-to-income ratio improved from 92.4% in 2023 to 89.8% in 2024 [4][11] - The forecast for net profit for 2025-2027 is 6.63 billion, 7.36 billion, and 7.94 billion yuan respectively [5][11] Customer Revenue Breakdown - Revenue from external customers accounted for approximately 70% of total revenue, with external customer revenue growing by 9.6% to 127.78 billion yuan in 2024 [3] - The number of integrated supply chain customers increased from 74,700 to 80,700, although the average revenue per customer slightly decreased by 4.8% [3]