Investment Rating - The report maintains a "Buy" rating for JD Group-SW (9618.HK) [4][6] Core Insights - The company reported a revenue of CNY 1,158.82 billion for 2024, representing a year-on-year growth of 6.8%, and a GAAP net profit of CNY 41.36 billion, up 71.1% year-on-year [1] - In Q4 2024, the company achieved a revenue of CNY 347.0 billion, a 13.4% increase year-on-year, with a GAAP net profit of CNY 9.85 billion, reflecting a 190.8% year-on-year growth [1][10] - The retail business showed significant recovery, with product revenue in Q4 2024 reaching CNY 281.0 billion, a 14.0% increase year-on-year, driven by the "trade-in" policy [2] Summary by Sections Financial Performance - For 2024, JD Group achieved a Non-GAAP net profit of CNY 47.83 billion, a 35.7% increase year-on-year [1] - The company announced a cash dividend of USD 0.5 per share for 2024, totaling approximately USD 1.5 billion [3] - The company plans to repurchase 255 million Class A ordinary shares, amounting to about USD 3.6 billion, which represents 8.1% of the total shares outstanding as of the end of 2023 [3] Revenue Growth and Business Strategy - The "trade-in" policy significantly boosted revenue in the electronics and home appliances categories, achieving a 15.8% year-on-year growth [2] - The company enhanced its platform ecosystem, leading to a 12.7% year-on-year growth in platform and advertising revenue in Q4 2024 [2] - The active user base and shopping frequency both experienced double-digit year-on-year growth, indicating improved user engagement [2] Profitability and Future Outlook - The report projects an increase in Non-GAAP net profit to CNY 52.33 billion for 2025, reflecting a 1.4% upward revision [4] - The company is expected to benefit from continued demand driven by the "trade-in" policy and ongoing improvements in its platform ecosystem [4]

Investment Rating - The report assigns an "Outperform" rating to CSSC Offshore & Marine Engineering with a target price of HKD 14.00, indicating a potential upside of approximately 53% from the current price of HKD 9.11 [5][9]. Core Insights - CSSC Offshore & Marine Engineering is positioned for a profit explosion due to the shipbuilding industry's cyclical recovery, rising new ship prices, and a strong order backlog of RMB 60 billion, with projected net profits of RMB 800 million and RMB 1.15 billion for 2025 and 2026, respectively [1][2]. - The company benefits from a robust order book, with subsidiaries holding around 4 million deadweight tons of orders sufficient to meet demand until 2028, supported by China's cost advantages and currency strength [2][9]. - The stock price has seen a significant correction since Q4 2024 due to issues related to the parent company's restructuring, but the fundamentals remain strong, and the report anticipates a recovery in stock price as earnings improve [2][9]. Financial Projections - Revenue projections for CSSC Offshore & Marine Engineering are as follows: - 2022: RMB 12,795 million - 2023: RMB 16,146 million (up 26.2%) - 2024: RMB 21,249 million (up 31.6%) - 2025: RMB 24,832 million (up 16.9%) - 2026: RMB 28,065 million (up 13.0%) [3] - Net profit forecasts are: - 2022: RMB 688 million - 2023: RMB 48 million (down 93.0%) - 2024: RMB 420 million (up 774.3%) - 2025: RMB 804 million (up 91.3%) - 2026: RMB 1,152 million (up 43.3%) [3] - The report highlights a projected diluted earnings per share of RMB 0.57 for 2025 and RMB 0.82 for 2026, with corresponding price-to-earnings ratios of 14.6 and 10.2 [3].

Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Viewpoints - The company, a state-owned enterprise, has successfully transitioned from a financing leasing business to a comprehensive medical service group, focusing on the integration of finance and healthcare [4][7]. - The medical health segment has shown growth, with a revenue of 3.888 billion yuan in the first half of 2024, representing a year-on-year increase of 3.6% [5]. - The financing leasing business remains a cornerstone, with a revenue of 2.667 billion yuan in the first half of 2024, although it experienced a decline of 10.7% year-on-year [6]. Summary by Sections Company Overview - The company operates 72 medical institutions, including 5 tertiary hospitals and 32 secondary hospitals, as of June 30, 2024 [13]. - The company aims to become a leader in the healthcare sector by leveraging its financing leasing roots and expanding into comprehensive medical services [13][21]. Medical Services Segment - The medical services segment has seen a significant increase in operational efficiency, with bed occupancy rates and single-bed revenue improving steadily [5][39]. - The company has expanded its specialty medical services, particularly in oncology, nephrology, and ophthalmology, enhancing its competitive edge [48]. Financing Leasing Segment - The financing leasing business has maintained a low non-performing asset rate of 0.99% and has shown resilience despite a challenging macroeconomic environment [6][18]. - The company has a diversified financing structure, with a significant portion of its debt coming from bank loans and bond issuances, allowing for competitive interest costs [59]. Financial Projections - The company is projected to achieve revenues of 13.670 billion yuan, 14.493 billion yuan, and 15.183 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 0%, 6%, and 5% [7][66]. - The net profit attributable to shareholders is expected to be 2.106 billion yuan, 2.254 billion yuan, and 2.398 billion yuan for the same years, reflecting growth rates of 4%, 7%, and 6% [7][66].

Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price not specified [5]. Core Insights - The company has signed a project investment agreement with the Haikou Education Bureau, marking a significant expansion in its national footprint and establishing a modern smart high school with a capacity of no less than 2,500 students [1]. - The strategic layout in Hainan Free Trade Port is seen as a key breakthrough for the company, leveraging policy advantages to explore diversified educational models [1]. - The company is accelerating its integration of AI technology in education, collaborating with leading AI firms to enhance personalized learning and optimize teaching management [2]. - Tianli's subsidiary, Qiming Daren Technology, has been recognized as a pioneer in educational digitization, with its cloud platform covering various educational aspects [2]. - The company has achieved notable educational outcomes, including awards in national competitions and recognition for innovative educational projects [3]. Financial Projections - Revenue projections for FY25-27 are estimated at 4.6 billion RMB, 6.4 billion RMB, and 8.8 billion RMB respectively, with adjusted net profits of 800 million RMB, 1.1 billion RMB, and 1.4 billion RMB [4]. - Earnings per share (EPS) are projected to be 0.38 RMB, 0.51 RMB, and 0.67 RMB for the same periods [4].

Investment Rating - The investment rating for Anta Sports is "Buy" with a target price of HK$110.40, representing a potential upside of 16% from the current price of HK$95.10 [1][8]. Core Views - The report maintains the earnings forecast and "Buy" rating, raising the target price by 16% to HK$110.40, corresponding to a 19 times P/E for 2026 [8]. - Revenue and operating profit are expected to grow by 10.0% and 10.9% year-on-year in 2025, respectively, while net profit is projected to decrease slightly by 1.0% [9][8]. Summary by Sections Financial Performance - Revenue for 2025 is projected to reach RMB 770.5 billion, with a year-on-year growth of 10.0% [7][9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 5.03, RMB 4.98, and RMB 5.46, respectively, reflecting a 1% increase for both 2024 and 2025 [2][9]. Revenue Growth Drivers - Anta brand is anticipated to achieve a revenue growth of 8.4% in 2025, driven by the expansion of Direct-to-Consumer (DTC) stores and the introduction of "super Anta" stores focusing on cost-effectiveness [7]. - FILA brand is expected to see a revenue increase of 6.4% in 2025, following adjustments in core product designs [7]. - Other brands, including Descente and KOLON, are projected to grow over 30% year-on-year in 2025 [6]. Market Position and Valuation - Anta Sports' market capitalization is approximately US$34.354 billion, with a current share count of 2,807 million [1]. - The report highlights that Anta Sports is trading at a P/E ratio of 18.0 for 2025, which is competitive compared to peers [10].

Investment Rating - The investment rating for JD Group is "Buy" (maintained) [1] Core Insights - JD Group's Q4 2024 performance exceeded expectations, with a revenue growth of 13.4% year-on-year and a non-GAAP net profit of 11.3 billion yuan, reflecting a 34.5% increase year-on-year. This performance was driven by a significant recovery in core electronic and home appliance categories [5] - The company is expected to see accelerated revenue growth in 2025, with a forecasted non-GAAP net profit of 51.5 billion yuan for 2025, up from a previous estimate of 45.2 billion yuan, indicating a year-on-year growth of 7.7% [4][5] - The report highlights the positive impact of the trade-in policy on electronic and home appliance sales, with core product categories showing strong recovery and stable growth in supermarket and daily necessities categories [6] Financial Summary and Valuation Metrics - Revenue projections for JD Group are as follows: - 2023: 1,084.66 billion yuan - 2024: 1,158.82 billion yuan (YoY growth of 6.8%) - 2025: 1,241.39 billion yuan (YoY growth of 7.1%) - 2026: 1,315.32 billion yuan (YoY growth of 6.0%) - 2027: 1,386.47 billion yuan (YoY growth of 5.4%) [7] - Non-GAAP net profit estimates are: - 2023: 35.10 billion yuan - 2024: 47.83 billion yuan (YoY growth of 36.3%) - 2025: 51.53 billion yuan (YoY growth of 7.7%) - 2026: 57.03 billion yuan (YoY growth of 10.7%) - 2027: 62.24 billion yuan (YoY growth of 9.1%) [7] - The projected diluted EPS for the years 2025-2027 are 16.2 yuan, 17.9 yuan, and 19.5 yuan respectively, with corresponding P/E ratios of 9.7, 8.8, and 8.1 [4][7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company achieved a revenue of HKD 11.581 billion in 2024, representing a year-on-year growth of 21%, while the net profit attributable to shareholders decreased by 6.9% to HKD 896 million [1][10]. - The decline in rental income impacted the gross and net profit margins, leading to a temporary pressure on performance [1]. - The company plans to enhance its overseas asset management scale, targeting over HKD 100 billion by the end of 2027, which is expected to drive rapid revenue growth from international operations [2]. Revenue and Profit Analysis - In 2024, the revenue from operating leasing services, engineering technical services, and asset management was HKD 46.21 billion, HKD 37.51 billion, and HKD 32.09 billion respectively, with year-on-year changes of -10.1%, +26.5%, and +113.0% [2]. - The overall gross margin for 2024 was 32.6%, down by 6.55 percentage points compared to the previous year, with net profit margin at 7.74%, a decrease of 2.27 percentage points [4][10]. Asset Management and Operational Efficiency - The company has a total of 216,000 aerial work platforms, with a utilization rate of 73.8%, which is a decline of 6.2 percentage points year-on-year [3]. - The company is adjusting its operational strategy to improve asset efficiency and counteract declining rental yields by diversifying its asset categories and enhancing customer engagement [3]. Financial Metrics - The company’s asset-liability ratio stood at 68.55%, an increase of 3.05 percentage points year-on-year, while the average financing cost decreased to 3.99%, down by 0.21 percentage points [4][10]. - The forecasted net profit for 2025-2027 is expected to be HKD 1.018 billion, HKD 1.153 billion, and HKD 1.298 billion respectively, with corresponding price-to-earnings ratios of 3.7, 3.3, and 2.9 [1][10].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HK$110.40, indicating a potential upside of 16% from the current price of HK$95.10 [1][2]. Core Views - The report projects a revenue growth of 10% year-on-year for 2025, with operating profit expected to increase by 10.9% [5][8]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are RMB 5.03, RMB 4.98, and RMB 5.46 respectively, reflecting slight increases from previous estimates [2][8]. Revenue and Profit Forecast - For Q1 2025, revenue is expected to grow by 5%-7% year-on-year, with Anta brand sales projected to increase significantly in January due to favorable conditions, while FILA brand sales are expected to remain flat [6][7]. - The overall revenue for Anta Sports in 2025 is forecasted to reach RMB 770.5 billion, driven by growth in various brands, including a 6.3% increase for Anta and a 6.4% increase for FILA [7][8]. Financial Summary - The financial data indicates that Anta Sports' revenue for 2024 is projected at RMB 70.049 billion, increasing to RMB 77.052 billion in 2025 and RMB 84.265 billion in 2026 [9][12]. - The net profit for 2025 is expected to be RMB 139.8 billion, a slight decrease of 1% from the previous year, with a net profit margin of 18.1% [8][9]. Valuation Metrics - The report sets a new target price based on a 19x P/E ratio for 2026, reflecting an increase of 16% from the previous target price [8][10]. - The average P/E ratio for comparable companies is noted, with Anta Sports currently at 18.0 for 2025, indicating competitive positioning within the industry [10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Insights - The company achieved a net profit of $110 million in 2024, marking its first profit after a loss of $1.16 billion in 2023, exceeding expectations [1] - Total revenue for 2024 reached $10.26 billion, a year-on-year increase of 15.9%, with core express service revenue growing by 23.4% to $9.98 billion [1] - The company processed 24.65 billion packages in 2024, a 31% increase year-on-year, and maintained a strong cash flow with $816 million from operating activities [2][1] Summary by Sections Financial Performance - In 2024, the company reported a gross profit of $1.08 billion, up 128% year-on-year, and an adjusted EBITDA of $780 million, a significant increase of 430.5% [1] - The adjusted EBITDA margin improved to 6.7% from 0.6% in 2023, indicating enhanced profitability [5] Market Performance - In Southeast Asia, the company maintained its leading market share at 28.6%, with revenue of $3.22 billion, a 22.3% increase year-on-year [3] - The company processed 4.56 billion packages in Southeast Asia, a 40.8% increase, solidifying its position as the top express operator in the region [3] Operational Efficiency - The company expanded its network to approximately 19,100 outlets and operated 238 transit centers by the end of 2024 [2] - In China, the company achieved an adjusted EBITDA of $430 million, marking its first profitability in this market [5] Future Projections - The company expects to achieve net profits of $398 million, $669 million, and $893 million for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 18.3, 10.9, and 8.2 [12]

Investment Rating - The investment rating for JD Health (06618.HK) is "Outperform the Market" [1][3][12] Core Views - In H2 2024, JD Health achieved a revenue of 29.8 billion yuan, representing a year-on-year increase of 13%. The growth was driven by an increase in active user numbers and a wider range of product categories [1][8] - The company's non-IFRS net profit margin improved from 6.4% in the previous year to 7.2%, with operating profit margin rising from -1% to 2%, primarily due to improvements in gross margin and administrative expense ratios [2][8] - For 2025, the management plans to increase long-term strategic investments to capitalize on structural changes in the healthcare market, expecting significant revenue and profit improvements over the next three years [2][8] Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 are set at 65.7 billion yuan and 73.5 billion yuan, respectively, with adjustments of 2.9% and 3.7% upwards due to increased consumer online purchasing behavior [3][12] - Adjusted net profit for 2025 and 2026 is projected at 4.4 billion yuan and 4.9 billion yuan, with downward adjustments of 7.9% and 3.2% due to increased investments in front warehouses and AI [3][12] Operational Data - As of H2 2024, JD Health had 184 million annual active users, a 7% year-on-year increase, indicating a user penetration rate of 27% with significant growth potential [2][9] - The average transaction value decreased year-on-year, but this was offset by an increase in shopping frequency among users [9]