Investment Rating - The investment rating for Tencent Holdings is "Buy" and is maintained [7] Core Insights - Tencent achieved revenue of 172.4 billion yuan in Q4 2024, representing a year-on-year increase of 11% and a quarter-on-quarter increase of 3%. Operating profit reached 51.5 billion yuan, up 24% year-on-year, while Non-IFRS net profit attributable to shareholders was 55.3 billion yuan, reflecting a 30% year-on-year growth [2][4] Revenue Performance - The strong performance in the gaming sector, particularly from evergreen games and new game launches, drove Q4 revenue growth in both domestic and overseas markets. Domestic game revenue increased by 23% to 33.2 billion yuan, while overseas game revenue rose by 15% to 16 billion yuan [8] - The advertising segment continued to show robust growth, with marketing services revenue increasing by 17% to 35 billion yuan, supported by strong demand from advertisers [8] Profitability - Tencent's profit growth has consistently outpaced revenue growth for 10 consecutive quarters, with a Q4 gross margin of 52.6%, up 2.6 percentage points year-on-year. The gross margins for value-added services, marketing services, and financial technology & enterprise services also saw improvements [8] Capital Expenditure and Shareholder Returns - Capital expenditure in Q4 surged by 386.15% year-on-year to 36.578 billion yuan, with a significant portion allocated to AI projects. The company plans to repurchase over 80 billion Hong Kong dollars and increase the annual dividend by 32% to 4.50 Hong Kong dollars per share [8]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved excellent performance in 2024 with a revenue growth of 13.6% to 70.826 billion yuan and a net profit growth of 52.4% to 15.596 billion yuan, excluding one-time gains [1] - The company is expected to maintain a long-term high-quality growth trajectory, with a projected revenue growth of 10.5% in 2025 [10] Summary by Sections Company Performance - In 2024, the company's revenue reached 70.826 billion yuan, with a gross margin of 62.2%, slightly down by 0.4 percentage points [1] - The operating profit increased by 8% to 16.595 billion yuan, while the net profit attributable to shareholders grew by 52.4% to 15.596 billion yuan, excluding one-time gains [1] - The company’s market share in the Chinese sports footwear and apparel market increased to 23%, maintaining its leading position [1] Brand Analysis - Anta brand revenue grew by 10.6% to 33.522 billion yuan in 2024, with direct-to-consumer (DTC) and e-commerce channels showing strong growth [2] - The number of Anta adult and children stores increased to 7,135 and 2,784 respectively, indicating a strategic focus on differentiated store formats [2] - Fila brand revenue increased by 6.1% to 26.626 billion yuan, with a focus on high-end sports fashion and an expected better performance in e-commerce compared to offline sales [4] Profitability - The gross margin for Anta brand decreased to 54.5%, and the operating margin fell to 21% due to increased marketing expenses related to the Olympics [3] - Fila brand's gross margin decreased to 67.8%, and the operating margin fell to 25.3%, attributed to a shift towards e-commerce and increased product variety [9] Future Outlook - The company expects revenue growth of 10.5% in 2025, with net profit projected at 13.475 billion yuan, reflecting a 13% increase from 2024 [10] - The outdoor brand segment is anticipated to grow by over 30% in 2025, driven by an increase in store numbers and improved store efficiency [9]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved excellent performance in 2024 with a revenue growth of 13.6% to 70.826 billion yuan and a net profit growth of 52.4% to 15.596 billion yuan, excluding one-time gains [1][11] - The company is expected to maintain a long-term high-quality growth trajectory, with a projected revenue growth of 10.5% in 2025 [10][11] Summary by Sections Company Performance - In 2024, the company's revenue reached 70.826 billion yuan, with a gross margin of 62.2%, slightly down by 0.4 percentage points [1] - The operating profit increased by 8% to 16.595 billion yuan, while the net profit attributable to shareholders grew by 52.4% to 15.596 billion yuan, excluding one-time gains [1] - The company maintained a dividend payout ratio of 51.4%, consistent with the previous year [1] Brand Analysis - Anta brand revenue grew by 10.6% to 33.522 billion yuan in 2024, with direct-to-consumer (DTC) and e-commerce channels showing strong growth [2] - The number of Anta stores increased to 7,135 for adults and 2,784 for children, reflecting a strategic focus on differentiated store formats [2] - Fila brand revenue increased by 6.1% to 26.626 billion yuan, with a focus on high-end sports fashion and an expected better performance in e-commerce compared to offline sales [4][9] Profitability - The company's gross margin for 2024 was 54.5%, with a slight decline in operating profit margin to 21% due to increased marketing expenses related to the Olympics [3] - Fila's gross margin decreased to 67.8%, and operating profit margin fell to 25.3%, attributed to a shift towards e-commerce and increased product variety [9] Future Outlook - The company anticipates a revenue growth of 10.5% in 2025, with net profit expected to reach 13.475 billion yuan, reflecting a 13% increase from 2024, excluding one-time gains [10][11] - The outdoor brands are projected to grow by over 30% in 2025, driven by an increase in store numbers and improved store efficiency [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from HKD 33 to HKD 50, indicating a potential upside of 18.1% from the current price of HKD 42.35 [1][2][11]. Core Insights - The company's fourth-quarter profits exceeded expectations, with a total revenue growth of 21% year-on-year, driven by a 26% increase in gaming revenue and a 17% increase in WPS revenue. The adjusted operating profit rose by 47% year-on-year, surpassing market expectations by 18% due to optimized expense ratios [6][7]. - The gaming business is expected to achieve a 31% revenue growth in 2024, supported by new game releases. The WPS AI features are anticipated to continue driving rapid growth in WPS 365 and personal subscription services [2][6]. - The report projects revenue for 2025 to reach RMB 11,495 million, with a gross profit of RMB 9,542 million, reflecting a gross margin of 83% [5][13]. Financial Performance Summary - Revenue for 2024 is forecasted at RMB 10,318 million, with a significant increase in adjusted operating profit to RMB 4,079 million, maintaining a robust operating margin of 35% [5][13]. - The company’s net profit for 2025 is estimated at RMB 1,819 million, with a Non-GAAP net profit of RMB 2,756 million, indicating a net profit margin of 24% [5][13]. - The company’s market capitalization stands at approximately HKD 56,188.29 million, with a year-to-date stock price change of 25.85% [4].

Investment Rating - The report maintains a "Buy" rating for Dmall Group Co., Ltd. (2586 HK) with a target price raised to HKD 16.00, based on a 6.0x price-to-sales ratio for FY25 [1][10]. Core Insights - Dmall achieved breakeven for FY24, with total revenue increasing by 17% year-on-year to RMB 18.6 billion, and adjusted net profit improving to RMB 298 million from a loss of RMB 2.77 billion in FY23, driven by strong growth in core retail services and operational efficiency [1][2]. - The company is focusing on AI retail to capture new growth opportunities, having launched several AI agent products that are expected to contribute to revenue growth in the long term [1][2]. - For FY25, management anticipates revenue growth of 15-20% and further margin expansion, although revenue forecasts for FY25-26 have been adjusted downward due to slower customer acquisition [1][10]. Financial Performance Summary - FY24 revenue reached RMB 18.6 billion, with a year-on-year growth rate of 17% [4]. - The gross profit margin (GPM) improved from 35.0% in FY23 to 40.1% in FY24, while the adjusted net profit margin rose from -14.7% to 1.6% [3][12]. - The retail core service cloud revenue grew by 39% to RMB 1.81 billion, with AIoT solutions seeing a 65% increase to RMB 1.02 billion [2][4]. Revenue and Profit Forecasts - Revenue projections for FY25 are set at RMB 2.19 billion, with expected growth rates of 17.8% for FY26 and 14.1% for FY27 [4][12]. - Adjusted net profit is forecasted to reach RMB 134.4 million in FY25, with significant growth expected in subsequent years [4][12]. - The report indicates a projected increase in adjusted net profit margins to 6.1% in FY25 and 17.6% in FY27 [10][12].

Investment Rating - The report maintains a "BUY" rating for Dmall Inc, with a target price raised to HK$16.00 from the previous HK$8.50, indicating a potential upside of 22.5% from the current price of HK$13.06 [1][3]. Core Insights - Dmall achieved full-year breakeven in FY24, with total revenue increasing by 17% YoY to RMB1.86 billion and an adjusted net profit of RMB29.8 million, a significant turnaround from an adjusted net loss of RMB277 million in FY23 [1][2]. - The company is focusing on AI retail to drive long-term growth, having launched several AI agent products that are expected to contribute to revenue in the long term [1][6]. - For FY25E, management anticipates total revenue growth of 15-20% YoY, with further margin expansion expected [1]. Financial Performance - FY24 revenue was RMB1.86 billion, up 17.3% YoY, with adjusted net profit of RMB29.8 million compared to a loss of RMB233 million in FY23 [2][10]. - Revenue from the retail core service cloud solution grew by 39% YoY to RMB1.81 billion, with AIoT solutions revenue increasing by 65% YoY to RMB1.02 billion [6][10]. - Gross profit margin improved from 35.0% in FY23 to 40.1% in FY24, and adjusted net margin rose from -14.7% to 1.6% [6][10]. Revenue Forecasts - Revenue forecasts for FY25E and FY26E have been revised downwards due to a slower customer acquisition pace, with FY25E revenue now expected at RMB2.19 billion, a decrease of 14.6% from previous estimates [7][10]. - The adjusted net profit for FY25E is projected to be RMB134 million, reflecting a growth of 351% YoY [2][10]. Valuation Metrics - The target price of HK$16.00 is based on a valuation multiple of 6.0x FY25E EV/sales, which aligns with the average EV/sales of global SaaS peers [3][8]. - The report highlights a significant improvement in operating profit, projecting RMB121 million for FY25E, compared to a loss in previous years [7][10].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved record high revenue and market share in brokerage, indicating a long-term positive trend despite short-term performance fluctuations [6][7] - The company reported a total transaction volume (GTV) of 3.35 trillion yuan for 2024, a year-on-year increase of 6.6%, with significant contributions from existing home transactions and emerging businesses [6][7] - The company is focusing on shareholder returns, having repurchased shares worth 716 million USD and planned a cash dividend of 400 million USD, representing 5% of the market value at the end of 2024 [6] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: 77.777 billion yuan - 2024: 93.457 billion yuan (20% YoY growth) - 2025E: 110.740 billion yuan (18% YoY growth) - 2026E: 122.649 billion yuan (11% YoY growth) - 2027E: 135.786 billion yuan (11% YoY growth) [6][10] - Net profit forecasts are: - 2023: 5.883 billion yuan - 2024: 4.065 billion yuan (-31% YoY) - 2025E: 6.201 billion yuan (53% YoY) - 2026E: 7.544 billion yuan (22% YoY) - 2027E: 9.121 billion yuan (21% YoY) [6][10] - The company’s earnings per share (EPS) is projected to be: - 2023: 1.63 yuan - 2024: 1.15 yuan - 2025E: 1.76 yuan - 2026E: 2.14 yuan - 2027E: 2.58 yuan [6][10] Market Share and Business Segments - The company achieved a record high market share of 31% in existing home transactions for 2024, with a transaction volume of 2.25 trillion yuan, up 10.8% YoY [6][7] - In the new home segment, the company reported a transaction volume of 970 billion yuan, down 3.3% YoY, but maintained a market share of 11.4% [6][8] - The company’s home decoration and rental services saw significant revenue growth, with home decoration revenue increasing by 36% and rental services by 135% [6][8] Investment Analysis Opinion - The report concludes that the company’s revenue and brokerage market share are at record highs, and despite short-term performance fluctuations, the long-term outlook remains positive, thus maintaining the "Buy" rating [6][7]

Investment Rating - The report maintains a "Buy" rating for Hong Kong and China Gas Company Limited [1] Core Views - The company's core profit is steadily recovering, and growth in green energy is expected [1] - The company reported a total revenue of HKD 55.473 billion for 2024, a decrease of 2.6% year-on-year, while the attributable net profit was HKD 5.712 billion, down 5.9% [5] - The core profit for the year was HKD 59.55 billion, reflecting a year-on-year increase of 5.1%, aligning with expectations [5] - The company plans to distribute a final dividend of HKD 0.23 per share, resulting in a total dividend of HKD 0.35 per share for the year, yielding a dividend rate of 5.31% based on the closing price on March 19 [5] Financial Data and Profit Forecast - Revenue (in million HKD) is projected as follows: 2023: 56,971, 2024: 55,473, 2025E: 55,525, 2026E: 57,637, 2027E: 59,285 [2] - Attributable net profit (in million HKD) is forecasted as: 2023: 6,070, 2024: 5,712, 2025E: 6,131, 2026E: 6,543, 2027E: 6,911 [2] - The net asset return rate is expected to improve from 8.55% in 2023 to 9.61% in 2027 [2] - The price-to-earnings ratio is projected to decrease from 20.3 in 2023 to 17.8 in 2027 [2] Business Performance - The Hong Kong gas sales volume for 2024 is expected to be 27,159 TJ, with a slight increase of 0.1% year-on-year [5] - The company has increased its maintenance fees and basic pricing, indicating a strong pricing power in the Hong Kong market [5] - The mainland gas sales volume is projected to reach 36.36 billion m³ in 2025, with a year-on-year growth of 4.8% [5] - The gross margin for city gas sales is expected to improve, with a target of 0.54 HKD/m³ for 2025 [5] Renewable Energy Growth - The company's photovoltaic power generation is expected to increase by 95% to 1.83 billion kWh in 2024, with net profits from renewable energy activities reaching HKD 4.79 billion [5] - The company is expanding its green methanol production capacity by 50% to 150,000 tons in Inner Mongolia [5] Conclusion - The report concludes that the company's core profit is steadily increasing, and the overall business performance is stable, maintaining a "Buy" rating [5]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (0291.HK) with a current price of HKD 30.05 [1] Core Views - The company is expected to see both volume and price increases in 2025, with a high certainty of profit margin improvement [1] - The beer business showed resilience in a complex environment, with high-end products maintaining rapid growth [8] - The white liquor business has achieved significant growth through strategic brand building and market expansion [10] Summary by Sections Financial Performance - In 2024, the company achieved revenue of CNY 38.64 billion, a year-on-year decrease of 0.8%, and a net profit of CNY 4.74 billion, down 8% [5] - The core EBIT for 2024 was CNY 6.34 billion, reflecting a year-on-year increase of 2.9% [7] - The gross profit margin for 2024 was 42.6%, up 1.3 percentage points year-on-year [7] Beer Business - In 2024, the company sold 10.87 million kiloliters of beer, a decrease of 2.5% year-on-year, while the average selling price increased by 1.5% to CNY 3,355 per kiloliter [6] - High-end and above product sales grew over 9% year-on-year, with the company’s high-end beer sales ranking among the industry leaders [6][8] - The company’s online business GMV grew over 30% year-on-year, leading the overall instant retail beer market [6] White Liquor Business - The white liquor business revenue grew by 4% in 2024, with EBITDA increasing by 0.5% [6] - The sales volume of major products in the white liquor segment increased by 35%, contributing over 70% to the business revenue [10] - The company aims for double-digit revenue growth in the white liquor business in 2025, focusing on brand building and market share enhancement [10] Future Outlook - The company expects improved beer sales in 2025 due to economic recovery and favorable market conditions [8] - The introduction of the "Three Precision Principles" aims to streamline operations and reduce costs, potentially enhancing profitability [10] - The forecast for net profit in 2025 is CNY 5.31 billion, reflecting a 12% increase year-on-year [11]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to achieve significant profit growth in 2024, with a projected revenue of 156.169 billion yuan, a gross profit of 42.163 billion yuan, and a net profit attributable to shareholders of 22.372 billion yuan, reflecting year-on-year increases of 16.9%, 101.2%, and 95.21% respectively [1][2]. - The increase in profits is primarily driven by rising aluminum prices and a decrease in the costs of coal and prebaked anodes, which has led to lower costs for electrolytic aluminum [1]. - The company has significantly increased its dividend payout, with a total dividend of 1.61 HKD per share for 2024, representing a 155.56% increase from the previous year, resulting in a dividend yield of 10% based on the current share price [5]. Revenue and Profit Analysis - The sales volume of aluminum alloy products increased by 1.5% to 5.837 million tons, while the sales volume of processed products surged by 32.1% to 766,000 tons, contributing to revenue growth [2]. - The average price of aluminum in 2024 is projected to be 19,976 yuan per ton, up 7.2% year-on-year, while the average price of prebaked anodes is expected to decrease by 19.7% to 3,958 yuan per ton [2]. - The company’s alumina sales volume is expected to reach 10.921 million tons, a 5.3% increase, with revenue and gross profit from alumina rising by 40.6% and 347.25% respectively [3]. Cost and Expense Management - The company has maintained stable expense levels, with significant increases in investment income from joint ventures, rising from 1.2 billion yuan in 2023 to 1.8 billion yuan in 2024 [4]. - The company recorded a total impairment and fair value change of 4.8 billion yuan, with 2.6 billion yuan attributed to fixed asset impairment primarily related to power plants [4]. Dividend Policy - The company’s dividend payout ratio reached 63%, significantly exceeding expectations, with a total dividend amounting to 15.3 billion HKD [5].