Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's AI strategy is driving sustained increases in vehicle deliveries, leading to an upward revision of revenue forecasts for 2025 and 2026 to 99 billion and 167.8 billion RMB respectively, with year-on-year growth of 142% and 70% [3] - The company is expected to achieve a turnaround in net profit in 2025, with a projected net profit of 1.07 billion RMB in 2026, reflecting a year-on-year increase of 608% [3] - The company plans to launch significant new models and upgrades in 2025, covering a price range of 100,000 to 500,000 RMB, which is expected to enhance long-term growth [9] Financial Performance - In Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.4% [9] - The gross margin for Q4 2024 was 14.4%, showing an improvement from the previous year [9] - The company delivered 92,000 new vehicles in Q4 2024, with an average revenue per vehicle of 160,000 RMB [9] Future Outlook - For Q1 2025, the company anticipates delivering between 91,000 and 93,000 new vehicles, representing a year-on-year growth of 317% to 326% [9] - The company aims to achieve L3 level autonomous driving experience in China by the second half of 2025, with plans for L4 low-speed autonomous vehicles in 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain a high growth momentum, with projected revenue of 135.77 billion yuan in 2024, representing a year-on-year increase of 6.5%. The net profit attributable to shareholders is forecasted to be 12.38 billion yuan, reflecting a growth of 20.2% [5] - The main brand is increasing its Direct-to-Consumer (DTC) strategy, which is anticipated to enhance store efficiency and maintain high growth in revenue, particularly in children's clothing and e-commerce segments [6][7] - The company has adjusted its profit forecasts slightly downward for 2025-2026 but has introduced a new forecast for 2027, with net profits expected to be 13.7 billion yuan, 15.3 billion yuan, and 16.9 billion yuan for the respective years [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2023: 12,743 million yuan - 2024: 13,577 million yuan (YOY +6.5%) - 2025: 14,446 million yuan (YOY +6.4%) - 2026: 15,896 million yuan (YOY +10.0%) - 2027: 17,375 million yuan (YOY +9.3%) [8] - Net profit projections are: - 2023: 1,030 million yuan - 2024: 1,238 million yuan (YOY +20.2%) - 2025: 1,373 million yuan (YOY +10.8%) - 2026: 1,530 million yuan (YOY +11.5%) - 2027: 1,693 million yuan (YOY +10.6%) [8] - The company's gross margin is expected to improve from 41.8% in 2024 to 45.5% in 2027, while the net profit margin is projected to increase from 9.1% in 2024 to 9.7% in 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's AI strategy is driving sustained increases in vehicle deliveries, leading to an upward revision of revenue forecasts for 2025 and 2026 to 99 billion and 167.8 billion RMB respectively, with year-on-year growth of 142% and 70% [3] - The company is expected to achieve a turnaround in net profit in 2025, with a projected net profit of 1.07 billion RMB in 2026, reflecting a year-on-year increase of 608% [3] - The company plans to launch significant new models in 2025, covering a price range of 100,000 to 500,000 RMB, which is expected to enhance long-term growth [9] Financial Performance Summary - In Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year increase of 33.2% for the full year, totaling 40.87 billion RMB [9] - The gross margin for Q4 2024 was 14.4%, showing improvement due to reduced vehicle costs [9] - The company delivered 92,000 new vehicles in Q4 2024, with an average revenue per vehicle of 160,000 RMB [9] Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted to 99 billion and 167.8 billion RMB, respectively, with a new forecast for 2027 at 249.3 billion RMB [3] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.56, 3.99, and 6.30 RMB, respectively [3] - The company is expected to maintain a price-to-earnings (P/E) ratio of 154.62 in 2025, decreasing to 21.85 in 2026 and 13.84 in 2027 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain high revenue growth momentum, driven by increased Direct-to-Consumer (DTC) strategy investments and strong performance in children's clothing and e-commerce segments [5][6] - The forecasted net profit for 2025 is adjusted to 1.37 billion, with a projected growth of 10.8% [5] - The company's current price-to-earnings (PE) ratio is estimated at 10.4 for 2025, indicating a favorable valuation [5] Financial Summary - Revenue for 2024 is projected at 135.77 billion, reflecting a year-on-year growth of 6.5% [5] - The net profit for 2024 is expected to be 12.38 billion, representing a 20.2% increase [5] - The gross margin is anticipated to improve to 44.1% by 2025, with a net profit margin of 9.5% [8] - The company’s return on equity (ROE) is forecasted to reach 15.4% in 2025 [8] Business Strategy - The company plans to optimize its store structure, focusing on increasing the proportion of profitable stores while reducing losses from underperforming locations [6] - The DTC strategy is expected to enhance consumer interaction and brand loyalty, with plans to recover 400-500 stores by 2026 [6] - The professional sports segment has shown significant growth, with revenue increasing by 57.2% in 2024, contributing to the overall profitability of the company [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has shown significant improvement in manufacturing capacity utilization, achieving a 14-year high in operating profit margin (OPM) [6] - The overall revenue for 2024 is projected to increase by 3.7% to $8.182 billion, with a notable rise in manufacturing revenue by 11.1% [6] - The net profit for 2024 is expected to rise by 42.8% to $392 million, with a net profit margin improvement of 1.3 percentage points to 4.8% [6] - The company is facing a tax dispute in Indonesia, which has impacted the net profit margin by approximately 0.5 percentage points, but recovery of funds is anticipated [6] - The retail segment has maintained a good profitability level despite a revenue decline of 8% [6] Financial Data and Forecast - Key financial data for the company includes: - Revenue (million USD): 2023: 7,890; 2024: 8,182; 2025E: 8,470; 2026E: 8,720; 2027E: 8,976 [6][10] - Net Profit (million USD): 2023: 275; 2024: 392; 2025E: 449; 2026E: 468; 2027E: 496 [6][10] - Fully Diluted EPS (USD): 2023: 0.17; 2024: 0.24; 2025E: 0.28; 2026E: 0.29; 2027E: 0.31 [6][10] - Gross Margin (%): 2023: 24.40%; 2024: 24.35%; 2025E: 24.35%; 2026E: 24.53%; 2027E: 24.67% [6][10] - Return on Equity (%): 2023: 6.48%; 2024: 8.84%; 2025E: 9.86%; 2026E: 10.02%; 2027E: 10.32% [6][10] Market Performance - The company's stock closed at HKD 12.86 on March 19, 2025, with a market capitalization of HKD 20,635 million [2] - The stock has experienced a 52-week price fluctuation between HKD 7.75 and HKD 18.40 [2] - The company has shown resilience in a challenging market environment, with a significant increase in manufacturing output and profitability [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][5]. Core Insights - Ctrip has established significant competitive advantages through supply lock-in and a comprehensive service system, positioning it favorably against both domestic and international competitors [4][5]. - The company is expected to achieve revenue growth rates of 14.8%, 13.8%, and 12.9% for the years 2025 to 2027, with projected revenues of 612.6 billion, 697.3 billion, and 787.0 billion yuan respectively [5]. - Ctrip's long-term growth potential is enhanced by changes in domestic consumer demand and accelerated international expansion, making its growth trajectory more favorable compared to many trading platforms [4][5]. Summary by Sections Company Overview - Ctrip has a total share capital of 684 million shares, with a market price of 518 HKD, resulting in a market capitalization of 354,067 million HKD [2]. Financial Projections - Revenue projections for Ctrip are as follows: 44,562 million yuan in 2023, 53,377 million yuan in 2024, and expected growth to 61,260 million yuan in 2025, with a year-on-year growth rate of 122% in 2023 and 20% in 2024 [3]. - The net profit attributable to shareholders is projected to be 9,918 million yuan in 2023, increasing to 17,067 million yuan in 2024, but expected to decline slightly to 16,145 million yuan in 2025 [3]. Competitive Positioning - Ctrip's competitive edge is attributed to three main factors: supply lock-in, a differentiated user profile, and high infrastructure barriers due to the nature of travel services [4][5]. - The report highlights that the impact of hotel concentration on OTA market share and take rate is limited, suggesting that Ctrip's market position remains strong despite these changes [4][5]. Market Dynamics - The report notes that Ctrip's ecosystem is better positioned than that of international leaders like Booking and Expedia, primarily due to the differences in internet user behavior and the absence of a dominant traffic distributor like Google in China [4][5]. - Ctrip's international business is expected to contribute significantly to its revenue, with outbound tourism and international OTA operations projected to account for one-third of the group's income [12]. Conclusion - Overall, Ctrip's robust competitive advantages, favorable market positioning, and strong financial projections support the "Buy" rating, indicating a positive outlook for investors [5].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company reported a slight decline in revenue for 2024, with total revenue of 38.635 billion, down 0.8% year-on-year, and a net profit of 4.739 billion, down 8.0% year-on-year. The second half of 2024 saw revenue of 14.891 billion, a decrease of 1.1%, and a net profit of 0.34 million, a significant drop of 93.3% [1]. - The beer segment showed strong performance, particularly in high-end products, with revenue of 36.486 billion, down 1.0% year-on-year. The sales volume and price per ton decreased by 2.5% and increased by 1.5%, respectively. High-end product sales grew by over 9%, with Heineken sales increasing nearly 20% [1][2]. - The white liquor segment achieved revenue of 2.149 billion, up 4.0% year-on-year, with a notable 35% increase in sales of high-end products contributing over 70% to the segment's revenue [2]. - The company realized a gross margin of 42.6%, up 1.3 percentage points year-on-year, and an EBITDA of 8.694 billion, up 3% year-on-year, with an EBITDA margin of 22.5%, an increase of 0.8 percentage points [3]. - The company plans to continue its high-end strategy and implement a "Three Precision" management strategy, expecting a recovery in growth due to improved dining demand and sustained cost benefits [4]. Financial Summary - For 2024, the company reported total revenue of 38.635 billion, with a year-on-year growth rate of -1%. The net profit was 4.739 billion, with a year-on-year growth rate of -8% [6]. - The projected net profits for 2025, 2026, and 2027 are expected to be 5.243 billion, 5.826 billion, and 6.568 billion, respectively, reflecting year-on-year growth rates of 11.1%, 11.1%, and 12.7% [4][6]. - The company’s P/E ratio is projected to decrease from 15.97 in 2024 to 13.00 in 2027, indicating an improving valuation over time [6][13].

Investment Rating - The investment rating for Tencent Music is "Buy" [7][11]. Core Views - The report highlights that Tencent Music's Q4 2024 performance exceeded expectations, driven by robust growth in paid user numbers and an increase in ARPPU (Average Revenue Per Paying User) [2][4]. - The company is expected to maintain its leading position in the industry, with strong integration capabilities and potential for margin expansion [3][4]. Summary by Sections Financial Performance - In Q4 2024, Tencent Music reported revenue of RMB 74.6 billion, a year-on-year increase of 8.2%, and an adjusted net profit of RMB 24 billion, up 43% year-on-year [1][4]. - Online music revenue grew by 16% to RMB 58.3 billion, with subscription revenue increasing by 18% to RMB 40.3 billion [2]. User Growth and ARPPU - The number of online paying users increased by 13.4% year-on-year to 121 million, aligning with expectations [2]. - ARPPU rose to RMB 11.1, reflecting a sequential increase driven by strong growth in SVIP (Super VIP) memberships [2][3]. Profitability and Margin Outlook - The gross margin for Q4 2024 was 43.6%, an increase of 5.3 percentage points year-on-year [3]. - The report anticipates further improvement in gross margin to 45% by 2025, supported by growth in paid users and a decrease in revenue share from live streaming [3]. Valuation and Target Price - The adjusted net profit forecasts for 2025-2027 have been raised to RMB 86.7 billion, RMB 95.4 billion, and RMB 107.4 billion, respectively [4][11]. - The target price is set at USD 19.10 or HKD 68.43, based on a 25x PE multiple for 2025 [4][11].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 6.58 [6][7]. Core Views - The company reported a revenue of RMB 13.58 billion for 2024, representing a year-on-year increase of 6.5%, and a net profit of RMB 1.24 billion, up 20.2% year-on-year, which aligns closely with previous expectations [1][2]. - The company is focusing on strengthening its running matrix and enhancing its competitive edge through the main brand and professional sports brands like Saucony, which continues to show high growth [2][3]. - The company is accelerating its Direct-to-Consumer (DTC) strategy, planning to reclaim distribution rights for approximately 400-500 stores, which is expected to enhance brand influence and market competitiveness [2][3]. Summary by Sections Financial Performance - The company achieved a gross margin of 43.2%, an increase of 1.0 percentage points year-on-year, primarily due to the high gross margin from Saucony [3]. - The net profit margin increased by 1.9 percentage points to 9.1% during the period [3]. - The company maintained a healthy operating capital turnover of 87 days, with inventory turnover days reduced by 22 days to 68 days [3]. Revenue Breakdown - The main brand's revenue increased by 3.2% to RMB 12.33 billion, while the professional sports segment, including Saucony and Merrell, saw a significant revenue increase of 57.2% to RMB 1.25 billion, with Saucony's revenue surpassing RMB 1 billion [2]. - Online e-commerce revenue grew approximately 20%, accounting for over 30% of total revenue [2]. Profit Forecast and Valuation - The net profit estimates for 2025 and 2026 have been adjusted downwards by 8.0% and 10.5% to RMB 1.37 billion and RMB 1.53 billion, respectively, with a new estimate for 2027 at RMB 1.71 billion [4]. - The target price corresponds to a PE ratio of 12.3x for 2025, based on the company's strong brand positioning in the running sector and the synergy from multiple brands [4].

Investment Rating - The report maintains a "Buy" rating for Ping An Good Doctor (01833.HK) with a current price of HKD 7.71 and a fair value of HKD 9.42 [3]. Core Views - The company has shown continuous improvement in operations, achieving a revenue of RMB 4.808 billion in 2024, a year-on-year increase of 2.9%, and has turned profitable with a net profit of RMB 0.81 billion [9][24]. - The report highlights the company's strategic collaboration with the Ping An Group, enhancing its healthcare and elderly care ecosystem, which has positively impacted both its F-end (individual) and B-end (corporate) businesses [9][10]. Financial Summary - **Revenue Forecast**: - 2023A: RMB 4.674 billion - 2024A: RMB 4.808 billion - 2025E: RMB 5.421 billion - 2026E: RMB 6.143 billion - 2027E: RMB 7.008 billion - Revenue growth rates: -24.7% (2023A), 2.9% (2024A), 12.8% (2025E), 13.3% (2026E), 14.1% (2027E) [2][26]. - **Net Profit Forecast**: - 2023A: -RMB 0.323 billion - 2024A: RMB 0.081 billion - 2025E: RMB 0.133 billion - 2026E: RMB 0.200 billion - 2027E: RMB 0.274 billion - Adjusted net profit for 2025E: RMB 0.218 billion, 2026E: RMB 0.290 billion, 2027E: RMB 0.371 billion [2][26]. - **Earnings Per Share (EPS)**: - 2023A: -0.15 - 2024A: 0.04 - 2025E: 0.06 - 2026E: 0.09 - 2027E: 0.13 [2][26]. - **Gross Margin**: - 2023A: 32.3% - 2024A: 31.7% - 2025E: 32.1% - 2026E: 32.4% - 2027E: 32.4% [2][26]. Business Segment Performance - **F-end Business**: - Revenue in 2024 reached RMB 2.417 billion, a year-on-year increase of 9.6%, with a decrease in paid user numbers by 5.7% to 24.8 million [10][11]. - **B-end Business**: - Revenue grew by 32.7% to RMB 1.432 billion, with paid user numbers increasing by 13% to 580,000, driven by the rapid expansion of corporate health management services [11][12]. - **Healthcare Services**: - Revenue increased by 4.9% to RMB 2.169 billion, with a gross margin of 43.3% [14][19]. - **Health Services**: - Revenue decreased by 7.6% to RMB 2.356 billion, with a gross margin of 21.3% [16][19]. - **Elderly Care Services**: - Revenue surged by 413.5% to RMB 0.283 billion, with a gross margin of 29.1% [19][20]. Future Outlook - The company is expected to achieve double-digit revenue growth in 2025-2026, with adjusted net profits projected at RMB 2.18 billion and RMB 2.90 billion respectively [22][24]. - The report suggests that the company will continue to enhance operational efficiency and expand its customer base in both F-end and B-end segments, which will further drive profitability [22][24].