Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 15% compared to the relevant market index [6]. Core Views - The company is expected to benefit from a stable growth in its 12-inch wafer business, with quarterly revenue surpassing $2 billion for the first time. The revenue for Q4 2024 is projected at $2.207 billion, representing a year-on-year increase of 31.5% [3][4]. - The gross margin for Q4 2024 is anticipated to exceed guidance, reaching 22.6%, which is higher than the expected range of 18%-20% [3][4]. - The company is optimistic about the impact of national subsidy policies starting January 2025, which are expected to stimulate demand for consumer electronics, particularly smartphones [3][4]. Financial Summary - **Revenue Projections**: The total revenue is expected to grow from $6.322 billion in 2023 to $11.589 billion by 2026, with year-on-year growth rates of -13%, 27%, 21%, and 20% respectively [3][4]. - **Net Profit**: The net profit attributable to shareholders is projected to decline from $903 million in 2023 to $493 million in 2024, before recovering to $1.027 billion by 2026 [3][4]. - **Gross Margin**: The gross margin is expected to fluctuate, with estimates of 19.26% in 2023, 18.03% in 2024, and improving to 20.96% by 2026 [3][4]. - **Earnings Per Share (EPS)**: EPS is projected to be $0.11 in 2023, dropping to $0.06 in 2024, and then increasing to $0.13 by 2026 [3][4]. Operational Insights - The company’s 8-inch wafer monthly production is expected to reach 948,000 units in Q4 2024, with a capacity utilization rate of 85.5% [3][4]. - The average selling price (ASP) for products is projected to increase by 6% quarter-on-quarter in Q4 2024, although a decline in ASP is anticipated in the second half of 2025 due to increased market supply [3][4]. - Capital expenditures are expected to remain stable in 2025, with depreciation expenses projected to increase by approximately 20% [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company aims to achieve an average tangible equity return of approximately 15% over the three-year period from 2025 to 2027, excluding the impact of notable items. The forecast for net interest income from banking operations in 2025 is approximately $42 billion, with expected credit loss provisions ranging from 30 to 40 basis points of average loans [4][5] - The company plans to maintain a common equity tier 1 capital ratio between 14% and 14.5% and a target payout ratio of 50% for 2025. A share buyback plan of up to $2 billion is expected to be completed before the announcement of Q1 2025 results [4][5] - The company has repurchased a total of $20 billion in shares between 2023 and 2024, representing about 11% of shares outstanding as of the end of 2022 [4][5] Financial Performance Summary - For the fiscal year 2024, total revenue is projected to be $65.9 billion, with a year-on-year growth of -0.3%. The net profit attributable to ordinary shareholders is expected to be $22.9 billion, reflecting a 2.2% increase year-on-year [5][6] - The diluted earnings per share (EPS) for 2024 is estimated at $1.24, with dividends per share projected at $0.87 [5][6] - The company reported a net interest margin of 1.56% for 2024, a decrease of 10 basis points compared to 2023, with net interest income of $43.7 billion, down $4 billion year-on-year [4][5]

Investment Rating - The report assigns a "Neutral" rating to China Cinda (01359.HK) [6] Core Views - China Cinda is a comprehensive financial group focused on non-performing asset management, with its business segments including non-performing asset operations and financial services. The company has shown stable asset size but declining revenue and net profit in recent years [1][15] Summary by Relevant Sections Company Overview - China Cinda, established in 1999, primarily engages in non-performing asset management and has transitioned from policy-based operations to commercial activities. The company operates through various subsidiaries, including banks, securities, and trust companies, with a workforce of approximately 14,000 [15][16] Financial Performance - The total assets of China Cinda have remained stable around 1.5 trillion yuan, with total assets reported at 1.58 trillion yuan as of Q2 2024. However, operating revenue has decreased, with a reported revenue of 37.4 billion yuan in the first half of 2024, down 1.6% year-on-year. The net profit attributable to ordinary shareholders was 1.6 billion yuan, reflecting a significant decline of 53.9% [20][1] Non-Performing Asset Business - The non-performing asset management business has returned to its core operations, focusing on acquisition and restructuring activities. The company expects to benefit from economic recovery, which may improve the profitability of its acquisition business [2][29] Financial Services - China Cinda operates a complete range of financial services through its subsidiaries, including banking, securities, and trust services. The financial services segment has seen an increase in revenue contribution, with financial services accounting for 45% of total revenue in the first half of 2024 [19][47] Profit Forecast and Valuation - The report forecasts a net profit of 2.4 billion yuan for 2024, with expected growth rates of -43.2%, 67.2%, and 16.0% for the years 2024, 2025, and 2026, respectively. The estimated earnings per share (EPS) for these years are projected at 0.06, 0.11, and 0.12 yuan, with corresponding price-to-earnings (PE) ratios of 18, 11, and 9 [3][72]

海外公司跟踪报告 | 非必需性消费 证券研究报告 | | | 基础数据 | 月 | 20 | 日收盘价（港 | 72.80 | 02 | | --- | --- | --- | --- | --- | | 元） | | | | | | | 总市值（亿港元） | | 356.86 | | | | 总股本（亿股） | | 4.90 | | | | | 来源：聚源，兴业证券经济与金融研究院整理 | | | 难以复制的毛戈平品牌，打造高端价格带的国货品牌标杆：高端品牌具有突出的品牌形 象，通常由名人或艺术家创立，并使用他们的名字命名。作为品牌创始人，毛戈平先生 创新性地将光影美学的精髓与东方美学的内核精神深度融合，打造差异化服务。2003 年，毛戈平公司在上海港汇恒隆广场设立第一个专柜，成为第一个在高端百货商店设立 专柜的高端国货化妆品集团。截至 2024 年 6 月 30 日，公司在全国 120 个城市共运营 372 个自营专柜。专柜配备有 2700 名美妆顾问，提供个性化的咨询及试妆服务。 相关研究 分析师：宋婧茹 S0190520050002 BQI321 songjingru@xyzq.com.cn 分析师： ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock is expected to outperform the relevant market index by more than 15% over the next 12 months [21]. Core Insights - The Chinese beauty market is expansive and fragmented, with a market size projected to grow from CNY 402.6 billion in 2018 to CNY 579.8 billion in 2023, reflecting a compound annual growth rate (CAGR) of 7.6%. It is expected to reach CNY 876.3 billion by 2028, with color cosmetics and skincare markets projected to reach CNY 175.2 billion and CNY 701.1 billion, respectively [4]. - The company, Maogeping, is positioned as a high-end domestic beauty brand, leveraging a unique blend of light and shadow aesthetics with Eastern beauty principles. It has established a strong brand image and operates 372 self-operated counters across 120 cities in China, supported by 2,700 beauty consultants [4][5]. - The pricing strategy for Maogeping's products places them in a competitive range, with color cosmetics priced between CNY 150-180 and skincare products between CNY 300-350, strategically positioned above domestic brands but below foreign brands [5]. - The company has shown robust sales growth, with revenue increasing from CNY 1.58 billion in 2021 to CNY 2.89 billion in 2023, representing a CAGR of 35.3%. Net profit also rose significantly, with a CAGR of 41.6% [6][7]. Summary by Sections Market Overview - The Chinese beauty market is projected to grow significantly, with a CAGR of 8.6% expected from 2023 to 2028, driven by increasing consumer demand for high-quality beauty products [4]. Company Positioning - Maogeping has established itself as a leader in the high-end domestic beauty segment, with a unique brand identity and a strong retail presence [4][5]. Product Performance - The company has a diverse product line with 387 SKUs, including 337 color cosmetics and 50 skincare products. The color cosmetics segment saw a sales volume of 9.72 million units in 2023, a 52.37% increase year-on-year [5]. Financial Performance - Revenue growth from CNY 1.58 billion in 2021 to CNY 2.89 billion in 2023, with a net profit increase from CNY 331 million to CNY 663 million during the same period, indicates strong financial health [6][7].

2025 年 02 月 20 日 公司深度研究 买入/首次 布鲁可(00325) 目标价: 昨收盘:81.00 布鲁可：强大 IP 矩阵支撑业务迅速扩张，产品性价比优势显著 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/1/10 25/1/18 25/1/26 25/2/3 25/2/11 25/2/19 ◼ 股票数据 总股本/流通(亿股) 2.49/2.49 总市值/流通(亿港元) 201.89/201.89 12 个月内最高/最低价 (港元) 109.9/73.5 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 报告摘要 行业端：拼搭角色类玩具市场规模迅速扩张，行业发展前景广阔。1） 竞争格局：全球拼搭角色类玩具市场由万代和乐高形成双寡头垄断局面， 20 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has released a profit forecast for 2024, expecting a net profit of 1.4 to 1.5 billion yuan, representing a year-on-year growth of 236% to 260% [1] - The significant growth in 2024 is attributed to the continuous expansion of brand influence, product optimization, and channel expansion [2] - The company plans to increase its store count by 7 in 2024 and optimize 4 existing stores, enhancing its market presence [2] - The company maintains a strong gross margin of 41-43% since 2020, with net profit margins improving to 13.1% and 16.7% in 2023 and the first half of 2024, respectively [2] Financial Forecasts - Revenue projections for 2024-2026 are 85.91 billion, 136.77 billion, and 179.18 billion yuan, with year-on-year growth rates of 170%, 59%, and 31% respectively [3] - Net profit forecasts for the same period are 1.473 billion, 2.506 billion, and 3.426 billion yuan, with growth rates of 254%, 70%, and 37% respectively [3] - The company is expected to maintain a price-to-earnings ratio (P/E) of 58, 34, and 25 for the years 2024, 2025, and 2026 respectively [3] Key Financial Metrics - The company reported a revenue of 3.18 billion yuan in 2023, with projections of 8.591 billion yuan in 2024, 13.677 billion yuan in 2025, and 17.918 billion yuan in 2026 [5] - The net profit for 2023 was 416 million yuan, with forecasts of 1.473 billion yuan in 2024, 2.506 billion yuan in 2025, and 3.426 billion yuan in 2026 [5] - The company’s earnings per share (EPS) are projected to be 8.75 yuan in 2024, 14.88 yuan in 2025, and 20.35 yuan in 2026 [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a net profit of 1.4 to 1.5 billion yuan in 2024, representing a year-on-year growth of 236% to 260% [1] - The significant growth in 2024 is attributed to the continuous expansion of brand influence, product optimization, and channel expansion [2] - The company plans to launch 161 new products and iterate 167 existing products in 2024, maintaining a high frequency of product updates [2] - The company's direct sales model is expected to contribute to substantial profit elasticity, leading to a net profit forecast that exceeds expectations [2] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 85.91 billion, 136.77 billion, and 179.18 billion yuan respectively, with year-on-year growth rates of 170%, 59%, and 31% [3] - The expected net profits for the same years are 1.473 billion, 2.506 billion, and 3.426 billion yuan, with growth rates of 254%, 70%, and 37% [3] - The company's P/E ratios based on the closing price on February 21 are projected to be 58, 34, and 25 for 2024, 2025, and 2026 respectively [3] Key Financial Metrics - The company's gross margin has remained stable between 41% and 43% since 2020, with net margins increasing to 13.1% and 16.7% in 2023 and the first half of 2024 [2] - The company plans to increase its store count by 7 in 2024 and optimize 4 existing stores [2] - The company's cash flow from operating activities is projected to improve significantly, reaching 2.343 billion yuan by 2026 [7]

港股公司报告 | 公司点评 粉笔（02469） 证券研究报告 盈利保持稳健，持续深耕"AI+教育"结构性机遇 公司发布 24 年度盈利预告 24 年总体收入 27.7 亿，同比减少不多于 8.3%，净利润不少于 2.25 亿，同 比增长不少于 19.3%，调后净利不少于 3.5 亿，同比减少不多于 21.4%。自 上市以来，粉笔持续保持稳健盈利，净利润均实现两位数以上增长水平， 强劲表现已获得市场充分认可。 深度整合 DeepSeek，实现公考培训赛道商业化新突破 公司宣布，已于 2024 年底全面拥抱 DeepSeek 大模型，推动粉笔自研垂域 大模型性能释放，通过智能技术矩阵重构公职培训产业生态，实现用户体 验智能化升级与运营效能指数级提升，为教育科技行业开辟价值增长新范 式。据了解，目前技术升级已覆盖公务员考试核心场景，在用户练习点评、 面试点评等关键环节构建起技术护城河。 粉笔垂域大模型已经覆盖"教-学-练-测-评"全链路 基于自研垂域大模型，公司推出精品面试 AI 点评产品，于 12 月 13 日正式 上线，用户可以以 1 元/次的价格限时进行体验。精品面试 AI 点评系粉笔 在此赛道推出的第三款 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company is expected to maintain high growth in same-store sales due to strong brand momentum [4] - The company anticipates a significant increase in net profit for 2024, with projections of 1.46 to 1.5 billion RMB, representing a year-on-year growth of 236% to 260% [6] - The company's expansion strategy includes opening 7 new stores and optimizing 4 existing stores, contributing to revenue growth [6] Financial Performance Summary - Revenue projections for the company are as follows: - 2022: 1,294.8 million RMB - 2023: 3,180.2 million RMB (growth of 145.6%) - 2024E: 8,907.4 million RMB (growth of 180.1%) - 2025E: 14,780.0 million RMB (growth of 65.9%) - 2026E: 19,342.6 million RMB (growth of 30.9%) [5] - Net profit projections are as follows: - 2022: 94.5 million RMB - 2023: 416.3 million RMB (growth of 340.4%) - 2024E: 1,459.8 million RMB (growth of 250.7%) - 2025E: 2,524.5 million RMB (growth of 72.9%) - 2026E: 3,466.3 million RMB (growth of 37.3%) [5] - Earnings per share (EPS) projections: - 2023: 3.0 RMB - 2024E: 8.7 RMB - 2025E: 15.0 RMB - 2026E: 20.6 RMB [5] Market Position and Strategy - The company has a strong market presence with 38 stores as of February 2025, primarily located in first-tier cities [6] - The company targets high-net-worth consumers, with a focus on premium locations that enhance brand visibility [6] - The pricing strategy includes a fixed-price model, with recent adjustments to increase product margins and brand recognition [6]