Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 36.00, representing a potential upside of 15.6% from the current price of HKD 31.15 [4]. Core Insights - The company is expected to improve operational efficiency driven by new production capacity, leading to both volume and price increases. The overall wafer average selling price (ASP) is projected to rise by 8% year-on-year in 2025, despite anticipated price competition in mature processes [6][4]. - The company plans to optimize its order structure to address differentiated demand, focusing on securing foundry needs from overseas manufacturers and expanding into AI-related products [6]. - Financial forecasts indicate a recovery in revenue and net profit, with projected revenues of USD 2.45 billion in 2025 and USD 3.44 billion in 2027, alongside net profits of USD 113.72 million and USD 382.16 million for the same years, respectively [6][14]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of USD 2.29 billion, with a gross margin of 21.3% and a net profit of USD 280.03 million. The revenue is expected to decline by 7.7% in 2024 but rebound by 22.5% in 2025 [3][14]. - The company’s gross margin is projected to improve from 10.2% in 2024 to 20.5% by 2027, reflecting enhanced operational efficiency and cost management [3][14]. - The company’s market capitalization stands at HKD 53.54 billion, with a price-to-earnings ratio estimated at 21.1 for 2023, increasing to 117.5 in 2024 before stabilizing [4][3]. Operational Performance - The company’s production capacity utilization remains high, with a 12-inch capacity utilization rate of 100.9% and an 8-inch capacity utilization rate of 105.8% as of Q4 2024 [6]. - The company is accelerating the ramp-up of its new 12-inch production capacity in Wuxi, expected to reach a monthly capacity of 40,000 wafers by mid-2025 and 83,000 wafers by mid-2026 [6]. Shareholder Information - Major shareholders include Huahong Group (20.25%), Huaxin Investment (13.22%), and Shanghai United Investment (11.01%) [4].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 36.00, representing a potential upside of 15.6% from the current price of HKD 31.15 [4]. Core Views - The company is expected to improve operational efficiency driven by new capacity, leading to both volume and price increases. The overall wafer average selling price (ASP) is projected to rise by 8% year-on-year in 2025, despite anticipated price competition in the mature process segment [6][4]. - The report anticipates a gradual recovery in financial performance, with revenue forecasts for 2025-2027 set at USD 2.45 billion, USD 2.96 billion, and USD 3.44 billion respectively, alongside net profits of USD 113.72 million, USD 279.54 million, and USD 382.16 million [6][4]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of USD 2.29 billion, with a gross margin of 21.3% and a net profit of USD 280.03 million. The revenue is expected to decline by 7.7% in 2024, followed by a recovery with a projected growth of 22.5% in 2025 [3][15]. - The gross margin is forecasted to improve from 10.2% in 2024 to 20.5% by 2027, reflecting operational improvements and cost management [3][15]. - The company’s earnings per share (EPS) is projected to increase from USD 0.03 in 2024 to USD 0.22 in 2027, indicating a significant recovery in profitability [3][15]. Operational Insights - The company is focusing on optimizing its order structure to address differentiated demand across various segments, including embedded storage and power management [6]. - The production capacity utilization remains high, with a 12-inch capacity utilization rate of 100.9% and an 8-inch capacity utilization rate of 105.8% as of Q4 2024 [6]. - The company plans to accelerate the ramp-up of its new 12-inch capacity in Wuxi, aiming for a monthly capacity of 40,000 wafers by mid-2025 [6]. Market Position - The company is strategically positioned to capture demand from overseas manufacturers, including STMicroelectronics and Infineon, as they expand their operations in China [6]. - The report highlights the potential asset quality improvement and capacity increase following the planned injection of Shanghai Huahong Microelectronics into the company [6].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 486.4, indicating a potential upside of 32.3% from the current price of HKD 365.6 [4][6]. Core Insights - The launch of the "Tian Shen Zhi Yan" advanced driving system aims to democratize intelligent driving technology, making it accessible to a broader consumer base [2]. - The company is projected to achieve record sales of 4.25 million new energy passenger vehicles in 2024, representing a year-on-year increase of 41% [3]. - The company’s market share in the new energy vehicle sector is expected to stabilize at 35% in 2025, despite increased competition from hybrid models [3]. Financial Summary - Revenue is forecasted to grow from RMB 602.3 billion in 2023 to RMB 1,216.6 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 34.2% [5][7]. - Net profit is expected to increase from RMB 30.0 billion in 2023 to RMB 65.4 billion in 2026, with a net profit margin projected to improve gradually [5][7]. - Earnings per share (EPS) is anticipated to rise from HKD 10.3 in 2023 to HKD 22.5 in 2026, indicating strong profitability growth [5][7]. Sales and Market Position - The company’s high-end brands, including Tengshi and Fangchengbao, are expected to contribute significantly to overall sales, with a projected total of 188,000 units sold in 2024 [3]. - The overall new energy vehicle market in China is expected to reach 10.9 million units in 2024, with the company maintaining a leading position despite a slight decline in market share [3]. Strategic Developments - The introduction of the "Tian Shen Zhi Yan" system across various models is expected to enhance the company's competitive edge and drive industry-wide adoption of intelligent driving technologies [4]. - The company plans to launch a new generation of pure electric platforms and related technologies in 2025, which is anticipated to further boost profitability and market presence [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Insights - The company has launched a share incentive plan to attract and retain core talent, reflecting confidence in long-term development. The overseas store expansion is progressing smoothly, with sales in various domestic locations performing well. The profit forecast for 2024-2026 has been raised, with expected net profits of 1.303 billion, 2.302 billion, and 3.230 billion yuan respectively, corresponding to EPS of 7.74, 13.67, and 19.18 yuan. The current stock price corresponds to P/E ratios of 55.2, 31.2, and 22.3 times for the respective years [4][5]. Financial Summary and Valuation Metrics - Revenue is projected to grow significantly from 1.294 billion yuan in 2022 to 7.886 billion yuan in 2024, representing a year-on-year growth of 148.0%. By 2026, revenue is expected to reach 17.452 billion yuan, with a growth rate of 38.2% [8]. - Net profit is forecasted to increase from 95 million yuan in 2022 to 1.303 billion yuan in 2024, with a year-on-year growth of 213.0%. By 2026, net profit is expected to be 3.230 billion yuan, reflecting a growth rate of 40.3% [8]. - The gross margin is expected to remain stable at around 41.6% from 2024 to 2026, while the net margin is projected to improve from 16.5% in 2024 to 18.5% in 2026 [8]. - Return on equity (ROE) is anticipated to rise from 21.3% in 2024 to 29.4% in 2026 [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Insights - The company has launched a share incentive plan to attract and retain core talent, reflecting confidence in long-term development. The overseas store expansion is progressing smoothly, with sales in various domestic locations performing well. The profit forecast for 2024-2026 has been raised, with expected net profits of 1.303 billion, 2.302 billion, and 3.230 billion yuan respectively, corresponding to EPS of 7.74, 13.67, and 19.18 yuan. The current stock price corresponds to P/E ratios of 55.2, 31.2, and 22.3 times for the respective years [4][5]. Financial Summary and Valuation Metrics - Revenue is projected to grow significantly from 1.294 billion yuan in 2022 to 17.452 billion yuan in 2026, with year-on-year growth rates of 2.3%, 145.7%, 148.0%, 60.1%, and 38.2% respectively [8]. - Net profit is expected to increase from 95 million yuan in 2022 to 3.230 billion yuan in 2026, with year-on-year growth rates of -16.5%, 340.4%, 213.0%, 76.7%, and 40.3% respectively [8]. - The gross margin is projected to remain stable at around 41.6%, while the net margin is expected to improve from 7.3% in 2022 to 18.5% in 2026 [8]. - Return on equity (ROE) is forecasted to rise from 10.9% in 2022 to 29.4% in 2026 [8]. - The diluted EPS is expected to grow from 0.69 yuan in 2022 to 19.18 yuan in 2026, with corresponding P/E ratios decreasing from 619.0 to 22.3 times [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company's same-store sales decline has narrowed, and store costs continue to optimize. The core operating profit for Q4 2024 exceeded expectations, with guidance for 2025 indicating that the core operating profit margin will remain at least flat or show positive year-on-year growth. The company maintains a robust shareholder return budget, which serves as a safety net for dividends [4]. - The company plans to open 1,600 to 1,800 new stores in 2025, with a total of 16,395 stores by the end of 2024, including 11,648 KFC and 3,724 Pizza Hut locations [5][4]. - The company reported Q4 2024 revenue of $2.6 billion, a year-on-year increase of 4%, and a net profit of $115 million, up 18% year-on-year. The core operating profit was $150 million, reflecting a 35% increase, driven by a decrease in personnel costs, property rents, and other operating costs [4]. Financial Projections - The company expects revenues of $11.84 billion, $12.71 billion, and $13.63 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 4.7%, 7.4%, and 7.2% [6]. - The projected net profit for the same years is $976 million, $1.056 billion, and $1.139 billion, with growth rates of 7.1%, 8.2%, and 7.8% [6]. - The earnings per share (EPS) are forecasted to be $2.58, $2.87, and $3.18 for 2025, 2026, and 2027, respectively [6]. Operational Performance - KFC and Pizza Hut's restaurant operating profit margins for Q4 2024 were 13.3% and 9.3%, respectively, showing year-on-year increases of 1.3 and 2.0 percentage points [4]. - The same-store sales decline for KFC was 1% in Q4 2024, with transaction volume increasing by 3% and average ticket size decreasing by 4%. For Pizza Hut, the same-store sales decline was 2%, with transaction volume up 9% and average ticket size down 10% [4]. Shareholder Returns - The company returned $248 million to shareholders in Q4 2024, with a total of $1.5 billion for the year. The quarterly dividend increased by 50% to $0.24 per share, which will continue into 2025 [4].

三生制药（1530.HK） 开展双抗 ADC 联用研究，研发矩阵储备丰富 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6859.4 | 7815.9 | 8863.3 | 9988.9 | 11407.3 | | 增长率 yoy（%） | 7.5 | 13.9 | 13.4 | 12.7 | 14.2 | | 归母净利润（百万元） | 1914.9 | 1549.2 | 2004.9 | 2212.3 | 2475.7 | | 增长率 yoy（%） | 16.0 | -19.1 | 29.4 | 10.3 | 11.9 | | ROE（%） | 14.8 | 11.0 | 12.7 | 12.4 | 12.4 | | EPS 最新摊薄（元） | 0.8 | 0.6 | 0.8 | 0.9 | 1.0 | | P/E（倍） | 7.1 | 8.8 | 6.8 | 6.2 | 5.5 | | P/B（倍） | 1.1 | 1.0 | 0.9 | 0.8 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company's same-store sales decline has narrowed, and store costs continue to optimize. The core operating profit for Q4 2024 exceeded expectations, with guidance for 2025 indicating that the core operating profit margin will remain at least flat or show positive year-on-year growth. The company maintains a robust shareholder return budget, providing a safety net for dividends [4]. - The company plans to open 1,600 to 1,800 new stores in 2025, with a total of 16,395 stores by the end of 2024, including 11,648 KFC and 3,724 Pizza Hut locations [5][4]. Financial Performance Summary - For Q4 2024, the company achieved revenue of $2.6 billion, a year-on-year increase of 4%. The net profit attributable to shareholders was $115 million, up 18% year-on-year, and core operating profit was $150 million, up 35% year-on-year [4]. - The company expects revenues of $11.84 billion, $12.71 billion, and $13.63 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth of 4.7%, 7.4%, and 7.2%. The net profit attributable to shareholders is projected to be $976 million, $1.06 billion, and $1.14 billion for the same years, with growth rates of 7.1%, 8.2%, and 7.8% [6][4]. - The company’s earnings per share (EPS) are forecasted to be $2.58, $2.87, and $3.18 for 2025, 2026, and 2027, respectively [6]. Shareholder Returns - The company has maintained strong dividend and buyback efforts, with a total shareholder return of $1.5 billion for the year and a 50% increase in quarterly dividends to $0.24 per share for Q4 2024, which will continue into 2025 [4]. - The total shareholder return plan for 2025 and 2026 remains at $3 billion, representing 8.3% of the market capitalization of HKD 1,404 billion [4]. Store Performance - The operating profit margins for KFC and Pizza Hut in Q4 2024 were 13.3% and 9.3%, respectively, showing year-on-year increases of 1.3 and 2.0 percentage points [4]. - Same-store sales for KFC declined by 1% in Q4 2024, while Pizza Hut's same-store sales declined by 2%. However, transaction volumes increased by 3% and 9% for KFC and Pizza Hut, respectively [4].

Investment Rating - The report does not explicitly state an investment rating for HSBC Holdings PLC (5 HK) [1]. Core Insights - HSBC Holdings PLC reported a revenue decline of 11.2% year-on-year, which was below the consensus forecast of -1.9%. The main reason for this decline was a significant drop in non-interest income, which fell by 37.1% year-on-year, contrasting with a consensus expectation of a 12.1% increase. Net interest income decreased by 1.2%, but this was better than the expected decline of 9.9% [3][4][6]. - The cost-to-income ratio increased by 1.7 percentage points to 50.2%, which was better than the consensus estimate of 53.7%. The net profit attributable to common shareholders turned positive at $197 million, although this was below the consensus estimate of $597 million [3][4][6]. - Customer loans increased by 0.2% year-on-year, which was below the expected growth of 1.9%. Total deposits rose by 2.7%, exceeding the Bloomberg consensus estimate of 2.1% [3][4][6]. - The total provision for credit losses was $1.362 billion, up 32.1% year-on-year, which was higher than the consensus estimate of $895 million, which anticipated a decrease of 13.2% [3][4][6]. - The Common Equity Tier 1 (CET1) capital ratio increased by 0.1 percentage points to 14.9%, slightly below the expected 15.0%. The return on equity (ROE) for FY24 decreased by 0.7 percentage points to 13.6%, which was above the consensus estimate of 13.4% [3][4][6]. Summary by Relevant Sections Revenue and Profit - Revenue for Q4 2024 was $11.564 billion, down 11.2% year-on-year, compared to a consensus estimate of -1.9%. Non-interest income was particularly weak, falling 37.1% year-on-year [3][4][6]. Business Segment Performance - Wealth and Personal Banking revenue grew by 59.6%, exceeding the expected 50.2%. Commercial Banking revenue increased by 1.3%, surpassing the forecast of a 1.6% decline. Global Banking and Markets revenue rose by 17.4%, better than the expected 9.0% [3][4][6]. Asset Quality and Provisions - The non-performing loan (NPL) ratio decreased to 2.18%, better than the expected 2.39%. The total provision for credit losses was significantly higher than anticipated, indicating a cautious approach to asset quality [3][4][6]. Capital Adequacy and Returns - The CET1 ratio was reported at 14.9%, slightly below expectations, while the ROE was better than consensus, indicating a relatively strong capital position despite the challenges faced [3][4][6].

Investment Rating - The report assigns a "Buy" rating for Jiufang Zhitu Holdings (09636.HK) for the first time [8]. Core Views - Jiufang Zhitu Holdings is positioned to leverage the growth of the A-share market and AI technology to expand its business, with a strong focus on online investment advisory services [8]. - The company has a stable shareholding structure and a management team with extensive experience in finance and investment advisory, which enhances operational efficiency [8]. - The company has shown robust revenue growth, with a five-year CAGR of 48% from 2019 to 2023, driven by online investment education and financial software services [8]. - The market for online high-end investment education services is expected to grow significantly, with Jiufang Zhitu holding a leading market share of 13.8% in the securities investment consulting industry [8]. Summary by Sections 1. Strategic Development and Steady Growth - Jiufang Zhitu Holdings has established itself as a leader in online investment advisory services, having obtained its securities investment advisory qualification in 1998 [16]. - The company underwent a strategic transformation and business expansion after being acquired by Silver Lake Holdings in 2017, leading to its listing on the Hong Kong Stock Exchange in 2023 [16]. - The company focuses on providing comprehensive investment advisory services, including investment strategies and risk management [16]. 2. Market Outlook and Growth Potential - The rapid growth of personal financial assets in China has led to an increasing demand for online investment advisory services [36]. - The market for online investment decision-making solutions is projected to grow from 198 billion yuan in 2017 to 872 billion yuan by 2026, with Jiufang Zhitu positioned to capture a larger market share [36]. - The number of personal investors in China has increased significantly, creating a larger customer base for online investment services [36]. 3. Technology-Driven Product Development - Jiufang Zhitu is enhancing its product matrix through technology, including the integration of AI in its services [48]. - The company has established a media flow pool to attract customers through various channels, including traditional media and internet platforms [48]. - The company is focusing on developing lightweight products to penetrate lower-tier markets and expand its customer base [48]. 4. Financial Performance and Valuation - The company's revenue is expected to grow significantly, with projected net profits of 270 million yuan in 2024, 961 million yuan in 2025, and 1.263 billion yuan in 2026 [8]. - The report forecasts a strong recovery in the company's performance starting from the third quarter of 2024, driven by favorable market conditions [8]. - Jiufang Zhitu's P/E ratio is projected to decrease from 41.68 in 2024 to 8.92 in 2026, indicating an attractive valuation for investors [8].