Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1] Core Views - Geely Automobile is positioned to enter a new growth phase in the smart electric vehicle era, with its technology foundation and brand structure ready for expansion [7][40] - The company aims to achieve a sales target of 1 million units by 2025, supported by the launch of new models and a focus on resource integration [7][40] Summary by Sections Strategic Focus - The "Taizhou Declaration" marks a new strategic phase for Geely, emphasizing resource integration and optimization of business structures [10][14] - The company plans to enhance its competitive edge through a three-pronged transformation strategy: organizational culture, competitiveness, and management model [18] Galaxy Division - Geely aims to align with industry leaders and achieve significant scale by 2025, focusing on the mainstream new energy market [23][31] - The company has faced challenges in its transition to new energy vehicles, particularly in the plug-in hybrid segment, but is now positioned for a scale effect [23][31] Zeekr & Lynk & Co - The integration of Zeekr and Lynk & Co is aimed at enhancing brand positioning and resource sharing, with a focus on high-end luxury electric vehicles [19][21] - Both brands are expected to see significant sales growth, entering a critical period for profitability [19][21] Technology and Innovation - Geely has developed a comprehensive AI technology system for smart vehicles, with plans to enhance self-driving capabilities by 2025 [4][21] - The company is advancing its hybrid technology, with the EM-I system expected to compete effectively against rivals like BYD [32][36] Financial Projections and Investment Recommendations - The report revises profit forecasts for Geely, projecting net profits of 16.013 billion, 14.046 billion, and 18.838 billion for 2024, 2025, and 2026 respectively [4][7] - The company is expected to enter a new growth cycle as new models are launched, maintaining a "Buy" rating [7][40]

Investment Rating - The report does not provide a specific investment rating for the company [11] Core Insights - The company is expected to see a significant revenue increase of over 50% year-on-year in FY24, reaching approximately 1.6 billion RMB, primarily driven by the launch of conventional and flexible direct current transmission projects [1] - The power transmission and distribution business is the main revenue contributor, accounting for about 55% of total revenue [1] - The company anticipates a net profit of around 100 million RMB in 2024, representing a year-on-year growth of over 200% [3] - The company aims for a revenue target of 2 billion RMB in 2025, reflecting a 25% year-on-year increase [3] Financial Summary - FY23 revenue was 1.055 billion RMB, with a growth rate of 14.9% compared to FY22 [5] - The company achieved a net profit of 31.5 million RMB in FY23, with a growth rate of 31.5% [5] - The projected P/E ratio for 2024 is approximately 20.7 times, compared to 34.5 times for a domestic peer [3] - The company’s gross profit margin improved to 31.8% in FY23 from 28.5% in FY22 [9] Business Segments - The IGBT business achieved sales revenue of 81 million RMB in 2023, marking a year-on-year increase of 105% [2] - The company expects its self-developed power semiconductor business to generate approximately 150 million RMB in revenue by 2025, accounting for 7.5% of total revenue [2] - The company holds a near 100% market share in the anode saturation reactor segment and over 10% in the power capacitor market [1]

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - The report highlights that the new gaming cycle and the commercialization of the WeChat ecosystem are expected to continue driving growth. The integration of AI models like DeepSeek into WeChat is anticipated to enhance user experience and open up new monetization avenues [4][6] - The company is projected to achieve net profits of 193 billion, 217 billion, and 236 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 21.0, 23.6, and 25.7 CNY. The current stock price corresponds to PE ratios of 21.9, 19.5, and 17.9 for the same years [4][7] Financial Summary and Valuation Metrics - Revenue for 2022 was 554,552 million CNY, with a projected increase to 659,038 million CNY in 2024, reflecting a year-over-year growth of 8.2% [7] - Net profit for 2022 was 188,243 million CNY, with a significant recovery expected in 2024 to 192,984 million CNY, representing a year-over-year growth of 67.5% [7] - Gross margin is expected to improve from 48.1% in 2023 to 54.4% by 2026, indicating enhanced profitability [7] - The report notes that the WeChat ecosystem's monetization efficiency is continuously improving, with the GMV of WeChat small stores expected to be 1.92 times that of 2023 by the end of 2024 [6]

证券研究报告·海外公司点评·商贸零售 老铺黄金（06181.HK） 公司发布股权激励计划，春节销售旺引领市 场热度 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1294 | 3180 | 7147 | 11848 | 15923 | | 同比(%) | 2.34 | 145.67 | 124.78 | 65.77 | 34.40 | | 归母净利润（百万元） | 94.53 | 416.30 | 1,225.65 | 2,157.31 | 3,030.42 | | 同比(%) | (16.99) | 340.40 | 194.41 | 76.01 | 40.47 | | EPS-最新摊薄（元/股） | 0.56 | 2.47 | 7.28 | 12.81 | 18.00 | | P/E（现价&最新摊薄） | 751.74 | 170.70 | 57.98 | 32.94 | 23.45 | [Table_Ta ...

Investment Rating - The report maintains a BUY rating for Meidong Auto, with a target price of HK$2.80, indicating an upside potential of 28.4% from the current price of HK$2.18 [3][9]. Core Insights - Meidong's core earnings for 2H24E are projected to remain stable quarter-on-quarter, with profit improvements expected from BMW and Lexus, potentially offset by Porsche's declining profits [1][9]. - The report highlights rising impairment risks in 2H24E due to Porsche's worsening profit, with an estimated impairment loss of RMB1.3 billion for FY24E [1][9]. - The FY25E net profit estimate has been revised upward by 7% to RMB408 million, reflecting a more positive outlook for Porsche dealers and reduced interest expenses following the redemption of convertible bonds [1][9]. Financial Summary - Revenue for FY24E is projected at RMB21,859 million, a decline of 23.4% year-on-year, while FY25E revenue is expected to be RMB20,968 million, a further decline of 4.1% [2][11]. - Net profit for FY24E is expected to be a loss of RMB1,105 million, with a recovery to RMB408 million in FY25E, representing a significant turnaround [2][11]. - The report anticipates a gross margin of 7.3% for FY24E, with an improvement to 8.3% in FY25E [11][12]. Earnings Projections - New-car sales volume is expected to rise by 12% quarter-on-quarter in 2H24E, contributing to a 6% increase in new-car revenue [1][9]. - The overall gross margin is projected to narrow by 0.5 percentage points to 7.1% in 2H24E, resulting in a gross profit of RMB792 million [1][10]. - The report estimates a net loss of RMB1.1 billion for 2H24E, but a net profit excluding impairment of RMB70 million is anticipated [1][10]. Share Performance - The stock has shown a 1.4% increase over the past month, but a decline of 13.1% over the past three months [5]. - The market capitalization of Meidong Auto is approximately HK$2,934.8 million [3]. Shareholding Structure - Apex Sail Limited holds a significant 52.3% stake in Meidong Auto, indicating concentrated ownership [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations, with non-gaming activities continuing to diversify [6] - The company achieved a total revenue of 9.3 billion USD in Q4 2024, recovering to 74.7% of the level seen in Q4 2019 [6] - The company is actively enhancing its market share through new initiatives and facilities to attract high-end customers [6] Financial Forecasts and Valuation - Total revenue projections for 2023A, 2024E, 2025E, and 2026E are 24,268.1 million HKD, 28,737.3 million HKD, 31,039.3 million HKD, and 32,661.4 million HKD respectively, with year-on-year growth rates of 330%, 18.4%, 8.0%, and 5.2% [1][7] - Adjusted property EBITDA forecasts for the same years are 7,467 million HKD, 8,995 million HKD, 9,587 million HKD, and 10,018 million HKD, with corresponding growth rates of 20.5%, 6.6%, and 4.5% [1][7] - The target price is set at 8.2 HKD, with the current stock price corresponding to 7.5x, 7.0x, and 6.7x EV/adjusted property EBITDA for 2024E, 2025E, and 2026E respectively [6][7] Operational Performance - The company reported a net gaming revenue of 7.7 billion USD and a non-gaming revenue of 1.6 billion USD in Q4 2024, with quarter-on-quarter growth of 7.1% and 2.8% respectively [6] - The adjusted property EBITDAR for Q4 2024 was 2.9 billion USD, exceeding Bloomberg consensus estimates by 6.2% [6] - The company’s profit margin improved, with an adjusted property EBITDAR margin of 31.6%, reflecting effective cost control measures [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its robust operational performance and expansion plans in lower-tier cities [5][8]. Core Insights - The company is positioned as a leading player in the Western fast-food sector in China, with a strong brand presence through its subsidiaries, including KFC and Pizza Hut. It aims to expand its store count to 20,000 by 2026, focusing on lower-tier cities to capture market share [7][10]. - The company has demonstrated strong operational cash flow and is committed to enhancing shareholder returns, with a target of $4.5 billion in shareholder returns from 2024 to 2026 [7][35]. - The report highlights the company's strategic focus on expanding its KFC and Pizza Hut brands, leveraging their established market presence and adapting to consumer preferences in lower-tier cities [10][30]. Summary by Sections Company Overview - The company, Yum China, has a rich history, being the first foreign fast-food brand to enter the Chinese market with KFC in 1987 and Pizza Hut in 1990. It operates multiple brands, including Taco Bell and Lavazza, and has a significant number of stores across various cities [19][21]. - The governance structure is market-oriented, with major shareholders being institutional investors, ensuring a clear and professional management approach [24][25]. Industry Analysis - The Western fast-food industry in China is characterized by high chain rates and market concentration, with significant growth potential in lower-tier cities. The market size is projected to reach 330 billion yuan by 2025 [42][44]. - Consumer preferences are shifting towards affordable dining options, with a notable increase in the frequency of visits to fast-food outlets, particularly in lower-tier cities [48][52]. Financial Forecast and Valuation - The company is expected to achieve revenues of $11.99 billion in 2025, with a projected net profit of $959.51 million, reflecting a growth rate of 5.3% [6][8]. - The current price-to-earnings (P/E) ratio is lower than that of comparable companies, indicating potential for valuation upside as the company expands its footprint in the fast-food sector [8][10].

Investment Rating - The report assigns an initial investment rating of "Buy" for Xiaomi Group-W (01810) with a target price of 41.7 HKD, while the current price is 44.7 HKD [4]. Core Insights - The report highlights that Xiaomi's high-end strategy is evolving from single product categories to an ecosystem approach, leveraging its efficiency to enhance user experience and achieve scale [1][2]. - The automotive sector is identified as a key long-term growth driver for Xiaomi, with expectations for significant growth in the coming years [2][3]. - The emergence of a new AI era is seen as a pivotal moment for Xiaomi, with its AIOT ecosystem positioned to capitalize on this trend [2][3]. Summary by Sections 1. Business Upgrades and Organizational Structure - Xiaomi has undergone three significant upgrades, strategically positioning itself to target the global automotive market [12]. - The organizational structure has been enhanced to support business expansion, with a mix of internal promotions and external hires [14]. 2. Revenue Breakdown and Market Position - In 2023, Xiaomi's total revenue reached 271 billion RMB, with smartphones contributing approximately 60% and IoT and lifestyle products accounting for about 30% [17]. - The smartphone market is experiencing a recovery, with Xiaomi maintaining a strong position among the top three global smartphone manufacturers [19]. 3. Automotive Business - The automotive sector is viewed as a critical source of long-term flexibility for Xiaomi, with expectations for significant sales growth in the coming years [2][41]. - The SU7 model has shown strong sales performance, indicating a successful entry into the automotive market [42]. 4. AIOT and Ecosystem Development - Xiaomi's AIOT business is transitioning into a 2.0 era, focusing on enhancing technological attributes and user experience [30][32]. - The integration of AI capabilities across devices is expected to strengthen Xiaomi's ecosystem and user engagement [47]. 5. Future Outlook - The report anticipates that Xiaomi will continue to benefit from its brand upgrade and accelerated international expansion, projecting total revenue growth to 353.4 billion RMB by 2024 [3]. - The company's strategy to embrace high-value users, particularly from the Apple ecosystem, is expected to enhance its market position [55].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 26.4 to 27.5 billion yuan in 2024, representing a year-on-year increase of 140% to 150%, exceeding market consensus expectations [2] Summary by Relevant Sections Mobile Segment - The company anticipates a shipment of 1.32 billion mobile camera lenses in 2024, a year-on-year increase of 13.1%. The average selling price (ASP) and gross margin are expected to improve due to the high-end product strategy, with a gross margin of around 20% for mobile lenses [3] - The shipment of mobile camera modules is projected to be 530 million units, a decrease of 5.9% year-on-year. The gross margin for mobile modules is expected to be between 6% to 8% in the first half of 2024, with an annual target of 6% to 10% [3] Automotive Segment - The company expects to ship 100 million vehicle-mounted lenses in 2024, a year-on-year increase of 12.7%. The gross margin for this segment is stable at around 40% [4] - The company is well-positioned to benefit from the penetration of intelligent driving systems in vehicles, as major manufacturers are integrating these features into more affordable models [4] Financial Forecasts - The company's projected net profits for 2024, 2025, and 2026 have been revised upwards to 26.9 billion, 33.2 billion, and 42.4 billion yuan respectively. The corresponding price-to-earnings (P/E) ratios are 35.6, 28.8, and 22.6 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of RMB 2.64-2.75 billion in 2024, representing a year-on-year increase of 140% to 150%, exceeding market consensus expectations [2] Summary by Relevant Sections Mobile Segment - The company anticipates a shipment of 1.32 billion mobile camera lenses in 2024, a year-on-year increase of 13.1%. The average selling price (ASP) is expected to grow over 20% due to product structure improvements, with the gross margin for mobile lenses reaching around 20% [3] - The shipment of mobile camera modules is projected to be 530 million units, a decrease of 5.9% year-on-year. The gross margin for mobile modules is expected to improve to 6-10% for the year [3] Automotive Segment - The company forecasts a shipment of 100 million automotive lenses in 2024, a year-on-year increase of 12.7%. The gross margin for automotive products is expected to remain stable at around 40% [4] - The company is well-positioned to benefit from the penetration of intelligent driving solutions in the automotive sector, which is expected to enhance its profitability [4] Financial Forecasts - The company's projected net profits for 2024, 2025, and 2026 have been revised upwards to RMB 2.69 billion, RMB 3.32 billion, and RMB 4.24 billion, respectively. The latest closing price corresponds to a price-to-earnings (P/E) ratio of 35.6, 28.8, and 22.6 times for the respective years [4]