Investment Rating - The report maintains a "Buy" rating for AAC Tech, with a target price raised to HK$53.48, corresponding to a P/E ratio of 25.2 times FY25 earnings [1][4][19]. Core Insights - AAC Tech is expected to see a significant net profit increase of 130-145% year-on-year for FY24, reaching between RMB 17 billion and 18.2 billion, driven by the recovery in the global smartphone market and product upgrades across various segments [1][2]. - The company is projected to benefit from trends such as AI and foldable smartphones, as well as new orders in automotive audio systems from major clients like Xiaomi and Huawei [1][3][4]. - The report anticipates a revenue growth of over 10% in FY25, with a gross profit margin (GPM) target of 22-25% [3][4]. Summary by Sections Financial Performance - FY22 revenue was RMB 20.625 billion, with a 16.7% year-on-year growth, while FY23 revenue slightly declined by 1% to RMB 20.419 billion. For FY24, revenue is expected to increase by 35.2% to RMB 27.613 billion, followed by FY25 and FY26 with projected revenues of RMB 31.383 billion and RMB 34.183 billion respectively [5][23]. - Net profit for FY22 was RMB 821.3 million, which decreased by 37.6% year-on-year. In FY24, net profit is expected to rebound significantly to RMB 1.776 billion, with further growth to RMB 2.273 billion in FY25 and RMB 2.751 billion in FY26 [5][23]. Earnings Estimates - The report revises FY24-26 earnings per share (EPS) estimates upward by 1-4%, reflecting improvements in optical, acoustic, and MEMS sectors [1][19]. - The new EPS estimates for FY24, FY25, and FY26 are RMB 1.51, RMB 1.93, and RMB 2.34 respectively, with corresponding P/E ratios of 28.9, 22.6, and 18.7 [5][19]. Market Position and Catalysts - AAC Tech is positioned to capitalize on the launch of AI and foldable smartphones, new AI smart glasses, and automotive audio orders, which are expected to drive future growth [1][4][19]. - The report highlights the importance of product upgrades in various segments, including acoustic, MEMS, thermal management, and optical, as key growth drivers [1][3][4].

Investment Rating - The report maintains a "BUY" rating for AAC Tech, with a target price raised to HK$53.48, implying a 14.9% upside from the current price of HK$46.55 [1][3][15]. Core Insights - AAC Tech is expected to experience significant earnings growth of 130-145% YoY for FY24, driven by a recovery in the global smartphone market, specification upgrades across various segments, and improved operational efficiency [1][8]. - The company is projected to benefit from trends in AI and foldable phones, as well as new product launches such as AI smart glasses and auto acoustics orders [1][8]. - The report anticipates continued earnings growth of 28% and 21% for FY25 and FY26, respectively, supported by a favorable product mix and margin improvements [1][8]. Financial Summary - Revenue is expected to grow from RMB 20,419 million in FY23 to RMB 27,613 million in FY24, representing a 35.2% YoY increase [2][21]. - Net profit is projected to rise from RMB 740.4 million in FY23 to RMB 1,776.3 million in FY24, reflecting a 139.9% YoY growth [2][21]. - The report revises FY24-26E EPS forecasts upward by 1-4% due to anticipated specification upgrades and margin improvements [1][9][15]. Revenue Breakdown - For FY24, revenue from acoustics is expected to be RMB 8,680 million, while PSS (Power Supply Solutions) is projected at RMB 3,125 million [13]. - The revenue mix indicates that acoustics will account for approximately 31% of total revenue in FY25, with PSS contributing around 11% [13]. Valuation - The new target price of HK$53.48 is based on a sum-of-the-parts (SOTP) valuation, reflecting different growth profiles across business segments [15][16]. - The target price implies a P/E ratio of 25.2x for FY25E, aligning with industry peers [15][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][12]. Core Insights - The core insight indicates that the demand for core products has bottomed out, and cost reduction and efficiency improvements are expected to drive margin recovery. The revenue for 2025 is projected to be $2.2 billion, representing an 11% year-over-year growth, driven by new customer integrations and a bottoming out of power products. The gross margin is anticipated to improve to 12.1% due to cost reduction strategies [4][5]. Financial Summary and Valuation Metrics - The financial summary shows the following projections: - Revenue (in million USD): 2023A: 2,286, 2024A: 2,004, 2025E: 2,233, 2026E: 2,708, 2027E: 3,344 - Year-over-Year Growth (YOY%): 2025E: 11.4%, 2026E: 21.3%, 2027E: 23.5% - Net Profit (in million USD): 2025E: 94, 2026E: 122, 2027E: 146 - Gross Margin (%): 2025E: 12.1%, 2026E: 11.9%, 2027E: 12.3% - P/E Ratios: 2025E: 53.1, 2026E: 40.8, 2027E: 34.2 - P/B Ratios: 2025E: 0.8, 2026E: 0.8, 2027E: 0.9 [8][4]. Performance Guidance - The company has provided a revenue guidance for Q1 2025 of $5.3-5.5 billion, indicating a stable outlook. The gross margin guidance is set at 9%-11%, which is lower than market expectations due to depreciation from new plant capacity [6][5]. Market Position - The current stock price is HKD 26.3, with a market capitalization of HKD 452.01 billion. The stock has seen a 128.94% turnover rate over the past three months, indicating active trading [4]. Future Profit Projections - The net profit forecasts for 2025, 2026, and 2027 are $0.9 million, $1.2 million, and $1.5 million respectively, reflecting a growth of 62%, 30%, and 19% year-over-year [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding market benchmarks by more than 15% over the next 6-12 months [15]. Core Insights - The company is expected to achieve a net profit of RMB 26.39-27.49 billion for 2024, representing a year-on-year growth of 140%-150% compared to RMB 10.99 billion in 2023, slightly exceeding market expectations [1]. - Key growth drivers include the recovery of the global smartphone market, which is expected to boost the average selling price (ASP) and gross margin of mobile camera modules, alongside strong demand for automotive lenses driven by the rise of intelligent driving technologies [1][3]. - The company anticipates a continued upward trend in mobile optics specifications and a stable competitive landscape in the industry, leading to further improvements in profitability for mobile camera modules and lenses in 2025 [2][3]. Summary by Sections Financial Performance - The company forecasts a revenue increase from RMB 31.68 billion in 2023 to RMB 37.30 billion in 2024, reflecting a growth rate of 17.7% [4]. - Net profit is projected to rise from RMB 1.10 billion in 2023 to RMB 2.69 billion in 2024, with an EPS increase from RMB 1.01 to RMB 2.45 [4][9]. Market Dynamics - The smartphone camera module and lens shipments are expected to diverge, with lens shipments projected to grow by 13.1% to 1.32 billion units in 2024, while camera module shipments are expected to decline by 5.9% to 534 million units [2]. - The company is focusing on high-end products, which is anticipated to enhance the ASP of mobile camera modules and improve profitability [2]. Automotive Sector - The automotive lens shipments are projected to reach 102 million units in 2024, marking a 12.7% increase, aligning with the company's guidance [3]. - The introduction of intelligent driving technologies by major automotive players is expected to drive demand for automotive lenses, benefiting the company as a leading supplier in this segment [3]. Profitability Forecast - The report revises the net profit forecasts for 2024, 2025, and 2026 upwards by 8%, 18%, and 29% respectively, reflecting the anticipated recovery in profitability driven by optical specification upgrades and intelligent driving trends [3].

Investment Rating - The report assigns an "Buy" rating for Ctrip Group-S (09961.HK) [6] Core Insights - The report highlights the significant growth potential in service consumption in China, with a shift from physical goods to services as income levels rise, indicating a large room for growth compared to developed countries [2][22] - The tourism market is experiencing a strong recovery, with increasing consumer willingness to spend on travel, particularly in cross-border tourism, which is expected to further elevate tourism consumption levels [2][28] - Ctrip's competitive positioning is strengthened by its early entry into the OTA market, extensive resource accumulation, and a robust global expansion strategy [3][4] Summary by Sections 1. Service Consumption Rise and Online Travel Growth Potential - The trend from physical to service consumption is evident, with service consumption in China still having significant growth potential compared to developed nations [2][22] - Domestic tourism is rebounding strongly, with 2024 domestic travel expected to reach 5.615 billion trips, a 14.8% increase year-on-year [28] - Cross-border travel is recovering, with 2024 seeing nearly 95 million outbound trips, a 52% increase from the previous year, indicating a strong demand for international travel [33][37] 2. Ctrip: Competitive Advantages and Product Strength - Ctrip has a first-mover advantage in the OTA market, with a comprehensive resource base and strong brand recognition [3][59] - The company is leveraging its technological capabilities to enhance user experience and product offerings, focusing on high-end market segments [3][64] - Ctrip's global strategy includes significant investments in overseas markets, particularly through its brands Trip.com and Skyscanner, which are gaining traction in the Asia-Pacific region [4][64] 3. Profit Forecast and Investment Recommendations - Ctrip is projected to achieve revenues of 528.5 billion, 609.49 billion, and 682.46 billion yuan from 2024 to 2026, with corresponding net profits of 166.53 billion, 181.65 billion, and 208.52 billion yuan [10][11] - The report anticipates a compound annual growth rate (CAGR) of 13.6% for the online travel market from 2023 to 2026, driven by increasing internet penetration and service consumption [56][58]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes that 2025 will be a year of high prosperity for the optical industry, driven by the upgrade of mobile phone optics, accelerated growth in automotive optical business, and the ramp-up of XR optics. The company is expected to see significant profit improvements in the second half of 2024, confirming the trend of mobile optical upgrades and breakthroughs with overseas major clients [5][6] - The forecast for net profit attributable to the parent company for 2024-2026 has been revised upwards to 2.7 billion, 3.7 billion, and 4.2 billion CNY, representing year-on-year growth of 146%, 37%, and 15% respectively [5] - The current stock price of 88.6 HKD corresponds to a PE ratio of 24.1 and 21.0 for 2025-2026 [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2024E: 37.941 billion CNY (YoY growth of 19.8%) - 2025E: 43.485 billion CNY (YoY growth of 14.6%) - 2026E: 48.584 billion CNY (YoY growth of 11.7%) [8] - Net profit projections are as follows: - 2024E: 2.7 billion CNY (YoY growth of 145.6%) - 2025E: 3.695 billion CNY (YoY growth of 36.8%) - 2026E: 4.236 billion CNY (YoY growth of 14.6%) [8] - The gross margin is expected to improve to 20.6% in 2025, with net margin at 8.5% and ROE at 12.8% [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 16.00 HKD [1][9]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 426-440 million USD in 2024, representing a year-on-year growth of 55-60%. This growth is driven by a significant increase in order demand for its manufacturing business, improved capacity utilization, and enhanced production efficiency [3][4]. - The manufacturing business is experiencing a steady increase in revenue, while the retail business continues to face challenges due to the consumer environment. The company anticipates a revenue increase of 9.7% year-on-year in Q4 2024, with a net profit margin projected to be between 4.5% and 5.1% [4][5]. - The company has a strong position in the global sports shoe manufacturing sector and is the second-largest sports goods retailer in China. Its vertical integration strategy allows it to effectively control the supply chain, with a diverse and loyal customer base [5][6]. Summary by Sections Financial Performance - The company forecasts a revenue of 8,187 million USD for 2024, with a growth rate of 4%. The net profit is expected to be 432 million USD, reflecting a growth rate of 57% [6]. - For the years 2025 and 2026, the projected revenues are 8,919 million USD and 9,594 million USD, respectively, with corresponding net profits of 503 million USD and 556 million USD [6]. Market Position - The company is positioned to benefit from a recovery in the retail environment, which is expected to provide additional growth opportunities. The manufacturing segment is anticipated to see robust growth due to improved order conditions and capacity release [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 16.00 HKD [1][9]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 426-440 million USD in 2024, representing a year-on-year growth of 55-60%. This growth is driven by a significant increase in order demand for manufacturing, improved capacity utilization, and enhanced production efficiency [3][4]. - The manufacturing business is experiencing a steady increase in revenue, while the retail business continues to face challenges due to the consumer environment. The company anticipates a revenue increase of 9.7% year-on-year in Q4 2024, with a net profit margin projected to be between 4.5% and 5.1% [4][5]. - The company has a strong position in the global sports shoe manufacturing sector and is the second-largest sports goods retailer in China. Its vertical integration allows for effective control over the supply chain, with a diverse and loyal customer base [5][6]. Summary by Sections Financial Performance - The company forecasts revenues of 8,187 million USD in 2024, with a growth rate of 4%. The net profit is expected to be 432 million USD, reflecting a 57% increase year-on-year [6]. - The diluted earnings per share are projected to be 0.27 USD in 2024, with a price-to-earnings (PE) ratio of 7.7 [6]. Business Segments - Manufacturing revenue is expected to grow steadily, with monthly revenue growth rates of 10.2%, 10.9%, and 11.1% observed [4]. - Retail revenue growth has been negative but shows signs of improvement, with a narrowing decline in monthly revenue [4][5]. Market Position - The company is well-positioned for long-term growth, with strong manufacturing barriers and an increasing market share anticipated [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The report emphasizes that 2025 will be a year of high prosperity for the optical industry, driven by the upgrade of mobile phone optics, accelerated growth in automotive optical business, and the ramp-up of XR optical products. The company is expected to see significant profit improvements in the second half of 2024, confirming the trend of mobile optical upgrades and breakthroughs with overseas major clients [5][6]. Financial Summary and Valuation Metrics - The company's projected net profit for 2024 is revised upwards to a range of 2.64-2.75 billion, representing a year-on-year growth of 140%-150%. The estimated gross margin for mobile modules in 2024 is around 8%, with an expected increase to approximately 9% in the second half of 2024 [5][8]. - Revenue projections for the company are as follows: - 2022: 33,197 million - 2023: 31,681 million - 2024: 37,941 million (19.8% YoY growth) - 2025: 43,485 million (14.6% YoY growth) - 2026: 48,584 million (11.7% YoY growth) [8]. - The net profit estimates for 2025 and 2026 are 3.695 billion and 4.236 billion respectively, with year-on-year growth rates of 36.8% and 14.6% [8]. - The projected P/E ratios for 2025 and 2026 are 24.1 and 21.0 respectively, indicating a favorable valuation outlook [8].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1] Core Views - Geely is positioned to enter a new growth phase in the smart electric vehicle era, with its technology foundation and brand structure ready for expansion as new models are launched [7][40] - The company aims to achieve a sales target of 1 million units by 2025, focusing on the integration of its brands and enhancing its product matrix [7][40] Summary by Sections Strategic Focus - The "Taizhou Declaration" marks a new strategic phase for Geely, emphasizing resource integration and efficient operations across its business segments [10][14] - The company plans to streamline its operations and clarify brand positioning to enhance resource utilization and reduce conflicts [10][14] Galaxy Division - Geely aims to align with industry leaders and achieve significant scale by 2025, focusing on the mainstream new energy market [7][23] - The company has faced challenges in its transition to new energy vehicles, particularly in the hybrid segment, but is now poised for a scale effect with new product launches [23][31] Zeekr & Lynk & Co - The integration of Zeekr and Lynk & Co is aimed at enhancing resource collaboration while maintaining distinct brand identities [19][21] - Both brands are expected to see significant sales growth, entering a critical period for profitability [7][19] Technological Advancements - Geely has developed a comprehensive AI technology system for smart vehicles, with plans to enhance self-driving capabilities by 2025 [7][21] - The company is advancing its hybrid technology, with the new EM-I system expected to compete effectively in the market [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, reinforcing the "Buy" rating [7][40]