Investment Rating - The report maintains a "Buy" rating for the company [8][11][12]. Core Insights - The new business value (NBV) growth shows resilience, with a projected increase of 14% year-on-year for 2025, despite adjustments in economic assumptions due to declining long-term interest rates in mainland China [2][8]. - A new share buyback plan of US$1.6 billion is expected to enhance shareholder returns to approximately 6% [7][8]. - The company's target price is adjusted to HKD 89.00, reflecting a potential upside of 43.1% from the current share price of HKD 62.20 [3][8]. Financial Performance - The company's market capitalization is approximately HKD 673.75 billion, with an average trading volume of HKD 2.09 billion in March [3]. - The NBV growth rates for various markets are as follows: Hong Kong +23%, mainland China +20%, Thailand +15%, Singapore +15%, Malaysia +10%, and other markets +18% [2]. - The operating profit after tax (OPAT) is projected to grow by 7% year-on-year to US$6.605 billion in 2024, with earnings per share (EPS) expected to reach US$0.60 [8][9]. Shareholder Returns - The total shareholder return rate is expected to reach 6% in 2025, combining dividends and share buybacks [7][8]. - The dividend per share is projected to increase by 10% year-on-year to US$1.31, with an annual dividend of US$1.75, reflecting a 9% increase [7][8]. Valuation Metrics - The company is currently trading at 1.12x FY25E P/EV, which is at the lower end of its historical valuation range [8][11]. - The adjusted target price corresponds to a FY25E P/EV of 1.60x, indicating significant upside potential [11][12].

Investment Rating - The report does not provide a specific investment rating for the company [6]. Core Insights - The company reported a significant increase in FY24 net profit attributable to shareholders, rising by 95.2% to 22.372 billion RMB, driven by higher product prices and lower raw material costs [1][4]. - The average selling prices for aluminum alloy products, alumina products, and aluminum alloy processing products increased by 6.6%, 33.6%, and 2.5% respectively, contributing to improved gross margins [1][8]. - The company has adopted an integrated business model that encompasses upstream, midstream, and downstream operations, ensuring stable production and profit margins [3]. - The dividend per share for FY24 was 1.61 HKD, with the payout ratio increasing from 56.0% in FY23 to 73.3% in FY24, resulting in an attractive dividend yield of 10.7% [4][5]. Summary by Sections Financial Performance - FY24 revenue reached 156.169 billion RMB, reflecting a growth rate of 16.9% compared to FY23 [5][8]. - The gross margin improved from 15.7% to 27.0%, supported by rising selling prices and declining raw material costs [1][8]. - Operating profit for FY24 was 33.299 billion RMB, marking a 94.8% increase year-on-year [8]. Market Demand - The demand for aluminum products is primarily driven by sectors such as construction, electronics, transportation, and durable consumer goods, accounting for approximately 75% of national electrolytic aluminum consumption [2]. - Factors such as ongoing infrastructure development, improvements in the real estate sector, and the growth of the new energy vehicle market are expected to boost aluminum product demand [2]. Business Model - The company's integrated business model includes upstream operations (bauxite, energy, alumina), midstream (electrolytic aluminum), and downstream (aluminum alloy processing), which helps ensure production stability and profit margins [3]. - The utilization of clean energy sources like hydropower and photovoltaics in production lines supports the company's "dual carbon" strategy and cost reduction efforts [3].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.67, indicating a potential upside of 26.3% from the current price of HKD 4.49 [4][12]. Core Insights - The company reported a FY24 net profit of RMB 1.15 billion, a year-on-year increase of 15.4%, with a net profit margin of 11.4%, slightly down by 0.4 percentage points from FY23 [1]. - Revenue for FY24 reached RMB 10.07 billion, reflecting a 19.1% year-on-year growth, driven by increases in both adult and children's product sales [1]. - The company plans to expand its store network by adding 124 new outlets in 2024, with a focus on enhancing the shopping experience through the introduction of "super stores" [3]. Financial Performance Summary - FY24 revenue: RMB 10,074 million, up 19.1% from FY23 [5] - FY24 net profit: RMB 1,149 million, up 15.4% from FY23 [5] - FY25 projected revenue: RMB 11,869 million, a 17.8% increase [5] - FY25 projected net profit: RMB 1,332 million, a 16.0% increase [5] - FY24 dividend per share: HKD 0.1, with a payout ratio of 45% [1][5]. Inventory and Cash Flow - As of the end of 2024, inventory rose to RMB 2.11 billion, a 56.2% increase, leading to an increase in inventory turnover days from 93 to 107 days [2]. - Operating cash flow decreased to RMB 56 million due to increased inventory levels [2]. Store Expansion Strategy - The company is set to increase the number of "super stores" from 5 to 100 by the end of 2025, with an expected average store efficiency of RMB 10 million per year [3]. - The product mix in these stores will consist of 30% premium products, 20% off-season products, and 30% cost-effective products [3].

2025 年 03 月 18 日 公司点评 买入/维持 361 度(01361) 目标价: 昨收盘:4.82 24 年财报点评：营收破百亿，25 年布局超品店有望带来新增量 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 ◼ 股票数据 | 总股本/流通(亿股) | 20.68/20.68 | | --- | --- | | 总市值/流通(亿港元) | 99.66/99.66 | | 12 个月内最高/最低价 | 4.98/3.15 | | (港元) | | 相关研究报告 <<24Q3 经营数据点评：运营持续稳 健，国庆表现强劲，看好全年百亿收 入目标达成>>--2024-10-21 <<361 度点评：24Q1 流水表现亮眼， 期待全年百亿收入目标达成>>-- 2024-04-13 <<2023 年业绩点评：业绩表现超预 期，24 年收入有望破百亿>>--2024- 03-14 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 证券 ...

Investment Rating - The report provides a positive outlook on Tencent Holdings with an expected revenue growth of 8.8% year-on-year for Q4 2024 and 7.8% for the entire year [4]. Core Insights - Tencent is anticipated to report a Q4 revenue of 168.9 billion RMB, with a full-year revenue forecast of 656.5 billion RMB, reflecting strong growth in value-added services and marketing services [4]. - The Non-GAAP net profit attributable to shareholders is projected to reach 54.1 billion RMB in Q4, marking a 26.7% increase year-on-year, and 220.6 billion RMB for the full year, representing a 39.9% growth [5]. - The company is expected to benefit from cost reduction and efficiency improvements, with lower-than-expected sales and management expense ratios [5]. Revenue Breakdown - Value-added services are expected to generate 77.1 billion RMB in Q4, up 11.6% year-on-year, and 317.2 billion RMB for the full year, an increase of 6.3% [4]. - Marketing services are projected to grow by 13.6% year-on-year in Q4 to 33.8 billion RMB, with a full-year growth of 18.46% to 120.2 billion RMB [4]. - Cloud and financial services are expected to record 55.9 billion RMB in Q4, a 2.7% increase, and 211.7 billion RMB for the full year, up 3.9% [4]. AI and Product Development - Tencent's new feature in Tencent Yuanbao allows users to upload and export Tencent documents, enhancing productivity and collaboration [6]. - Tencent Games is set to showcase new products at the 2025 Game Developers Conference, including the highly anticipated multiplayer adventure game "Honor of Kings World," which could contribute 1 to 1.5 billion RMB monthly if successful [7].

Investment Rating - The report maintains a "Buy" rating for Li Auto (stock code: 2015.HK) [1][4][5] Core Views - Li Auto achieved a revenue of 144.46 billion yuan in 2024, a year-on-year increase of 16.64%, but net profit decreased by 31.37% to 8.03 billion yuan [4][6] - In Q4 2024, the company reported a revenue of 44.27 billion yuan, up 6.09% year-on-year, and a net profit of 3.52 billion yuan, down 37.74% year-on-year [4] - The company delivered 500,500 vehicles in 2024, a 33.10% increase year-on-year, with Q4 deliveries reaching 158,700 units, a 20.40% increase year-on-year [4][5] - The average selling price (ASP) of vehicles decreased by 13.48% year-on-year to 276,800 yuan in 2024, primarily due to the increased sales of lower-priced models [4][5] Financial Performance Summary - Revenue and Profit Forecasts: - 2025E: Revenue of 186.90 billion yuan, net profit of 11.49 billion yuan, EPS of 5.41 yuan [6][8] - 2026E: Revenue of 235.39 billion yuan, net profit of 15.40 billion yuan, EPS of 7.26 yuan [6][8] - 2027E: Revenue of 276.45 billion yuan, net profit of 19.11 billion yuan, EPS of 9.01 yuan [6][8] - Key Financial Ratios: - 2024: Gross margin at 20.53%, net profit margin at 5.56% [8] - 2025E: Gross margin expected to decrease to 19.86% [8] - 2024 R&D expense ratio at 7.66%, with a focus on maintaining cost control [4][6] Strategic Initiatives - The launch of new electric models, including the i8 and i6, is expected to enhance market competitiveness and drive sales growth [4][5] - The company is expanding its charging infrastructure, with plans to increase the number of charging stations to 4,000 by the end of 2025 [4][5] - Li Auto is focusing on international market expansion, establishing a presence in Central Asia and planning to enter markets in the Middle East, Latin America, and Asia-Pacific [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company, 德昌电机控股, is actively exploring applications for humanoid robots and aims to leverage its expertise in drive systems to tap into high-growth markets [8] - The automotive sector is a key growth area, with revenue from automotive products expected to grow at a rate of 10% annually over the next three fiscal years [9] - The company forecasts revenue growth from $3.814 billion in 2024 to $4.939 billion in 2027, with net profit increasing from $229 million to $396 million during the same period [7][11] Financial Performance and Forecast - Revenue projections for the company are as follows: - 2023: $3.647 billion - 2024: $3.815 billion (YoY growth of 6%) - 2025: $4.135 billion (YoY growth of 8%) - 2026: $4.519 billion (YoY growth of 9%) - 2027: $4.939 billion (YoY growth of 9%) [7] - Net profit estimates are: - 2023: $158 million - 2024: $229 million (YoY growth of 45%) - 2025: $295 million (YoY growth of 29%) - 2026: $352 million (YoY growth of 19%) - 2027: $396 million (YoY growth of 12%) [7] - Earnings per share (EPS) are projected to increase from $0.17 in 2023 to $0.42 in 2027 [7] Market Performance - The automotive product revenue for the fiscal year 2024 is expected to reach $3.210 billion, reflecting a 10.2% increase [11] - The company has reported a 10% revenue growth in the Asia-Pacific region for automotive products, outperforming the regional light vehicle production growth of 8% [9] - In the Americas, automotive product revenue is projected to grow by 9%, exceeding the estimated 6% increase in vehicle production [9] Valuation - The company is assigned a price-to-earnings (PE) ratio range of 8 to 10 times for 2025, leading to a fair value range of HKD 19.69 to HKD 24.61 [8]

股票研究 /[Table_Date] 2025.03.16 2024 年收入稳健增长，至尊浓缩引领行业变革 蓝月亮集团(6993) ——蓝月亮集团更新报告 [Table_Industry] 耐用消费品 毛利率显著提升，推广开支增加拖累净利 2024.03.28 渠道改革成效渐显，有望重回增长轨道 2023.12.03 | 财务摘要（百万港元） | 2021 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 7,597 | 7,947 | 7,324 | 8,503 | 9,389 | 10,381 | | (+/-)% | 8.6% | 4.6% | -7.8% | 16.1% | 10.4% | 10.6% | | 毛利润 | 4,439 | 4,595 | 4,540 | 5,187 | 5,727 | 6,332 | | 净利润 | 1,014 | 611 | 325 | -706.6 | 406.0 | 587.7 | | (+/-)% | -22.5% | -39. ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Viewpoints - The rapid development of the Mao Geping brand since 2019 is attributed to the favorable trends in high-end cosmetics and the return to traditional aesthetics, supported by the brand's classic philosophy, the founder's unique industry position, and high-quality products, creating significant entry barriers [3][5][21]. - The company is expected to benefit from a clear growth logic in the medium to long term, driven by product diversification and channel optimization [8][29]. Product Analysis - The brand is expanding its product lines, including color cosmetics, skincare, and fragrance, with a focus on enhancing its foundation category and introducing new products that align with consumer preferences [6][28]. - The foundation category is transitioning from niche professional products to more mainstream offerings, with a rich reserve of potential single products [32][35]. - The skincare line is being upgraded to meet technological trends, with significant products like the caviar mask becoming a flagship item [45][48]. Channel Strategy - The company has a solid offline presence while online channels are expected to become a significant source of revenue and profit, with online growth outpacing offline [7][34]. - Offline, the brand is enhancing store efficiency through strategic upgrades in shopping districts, while online, it is focusing on detailed operations to attract younger consumers [7][34]. Financial Projections - The projected net profits for 2024, 2025, and 2026 are estimated at 9.01 billion, 12.00 billion, and 15.42 billion respectively, with corresponding PE ratios of 51, 38, and 30 times [8].

Investment Rating - The report maintains a "Buy" rating for Li Auto (stock code: 2015.HK) [1] Core Views - Li Auto achieved a revenue of 144.46 billion yuan in 2024, a year-on-year increase of 16.64%, but net profit decreased by 31.37% to 8.03 billion yuan, with an EPS of 4.03 yuan [4] - In Q4 2024, the company reported a revenue of 44.27 billion yuan, a year-on-year increase of 6.09%, and a net profit of 3.52 billion yuan, down 37.74% year-on-year but up 25.18% quarter-on-quarter [4] - The company delivered 500,500 vehicles in 2024, a year-on-year increase of 33.10%, with Q4 deliveries reaching 158,700 units, up 20.40% year-on-year [4] - The average selling price (ASP) of vehicles decreased by 13.48% year-on-year to 276,800 yuan in 2024, with Q4 ASP at 268,700 yuan, down 12.29% year-on-year [4] - The company expects Q1 2025 deliveries to be between 88,000 and 93,000 units, a year-on-year growth of 9.5% to 15.7% [4] Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025E Revenue: 186.90 billion yuan, Net Profit: 11.49 billion yuan, EPS: 5.41 yuan - 2026E Revenue: 235.39 billion yuan, Net Profit: 15.40 billion yuan, EPS: 7.26 yuan - 2027E Revenue: 276.45 billion yuan, Net Profit: 19.11 billion yuan, EPS: 9.01 yuan [6][8] - The company’s gross margin for vehicle sales in 2024 was 19.8%, down 1.7 percentage points year-on-year [4] - R&D expense ratio for 2024 was 7.66%, a decrease of 0.88 percentage points year-on-year [4] Strategic Initiatives - The launch of new electric models, including the i8 SUV in July and the i6 later in the year, aims to enhance market presence [4] - Upgrades in intelligent driving technology and expansion of charging infrastructure are expected to boost sales [4] - The company is focusing on international market expansion, establishing a luxury brand image in Central Asia and planning to enter markets in the Middle East, Latin America, and Asia-Pacific [4][5]