Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned for sustained growth due to a concentrated release of innovative drugs [1] - The company has established a strong leadership position in the neuro-specialty pharmaceutical sector [3][15] - The innovative drug revenue share is rapidly increasing, indicating a potential turning point in performance [20] Summary by Sections Innovative Drug Growth - The company has launched 8 innovative drugs, with several included in the national medical insurance directory, which is expected to drive future growth [16] - The innovative drug revenue CAGR from 2017 to 2023 is 33.8%, with the share rising from 21.4% in 2017 to 72.0% in 2023 [20] Product Synergy and Market Position - The company has a diversified product portfolio across oncology, neurology, and autoimmune diseases, leveraging product synergies to maximize market potential [23] - The recent approval of the sublingual formulation of a key drug is expected to enhance patient compliance and treatment outcomes for acute ischemic stroke [29][31] Pipeline and Differentiation - The company is focusing on differentiated pipeline strategies, with a strong emphasis on collaborative development in oncology and neurology [46] - The TCE tri-antibody SIM0500 is currently in clinical trials and has received significant financial backing from AbbVie [53] Financial Forecast and Valuation - Projected revenues for 2024-2026 are 67.76 billion, 76.54 billion, and 87.11 billion CNY, with corresponding net profits of 9.73 billion, 12.07 billion, and 15.04 billion CNY [10] - The company is expected to maintain a low valuation compared to peers, with a potential for valuation recovery as performance improves [10]

Investment Rating - The investment rating for the company is "Outperform" [2] Core Viewpoints - The report highlights that Haidilao has successfully navigated through operational challenges and has returned to profitability, achieving record revenue and profit in 2023, thus reaffirming its position as a leader in the Chinese dining sector [5][7][9] - The report discusses the ongoing growth potential of Haidilao's hot pot business and the strategic introduction of new brands under the "Red Pomegranate Plan" to enhance growth avenues [5][8][9] Summary by Sections 01 Hot Pot Market: The Largest Segment in Chinese Cuisine - The hot pot market is projected to exceed 590 billion yuan in 2024, with a CAGR of approximately 7.2% from 2024 to 2028 [6][14] - Sichuan and Chongqing hot pot dominate the market, accounting for over 66% of the segment's revenue in 2023 [6][14] 02 Haidilao: Organizational Evolution and Resurgence - From 2015 to 2023, Haidilao's revenue grew at a CAGR of 28%, and net profit grew at a CAGR of 42%, with 2023 revenue reaching 41.5 billion yuan and net profit at 4.5 billion yuan [7][9] - The company underwent significant organizational restructuring through the "Woodpecker Plan" and "Hard Bone Plan," which helped it recover from previous operational setbacks [7][9] 03 Growth Outlook: Improvement in Same-store Sales and Expansion of New Brands - The report anticipates improvements in same-store sales, with projected table turnover rates increasing from 4.1 to 4.3 times per day from 2024 to 2026 [8] - Haidilao plans to expand its store count to between 1,902 and 1,998 locations over the next five years, with an expected annual net increase of about 65 stores [8] - The new brand "Yanjing Barbecue" is expected to accelerate its development, with projections of adding 50 to 80 new locations annually from 2025 to 2027 [8] 04 Investment Recommendations: A Turning Point in Operations and Valuation - The report forecasts net profits of 45.1 billion yuan, 50.5 billion yuan, and 55.6 billion yuan for 2024 to 2026, reflecting growth rates of 0.4%, 11.8%, and 10.2% respectively [9] - The target price for Haidilao is set at a PE ratio of 16-18x for 2025, corresponding to a market value of 87.8 to 98.7 billion yuan, indicating a potential upside of 12.4% to 26.4% from the latest closing price [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned for sustained growth due to a concentrated pipeline of innovative drugs that are set to be launched [1][10] - The company has established itself as a leader in specialized pharmaceuticals, particularly in neurology, oncology, and autoimmune diseases [15][23] Summary by Sections Innovative Drug Pipeline - The company has successfully launched 8 innovative drugs, with several included in the national medical insurance directory, which is expected to drive future growth [16][20] - The innovative drug revenue has significantly increased, with a CAGR of 33.8% from 2017 to 2023, rising from 21.4% of total revenue in 2017 to 72.0% in 2023 [20][21] Neurology Products - The newly approved sublingual formulation of Xianbixin is expected to improve adherence among acute ischemic stroke patients, complementing the existing injectable formulation [4][29] - Xianbixin has shown a CAGR of 749.9% from 2020 to 2023, indicating strong market potential [31] Oncology Products - Multiple oncology drugs have been approved, including Envidah and Koseira, which have been included in the national medical insurance directory, suggesting potential for significant market uptake [8][44] - Envidah is recommended in various clinical guidelines for the treatment of advanced non-small cell lung cancer (NSCLC) [41][42] Autoimmune Products - Aidesin, a key product for rheumatoid arthritis, has shown a CAGR of 39.9% from 2016 to 2023, establishing itself as a leading treatment option [36][40] Financial Projections - Revenue projections for 2024-2026 are estimated at 67.76 billion, 76.54 billion, and 87.11 billion CNY, with corresponding net profits of 9.73 billion, 12.07 billion, and 15.04 billion CNY [10][12] - The company is expected to maintain a low valuation compared to peers, with a projected PE ratio decreasing from 16 to 10 over the same period [10][12]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.0, indicating a potential upside of 33% from the current price of HKD 14.3 [4][6]. Core Insights - The company achieved a record monthly sales figure of 267,000 vehicles in January, representing a year-on-year growth of 25% and a month-on-month increase of 27% [1][2]. - The sales performance of the company's brands shows a positive trend, with the Geely brand selling 225,000 vehicles (up 30%), while Zeekr and Lynk & Co brands experienced slight declines and modest growth, respectively [2][3]. - The company has set an ambitious sales target of 2.71 million vehicles for 2025, with significant contributions expected from the Geely brand [3]. Summary by Sections Sales Performance - In January, the total sales reached 267,000 units, marking a 25% increase year-on-year and a 27% increase month-on-month [1][2]. - The Geely brand's sales were particularly strong, while Zeekr's sales declined by 5% [2]. Brand Strategy - The company has clarified its brand positioning through internal resource integration, focusing on strategic measures for long-term development [3]. - The Geely brand targets the mid-to-low-end market, while Lynk & Co aims at the premium segment, and Zeekr focuses on technology and luxury [3]. Financial Projections - The company forecasts revenue growth from HKD 179.2 billion in 2023 to HKD 288.7 billion in 2025, with a projected net profit of HKD 15.8 billion in 2024 [8][10]. - The gross margin is expected to improve gradually, reaching 16.1% by 2025 [10].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][11]. Core Insights - The company is projected to achieve stable growth in the first half of the 2025 fiscal year, driven by the MEGA IDC project, improved utilization rates of existing and new data centers, and price increases [7]. - The MEGA IDC project is expected to be a key growth driver, with a committed and signed leasing rate of approximately 60% for the first phase by the end of the 2024 fiscal year [7]. - Anticipated interest expenses are expected to peak, leading to faster net profit growth, with a projected year-on-year increase of over 20% in net profit for the first half of 2025 [7]. - The target price has been raised from HKD 4.50 to HKD 5.22, reflecting an expected potential upside of 17.0% [1][7]. Financial Overview - Revenue is forecasted to grow from HKD 2,346 million in 2023 to HKD 4,433 million by 2027, with a compound annual growth rate (CAGR) of approximately 14.2% [6]. - Net profit is expected to increase from HKD 905 million in 2023 to HKD 1,639 million by 2027, reflecting a significant growth trajectory [6]. - The EBITDA for the fiscal years 2025, 2026, and 2027 has been revised upwards to HKD 22.08 billion, HKD 25.42 billion, and HKD 28.60 billion respectively [7]. - The company’s market capitalization is approximately HKD 18,103.47 million, with a current share price of HKD 4.46 [4][11].

Investment Rating - The report maintains a "Buy" rating for Smoore International with a target price of HK$16.50, indicating an upside potential of 18% from the current price of HK$13.98 [1][10][16]. Core Insights - Smoore International is expected to face short-term performance pressure due to competition from illegal products, particularly in the U.S. market, which may lead to a slowdown in revenue growth [7][10]. - The launch of the GloHilo product by British American Tobacco, which is exclusively supplied by Smoore, could provide a long-term growth opportunity for the company [6][10]. - The revenue and profit forecasts for 2024-2026 have been adjusted downward due to the anticipated prolonged negative impact from illegal e-cigarette products and increased price competition [13][14]. Summary by Sections Investment Rating - The investment rating remains "Buy" with a revised target price of HK$16.50, up from HK$11.80, reflecting a 40% increase [2]. Financial Adjustments - The target price has been increased to HK$16.50 from HK$11.80, while the 2024E EPS has been reduced by 20% to RMB 0.23, and the 2025E EPS has been cut by 33% to RMB 0.24 [2][14]. - Revenue estimates for 2024E and 2025E have been adjusted to RMB 11,761 million and RMB 12,857 million, respectively, reflecting a decrease of 12% and 15% from previous estimates [5][14]. Market Performance - Smoore's stock price has shown fluctuations, with a 52-week high of HK$15.26 and a low of HK$4.89, indicating significant volatility in the market [1]. Growth Opportunities - The GloHilo product launch is seen as a potential driver for long-term growth, especially if it successfully penetrates larger markets like Japan and the EU [6][8]. - The global HNB market is projected to be valued at USD 17 billion in 2024, with Smoore's involvement in this segment expected to enhance its profitability significantly [16]. Financial Projections - The adjusted net profit for 2024 is projected to decline by 18.6%, with revenue growth expected to slow to 5.3% [7][13]. - The report anticipates that HNB products will not significantly contribute to Smoore's revenue until 2026, with modest growth expected in the interim [8][10].

证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 02 月 12 日 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 市场表现： | | | | 基本数据 | 2025 | 年 | 02 | 月 11 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.15 | | | 一年内最高/最低（港 | | | | 5.63/3.96 | | | 元） | | | | | | | 总市值（百万港元） | | | | 7,370.55 | | | 流通市值（百万港元） | | | | 7,370.55 | | | 资产负债率（%） | | | | 76.77 | | | 资料来源：聚源数据 | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——拥抱 deepseek，深化算力调度与大模型应用落地 投资 ...

Investment Rating - The report recommends a focus on BYD's intelligent driving strategy, indicating a positive outlook for the company's future performance in the smart driving sector [43]. Core Insights - BYD's strategy emphasizes "intelligent driving equality," aiming to promote smart driving systems across all vehicle price ranges, including models priced below 100,000, between 100,000 and 200,000, and above 200,000 [7][41]. - The penetration rates for BYD's high-speed NOA (Navigate on Autopilot) and urban NOA are currently low at 1.0% and 0.5% respectively, suggesting significant growth potential as the company expands its offerings [7][22]. - BYD's intelligent driving system, named "Tianshen Eye," includes various versions with different capabilities, indicating a comprehensive approach to smart driving technology [12][19]. Summary by Sections Intelligent Driving Strategy - BYD's intelligent driving strategy was unveiled during the 2024 Dream Day, focusing on scaling the adoption of smart driving systems across its entire vehicle lineup [7]. - The company has historically developed its driving assistance systems, including Dipilot and Tianshen Eye, with plans to enhance its capabilities through AI computing power [10][12]. Industry Overview - The intelligent driving market in China is expected to grow significantly, with smart vehicle sales projected to reach 2,040 million units by 2026, representing a penetration rate of 81.2% [35]. - The report highlights the competitive landscape, noting that leading companies like Li Auto and NIO currently dominate the high-end NOA market, which poses challenges for BYD [22][41]. Company Recommendations - The report suggests monitoring BYD (1211) and Geely (175) for their intelligent driving strategies, as well as companies involved in L3 level autonomous driving such as XPeng (9868) and Li Auto (2015) [43]. - It also recommends keeping an eye on component suppliers like BYD Electronics (285) and SUTENG (2498) for their roles in the intelligent driving ecosystem [43].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The report highlights the growth potential of the HNB market, with IQOS leading the market with over 70% share, indicating strong performance and industry growth [1] - The report anticipates a double-digit growth for IQOS sales in 2025, with a projected increase of 10-12% year-on-year [2][5] - The company is expected to achieve revenue growth of 5%, 12%, and 17% for the years 2024, 2025, and 2026 respectively, with net profit forecasts showing a recovery in 2025 and 2026 [6] Summary by Sections HNB Market Growth - The HNB penetration rate in Japan is expected to reach 47.1% by December 2024, up 4.1 percentage points year-on-year [1] - The U.S. HNB market is set to open, with IQOS devices expected to be sold directly in Austin, Texas starting March 2025 [1] - The gross margin for smoke-free products increased by 3.3 percentage points year-on-year to 66.6% in Q4 2024, outperforming traditional tobacco products [1] User Growth and Market Expansion - The number of IQOS users reached 32.2 million in 2024, with a conversion rate maintained at 72% [3] - The smoke-free product revenue for 2024 is projected at $14.7 billion, reflecting a 14.2% increase [3] - The smoke-free product series is now available in 95 markets, with an estimated 38.6 million users [2] New Product Performance - The new oral nicotine product ZYN saw a 24.6% increase in sales, reaching 17.4 billion units in 2024 [4] - ZYN's shipments in the U.S. grew significantly, with Q4 2024 shipments reaching 165 million cans, a 42% increase [4] - The international market for ZYN is expanding rapidly, with shipments outside the U.S. exceeding 100% growth [4] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are $11.78 billion, $13.16 billion, and $15.44 billion respectively, with corresponding net profits of $1.33 billion, $1.70 billion, and $2.24 billion [6][13] - The company is expected to maintain a P/E ratio of 59.71X, 46.47X, and 35.42X for the years 2024, 2025, and 2026 respectively [6]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 41.14 HKD, indicating a potential upside from the current price of 35.35 HKD [4]. Core Insights - The company is positioned to benefit from a new vehicle cycle and scale effects in the domestic market, with a high self-manufacturing rate of core components at 70%, enhancing cost control and product competitiveness [1][2]. - The partnership with Stellantis is expected to accelerate international expansion, particularly in the European market, where the company aims to offer affordable electric vehicles [2][3]. - Financial forecasts indicate a positive trajectory, with expectations of achieving profitability by Q4 2024 and a gross margin of no less than 8% in 2024 [1][4]. Summary by Sections Domestic Business - The company has a strong self-research advantage, with a self-manufacturing rate of 70% for core technologies, covering various aspects such as vehicle architecture, electronic architecture, batteries, and intelligent driving [1][14]. - The product lineup targets the 50,000 to 200,000 RMB market, with models like C01, C11, T03, C16, and C10, showcasing a rich and expandable matrix [1][18]. - Financial improvements are anticipated, with projections of revenues reaching 316 billion, 550 billion, and 840 billion RMB from 2024 to 2026, respectively [4][23]. International Business - The collaboration with Stellantis, which invested 1.5 billion euros for a 20% stake, aims to establish a joint venture named "Leapmotor International" to handle overseas operations [2][26]. - The partnership is designed to leverage Stellantis's extensive distribution channels in Europe, enhancing the company's market penetration [3][31]. Product Strategy - The company plans to launch new models, including the B series targeting the 100,000 to 150,000 RMB market and the D series for the 200,000 to 300,000 RMB segment, further diversifying its offerings [1][21]. - The C10 and T03 models are set to be launched in Europe in September 2024, with competitive pricing aimed at capturing market share [3][22]. Financial Projections - The report forecasts a steady increase in delivery volumes driven by new models, with expectations of a significant leap from gross margin to net margin [4][23]. - The current market valuation is below the industry average, suggesting substantial room for valuation improvement as the company transitions to a more favorable financial position [4][23].