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 [6][4]. 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 a decline and modest growth, respectively [2][3]. - The company has set a sales target of 2.71 million vehicles for 2025, with significant contributions expected from the Geely brand, which is positioned in the mid-to-low-end market [3]. Summary by Sections Sales Performance - In January, the total sales reached 267,000 units, with a year-on-year increase of 25% and a month-on-month increase of 27% [1][2]. - The Geely brand's sales were 225,000 units, showing a 30% increase year-on-year, while Zeekr's sales were 12,000 units, down 5% [2]. Brand Strategy - The company has completed internal resource integration, leading to clearer brand positioning, which is expected to support long-term growth [3]. - The Geely brand targets cost-conscious consumers and is entering a technology explosion phase with new architectures and technologies [3]. Financial Projections - The company forecasts revenue growth from HKD 179.2 billion in FY2023 to HKD 288.7 billion in FY2025, reflecting a compound annual growth rate (CAGR) of approximately 34% [10]. - Net profit is projected to increase significantly from HKD 5.3 billion in FY2023 to HKD 13.8 billion in FY2025, with a notable growth rate of 197% in FY2024 [10].

Investment Rating - The investment rating for the company is "Outperform" [2] Core Insights - The report highlights that Haidilao has successfully navigated through operational challenges and has returned to profitability, achieving record revenue and profit in 2023, 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 revenue streams [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] - The competitive landscape has seen a significant reshuffle, with a stabilization in store openings and closures expected in 2024 [15][17] 02 Haidilao: Organizational Evolution and Resurgence - From 2015 to 2023, Haidilao's revenue grew at a CAGR of 28%, with net profit growing at 42%, reaching 41.5 billion yuan in 2023 [7][36] - The company has implemented significant organizational changes through the "Woodpecker Plan" and "Hard Bone Plan" to enhance operational efficiency and adapt to market conditions [40][45] 03 Growth Outlook: Improvement in Same-Store Sales and Expansion of New Brands - Same-store sales are expected to improve, with projected table turnover rates increasing from 4.0 times per day to 4.3 times by 2026 [8] - The company plans to expand its hot pot outlets to a target of 1,902 to 1,998 stores over the next five years, with an annual net increase of approximately 65 stores [8] - The new brand "Yanjing Barbecue" is set to accelerate its development, with expectations of opening 50 to 80 new locations annually from 2025 to 2027 [8] 04 Investment Recommendations: A Turning Point for Profitability and Valuation - The report forecasts net profits of 45.1 billion yuan, 50.5 billion yuan, and 55.6 billion yuan for 2024, 2025, and 2026, respectively, indicating a stable growth trajectory [9] - The target price for Haidilao is set at a PE ratio of 16-18x for 2025, translating to a market value of 878 to 987 billion yuan, representing a potential upside of 12.4% to 26.4% from the latest closing price [9]

吉利汽车（0175.HK）系列点评十九 2025 销量开门红 银河加速爬坡 2024 年 02 月 03 日 ➢ 事件概述：公司发布 1 月销量公告，1 月批发总销量 26.7 万辆，同比+24.9%， 环比+27.0%。其中，1 月新能源销量 121,071 辆，同比+83.9%，环比+8.9%， 渗透率 45.4%。 相关研究 分品牌看：吉利品牌 1 月销量 22.5 万辆（银河 93,545 辆（含几何））；极氪 1 月 销量 11,942 辆；领克 1 月销量 30,077 辆。 ➢ 1 月销量开门红 2025 冲刺 271 万辆。1 月公司总批发销量环比增长，再 创新高，受银河、极氪品牌新品上量驱动，1 月新能源批发总销量 12.1 万辆，同 比+83.9%，环比+8.9%，表现亮眼。根据公司公告的销量目标，公司 2025 年 目标销量为 271 万辆，预计同比增长约 25%，其中吉利品牌 200 万辆、极氪品 牌 32 万辆、领克品牌 39 万辆。此外，新能源汽车销量目标为 150 万辆，预计 同比增长约 69%，吉利新能源品牌定位更加清晰，银河、极氪（含领克）分别定 位主流消费市场、科技豪华，2 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a target price of HKD 104.50, indicating a potential upside of 27.2% from the current price of HKD 82.15 [1][6][13] Core Insights - The company experienced a recovery in retail sales in Q4 2024, with the main brand, Anta, achieving high single-digit growth year-on-year. The FILA brand also showed a strong recovery, exceeding expectations [4][12] - For 2025, Anta Sports is focusing on expanding its main brand's business model, introducing new series such as Super Anta and Anta Champion to enhance its competitive edge in various market segments [5][10] - The overall outlook for 2025 remains positive, driven by new business models and strong performance in the outdoor segment, which is expected to continue its high growth trajectory [11][12] Summary by Sections Financial Performance - The company reported a revenue of RMB 62.36 billion in 2023, with a year-on-year growth of 16.2%. Projections for 2024 and 2025 are RMB 69.66 billion and RMB 77.17 billion, respectively, with expected growth rates of 11.7% and 10.8% [7][16] - The net profit attributable to the parent company for 2023 was RMB 10.24 billion, reflecting a significant year-on-year increase of 34.9%. Forecasts for 2024 and 2025 are RMB 13.12 billion and RMB 13.70 billion, with growth rates of 28.1% and 4.4% [7][16] Brand Performance - The main brand, Anta, achieved nearly double-digit growth for the year, while the FILA brand also performed well, with a year-on-year growth in Q4 despite a high base from the previous year [4][9] - Other brands under Anta, such as Descente and KOLON, reported impressive growth rates of 50% and 60-65%, respectively, contributing to an overall growth of 40-45% for these brands [4][9] Market Strategy - Anta Sports is set to continue exploring new business models in 2025, aiming to enhance its market share and brand influence through innovative product offerings and marketing strategies [5][10] - The company is expected to leverage its established brand marketing and product development capabilities to drive future growth [11][12]

新车周期促进 2024 年销量大幅增长 核心观点 盈利预测与投资建议 ⚫ 调整收入、毛利率及费用率等，预测 2024-2026 年 EPS 分别为 1.43、1.08、1.29 元（原 1.48、0.94、1.18 元），可比公司 25 年 PE 平均估值 15 倍，目标价 16.20 元人民币，17.60 元港币（1 港币=0.9206 人民币），维持买入评级。 风险提示 吉利、领克、极氪品牌销量低于预期风险、成本控制不及预期风险。 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 147,965 | 179,204 | 224,632 | 269,476 | 316,008 | | 同比增长 (%) | 45.6% | 21.1% | 25.4% | 20.0% | 17.3% | | 营业利润(百万元) | 3,650 | 3,806 | 13,751 | 10,272 | 12,142 | | 同比增长 (%) | 14.8% | 4.3% | 261.3% | ...

吉利汽车（0175.HK）系列点评十九 2025 销量开门红 银河加速爬坡 2024 年 02 月 03 日 ➢ 事件概述：公司发布 1 月销量公告，1 月批发总销量 26.7 万辆，同比+24.9%， 环比+27.0%。其中，1 月新能源销量 121,071 辆，同比+83.9%，环比+8.9%， 渗透率 45.4%。 分品牌看：吉利品牌 1 月销量 22.5 万辆（银河 93,545 辆（含几何））；极氪 1 月 销量 11,942 辆；领克 1 月销量 30,077 辆。 ➢ 1 月销量开门红 2025 冲刺 271 万辆。1 月公司总批发销量环比增长，再 创新高，受银河、极氪品牌新品上量驱动，1 月新能源批发总销量 12.1 万辆，同 比+83.9%，环比+8.9%，表现亮眼。根据公司公告的销量目标，公司 2025 年 目标销量为 271 万辆，预计同比增长约 25%，其中吉利品牌 200 万辆、极氪品 牌 32 万辆、领克品牌 39 万辆。此外，新能源汽车销量目标为 150 万辆，预计 同比增长约 69%，吉利新能源品牌定位更加清晰，银河、极氪（含领克）分别定 位主流消费市场、科技豪华，2025 年 ...

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of HKD 19.60, based on the current price of HKD 17.62 [2]. Core Viewpoints - The company is a global leader in footwear development and manufacturing, with over 30 years of experience in the industry, focusing on high-quality customer relationships and product diversification [5][11]. - The company has a strong commitment to shareholder returns, maintaining a high dividend payout ratio of over 70% annually, except in 2020, and plans to distribute additional cash through share buybacks and special dividends [5][21]. - The company has successfully optimized its customer and product mix, leading to improved operational efficiency and production capacity expansion [6][7][8]. Summary by Sections 1. Company Overview - The company has established itself as a trusted partner for leading global brands, including Nike and Balenciaga, and has launched its own brand, Stella Luna [11]. - The management team possesses extensive industry experience, which supports the company's focus on sustainable growth [12]. 2. Customer and Product Optimization - The company has invested over USD 40 million annually in R&D since 2020, with a high R&D expenditure-to-revenue ratio of 2.68% in 2023, surpassing competitors [25]. - The product mix has been optimized, with fashion and sports categories increasing their revenue share, while the leisure category has decreased [29]. - The company has diversified its manufacturing bases across Vietnam, China, Indonesia, the Philippines, and Bangladesh, allowing for flexible capacity adjustments [34][35]. 3. Financial Performance - The company achieved a revenue of USD 15.45 billion in 2024, with a CAGR of -1.50% from 2015 to 2024, but has shown a strong recovery with a net profit of USD 0.92 billion in 2024H1, up 63.99% year-on-year [17][20]. - The gross margin improved to 25.8% in 2024H1, driven by better product mix and production efficiency [20][43]. 4. Demand and Competitive Landscape - Demand for footwear is stabilizing, with reduced inventory pressure observed in the U.S. apparel market since mid-2023 [44]. - The concentration of suppliers in the footwear industry is increasing, with the number of Nike's footwear suppliers decreasing, which may benefit the company due to its strong production capabilities [50]. 5. Earnings Forecast and Valuation - The company is expected to generate revenues of USD 16.2 billion, USD 17.6 billion, and USD 19.2 billion from 2024 to 2026, with corresponding net profits of USD 1.7 billion, USD 1.9 billion, and USD 2.1 billion [52][53]. - The target market capitalization is set at USD 21 billion, with a target price of USD 2.52, reflecting a PE ratio of 11x for 2025 [55].

Investment Rating - The investment rating for EEKA Fashion is "BUY" with a target price of HK$ 11.88 [6]. Core Insights - The company is expected to experience a less than 5% year-over-year decrease in revenue and a decline of less than 45% in net profit for the year ending December 2024, indicating stronger headwinds than previously estimated [1]. - The retail environment in the second half of 2024 is projected to remain stagnant, with garment sales in China experiencing a slight decline due to a high base effect from 2023 and disappointing sales attributed to unseasonably warm weather [2]. - Despite short-term setbacks, the company is committed to its "affordable luxury" positioning and will continue to invest in marketing, which has contributed to the decline in net profit [3]. - The company has made progress in inventory management, and stock clearance is not expected to be a significant issue in FY 2025, with a focus on boosting sales as the top priority [5]. Financial Performance Summary - For the year 2024, EEKA Fashion's revenue is projected to be RMB 6,606.9 million, down from RMB 6,912.3 million in 2023, reflecting a year-over-year decline of 4.4% [14]. - The net profit for 2024 is estimated at RMB 485.2 million, a significant decrease of 41.7% compared to RMB 832.6 million in 2023 [14]. - The gross margin is expected to remain stable at around 75.9% for the upcoming years, indicating a historically high level [14]. - The company plans to maintain marketing expenses at 3% - 4% of total revenue, despite the need for slight adjustments to contain costs [3]. Market Context - The market capitalization of EEKA Fashion is approximately HK$ 6.1 billion, with a current price of HK$ 8.61, reflecting a significant drop from its 52-week high of HK$ 14.04 [6]. - The company’s performance relative to the Hang Seng Index has been poor, with a 1-year relative performance of -62.3% [6]. - The retail sales of department stores in China have declined by 2.4% year-over-year, impacting key sales channels for the company's primary brand, Koradior, which accounts for over one-third of total sales [2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$ 11.88 [2][5]. Core Insights - The company has issued a profit warning, expecting a decline in revenue and net profit of less than 5% and less than 45% respectively for the fiscal year ending December 31, 2024. This decline is attributed to various factors including decreased product sales and increased marketing expenses [3][4]. - The company is facing stronger headwinds in the second half of 2024, with a slight decline in China's apparel retail sales and disappointing sales performance due to unusually warm weather, which has reduced demand for high-priced winter clothing [3]. - The company continues to invest in marketing despite short-term challenges, maintaining marketing expenses at around 3% to 4% of total revenue. This investment is seen as essential for brand development and sales stimulation [4]. - The company has made progress in inventory management, and inventory clearance may not be a focus for the fiscal year 2025. However, further improvement in gross margin is limited as it has already reached historical highs [4]. Financial Summary - For the fiscal year 2024, the company anticipates total revenue of RMB 6,606.9 million, a decrease of 4.4% from the previous year, with a gross profit of RMB 5,015.3 million and a gross margin of 75.9% [13]. - The net profit for 2024 is projected to be RMB 485.2 million, reflecting a significant decline of 41.7% compared to 2023 [13]. - The company’s market capitalization is approximately HK$ 6.1 billion, with a current share price of HK$ 8.61 [5][9]. Peer Comparison - The company has a market capitalization of HK$ 6,061.9 million and a price-to-earnings ratio of 8.1, which is lower than the industry average of 11.6 [9]. - The company’s gross margin of 75.3% is significantly higher than many of its peers, indicating strong operational efficiency [9]. Future Outlook - The company aims to prioritize sales growth as its primary objective moving forward, with no new investment projects anticipated in the near term [4]. - The dividend payout ratio is expected to remain stable, reflecting the company's cautious approach amid current market conditions [4].

Investment Rating - The investment rating for the company is "Buy" [7][3] Core Insights - In January 2025, the company delivered 30,350 vehicles, representing a year-on-year increase of 268%. Future sales are expected to grow rapidly, with projected sales of 442,000 and 652,000 vehicles for 2025 and 2026, respectively. Corresponding revenues for 2024-2026 are forecasted to be 43.54 billion, 94.75 billion, and 136.41 billion yuan, with year-on-year growth rates of 41.9%, 117.6%, and 44.0% [3][16] - The company is expected to achieve a turning point in sales with the launch of high-quality models and the iteration of smart driving technology, which is anticipated to help reverse financial data. Collaboration with Volkswagen is expected to leverage technological advantages to realize revenue [3][16] Summary by Sections Delivery Performance - In January 2025, the company delivered 30,350 vehicles, a 268% increase year-on-year, maintaining a leading position among new energy vehicle manufacturers. The MONA M03 model achieved over 15,000 deliveries in a single month, while the P7+ model surpassed 20,000 deliveries within two months. The order backlog is robust, with waiting times of 2-5 weeks for MONA M03 and 1-4 weeks for P7+, ensuring delivery capabilities [13][14] Smart Driving Technology - The monthly active user penetration rate for the XNGP urban smart driving feature reached 87% in January. The AI system has been upgraded to include new functionalities such as "parking to parking" and coach car recognition. The company enhances user stickiness by offering standard AI smart driving features without additional costs [15] Global Strategy and Charging Ecosystem - The company accelerated its global strategy with the launch of the right-hand drive version of the X9 at the Singapore Auto Show and entered markets in Belgium, Luxembourg, Ireland, and Finland. The charging ecosystem is expanding with new partnerships, including agreements with Volkswagen Group and bp pulse. The self-operated charging network has surpassed 2,050 stations, with plans to add over 1,000 ultra-fast charging stations in 2025 [16] Financial Projections - The company is projected to achieve revenues of 43.54 billion, 94.75 billion, and 136.41 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41.9%, 117.6%, and 44.0%. The net profit attributable to the parent company is expected to be -6.20 billion, -0.59 billion, and 4.31 billion yuan for the same years [3][17]