Investment Rating - The report maintains an OUTPERFORM rating for the company [2][5] Core Insights - The company has shown significant profit improvement, with a net profit increase of 200% year-on-year in 2024, reaching US$366 million [3][14] - The production of copper and zinc has steadily increased, with copper production at 400,000 tons in 2024, up 15% year-on-year, and zinc production at 220,000 tons, up 8% year-on-year [3][14] - The company is advancing major projects, including the successful development of Chalcobamba and the expansion of Kinsevere, which is expected to ramp up production in 2025 [15][17] - The company plans to increase production capacity at Khoemacau to 60,000 tons/year by 2026-2027 and aims for a target of 130,000 tons/year by 2028 [15][17] Financial Projections - Revenue is projected to grow from US$4.479 billion in 2024 to US$5.334 billion in 2025, representing a 19% increase [4][12] - Net profit is expected to rise significantly, with projections of US$472 million in 2025 and US$636 million in 2027 [4][12] - The company anticipates capital expenditures of US$1.2 billion to US$1.3 billion in 2025, with significant allocations for Las Bambas, Khoemacau, and Kinsevere [16][17] Earnings Forecast - The expected EPS for 2025 is US$0.04, with projections of US$0.05 for both 2026 and 2027 [5][18] - The target price is set at HK$4.65, based on a 15x PE valuation for 2025 [5][18] Production Guidance - For 2025, copper production is expected to be between 470,000 and 520,000 tons, with specific contributions from Las Bambas, Khoemacau, and Kinsevere [9][16] - Zinc production is projected to be between 310,000 and 340,000 tons [9][16]

越秀交通基建（01052.HK）：平临高速将增厚 25 年业绩，收费权摊销略高于预期 2025 年 3 月 17 日 强烈推荐/维持 越秀交通基建 公司报告 事件：公司发布 24 年年报，全年实现收入 38.7 亿元，同比下降 2.5%，其中路 费收入 37.9 亿元，同比下降 1.4%。归母净利润 6.57 亿元，同比下降 14.2%， 公司业绩符合预期。 极端天气和部分路段的路网分流导致报告期收入端有所下降：24 年公司路费收 入下降的原因主要系：1. 我国中东部地区受 24 年春节前后大范围雨雪低温冰冻 天气影响；2. 报告期节假日免费通行天数较 23 年多 3 天；3. 部分项目受路网分 流影响。 路网分流方面，具体到各个路产：1. 公司核心路产广州北二环高速收入同比下降 6.2%，主要系 23 年 10 月开始与北二环高速相连的从浦高速开通，导致部分车 流行驶路径缩短；2. 湖北汉蔡高速收入同比下降 8.3%，除了极端天气影响外， 23 年平行路段封闭施工导致基数较高也是 24 年收入下降的因素；3. 湖北汉鄂高 速和大广南高速收入分别同比增长 58.1%和下降 11.9%，主要系武黄高速封闭施 工 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a revenue of $594 million for 2024, reflecting a year-over-year increase of 6.1%, and a significant net profit of approximately $2.96 billion, primarily due to the deconsolidation of its cell therapy business, which contributed $3.2 billion in gains [1][4] - The life sciences segment achieved a revenue of $455 million in 2024, up 10.2% year-over-year, with an adjusted operating profit of $90 million, marking a 15.5% increase [2] - The CDMO business saw a revenue decline of 13.2% to $95 million in 2024, with an adjusted operating loss of $43 million, attributed to unfavorable market conditions and increased competition [3] - The synthetic biology segment experienced a revenue growth of 24.6% to $54 million, with a stable adjusted operating profit of $2.1 million [3] - The company expects a revenue growth of 15%-20% in the CDMO business for 2025, driven by new project acquisitions and anticipated upfront payments from partners [3] Financial Forecasts and Valuation - The updated net profit forecasts for 2025 and 2026 are $248 million and $235 million, respectively, with a new estimate for 2027 at $505 million, reflecting the expected ramp-up in production capacity [4] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are $0.12, $0.11, and $0.23, respectively, with corresponding price-to-earnings (PE) ratios of 14, 15, and 7 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in core profits, driven by its renewable energy business, which saw a net profit increase of over 400 million HKD year-on-year [6] - The company plans to distribute a total dividend of 0.19 HKD per share, resulting in a dividend yield of 5.79% based on the closing price on March 14 [6] - The gas sales volume is expected to grow steadily, with total gas sales projected to reach 17.2 billion cubic meters in 2025, reflecting a year-on-year increase of 4.5% [6] - The renewable energy segment, particularly solar power, is expected to continue its rapid expansion, with plans to achieve 6 GW of solar assets on the balance sheet by 2030 [6] Financial Data and Profit Forecast - Revenue (million HKD): - 2023: 19,842 - 2024: 21,314 (7.4% YoY growth) - 2025E: 21,861 (2.6% YoY growth) - 2026E: 22,739 (4.0% YoY growth) - 2027E: 23,499 (3.3% YoY growth) [2][7] - Net Profit (million HKD): - 2023: 1,575 - 2024: 1,606 (2.0% YoY growth) - 2025E: 1,809 (12.7% YoY growth) - 2026E: 1,928 (6.5% YoY growth) - 2027E: 2,029 (5.3% YoY growth) [2][7] - Earnings per Share (HKD/share): - 2023: 0.48 - 2024: 0.47 - 2025E: 0.52 - 2026E: 0.55 - 2027E: 0.58 [2][7] Market Data - Closing Price (HKD): 3.28 [3] - Market Capitalization (billion HKD): 114.17 [3] - 52-week High/Low (HKD): 3.67/2.69 [3]

越秀交通基建（01052.HK）：平临高速将增厚 25 年业绩，收费权摊销略高于预期 2025 年 3 月 17 日 强烈推荐/维持 越秀交通基建 公司报告 事件：公司发布 24 年年报，全年实现收入 38.7 亿元，同比下降 2.5%，其中路 费收入 37.9 亿元，同比下降 1.4%。归母净利润 6.57 亿元，同比下降 14.2%， 公司业绩符合预期。 极端天气和部分路段的路网分流导致报告期收入端有所下降：24 年公司路费收 入下降的原因主要系：1. 我国中东部地区受 24 年春节前后大范围雨雪低温冰冻 天气影响；2. 报告期节假日免费通行天数较 23 年多 3 天；3. 部分项目受路网分 流影响。 路网分流方面，具体到各个路产：1. 公司核心路产广州北二环高速收入同比下降 6.2%，主要系 23 年 10 月开始与北二环高速相连的从浦高速开通，导致部分车 流行驶路径缩短；2. 湖北汉蔡高速收入同比下降 8.3%，除了极端天气影响外， 23 年平行路段封闭施工导致基数较高也是 24 年收入下降的因素；3. 湖北汉鄂高 速和大广南高速收入分别同比增长 58.1%和下降 11.9%，主要系武黄高速封闭施 工 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Insights - The company is expected to achieve steady growth despite a warm winter, with a projected close to 10% growth in its down jacket business for FY25 [4][5] - The target price is set at 5.26 HKD, based on a 14x PE valuation for FY26 [4][5] - The company has actively repurchased shares, reflecting management's confidence, with a total of 56.21 million shares repurchased since January 15, amounting to 209 million HKD [4][5] Financial Performance Summary - Revenue for FY23A was 16,774 million HKD, with a projected increase to 25,545 million HKD in FY25E, reflecting a 10% year-on-year growth [4][8] - Net profit attributable to the parent company is expected to grow from 2,139 million HKD in FY23A to 3,515 million HKD in FY25E, representing a 14.3% increase [4][8] - Earnings per share are forecasted to be 0.30, 0.35, and 0.40 HKD for FY25E, FY26E, and FY27E respectively [4][5] Market Position and Strategy - The company is deepening its strategic cooperation with Harbin to enhance its brand presence in Northeast China [4][5] - A new concept store was opened in Beijing, aimed at boosting brand visibility and consumer engagement [4][5] - The company is leveraging digital innovations such as AI in product design, significantly reducing development time [4][5]

港股公司报告 | 公司点评 中石化炼化工程（02386） 证券研究报告 年报点评：业绩符合预期，新签合同表现亮眼 公司发布 2024 年业绩 2024 年公司实现营业收入 641.98 亿元，同比+13.9%；归母净利润 24.66 亿 元，同比+5.5%。毛利率 8.3%、净利率 3.9%、资产回报率 3%。2024 全年 派息每股 0.358 元，派息率 65%，全年派息金额为公司上市以来新高。资 本开支 10.21 亿，同比-4.4%。 市场开发再获历史突破，境外订单大超预期 2024 全年新签订单总量连续三年保持两位数增长，达到 1,006.13 亿元，同 比增长 25.4%。其中，境内新签订合同额约人民币 621.02 亿元，同比增长 5.6%；境外新签订合同量约 53.49 亿美元，同比+79.6%，大超预期（2023 年报中展望为 30 亿美金）。2025 年公司新签合同展望为境内 630 亿人民币， 境外 50 亿美元。 海外新签订单在新市场、新品种、新领域屡获突破。在境外市场，公司加 大与国际同业伙伴强强联合，加强与战略客户的高层互访和推介交流，海 外市场开发持续做强做大做优。2024 年签 ...

2025 年 3 月 17 日 强烈推荐/维持 越秀交通基建 公司报告 事件：公司发布 24 年年报，全年实现收入 38.7 亿元，同比下降 2.5%，其中路 费收入 37.9 亿元，同比下降 1.4%。归母净利润 6.57 亿元，同比下降 14.2%， 公司业绩符合预期。 越秀交通基建（01052.HK）：平临高速将增厚 25 年业绩，收费权摊销略高于预期 极端天气和部分路段的路网分流导致报告期收入端有所下降：24 年公司路费收 入下降的原因主要系：1. 我国中东部地区受 24 年春节前后大范围雨雪低温冰冻 天气影响；2. 报告期节假日免费通行天数较 23 年多 3 天；3. 部分项目受路网分 流影响。 路网分流方面，具体到各个路产：1. 公司核心路产广州北二环高速收入同比下降 6.2%，主要系 23 年 10 月开始与北二环高速相连的从浦高速开通，导致部分车 流行驶路径缩短；2. 湖北汉蔡高速收入同比下降 8.3%，除了极端天气影响外， 23 年平行路段封闭施工导致基数较高也是 24 年收入下降的因素；3. 湖北汉鄂高 速和大广南高速收入分别同比增长 58.1%和下降 11.9%，主要系武黄高速封闭施 工 ...

Investment Rating - The report maintains an OUTPERFORM rating for MMG Limited [2][5] Core Views - The company has shown significant profit improvement, with a net profit increase of 200% year-on-year in 2024, reaching US$366 million [3][14] - The production of copper and zinc has steadily increased, with copper production at 400,000 tons in 2024, up 15% year-on-year, and zinc production at 220,000 tons, up 8% year-on-year [3][14] - Major projects are progressing well, including the Chalcobamba development and Kinsevere expansion, which is expected to ramp up production in 2025 [15][17] - The company plans to enhance its production capacity at Khoemacau to 60,000 tons/year by 2026-2027 and aims for a target of 130,000 tons/year by 2028 [15][17] Financial Performance - Revenue for 2024 was US$4.479 billion, a 3% increase year-on-year, with EBITDA rising by 40% to US$2.049 billion [3][14] - The company expects revenues to grow to US$5.334 billion in 2025, with net profit projected to reach US$472 million [5][12] - The projected EPS for 2025-2027 is US$0.04, US$0.05, and US$0.05 respectively, translating to HK$0.31, HK$0.39, and HK$0.39 [5][18] Production Guidance - For 2025, copper production is expected to be between 360,000 and 400,000 tons, with C1 costs ranging from US$1.5 to US$1.7 per pound [4][16] - Zinc production is projected to be between 310,000 and 340,000 tons [9] Acquisition Plans - The company announced the acquisition of Brazilian Nickel for up to US$500 million, expected to close by Q3 2025, which will enhance its nickel production capacity significantly [17]

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [11]. Core Insights - Leapmotor achieved a revenue of RMB 32.16 billion in 2024, a 92% year-over-year increase, and a net loss of RMB 2.82 billion, significantly narrowing from the previous year [11]. - The company reported a quarterly revenue of RMB 13.46 billion in Q4 2024, marking a 155% year-over-year increase and a net profit of RMB 80 million, turning positive ahead of schedule [11]. - The gross profit margin for the year was 8.4%, up 7.9 percentage points year-over-year, with Q4 gross profit margin reaching 13.3% [11]. - Leapmotor's strategic partnerships and international expansion efforts are accelerating, with over 400 sales service outlets established and a target of 550 by 2025 [11]. - The company launched the B10 model, featuring advanced intelligent driving technology, with pre-sale orders reaching 31,688 units within 48 hours [11]. Financial Data and Forecast - Revenue projections for the company are as follows: RMB 55.3 billion in 2025, RMB 86.5 billion in 2026, and RMB 100 billion in 2027, with net profits expected to be RMB 400 million, RMB 1.7 billion, and RMB 4.4 billion respectively [11]. - The report estimates a price-to-sales (PS) ratio of 1.1 for 2025, with a target price of HKD 59.07 based on the current market conditions [11]. - The company is expected to benefit from the expansion of the economic smart car market in the RMB 100,000-200,000 range [11].