建议谨慎申购 2025-6-17 星期二 IPO 申购指南 曹操出行（2643.HK） 【招股详情】 | 保荐人 | 华泰金控（香港）、农银国际融资有限公司、广发融资（香港） | | --- | --- | | 上市日期 | 2025 年 6 月 25 日(周三) | | 招股价格 | 41.94 港元/股 | | 集资额 | 18.53 亿港元 | | 每手股数 | 股 100 | | 入场费 | 4236.3 港元 | | 招股日期 | 年 月 日-2025 年 月 日 2025 6 17 6 20 | | 国元证券认购截止日期 | 2025 年 6 月 19 日 | | 招股总数 | 4417.86 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 3976.07 万股(可予调整及视乎超额配售权的行使情况而定)，约占 90% | | 公开发售 | 441.79 万股(可予调整及视乎超额配售权的行使情况而定)，约占 10% | 【申购建议】 公司是吉利集团孵化的中国网约车平台。公司在 31 个城市拥有一支超过 34,000 辆定制车的车队供公司的附属司机使用，根据弗若斯特沙利文的数 据 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Insights - The company has entered a high-growth trajectory supported by its Agent business, with a forecasted revenue growth of 30.85% in 2025, 28.75% in 2026, and 27.22% in 2027 [4][8]. - The first quarter of 2025 saw revenue of 1.08 billion RMB, a year-on-year increase of 30.1%, with a gross profit of 444 million RMB, also up 30.1% [4][8]. - The average revenue per key user reached 11.67 million RMB, reflecting a 31.3% year-on-year increase, indicating strong performance despite macroeconomic pressures [4][8]. Financial Summary - Revenue projections for 2025-2027 are 6.88 billion RMB, 8.86 billion RMB, and 11.28 billion RMB respectively, with EPS expected to be 0.11 RMB, 0.56 RMB, and 1.19 RMB [3][4][8]. - The company’s gross profit margin (GPM) for Q1 2025 was 41.2%, maintaining stability compared to the previous year [4][8]. - The Prophet AI platform generated 805 million RMB in revenue for Q1 2025, marking a 60.5% increase year-on-year [4][8]. Business Development - The company has upgraded to a dual 2B+2C business model, enhancing its capabilities in both enterprise and consumer sectors [4][8]. - The launch of the AI Agent development platform has enabled the company to cover the full lifecycle of AI Agent development, with applications across over 14 industries [4][8]. - The establishment of the Phancy consumer electronics sector aims to provide AI Agent solutions for devices, further diversifying the company's offerings [4][8].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target price range of HKD 87.13 to HKD 94.10, indicating over 25% upside potential from the current price of HKD 68.75 [6][3]. Core Insights - AIA Group is a leading life insurance company in the Asia-Pacific region, with a strong market presence and a robust network of agents and partners [1][15]. - The company achieved an annualized new premium income of USD 8.606 billion and a net profit of USD 6.883 billion for the year 2024, ranking second among listed insurance companies [1][15]. - AIA's new business value (NBV) reached USD 4.712 billion in 2024, reflecting a year-on-year growth of 18% [35]. Summary by Sections Company Overview - AIA Group, headquartered in Hong Kong, has a century-long history and focuses on life insurance in the Asia-Pacific region, covering 18 markets [1][14]. - The company has established a significant market share in various countries, with a strong emphasis on high-quality products and agent recruitment [15][39]. Business Performance - The company maintains a high new business value growth rate, with a new business value contribution from mainland China and Hong Kong consistently above 50% [2][39]. - As of 2024, the new business value distribution is as follows: Mainland China (24.0%), Hong Kong (34.8%), Thailand (16.1%), Singapore (9.0%), Malaysia (6.9%), and others (9.2%) [2][39]. Financial Projections - The report forecasts the company's earnings and financial metrics, predicting a diluted EPS of USD 0.62, USD 0.67, and USD 0.74 for 2025, 2026, and 2027, respectively [5]. - The expected embedded value per share (EVPS) for 2025, 2026, and 2027 is projected to be USD 6.83, USD 7.46, and USD 8.22, respectively [5]. Valuation and Market Position - AIA is expected to enjoy a valuation premium due to its top-tier agent quality and global asset allocation strategy [3]. - The company's average P/EV ratio since 2017 is 1.75x, significantly higher than domestic peers, with current valuations at historical lows [3][5]. Strategic Initiatives - AIA has implemented a multi-dimensional agent transformation strategy to enhance agent quality and retention, achieving a high MDRT count of 4,656 agents [2][3]. - The company is expanding its business footprint in mainland China, with recent approvals for new branches in key provinces [41][46].

Investment Rating - The report assigns a rating of "Buy" for the company [5] Core Insights - The company demonstrates resilience in its insurance business, driven by four core ecosystems that support high-quality growth. The total premium income is projected to reach 33.417 billion yuan in 2024, with a CAGR of 19.9% from 2018 to 2024, ranking eighth in the domestic property insurance industry and first in the internet property insurance market [1][2] Summary by Sections 1. Insurance Business Performance - The company has established four ecosystems: Digital Life, Health, Consumer Finance, and Automotive, with Digital Life contributing 48.5% of total premiums, expected to reach 16.197 billion yuan in 2024, growing by 28.9% year-on-year. Health ecosystem premiums are projected at 10.338 billion yuan, with a CAGR of 23.8% [2][29] - The company has achieved underwriting profitability for four consecutive years, with a combined cost ratio of 96.9% in 2024, reflecting improvements in operational efficiency and risk control [30][72] 2. Technology Business - The technology segment has shown significant growth, with a revenue CAGR of 43% over six years, reaching 956 million yuan in 2024, marking a 15.3% year-on-year increase and achieving profitability for the first time [3][8] 3. Digital Banking - The digital bank, ZA Bank, leads in Hong Kong with total assets of 22.3 billion HKD in 2024, a 60% increase year-on-year, and a net income of 548 million HKD, narrowing its net loss by 42% to 232 million HKD [4][8] 4. Financial Forecasts - The company expects premium service revenue growth rates of 11%, 14%, and 14% for 2025 to 2027. Total operating revenue is projected to be 3.715 billion yuan in 2025, with net profit attributable to shareholders expected to reach 904 million yuan [9][11]

Investment Rating - The report assigns an "Overweight" rating to the company, with a target price of 633.95 HKD per share based on a PE of 40.0X for 2025E [5]. Core Views - The tea beverage market in China is expected to grow significantly, with a projected CAGR of 19.2% from 2024 to 2028, driven by increased penetration and consumption frequency [3][17]. - The company holds a dominant position in the market, with a 20.2% market share in the overall tea beverage sector and a 57.0% share in the sub-10 RMB price segment, indicating strong competitive advantages [3][29]. - The company's core strengths include a robust supply chain, strong brand recognition, and a focus on cost-effective products, which have helped maintain profitability even in a challenging market environment [3][5]. Summary by Sections Company Overview - The company, Mixue Ice City, is the leading brand in China's fresh tea beverage market, with 46,479 stores globally by the end of 2024, achieving a CAGR of 32% from 2021 to 2024 [2][33]. - The company went public on the Hong Kong Stock Exchange in March 2025, raising approximately 3.46 billion HKD, primarily for supply chain development [2][36]. Industry Analysis - The fresh tea beverage market in China reached a size of 211.5 billion RMB in 2023, with a significant growth trajectory expected due to increased consumer demand and market penetration [17][25]. - The competitive landscape is favorable for low-priced tea beverages, with Mixue Ice City being the clear leader, benefiting from consumer preferences for value [3][29]. Competitive Advantages - The company leverages its strong supply chain, with over 60% of its ingredients sourced in-house, allowing for cost control and quality assurance [3][5]. - The brand's marketing strategy, including the successful "Snow King" IP, has enhanced its visibility and consumer engagement, contributing to its market leadership [3][5]. Future Growth Prospects - The company plans to continue expanding its domestic footprint while also exploring international markets, particularly in Southeast Asia, where demand for fresh beverages is rising [4][5]. - The introduction of the "Lucky Coffee" brand aims to capture the growing coffee market, with plans to lower franchise entry barriers to accelerate growth [4][5]. Financial Projections - Revenue forecasts for 2025E, 2026E, and 2027E are 310.8 billion RMB, 353.2 billion RMB, and 390.2 billion RMB, respectively, with corresponding net profits of 55.0 billion RMB, 64.4 billion RMB, and 73.8 billion RMB [5][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 93, based on a 25x forecasted P/E for 2025 [1][7][8]. Core Insights - The company is viewed as a high-quality target in the semiconductor sector, with sustainable growth potential. The management's clear and sustainable growth strategy has left a strong impression [1][7]. - The report highlights three key areas of investor focus: downstream demand outlook, geopolitical risks, and the company's investment plans for upstream manufacturing resources [1][7]. - The company is expected to achieve revenue and profit growth of 20%-30% despite macroeconomic uncertainties, driven by the expansion of new product categories [7][8]. Financial Summary - Sales revenue is projected to grow from RMB 464 million in FY23A to RMB 1,172 million in FY27E, with a CAGR of approximately 25.6% [2][14]. - Net profit is expected to increase from RMB 109.2 million in FY23A to RMB 342.1 million in FY27E, reflecting a strong growth trajectory [2][14]. - The gross margin is forecasted to stabilize around 53.9% from FY25E onwards, indicating consistent profitability [2][14]. Valuation Metrics - The company's current valuation stands at 19.3x P/E for 2025, with a PEG ratio of 0.77, which is considered attractive compared to the industry average of 66.1x [7][8][13]. - The target price of HKD 93 represents a potential upside of 27.4% from the current price of HKD 73 [3][7]. Market Performance - The company's stock has shown significant performance, with a 151.3% absolute return over the past six months [4]. - The stock's market capitalization is approximately HKD 1.314 billion, with a 52-week price range of HKD 73.00 to HKD 23.05 [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 4.427 billion yuan for Q1 2025, representing a year-on-year increase of 18.9%, slightly exceeding Bloomberg consensus expectations, driven by improvements in same-store sales domestically and continued rapid growth overseas [1] - The adjusted net profit for Q1 2025 was 587 million yuan, a year-on-year decrease of 4.8%, falling short of Bloomberg consensus expectations of 661 million yuan, primarily due to ongoing overseas store expansion and increased financial expenses [1] - Domestic revenue for MINISO reached 2.494 billion yuan in Q1 2025, up 9.1% year-on-year, with same-store sales showing improvement [2] - Overseas revenue for MINISO was 1.592 billion yuan in Q1 2025, reflecting a year-on-year increase of 30.3%, although growth rates slowed due to high base effects [3] - TOP TOY achieved domestic revenue of 340 million yuan in Q1 2025, marking a year-on-year increase of 58.9% [4] Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are estimated at 20.565 billion yuan, 24.425 billion yuan, and 28.915 billion yuan, respectively, with year-on-year growth rates of 21.0%, 18.8%, and 18.4% [5] - The expected net profit attributable to the parent company for the same period is projected to be 2.737 billion yuan, 3.332 billion yuan, and 4.152 billion yuan, with corresponding year-on-year growth rates of 4.6%, 21.8%, and 24.6% [5] - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are estimated to be 14.7x, 12.0x, and 9.7x, respectively [5]

Investment Rating - Initiate with OUTPERFORM rating [1][2] Core Views - Hansoh Pharma is a leading innovative pharmaceutical company in China, focusing on oncology, anti-infection, central nervous system diseases, metabolic diseases, and autoimmune diseases, with a robust pipeline of over 30 clinical-stage innovative drug projects and 50 ongoing clinical studies [3][9] - The company has seen a significant increase in innovative drug revenue, projected to exceed 10 billion RMB in 2025, accounting for over 80% of total revenue [3][17] - The oncology segment is a key growth driver, with revenue expected to reach 8.12 billion RMB in 2024, representing 66% of total revenue [27] Summary by Sections 1. Company Overview - Established in 1995, Hansoh Pharma has over 30 years of experience in the pharmaceutical industry, with a focus on R&D, production, and commercialization [9][10] - The company has a strong global management team with extensive industry experience [13][14] 2. Oncology Segment - The oncology segment is well-established, with a comprehensive product system covering various disease types and treatment stages [4][27] - The core product, Amivantamab, has gained significant market share and is expected to continue driving growth [27][29] 3. Innovative Drug Pipeline - The company has a diverse pipeline with over 40 innovative drug candidates across various therapeutic areas, including ADCs and dual antibodies [20][24] - Recent collaborations with multinational corporations have strengthened the company's R&D capabilities and expanded its pipeline [5][25] 4. Financial Projections - Revenue projections for FY25-27 are 13.76 billion RMB, 14.86 billion RMB, and 16.5 billion RMB, respectively, with net profits of 4.62 billion RMB, 4.69 billion RMB, and 5.2 billion RMB [6][17] - The company has increased its R&D investment significantly, with a projected R&D expense ratio of 22% in 2024 [15][17] 5. Market Position and Strategy - Hansoh Pharma is positioned as a leading player in the Chinese pharmaceutical market, with a focus on innovative drug development and international expansion [3][9] - The company aims to leverage its strong R&D capabilities and strategic partnerships to enhance its market presence and drive future growth [5][20]

Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [1][10][24] Core Views - The company maintains its position among the top three in the industry for sales, with a strong land acquisition strategy and steady growth in recurring income [5][8][10] - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 28.99 billion, 31.70 billion, and 34.91 billion yuan, respectively, with corresponding EPS of 4.07, 4.45, and 4.90 yuan [5][9] - The current stock price corresponds to a PE ratio of 6.1, 5.6, and 5.1 for the years 2025, 2026, and 2027, indicating a favorable valuation [5][9] Sales Performance - In May 2025, the total contract sales amount reached 18.35 billion yuan, a year-on-year decrease of 11.4% but a month-on-month increase of 6.1% [6] - The average sales price increased significantly to 26,955 yuan per square meter, up 15.8% year-on-year, despite a decline in sales volume [6][18] Land Acquisition - The company ranked fourth in land acquisition amount from January to May 2025, with a total of 33.16 billion yuan, representing a year-on-year increase of 53% [7] - The average land acquisition price was 31,381 yuan per square meter, which is higher than the sales price, indicating a focus on high-quality land in major cities [7] Recurring Income - Recurring income for May 2025 was 4.09 billion yuan, a year-on-year increase of 6.2%, with rental income from operational real estate reaching 2.69 billion yuan, up 13.0% [8] - The company is focusing on core assets by divesting low-efficiency assets, such as the planned sale of the Nanxiang Colorful City project in Shanghai for approximately 300 to 400 million yuan [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [6]. Core Insights - The company is entering a new phase of commercialization with projected revenue of 266.43 million yuan in 2024, representing a year-on-year increase of 52.8%, driven by significant growth in intelligent robotics and drug discovery solutions [1][2]. - The company has achieved a substantial reduction in net losses, with an adjusted net loss of 4.57 billion yuan in 2024, narrowing by 12.5% year-on-year, and is expected to turn profitable as revenue scales up [1][3]. - The company has a robust cash reserve of 31.23 billion yuan as of December 31, 2024, which, when combined with additional funds from recent placements, is projected to support operations for the next decade [1]. Summary by Sections Revenue and Growth - In 2024, the company expects to achieve revenue of 266.43 million yuan, a 52.75% increase from the previous year, with significant contributions from intelligent robotics (up 87.8%) and drug discovery solutions (up 18.2%) [1][5]. - The company has diversified its client base, serving 16 of the top 20 global biotechnology and pharmaceutical companies, which has contributed to the growth in its drug discovery revenue [2]. Strategic Partnerships and Acquisitions - The company has entered into strategic partnerships with major pharmaceutical firms such as Johnson & Johnson and has acquired 90% of the shares in Siwei Medical for 250 million yuan, enhancing its capabilities in AI medical applications [2][3]. - The company has established a five-year strategic R&D cooperation agreement with GCL Group to develop AI perovskite materials, positioning itself in the AI new materials sector [3]. Financial Projections - The company forecasts revenues of 424.07 million yuan, 676.38 million yuan, and 1.08 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 52.83X, 33.14X, and 20.72X [3][5]. - The report anticipates a gradual improvement in profitability, with net losses expected to decrease significantly over the next few years, potentially achieving a net profit of 70.36 million yuan by 2027 [5].