Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 7.82, indicating a potential upside of 26% from the current price of HKD 6.23 [5][12]. Core Insights - The company's overall gross margin is expected to improve, with a projected gross margin of over 16% for 2024 and further growth to 8% in 2025, driven by increased deliveries of offshore and international wind turbines [2][9]. - The company has successfully expanded its international market presence, demonstrating strong core competitive capabilities in the global supply chain and financing [3][10]. - The company anticipates a total wind turbine shipment of 18-20 GW for 2024, with continued growth expected in 2025, supported by a robust order backlog [4][11]. Financial Summary - The company reported a revenue of RMB 46,254 million in 2022, with projections of RMB 50,244 million in 2023, RMB 57,278 million in 2024, and RMB 61,860 million in 2025, reflecting a growth rate of 14% in 2024 [6][17]. - The net profit is expected to rebound significantly from RMB 1,331 million in 2023 to RMB 2,634 million in 2024, with a further increase to RMB 3,015 million in 2025 [6][17]. - The company’s earnings per share (EPS) is projected to rise from RMB 0.29 in 2023 to RMB 0.57 in 2024, and RMB 0.66 in 2025 [6][17].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 3.86, representing an expected upside of 28.5% from the current price of HKD 3.00 [1][4][11]. Core Insights - The "Gift" feature in WeChat is expected to enhance the e-commerce ecosystem, driving demand for merchant services. This feature is currently in the exploratory phase and is anticipated to evolve, especially during major holidays, potentially replicating the success of the "WeChat Red Packet" phenomenon [3][4][8]. - The company is projected to see a continuous reduction in losses, benefiting from the growth of the WeChat ecosystem. With the completion of the WeChat mini-store integration expected in the first half of 2025, the company is well-positioned to capitalize on the burgeoning demand for SaaS and operational services in the WeChat e-commerce space [4][10]. Financial Summary - The company’s revenue projections for 2024-2026 are estimated at RMB 18.1 billion, RMB 21.0 billion, and RMB 25.1 billion, respectively, with year-on-year growth rates of -18.6%, 15.6%, and 19.7% [5][10]. - Net profit forecasts for the same period are expected to be -RMB 6.7 billion, -RMB 3.5 billion, and -RMB 1.2 billion, indicating a trend of decreasing losses as the company continues to optimize costs and enhance operational efficiency [5][10].

Investment Rating - The report maintains a "Buy" rating for Hutchison China MediTech (0013.HK) with a target price of HKD 40.90, while the current price is HKD 23.40 [1]. Core Insights - Hutchison China MediTech has announced the sale of a 45% stake in Shanghai Hutchison Pharmaceuticals for USD 608 million (RMB 4.478 billion) to focus on innovative drug development. The proceeds will be used to further develop its internal product pipeline, particularly its next-generation antibody-drug conjugate (ADC) platform [7]. - The NDA for Savolitinib in combination with Osimertinib for treating MET-amplified NSCLC has been accepted and prioritized for review in China, indicating significant progress in addressing resistance issues in EGFR inhibitors [7]. - The commercialization of Fuzuloparib in the U.S. has been successful, with expected sales of USD 130 million in the first half of 2024, and it has been included in healthcare insurance in Spain and Japan, enhancing its commercial prospects [7]. Financial Summary - Revenue projections for Hutchison China MediTech are USD 642.07 million in 2024, USD 736.97 million in 2025, and USD 884.99 million in 2026, reflecting a growth rate of -23.38%, 14.78%, and 20.09% respectively [2]. - The net profit attributable to the parent company is expected to be -USD 17.24 million in 2024, USD 74.51 million in 2025, and USD 134.20 million in 2026, with growth rates of -117.10%, 532.22%, and 80.12% respectively [2]. - The earnings per share (EPS) are projected to be -USD 0.02 in 2024, USD 0.09 in 2025, and USD 0.15 in 2026 [2].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors with a target price raised to HKD 18.0, indicating a potential upside of 32% from the current price [4][6]. Core Insights - Great Wall Motors achieved a total sales volume of 1.233 million vehicles in 2024, remaining flat year-on-year, marking the ninth consecutive year of sales exceeding one million units [2][3]. - The company is focusing on high-quality market share growth, with a significant increase in December 2024 sales by 20.3% year-on-year, driven by strong performance from the Haval and WEY brands [2][3]. - The report highlights the company's strategic expansion into international markets, with overseas sales reaching 453,000 units in 2024, accounting for 37% of total sales, and an expected growth of 26% in export sales to 570,000 units by 2025 [3][4]. Sales Performance - In December 2024, Haval brand sales reached 83,000 units, up 27.2% year-on-year, while WEY brand sales surged by 150.8% to 8,808 units [2]. - The report notes a decline in sales for the Ora brand by 52.7%, while the Tank brand saw a 26.4% increase in sales [2]. Financial Projections - The report projects sales revenue growth of 26% for 2024, reaching RMB 219.01 billion, followed by an 18% growth in 2025 to RMB 259.42 billion [5][9]. - Net profit is expected to rebound significantly by 95% in 2024, reaching RMB 13.69 billion, and continue to grow to RMB 16.95 billion in 2025 [5][9]. - The report anticipates a steady gross margin of 21% from 2024 to 2026, with net profit margins improving to 7% by 2025 [5][9]. Product Development - Great Wall Motors plans to launch several new models in 2025, including the Haval H7 and new Tank models, which will feature the advanced Coffee Pilot Ultra driving system [3][4]. - The company aims to enhance its competitive edge in the high-end and off-road vehicle segments through accelerated deployment of intelligent driving technologies [3].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile with a target price of HKD 19.0, indicating a potential upside of 35% from the current price of HKD 14.1 [1][4][3]. Core Insights - Geely Automobile achieved a total sales volume of 2.177 million units in 2024, representing a year-on-year growth of 32%, exceeding its sales target [2][3]. - The report highlights the strong performance of Geely's brands, driven by new technologies and product upgrades, which are expected to continue fueling sales and revenue growth [1][3]. - The company aims for a sales target of 2.71 million units in 2025, with a focus on new energy vehicles (NEVs) and a projected NEV sales volume of 1.5 million units, reflecting a growth of 69% [3][2]. Sales Performance - In December 2024, Geely's total sales reached 210,000 units, a year-on-year increase of 43%, with the Geely brand alone selling 157,000 units, up 46% year-on-year [2]. - The cumulative sales for the Geely brand in 2024 were 1.669 million units, a 27.4% increase, while Zeekr and Lynk & Co brands saw significant growth of 87.2% and 29.6% respectively [2][3]. Financial Projections - The report projects Geely's revenue to grow from RMB 179.2 billion in FY2023 to RMB 239.3 billion in FY2024, marking a growth rate of 34% [7]. - Net profit is expected to increase significantly to RMB 15.8 billion in FY2024, reflecting a growth rate of 197% compared to the previous year [7]. - The gross margin is projected to improve gradually, reaching 16.5% by FY2026 [7]. Product Strategy - Geely plans to launch five new energy products in 2025, including two SUVs and three sedans, with a new hybrid technology to enhance competitiveness [3]. - The Zeekr brand will focus on increasing its smart technology offerings, planning to release three new models in 2025 [3]. - Lynk & Co aims to upgrade its existing products and introduce two new hybrid models in the second and third quarters of 2025 [3].

归创通桥-B（2190.HK） 2024-12-31 星期二 | --- | --- | |---------------------|----------------------------| | | | | 日期 2024-12-31 | | | 收盘价（港元） | 11.78 | | 总股本（亿股） | 3.30 | | 总市值（亿港元） | 39 | | 净资产（亿元） | 31 | | 总资产（亿元） | 34.87 | | 52 周高低（港元） | 14/8.62 | | 每股净资产（元） | 9.36 | | 数据来源： Wind | 、国元证券经纪(香港 ) 整理 | | --- | --- | |------------|--------------| | | | | 目标价： | 16.8 港元 | | 现 价： | 11.78 港元 | | 预计升幅 : | 42.61% | 赵中（11.3%） OAP IV (HK) Limited (7.62%) 主要股东 深度报告：归创通桥-B-20230419 点评报告：归创通桥-B-20240730 相关报告 | --- | --- | |-- ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.25, indicating a potential upside of 35% from the current price of HKD 6.12 [1][39][23]. Core Insights - The company is an innovation-driven biopharmaceutical firm focusing on hematological malignancies, solid tumors, and autoimmune diseases, with a robust pipeline of 13 drugs, including 2 commercialized products and over 30 global clinical trials in various stages [7][10]. - The company has made significant advancements in the autoimmune disease sector, particularly with its product ICP-488, which has shown promising results in clinical trials for moderate to severe plaque psoriasis [3][8]. - The first commercial product, a BTK inhibitor named Aobutini, has been included in the national medical insurance directory and is expected to see continued demand growth as new indications are approved [11][39]. Summary by Sections Company Overview - The company is focused on drug discovery, development, and commercialization in the fields of hematological tumors, solid tumors, and autoimmune diseases, with a strong emphasis on innovative therapies [7][26]. Product Pipeline - The product pipeline includes 13 drugs, with 2 already commercialized, and over 30 ongoing global clinical trials. Key products include Aobutini for systemic lupus erythematosus (SLE) and a BCL2 inhibitor for various hematological cancers [4][10]. Clinical Trial Results - The phase II trial of ICP-488 demonstrated significant efficacy in treating moderate to severe plaque psoriasis, with PASI 75 response rates of 77.3% and 78.6% for the 6 mg and 9 mg doses, respectively, compared to 11.6% in the placebo group [3][8]. Financial Performance - The company reported a revenue of RMB 2.78 billion for Q3 2024, a year-on-year increase of 73.96%, and a net loss of RMB 2.75 billion for the first nine months of 2024, reflecting a narrowing loss of 47.1% [33][39]. - The gross margin for the first nine months of 2024 was 86.0%, an increase of 4.8 percentage points from the previous year [33]. Market Potential - The autoimmune disease market is vast, with over 150 diseases affecting more than 500 million patients globally, indicating significant growth potential for the company's products in this area [8][10].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company announced that the NDA for the combination therapy of Savolitinib and Osimertinib for treating MET-amplified EGFR-mutant NSCLC has been accepted by the National Medical Products Administration and is under priority review [5] - The company plans to use the proceeds from the sale of its 45% stake in Shanghai Henlius Biotech for further development of its internal product pipeline, including a new generation ADC platform [5] - The estimated reasonable value of the company is HKD 41.35 per share, with projected net profits of USD 0.05 million, USD 0.20 million, and USD 0.74 million for the years 2024 to 2026 respectively [5] Financial Summary - Main revenue is projected to grow from USD 426 million in 2022 to USD 838 million in 2023, followed by a decline to USD 641 million in 2024 [3] - EBITDA is expected to improve from a loss of USD 361 million in 2022 to a profit of USD 78 million in 2023, with a forecasted loss of USD 7 million in 2024 [3] - The net profit attributable to shareholders is projected to turn from a loss of USD 361 million in 2022 to a profit of USD 101 million in 2023, and further to USD 5 million in 2024 [3] - The company’s EPS is expected to rise from -0.42 in 2022 to 0.12 in 2023, and reach 0.08 by 2026 [3] - The company’s ROE is projected to improve from -56.6% in 2022 to 13.6% in 2023, and reach 8.7% by 2026 [3]

Investment Rating - Maintain BUY rating for Innovent Biologics with a target price raised from HK$55.21 to HK$57.67, reflecting a potential upside of 62.4% from the current price of HK$35.50 [1][9]. Core Insights - Innovent Biologics has out-licensed global rights of DLL3 ADC (IBI3009) to Roche, receiving an upfront payment of US$80 million and potential milestone payments up to US$1.0 billion, along with tiered royalties on net sales [1]. - The DLL3 ADC is a promising therapy for pre-treated extensive-stage small cell lung cancer (ES-SCLC), with DLL3 being a neuroendocrine-specific antigen expressed in 85% of SCLC cases [1]. - Innovent has a rich pipeline of innovative drug candidates, including IBI115 (DLL3/CD3 bispecific antibody) and IBI363 (PD-1/IL-2), which have shown encouraging clinical results [1]. Financial Summary - Revenue is projected to grow from RMB 6,206 million in FY23A to RMB 10,840 million in FY25E, representing a year-on-year growth of 32.4% and 31.9% respectively [8][19]. - Net profit is expected to improve from a loss of RMB 1,028 million in FY23A to a profit of RMB 281 million in FY25E [19]. - R&D expenses are forecasted to increase from RMB 2,228 million in FY23A to RMB 3,035 million in FY25E, indicating continued investment in innovative drug development [19]. Drug Development and Pipeline - DLL3 ADC represents a significant advancement in the treatment of SCLC, with various strategies targeting DLL3 being explored, including ADCs and bispecific antibodies [1]. - Innovent's next-gen immuno-oncology asset, IBI363, has shown promising results in multiple cancer types, indicating strong potential for future out-licensing opportunities [1]. - The company has multiple ADC assets in clinical stages targeting various antigens, enhancing its global market potential [1].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 1.80 per share, based on a 21x PE valuation for 2025 [52][123]. Core Insights - The company is positioned for long-term growth in the cardiovascular intervention field, with expected revenues of CNY 12.56 billion, CNY 16.87 billion, and CNY 20.76 billion for 2024, 2025, and 2026 respectively [52][123]. - The company has a strong pipeline of innovative products, including three major aortic products that are expected to be approved soon, enhancing its competitive edge [44][42]. - The company has demonstrated a robust international expansion, with overseas revenue reaching CNY 2.75 billion in 2023, a year-on-year increase of 36% [116][117]. Summary by Sections Company Overview - The company focuses on the development of innovative medical devices for cardiovascular interventions, with a strong patent portfolio and a significant market presence in over 120 countries [73][116]. - In 2023, the company achieved revenue of CNY 12.67 billion, a year-on-year increase of 15.5%, driven primarily by sales of congenital heart disease occluders and covered stents [98][51]. Product Lines - The company has three main product lines: structural heart disease, peripheral vascular disease, and electrophysiology, with structural heart disease contributing CNY 4.96 billion in revenue, accounting for 39.1% of total revenue [98][75]. - The peripheral vascular business generated CNY 7.07 billion, representing 55.8% of total revenue, with significant growth in aortic covered stents [98][75]. Market Dynamics - The report highlights the increasing demand for aortic interventions, with the domestic market for aortic stents expected to grow significantly due to rising awareness and the shift towards minimally invasive procedures [22][24]. - The company is well-positioned to capture market share in the aortic stent segment, with a competitive advantage due to its innovative product offerings and strong clinical data [30][42]. Financial Performance - The company reported a gross margin of 78.6% in 2023, which is competitive compared to industry peers, and anticipates higher profitability with the launch of new innovative products [11][12]. - The financial forecast indicates a decline in net profit for 2023, but a rebound is expected in subsequent years, with projected growth rates of 12%, 27%, and 25% for 2024, 2025, and 2026 respectively [52][123]. Innovation and R&D - The company has developed a revolutionary iron-based absorbable stent technology, which combines the support of metal stents with the absorbability of biodegradable materials, showing promising clinical results [14][48]. - The iron-based stent has completed a successful III phase clinical trial, demonstrating high safety and efficacy, which is expected to enhance its market potential [111][130].