Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by over 15% in the next 6-12 months [6][10]. Core Insights - The associated real estate company, Jianfa Real Estate, has shown strong performance, with significant sales and land acquisition activities, contributing to Jianfa Property's rapid growth in its core property management business [1][2]. - Jianfa Property's revenue for the first half of 2024 reached 1.6 billion RMB, reflecting a year-on-year growth of 16.7%, with net profit increasing by 11.0% to 190 million RMB [2]. - The company has a high-quality and concentrated portfolio of managed projects, with 90.6% of the managed area being residential, which supports the development of value-added services [3]. - Jianfa Property is actively expanding its non-residential property management, with 8 million square meters of contracts signed, contributing to 19% of its property management revenue in the first half of 2024 [3]. Financial Projections and Valuation - The company is projected to achieve a net profit of 420 million RMB in 2024, with an increase to 510 million RMB in 2025, and 590 million RMB in 2026, reflecting a strong growth trajectory [4][5]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 7 for 2025, indicating an attractive valuation given the company's growth prospects [4][5].

2025 年 3 月 1 日 公司研究 2025 年初外拓积极，慷慨分红股息率具备吸引力 ——永升服务（1995.HK）跟踪报告 要点 事件：永升服务 2025 年初新拓展项目超过 50 个。 2 月 24 日永升服务公众号发布消息，2025 年初永升服务新拓项目 50 余个，公 司坚持城市深耕，实现有效规模增长，与南京肯德基、西安中国工商银行、京东 京航仓储等项目开展深度合作，拓展多元服务版图，满足客户的多元化服务需求。 点评：基础物管增长稳健，对外拓展积极，股息率具备吸引力。 1）基础物管增长稳健，地产关联业务占比降低。2024H1 公司实现收入 33.7 亿 元，同比增长 5.9%，毛利 7.2 亿元，同比增长 11.4%，归母净利润 2.65 亿元， 同比增长 10.3%。2023 年由于房地产行业下行，关联方经营承压，影响公司发 展速度，但经过业务调整，2024H1 公司业绩增速有所回暖，2024H1 基础物管/ 社区增值/非业主增值/城市服务板块分别实现收入 24.6/4.0/3.6/1.5 亿元，同比 增速分别为+12.4%/-2.6%/-4.1%/-28.5%，基础物管收入占比达到 73.1% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for price appreciation in the next 6-12 months [2][9]. Core Views - The company reported a net profit attributable to equity holders of 1.008 billion yuan for 2024, with a significant loss of 800 million yuan in the second half of the year, aligning with performance forecasts [1]. - The decline in prices has pressured profitability, leading to impairment provisions for glass production lines and inventory [1]. - The company has increased its production capacity with four new photovoltaic glass production lines, achieving a 9.6% increase in sales volume [2]. - The photovoltaic glass market has faced continuous price declines, with average prices dropping from 17.0 yuan/sqm in the first half to 12.9 yuan/sqm in the second half of 2024 [1]. - The company has taken measures to mitigate losses by impairing 393 million yuan for production lines and 159 million yuan for inventory [1]. Summary by Sections Performance Review - In 2024, the company achieved a net profit of 1.008 billion yuan, with a second-half loss of 800 million yuan, consistent with forecasts [1]. - The company operated four new photovoltaic glass production lines, increasing sales volume by 9.6% [1]. Operational Analysis - The decline in glass prices has pressured profitability, leading to significant impairment provisions [1]. - The average price of photovoltaic glass fell to 12.9 yuan/sqm in the second half of 2024, down from 17.0 yuan/sqm in the first half [1]. - The company has implemented cold repairs on existing furnaces to manage production capacity amid losses [1]. Capacity and Market Outlook - The company has a total production capacity of 32,200 tons, with 23,200 tons currently in operation [2]. - Plans to restore production lines in 2025 are expected to increase effective daily production capacity by 0.1% [2]. - The photovoltaic glass industry has been in a prolonged loss phase, limiting the recovery capacity of smaller competitors, which may benefit the company [2]. - The company is enhancing its overseas supply capabilities to mitigate policy risks, with two production lines in Indonesia expected to commence in Q1 2026 [2]. Profitability Forecast - The report adjusts the company's net profit forecasts for 2025-2026 to 2.385 billion yuan and 3.313 billion yuan, respectively, with a new forecast for 2027 at 3.876 billion yuan [2]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 12/8/7 for 2025-2027 and a price-to-book ratio (P/B) of only 0.95 [2].

Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi (03306) with a target price not specified [6]. Core Viewpoints - The company reported a revenue of 3.16 billion RMB for FY25H1, representing a year-on-year increase of 5%. The revenue breakdown shows that the mature brand (JNBY) generated 1.76 billion RMB (+4% YoY), growth brands (Suxie, LESS, jnby by JNBY) generated 1.2 billion RMB (-2% YoY), and emerging brands generated 200 million RMB (+149% YoY) [1][2]. - The net profit for FY25H1 was 600 million RMB, reflecting a 5.5% increase YoY. The gross margin was 65.1%, a slight decrease of 0.1 percentage points, while the net margin was 19.1%, also down by 0.1 percentage points [2]. - The company emphasizes the importance of member data, with over 80% of retail sales coming from members. Active member accounts numbered 540,000, slightly down from 2023, but those spending over 5,000 RMB contributed significantly to retail sales [3]. - Jiangnan Buyi aims to solidify its position as a leading designer brand fashion group in China, focusing on optimizing its brand portfolio, enhancing retail networks, and leveraging data-driven strategies for operational innovation [4]. Financial Projections - The report forecasts revenues for FY25-27 to be 5.5 billion RMB, 6 billion RMB, and 6.6 billion RMB respectively. Net profits are projected at 880 million RMB, 900 million RMB, and 990 million RMB for the same period. The expected EPS for FY25-27 is 1.69, 1.74, and 1.91 RMB per share, corresponding to P/E ratios of 8, 8, and 7 times [5].

Investment Rating - The report maintains a "Recommended" rating for Xiaomi Group [4] Core Viewpoints - The launch of the Xiaomi 15 Ultra and Xiaomi SU7 Ultra showcases the company's expansion into multiple sectors, including smartphones, computers, smart home devices, and automobiles [1][2] - The Xiaomi SU7 Ultra has achieved significant sales, with 248,000 orders locked in and 135,000 delivered within nine months of its launch [2] - The company is leveraging its user base and supply chain advantages to drive long-term growth, particularly through its high-end smartphone strategy, expanding AIOT product matrix, and automotive business [3] Summary by Sections Smartphone Segment - The Xiaomi 15 Ultra starts at 6,499 RMB, maintaining the price of its predecessor, but future Ultra products are expected to see price increases. Key innovations include a Leica ultra-pure optical system and a 6,000mAh battery, marking it as the strongest Ultra model in terms of battery life [1] AIOT Products - The AIOT lineup includes the REDMI Book Pro 16 2025, Xiaomi Buds 5 Pro, and Xiaomi Smart Speaker Pro, with features such as the Xiaomi AIPC engine and high-quality audio transmission [2] Automotive Business - The Xiaomi SU7 Ultra is priced at 529,900 RMB, significantly lower than the previously indicated price of 814,900 RMB. The model aims to establish itself as a new luxury vehicle for the current era, achieving over 10,000 pre-orders within two hours of launch [2] Smart Driving Technology - Xiaomi's end-to-end smart driving technology was fully rolled out on February 25, with a total computing power of 10.68 EFLOPS and over 10 million learning clips. The company aims to be a leader in smart driving by 2025 [3] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 366.26 billion RMB, 502.75 billion RMB, and 620.86 billion RMB, respectively, with corresponding net profits of 21.82 billion RMB, 29.49 billion RMB, and 39.44 billion RMB. The expected P/E ratios are 54, 40, and 30 [3][6]

Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi (03306) with a target price not specified [6]. Core Insights - The company reported a revenue of 3.16 billion RMB for FY25H1, representing a year-on-year increase of 5%. The mature brand (JNBY) generated 1.76 billion RMB, up 4%, while the growth brands (Suxie, LESS, jnby by JNBY) saw a decline of 2% to 1.2 billion RMB. Emerging brands experienced significant growth, with revenue reaching 200 million RMB, up 149% [1][2]. - The net profit for FY25H1 was 600 million RMB, reflecting a year-on-year increase of 5.5%. The gross margin was 65.1%, a slight decrease of 0.1 percentage points, while the net margin was 19.1%, also down by 0.1 percentage points. The company declared an interim dividend of 0.45 HKD per share [2]. - The company emphasizes the importance of member data, with over 80% of retail sales coming from members. Active member accounts numbered 540,000, slightly down from 2023. Members who spent over 5,000 RMB contributed significantly to retail sales, indicating effective brand and membership management [3]. - Jiangnan Buyi aims to solidify its position as a leading designer brand group in China by optimizing its brand portfolio through self-incubation or acquisitions, enhancing retail networks, and leveraging data-driven strategies to improve customer engagement and experience [4]. Financial Projections - The report forecasts revenues for FY25-27 to be 5.5 billion RMB, 6 billion RMB, and 6.6 billion RMB, respectively. Net profits are projected at 880 million RMB, 900 million RMB, and 990 million RMB for the same period. The expected EPS for FY25-27 is 1.69, 1.74, and 1.91 RMB per share, corresponding to P/E ratios of 8, 8, and 7 times [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The Hong Kong Stock Exchange (HKEX) achieved record high revenues and profits in 2024, driven by significantly increased trading activity in the Hong Kong stock market [4][9] - The report highlights a strong performance in the fourth quarter, with total revenue growing by 31.4% year-on-year to HKD 63.8 billion, and net profit increasing by 45.6% to HKD 37.8 billion [4][9] - The report anticipates continued growth in net profit for 2025-2026, with projections raised by 12.2% and 13.1% respectively [9] Summary by Sections Financial Performance - In 2024, total revenue reached HKD 22.37 billion, a year-on-year increase of 9.1%, with major business revenue at HKD 20.56 billion, up 8.5% [4] - The net profit attributable to shareholders was HKD 13.05 billion, reflecting a 10.0% increase year-on-year [4] - The EBITDA margin was 74%, up by 1 percentage point from the previous year [4] Revenue Breakdown - Trading fees, system usage fees, and settlement fees totaled HKD 11.91 billion, accounting for 53.2% of total revenue, with a year-on-year increase of 19.5% [5] - Investment income netted HKD 4.93 billion, a slight decrease of 0.6% year-on-year [5] - Listing fees from the exchange amounted to HKD 1.48 billion, down 2.6% year-on-year [5] Market Activity - The average daily trading volume for stock securities was HKD 1.2 trillion, up 28.8% year-on-year [6] - Northbound and southbound trading volumes saw significant increases, with northbound trading up 38.6% and southbound trading up 55.0% year-on-year [6] New Listings - In 2024, the HKEX welcomed 71 new listings, raising HKD 88 billion, a 90.1% increase year-on-year [7] - The report notes a healthy pipeline of 84 listing applications as of the end of 2024 [7] Future Projections - Revenue is projected to grow to HKD 25.32 billion in 2025, with a growth rate of 13.16% [10] - Net profit is expected to reach HKD 14.99 billion in 2025, reflecting a growth rate of 14.91% [10] - The report anticipates a P/E ratio of 30X for 2025, indicating a favorable valuation outlook [9]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a total wholesale sales volume of 205,000 vehicles in February, representing a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2] - The penetration rate of new energy vehicles reached 48.0% in February, with a total of 98,433 new energy vehicles sold, marking a year-on-year increase of 193.8% [1][2] - The company aims to challenge a sales target of 1 million vehicles by 2025, focusing on cost reduction and scaling up its new energy business [2][3] - The establishment of Zeekr Technology Group, following the acquisition of a 51% stake in Lynk & Co, is expected to enhance strategic focus and operational efficiency [3] - The company is accelerating its integration of AI technologies to boost product sales and reshape its valuation [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 224.78 billion, 289.69 billion, and 338.83 billion RMB, respectively, with net profits of 16.42 billion, 14.10 billion, and 17.45 billion RMB [4][5] - The expected EPS for the same period is 1.63, 1.40, and 1.73 RMB, corresponding to P/E ratios of 10, 12, and 9 times [4][5] - The company anticipates a significant increase in net profit in 2024, with a projected growth rate of 209.3% [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a total wholesale sales volume of 205,000 vehicles in February, representing a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2] - The penetration rate of new energy vehicles reached 48.0% in February, with new energy sales of 98,433 vehicles, a year-on-year increase of 193.8% [1][2] - The company plans to launch five new energy models to strengthen its position in the market segment priced below 200,000 RMB, aiming for a sales target of 1 million vehicles by 2025 [2][3] - The establishment of Zeekr Technology Group aims to enhance strategic focus and resource integration, targeting a total sales volume of 710,000 vehicles by 2025 [3] - The company is accelerating its smart technology integration, with plans to release a comprehensive AI strategy and new models featuring advanced AI capabilities [3] Financial Projections - Revenue projections for 2024-2026 are 224.8 billion RMB, 289.7 billion RMB, and 338.8 billion RMB respectively, with net profits of 16.4 billion RMB, 14.1 billion RMB, and 17.4 billion RMB [4][5] - The expected EPS for 2024-2026 is 1.63 RMB, 1.40 RMB, and 1.73 RMB, corresponding to P/E ratios of 10, 12, and 9 respectively [4][5] - The company anticipates a significant increase in net profit in 2024, with a projected growth rate of 209.3% [5]

Investment Rating - The report initiates coverage with a "Buy" rating for WuXi AppTec (02268.HK) [4] Core Viewpoints - The ADC (Antibody-Drug Conjugate) industry is experiencing rapid growth, driven by technological advancements and increased commercialization opportunities [1][27] - The company is positioned as a leading global ADC CRDMO (Contract Research, Development, and Manufacturing Organization) service provider, offering comprehensive end-to-end services that accelerate drug development [2][13] - The company's strategic focus on enhancing its service capabilities and expanding its global footprint is expected to drive sustained revenue growth [3][4] Summary by Sections Company Overview - WuXi AppTec is recognized as a global leader in the ADC CRDMO sector, providing integrated services from drug discovery to production [13] - The company has achieved significant revenue growth, with a CAGR of 180.7% from 2020 to 2023, and is expected to continue this trend [18] ADC Industry Insights - The ADC market has seen substantial growth, with the global market size increasing from $2 billion in 2018 to $10.4 billion in 2023, reflecting a CAGR of 39.1% [27] - The report highlights the increasing number of ADC candidates entering clinical trials, indicating a robust pipeline and future growth potential [31] Business Strategy and Growth - The company employs an "Enable-Follow-Win" strategy to foster innovation and expand client relationships, resulting in a diversified customer base with nearly 70% of revenue coming from North America and Europe [3] - The establishment of new production facilities, including a factory in Singapore expected to be operational by late 2025, will enhance the company's clinical trial and commercialization capabilities [2][4] Financial Projections - The company forecasts significant profit growth, with net profits projected to reach 1.03 billion yuan in 2024, 1.48 billion yuan in 2025, and 1.91 billion yuan in 2026, representing growth rates of 264%, 43%, and 29% respectively [4][5] - Revenue is expected to grow from 2.12 billion yuan in 2023 to 5.57 billion yuan in 2025, indicating a strong upward trajectory [5]