Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" [6] Core Insights - In 2024, Hong Kong Exchanges achieved a revenue of HK$22.374 billion, a year-on-year increase of 9%, and a net profit attributable to shareholders of HK$13.050 billion, up 10% year-on-year. The fourth quarter saw a significant net profit increase of 46% year-on-year and 20% quarter-on-quarter, driven by higher trading volumes in the spot and derivatives markets as well as increased investment income [1][4] - The report highlights a notable improvement in trading volumes, particularly in the spot market, where the average daily trading volume increased by 26% year-on-year. The stock connect programs also saw significant growth, with daily trading volumes increasing by 55% and 39% for Hong Kong and mainland China respectively [2] - The report projects a net profit growth of 10% for 2024, benefiting from increased trading volumes and investment income, with expected net profit growth rates of 20%, 10%, and 10% for 2025, 2026, and 2027 respectively [4][11] Summary by Sections Performance Overview - In 2024, the revenue breakdown by business lines showed a year-on-year growth of 15% for the spot market, a decline of 5% for derivatives, a growth of 27% for commodities, 3% for data and connectivity, and 15% for company projects [1] - Revenue from trading and trading system usage fees grew by 18%, while listing fees decreased by 3%. Settlement and clearing fees increased by 21% [1] Trading Activity - The report notes that the trading activity in the derivatives market improved, with a slight revenue increase of 2% in 2024. The trading income from structured products also saw a 3% increase, a significant recovery compared to a 10% decline in the first three quarters of 2024 [2] - The commodities market remained active, with trading fees from LME and LME Clear increasing by 33% and 30% respectively, attributed to an 18% rise in average daily trading volumes [2] Fundraising and Listings - In 2024, the number of new listings on the Hong Kong Stock Exchange was 71, a decrease of 2 from 2023, but the total fundraising amount increased by 90%, primarily due to the listing of Midea Group, which was the largest IPO in Hong Kong since February 2021 [3] - The report also mentions that the number of new derivative warrants and structured products listed increased by 43% in the fourth quarter of 2024 [3] Earnings Forecast and Valuation - The forecast for 2025-2027 indicates an expected EPS of HK$12.40, HK$13.62, and HK$14.94, with corresponding P/E ratios of 29, 27, and 24 times respectively. The target price for 2025 is set at HK$471.01, based on a 38 times P/E ratio [4][11]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [1] Core Views - The report highlights that Hong Kong Exchanges achieved record high annual and quarterly performance, driven by increased trading activity due to economic stimulus measures in mainland China [7] - The report projects continued growth in trading volumes and revenues, with significant increases in both the cash and derivatives markets [7] - The earnings forecast has been revised upwards, with expected shareholder profits for 2025 and 2026 at HKD 149.34 billion and HKD 156.73 billion respectively, reflecting growth rates of 14% and 5% [7] Summary by Sections Financial Performance - For 2024, total revenue reached HKD 22,374 million, a year-on-year increase of 9% [7] - Net profit attributable to shareholders was HKD 13,050 million, up 10% year-on-year [7] - The fourth quarter alone saw revenue of HKD 63.81 billion, a 31% increase year-on-year, and net profit of HKD 37.8 billion, up 46% year-on-year [7] Trading Volume and Market Activity - The average daily trading volume in the cash market increased by 26% to HKD 1,318 billion [7] - The Northbound and Southbound trading under the Stock Connect saw average daily trading volumes of HKD 1,502 billion and HKD 482 billion, representing increases of 39% and 55% respectively [7] - The report notes that the derivatives market also experienced growth, with average daily contract volumes reaching a historical high of 1.55 million contracts, up 15% year-on-year [7] Revenue Breakdown - The cash segment generated revenue of HKD 94.22 billion, a 15.4% increase, accounting for 42% of total revenue [7] - The derivatives segment reported revenue of HKD 62.04 billion, a decrease of 5% due to increased interest rebates for certain contracts [7] - The commodities segment saw revenue of HKD 27.88 billion, up 27% year-on-year [7] Future Projections - The report anticipates continued strong performance, with projected revenues for 2025 and 2026 at HKD 25,538 million and HKD 27,058 million respectively [1] - The expected earnings per share (EPS) for 2025 and 2026 are HKD 11.78 and HKD 12.36 respectively, with corresponding P/E ratios of 30.99x and 29.53x [1]

Investment Rating - The report maintains a "BUY" rating for Rimag Group with a new target price of HK$52.39, reflecting a 16.3% upside from the current price of HK$45.05 [4][6]. Core Insights - Rimag Group is positioned to benefit from the standardization of medical imaging data, which is crucial for advancing AI applications in healthcare. The company's initiatives in data standardization and its extensive network of medical imaging centers enhance its competitive edge [1][6]. - The introduction of the MIIA Radiological Foundation Model by Rimag's subsidiary, Medical Image Insights, aims to address the limitations of conventional medical imaging AI products by providing adaptability across multiple imaging tasks [2]. - A strategic collaboration with Xunfei Healthcare is expected to leverage Rimag's data assets and enhance its positioning in AI-enabled healthcare, focusing on joint market development and research initiatives [6]. Financial Summary - Revenue for FY22 was RMB 784 million, with a projected increase to RMB 1,050 million in FY25, reflecting a year-on-year growth of 18.0% [3][9]. - The net profit is expected to recover from a loss of RMB 15 million in FY24 to a profit of RMB 38 million in FY25, with further growth to RMB 64 million in FY26 [3][9]. - The company's price-to-sales (P/S) ratio is projected to decrease from 16.8x in FY24 to 14.3x in FY25, indicating a more favorable valuation as revenue grows [3][9]. Share Performance - Rimag's share price has shown significant volatility, with a 1-month increase of 21.8% and a 6-month increase of 147.8% [6]. - The market capitalization of Rimag Group is approximately HK$16,051.8 million, with an average turnover of HK$4.1 million over the past three months [4][6]. Strategic Initiatives - Rimag has been proactive in standardizing medical imaging examinations through its Rimag Cloud platform, which is expected to enhance the quality and availability of imaging data for AI applications [1][6]. - The company's dual role as a third-party imaging service provider and a data standardization pioneer positions it uniquely to capitalize on the growing demand for AI-driven healthcare solutions [1][6].

Investment Rating - The report maintains a "Buy" rating for the company [5][27]. Core Insights - The company's Q4 2024 performance met expectations, with international business continuing to grow. Q4 revenue reached 12.7 billion yuan, a 23% year-on-year increase, while the full-year revenue for 2024 was 53.3 billion yuan, up 20% year-on-year. The net profit for 2024 was 17.2 billion yuan, reflecting a 72% increase year-on-year, with a net profit margin of 32.3% [1][11][14]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 53.3 billion yuan, with a year-on-year growth of 20%. The net profit for the same year was 17.2 billion yuan, marking a 72% increase. The revenue structure is primarily driven by transportation and accommodation, which together account for approximately 80% of total revenue [11][12][14]. Business Segments - Accommodation revenue for 2024 was 21.6 billion yuan, up 25% year-on-year, while transportation ticketing revenue reached 20.3 billion yuan, a 10% increase. The vacation segment saw a significant growth of 38% year-on-year, reaching 4.3 billion yuan, driven by international business growth [12][14][24]. International Expansion - The company’s international business is expanding rapidly, with Q4 2024 outbound hotel and flight bookings exceeding 120% of the same period in 2019. The international business accounted for 10% of total revenue for the year, with a strong focus on the Asia-Pacific market [2][18][24]. AI Integration - The integration of AI technologies is enhancing operational efficiency, with AI customer service improving response times and IT development efficiency. The AI tools, such as TripGenie, have seen significant engagement growth, indicating their potential as new customer acquisition channels [20][24]. Future Projections - Revenue projections for 2025-2027 are estimated at 61.6 billion yuan, 68.9 billion yuan, and 76.1 billion yuan, respectively, with corresponding year-on-year growth rates of 15.6%, 11.9%, and 10.4%. Net profit is expected to reach 17.9 billion yuan, 20.8 billion yuan, and 23.5 billion yuan over the same period [7][24].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 16.71 to 17.69 HKD, indicating a potential upside of 9% to 20% from the current price of 14.56 HKD [6]. Core Insights - Yihai International is a leading player in the compound seasoning market in China, originating from the supply chain of Haidilao and has shown rapid revenue growth with a compound annual growth rate (CAGR) of 50% from 2015 to 2019 [1][4]. - The company achieved a revenue of 6.148 billion CNY in 2023, with a slight year-on-year growth of 0.01%, and a net profit of 853 million CNY, reflecting a 14.92% increase [1][19]. - The compound seasoning market in China is still in a growth phase, with a penetration rate of approximately 26% and a per capita consumption of about 9 USD, which is lower compared to countries like the US and Japan [2][44]. Company Overview - Yihai International specializes in hot pot base, Chinese compound seasonings, and convenience foods, with a sales network covering most regions in China and expanding into Southeast Asia, North America, and Europe [14]. - The company has undergone several phases of development, starting from supplying Haidilao to establishing its own brand and expanding its product lines [14]. - The company has reduced its reliance on related parties, with third-party customer revenue increasing significantly, accounting for 67.3% of total revenue in 2023 [28][54]. Industry Analysis - The compound seasoning industry is experiencing robust growth, driven by the increasing complexity of flavor profiles and the demand for convenience in cooking [38][39]. - The market for compound seasonings is projected to grow, with the industry size reaching approximately 203.2 billion CNY in 2023, reflecting a CAGR of about 14% from 2011 to 2023 [41][42]. - The B-end market is expected to grow through chain operations, cost reduction, and scene expansion, while the C-end focuses on meeting convenience needs [48][49]. Financial Forecast and Valuation - Revenue forecasts for 2024, 2025, and 2026 are projected at 6.63 billion CNY, 7.26 billion CNY, and 7.91 billion CNY, respectively, with year-on-year growth rates of 7.8%, 9.5%, and 9.0% [5][4]. - The net profit for the same years is expected to be 779 million CNY, 889 million CNY, and 998 million CNY, with corresponding year-on-year changes of -8.6%, 14.1%, and 12.3% [5][4]. - The company's earnings per share (EPS) are projected to be 0.75 CNY, 0.86 CNY, and 0.96 CNY for 2024, 2025, and 2026, respectively [5][4].

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [1] Core Views - The report highlights a significant improvement in ADT-linked business year-on-year, with a recovery in IPOs supporting growth [1] - The expected total revenue and net profit for 2024 are HKD 22.374 billion and HKD 13.050 billion, respectively, representing year-on-year growth of 9% and 10% [1] - The report anticipates a strong performance driven by the recovery of the IPO market and increased activity in the technology sector, suggesting a potential "double boost" in performance and valuation for the exchange [1][3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of HKD 22.374 billion and net profit of HKD 13.050 billion, with Q4 net profit reaching HKD 3.78 billion, up 46% year-on-year and 20% quarter-on-quarter [1] - Revenue from trading, settlement, and other income showed year-on-year increases of 18%, 21%, and slight declines in other categories [1] - The forecast for net profit for 2025-2027 is HKD 15.775 billion, HKD 15.571 billion, and HKD 16.141 billion, respectively, with corresponding EPS of HKD 12.44, HKD 12.28, and HKD 12.73 [1][4] Market Activity - The report notes a year-on-year increase in ADT for Hong Kong stocks, reaching HKD 1.32 trillion in 2024, up 26%, with northbound and southbound ADT increasing by 39% and 55%, respectively [2] - The IPO market showed signs of recovery, with 71 companies listed in 2024, raising HKD 88 billion, a 90% increase year-on-year [2] - The report emphasizes the role of new economy companies in driving market activity, with significant listings expected in the coming years [3] Valuation Metrics - The current P/E ratios for 2025-2027 are projected at 29.0, 29.4, and 28.4 times, respectively, indicating a favorable valuation outlook [1][4] - The report provides a financial summary indicating a steady growth trajectory in revenue and net profit, with a projected revenue increase of 22.56% in 2025 [4][9]

Investment Rating - The investment rating for Xiaomi Group-W (01810) is "Buy" with a target price yet to be specified [3]. Core Insights - The upcoming Ultra launch event is seen as a significant milestone in Xiaomi's five-year journey towards high-end product offerings, marking a cross-departmental collaboration between automotive and mobile sectors [1]. - The SU7 Ultra is expected to set new benchmarks in the automotive industry, showcasing impressive specifications such as a 0-100 km/h acceleration in 1.98 seconds and a top speed of 350 km/h, indicating Xiaomi's capability to compete in the high-end automotive market [1]. - The Ultra product line is anticipated to enhance Xiaomi's research and development momentum, driving core technology advancements across its product range [2]. Summary by Sections Company Overview - Xiaomi's total share capital is approximately 25,108.13 million shares, with a total market capitalization of around 1,333,241.63 million HKD [4]. - The net asset value per share is 7.88 HKD, and the debt-to-asset ratio stands at 49.33% [4]. Financial Projections - Revenue forecasts for Xiaomi from 2024 to 2026 are projected at 353.4 billion, 439.2 billion, and 512.4 billion HKD respectively, with electric vehicle and innovative business revenues expected to reach 29 billion, 72.3 billion, and 111.6 billion HKD [2]. - The adjusted net profit for the same period is estimated at 26.1 billion, 30.7 billion, and 36.1 billion HKD [2]. Product Strategy - The Ultra concept is expected to transition from mobile devices to the entire product line, enhancing sales of volume versions as the market shifts from growth to saturation [6]. - The SU7 Ultra is projected to exceed initial order expectations, with a target of 10,000 units, driven by its luxury features and performance capabilities [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its stable performance and attractive dividend yield [4][7]. Core Insights - The company is a leading player in the ship leasing industry, characterized by a young fleet and a strong focus on green energy initiatives. The report highlights the potential for continued profit growth driven by favorable market conditions and a strategic focus on green transformation [6][9]. - The company has a robust financial outlook, with projected net profits for 2024-2026 of 21.56 billion, 23.83 billion, and 26.48 billion HKD, respectively, reflecting year-on-year growth rates of 13.39%, 10.52%, and 11.11% [5][7]. Summary by Sections Company Overview - The company is the first shipyard-affiliated leasing company in Greater China, specializing in ship leasing with a strong understanding of the industry. It employs a cross-cycle strategy of "counter-cyclical investment and pro-cyclical operation" to mitigate market fluctuations [6][16]. Financial Performance - The company reported a revenue of 3,626.15 million HKD in 2023, with a year-on-year growth of 13.03%. The net profit for the same year was 1,901.61 million HKD, reflecting a growth of 12.86% [5][34]. - The company has maintained a high gross profit margin of 91.43% and a net profit margin of 52.72% in 2023, indicating strong operational efficiency [34]. Market Position and Strategy - The company has a diversified and modern fleet, with 125 operational vessels and 23 under construction as of mid-2024. The fleet's average age is approximately 3.73 years, positioning the company favorably in the market [28][29]. - The report emphasizes the increasing demand for financing due to the green transition in the shipping industry, driven by regulatory pressures and the need for compliance with environmental standards [45][58]. Profitability Forecast - The company is expected to benefit from a favorable market environment, with projected earnings per share increasing from 0.35 HKD in 2024 to 0.43 HKD in 2026. The price-to-earnings ratio is forecasted to decrease from 4.85 in 2024 to 3.95 in 2026, indicating potential undervaluation [5][7]. Green Transformation - The report discusses the urgency of green transformation in the shipping industry, with significant regulatory pressures leading to the retirement of older vessels. The company is well-positioned to capitalize on this trend through its focus on modern, energy-efficient ships [49][61].

Investment Rating - The investment rating for Xiaomi Group-W (01810) is "Buy" with a target price yet to be specified [3][11]. Core Viewpoints - The upcoming Ultra launch event is seen as a significant milestone in Xiaomi's five-year journey towards high-end product offerings, marking a cross-departmental collaboration between automotive and mobile sectors [1]. - The SU7 Ultra is expected to set new benchmarks in the automotive industry, showcasing impressive specifications such as a 0-100 km/h acceleration in 1.98 seconds and a top speed of 350 km/h, indicating Xiaomi's capability to compete in the high-end automotive market [1]. - The Ultra product line is anticipated to enhance Xiaomi's research and development momentum, driving core technologies down to more accessible product tiers [2]. Summary by Sections Company Overview - Xiaomi's total share capital is approximately 25,108.13 million shares, with a total market capitalization of around 1,333,241.63 million HKD [4]. - The net asset value per share is 7.88 HKD, and the debt-to-asset ratio stands at 49.33% [4]. Financial Projections - Revenue forecasts for Xiaomi from 2024 to 2026 are projected at 353.4 billion, 439.2 billion, and 512.4 billion HKD respectively, with electric vehicle and innovative business revenues expected to reach 29 billion, 72.3 billion, and 111.6 billion HKD [2]. - The adjusted net profit for the same period is estimated at 26.1 billion, 30.7 billion, and 36.1 billion HKD [2]. Product Strategy - The Ultra concept is expected to transition from mobile devices to the entire product line, enhancing sales of volume versions as the market shifts from growth to saturation [6]. - The SU7 Ultra is projected to exceed initial order expectations, with a target of 10,000 units, driven by its luxury features and performance capabilities [6].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of HKD 9.66 to 10.87, indicating a potential upside of 19% to 33% from the current stock price of HKD 9.27 [5][7]. Core Insights - The company is a leading player in the domestic spicy snack food market, with over 95% of its revenue coming from flavored noodle products and vegetable products. In 2023, the company achieved a revenue of CNY 4.87 billion, with flavored noodle products contributing 52.3% and vegetable products 43.5% [1][19]. - The spicy snack food market has been expanding, with a compound annual growth rate (CAGR) of 8.7% from 2016 to 2021, and the market size reached CNY 172.9 billion in 2021. The competitive landscape remains fragmented, with the top five companies holding only 11.5% of the market share [2][3]. - The company has adopted a branding, big product, and omnichannel strategy, which has allowed it to maintain a competitive edge amid industry changes. The company has reduced reliance on traditional retail channels, with traditional channels now accounting for less than 50% of sales [3][4]. Summary by Sections Company Overview - The company is recognized as the largest spicy snack food enterprise in China, with a history of over 20 years. It has expanded its product range to include vegetable and bean products, achieving significant revenue growth [14][15]. - The company operates five production bases, with a total design capacity of 340,000 tons and a capacity utilization rate of 55.3% as of 2023 [23][26]. Industry Analysis - The spicy snack food market is characterized by a large market capacity but a fragmented structure. The market share of the leading company, the report's subject, is 6.2% [2][35]. - The industry is undergoing significant changes in distribution channels, with a shift towards online and new retail formats, which has increased competition and required suppliers to adapt their product offerings and pricing strategies [2][3]. Financial Performance - The company is projected to have strong growth momentum over the next three years, with expected revenues of CNY 6.11 billion, CNY 7.10 billion, and CNY 8.17 billion for 2024, 2025, and 2026, respectively, representing growth rates of 25.5%, 16.2%, and 15.0% [5][6]. - The net profit is expected to reach CNY 1.14 billion, CNY 1.32 billion, and CNY 1.52 billion over the same period, with growth rates of 29.4%, 16.2%, and 14.7% [5][6].