Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][12] Core Insights - The company is accelerating its AI ecosystem layout, with profit margins expected to continue improving. The revenue structure adjustment, cost reduction, and efficiency enhancement are key factors driving this improvement [5][6][7] - The adjusted net profit forecasts for 2025-2026 have been raised to HKD 250 million and HKD 360 million respectively, with a new forecast for 2027 at HKD 510 million, corresponding to year-on-year growth rates of 41% for each year [5][9] - The company aims for revenue close to HKD 3 billion in 2025, with a year-on-year growth rate of nearly 25%, and AI-related business expected to reach a preliminary scale of USD 10 million [7] Financial Summary - For 2024H2, the company reported revenue of HKD 1.22 billion, a year-on-year increase of 22.3%, and an adjusted net profit of HKD 120 million, marking a return to profitability [6][9] - The subscription service revenue for 2024H2 was HKD 560 million, up 39% year-on-year, driven by increased demand from content platform providers [6] - The adjusted net profit margin for 2024H2 was 9.5%, with a gross margin improvement of 2.1 percentage points due to revenue structure optimization [6][9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4]. Core Views - The company achieved a revenue of 4.1 billion RMB in 2024, representing a year-on-year increase of 4%, and a net profit of 500 million RMB, up 87% year-on-year [1]. - The company is optimistic about a profit improvement cycle, driven by strategic investments in vocational education parks in key provinces [4][8]. - The company plans to expand its campus network, particularly in culinary and fashion education sectors, which are expected to have significant growth potential [8]. Financial Performance - The gross profit margin for 2024 was 51.4%, an increase of 3.4 percentage points year-on-year, attributed to revenue growth and improved cost control [3]. - The company reported a total asset value of 9.5 billion RMB, with a net asset value of 5.7 billion RMB, reflecting a year-on-year increase of 2% and 3% respectively [1]. - The company’s total number of schools and centers decreased to 233, a reduction of 12 from the previous year [1]. Business Segmentation - Revenue from New Oriental and Meiwai Academy remained stable at 1.9 billion RMB, while Oumandi saw a significant increase of 125% to 100 million RMB [1]. - The average training participants for 2024 were 140,000, a decrease of 6% year-on-year, with notable declines in several brands [2]. - The company’s strategic focus includes enhancing student demand through the establishment of vocational education parks, which are expected to drive future growth [4][8].

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a 6-month target price of HKD 57.32 [5][4]. Core Insights - The company reported a revenue of HKD 94.2 billion for 2024, representing a year-on-year growth of 51.8%, with product revenue reaching HKD 82.3 billion, up 43.6% [1]. - The company is advancing its PD-1/IL-2 dual antibody IBI363, which is expected to showcase updated proof-of-concept data at the 2025 ASCO conference and initiate multiple registration clinical studies in 2025 [2]. - The company aims to achieve product revenue of HKD 20 billion by 2027, demonstrating strong confidence in the growth of its innovative drug portfolio [3]. Financial Projections - Revenue projections for the company are estimated at HKD 118.96 billion, HKD 157.49 billion, and HKD 199.78 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 6.50 billion, HKD 17.75 billion, and HKD 28.78 billion [4][10]. - The company anticipates that five of its pipelines will enter global multi-center phase 3 clinical trials by 2030, indicating a robust pipeline for future growth [3]. Market Position and Strategy - The company is focusing on internationalization, with IBI363 positioned as a cornerstone drug for next-generation immuno-oncology therapies, highlighting its potential for overseas licensing [2]. - The company plans to launch several key products, including IBI311 and a GLP-1R/GCGR dual-target peptide product, which are expected to contribute significantly to revenue growth [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - The company achieved a revenue of 3.885 billion RMB in 2024, representing a year-on-year growth of 34.6%, and a net profit of 881 million RMB, up 32.8% year-on-year [1][2]. - The strong growth momentum in the color cosmetics and skincare segments is highlighted, with the makeup art training business growing by 45.78% year-on-year [2]. - The company is recognized as a leading player in the high-end beauty market in China, with robust performance in color cosmetics and rapid growth in skincare [4]. Revenue Breakdown - In 2024, product sales accounted for 3.733 billion RMB, a 34.19% increase year-on-year, with color cosmetics generating 2.304 billion RMB (up 42.03%) and skincare products 1.429 billion RMB (up 23.21%) [2]. - The makeup art training and related sales generated 152 million RMB, reflecting a 45.78% increase, driven by a rise in participants [2]. Channel Performance - Offline sales reached 1.949 billion RMB, a 21.64% increase, while online sales surged to 1.784 billion RMB, marking a 51.23% growth [3]. - The company’s sales channels include self-operated counters, sales to a high-end multinational beauty retailer, and online platforms such as Tmall and Douyin [3]. Profitability Metrics - The gross margin for 2024 was 84.4%, with a net profit margin of 22.69%, showing a slight decrease of 0.3 percentage points year-on-year [4]. - The company’s selling expense ratio was 49.01%, reflecting increased investment in brand promotion and channel development [4]. Future Projections - The company is expected to achieve net profits of 1.12 billion RMB, 1.41 billion RMB, and 1.76 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 27.0%, 26.0%, and 24.9% [4][6]. - The estimated P/E ratios for 2025, 2026, and 2027 are projected to be 42X, 34X, and 27X, respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a net profit of 4.7 billion yuan in 2024, exceeding expectations, with total revenue of 42.8 billion yuan (yoy +3%) and core operating profit of 6.2 billion yuan (yoy +19%) [1][3] - The company plans to maintain a high dividend payout ratio of approximately 95% for 2024, which is the highest since its listing, providing attractive shareholder returns with a current annualized dividend yield of about 5% [1] - The company is expected to continue its growth trajectory with a focus on enhancing customer spending and improving table turnover rates, which are projected to reach 4.1 in 2024, up from 3.8 in 2023 [1][2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42.8 billion yuan, a year-on-year increase of 3%, and a net profit of 4.7 billion yuan, reflecting a 5% growth [1][11] - The core operating profit margin improved by 2 percentage points, with gross margin increasing by approximately 3 percentage points due to enhanced supply chain efficiency and reduced raw material costs [2] Growth Potential - The company is expected to open new stores at a moderate single-digit growth rate in 2025, supported by a high table turnover rate and the introduction of the "Pomegranate Plan" to encourage the development of new restaurant brands [1][3] - The "Pomegranate Plan" aims to foster the growth of new dining brands, which has already resulted in 74 new stores by the end of 2024, enhancing long-term growth potential [1] Profit Forecast and Valuation - The company is projected to achieve net profits of 5.2 billion yuan, 5.9 billion yuan, and 6.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 13%, and 10% [3][11] - The price-to-earnings (P/E) ratios are expected to be 18, 16, and 14 for the years 2024, 2025, and 2026, respectively, indicating a potential valuation premium due to the company's leading position in the industry [3][11]

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][21] Core Views - The company achieved significant growth in 2024, with revenue of approximately $3.816 billion, a year-on-year increase of 5.55%, and a net profit attributable to shareholders of about $399 million, up 43.55% year-on-year [1][9] - The company is focused on increasing copper production from its own mines, with a total copper output of approximately 159,200 tons in 2024, a decrease of 6.02% year-on-year, primarily due to operational disruptions [1][18] - The company has made substantial progress in resource expansion, with new copper resources of nearly 120,000 tons from the new Luanshya project and approximately 60,000 tons from other projects [18][19] Financial Performance - The company plans to distribute a dividend of $0.042893 per share, totaling approximately $167 million, which represents 42% of its net profit for 2024 [2][17] - The company’s revenue projections for 2025-2027 are $4.227 billion, $4.271 billion, and $4.315 billion, with expected year-on-year growth rates of 10.8%, 1.0%, and 1.0% respectively [4][21] - The net profit forecasts for the same period are $414 million, $422 million, and $540 million, with growth rates of 3.9%, 1.8%, and 28.1% respectively [4][21] Production and Capacity Expansion - The company aims to gradually increase its annual copper production to approximately 300,000 tons by 2030, with several projects currently under construction or in planning stages [3][19] - The company has five ongoing and planned mining projects that are expected to add an annual copper production capacity of 150,000 tons once fully operational [19][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company achieved a revenue of 5.012 billion yuan in 2024, representing a year-on-year increase of 48%, and a net profit of 812 million yuan, recovering from a loss of 83 million yuan in 2023. The growth is primarily driven by the strong performance of self-developed games and the user growth of TapTap [5][9] - The gaming business revenue reached 3.434 billion yuan in 2024, up 64% year-on-year, with a gross margin of 63%, an increase of 16 percentage points. TapTap generated revenue of 1.578 billion yuan, a 21.6% increase year-on-year, maintaining a stable gross margin of 84% [5][9] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion yuan, 1.592 billion yuan, and 1.757 billion yuan respectively, with corresponding EPS of 2.6 yuan, 3.2 yuan, and 3.6 yuan [5][9] Game Development and Growth - The top five games contributing to revenue in 2024 were "Let's Go Muffin," "Sausage Party," "Lily of the Valley," "Torchlight," and "Ragnarok M." The game "Heart Town," launched in July 2024, is expected to significantly contribute to revenue in 2025 [6] - The company has a pipeline of games, including "Iser," expected to launch in the second half of 2025, and "RO2," anticipated for 2026, which will continue to drive growth in the gaming business [6] TapTap Platform Performance - TapTap's monthly active users (MAU) reached 44.05 million in 2024, a 23% year-on-year increase. The growth is attributed to the launch of popular new games and exclusive partnerships [7] - The platform's revenue is expected to continue growing due to its zero-commission advantage and increasing user base, with potential for higher advertising prices and loading rates [7] Financial Summary and Valuation Metrics - The company's financial metrics for 2023A to 2027E show a significant recovery and growth trajectory, with revenues projected to reach 6.148 billion yuan in 2025 and 7.205 billion yuan in 2026 [9] - The net profit margin is expected to improve, with net profit margins of 20.9%, 22.1%, and 22.5% for 2025, 2026, and 2027 respectively [9]

证券研究报告 | 2025年03月30日 李宁（02331.HK） 优于大市 全年收入增长 4%，品类表现分化 2024 年业绩符合预期，毛利率同比改善。2024 公司收入同比增长 3.9%至 286.8 亿元，归母净利润同比下滑 5.5%至 30.1 亿元，基本符合预期。毛利 率同比提升 1 个百分点至 49.4%，主要由电商和直营渠道折扣回升带动，销 售费用率同比-0.8 个百分点至 32.1%，主要由于增加营销开支占比，管理费 用率和财务费用率也小幅增加。经营利润率同比接近持平，在其他收入及利 息减少 6.48 亿影响下，净利率同比-1 个百分点至 10.5%。经营性现金流净 流入 52.7 亿元，全年派息率 50%，净现金同比增加 2 亿元至 182 亿元。2024 下半年公司收入同比增长 5.5%，归母净利润同比增长-0.4%至 10.6 亿元，其 中经营利润率同比提升 0.9 个百分点，归母净利润同比下降 0.4 个百分点。 跑步品类引领增长，专业跑鞋销量破千万双。分品类流水增速，跑步/篮球/ 综训/运动时尚分别为 25%/-21%/6%/-6%，其中跑鞋大单品超轻/赤兔/飞电系 列销量破 106 ...

Email：liyz05@zts.com.cn 基本状况 事件：公司披露 2024 年财报数据，2024 年主营业务实现收入 130.4 亿元，同比增长 106.9%；净利润达 33.1 亿元，同比增长 203.9%，经调整后净利润为 34.0 亿元，同 比增长 185.9%，经调整后净利润率为 26.1%。 文娱用品 泡泡玛特：海外市场增长迅速，IP 商业化体系更为多元 泡泡玛特（09992.HK） 证券研究报告/公司点评报告 2025 年 03 月 30 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2022A | 2023A | 2024A | 2025E | 2026E | | 分析师：康雅雯 | | 营业收入（百万元） | 4,651 | 6,345 | 13,038 | 20,316 | 27,621 | | | | 增长率 yoy% | 3% | 36% | 105% | 56% | 36% | | 执业证书编号：S074051508000 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Insights - The company's revenue for Q4 2024 reached 35.384 billion RMB, representing a year-over-year increase of 8.7% and a quarter-over-quarter increase of 13.7% [6][8]. - The gross margin for Q4 2024 was 54.0%, with an operating profit of 4.268 billion RMB and a net profit of 3.974 billion RMB, resulting in a net profit margin of 11.2% [6][8]. - The company continues to enhance its core business through AI applications, with significant growth in online marketing services and e-commerce [8][9]. Summary by Sections Recent Performance - The company achieved a monthly active user (MAU) count of 736 million and a daily active user (DAU) count of 401 million in Q4 2024, with daily user engagement increasing to an average of 125.6 minutes [8]. - The online marketing services revenue grew by 13.3% year-over-year to 20.6 billion RMB, driven by innovative marketing strategies and AI optimization [8][9]. Financial Analysis - The adjusted net profit for Q4 2024 was 4.701 billion RMB, reflecting a year-over-year increase of 7.8% and a quarter-over-quarter increase of 19.1% [8]. - The company’s revenue projections for FY2025-2027 are 141.7 billion RMB, 155.5 billion RMB, and 169.3 billion RMB, respectively, with adjusted net profits of 20.2 billion RMB, 22.8 billion RMB, and 25.7 billion RMB [11][14]. Business Segments - The live streaming revenue for Q4 2024 was 9.8 billion RMB, showing a year-over-year decline of 2.0% but a quarter-over-quarter increase of 5.4% [9]. - E-commerce GMV for Q4 2024 reached 462.1 billion RMB, with a year-over-year growth of 14.4% [9]. AI Integration - The company has accelerated its AI commercialization process, with the launch of the "Keling AI" version 1.6, enhancing content generation and user engagement [9][10]. - Daily consumption of AI-generated marketing materials exceeded 30 million RMB in Q4 2024, indicating strong demand for AI-driven solutions [9].