Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company achieved a revenue of 105.3 billion CNY in 2024, with a year-on-year growth of 2.91%, and a net profit of 29.7 billion CNY, reflecting a year-on-year increase of 0.96% [4] - The fourth quarter of 2024 saw a revenue of 26.7 billion CNY, a year-on-year decrease of 1.45% but a quarter-on-quarter increase of 2.05%, with a net profit of 8.8 billion CNY, marking a year-on-year increase of 33.18% and a quarter-on-quarter increase of 34.08% [4] - The company is expected to benefit from new product cycles, with projected net profits for 2025, 2026, and 2027 at 34.2 billion CNY, 39 billion CNY, and 42.4 billion CNY respectively, corresponding to EPS of 10.7 CNY, 12.1 CNY, and 13.2 CNY [4] Revenue and Profitability - The company's revenue from games and related value-added services in Q4 2024 was 21.2 billion CNY, with a year-on-year growth of 1.4% [4] - The company’s online music service revenue grew rapidly, with a 22% increase in subscription revenue for cloud music in 2024, achieving a gross margin of 33.7% [6] - The company’s net profit margin for 2024 was 28.2%, with a projected net profit margin of 28.3% for 2025 [7] Product Performance - The game "Marvel Showdown" launched overseas on December 6, 2024, quickly topped the Steam global sales chart, with over 10 million registered users within 72 hours, and currently surpassing 40 million [5] - The game "Yanyun Sixteen Sounds" saw over 3 million downloads within four days of its domestic launch, with total players exceeding 15 million within two weeks [5] - The return of Blizzard games such as "World of Warcraft" and "Hearthstone" has positively impacted the company's revenue, with the recent return of "Overwatch" expected to further boost earnings [5] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 120.97 billion CNY, 135.22 billion CNY, and 146.33 billion CNY respectively, with year-on-year growth rates of 14.9%, 11.8%, and 8.2% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 14.0, 12.3, and 11.3 respectively, indicating a favorable valuation outlook [7]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price raised from HKD 13.00 to HKD 14.00 [3][6][17]. Core Insights - The company reported a core profit growth of 6.8% for 2024, exceeding expectations by 7%, and maintained its interim dividend at HKD 0.81 per share, leading to a total dividend of HKD 1.08 for the year [1][3]. - Total revenue for 2024 increased by 6.2% to HKD 3.409 billion, supported by a 9.8% growth in retail rental income due to the opening of newly renovated luxury brand flagship stores [1][11]. - The company is optimistic about its transformation strategy, which includes attracting higher-paying tenants and optimizing tenant mix, particularly in its shopping malls [2][3]. Financial Performance Summary - The company achieved a net profit of HKD 35 million in 2024, a significant recovery from a loss of HKD 872 million in 2023, with a notable reduction in fair value losses on investment properties [1][11]. - The net debt increased by 2% to HKD 24.303 billion, resulting in a net gearing ratio of 51.1% [1][11]. - The financing cost decreased by 5.9% year-on-year, primarily due to exchange gains from the depreciation of the Renminbi [1][11]. Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted upwards by 8.7% and 9.3%, respectively, reflecting the anticipated benefits from ongoing transformation initiatives [13]. - Core profit forecasts for 2025 and 2026 have also been revised upward by 7.7% and 9.5%, respectively [13]. Valuation Metrics - The company currently has a price-to-book ratio of 0.19 and an attractive dividend yield of 8.6% [3][11]. - The projected earnings per share for 2024 is HKD 1.90, with a price-to-earnings ratio of 6.6 [4][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved comprehensive profitability in Q4 2024, driven by growth in gaming and advertising sectors [4][5] - The revenue for 2024 reached 26.832 billion yuan, a year-on-year increase of 19%, with Q4 revenue at 7.734 billion yuan, up 22% year-on-year and 6% quarter-on-quarter [4] - The adjusted net profit for Q4 2024 was 4.52 million yuan, indicating a turnaround from losses in previous periods [4] - The company is expected to continue its growth trajectory with projected net profits of 5.13 billion yuan, 19.19 billion yuan, and 27.29 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary and Valuation Metrics - The company reported a gross margin of 36.1% in Q4 2024, an increase of 10.0 percentage points year-on-year [5] - The sales expense ratio was 16.0%, management expense ratio was 6.5%, and R&D expense ratio was 11.9% in Q4 2024, indicating effective cost control [5] - The company’s daily active users (DAU) reached 103 million, with a monthly active user (MAU) count of 340 million, reflecting a stable and growing community ecosystem [6] - The average daily video views reached 4.8 billion, with a monthly interaction count of 15.5 billion, showcasing strong user engagement [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.2 yuan, 4.6 yuan, and 6.5 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 138.2, 36.9, and 26.0 [7]

2025 年 2 月 21 日 公司研究 关联方境外债重组取得进展，静待公司经营回暖 ——远洋服务（6677.HK）跟踪报告 要点 事件：针对公司控股股东（远洋集团）的清盘呈请聆讯延期。 2 月 14 日，远洋服务发布公告，针对公司控股股东（远洋集团）的清盘呈请聆 讯延期，在清盘呈请各方一致提出延期申请后，法院已撤销原计划于 2025 年 2 月 17 日举行的呈请聆讯，并推迟至 2025 年 4 月 14 日。2 月 3 日，远洋集团发 布公告，境外债重组计划已经获得英格兰法院批准。 点评：关联方境外债重组取得进展，静待公司经营回暖。 增持（维持） 当前价：0.6 港元 作者 分析师：何缅南 执业证书编号：S0930518060006 021-52523801 hemiannan@ebscn.com 1）关联方销售仍保持一定规模，优质物管项目陆续交付。根据克而瑞数据，2024 年全年，公司关联方远洋集团全口径销售金额 351.6 亿元，排名行业第 28 位 （2023 年全口径销售金额 505.5 亿元，排名 32）,2025 年 1 月，远洋集团全口 径销售金额 19.5 亿元，排名行业第 32 位。远洋 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved comprehensive profitability in Q4 2024, driven by growth in gaming and advertising sectors [4] - For the full year 2024, the company reported revenue of 26.832 billion yuan, a year-on-year increase of 19%, and a narrowed net loss of 0.39 billion yuan compared to a loss of 33.75 billion yuan in the previous year [4] - Q4 2024 revenue reached 7.734 billion yuan, up 22% year-on-year and 6% quarter-on-quarter, with a net profit of 0.89 billion yuan, marking a return to profitability [4] - The company expects continued growth in gaming, membership, advertising, and IP monetization, leading to revised profit forecasts for 2025-2027 [4] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 30.731 billion yuan for 2025, with a year-on-year growth of 14.5% [7] - The adjusted net profit for 2025 is estimated at 0.513 billion yuan, with an EPS of 1.2 yuan, and a P/E ratio of 138.2 times [7] - The gross margin for Q4 2024 was 36.1%, reflecting a 10.0 percentage point increase year-on-year, indicating improved monetization efficiency [5] - Daily active users (DAU) reached 103 million in Q4 2024, with a monthly active user (MAU) count of 340 million, showing a stable and growing community ecosystem [6]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price raised from HKD 13.00 to HKD 14.00 [6][3][17]. Core Insights - The company reported a core profit growth of 6.8% for 2024, exceeding expectations by 7%, and maintained a stable dividend of HKD 0.81 per share, resulting in a total dividend of HKD 1.08 for the year [1][3]. - Total revenue for 2024 increased by 6.2% to HKD 34.09 billion, supported by a 9.8% growth in retail rental income due to the opening of newly renovated luxury brand flagship stores [1][2]. - The company’s financing costs decreased by 5.9% year-on-year, primarily due to exchange gains from the depreciation of the Renminbi, which offset the increase in total debt and weighted average interest rates [1][3]. Financial Performance Summary - For FY2024, total revenue is projected at HKD 34.09 billion, with a year-on-year growth of 6.2% [4][11]. - Net profit is expected to reach HKD 1.96 billion, reflecting a 6.8% increase compared to the previous year [4][11]. - The company’s net debt increased by 2% in the second half of 2024, reaching HKD 24.30 billion, resulting in a net gearing ratio of 51.1% [1][3]. Future Outlook - The management highlighted the success of transformation initiatives, including the optimization of shopping mall operations and the opening of over 10 new luxury brand flagship stores, which are expected to enhance rental income [2][3]. - The company plans to complete the expansion of the Lee Garden Phase 8 by 2026, which is anticipated to increase the total area of the Lee Garden district by 30% [2][3]. - Earnings forecasts for 2025-2026 have been adjusted upward by 7.7%-9.5% to reflect the anticipated higher income from the company's renewal initiatives [3][13].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HK$18.00, while the current price is HK$15.28 [5][23]. Core Insights - The company's performance for 2024 is expected to be weak, with core earnings projected to decline by 10% to HK$6.5 billion, primarily due to a sluggish office market, stagnant retail sector, and high interest costs [1][2]. - Earnings are anticipated to stabilize in 2025 and slightly recover in 2026, influenced by factors such as declining rental income from mainland malls and the absence of contributions from new projects [2][11]. - Despite challenges, the company is expected to fulfill its dividend growth commitment, with a projected increase of 2.9% for the full year 2024 [1][2]. Financial Forecasts - Total revenue is forecasted to decrease from HK$14.67 billion in 2023 to HK$13.89 billion in 2024, representing a year-on-year decline of 5.3% [3][11]. - The company’s core profit is expected to drop from HK$7.29 billion in 2023 to HK$6.54 billion in 2024, a decrease of 10.2% [3][11]. - The projected basic earnings per share (EPS) for 2024 is HK$1.12, down from HK$1.25 in 2023 [3][11]. - The dividend per share is expected to increase from HK$1.05 in 2023 to HK$1.08 in 2024, reflecting a dividend yield of 7.1% to 7.5% over the forecast period [3][11]. Market Conditions - The report highlights that the retail sales in Hong Kong continue to be affected by local tourism loss and changing consumer spending patterns, while the office rental market remains weak [1][2]. - The company’s properties in mainland China are also experiencing a decline in rental income due to consumer downgrading [2][19]. Share Buyback Program - The company has made progress on its HK$1.5 billion share buyback program, having repurchased 28.2 million shares, which is approximately 29% of the total program [21].

Investment Rating - The report maintains an "OUTPERFORM" rating for Bank of East Asia [2] Core Views - The bank's revenue, pre-provision operating profit, and net profit attributable to equity holders increased by +1.1%, +0.3%, and +11.9% respectively in 2024 [3][14] - The bank's dividend per share (DPS) rose by 27.8% year-on-year from HKD 0.54 to HKD 0.69 [3][14] - The net interest margin (NIM) for 2024 was 2.09%, down by 5 basis points year-on-year but up by 6 basis points compared to the first half of 2024 [5][16] - The overall impaired loan ratio increased to 2.72%, up by 3 basis points year-on-year [6][16] - Non-interest income increased by 14.9% year-on-year, driven mainly by trading gains and changes in fair value [8][16] Financial Performance Summary - Net interest income for 2024 was HKD 16,529 million, a decrease of 2.0% from the previous year [2][12] - The bank's return on equity (ROE) improved to 4.0%, up by 0.4 percentage points year-on-year [3][14] - The cost-to-income ratio rose to 45.9%, an increase of 0.4 percentage points year-on-year [8][16] - The bank's total loans increased slightly by 0.2% year-on-year, with Hong Kong loans decreasing by 0.8% and mainland loans increasing by 0.5% [5][16] Valuation - The target price for 2025 is set at HKD 11.80, based on a price-to-book (P/B) ratio of 0.30 times [4] - The estimated net profit attributable to equity holders for 2025 is projected to grow by 7.8% year-on-year [4][12]

Investment Rating - The report does not provide a specific investment rating for Lenovo Group (992) [3]. Core Insights - Lenovo Group's three main business segments continue to show growth momentum, leading to improved profitability [3]. - Overall revenue reached 18.8 billion USD, with year-on-year and quarter-on-quarter growth of 20% and 5% respectively, while net profit was 6.9 billion USD, reflecting a significant year-on-year increase of 106% [5][6]. Summary by Relevant Sections Intelligent Devices Group (IDG) - IDG revenue was 13.8 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 2% respectively, maintaining an operating profit margin of 7.3% [6]. - PC revenue grew by 10% year-on-year, driven by demand for Windows 11 upgrades and increased AIPC penetration, achieving a global market share of 24.3% [6]. - Smartphone revenue increased by 21%, with Motorola's market share rising for six consecutive quarters, reaching its highest level in five years [6]. Infrastructure Solutions Group (ISG) - ISG revenue surged to 3.9 billion USD, with year-on-year and quarter-on-quarter growth of 59% and 19% respectively, marking a profitability turning point [9]. - Cloud infrastructure revenue grew by 94%, driven by increased spending from major Chinese internet companies [9]. - The company aims to leverage its experience with large CSP clients to expand into the SME market, enhancing sustainable profit growth [9]. Solutions and Services Group (SSG) - SSG revenue reached a record high of 2.3 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 4% respectively, maintaining a 20% operating profit margin [14]. - The main revenue drivers were operations services and project solutions, with respective year-on-year growth of 23% and 20% [14]. - The company is expanding its AI solutions and services, targeting significant market share in the growing AI service sector [14]. Financial Performance - The report outlines quarterly performance, with total revenue for FY24/25 Q3 at 18.8 billion USD, reflecting a 20% year-on-year increase [18]. - The gross profit for the same quarter was 2.96 billion USD, with a year-on-year growth of 14% [18]. - Shareholder net profit for FY24/25 Q3 was 693 million USD, showing a remarkable year-on-year increase of 106% [18].

Investment Rating - The report assigns a "Buy" rating for the company, Hong Teng Precision Technology Co., Ltd. [1] Core Views - The company is positioned as a leader in interconnect solutions, with a strategic focus on key industries such as electric vehicles (EV), 5G AIoT, and audio products through its "3+3" strategy [2][13] - The company has a strong vertical integration advantage due to its affiliation with the Hon Hai Group, which is the largest electronic manufacturing services provider globally [3][17] - The demand in downstream sectors like communication and automotive is expected to remain robust, with significant growth potential in acoustic products [4][22] Summary by Sections Financial Performance and Forecast - The company reported total revenue of 4,538 million in 2022, with a projected increase to 5,402 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 8.18% [1] - Net profit is expected to grow from 169.62 million in 2022 to 297.89 million by 2026, indicating a strong growth trajectory [1] - The earnings per share (EPS) is projected to rise from 0.02 in 2022 to 0.04 by 2026, with a corresponding decrease in price-to-earnings (P/E) ratio from 20.26 to 11.54 [1] Strategic Positioning - The company has executed a series of acquisitions to enhance its capabilities in critical industries, including the acquisition of Avago's optical module business and Belkin, which have diversified its product offerings [2][13] - The "3+3" strategy focuses on three key industries and three core technologies, establishing a solid foundation for future growth [13][15] Market Trends - The global connector market is expected to recover, with a projected growth rate of 5.8% in 2024 and 4.5% in 2025, driven by demand from the communication and automotive sectors [33][34] - The automotive sector, particularly electric vehicles, is experiencing significant growth, with domestic sales of new energy vehicles in China expected to increase by 53.8% year-on-year [54][55] Competitive Landscape - The company benefits from the Hon Hai Group's extensive ecosystem, which provides support for product development and access to core customers [3][17] - The connector market is characterized by a high degree of customization and relatively stable regional dynamics, with major players like TE Connectivity and Amphenol holding significant market shares [36][38]