Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The new vehicle cycle is expected to significantly boost sales in 2024, with a projected total sales volume of 2.169 million units, representing a year-on-year growth of 27.4% [7] - The earnings per share (EPS) forecasts for 2024-2026 are adjusted to 1.43, 1.08, and 1.29 yuan respectively, with a target price set at 16.20 yuan (or 17.60 HKD) [2] Financial Performance Summary - **Revenue**: - 2022: 147,965 million yuan - 2023: 179,204 million yuan (21.1% YoY growth) - 2024E: 224,632 million yuan (25.4% YoY growth) - 2025E: 269,476 million yuan (20.0% YoY growth) - 2026E: 316,008 million yuan (17.3% YoY growth) [4] - **Net Profit**: - 2022: 5,260 million yuan - 2023: 5,308 million yuan (0.9% YoY growth) - 2024E: 14,442 million yuan (172.1% YoY growth) - 2025E: 10,884 million yuan (-24.6% YoY growth) - 2026E: 12,948 million yuan (19.0% YoY growth) [4] - **EPS**: - 2022: 0.52 yuan - 2023: 0.53 yuan - 2024E: 1.43 yuan - 2025E: 1.08 yuan - 2026E: 1.29 yuan [4] - **Profitability Ratios**: - Gross Margin: 14.1% (2022), 15.3% (2023), 15.6% (2024E-2026E) - Net Margin: 3.6% (2022), 3.0% (2023), 6.4% (2024E), 4.0% (2025E), 4.1% (2026E) [4] Market Performance - The company's stock price as of January 28, 2025, is 14.3 HKD, with a 52-week high of 16.44 HKD and a low of 7.08 HKD [5] - The average PE ratio for comparable companies in 2025 is projected at 15 times [2]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company achieved a strong start in January 2025 with total wholesale sales of 267,000 vehicles, representing a year-on-year increase of 24.9% and a month-on-month increase of 27.0%. The new energy vehicle sales reached 121,071 units, up 83.9% year-on-year and 8.9% month-on-month, with a penetration rate of 45.4% [1][2] - The company aims for a total sales target of 2.71 million vehicles in 2025, which is expected to grow approximately 25% year-on-year. This includes 2 million units from the Geely brand, 320,000 units from the Zeekr brand, and 390,000 units from the Lynk & Co brand. The new energy vehicle sales target is set at 1.5 million units, with an anticipated year-on-year growth of about 69% [2] - The company is focusing on enhancing its new energy brand positioning, with the Galaxy and Zeekr brands targeting mainstream consumer markets and tech luxury segments, respectively. The product cycle for 2025 is expected to be robust, with multiple brands contributing to growth [2] - The company has increased its stake in Zeekr and gained control over Lynk & Co, which is expected to facilitate internal resource integration and improve operational efficiency [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 224.78 billion, 289.69 billion, and 338.83 billion RMB, respectively. The net profit forecasts are 16.42 billion, 14.10 billion, and 17.45 billion RMB, with corresponding EPS of 1.63, 1.40, and 1.73 RMB [4][5] - The report indicates a significant increase in net profit for 2024, with a projected growth rate of 209.3%, followed by a decrease of 14.1% in 2025, and a recovery of 23.7% in 2026 [5]

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of HKD 19.60, based on the current price of HKD 17.62 [2]. Core Viewpoints - The company is a global leader in footwear development and manufacturing, with over 30 years of experience in the industry, focusing on high-quality customer relationships and product diversification [5][11]. - The company has a strong commitment to shareholder returns, maintaining a high dividend payout ratio of over 70% annually, except in 2020, and plans to distribute additional cash through share buybacks and special dividends [5][21]. - The company has successfully optimized its customer and product mix, leading to improved operational efficiency and production capacity expansion [6][7][8]. Summary by Sections 1. Company Overview - The company has established itself as a trusted partner for leading global brands, including Nike and Balenciaga, and has launched its own brand, Stella Luna [11]. - The management team possesses extensive industry experience, which supports the company's focus on sustainable growth [12]. 2. Customer and Product Optimization - The company has invested over USD 40 million annually in R&D since 2020, with a high R&D expenditure-to-revenue ratio of 2.68% in 2023, surpassing competitors [25]. - The product mix has been optimized, with fashion and sports categories increasing their revenue share, while the leisure category has decreased [29]. - The company has diversified its manufacturing bases across Vietnam, China, Indonesia, the Philippines, and Bangladesh, allowing for flexible capacity adjustments [34][35]. 3. Financial Performance - The company achieved a revenue of USD 15.45 billion in 2024, with a CAGR of -1.50% from 2015 to 2024, but has shown a strong recovery with a net profit of USD 0.92 billion in 2024H1, up 63.99% year-on-year [17][20]. - The gross margin improved to 25.8% in 2024H1, driven by better product mix and production efficiency [20][43]. 4. Demand and Competitive Landscape - Demand for footwear is stabilizing, with reduced inventory pressure observed in the U.S. apparel market since mid-2023 [44]. - The concentration of suppliers in the footwear industry is increasing, with the number of Nike's footwear suppliers decreasing, which may benefit the company due to its strong production capabilities [50]. 5. Earnings Forecast and Valuation - The company is expected to generate revenues of USD 16.2 billion, USD 17.6 billion, and USD 19.2 billion from 2024 to 2026, with corresponding net profits of USD 1.7 billion, USD 1.9 billion, and USD 2.1 billion [52][53]. - The target market capitalization is set at USD 21 billion, with a target price of USD 2.52, reflecting a PE ratio of 11x for 2025 [55].

Investment Rating - The investment rating for EEKA Fashion is "BUY" with a target price of HK$ 11.88 [6]. Core Insights - The company is expected to experience a less than 5% year-over-year decrease in revenue and a decline of less than 45% in net profit for the year ending December 2024, indicating stronger headwinds than previously estimated [1]. - The retail environment in the second half of 2024 is projected to remain stagnant, with garment sales in China experiencing a slight decline due to a high base effect from 2023 and disappointing sales attributed to unseasonably warm weather [2]. - Despite short-term setbacks, the company is committed to its "affordable luxury" positioning and will continue to invest in marketing, which has contributed to the decline in net profit [3]. - The company has made progress in inventory management, and stock clearance is not expected to be a significant issue in FY 2025, with a focus on boosting sales as the top priority [5]. Financial Performance Summary - For the year 2024, EEKA Fashion's revenue is projected to be RMB 6,606.9 million, down from RMB 6,912.3 million in 2023, reflecting a year-over-year decline of 4.4% [14]. - The net profit for 2024 is estimated at RMB 485.2 million, a significant decrease of 41.7% compared to RMB 832.6 million in 2023 [14]. - The gross margin is expected to remain stable at around 75.9% for the upcoming years, indicating a historically high level [14]. - The company plans to maintain marketing expenses at 3% - 4% of total revenue, despite the need for slight adjustments to contain costs [3]. Market Context - The market capitalization of EEKA Fashion is approximately HK$ 6.1 billion, with a current price of HK$ 8.61, reflecting a significant drop from its 52-week high of HK$ 14.04 [6]. - The company’s performance relative to the Hang Seng Index has been poor, with a 1-year relative performance of -62.3% [6]. - The retail sales of department stores in China have declined by 2.4% year-over-year, impacting key sales channels for the company's primary brand, Koradior, which accounts for over one-third of total sales [2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$ 11.88 [2][5]. Core Insights - The company has issued a profit warning, expecting a decline in revenue and net profit of less than 5% and less than 45% respectively for the fiscal year ending December 31, 2024. This decline is attributed to various factors including decreased product sales and increased marketing expenses [3][4]. - The company is facing stronger headwinds in the second half of 2024, with a slight decline in China's apparel retail sales and disappointing sales performance due to unusually warm weather, which has reduced demand for high-priced winter clothing [3]. - The company continues to invest in marketing despite short-term challenges, maintaining marketing expenses at around 3% to 4% of total revenue. This investment is seen as essential for brand development and sales stimulation [4]. - The company has made progress in inventory management, and inventory clearance may not be a focus for the fiscal year 2025. However, further improvement in gross margin is limited as it has already reached historical highs [4]. Financial Summary - For the fiscal year 2024, the company anticipates total revenue of RMB 6,606.9 million, a decrease of 4.4% from the previous year, with a gross profit of RMB 5,015.3 million and a gross margin of 75.9% [13]. - The net profit for 2024 is projected to be RMB 485.2 million, reflecting a significant decline of 41.7% compared to 2023 [13]. - The company’s market capitalization is approximately HK$ 6.1 billion, with a current share price of HK$ 8.61 [5][9]. Peer Comparison - The company has a market capitalization of HK$ 6,061.9 million and a price-to-earnings ratio of 8.1, which is lower than the industry average of 11.6 [9]. - The company’s gross margin of 75.3% is significantly higher than many of its peers, indicating strong operational efficiency [9]. Future Outlook - The company aims to prioritize sales growth as its primary objective moving forward, with no new investment projects anticipated in the near term [4]. - The dividend payout ratio is expected to remain stable, reflecting the company's cautious approach amid current market conditions [4].

Investment Rating - The investment rating for the company is "Buy" [7][3] Core Insights - In January 2025, the company delivered 30,350 vehicles, representing a year-on-year increase of 268%. Future sales are expected to grow rapidly, with projected sales of 442,000 and 652,000 vehicles for 2025 and 2026, respectively. Corresponding revenues for 2024-2026 are forecasted to be 43.54 billion, 94.75 billion, and 136.41 billion yuan, with year-on-year growth rates of 41.9%, 117.6%, and 44.0% [3][16] - The company is expected to achieve a turning point in sales with the launch of high-quality models and the iteration of smart driving technology, which is anticipated to help reverse financial data. Collaboration with Volkswagen is expected to leverage technological advantages to realize revenue [3][16] Summary by Sections Delivery Performance - In January 2025, the company delivered 30,350 vehicles, a 268% increase year-on-year, maintaining a leading position among new energy vehicle manufacturers. The MONA M03 model achieved over 15,000 deliveries in a single month, while the P7+ model surpassed 20,000 deliveries within two months. The order backlog is robust, with waiting times of 2-5 weeks for MONA M03 and 1-4 weeks for P7+, ensuring delivery capabilities [13][14] Smart Driving Technology - The monthly active user penetration rate for the XNGP urban smart driving feature reached 87% in January. The AI system has been upgraded to include new functionalities such as "parking to parking" and coach car recognition. The company enhances user stickiness by offering standard AI smart driving features without additional costs [15] Global Strategy and Charging Ecosystem - The company accelerated its global strategy with the launch of the right-hand drive version of the X9 at the Singapore Auto Show and entered markets in Belgium, Luxembourg, Ireland, and Finland. The charging ecosystem is expanding with new partnerships, including agreements with Volkswagen Group and bp pulse. The self-operated charging network has surpassed 2,050 stations, with plans to add over 1,000 ultra-fast charging stations in 2025 [16] Financial Projections - The company is projected to achieve revenues of 43.54 billion, 94.75 billion, and 136.41 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41.9%, 117.6%, and 44.0%. The net profit attributable to the parent company is expected to be -6.20 billion, -0.59 billion, and 4.31 billion yuan for the same years [3][17]

Investment Rating - The investment rating for Sinofert Holdings is not explicitly stated in the provided documents, but the report indicates a positive outlook based on expected profit growth and strategic initiatives. Core Insights - The profit attributable to shareholders for 2024 is expected to be between RMB 1.01 billion and RMB 1.11 billion, with a solid growth forecast when excluding certain impairments [2][4] - The company is steadily promoting its "Bio+" strategy, focusing on technological innovation and enhancing operational management, which has led to increased production and sales of bio-fertilizers [2][5] - The growth in the company's operating results is attributed to the successful implementation of the "Bio+" strategy and improvements in supply chain management [4][6] Summary by Relevant Sections Financial Performance - The expected profit attributable to shareholders for 2024 is projected to be between RMB 1.01 billion and RMB 1.11 billion, with a potential adjusted profit range of RMB 1.18 billion to RMB 1.28 billion, indicating robust growth compared to RMB 1.149 billion in 2023 [2][4] - The company's growth business revenue for 2022, 2023, and the first half of 2024 were RMB 7.441 billion, RMB 7.845 billion, and RMB 5.555 billion respectively, with year-on-year growth rates of 5.43% and 5.25% [5][6] Strategic Initiatives - The "Bio+" strategy aims to position the company as a leader in bio-fertilizer and soil health innovation, supported by a strong research platform and new product development [5][6] - The company has launched new products such as Lanlin, Yaxin, and Kodafon, contributing to high-speed business growth [5][6] Research and Development - In the first half of 2024, the company tackled nine key technologies and completed trial production of four key products, achieving a transformation volume of 886,000 tonnes [6][7] - The company is enhancing its R&D capabilities and has established a team led by three chief scientists to focus on biotechnology and soil health [6][7] Synergistic Collaborations - As a subsidiary of Syngenta Group, the company benefits from collaborative projects that enhance product competitiveness, including the establishment of a Plant Protection and Nutrition Centre [7] - The company achieved synergistic revenue of RMB 240 million from plant protection in the first half of 2024, with a three-year compound growth rate of 21% [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.91, representing a potential upside of 58.9% from the current price of HKD 6.24 [2][7][8]. Core Insights - The company has demonstrated strong early clinical data for its PD-1/VEGF dual antibody (707), showing promising efficacy in treating various cancers, particularly non-small cell lung cancer (NSCLC) and metastatic colorectal cancer (mCRC) [7][8][9]. - The financial outlook is positive, with projected revenue growth of 12% and net profit growth of 13% for FY25, supported by a robust pipeline and favorable market conditions [7][12][15]. - The company is actively pursuing global licensing opportunities for its innovative therapies, indicating potential for international expansion and revenue diversification [7][9][10]. Financial Summary - **Sales Revenue**: Expected to grow from RMB 7,816 million in FY23 to RMB 9,892 million in FY25, reflecting a CAGR of approximately 12.8% [7][12]. - **Net Profit**: Projected to increase from RMB 1,549 million in FY23 to RMB 2,147 million in FY25, with a notable growth rate of 23.2% in FY24 [7][12]. - **Earnings Per Share (EPS)**: Anticipated to rise from RMB 0.64 in FY23 to RMB 0.89 in FY25 [7][12]. - **Valuation Metrics**: The company is trading at a P/E ratio of 6.6 for FY25, indicating attractive valuation compared to industry peers [7][12]. Clinical Development - The company plans to initiate Phase III clinical trials for its 707 therapy targeting NSCLC and CRC in the near future, which could further validate its market potential [7][8][9]. - Multiple early-stage pipelines are entering clinical phases, including promising candidates for pain management and autoimmune diseases, enhancing the company's growth prospects [7][10][12]. Market Position - The company holds a significant market capitalization of HKD 15,080.8 million and has shown resilience in stock performance, with a 52-week price range of HKD 4.94 to HKD 7.82 [2][4]. - The shareholder structure indicates strong institutional support, with TMF (Cayman) Ltd. holding 23.9% and BlackRock, Inc. holding 5.1% [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.95, up from the previous target of HKD 4.56 [6][11]. Core Insights - DeepSeek (DS) has achieved significant breakthroughs in computing cost savings and open-source technology, which are favorable for AI applications in the company. This includes a major reduction in capital expenditure requirements and the promotion of technological equality [1][2][3]. - The competitive landscape for AI applications is shifting from reliance on algorithms and computing power to product capabilities, which may enhance the company's advantages in product, workflow, and aesthetics [4]. - The company has established a solid commercial ecosystem for its AI applications, with a paid user rate exceeding 6% for its flagship product, Meitu Design Studio [4]. Summary by Sections Investment Rating - The company is rated "Buy" with a target price of HKD 4.95 [6][11]. Financial Forecasts - The revenue forecast for the company shows a growth trajectory from RMB 2,085 million in 2022 to RMB 5,772 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.51% [5][18]. - The net profit attributable to the parent company is projected to increase from RMB 94.13 million in 2022 to RMB 1,115 million in 2026, indicating a significant recovery and growth [5][18]. - The earnings per share (EPS) is expected to rise from RMB 0.02 in 2022 to RMB 0.25 in 2026 [5][18]. Valuation - The report adjusts the valuation to a 2025 price-to-earnings (PE) ratio of 25 times, reflecting the company's entry into a high-growth phase driven by AI capabilities [5][11]. - The estimated adjusted net profit for 2025 is RMB 865 million, leading to a target market capitalization of HKD 225 billion [11][12]. Competitive Landscape - The advancements in DS's low-cost open-source models are expected to benefit the development of AI applications, breaking the technological monopoly of closed-source companies like OpenAI [2][3]. - The company is actively collaborating with domestic large models to leverage its product strengths and seize new industry opportunities [4].

3 Feb 2025 CMB International Global Markets | Equity Research | Company Update EVA Holdings (838 HK) 2H24 preview: both revenue, NP stable HoH Maintain BUY. We project EVA's 2H24E revenue to rise 1% YoY and net profit to increase 2% YoY. We expect auto component revenue to grow faster in FY25E, as new business ramps up. We also expect its office automation (OA) business to remain stable with slight increase in gross margin. We estimate EVA's net profit to rise 18% YoY to HK$289mn in FY25E. We project 2H24E ...