Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a slight increase in contract sales amounting to 310.7 billion yuan in 2024, representing a year-on-year growth of 0.3%. The average contract sales price also increased by 16.6% to 27,048 yuan per square meter, primarily due to the launch of high-end improvement projects in core locations of first- and second-tier cities [4][5] - The company focuses on land acquisition in first- and second-tier cities, with a total land expenditure of 80.6 billion yuan in 2024, of which the equity land expenditure was 69.6 billion yuan, maintaining an equity ratio of 86%. The average floor price for land acquisition reached a five-year high of 19,049 yuan per square meter [4][8] - The land acquisition intensity for 2024 was 26%, showing a trend of being lower at the beginning of the year and higher towards the end. In January 2025, the company accelerated its replenishment pace by acquiring projects in Shenzhen and Beijing for 3.065 billion yuan and 4.008 billion yuan, respectively [10] Financial Summary - The total revenue for the company is projected to be 192.2 billion yuan in 2024, a decrease of 5.1% year-on-year, followed by a slight increase to 193.5 billion yuan in 2025. The core net profit is expected to drop to 16.8 billion yuan in 2024, a decline of 29.0%, before recovering to 18.8 billion yuan in 2025, reflecting a growth of 12.1% [4][15] - The gross profit margin is expected to decrease to 17.0% in 2024, with a gradual recovery to 18.0% by 2026. The return on equity (ROE) is projected to decline to 4.4% in 2024, stabilizing at 4.8% in the following years [4][15]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve revenue and profit growth exceeding 85% and 260% respectively in 2024, driven by the strong development of the ADC industry and the company's leading position in the global ADC outsourcing market [2][3] - The company has a robust project pipeline with 681 drug discovery projects and 92 overall projects, indicating strong future revenue contributions from commercialized projects [3] - The global ADC market is projected to grow from $13.2 billion in 2024 to $66.2 billion by 2030, with the company expected to maintain a growth rate exceeding the industry average [3] Financial Summary - Total revenue is projected to grow from 2,124 million RMB in 2023 to 7,273 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of 85.1% [3] - Net profit is expected to increase from 284 million RMB in 2023 to 2,054 million RMB in 2026, with a CAGR of 28.2% [3] - The gross margin is anticipated to improve from 26.3% in 2023 to 37.5% in 2026, indicating enhanced operational efficiency [3] Market Position and Strategy - The company has established a comprehensive production layout in Wuxi, enhancing its capacity to meet growing demand in the ADC sector [3] - The company has successfully commercialized one project and has eight ongoing PPQ projects, which are expected to contribute significantly to future revenues [3] - The company aims to enhance its global capacity with new production lines in Singapore expected to be operational by the end of 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company and upgrades it to an industry favorite, with a target price of HKD 3.34, indicating a potential upside of 18.4% from the current price of HKD 2.82 [2][5]. Core Insights - The company's revenue performance is gradually improving, with expectations that FY25 revenue will outperform the previously guided high single-digit decline. The successful promotional strategies are credited for this positive trend [2][3]. - The recovery of Nike's brand strength, particularly after signing Wang Jiaer as a global ambassador, is expected to enhance market sentiment towards the company and improve FY26 performance outlook [4][5]. - The current valuation is considered low at 10.3x FY26 P/E, coupled with a high dividend yield of around 10%, suggesting significant upside potential compared to downside risks [2][5]. Revenue Trends - For 4QFY25, the company anticipates a reduction in revenue decline to low single digits year-on-year, an improvement from the previous quarter [3]. - The retail discounting strategy has deepened in 4QFY25, aligning with the company's inventory reduction efforts and increasing online sales proportion [3]. Financial Projections - The report provides financial forecasts indicating a revenue of RMB 27,129 million for FY25, a decline of 6% year-on-year, with a projected net profit of RMB 1,382 million, reflecting a 38% decrease [5][12]. - The expected financial metrics for FY26 include a slight revenue decline to RMB 26,849 million and a net profit increase to RMB 1,595 million, indicating a recovery trend [5][12]. Market Positioning - The company is positioned as a leading player in the sports apparel retail sector, with a focus on enhancing brand image and expanding market reach, particularly in lower-tier cities [4][5]. - The overall market sentiment is expected to improve as Nike enhances its product promotion and marketing efforts in China post-inventory resolution [4].

Investment Rating - The report maintains a "Buy" rating for the company and considers it an industry favorite, with an updated target price of 178 HKD / 46 USD [2][22]. Core Insights - The company is expected to benefit from the expanded "trade-in" policy, which includes subsidies for various household appliances and digital products, potentially accelerating revenue growth in the fourth quarter [1][2]. - Revenue forecast for Q4 is raised to RMB 333.6 billion, representing a 9% year-on-year increase, with adjusted net profit expected to reach RMB 9.4 billion, a growth of 11% [2]. - The report highlights significant improvements in the sales of electronic products due to government subsidies, with active user growth anticipated to remain in double digits [2]. Financial Projections - Revenue and profit forecasts for FY24E and FY25E have been slightly adjusted upwards by 1.3% and 1.2%, respectively, reflecting the positive impact of the trade-in policy [2]. - The projected financial metrics include: - FY24E Revenue: RMB 1,145.4 billion - FY25E Revenue: RMB 1,203.1 billion - FY24E Adjusted Net Profit: RMB 45.9 billion - FY25E Adjusted Net Profit: RMB 50.2 billion [4][6][7]. - The adjusted target P/E ratios for FY25E and FY26E are 10.0x and 9.2x, respectively [2][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 15.3 per share, indicating a potential upside of 20% from the current price of HKD 12.8 [1][5][16]. Core Insights - The company is expected to face revenue and profit pressure in 2024 due to a product inventory cycle, with total sales of electric scooters and bicycles projected to decrease from 8,210,700 units in the first half of 2023 to 6,382,600 units in the first half of 2024, resulting in a revenue drop of approximately 15.4% [3][9]. - The release of the new "Electric Bicycle Safety Technical Specification" is anticipated to boost industry demand in 2025, as consumers who were previously hesitant are expected to convert their intent into purchases [4][10][15]. - The company forecasts revenues of RMB 278.5 billion in 2024 (down 20%), RMB 342.5 billion in 2025 (up 23%), and RMB 393.9 billion in 2026 (up 15%), with net profits expected to be RMB 13.1 billion (down 50.5%), RMB 25.8 billion (up 97.5%), and RMB 34 billion (up 31.6%) respectively [5][15][16]. Summary by Sections Financial Performance - The company reported a revenue of RMB 34,800.7 million in 2023, with a year-on-year growth of 16.8%. However, a decline to RMB 27,851.9 million is expected in 2024, representing a 20% decrease [6][19]. - The net profit for 2023 was RMB 2,640.2 million, with a projected drop to RMB 1,307.9 million in 2024, followed by a recovery to RMB 2,583.6 million in 2025 and RMB 3,401.3 million in 2026 [6][19]. Market Dynamics - The new safety standards are expected to enhance the overall safety and performance of electric bicycles, which may lead to increased consumer confidence and demand in the market [10][12]. - The company is well-positioned in the domestic market due to its strong R&D, marketing, and channel management capabilities, while also expanding its overseas business [15].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 32.20, based on a projected PE of 23X for 2025 [4]. Core Viewpoints - The company is positioned as a capital operation platform for China National Tobacco Corporation, supporting its international development. The revenue and net profit for 2023 reached HKD 11.84 billion and HKD 600 million, respectively, with a CAGR of 7.2% and 17.0% from 2019 to 2023 [1][15]. - The company benefits from exclusive operating rights in tobacco import and export, which provides a stable performance foundation. The core business of tobacco leaf import and export is expected to see growth in both volume and price [1][25]. - The company has shown significant growth in its cigarette export business, with a revenue increase of 875.8% in 2023, driven by the recovery of inbound and outbound passenger flow [2][74]. Summary by Sections Company Overview - The company is controlled by China National Tobacco Corporation and has a stable performance foundation due to its exclusive operating rights. It has diversified operations including tobacco leaf import and export, cigarette export, and new tobacco products [15][18]. - The company has shown a recovery in performance post-public health events, with 2024H1 revenue and net profit increasing by 12.4% and 40.8%, respectively [15][1]. Tobacco Leaf Import and Export - The tobacco leaf import business is the main revenue driver, accounting for 78.2% of total revenue in 2024H1, with a year-on-year growth of 5.5% [1][25]. - The export business is also showing promise, with a 23% increase in revenue in 2024H1, supported by a stable supply and expanding demand in Europe [1][25]. Cigarette Export Business - The cigarette export business has experienced a remarkable recovery, with revenues increasing significantly due to the restoration of passenger flow and market expansion [2][74]. - The company is optimizing its product mix and increasing the proportion of direct sales, which is expected to enhance profitability [2][74]. New Tobacco Products - The new tobacco product segment, particularly heated not-burn (HNB) products, is in a growth phase, with a CAGR of 48% from 2019 to 2023 [3][15]. - The company is expected to increase its market share through product enhancements and regional expansion [3][15]. Financial Projections - The company’s EPS is projected to be HKD 1.15, 1.40, and 1.66 for 2024, 2025, and 2026, respectively, with a current PE ratio of 18X, 15X, and 12X for the same years [4][6].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (700 HK) with a target price of HK$520.00, implying a 37% upside from the current price of HK$380.00 [1][2] Core Views - Tencent is well-positioned for sustained strong performance in 2025, driven by robust growth in its gaming and advertising segments [7] - The company's gaming revenue is expected to grow by 16% YoY in 4Q24 and 8% YoY in 2025, supported by evergreen titles and new releases like *Dungeon & Fighter Mobile* [8] - Advertising revenue is projected to grow 15% YoY in 4Q24 and 2025, with video ads and WeChat Channels gaining market share [9] - Fintech and business services revenue is forecasted to grow 5% YoY in 2025, driven by economic recovery and new tools like WeChat Mini Shops [9] Financial Performance - Tencent's adjusted operating profit margin is expected to expand to 34.7% in 4Q24 and 37.9% in 2025, supported by a shift towards higher-margin businesses [10] - The company's adjusted net profit margin is projected to rise to 30.3% in 4Q24 and 34.1% in 2025 [10] - Revenue is forecasted to grow 9% YoY in 4Q24 and 8% YoY in 2025, with net income reaching RMB 240.9 billion in 2025 [20][21] Gaming Segment - Domestic gaming revenue is expected to grow 16% YoY in 4Q24, driven by strong performance of *Dungeon & Fighter Mobile* and deferred revenue of over RMB 100 billion [8] - International gaming revenue is projected to grow 17% YoY in 4Q24, supported by the release of *Path of Exile 2* and contributions from Supercell's *Brawl Stars* [8] - Tencent's gaming pipeline includes titles like *Honor of Kings World* and *Valorant Mobile*, set for release in 2025 [17] Advertising Segment - Social advertising revenue is expected to grow 16% YoY in 4Q24, while media advertising revenue is forecasted to grow 4% YoY [9] - WeChat Channels and video ads are gaining market share, contributing to the segment's outperformance [9] Valuation - The SOTP valuation for Tencent is HK$5.4 trillion, with the gaming segment valued at HK$1.6 trillion (18x 2025E P/E) and the advertising segment at HK$1.2 trillion (18x 2025E P/E) [23][24] - The target price of HK$520.00 is based on a 19x 2025E P/E multiple [10][23] Peer Comparison - Tencent's 2025E P/E of 14.0x is lower than global gaming peers like EA (17.0x) and Take-Two (21.3x) [25] - The company's 2025E P/S of 4.7x is higher than cloud service peers like Alibaba (1.4x) and Baidu (1.5x) [25]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its future growth potential in the high-end beauty market [5][10]. Core Insights - The company is positioned as a leading high-end beauty brand in China, with significant growth opportunities ahead. It has established a strong market presence and is expected to benefit from the rising demand for premium beauty products [12][19]. - The beauty market in China is projected to grow steadily, with high-end skincare and makeup segments expected to outperform mass-market categories. The compound annual growth rate (CAGR) for high-end skincare and makeup is forecasted at 9.6% and 10.8%, respectively, from 2023 to 2028 [35][36]. Financial Performance and Projections - The company is expected to achieve revenue of 40.5 billion, 53.1 billion, and 67.0 billion RMB for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 40.4%, 31.0%, and 26.2% [6][10]. - The projected net profit for the same years is 9.4 billion, 12.8 billion, and 16.0 billion RMB, with growth rates of 42.2%, 35.6%, and 25.1% [6][10]. - The current price-to-earnings (P/E) ratios are estimated at 28, 21, and 16 for the years 2024, 2025, and 2026, respectively [6][10]. Market Position and Competitive Advantage - The company is recognized as the only domestic brand among the top ten high-end beauty groups in China, ranking seventh with a market share of 1.8% as of 2023 [19][40]. - The flagship brand, MAOGEPING, is the only domestic brand in the top fifteen high-end beauty brands in China, indicating a strong competitive position in the market [19][40]. - The company has a robust channel strategy, with a balanced contribution from both online and offline sales. As of 2024 H1, offline and online channels contributed 50.9% and 49.1% to total revenue, respectively [45][48]. Growth Strategy - The company plans to utilize the funds raised from its IPO primarily for expanding sales channels and brand building. This includes opening new stores, upgrading existing ones, and enhancing online marketing efforts [32][34]. - The company aims to open approximately 30 new counters annually in China and 2-4 overseas, alongside upgrading 70-100 existing counters each year [11][32]. Product Development and Innovation - The company has a diverse product portfolio with 387 SKUs as of 2024 H1, focusing on high-end makeup and skincare products. The average price of its cushion foundation is notably higher than that of leading domestic competitors, allowing it to avoid the crowded mass-market segment [9][11]. - The company has a strong emphasis on research and development, with an average of 75 new products launched annually from 2021 to 2024 H1 [9][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$208.22, representing a potential upside of 76% from the current price of HK$118.20 [3][4]. Core Insights - The company is advancing towards profitability by enhancing its market position and R&D capabilities, with a focus on reducing drug development costs through an internal clinical team [1][2]. - The company has a robust pipeline with significant potential, including key commercial products and a strong internal R&D pipeline consisting of 25 Phase I projects, 8 Phase II projects, and 7 Phase III projects [2][5]. - Financial performance is improving, with expectations of positive GAAP operating profit in 2025, driven by effective cost control and a reduction in reliance on CROs [2][5]. Summary by Sections Investment Rating - The company is rated as "Buy" with a target price of HK$208.22, corresponding to a 5.8x sales multiple for 2025 [3][4]. Market Position and R&D Strength - The company has established a global internal clinical development team of 3,600 members, significantly reducing reliance on CROs from 77% in 2019 to 5% in 2024 [1]. - Strategic focus areas for 2025 include consolidating leadership in hematology, accelerating internal pipeline development, and enhancing financial performance [1]. Pipeline and Product Potential - The key commercial product, Zebutini, is the first BTK inhibitor in the U.S. and shows excellent efficacy in treating blood cancers [2]. - The company’s pipeline includes high-potential early-stage candidates such as CDK4i and panKRASi, which are expected to drive future growth [2]. Financial Performance - In Q2 2024, the company achieved Non-GAAP profitability, and by Q3 2024, it recorded positive operating cash flow for the first time [2]. - The company forecasts a positive GAAP operating profit for the full year of 2025, supported by effective cost management strategies [2][5]. Key Financial Data - Projected revenues are expected to grow from US$2,459 million in 2023 to US$4,904 million in 2025, with a net profit turning positive in 2025 at US$137 million [4][12]. - The company’s gross profit is projected to increase from US$2,080 million in 2023 to US$3,857 million in 2025, indicating strong growth potential [4][12].

Investment Rating - Buy rating maintained for Anta Sports (2020 HK) [6] Core Views - Anta Sports reported Q4 and full-year 2024 retail sales performance with Anta and FILA brands showing high single-digit growth in Q4 while other brands grew 50%-55% [2][4] - Full-year retail sales for Anta and FILA brands grew by high single-digit and mid single-digit respectively with other brands growing 40%-45% [2][4] - Anta brand's Q4 retail sales grew by high single-digit (mid single-digit in Q3) with healthy inventory levels and slightly deeper discounts [7] - FILA brand's Q4 retail sales exceeded expectations with high single-digit growth driven by strong performance across its mainline children's and trendy sub-brands [7] - Descente and Kolon continued high growth rates becoming the third growth pillar for the group [7] - Anta Sports' 2024-2026 net profit attributable to shareholders is expected to be 12 0/138/154 billion yuan representing year-on-year growth of 18%/15%/11% respectively [7] - Current price corresponds to PE ratios of 17/14/13X for 2024-2026 indicating relatively low valuation [7] Financial Forecasts - Anta Sports' operating income is projected to grow from 62 356 million yuan in 2023 to 85 117 million yuan in 2026 with year-on-year growth rates of 16 23%/12 63%/10 29%/9 89% [9] - Net profit attributable to shareholders is expected to increase from 10 236 million yuan in 2023 to 15 394 65 million yuan in 2026 with year-on-year growth rates of 34 86%/33 04%/1 46%/11 42% [9] - EPS is forecasted to rise from 3 63 yuan/share in 2023 to 5 45 yuan/share in 2026 [9]