Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a current price of HKD 78.10 and a fair value of HKD 93.67 [5]. Core Views - Anta Sports has demonstrated high operational quality in Q4, with Fila's sales recovery exceeding expectations. The main brand's revenue growth is driven by e-commerce channels and store renovations, maintaining a healthy inventory turnover ratio [8]. - The multi-brand strategy of Anta Group is showing robust development, with strong performance from brands like Descente and Kolon, indicating strong consumer purchasing power in the outdoor market [8]. - The earnings forecast for Anta Sports predicts EPS of RMB 4.70, RMB 4.81, and RMB 5.38 for 2024, 2025, and 2026 respectively, with a PE valuation of 18 times for 2025, leading to a fair value of HKD 93.67 per share [8]. Financial Summary - Revenue is projected to grow from RMB 53,651 million in 2022 to RMB 81,594 million in 2026, with growth rates of 8.8%, 16.2%, 8.1%, 9.7%, and 10.4% respectively [4][10]. - EBITDA is expected to increase from RMB 12,483 million in 2022 to RMB 26,330 million in 2026 [4]. - Net profit attributable to shareholders is forecasted to rise from RMB 7,590 million in 2022 to RMB 15,187 million in 2026, with growth rates of -1.68%, 34.86%, 29.60%, 2.26%, and 11.94% [4][10]. - The report indicates a stable gross margin, with projections of 58.2% in 2022 and increasing to 62.9% by 2026 [10]. Operational Insights - The main brand's operational quality is expected to remain stable, with online discounts maintained and a healthy inventory turnover ratio [8]. - The report highlights the successful adjustment of Fila's brand positioning, contributing to overall brand growth and maintaining healthy operational quality [8]. Market Position - Anta Sports is positioned to benefit from its strong channel management capabilities and cost control, which are expected to support steady growth in an uncertain retail environment [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 180.0, while the current price is HKD 153.8 [4]. Core Insights - The performance of new games such as "Marvel Showdown" and the recovery of "Yanyun Sixteen Sounds" are expected to drive the company's stock price higher. "Marvel Showdown" has shown strong user engagement and sales, with an estimated first-month revenue of RMB 400 million on Steam and a global first-month total revenue expected to reach RMB 1 billion [1][2]. - The company has adjusted its profit forecasts for 2024-2026, increasing the expected net profit to RMB 317.9 billion, RMB 355.0 billion, and RMB 383.0 billion respectively, reflecting a growth of 1.6%, 6.1%, and 7.9% compared to previous estimates [2]. Summary by Sections Game Performance - "Marvel Showdown" has achieved significant online player engagement, reaching 450,000 concurrent users on Steam and ranking high on various sales charts across platforms [1][7]. - "Yanyun Sixteen Sounds" has successfully launched on mobile, topping the iPhone role-playing game download charts and surpassing 10 million players within five days of its release [1]. - "Infinite" has received positive feedback from its closed beta testing, showcasing a variety of gameplay features and potential for expansion in the two-dimensional game market [1]. Financial Projections - The company’s revenue is projected to grow from RMB 96.5 billion in 2023 to RMB 125.0 billion by 2026, with a compound annual growth rate of approximately 7.2% [3][11]. - The Non-GAAP net profit is expected to increase from RMB 31.8 billion in 2024 to RMB 38.3 billion in 2026, indicating a steady growth trajectory [3][11]. Market Position - The report highlights the company's strong position in the gaming industry, with a focus on high-quality game production and successful IP utilization, which is expected to enhance long-term market confidence [1][2].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 8.0 HKD based on a 12x PE valuation for 2025 [3][128]. Core Insights - The company is positioned as a global leader in display technology, with a focus on expanding its market share and improving profitability through product innovation and channel development [11][12]. - The Mini LED technology is expected to drive a new wave of growth, with the company achieving significant sales increases and surpassing competitors like Samsung in global shipments [1][45]. - The internet and innovation segments are also showing strong growth, with a focus on enhancing user experience and expanding overseas partnerships [2][90]. Summary by Sections Investment Logic - The company is enhancing its global presence, with a dual focus on market share and profitability. Mini LED technology is projected to see over 50% global shipment growth in 2024, with the company leading the market [1]. - In Europe, the company has seen a 35% year-on-year increase in sales, significantly outperforming the industry [1]. Internet & Innovation Business - The internet segment has maintained a gross margin above 50%, with a CAGR of 38% from 2019 to 2023, driven by ARPU growth and overseas expansion [2]. - The AR glasses segment is expected to grow significantly, with the company holding a 37.3% market share in China as of 2024H1 [2]. Profit Forecast, Valuation, and Rating - Revenue projections for 2024-2026 are 98.14 billion, 114.35 billion, and 128.33 billion HKD, with corresponding net profits of 1.35 billion, 1.68 billion, and 2.14 billion HKD [3][116]. - The company is expected to achieve high growth elasticity in performance due to its dual focus on market share and profitability [3][128].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 5.68 HKD and a fair value of 6.71 HKD [7]. Core Insights - The main brand of the company is experiencing steady growth, with a healthy recovery in inventory levels. In Q4 2024, the main brand's total channel revenue is expected to grow at a high single-digit percentage year-on-year, with retail discounts improving to a level of 70-75% [7]. - The subsidiary brand, Saucony, continues to show strong growth momentum, with total channel revenue in Q4 2024 expected to increase by approximately 50%, surpassing the previous guidance of over 60% for the entire year [7]. - The company forecasts net profit attributable to shareholders for 2024-2026 to be 1.26 billion, 1.39 billion, and 1.51 billion CNY respectively, and maintains a price-to-earnings (P/E) ratio of 12 for 2025, leading to a fair value estimate of 6.71 HKD per share [7]. Financial Summary - The company's main revenue for 2023 is reported at 12,930 million CNY, with a growth rate of 29.1%. The EBITDA is projected to be 1,515 million CNY, and the net profit attributable to shareholders is expected to be 922 million CNY, reflecting a growth rate of 1.5% [6]. - For the years 2024 to 2026, the main revenue is expected to be 14,396 million CNY, 15,077 million CNY, and 16,462 million CNY respectively, with corresponding growth rates of 0.4%, 4.7%, and 9.2% [6]. - The report indicates that the company's return on equity (ROE) is projected to be 11.0%, 11.6%, 13.1%, 13.5%, and 13.8% from 2022 to 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company is expected to face pressure on its 2024 performance due to insufficient quality content supply in the film market, but a recovery in the broader market could support performance improvement [1][4]. - The online ticketing business is projected to generate revenue of 1.94 billion, a year-on-year decline of 14.2%, while the offline ticketing business shows resilience and growth potential [2]. - The entertainment content service segment is anticipated to achieve revenue of 2.04 billion, down 11.4% year-on-year, primarily due to underperformance of certain film projects [3]. Summary by Sections Online Entertainment Ticketing - The online ticketing business is expected to be impacted by the overall market downturn, with a projected revenue of 1.94 billion, reflecting a 14.2% decline [2]. - The offline ticketing market is showing growth, with ticket sales reaching 39.83 billion in the first three quarters of 2024, representing 79.3% of the total for 2023, and a 22.9% increase in audience attendance [2]. Entertainment Content Services - The entertainment content service segment is projected to generate 2.04 billion in revenue, a decrease of 11.4% year-on-year, mainly due to disappointing box office results from certain films [3]. - The company is involved in producing 35 domestic films in 2024, with a focus on increasing participation in key release periods [3]. Investment Recommendations - The company is positioned as a leading online ticketing platform and domestic film distributor, with an increasing participation in top films expected to enhance profitability [4]. - Adjusted revenue forecasts for 2024 and 2025 are set at 4.18 billion and 5.29 billion, respectively, with adjusted net profits of 233 million and 930 million [4].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HKD 492.22 [6][26] Core Views - Tencent's 4Q24 revenue is expected to grow by 8% YoY, with adjusted net profit increasing by 25% to RMB 53.5 billion [1] - Domestic gaming revenue is projected to accelerate by 18% YoY, while advertising revenue growth may slow to 13% due to the Olympics [1] - Financial technology revenue is expected to recover to 4% growth in 4Q24 [1] - Key catalysts for 2025 include the launch of new AI features, increased ad load rates on Video Accounts, and the expected monthly gross revenue of RMB 5-10 billion from the mobile game "Valorant" [1] Business Segments Advertising - 4Q24 advertising revenue growth is expected to slow to 13% YoY due to the Olympics and delayed recovery effects [2] - Ad load rates on Video Accounts have stabilized at 3-4%, with potential for further growth [2] - The integration of WeChat Mini Stores with public and private domain traffic is expected to drive GMV growth, with a projected GMV of RMB 500 billion in 2025 [2][11] Gaming - 4Q24 gaming revenue is expected to grow by 16% YoY, with domestic and overseas gaming revenue increasing by 18% and 13% respectively [3] - New game releases with longer deferred revenue cycles are expected to positively impact 4Q24 results [3] - Key games to watch include "DnF Mobile" and the upcoming "Honor of Kings: World" and "Valorant Mobile" [3] Financial Technology - Financial technology revenue is expected to grow by 4% YoY in 4Q24, driven by the recovery of offline payment services [2] - WeChat Search has started displaying products from WeChat Mini Stores, and the "Gift Sending" feature is expected to drive further growth [2][11] AI and Technological Innovations - Tencent is expected to launch new AI features in 2025, which could enhance mobile applications and improve user stickiness [1] - Tencent's AI-powered advertising tool, "Miaosi," has shown significant improvements in ad performance, with a 30% increase in Video Account ad spend during the Double 11 period [16] - Tencent's open-source MoE model, "Hunyuan Large," and 3D generation model, "Hunyuan 3D-1.0," are expected to drive innovation in AI applications [17][19] Financial Projections - Revenue forecasts for 2024-2026 have been slightly adjusted, with expected revenues of RMB 655.3 billion, RMB 712.8 billion, and RMB 785.1 billion respectively [4][22] - Adjusted net profit forecasts for 2024-2026 have been revised to RMB 220.9 billion, RMB 247.2 billion, and RMB 280.9 billion, reflecting high-margin business base effects [4][22] Valuation - The SOTP valuation for Tencent is HKD 492.22, based on a sum-of-the-parts analysis [26] - The valuation includes contributions from gaming, social networks, online advertising, financial technology, and enterprise services, with gaming contributing the largest share at 37.5% [26] Industry Comparison - Tencent's gaming and advertising businesses are compared to global peers, with Tencent's gaming PE at 14.2x, lower than the global average of 20.2x, and advertising PE at 13.8x, lower than the global average of 21.8x [26][28]

Investment Rating - The investment rating for JD Group is maintained as "Buy" [7][4]. Core Views - JD Group is showing a robust recovery in its fundamentals, supported by the "old-for-new" initiative, which is expected to enhance user growth and category expansion in the long term [1][3]. - The company's strong cyclical attributes are anticipated to help realize upward adjustments in valuation and fundamentals amid further consumer policy stimuli [1][3]. Revenue and Profit Forecast - JD Group's total revenue for Q4 2024 is expected to grow by 9.2% year-on-year to RMB 334.3 billion, an improvement from 5.1% in Q3 2024, driven by the "old-for-new" initiative [2]. - Adjusted net profit for Q4 2024 is projected to increase by 17.5% year-on-year to RMB 9.89 billion, surpassing consensus expectations [2]. - The retail segment's revenue is expected to grow by 9.5% year-on-year to RMB 293.2 billion, primarily supported by the recovery in revenue from electronic products [2]. Financial Adjustments - The non-GAAP net profit forecasts for 2024, 2025, and 2026 have been adjusted to RMB 46.4 billion, RMB 51.1 billion, and RMB 55.6 billion, respectively, reflecting a slight increase [4][17]. - The target price based on SOTP valuation is set at USD 48.34 per ADS and HKD 188.21 per ordinary share, indicating a favorable valuation [4][19]. Market Trends and Initiatives - The "old-for-new" initiative has shown significant results in 2024, with over 36 million consumers purchasing major home appliances, generating sales of RMB 240 billion [3][11]. - The government plans to expand the scope of the "old-for-new" initiative in 2025, which is expected to further benefit JD Group due to its established supply chain capabilities and diversified online and offline business models [3][11]. Segment Valuation - The valuation for JD's retail business is set at USD 36.34 per ADS, based on a non-GAAP PE of 12.0 times the 2025 forecast, slightly below the average of comparable companies [19][20].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from the clear trend of range-extended vehicle expansion, with a solid foundation for 2025 despite competition [6][19] - The company has multiple strategies to respond to competition, including production capacity increases and product upgrades [19][25] - The company is well-positioned to capture market share in the 200,000 to 300,000 RMB price range for pure electric vehicles [40][48] - The company has a competitive advantage in intelligent driving technology, with rapid feature iterations and early releases [52] Summary by Sections 1. Agile Adjustments and Efficiency - The company has adjusted its pure electric strategy and maintains leading operational efficiency, with a gross margin around 20% [9] - Despite challenges, the company’s overall operations remain stable, with a significant recovery in profitability expected in the latter half of 2024 [10][16] 2. Range-Extended Vehicle Expansion - The company is expected to benefit from the expansion of range-extended vehicles, with L6 sales projected to grow over 50% in 2025 [19][25] - The competitive landscape is manageable, with the company’s L series facing limited direct competition [19][20] 3. Pure Electric Strategy - The company plans to leverage the large market potential in the 200,000 to 300,000 RMB price range for pure electric vehicles, where penetration rates are high [41][48] - The company is prepared to adjust its pure electric vehicle launch schedule based on market conditions [46] 4. Intelligent Driving Advantage - The company has a high ownership rate of intelligent driving vehicles and is rapidly iterating features, with plans to enhance the driving experience significantly by 2025 [52] - The company’s intelligent driving training data volume is substantial, supporting faster iterations and improvements [52]

Investment Rating - Maintains a "Buy" rating with a 6-month outlook [5] Core Views - The company is in a critical year of its fifth five-year plan (2022-2027), with a strong track record of exceeding performance targets annually [1] - The company operates 40 self-owned schools with a capacity for 180,000 students, currently serving 90,000, indicating significant growth potential [1] - The managed school business is expanding, with over 100 school segments in the pipeline and an additional 30 segments expected by September [1] - The company's diversified business segments, including study tours and educational technology, are thriving, with strong market positioning and potential for external expansion [2] - The company's competition training system has produced over 60 provincial-level award winners and multiple national team members, with successful external commercialization of its competition courses [3] - The company's AI-driven educational products have demonstrated significant effectiveness, with a 36-point average score improvement and an 86% improvement rate among students in a pilot program [2] Financial Projections - Expected revenues for FY25-27 are RMB 4.6 billion, RMB 6.4 billion, and RMB 8.8 billion, respectively [5] - Adjusted net profits for FY25-27 are projected to be RMB 800 million, RMB 1.1 billion, and RMB 1.4 billion, respectively [5] - EPS for FY25-27 is forecasted to be RMB 0.38, RMB 0.51, and RMB 0.67, respectively [5] Business Segments - The company's study tour business integrates knowledge learning with practical experiences, covering various fields such as history, natural sciences, technology, and arts, attracting top private schools for collaboration [2] - The educational technology platform, "Cloud Platform," has successfully implemented AI in classrooms and study rooms, with a notable pilot program showing a 97% university admission rate among participants [2] - The competition training system has been standardized and successfully exported, with a recent contract signed with a school in Fujian for competition course services [3] Market Performance - The company's stock price has shown significant growth, with a 34% increase over the past year, outperforming the Hang Seng Index [7]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.5, while the current share price is HKD 5.4 [4][6]. Core Insights - The company is a leading private vaccine enterprise in China, with 8 commercialized products and 22 vaccines in development, expecting 1-2 new products to be launched each year over the next three years [1][2]. - The company has a strong pipeline covering the world's top ten vaccine varieties, with three products in the final stages of approval: PCV13, PPSV23, and an updated rabies vaccine [3][4]. - The Chinese vaccine market is experiencing rapid growth, projected to reach CNY 215.7 billion by 2030, driven by increased policy support and innovation [4][55]. Summary by Sections Company Overview - The company is a major private vaccine manufacturer in China, holding four wholly-owned licensed vaccine production enterprises and three central vaccine research institutes, making it one of the two human vaccine companies with P3 laboratory resources in China [2][13]. - The company is the largest supplier of hepatitis B vaccines globally and the second-largest supplier of human rabies vaccines in China, with a market share of 45.4% and 18.1% respectively [2][29]. Product Pipeline - The company has 22 vaccines in development across 14 disease areas, with 9 products having obtained 17 clinical approvals [3][33]. - Key products nearing market approval include PCV13, expected to be approved by Q4 2025, and PPSV23, anticipated for 2026 [3][36]. Market Dynamics - The Chinese vaccine market is growing faster than the global market, with a CAGR of 20.3% from 2015 to 2021, and is expected to continue expanding due to rising vaccination awareness and new product introductions [4][55]. - The market is characterized by high entry barriers and stable competition, with only 34 vaccine manufacturers in China, of which 28 have approval records [57][61]. Financial Projections - Revenue forecasts for 2024-2026 are CNY 1.25 billion, CNY 1.34 billion, and CNY 3.06 billion respectively, with net profits projected to turn positive by 2026 [4][64]. - The company is expected to see significant revenue growth driven by new product launches and increased market penetration [4][64].