Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [9]. Core Views - The launch of the Galaxy Starship 7 EM-i on December 6, 2024, is based on the new GEA architecture, featuring the next-generation Thunder EM hybrid technology, achieving a comprehensive range of 1420 km and a fuel consumption of 3.75 L per 100 km in electric mode. The vehicle is priced between 99,800 to 132,800 CNY, with immediate delivery upon launch. This pricing is lower than expected, indicating potential for Geely to create a popular hybrid model [2][6][8]. - The new platform is expected to usher in a new era for Geely, with positive developments across its brands, including Zeekr, Lynk & Co, and Galaxy. The company is well-positioned for a new vehicle cycle, with a solid foundation in fuel vehicles and innovative overseas expansion strategies [8]. Summary by Sections Event Description - The Galaxy Starship 7 EM-i, an A-class plug-in hybrid SUV, was officially launched on December 6, 2024. It features the new Thunder EM hybrid technology, offering a comprehensive range of 1420 km and a fuel consumption of 3.75 L per 100 km. The vehicle is available in five versions, with a promotional price of 99,800 to 132,800 CNY, and is ready for immediate delivery [6][8]. Event Commentary - The pricing of the Galaxy Starship 7 has exceeded expectations, being 10,000 CNY lower than the pre-sale price. The official price ranges from 103,800 to 136,800 CNY, which is 6,000 CNY lower than the pre-sale price. Customers who place a deposit before January 31, 2025, can enjoy an additional discount of 4,000 CNY. The vehicle competes directly with BYD's models, with the Starship 7's promotional price being 16,000 CNY lower than the comparable BYD Song Pro model. The market response to the Starship 7 is comparable to the E5's launch, indicating strong product appeal and pricing strategy [6][8]. Product Features - The Galaxy Starship 7 EM-i is built on the GEA architecture, featuring a spacious design with a wheelbase of 2755 mm and a high space utilization rate of 84.3%. It incorporates advanced technology, including an 11-in-1 hybrid electric drive system and an AI energy management system. The vehicle offers two pure electric range options of 55 km and 120 km, with a maximum comprehensive range of 1420 km [7][8]. Financial Outlook - Geely's financial outlook remains positive, with expected net profits of 16 billion, 11.8 billion, and 15.7 billion CNY for 2024, 2025, and 2026, respectively. The corresponding P/E ratios are projected to be 8.5X, 11.7X, and 8.7X, indicating a favorable valuation position [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 22.88, reflecting a potential upside of 24.2% from the current price of HKD 18.42 [3][21]. Core Insights - The report anticipates that the Biosecurity Act is likely to fail in legislation, which would benefit the company by providing a more stable operating environment for continued performance growth [1]. - The global biopharmaceutical financing is showing signs of recovery, which is expected to drive the company's valuation and performance recovery [1]. - The company is expanding its global production network to mitigate geopolitical risks and enhance its ability to meet diverse global client needs [1]. - The management aims to add 110 new projects in 2024, benefiting from the resurgence in financing and increased demand for early-stage clinical research [1]. - Milestone revenues are expected to significantly enhance the company's net profit, with projected milestone income reaching approximately RMB 500 million in the second half of 2024 [1]. Financial Summary - For FY24E, the company expects sales revenue of RMB 18,236 million, a year-on-year growth of 7.1% [2]. - Adjusted net profit for FY24E is projected at RMB 4,739 million, reflecting a slight increase of 0.8% year-on-year [2]. - The adjusted earnings per share for FY24E is estimated at RMB 1.15, with a non-IFRS P/E ratio of 14.8 times [2][18]. - The company anticipates revenue growth of 12.4% and 13.9% for FY25E and FY26E, respectively [2]. Market Context - The report highlights a 1.1% year-on-year increase in global healthcare financing for the first 11 months of 2024, indicating a recovery from a 21% decline in 2023 [1][9]. - The company has secured significant contracts, including four Phase 3 clinical and commercialization production contracts with a multinational pharmaceutical company [1]. - The expansion of production capacity in Germany and the upcoming factory in Singapore are part of the company's strategy to meet increasing overseas client demands [1].

Investment Rating - The report assigns a **Buy** rating to the company with a target price of **HKD 77.7**, representing a **19% upside** from the current price of HKD 65.2 [5] Core Views - The company's R&D pipeline demonstrates **world-class potential**, particularly with its key products **AK104 (PD-1/CTLA-4)** and **AK112 (PD-1/VEGF)**, which have shown significant clinical progress and market potential [2][3] - The company's revenue in H1 2024 increased by **24% YoY to RMB 940 million**, driven by strong sales of **AK104 (RMB 710 million, +16.5% YoY)** and **AK105 (RMB 130 million)** [2] - Despite a net loss of **RMB 240 million** in H1 2024, the company maintains a strong cash position of **RMB 2.4 billion**, supported by two successful placements in 2024 raising **HKD 1.17 billion** and **HKD 1.92 billion** respectively [2] Product Pipeline Summary AK104 (PD-1/CTLA-4) - Achieved **PFS (12.7 vs 8.1 months, HR 0.62)** and **OS (not reached vs 22.8 months, HR 0.64)** endpoints in **first-line cervical cancer**, with significant efficacy across all populations, including **PD-L1 low/negative expression** (CPS <1, 23% reduction in death risk) [3] - Approved for **first-line gastric cancer** in October 2024, showing **OS benefit (15 vs 10.8 months, HR 0.62)**, addressing the unmet need in **PD-L1 low/negative gastric cancer** (mOS 17.6 months vs 11 months for PD-1) [3] - Multiple **Phase III trials** ongoing for **gastric cancer post-PD-(L)1 progression**, **hepatocellular carcinoma**, and **non-small cell lung cancer (NSCLC)** [3] AK112 (PD-1/VEGF) - Approved in May 2024 for **EGFR-mutated NSCLC post-treatment progression**, with **Summit global Phase III** trial completed and **FDA Fast Track** designation [3] - Achieved **PFS endpoint (11.14 vs 5.82 months, HR 0.51)** in **first-line PD-L1-positive NSCLC** vs **Pembrolizumab**, with **NDA submitted** in July 2024 [3] - Expanded **Summit Phase III** trial to include **non-squamous NSCLC** with a sample size of **1,080 patients**, alongside ongoing trials for **biliary tract cancer**, **pancreatic cancer**, and **head and neck squamous cell carcinoma** [3] Other Key Products - **AK105 (PD-1)**: Under review for **first-line nasopharyngeal carcinoma** and submitted for **first-line hepatocellular carcinoma** [3] - **AK102 (PCSK9)**: Approved in October 2024 [3] - **AK101 (IL-12/IL-23)**: Submitted for **moderate-to-severe plaque psoriasis** in August 2023 [3] - **AK111 (IL-17)**: Completed Phase III enrollment for **psoriasis** and ongoing for **ankylosing spondylitis** [3] - **AK117 (CD47)**: Global first **Phase III** trial for **solid tumors** [3] Financial Summary - Revenue for 2024E is projected at **RMB 2.5 billion**, with a **32.6% YoY growth** expected in 2025E to **RMB 3.3 billion** [4] - Gross margin remains strong at **91.3%** in H1 2024, with **R&D expenses** increasing by **3% to RMB 590 million** [2] - Net loss for 2024E is estimated at **RMB 184 million**, with a turnaround to **RMB 775 million net profit** expected in 2026E [4] Valuation - The target price of **HKD 77.7** is derived using a **DCF model** with a **WACC of 10.0%** and **perpetual growth rate of 3.0%**, incorporating **AK112's overseas potential** (USD 6 billion sales, 60% success probability) [3]

Investment Rating - Buy (Maintained) [8] Core Views - The company proposes a share consolidation and change in trading unit to enhance attractiveness, with the total issued share capital reducing from RMB 1760.08 billion to RMB 176.01 billion, and the trading unit changing from 2000 existing H shares to 500 consolidated and reduced H shares, expected to take effect on February 20, 2025 [3] - The company is leveraging its resource advantages to tap into the low-altitude economy, which is expected to grow significantly, with the low-altitude economy scale in China reaching RMB 5060 billion in 2023, a 33.8% YoY increase, and projected to exceed RMB 1 trillion by 2026 [4] - The company's "One Body, Two Wings" strategy is driving steady growth, with the depreciation of tower assets acquired in 2015 expected to reach an inflection point in 2026, significantly reducing depreciation and amortization expenses and contributing to profit growth [5] - The company is expected to achieve revenues of RMB 983 billion, RMB 1025 billion, and RMB 1068 billion in 2024-2026, with YoY growth rates of 4.5%, 4.3%, and 4.3%, respectively, and net profits attributable to the parent company of RMB 108 billion, RMB 125 billion, and RMB 195 billion, with YoY growth rates of 11.1%, 15.7%, and 55.6%, respectively [6] Financial Forecasts - Revenue is projected to grow from RMB 94,009 million in 2023 to RMB 106,843 million in 2026, with a CAGR of 4.3% [10] - Net profit attributable to the parent company is expected to increase from RMB 9,750 million in 2023 to RMB 19,501 million in 2026, with a CAGR of 26.1% [10] - EPS is forecasted to rise from RMB 0.06 in 2023 to RMB 0.11 in 2026 [10] - The company's P/E ratio is expected to decrease from 15.93x in 2024 to 8.85x in 2026, indicating improving valuation attractiveness [10] Strategic Initiatives - The company is focusing on the low-altitude economy, leveraging its extensive tower resources, with 2.081 million tower sites as of September 2024, and building a comprehensive low-altitude service network, including flight facility networks, low-altitude intelligent networks, and low-altitude service networks [4] - The "One Body, Two Wings" strategy continues to drive growth, with the company expanding its operator business, smart connectivity business, and energy business, particularly in areas like digital governance and energy solutions [5] Industry Outlook - The low-altitude economy is poised for significant growth, driven by policy and technological advancements, with the industry expected to exceed RMB 1 trillion by 2026, encompassing low-altitude infrastructure, manufacturing, operations, and flight support [4]

Investment Rating - The investment rating for Qingdao Beer Co., Ltd. is "Buy" (maintained) [6] Core Views - Qingdao Beer, as a leading beer company in China, is expected to see revenue exceed expectations due to multiple catalysts including policy-driven consumption recovery, inventory destocking in 2024, potential management changes, and the recovery of the dining sector [2][3] - The recovery of the dining chain is highly certain, with expectations for volume and price to rise from a low base in 2025 [2] - The company is anticipated to benefit from a management change, which may bring more positive initiatives and goals [3] Summary by Sections Sales and Price Drivers - Volume: The recovery of the dining chain driven by consumption vouchers is expected to lead to sales exceeding expectations, particularly in the 6-10 RMB price range [3] - Price: The upgrade in the 6-10 RMB price range is expected to continue, with room for further price increases as Qingdao Beer has positioned its classic products at the 8 RMB price point [3] Financial Forecasts - Revenue growth rates are projected at 6.05% for 2024, 3.18% for 2025, and 3.22% for 2026 [4] - Net profit growth rates are expected to be 1.27% for 2024, 11.26% for 2025, and 9.77% for 2026 [4] - Earnings per share (EPS) are forecasted to be 3.17, 3.52, and 3.87 RMB for 2024, 2025, and 2026 respectively [4] Valuation and Price Target - The target valuation for Qingdao Beer H shares is based on a 70% discount to the A-share valuation of 25x, with the current discount at approximately 63.7%, indicating high elasticity [4] - The report maintains that the current valuation offers good value for investment [4]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 26.90 and a fair value of HKD 41.35 [2][13]. Core Insights - The approval of a new indication for furmonertinib (also known as Ivoritinib) in combination with sintilimab for the treatment of advanced mismatch repair-deficient (pMMR) endometrial cancer patients has been highlighted as a significant event [2][6]. - The company is expected to benefit from the unmet medical needs in the endometrial cancer field, with furmonertinib and sintilimab potentially becoming more effective treatment options [2][6]. - The report emphasizes the rapid commercialization progress of furmonertinib overseas, with net sales reaching USD 203 million in the first nine months of 2024, leading to a milestone payment of USD 20 million for the company [6][13]. Financial Projections - The company's revenue projections for 2024E are USD 640.7 million, with a year-over-year growth rate of -23.55% [7]. - The oncology/immunology business is expected to contribute significantly to revenue, with projections of USD 362.2 million in 2024E [7]. - The report forecasts a return to profitability with net profits of USD 5 million in 2024E and USD 20 million in 2025E, reflecting a substantial growth rate of 335.3% [7][19]. Valuation Metrics - The report calculates a WACC of 10.34% and a perpetual growth rate of 3%, leading to a fair value estimate of HKD 41.35 per share [10][13]. - The company is projected to achieve a net profit margin of 3.0% by 2025E, with an expected ROE of 2.6% [19]. Product Pipeline and Market Potential - The report notes that furmonertinib is in various clinical stages with multiple immune checkpoint inhibitors, indicating a robust pipeline and potential for future growth [2][6]. - The upcoming submission for the registration study of savolitinib in combination with osimertinib for EGFR-resistant NSCLC is anticipated to open new revenue streams [6].

Investment Rating - The report maintains a "Buy" rating for Meituan-W (03690) with a 6-month target price [1] Core Views - Meituan's Q3 2024 revenue and profits exceeded Bloomberg consensus estimates [1] - Revenue: 93.6 billion RMB, 1.7% above consensus [1] - EBIT: 13.7 billion RMB, 41.0% above consensus [1] - Adjusted net profit: 12.8 billion RMB, 10.1% above consensus [1] Business Segment Performance Core Local Commerce - Revenue: 69.4 billion RMB, 1.5% above consensus [1] - Delivery service: 27.8 billion RMB [1] - Commission income: 26.1 billion RMB [1] - Online marketing: 13.4 billion RMB [1] - Operating profit: 14.6 billion RMB, 13.7% above consensus [1] Food Delivery - On-demand delivery orders grew 14.5% YoY [1] - Improved operational efficiency and user experience for Pinhaofan [1] - Expanded brand satellite stores with comprehensive online support [1] Meituan Instant Retail - User base and purchase frequency achieved double-digit YoY growth [1] - Increased night orders and faster growth in lower-tier markets [1] - Expanded Meituan Instant Retail warehouses to more lower-tier markets [1] In-store, Hotel & Travel - Order volume grew over 50% YoY [1] - Record high annual transacting users and active merchants [1] - Domestic hotel room nights showed steady growth [1] - "Shen Membership" program expanded nationwide [1] New Initiatives - Revenue: 24.2 billion RMB, 3.9% above consensus [1] - Operating loss: 1.03 billion RMB, 44.0% better than consensus [1] - Meituan Select continued to narrow losses quarter-over-quarter [1] - Other new initiatives achieved collective profitability in Q3 [1] Financial Projections - Revenue forecasts for 2024-2026: 3,363/3,880/4,336 billion RMB [1] - Non-IFRS net profit forecasts for 2024-2026: 417/516/611 billion RMB [1] Competitive Advantages - Strong merchant base and decades of accumulated user reviews [1] - Solid barriers in food delivery business [1] - Clear external competitive landscape [1] - Continuous improvement in core local commerce profitability [1] - Successful reduction of losses in new initiatives [1]

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance in the coming months [1][9]. Core Insights - The company is positioned as a leading producer and supplier of coke, with plans to expand into new materials and green hydrogen supply, leveraging its existing capabilities and market position [1][9]. - The acquisition of the Xuyang Research Institute for RMB 181 million is expected to enhance the company's operational stability and management efficiency, while also providing potential for capital appreciation through investment properties [2][4]. - The company aims to increase its coke production capacity to 30 million tons annually by 2025, with a current global market share of 1.8% and a domestic share of 2.5% [5][9]. - The chemical and new materials business is expanding, with the company being a major player in various chemical products, including being the largest producer of crude benzene and the second-largest producer of high-temperature coal tar [6][9]. - The hydrogen energy segment is developing a full industry chain, focusing on the Beijing-Tianjin-Hebei region, with plans to enhance hydrogen production and distribution capabilities [8][9]. Summary by Sections Company Overview - The company is a global leader in coke production, with a management capacity of 22 million tons, including self-built and operational management capacities [5]. - The company has a diversified chemical product line and is expanding into new materials, which is expected to drive future growth [6]. Financial Performance - The company reported a revenue of RMB 46.07 billion in 2023, with a projected increase to RMB 49.72 billion in 2024 [11]. - The net profit for 2023 was RMB 860.81 million, with expectations of a decline in 2024 before recovering in subsequent years [11]. - The earnings per share (EPS) are projected to be RMB 0.08 in 2024, increasing to RMB 0.15 by 2026 [9][11]. Market Position and Strategy - The company is strategically positioned to benefit from the recovery of the coke market and the expansion of its new materials and hydrogen energy businesses [9]. - The focus on green hydrogen technology and the establishment of hydrogen production capabilities are expected to align with future clean energy trends [8][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.85 [7][19]. Core Views - The company's urban gas business is expected to achieve moderate growth despite a downward adjustment in natural gas sales growth due to industrial demand pressure. The gross margin is anticipated to continue recovering due to pricing adjustments and cost reductions [2][3]. - The renewable energy segment is transitioning to a light-asset model, with stable contributions expected from distributed photovoltaic rights installations. Changes in distributed photovoltaic policies are expected to have limited impact [4][5]. - The company is characterized by high dividend yields, with projected dividend rates of 6.3%/6.6%/7.4% for 2024-2026 if the payout ratio remains at 47% [2][5]. Summary by Sections Profit Forecast Adjustments - The forecast for core net profit for 2024-2026 has been adjusted downwards by 6%/6%/3% to HKD 14.5 billion, HKD 15.3 billion, and HKD 17.0 billion respectively [2][5]. - The sales volume growth for natural gas has been revised down to +6.6%/5.8%/5.2% for 2024-2026, reflecting a decrease from previous estimates [3][5]. Revenue and Profitability Metrics - The company's revenue for 2024 is projected at HKD 20.372 billion, with a slight increase expected in subsequent years [6][26]. - The gross profit margin is expected to improve, with urban gas sales gross margin projected at RMB 0.57/0.59/0.61 per cubic meter for 2024-2026 [3][4]. Valuation Methodology - The valuation approach assigns an 8x PE ratio to the urban gas business and a 12x PE ratio to the renewable energy business, resulting in a target market value of HKD 134 billion [5][19]. - The target price reflects a slight decrease from the previous estimate of HKD 3.93, based on the adjusted PE ratios [5][19].

Investment Rating - The report gives a "Recommend" rating for the company's stock (首次覆盖) [3] Core Views - The company is a leading domestic player in the neurointervention field, with a comprehensive product portfolio covering three major areas of cerebrovascular diseases: hemorrhagic stroke, cerebral atherosclerosis stenosis, and acute ischemic stroke [8] - The company has a strong R&D pipeline and a history of rapid revenue growth, with a CAGR of 38% from 2019 to 2023 [8] - The company is expected to benefit from industry growth and import substitution, with projected net profits of 233 million, 281 million, and 369 million yuan for 2024, 2025, and 2026, respectively [12] Company Overview - The company, formerly the neurointervention business unit of MicroPort Scientific, was established in 2012 and went public on the Hong Kong Stock Exchange in 2022 [26] - It holds a 53.35% stake in MicroPort Scientific and has a total market capitalization of 4.851 billion yuan [2] - The company has a total of 584.6 million shares outstanding, with a net asset per share of 2.93 yuan and a debt-to-asset ratio of 17.94% [2] Financial Performance - Revenue is projected to grow from 547 million yuan in 2022 to 1.277 billion yuan in 2026, with a CAGR of 21.4% [7] - Net profit is expected to increase from -22 million yuan in 2022 to 369 million yuan in 2026, with a significant turnaround in 2023 [7] - Gross margin is forecasted to remain stable at around 70% from 2024 to 2026 [7] Product Portfolio - The company has a comprehensive product lineup, including flow diverters, coils, covered stents, and thrombectomy devices, covering all key areas of cerebrovascular diseases [32] - Key products include the Tubridge flow diverter, Numen coils, and the Apollo stent, which holds a 60% market share in intracranial stenosis treatment [33] - The company is also developing next-generation products, such as the Tubridge Plus flow diverter, which is expected to enhance its competitive position in the hemorrhagic stroke market [100] Market Position - The company is the fourth-largest player in the domestic neurointervention market and the leading domestic brand, with a market share of 44% for its Tubridge flow diverter in 2020 [26][100] - It has a strong presence in over 3,300 hospitals in China, including more than 1,800 tertiary hospitals and all top 100 stroke centers [36] Industry Outlook - The domestic neurointervention market is expected to grow from 5.8 billion yuan in 2020 to 17.5 billion yuan in 2026, with a CAGR of 20.1% [63] - Hemorrhagic stroke treatment is the largest sub-segment, accounting for 65.5% of the market in 2020, while acute ischemic stroke is expected to be the fastest-growing segment [63] - Domestic companies are gradually gaining market share, with the company well-positioned to benefit from import substitution and industry growth [64]