Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 8.804 billion HKD for FY2025H1, representing a year-on-year increase of 17.83%, and a net profit of 1.13 billion HKD, up by 23% [5][17] - The company maintains a high dividend payout ratio of over 50% and expects continued growth driven by product innovation, category expansion, and channel optimization [5][48] - The company is a leader in the down jacket market, with strong performance from its main brand Bosideng and the mid-range brand Xuezhongfei [5][20] Summary by Sections 1. FY2025H1 Performance - The company achieved a revenue of 88.04 billion HKD, with the main brand Bosideng generating 52.8 billion HKD (up 19.4%) and Xuezhongfei 3.9 billion HKD (up 47.1%) [5][20] - The online sales increased by 24.1% to 13.5 billion HKD, accounting for 22% of the down jacket revenue [23][24] 2. OEM Business - The OEM business generated 23.16 billion HKD, reflecting a growth of 13.39%, supported by stable core customer orders and new client acquisitions [28] 3. Women's Wear Business - The women's wear segment reported a revenue of 3.08 billion HKD, down 21.5%, primarily due to a sluggish market demand [29][30] 4. Diversified Clothing Business - The diversified clothing segment, particularly school uniforms, saw a revenue increase of 21.3% to 1.17 billion HKD, driven by enhanced regional coverage [32] 5. Profitability and Financial Metrics - The gross margin for FY2025H1 was 49.9%, with a net profit margin of 12.8%, reflecting operational efficiency improvements [36][39] - The company’s total operating expenses accounted for 34.57% of revenue, a slight increase from the previous period [36][38] 6. Inventory and Cash Flow - The inventory level rose to 59.39 billion HKD, with an average turnover period of 189 days, attributed to proactive raw material stocking [44] - The net cash flow from operations was -34.83 billion HKD, mainly due to increased procurement [44][47] 7. Earnings Forecast and Investment Recommendation - The company maintains its profit forecast, expecting net profits of 25.5 billion HKD, 29.5 billion HKD, and 33.9 billion HKD for FY2025-2027, with corresponding P/E ratios of 11.7, 10.1, and 8.9 [48]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - In November 2024, the company delivered 30,895 new vehicles, representing a year-on-year increase of 54.2% and a month-on-month increase of 29.2%. Cumulatively, from January to November 2024, the total deliveries reached 153,000 units, up 26.2% year-on-year [2][7]. - The company is experiencing a strong new vehicle cycle with the MONA M03 and P7+ models contributing significantly to sales growth. The sales momentum is expected to continue due to channel transformation and enhanced marketing strategies [8][9]. - The company’s revenue for Q3 2024 reached 10.1 billion, marking an 18.4% year-on-year growth, with a gross margin of 15.3%, the highest quarterly margin recorded, and strong guidance for Q4 performance [9]. Summary by Sections Sales Performance - November 2024 saw the company achieve its first monthly delivery exceeding 30,000 units, with the MONA M03 model alone delivering over 10,000 units in a month. The company’s sales are expected to continue to rise due to ongoing capacity ramp-up and new model launches [8][9]. Market Expansion - The company has made strides in international markets, officially entering Nepal and the UK in November. The G6 model has gained significant attention overseas, winning the "2024 Denmark Car of the Year Technology Leader" award [9]. Financial Outlook - The company projects a revenue of 41.5 billion for 2024, with a price-to-sales ratio of 2.0X. The software revenue is expected to show significant improvement, indicating a potential turning point in the new vehicle cycle [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a record monthly delivery of 40,169 vehicles in November, representing a year-on-year growth of 117.0% and a month-on-month increase of 5.2%. Cumulatively, from January to November, the total sales reached 251,000 vehicles, marking a 100.1% increase year-on-year, thus exceeding the annual target of 250,000 vehicles ahead of schedule [6][8]. - The company is expected to continue its strong sales growth due to a robust order backlog, a rich new vehicle lineup, and the anticipated launch of high-priced models like the C16. The sales target for 2025 is set at 500,000 vehicles, indicating a sustained high growth rate [6][8]. - The company is expanding its product offerings globally, with plans to launch 2-3 new models each year over the next three years. The B series, including the compact SUV B10, is scheduled for release in Q1 2025 [7][8]. - The domestic market is characterized by a strong new vehicle cycle and competitive pricing, which is expected to drive sales growth and improve financial metrics. The partnership with Stellantis for overseas expansion is anticipated to enhance profitability through a low-investment, flexible approach [8]. Summary by Sections Sales Performance - November deliveries reached 40,169 units, a record high, with a year-on-year increase of 117.0% and a month-on-month increase of 5.2%. Total sales from January to November amounted to 251,000 units, achieving a 100.1% year-on-year growth [6][8]. Future Outlook - The company has a strong order pipeline and plans to introduce new models, with a sales target of 500,000 vehicles for 2025. The anticipated growth is supported by the launch of high-priced models and expansion into overseas markets [6][8]. Product Development - The company plans to launch 2-3 new models annually over the next three years, with the B series set to debut in early 2025. The focus is on expanding its product range to cater to different market segments [7][8]. Market Strategy - The domestic market strategy emphasizes competitive pricing and a strong new vehicle cycle, while the international strategy involves collaboration with Stellantis to leverage its global resources for efficient market entry [8].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 31.77, representing a potential upside of 53.11% from the current price of HKD 20.75 [4]. Core Insights - The company has achieved significant revenue growth, with a reported revenue of RMB 1.13 billion for the first three quarters, marking a year-on-year increase of 69% and a quarter-on-quarter increase of 54.7% [4]. - The gross profit margin has improved due to economies of scale, reaching 17.5% in Q3, up from previous periods [4]. - The company has secured contracts with several major automotive manufacturers, including both domestic and international brands, for its advanced driver-assistance systems (ADAS) [4]. - The ADAS product revenue reached RMB 3.3 billion in Q3, reflecting a year-on-year growth of 87.1% and a shipment increase of 150% [4]. - The company is expected to rapidly increase its product penetration in the smart vehicle market, particularly in the RMB 150,000 to 200,000 segment [4]. Financial Summary - The company reported total revenue of RMB 1,120.15 million for 2023, with projections of RMB 1,645.64 million for 2024 and RMB 3,200.15 million for 2025 [6]. - The adjusted net profit is forecasted to improve from a loss of RMB 4.33 billion in 2023 to a loss of RMB 460.46 million in 2024, and a profit of RMB 37.57 million in 2025 [6]. - The gross margin is expected to increase from 8.36% in 2023 to 20.35% in 2025, indicating improved profitability [6]. - The company’s total assets are projected to be RMB 3.27 billion in 2023, with a slight decrease to RMB 2.61 billion in 2024, before recovering to RMB 3.42 billion in 2025 [6].

Investment Rating - The report maintains a **Neutral** rating for China Gas (384 HK) with a target price of HKD 5.92, representing a potential downside of 8.1% from the current price of HKD 6.44 [1][3] Core Views - China Gas' 1H FY25 earnings declined by 3.8% YoY to HKD 1.76 billion, missing market expectations by approximately 15% due to losses from joint ventures, higher taxes, and increased minority interests [1] - Retail gas sales volume grew by only 1.9% YoY in 1H FY25, dragged down by weak industrial gas demand, which grew by only 1% YoY [2] - The company's gas sales gross margin improved by RMB 0.02 per cubic meter to RMB 0.59, driven by residential gas price adjustments in 32 cities [2] - New residential connections declined by 14% YoY in 1H FY25 due to reduced rural coal-to-gas conversions and weak property sales [2] - The report downgrades FY25-27 earnings forecasts by 13-19%, reflecting slower industrial gas growth and reduced new residential connections [2] - Management expects the spin-off of value-added services to the US market to provide a second growth driver, but the timeline remains unclear [2] Financial Performance Summary - Revenue is expected to decline by 6.8% YoY in FY25 to HKD 75.9 billion, followed by a gradual recovery with 2.7% and 2.9% growth in FY26 and FY27, respectively [4] - Net profit is forecasted to grow by 18.8% YoY in FY25 to HKD 3.78 billion, with further growth of 6.7% and 5.7% in FY26 and FY27, respectively [4] - EPS is expected to decline by 4.6% YoY in FY25 to HKD 0.70, with subsequent growth of 6.7% and 5.7% in FY26 and FY27, respectively [4] - The company's P/E ratio is projected to increase from 8.8x in FY24 to 9.3x in FY25, before declining to 8.7x and 8.2x in FY26 and FY27, respectively [4] - Dividend yield is expected to remain stable at 5.4% from FY25 to FY27, with a maintained dividend payout of HKD 0.35 per share [4] Operational Data and Forecasts - Total retail gas sales volume is expected to grow by 2.2% YoY in FY25 to 24.04 billion cubic meters, with growth slowing to 2.5% and 2.7% in FY26 and FY27, respectively [8] - Residential gas sales volume is forecasted to grow by 0.5% YoY in FY25 to 8.97 billion cubic meters, while industrial gas sales are expected to decline by 3.3% YoY to 14.65 billion cubic meters [8] - The gas sales gross margin is projected to remain stable at RMB 0.53 per cubic meter from FY25 to FY27 [8] - New residential connections are expected to decline by 5.2% YoY in FY25 to 1.27 million households, with further declines of 4.6% and 7.6% in FY26 and FY27, respectively [8] Valuation and Peer Comparison - China Gas is trading at a discount to its peers, with a FY25E P/E of 9.3x compared to the sector average of 12.0x [9] - The company's FY25E P/B ratio of 0.63x is below the sector average of 1.0x [9] - Among peers, China Gas has the lowest potential upside of -8.1%, compared to 27.4% for Kunlun Energy (135 HK) and 24.6% for ENN Energy (2688 HK) [13]

Investment Rating - The report maintains a "Buy" rating for Meituan (3690 HK) with a target price adjusted to HKD 226.00, indicating a potential upside of 35.0% from the current closing price of HKD 167.40 [1][4]. Core Insights - Meituan's Q3 2024 performance was strong, with revenue reaching RMB 93.6 billion, a year-on-year increase of 22%, surpassing consensus expectations. Adjusted net profit grew by 124% year-on-year, with a net profit margin of 14%, up 6.2 percentage points from the previous year [1][3]. - The core business and new initiatives showed growth, with core business revenue increasing by 20% and new business revenue by 29% [1][2]. - The report projects revenue growth rates of 22% for 2024 and 15% for 2025, with core business revenue expected to grow by 21% and 17% respectively [3][12]. Financial Performance Summary - Q3 2024 revenue was RMB 936 billion, with a net profit margin of 14% and an adjusted operating profit margin of 21% [1][6]. - The report estimates that Meituan's revenue for 2024 will be RMB 337.2 billion, with a year-on-year growth of 21.8% [5][12]. - The adjusted net profit for 2024 is projected to be RMB 44.7 billion, reflecting an 85.9% increase year-on-year [5][12]. Business Segment Performance - The food delivery segment saw a year-on-year growth in revenue, driven by improved advertising monetization and reduced user subsidies [2][3]. - Flash purchase orders increased by nearly 35% year-on-year, with significant growth in user numbers and transaction frequency [2][3]. - The hotel and travel segment experienced a 50%+ increase in order volume, with GTV and revenue growth around 25% [2][3]. Valuation and Market Position - The report maintains previous valuation expectations, forecasting a net profit growth of approximately 25% for 2025, corresponding to a PEG ratio of 0.9 [3][12]. - Meituan's long-term competitive advantages include accumulated industry experience, strong traffic, and brand reputation [3][12].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][12][21] Core Views - The company has made progress in both clinical development and commercialization, with key products showing strong sales potential and positive clinical data [2][12] - The core product, Furquintinib, is experiencing rapid overseas sales growth, while the company expects to submit a new drug application for Savolitinib to the FDA based on positive clinical results [2][8] - The clinical data for Syk inhibitor, Solitomab, is promising, with expectations for approval in China by 2025 [3][6] Summary by Sections Clinical Development - Solitomab has shown a sustained response rate of 51.4% in adult ITP patients, with a median cumulative time of 38.9 weeks for platelet counts ≥50x10^9/L [3][6] - Furquintinib achieved over $200 million in sales in the U.S. during the first three quarters of the year and is expected to continue its sales growth in Japan and Europe [2][7] - Savolitinib has successfully renewed its listing in the national medical insurance directory and is expected to submit an application to the FDA based on positive results from the SAVANNAH clinical trial [8][12] Financial Forecast - Revenue projections for 2024-2026 are $659 million, $818 million, and $932 million, respectively, with year-on-year growth rates of -21.3%, 24.0%, and 14.0% [2][12] - The net profit attributable to the parent company is forecasted to be -$12 million, $61 million, and $108 million for the same period [2][12]

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of HKD 24.00, indicating a potential upside of 26.8% from the current closing price of HKD 18.92 [1][3][4]. Core Insights - The sales momentum for the drug Amelot is strong, with three major indications expected to be approved within a year. The company anticipates that these approvals will drive annual sales growth of over 20% from 2024 to 2025, reaching a sales target of RMB 6 billion by 2026 [1][2]. - The company is expected to benefit from compliance investigations affecting competitors, which may allow it to capture market share in first-line and second-line treatments [2]. - The company has a robust pipeline with several new products and indications expected to launch between 2025 and 2026, including an oral antifungal drug and multiple oncology products, supported by a cash reserve exceeding RMB 21 billion [2][3]. Financial Summary - Revenue projections for the company are as follows: RMB 12,704 million for 2024, RMB 13,334 million for 2025, and RMB 14,854 million for 2026, reflecting growth rates of 25.7%, 5.0%, and 11.4% respectively [5][11]. - Net profit estimates are RMB 4,364 million for 2024, RMB 4,052 million for 2025, and RMB 4,754 million for 2026, with corresponding growth rates of 32.9%, -7.1%, and 17.3% [5][11]. - The company’s earnings per share (EPS) are projected to be RMB 0.74 for 2024, RMB 0.68 for 2025, and RMB 0.80 for 2026, with a price-to-earnings (P/E) ratio of 23.9 for 2024 and 25.8 for 2025 [5][11].

Investment Rating - The report maintains a **Buy** rating for Budweiser APAC (1876 HK) with a target price of HKD 9.39, representing a potential upside of 27.3% [1][4] Core Views - Short-term performance is pressured by challenges in the China market, but the company's long-term competitive strength remains intact [1] - The company's premium/super-premium product portfolio in China is expected to rebound as consumer spending recovers [1] - In Korea, the company has enhanced its competitiveness through increased investment and new product launches, with an 8.1% price increase on premium/super-premium products expected to boost profitability in 2025 [1] Regional Performance Asia Pacific West (China, India, Vietnam) - China market: Q3 2024 volume declined by 14.2%, average selling price (ASP) fell by 2.1%, leading to a 16.1% revenue drop [2] - India market: Continued strong growth with double-digit increases in premium/super-premium products, which account for 2/3 of India's revenue [2] - Overall APAC West: Volume and ASP declined by 13.5% and 1.9% respectively in Q3 2024 [2] Asia Pacific East (Korea, Japan, New Zealand) - Korea market: Revenue grew by mid-teens in Q3 2024, driven by mid-single-digit volume growth and product mix optimization [2] - Overall APAC East: Volume and ASP increased by 3.9% and 11.4% respectively in Q3 2024 [2] Financial Performance - Q3 2024 revenue: USD 1.705 billion, down 9.4% YoY [3] - Q3 2024 normalized EBITDA: USD 479 million, down 16.6% YoY [3] - Q3 2024 net profit: Down 25.0% YoY [3] - 9M 2024 revenue: USD 5.104 billion, down 6.1% YoY [3] - 9M 2024 normalized EBITDA: USD 1.579 billion, down 6.2% YoY [3] - 9M 2024 net profit: USD 777 million, down 11.6% YoY [3] Financial Forecasts - 2024E revenue: USD 6.531 billion, down 4.7% YoY [7] - 2025E revenue: USD 6.740 billion, up 3.2% YoY [7] - 2026E revenue: USD 7.000 billion, up 3.9% YoY [7] - 2024E net profit: USD 751 million, down 11.7% YoY [7] - 2025E net profit: USD 830 million, up 10.5% YoY [7] - 2026E net profit: USD 924 million, up 11.3% YoY [7] Valuation Metrics - 2025E P/E: 19x (down from 22x average for 2024-25) [1] - 2024E P/E: 16.6x [7] - 2025E P/E: 15.0x [7] - 2026E P/E: 13.5x [7] Market Position - The company continues to gain market share in Korea through expansion in both on-premise and off-premise channels [2] - New product launches (e.g., Cass, HANMAC) in Korea have received positive market feedback [2]

Investment Rating - The report maintains a "Buy" rating for Meituan [5][14]. Core Insights - Meituan reported a significant acceleration in revenue and profit growth for Q3 2024, with revenue reaching RMB 93.6 billion, a year-on-year increase of 22.4%, and operating profit soaring by 307.5% to RMB 13.69 billion [5][9]. - The company is focusing on enhancing merchant support through initiatives like the "Fan Sheng Plan," which includes a RMB 1 billion investment to aid merchant innovation [10]. - New business segments are showing improved efficiency, with revenue from new businesses rising 28.9% year-on-year to RMB 24.2 billion, and operating losses significantly reduced [12]. Financial Summary - Revenue projections for Meituan are as follows: - 2022: RMB 219.96 billion - 2023: RMB 276.75 billion - 2024E: RMB 336.83 billion - 2025E: RMB 380.44 billion - 2026E: RMB 427.99 billion - Adjusted net profit is expected to grow substantially, with projections of RMB 41.49 billion for 2024E and RMB 60.21 billion for 2026E, reflecting a year-on-year growth rate of 78.4% for 2024E [6][17]. - The report indicates a significant improvement in return on equity (ROE), projected to reach 24.4% in 2024E [6].