Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue increase of 54% year-on-year to 5.1 billion RMB in 2024, with gross profit rising by 51% to 2.6 billion RMB [7] - The social business segment saw rapid growth, with revenues from SUGO and TOPTOP achieving triple-digit growth, contributing to 91% of total revenue [7] - The company has established a regional headquarters in Saudi Arabia, marking a significant milestone in its global expansion strategy [7] - AI technology is being integrated across the company's operations, enhancing product innovation and operational efficiency [7] - The report projects a significant increase in net profit, with estimates for 2025 and 2026 raised to 9.5 billion RMB and 12.5 billion RMB respectively [7] Financial Summary - Total revenue is forecasted to grow from 5.1 billion RMB in 2024 to 8.8 billion RMB by 2027, reflecting a compound annual growth rate [8] - The net profit is expected to rebound from a slight decline in 2024 to 1.5 billion RMB by 2027, indicating strong recovery potential [8] - The company's earnings per share (EPS) is projected to increase from 0.34 RMB in 2024 to 1.08 RMB in 2027, showcasing improved profitability [8]

Investment Rating - The investment rating for TCL Electronics is "Buy" (maintained) [6] Core Views - The company reported a strong performance in 2024, with revenue reaching HKD 99.3 billion (+26%) and net profit attributable to shareholders at HKD 1.76 billion (+137%). Adjusted net profit was HKD 1.61 billion (+100%) [6][15] - The report highlights significant growth in both domestic and international sales of televisions, with a notable improvement in profit margins driven by cost control and structural adjustments in sales channels [6][42] - The forecast for net profit for 2025-2027 has been revised upwards, with expected figures of HKD 2.13 billion, HKD 2.47 billion, and HKD 2.80 billion respectively, indicating a positive outlook for the company's profitability [6][42] Summary by Sections 1. 2024 Performance Overview - TCL Electronics achieved a revenue of HKD 99.3 billion in 2024, marking a 26% year-on-year increase. The net profit attributable to shareholders was HKD 1.76 billion, reflecting a 137% increase [15][20] - For the second half of 2024, revenue was HKD 53.8 billion (+22%) and net profit was HKD 1.11 billion (+131%) [15][20] 2. Margin and Cost Management - The overall gross margin for 2024 was 15.7%, a decrease of 1.6 percentage points, primarily due to structural changes and panel cost fluctuations. However, the company managed to improve its expense ratios across various categories [22][25] - The net profit margin for 2024 was 1.77%, an increase of 0.8 percentage points, indicating effective cost management strategies [25][26] 3. North American Channel Insights - The structural adjustments in the North American market have shown significant results, with an increase in the number of SKUs for high-end products at Bestbuy. The number of MiniLED SKUs increased from 3 to 16 for sizes above 75 inches [8][29] - The company has also expanded its product offerings in Walmart, focusing on larger size products, which is expected to enhance its market presence [38][39] 4. Profit Forecast and Investment Recommendations - The report has revised profit forecasts for 2025-2027, with net profits expected to be HKD 2.13 billion, HKD 2.47 billion, and HKD 2.80 billion respectively. The corresponding EPS for these years is projected to be HKD 0.8, HKD 1.0, and HKD 1.1 [6][42] - The current stock price corresponds to a PE ratio of 10.4 for 2025, indicating a favorable valuation for potential investors [6][42]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue growth of 156% in 2024, reaching 2.24 billion RMB, driven primarily by the sales of building block toys [6] - The gross profit increased by 184% to 1.18 billion RMB, with the gross margin improving from 47.3% to 52.6% [6] - The company is expanding its overseas market presence, with overseas revenue growing by 517% to 640 million RMB, now accounting for 3% of total revenue [6] - The introduction of new IPs is expected to enhance revenue growth potential, with significant new IP announcements made in March [6] Financial Summary - Total revenue projections for 2025-2027 have been revised upwards, with adjusted net profits expected to reach 1.08 billion RMB in 2025 and 2.09 billion RMB in 2027 [6] - The company’s earnings per share (EPS) is projected to improve from -1.61 RMB in 2024 to 8.12 RMB in 2027 [7] - The price-to-earnings (P/E) ratio is expected to decrease from 64.91 in 2024 to 12.86 in 2027, indicating improved valuation over time [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company's profitability has significantly improved, with adjusted net profit increasing by 702.1% year-on-year [4] - The company reported a revenue of 2.24 billion RMB for 2024, representing a year-on-year growth of 155.6% [3][4] - The company is expanding its product offerings across all age groups and is focusing on penetrating lower-tier markets [5] - The company has established a strong presence in overseas markets, with overseas sales revenue growing by 518.1% [7] Financial Performance - In 2024, the company's gross margin was 52.6%, an increase of 5.3 percentage points year-on-year [4] - The adjusted net profit margin reached 26.1%, up by 17.8 percentage points year-on-year [4] - The company expects revenues of 3.89 billion RMB in 2025, with a projected adjusted net profit of 972 million RMB [9] Product and Market Strategy - The company has launched 682 SKUs covering various age groups, with a focus on popular IPs such as Ultraman and Transformers [5] - The revenue from building block toys decreased by 62.9% year-on-year, indicating a shift in consumer preference towards role-playing toys [5] - The company has introduced a 9.9 RMB Transformers SKU to expand its price range and target lower-tier markets [5] Sales Channels - Online sales accounted for 6.95% of total revenue, while offline sales made up 93.04%, showing a strong reliance on traditional retail channels [6][7] - The company has seen a significant increase in revenue from distribution sales, which reached 20.63 billion RMB, up by 181.5% year-on-year [7] Future Projections - The company is projected to achieve a revenue of 5.17 billion RMB by 2026, with an adjusted net profit of 1.29 billion RMB [9][10] - The expected return on equity (ROE) is forecasted to be 101% in 2025, indicating strong profitability potential [10]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明合联 (2268.HK) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 全方位高增长，订单储备充足，产能持续 扩张 [Table_ReportDate] 2025 年 03 月 25 日 [Table_S 事件：2025 ummar年y]3 月 24 日，公司发布 2024 年全年业绩简报。2024 年公司 实现营业收入 40.52 亿元，同比增长 91%；实现毛利润 12.40 亿元，同比 增长 122%，对应毛利率达到 30.6%；实现净利润 10.69 亿元，同比增长 277%，对应净利率达到 26.4%；实现经 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明合联 (2268.HK) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 全方位高增长，订单储备充足，产能持续 扩张 [Table_ReportDate] 2025 年 03 月 25 日 [Table_S 事件：2025 ummar年y]3 月 24 日，公司发布 2024 年全年业绩简报。2024 年公司 实现营业收入 40.52 亿元，同比增长 91%；实现毛利润 12.40 亿元，同比 增长 122%，对应毛利率达到 30.6%；实现净利润 10.69 亿元，同比增长 277%，对应净利率达到 26.4%；实现经 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.34 billion HKD in 2024, representing a year-on-year growth of 23.9%. The adjusted net profit attributable to shareholders was 586 million HKD, a year-on-year increase of 59.2%, marking six consecutive years of positive net profit growth since 2019. The gross margin was recorded at 68.7%, an increase of 7.3 percentage points year-on-year [4][5][7] - The company has accelerated its global expansion, with global monthly active users reaching 266 million, a year-on-year increase of 6.7%. Overseas users accounted for 94.51 million (35.6% of total users), growing by 21.7% year-on-year. The introduction of AI features has significantly contributed to user growth and engagement [5][6] - The company has seen a significant increase in paid subscription users, reaching approximately 12.61 million, a historical high with a year-on-year growth of 38.4%. The subscription penetration rate is approximately 4.7%, with a focus on higher-margin imaging and design products [6][7] Financial Performance - For 2025-2027, the company is projected to achieve revenues of 4.11 billion HKD, 4.99 billion HKD, and 5.90 billion HKD, with year-on-year growth rates of 22.9%, 21.4%, and 18.3% respectively. The NON-IFRS net profit is expected to be 903 million HKD, 1.20 billion HKD, and 1.47 billion HKD, with growth rates of 54.2%, 32.2%, and 23.3% respectively [7][10]

"企业系统+消费电子+云计算"三轮驱动，各线业务持续回暖。伟仕佳杰业 务布局以企业系统、消费电子及云计算三大板块为核心，为客户提供全方位 的 ICT 解决方案。其中，消费电子业务稳步回调，实现营业收入 328.13 亿元， 同比增长 8%。企业系统业务爆发式增长，实现营收 523.38 亿元，同比增长 29.5%，成为公司新的增长引擎。云计算业务进一步扩容，实现营业收入 39.34 亿元，同比增长 27.6%，为公司业务升级贡献新机遇。 与国际品牌深入合作，东南亚业务加速扩张。2024 年，公司北亚地区营收 584.3 亿元，同比增长 3.8%，东南亚地区营收 306.5 亿元，同比增长 74.0%。 北亚作为主要市场，增速保持稳健；东南亚市场凭借其强劲的消费潜力和出 海合作，成为集团新的增长亮点。一方面，受益于东南亚庞大人口和数字化 转型需求，公司拥有巨大市场潜力。另一方面，公司与各国际知名品牌深入 合作，持续占领市场份额：与星链达成在马来西亚及印尼地区的合作，成为 HPI TKDN 产品在公共部门 B2G 领域的唯一总经销商；是戴尔、惠普及联 想在新加坡区域市场排名第一的合作伙伴；同时助力华为、科大讯飞、 ...

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 24.8% from the current closing price of HKD 403.40 [1][4][10]. Core Insights - The company's performance meets expectations, driven by export expansion and advancements in intelligent driving technology. The report emphasizes the dual engines of growth: increased exports and the democratization of intelligent driving features [2][7]. - Revenue for 2024 is projected at RMB 777.1 billion, representing a year-on-year growth of 29%. The net profit is expected to reach RMB 40.254 billion, a 34% increase compared to the previous year [7][8]. - The report highlights that BYD's sales volume is anticipated to reach 4.27 million vehicles in 2024, a 41.2% increase year-on-year, with a market share of 33.2% in the new energy vehicle sector [7][8]. Financial Overview - Revenue (in million RMB) is forecasted to grow from 602,315 in 2023 to 977,249 in 2025E, reflecting a compound annual growth rate (CAGR) of approximately 25.8% [3][12]. - Net profit is expected to increase from 30,041 million RMB in 2023 to 52,460 million RMB in 2025E, with a significant year-on-year growth rate of 30.3% in 2025 [3][12]. - The earnings per share (EPS) is projected to rise from RMB 13.33 in 2023 to RMB 23.28 in 2025E, indicating a strong growth trajectory [3][12]. Market Position and Strategy - BYD is positioned as a robust and reliable player in the automotive sector, with a focus on expanding its export markets, particularly in Brazil and Southeast Asia, and enhancing its intelligent driving capabilities [7][8]. - The report notes that the average selling price of vehicles is expected to increase, driven by a higher proportion of premium models and stable pricing in the market [7][8]. - The company is also investing in technology and innovation, with significant increases in research and development expenses, reflecting its commitment to maintaining a competitive edge in the industry [7][8].

Investment Rating - The report assigns a positive investment rating to Tencent Holdings, indicating a favorable outlook for the company's performance in the near future [2]. Core Insights - Tencent's revenue for Q4 2024 reached 172.4 billion RMB, marking an 11% year-on-year increase and a 3% quarter-on-quarter increase. The total revenue for the year was 660.3 billion RMB, up 8% year-on-year [3]. - The company's net profit attributable to shareholders for Q4 2024 was 51.3 billion RMB, a significant 90% increase year-on-year, while the annual net profit reached 194.1 billion RMB, up 68% [3]. - Tencent's capital expenditure for 2024 was 76.8 billion RMB, a 221% increase year-on-year, primarily focused on AI investments and services [3]. - The launch of Tencent's self-developed deep learning model, "混元 T1," showcases its advancements in AI technology, achieving a score of 87.2 in authoritative tests [4]. - The integration of the "腾讯元宝" AI assistant into WeChat is expected to enhance user engagement and potentially reshape the industry landscape [5]. - Tencent's investment in the intelligent robotics company "智元机器人" marks its first foray into the embodied intelligence sector, with a 2% stake in the company [6]. Financial Performance - Q4 2024 revenue: 172.4 billion RMB, up 11% YoY, 3% QoQ [3] - Annual revenue: 660.3 billion RMB, up 8% YoY [3] - Q4 2024 net profit: 51.3 billion RMB, up 90% YoY [3] - Annual net profit: 194.1 billion RMB, up 68% YoY [3] - 2024 capital expenditure: 76.8 billion RMB, up 221% YoY [3] AI Developments - Launch of "混元 T1" deep learning model with industry-leading capabilities [4] - Integration of AI assistant "腾讯元宝" into WeChat, enhancing user interaction [5] - Significant investment in AI research and development, totaling 70.69 billion RMB in 2024 [4]. Strategic Investments - Tencent's first investment in intelligent robotics through "智元机器人," holding a 2% stake [6].