Investment Rating - The report initiates coverage with a "Sell" rating for the company [1]. Core Views - The company is recognized as a leading player in the snack food sector, particularly in the spicy strip market, with a market share of 28% in 2023, significantly ahead of its competitors [9][15]. - The report highlights the successful price increases and channel adjustments that have contributed to revenue growth, particularly in the vegetable product category, which is expected to see a 59% increase in 2024 [9][39]. - The report emphasizes the potential for growth in the Chinese snack food market, particularly for spicy snacks, which are gaining popularity among consumers [77]. Summary by Sections 1. Snack Food Sector Leader - The company has established itself as a leader in the spicy strip market, with a strong brand identity and effective marketing strategies targeting younger consumers [9][23]. - The company has successfully transitioned from traditional distribution channels to modern ones, enhancing its market reach and stability [9][29]. 2. Growth of Vegetable Products - The vegetable product category, led by konjac products, has become the company's largest segment, with a compound annual growth rate (CAGR) of 49.8% from 2018 to 2024 [39]. - The company has optimized its product structure, leading to a decline in the share of other products while focusing on high-growth categories [39]. 3. Market Potential for Spicy Snacks - The report notes that the spicy snack market is still in its growth phase, with significant opportunities for leading companies to capitalize on consumer trends [77]. - The company is well-positioned to increase its market share in the spicy strip segment, with potential revenue growth projected to reach 39 billion yuan if sales recover to 2021 levels [88]. 4. Financial Projections and Valuation - The company is expected to achieve revenues of 78.6 billion yuan in 2025, with net profits projected at 13.8 billion yuan, corresponding to a price-to-earnings (P/E) ratio of 26 [9][1]. - The report suggests that the company's valuation could rise to 25-30 times earnings based on its growth potential and market positioning [9].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Insights - The company achieved a revenue of 13 billion yuan in 2024, representing a year-on-year growth of 107%, with an adjusted net profit of 3.4 billion yuan and an adjusted net profit margin of 26.1%, an increase of 7.2 percentage points year-on-year [1][5]. - The company has successfully expanded its overseas operations, with expectations that overseas revenue will exceed 10 billion yuan in 2025, accounting for over 50% of total revenue [5][6]. - The company has completed an organizational restructuring to accelerate its global expansion strategy, focusing on regional headquarters in Greater China, the Americas, Asia-Pacific, and Europe [5][6]. Financial Performance - The company reported a gross margin of 66.8% in 2024, an improvement of 5.5 percentage points year-on-year, driven by enhanced cost control and a higher proportion of high-margin overseas business [5][6]. - The adjusted net profit for 2025 is projected to be 5.9 billion yuan, reflecting a growth rate of 73% [6][9]. - The company’s total revenue is expected to reach 20.9 billion yuan in 2025, with a year-on-year growth of 60% [7][9]. Market and Product Insights - The company has 13 IPs that have generated over 100 million yuan in revenue, with significant contributions from various IPs such as labubu and molly, which saw year-on-year growth rates of 727% and 105%, respectively [5][6]. - The domestic market generated 7.97 billion yuan in revenue, a 52% increase year-on-year, while overseas revenue reached 5.07 billion yuan, a staggering 375% increase [5][6]. Valuation Metrics - The company’s PE ratios for 2025 and 2026 are projected to be 34.8x and 25.8x, respectively, reflecting its growth potential and scarcity in the market [6][9]. - The report indicates a strong return on equity (ROE) of 29.3% for 2024, with expectations for continued improvement in subsequent years [2][9].

证 券 研 究 报 告 申洲国际（02313）2024 年报点评 强推（维持） 2024 年顺利收官，收入利润表现亮眼 目标价：82.50 港元 事项： ❖ 公司公布 2024 年年报。2024 年，公司实现营收 286.6 亿元，同比+14.8%，归 母净利润 62.4 亿元，同比+36.9%。公司 24 年末派息 1.28 港元/股，考虑中期 股息，全年累计派息 2.53 港元/股，派息比例为 55.8%，按 4 月 11 日收盘价 计，对应股息率 5.2%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,663 | 32,147 | 35,564 | 38,825 | | 同比增速(%) | 14.7% | 12.2% | 10.6% | 9.2% | | 归母净利润(百万) | 6,241 | 6,631 | 7,431 | 8,231 | | 同比增速(%) | 36.9% | 6.3% | 12.1% | 1 ...

Investment Rating - The report initiates coverage with a "Sell" rating for the company [1] Core Views - The company is recognized as a leading player in the snack food sector, particularly in the spicy strip market, with a market share of 28% in 2023, significantly ahead of its competitors [9][15] - The report highlights the successful price transmission and channel adjustments that have contributed to revenue growth, particularly in the vegetable products segment, which is expected to see a 59% increase in 2024 [9][39] - The report emphasizes the potential for growth in the Chinese snack food market, particularly for spicy snacks, which are gaining popularity among consumers [77][86] Summary by Sections 1. Snack Food Sector Leader - The company has established itself as a leader in the spicy strip market, with a strong brand identity and effective channel strategies [9][15] - The brand has successfully engaged younger consumers, with 95% of its customer base under 35 years old, and has created a strong association of "spicy strips = Wei Long" in consumer minds [23][29] - The company has undergone significant channel reforms since 2015, transitioning from traditional distribution to modern channels, resulting in a stable and effective distribution network [29][33] 2. Vegetable Products as a Key Growth Driver - The company's vegetable products, particularly those based on konjac, have become the largest product category, with a compound annual growth rate (CAGR) of 49.8% from 2018 to 2024 [39] - The spicy strip segment remains stable, contributing 42.6% of revenue in 2024, while vegetable products are expected to account for 53.8% of revenue [39][51] - The company has successfully implemented price increases to enhance gross margins, with vegetable products achieving a gross margin of around 50% [51][55] 3. Growth Potential in the Chinese Snack Market - The report identifies a growing trend in the Chinese snack market, particularly for spicy snacks, which are expected to continue gaining market share [77][86] - The spicy snack market is projected to reach a size of approximately 200 billion yuan, with the company positioned to benefit from this growth due to its strong brand and distribution capabilities [86][88] - The konjac snack market is also expanding, with a projected market size of over 120 billion yuan in 2024, indicating significant growth potential for the company's product offerings [91][92]

证券研究报告 | 2025年04月21日 绿竹生物-B（02480.HK） 优于大市 核心产品重组带状疱疹疫苗 LZ901 上市申请获受理 全年亏损收窄，在研管线有序推进。2024 年公司经调整亏损 1.68 亿元，上 年同期为亏损 2.49 亿元，全年亏损收窄。2024 全年研发开支为 1.35 亿元（同 比-21.7%），主要由于随着 LZ901 国内 Ph3 临床进展，相关折旧摊销减少， 同时以股份付款的员工成本减少等原因；行政开支为 0.87 亿元（同比 -25.5%），主要由于以股份付款的员工成本减少。 LZ901（重组带状疱疹疫苗）：于 2023 年 9 月在中国启动 LZ901 的多中心、 随机、双盲、安慰剂对照 Ph3 临床研究，2024 年 1 月在江苏、山东、湖北 及山西四省完成共计 2.6 万名 40 岁及以上健康受试者入组，并于 2024H2 获得了临床试验中期分析结果，目前 LZ901 在中国的上市申请已获得国家药 监局受理，预计 2026H1 实现产品商业化。 K3（阿达木单抗生物类似药）：公司计划根据市场情况及公司可动用资源， 进一步评估在中国启动 K3 的 Ph3 临床试验的适 ...

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of HKD 36.38 [4][6]. Core Insights - The company has shown a continuous narrowing of losses, with a reported loss of RMB 170 million for the year 2024. The core product, the LZ901 shingles vaccine, has made significant progress, completing the enrollment of 26,000 healthy participants in its Phase III clinical trial by January 2024. The mid-term analysis results of the trial are expected in the second half of 2024, and the BLA for LZ901 has been accepted by the NMPA, indicating promising commercialization prospects [1][2][4]. Summary by Sections Financial Performance - The company reported a loss of RMB 170 million for 2024, which is a reduction from previous losses. Revenue projections for 2025 to 2027 are estimated at RMB 0.02 billion, RMB 10.51 billion, and RMB 17.95 billion respectively, with net profits expected to be RMB -300 million, RMB 1.42 billion, and RMB 5.08 billion [4][9]. Product Pipeline - The company has a diverse product pipeline, including three candidates in clinical stages and six in preclinical stages. The core product LZ901 is complemented by a biosimilar of adalimumab (K3) expected to enter Phase III trials in 2026, and other candidates targeting various diseases [3][4]. Market Positioning - LZ901 is positioned competitively with a unique tetrameric molecular structure that enhances immunogenicity, leading to higher neutralizing antibody titers compared to Shingrix. The expected retail price for LZ901 is between RMB 500 to 800 per dose, significantly lower than Shingrix, which is priced at approximately RMB 3,200 for two doses [2][4]. Valuation Model - The report utilizes a DCF valuation model, projecting a target price of HKD 36.38 based on expected revenue growth and profitability improvements over the next few years [4][11].

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - In 2024, the company achieved revenue of 6.074 billion yuan, a year-on-year increase of 1.47%. However, the net profit attributable to shareholders was 55.807 million yuan, a significant decline of 87.69%. The core operating profit was 252 million yuan, down 60.09% year-on-year [2][6]. - The company is set to enhance its supply chain capabilities with the expected launch of the Nansha supply chain center in Guangzhou in 2025, which is anticipated to lower costs related to raw materials. Additionally, the establishment of supermarket sales and online retail businesses in 2024 is expected to broaden external market opportunities [2][9]. - Revenue projections for 2025-2027 are estimated at 6.45 billion, 7.086 billion, and 7.825 billion yuan, with net profits of 194 million, 301 million, and 334 million yuan respectively [2][9]. Summary by Sections Financial Performance - The company reported a revenue of 6.074 billion yuan in 2024, with a year-on-year growth of 1.47%. The net profit attributable to shareholders was 55.807 million yuan, reflecting a decline of 87.69%. The core operating profit was 252 million yuan, down 60.09% year-on-year [2][6]. Operational Insights - The company faced challenges in restaurant performance, leading to a cautious approach in asset impairment provisions. The impairment losses for properties, plants, and equipment increased by 411.9% year-on-year, reaching 112 million yuan [6][9]. - In Q1 2025, the average daily sales for the main brands showed a slight increase compared to Q4 2024, with stable per-customer spending for two consecutive quarters [6][9]. Brand and Store Adjustments - In 2024, the company opened 150 new restaurants while closing 69, resulting in a total of 807 restaurants by the end of the year. The new brand "Shanwaimian" showed promising potential with a table turnover rate of 4.3 times per day and an average spending of 87 yuan [9][9]. - The company continued to adjust its brand matrix, with a reduction in the number of stores to 780 in Q1 2025, primarily due to closures in the "Tai Er" brand [9].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][8]. Core Insights - The company reported a revenue of 5.21 billion yuan for 2024, representing a year-on-year increase of 15%, with a net profit of 581 million yuan, up 9% from the previous year [5]. - The gross margin decreased by 0.4 percentage points to 68.12% due to price adjustments aimed at enhancing cost-effectiveness, while employee costs as a percentage of revenue decreased by 2 percentage points to 27.29% due to improved operational efficiency [6]. - The company expanded its store network, with a total of 106 stores in first-tier cities and 291 in third-tier cities by the end of 2024, contributing to a 34% increase in revenue from the takeaway business [7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.21 billion yuan, with a net profit of 581 million yuan, reflecting growth rates of 15% and 9% respectively [5]. - The forecast for 2025-2027 projects earnings per share (EPS) of 0.58, 0.69, and 0.83 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 times [8][11]. Operational Efficiency - The company improved operational efficiency, leading to a reduction in employee costs as a percentage of revenue, while other operational costs such as utilities and advertising saw slight increases [6]. - The takeaway business revenue reached 2.00 billion yuan in 2024, driven by an increase in service outlets, while dine-in revenue was 3.19 billion yuan, reflecting a 5% increase [7]. Market Expansion - The company continued to expand its store presence, adding a net of 22, 40, 20, and 49 stores in first-tier, new first-tier, second-tier, and third-tier cities respectively by the end of 2024 [7]. - The average consumer spending in various city tiers decreased, indicating a strategic price adjustment to maintain competitiveness [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company maintains high capacity utilization, with a focus on the incremental space brought by the localization of mature processes [4] - The company reported sales revenue of $539.2 million in 4Q24, an increase of 18.4% year-over-year and 2.4% quarter-over-quarter, aligning with guidance [1] - The gross margin for 4Q24 was 11.4%, up 7.4 percentage points year-over-year, slightly exceeding the guidance of 9%-11% [1] - The company expects 1Q25 revenue to be between $530 million and $550 million, with a gross margin of 11%-13% [1] Summary by Sections Financial Performance - In 4Q24, the company achieved a gross margin of 11.4% and net profit was impacted by exchange losses and increased operational costs [1] - The company’s capital expenditure in 4Q24 was $1.506 billion, primarily for 12-inch capacity expansion [4] - The projected net profits for 2025-2027 are $107 million, $168 million, and $231 million respectively [4] Production and Capacity - As of the end of 4Q24, the company had a monthly capacity equivalent to 391 thousand 8-inch wafers, with wafer shipments of 1,213 thousand 8-inch wafers, a year-over-year increase of 27.5% [2] - The capacity utilization rate was 103.2%, showing a year-over-year increase of 19.1 percentage points [2] Market Demand - The demand from downstream applications remains stable, with independent non-volatile memory revenue increasing by 57% quarter-over-quarter [3] - Revenue from 12-inch wafers grew by 40.2% year-over-year, while 8-inch wafer revenue saw a slight increase of 0.6% [2][3] Strategic Insights - The company is positioned to benefit from the acceleration of localization in mature processes, with a significant portion of its revenue coming from power devices and analog management [4] - The company has established itself as a preferred foundry for overseas clients, which is expected to support its 12-inch capacity expansion and profitability [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The restructuring plan involves the transfer of controlling stakes in Wuling Power and Changzhou Hydropower to Yuanda Environmental Protection, with an assessed value of 18.609 billion, corresponding to an estimated valuation of approximately 1.87 times PB [2][6]. - After the completion of the transaction, the company will hold a 55.13% stake in Yuanda Environmental Protection, with a commitment from the controlling shareholder to facilitate the injection of additional hydropower assets into Yuanda within three years, establishing a core platform for hydropower [2][9]. - The transaction is expected to significantly enhance the valuation of the restructured assets, demonstrating strong support for minority shareholders [2][9]. Summary by Sections Event Description - The company signed agreements with Xiangtou International and Yuanda Environmental Protection to transfer 63% and 37% stakes in Wuling Power for a total consideration of 24.667 billion, and a 64.93% stake in Changzhou Hydropower for 3.068 billion [6]. - The payment will be made through shares and cash, with the share issuance price set at 6.55 per share [6]. Event Commentary - The restructuring plan highlights the company's commitment to minority shareholders and the significant appreciation in asset value, with Wuling Power's assessed value increasing by 73.21% and Changzhou Hydropower's by 221.76% compared to their book values [9]. - The company aims to solidify its position as a comprehensive clean energy flagship platform under the National Energy Investment Group, with plans to increase dividend payouts to at least 50% [9]. - Future earnings projections for 2025-2027 are estimated at 4.263 billion, 4.683 billion, and 5.239 billion, with corresponding EPS of 0.34, 0.38, and 0.42, indicating a favorable valuation [9].