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 met 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]. - The revenue forecast for 2024 is set at RMB 777.1 billion, reflecting a year-on-year growth of 29%, with net profit expected to reach RMB 40.254 billion, a 34% increase [7][8]. - The report highlights that BYD's sales volume for 2024 is projected to be 4.27 million vehicles, representing a 41.2% year-on-year increase, with a market share of 33.2% in the new energy vehicle sector [7][8]. Financial Overview - Revenue (in million RMB) is projected to grow from 602,315 in 2023 to 977,249 in 2025E, with a compound annual growth rate (CAGR) of 25.8% [3]. - Net profit is expected to increase from 30,041 million RMB in 2023 to 52,460 million RMB in 2025E, reflecting a CAGR of 30.3% [3]. - The earnings per share (EPS) is forecasted to rise from RMB 13.33 in 2023 to RMB 23.28 in 2025E, indicating strong profitability growth [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 28.2 in 2023 to 16.2 in 2025E, suggesting improved valuation attractiveness [3]. Market Position and Strategy - BYD is expected to leverage its self-built roll-on/roll-off fleet and expanding overseas factories in Thailand, Brazil, and Hungary to boost export volumes significantly [7]. - The introduction of the "Tian Shen Zhi Yan" intelligent driving system aims to make high-level autonomous driving features accessible in lower-priced models, enhancing market penetration [7]. - The report anticipates that sales will reach 5.23 million vehicles in 2025, a 23% increase year-on-year, supported by the growth in exports and intelligent driving technology [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company is a leading high-end footwear manufacturer with strong design and development capabilities, focusing on high-value-added sports, luxury, and fashion brand clients. Following a successful management transition in 2019, the company has accelerated its expansion into luxury fashion clients and increased its market share in sports categories. The company has initiated its first three-year plan for 2023-2025, targeting a low double-digit profit CAGR [1][2][3]. Summary by Sections Company Overview - The company specializes in high-end footwear manufacturing, with a global production footprint in China, Vietnam, Bangladesh, Indonesia, and the Philippines. It serves notable clients such as Nike, Deckers, Balenciaga, and Cole Haan across various categories including sports, luxury, and fashion. The management transition in 2019 has revitalized the company, leading to accelerated growth in luxury fashion client acquisition and sports category share [2][16][18]. Competitive Advantages - The company boasts leading design and development capabilities, with an average selling price (ASP) of $28.4 in 2024, significantly ahead of the industry. Its R&D expense ratio stands at 3.1%, placing it in the top tier of the industry. The company has established deep ties with high-end brands like Nike and Balenciaga, effectively diversifying its client base and mitigating trend cycle risks. The revenue distribution for 2024 is projected at 45% from sports, 8% from luxury, 27% from fashion, and 20% from leisure [3][4][18]. Financial Performance and Projections - The company is expected to achieve revenues of $1.62 billion in 2025, with a year-on-year growth of 5%. The projected net profit for 2025 is $185.3 million, reflecting an 8.34% increase. The company maintains a commitment to a 70% dividend payout ratio and plans to repurchase $60 million worth of shares annually from 2024 to 2026, resulting in a projected dividend yield of 10% in 2025 [5][6][21]. Production Capacity and Efficiency - The company has diversified its production capacity, with 51% of its output expected from Vietnam and 27% from China in 2024. The average output per employee is projected to reach 1,244 pairs per year, with revenue per employee at $36,000, indicating a continuous improvement in production efficiency [4][21][22].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The performance of Yuehai Investment in 2024 was negatively impacted by Yuehai Land, which recorded an impairment of HKD 1.034 billion, although the dividend payout met expectations [2][5] - The company reported a net cash inflow from continuing operations of HKD 9.15 billion, indicating strong cash flow [2][5] - The company plans to divest Yuehai Land through a special dividend distribution, which is expected to enhance focus on its water assets [5] Financial Summary - Revenue for 2024 is projected at HKD 18.505 billion, a decrease of 24% from 2023 [4] - Net profit for 2024 is expected to be HKD 3.142 billion, a slight increase of 0.64% compared to the previous year [4] - The company’s PE ratio is projected to be 13.96 for 2024, with a PB ratio of 1.05 [4] Operational Insights - Water supply revenue from Hong Kong is expected to increase by 3% to HKD 5.136 billion, while revenue from Shenzhen and Dongguan is projected to decrease by 11% to HKD 1.224 billion due to exchange rate impacts [5] - The company’s net cash inflow from continuing operations, excluding Yuehai Land, is projected to be HKD 9.15 billion [5] - The company’s capital expenditure for 2024 is expected to be HKD 1.857 billion, significantly reduced from HKD 7.696 billion in 2023 [5]

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 for 2024, representing a year-on-year growth of 23.9%. The adjusted net profit attributable to shareholders was 586 million HKD, a 59.2% increase year-on-year, marking six consecutive years of positive net profit growth since 2019. The gross margin reached 68.7%, up by 7.3 percentage points year-on-year [4][5] - The company is accelerating its global expansion, with global monthly active users reaching 266 million, a 6.7% year-on-year increase, of which overseas users accounted for 94.51 million (35.6%), growing by 21.7% year-on-year. The "AI Dressing" feature significantly contributed to the addition of over 20 million overseas users [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 about 4.7% [6][7] Financial Performance - For 2025-2027, the company expects 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 projected to be 903.996 million HKD, 1.195 billion HKD, and 1.474 billion HKD, with growth rates of 54.2%, 32.2%, and 23.3% respectively [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of $37.7 million for 2024, slightly exceeding expectations, indicating financial self-sufficiency [7] - The core product, Furmonertinib, has exceeded market expectations in global sales, and the company is expanding its pipeline with tangible progress [7] Financial Performance Summary - Revenue projections for 2025 are estimated at $694 million, with a year-on-year growth rate of 10.17% [6][11] - The net profit for 2025 is projected to be $393 million, reflecting a significant year-on-year increase of 942.79% [6][11] - The company expects comprehensive revenue from its oncology/immunology business to be between $350 million and $450 million in 2025 [7] Future Catalysts - Continued overseas sales growth for Furmonertinib in Europe and Japan is anticipated to drive new growth [7] - The company plans to submit a New Drug Application (NDA) for Savolitinib for NSCLC in 2025 [7] - The antibody-drug conjugate ATTC platform is expected to start clinical trials in the second half of 2025 [7] Pipeline Overview - The company has a diversified and validated late-stage product pipeline, including several drugs with positive clinical data and upcoming NDA submissions [8]

证券研究报告·海外公司点评·软件服务(HS) 腾讯控股（00700.HK） 2025 年 03 月 25 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 2024Q4 业绩点评：AI 赋能，营收利润皆超 预期 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 609015 | 660257 | 716550 | 782730 | 854621 | | 同比(%) | (10.66) | 8.41 | 8.53 | 9.24 | 9.18 | | 归母净利润（百万元） | 115216 | 194073 | 210262 | 234571 | 266681 | | 同比(%) | (38.79) | 68.44 | 8.34 | 11.56 | 13.69 | | Non-IFRS 净利润 | 157,688.05 ...

证券研究报告 | 2025年03月25日 伟仕佳杰（00856.HK） 优于大市 业绩高增长，持续开拓东南亚市场 年报业绩高增长。根据公司年报，2024 年公司主营收入 890.9 亿元，同比上 升 21%；归母净利润 10.52 亿元，同比上升 14%。2024 年下半年，公司主营 收入 490.0 亿元，同比上升 18%；归母净利润 5.99 亿元，同比上升 43%。公 司在收入和利润方面均表现出色，主要得益于公司在 IT 分销与服务领域的 丰富经验，以及趋于完善的全产业链生态体系。 "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 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Viewpoints - The company reported a revenue of 8.12 billion yuan for the year ending December 31, 2024, representing a year-on-year growth of 15.8%. The gross profit reached 3.92 billion yuan, with a growth of 16.3%, and the gross margin increased by 0.2 percentage points to 48.3%. However, the net profit attributable to shareholders was -0.21 billion yuan, a decrease of 126% year-on-year, primarily due to goodwill impairment related to the acquisition of New Classics Media in 2018. The Non-IFRS net profit attributable to shareholders was 1.14 billion yuan, reflecting a growth of 1% [2][5]. Revenue Breakdown - The company's revenue from copyright operations and other businesses was 4.09 billion yuan, growing by 33.5% year-on-year. The copyright operation revenue increased by 34.2% to 3.99 billion yuan, driven by the increase in the number of hit short dramas, films, and animations, as well as the expansion of IP licensing to partners. Online business revenue was 4.03 billion yuan, with a growth of 2.1%. Revenue from proprietary platform products was 3.53 billion yuan, up 3.4%, while revenue from Tencent product channels decreased by 28.2% to 0.25 billion yuan due to content distribution optimization. Third-party platform revenue increased by 32% to 0.25 billion yuan, benefiting from partnerships with third-party distributors [7]. Strategic Breakthroughs - The company made significant breakthroughs in its IP "creation + visualization + commercialization" strategy. In terms of IP creation, approximately 330,000 new authors and 650,000 new novels were added, with a total word count exceeding 42 billion. The number of new books with 50,000 average subscriptions increased by about 50%, and the number of new authors earning over 500,000 yuan annually grew by over 70%. Monthly paying users reached 9.1 million, an increase of 4.6% year-on-year. In IP visualization, several hit products were released in the film and animation sectors, and the company completed the acquisition of Tencent Animation, further enhancing its IP portfolio. The GMV of derivative products exceeded 500 million yuan, with card game GMV surpassing 200 million yuan [7][10].

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a revenue of 240.19 billion yuan for 2024, representing a year-on-year increase of 34.0%. The total sales volume reached 2.177 million vehicles, up 32% year-on-year, with a net profit attributable to shareholders of 16.63 billion yuan, marking a significant increase of 213.3% year-on-year [2][4]. - The company is entering a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability [2][4]. - The strong performance in Q4 2024, with revenue exceeding 70 billion yuan, reflects accelerated profitability from the new energy transition [7]. Summary by Sections Financial Performance - In 2024, Geely achieved a total revenue of 240.19 billion yuan, a 34.0% increase year-on-year. The sales volume was 2.177 million vehicles, up 32% year-on-year, and the net profit attributable to shareholders was 16.63 billion yuan, a 213.3% increase year-on-year [2][4]. - For Q4 2024, the revenue was 72.51 billion yuan, a 29.7% increase year-on-year and a 20.1% increase quarter-on-quarter. The sales volume in Q4 was 687,000 vehicles, up 31.9% year-on-year and 28.6% quarter-on-quarter [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, with significant releases from its brands. The focus on electric and intelligent vehicles is expected to enhance the driving capabilities of its models [7]. - The company is leveraging its new platform to support a new product cycle, with a strong emphasis on both electrification and intelligent driving technologies [7]. Market Position - Geely's new energy vehicle sales reached 342,000 units in Q4, achieving a penetration rate of approximately 50%, positioning the company among the top tier of new energy brands [7]. - The company maintains a solid foundation in fuel vehicles while exploring innovative overseas expansion strategies through joint ventures [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company's net profit reached HKD 14.388 billion, representing a year-on-year growth of 30.8% compared to HKD 11.003 billion in 2023 [5][2]. - The core business profit of the thermal power segment increased by 28.44% due to a steady decline in fuel costs, while the renewable energy segment saw a core business profit decrease of 5.11% [2][6]. - The company plans to expand its renewable energy capacity significantly, with a projected capital expenditure of HKD 56.8 billion in 2025, of which HKD 42 billion is allocated for renewable energy projects [6][2]. Summary by Sections Financial Performance - The thermal power sales volume increased by 4.00% in 2024, but the average on-grid electricity price for coal-fired power plants decreased by 2.7%, leading to a slight decline in sales revenue to HKD 71.901 billion, down 0.45% year-on-year [6][2]. - The average coal price for the company in 2024 was RMB 922.1 per ton, a decrease of 6.6% year-on-year, contributing to a 4.2% decline in fuel costs [6][2]. - The net profit from the thermal power business surged by 82.87% to HKD 5.221 billion, aided by the acquisition of the Guangxi Hezhou project, which generated a profit of HKD 0.876 billion [6][2]. Renewable Energy Segment - The company added 3.646 million kW of wind power and 4.142 million kW of solar power in 2024, with total wind power capacity reaching 24.313 million kW and solar power capacity reaching 9.433 million kW, marking year-on-year growth of 30.59% and 174.06%, respectively [6][2]. - Despite a decrease in average utilization hours for wind and solar power, the sales volume for wind and solar increased by 10.5% and 141.5%, respectively [6][2]. - The core business profit for renewable energy was HKD 9.228 billion, down 5.11%, but net profit increased by 11.72% to HKD 9.029 billion due to a significant reduction in impairment losses [6][2]. Dividend and Valuation - The company declared a total dividend of HKD 1.19 per share for 2024, with a payout ratio of 40%, resulting in a dividend yield of 6.26% based on the closing price on March 20 [2][6]. - Future earnings projections for 2025-2027 are estimated at HKD 14.020 billion, HKD 14.391 billion, and HKD 15.207 billion, with corresponding EPS of HKD 2.71, HKD 2.78, and HKD 2.94, and PE ratios of 7.02, 6.84, and 6.47, respectively [6][2].