Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5][47] Core Views - The company has accumulated over 200 million paying users through its WeChat mini-program, with a significant focus on improving ARPU (Average Revenue Per User) in 2024, showing a 50% increase compared to 2019 [3][7] - The company is expected to benefit from the ongoing recovery in tourism, with domestic travel volume projected to increase by 6.3% during the Qingming holiday and a continued positive trend for the May Day holiday [4][12] - The company's domestic platform booking growth is anticipated to outperform the industry, with outbound travel expected to create a new growth curve [4][25] - The OTA (Online Travel Agency) business profit margin is entering an upward cycle, with a projected profit margin of 26.9% in 2024, indicating room for improvement compared to industry leaders [4][39] Summary by Sections Business Review - The company was formed by the merger of Tongcheng and Elong in March 2018, focusing on differentiated positioning in the market. The strategic shift from user acquisition to ARPU enhancement began in 2023, resulting in a doubling of paying users [3][6] - The company achieved a revenue of 1.734 billion yuan in 2024, with a CAGR of 22% from 2018 to 2024, and an adjusted net profit of 2.785 billion yuan, with a CAGR of 20.4% during the same period [7][54] Future Outlook - The tourism sector is expected to continue its recovery, benefiting from policies aimed at boosting service consumption. The domestic travel volume during major holidays is projected to account for 35.8% of the annual total, an increase of 8.7 percentage points compared to 2019 [4][16] - The company is actively expanding its outbound travel business, with a projected growth of 130% in outbound flight bookings and 110% in hotel bookings by the end of 2024 [4][36] - The OTA business is expected to see profit margins improve, with a focus on optimizing marketing ROI and enhancing user engagement through targeted subsidies [4][39] Financial Projections - The company maintains adjusted net profit forecasts of 3.30 billion, 3.89 billion, and 4.53 billion yuan for 2025, 2026, and 2027, respectively, corresponding to dynamic PE ratios of 14, 12, and 10 times [5][47] - The overall profitability is expected to support a CAGR of over 17% in adjusted profits over the next three years, with current valuations still considered attractive [5][47]

Investment Rating - The investment rating for Tencent Holdings is "Outperform the Market" (maintained) [2][6][20] Core Views - For Q1 2025, Tencent is expected to achieve revenue of 176.5 billion yuan, representing a year-on-year growth of 11%. The growth is driven by strong performance in gaming, advertising, and a slight recovery in financial technology [4][7][8] - The gaming segment is projected to generate 56.1 billion yuan, with a year-on-year increase of 17%. The domestic gaming revenue is expected to grow by 18%, supported by stable performance from established games and the success of new titles [4][12][18] - Advertising revenue is anticipated to reach 31.3 billion yuan, reflecting an 18% year-on-year growth, driven by the release of advertising inventory and advancements in advertising technology [4][16] - Financial technology and enterprise services are expected to generate 55 billion yuan, with a 5% year-on-year increase, primarily from payment services [5][17] Summary by Sections Revenue Forecast - Total revenue for Q1 2025 is projected at 176.5 billion yuan, an 11% increase from the previous year. The breakdown includes: - Value-added services: 87.8 billion yuan, up 12% - Online games: 56.1 billion yuan, up 17% - Advertising: 31.3 billion yuan, up 18% - Financial technology and enterprise services: 55 billion yuan, up 5% [9][10][19] Profitability - Non-IFRS net profit is expected to be 60.9 billion yuan, a 21% increase year-on-year, with a net profit margin of 34.5% [5][8][9] Growth Drivers - The growth in gaming is attributed to the solid performance of established titles like "Peacekeeper Elite" and the rising popularity of new games such as "Delta Action," which has surpassed 12 million daily active users [4][18] - Advertising growth is supported by the steady increase in video traffic and the opening of more ad slots, with current ad loading rates at 4% [4][16] - Financial technology growth is linked to the recovery in offline consumption and increased demand for cloud services, with expectations for accelerated growth in Q2 2025 [5][17] Long-term Outlook - The report highlights significant long-term growth potential in areas such as WeChat e-commerce and AI-driven applications, which are not fully reflected in current profit forecasts. Adjusted net profit estimates for 2025-2027 are 251.5 billion, 282.6 billion, and 312.6 billion yuan, respectively [6][20]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][77]. Core Insights - The company achieved a core net profit growth of 20% year-on-year, with a dividend payout ratio of 100% [8]. - In 2024, the company reported a revenue of 17 billion yuan, a year-on-year increase of 15%, and a core net profit of 3.5 billion yuan, reflecting a core net profit margin of 20.6%, up by 0.8 percentage points [8]. - The company focuses on shareholder returns, with a total dividend of 1.536 yuan per share for 2024, which includes a special dividend of 0.614 yuan [8]. Revenue and Profitability - The company's commercial segment revenue reached 6.3 billion yuan in 2024, growing by 21% year-on-year, with shopping center revenue at 4.2 billion yuan, up 30% [28]. - The gross margin for the commercial segment was 72.6%, an increase of 0.7 percentage points year-on-year [28]. - The property management segment generated 10.7 billion yuan in revenue, a 12% increase, with a gross margin of 17.0%, down by 0.5 percentage points [59]. Business Structure - The commercial segment accounted for 37% of total revenue and 67% of gross profit, showing an increase of 2 percentage points and 3 percentage points respectively compared to the previous year [8]. - The core business of property services and community value-added services continues to dominate, with a revenue and gross profit share of 92% and 85% respectively [59]. Financial Forecast - The company maintains its profit forecast, expecting net profits of 4.08 billion yuan and 4.56 billion yuan for 2025 and 2026 respectively, with corresponding earnings per share of 1.79 yuan and 2.00 yuan [77]. - The projected price-to-earnings (PE) ratios for 2025 and 2026 are 18.8 and 16.8 respectively [77]. Efficiency and Management - The company improved its management efficiency, with a combined management and sales expense ratio of 7.4%, down by 0.9 percentage points year-on-year [8]. - The asset turnover rate for 2024 was 60%, an increase of 5 percentage points year-on-year, and the weighted return on equity (ROE) was 22%, up by 2 percentage points [8].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to experience a significant rebound in sales due to a new product cycle, with projected sales reaching over 450,000 units in 2025, up from 191,000 units in 2024, marking a substantial year-on-year increase [1]. - Cost control measures and internal reforms are anticipated to enhance profitability, with gross margins expected to improve from below 10% to between 10-15% by 2025 [1][2]. - The company is pioneering low-cost intelligent driving solutions, aiming to capture a significant market share in the mainstream segment priced under 200,000 yuan [3]. Summary by Sections 1. Introduction - The report emphasizes the potential for domestic car manufacturers to increase market share and brand recognition through revenue and profit expansion, driven by product cycles and competitive capabilities [11]. 2. Smart Innovation and Brand Growth - The company has undergone significant management changes to optimize its structure and enhance operational efficiency, with a focus on smart technology and user-centric design [15][18]. - Gross margins are gradually improving, with a notable increase in delivery volumes and revenue growth observed in 2024 [21][23]. 3. Strong Product Cycle and Cost-Effective Intelligent Driving - A robust new product cycle is set to commence, with the launch of multiple new models, including the MONA M03 and P7+, which are expected to significantly boost sales [14][36]. - The company is implementing cost reduction and efficiency measures, including a partnership with Volkswagen to enhance technology and reduce costs [2][14]. - The introduction of low-cost intelligent driving technology is expected to reshape the brand's image and expand its market reach [3][40]. 4. Business Expansion and Market Strategy - The company is actively expanding its overseas market presence, with a focus on increasing export sales and exploring new business avenues such as flying cars and robotics [4][4]. - The report outlines a strategic plan to launch over 30 new models in the next three years, enhancing the product matrix and catering to diverse consumer needs [36][40]. 5. Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are set at 94.58 billion, 147.63 billion, and 170.01 billion yuan, respectively, with expected net profits turning positive by the end of 2025 [4][5]. - The report highlights the company's commitment to maintaining high levels of R&D investment to sustain its competitive edge in intelligent driving technology [28].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (0700.HK) [1][28] Core Insights - The core business continues to show strong growth, with operational leverage being released [1] - The report anticipates a revenue of 1,778 billion RMB for Q1 2025, representing a year-over-year increase of 11% [7][27] - The expected non-IFRS net profit for Q1 2025 is 617 billion RMB, reflecting a 23% year-over-year growth [7][27] Financial Forecasts - Revenue projections for 2025-2027 are 7,243 billion RMB, 7,891 billion RMB, and 8,604 billion RMB respectively [27][28] - Non-IFRS net profit estimates for the same period are 2,554 billion RMB, 2,891 billion RMB, and 3,235 billion RMB respectively [27][28] - The report predicts a non-IFRS EPS of 28 RMB, 31 RMB, and 35 RMB for 2025, 2026, and 2027 respectively [27][28] Business Segment Performance Gaming - Expected revenue growth of 18% year-over-year for Q1 2025, with domestic and overseas growth rates of 19% and 17% respectively [8][12] - Strong performance from long-standing games during the Spring Festival period [11][12] Marketing Services - Anticipated revenue growth of 20% year-over-year for Q1 2025, driven by strong performance in video accounts, mini-programs, and search ads [18][19] - AI continues to enhance marketing services, improving ad targeting and conversion rates [25] Financial Technology and Enterprise Services - Expected revenue growth of 5% year-over-year for Q1 2025, with improvements in payment services and healthy growth in wealth management and small loans [26] - Cloud business potential is expected to accelerate in Q2 2025 [26] Valuation and Target Price - The report assigns a target market value of 5.0 trillion RMB (5.4 trillion HKD) for Tencent Holdings, corresponding to a target price of 603 HKD [28][29]

Investment Rating - The report maintains a "Recommended" rating for Huitongda Network (09878.HK) with a target price of HKD 13.3 per share [2][7]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and net profit for 2024, but the long-term trend of supply chain upgrades remains intact [2][3]. - The company reported a total revenue of HKD 60.06 billion for 2024, a year-on-year decrease of 27.1%, and a net profit attributable to shareholders of HKD 270 million, down 39.8% year-on-year [2][4]. Financial Summary - Revenue projections for 2025-2027 are estimated at HKD 66.14 billion, HKD 71.45 billion, and HKD 77.18 billion, respectively, with expected growth rates of 10.1%, 8.0%, and 8.0% [4][8]. - Net profit forecasts for the same period are HKD 349 million, HKD 481 million, and HKD 658 million, reflecting growth rates of 29.5%, 37.7%, and 36.8% [4][8]. - The company’s gross profit for 2024 was HKD 2.31 billion, with a gross margin of 3.8%, an increase of 0.52 percentage points year-on-year [7][8]. Business Segment Performance - The trading business segment generated revenue of HKD 59.27 billion, down 27.4% year-on-year, with notable declines in various product categories such as consumer electronics and home appliances [7][8]. - The service business segment reported revenue of HKD 610 million, a decrease of 7% year-on-year, with the SaaS+ subscription model contributing HKD 510 million, down 9.1% [7][8]. Strategic Initiatives - The company is actively adjusting its development strategy, focusing on upgrading product lines and optimizing low-margin businesses to enhance overall profitability [7][8]. - Investments in digital transformation and AI applications are being accelerated to improve customer experience and operational efficiency [7][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.93 [4][6]. Core Insights - The company's operating profit for Q1 2025 increased by 0.2% year-on-year to HKD 430 million, which is significantly lower than the 30.8% growth seen in Q1 2024. The operating profit margin decreased by 0.6 percentage points to 20.7% [1][11]. - Total revenue for Q1 2025 grew by 3.0% year-on-year to HKD 2.09 billion, also lower than the 17.8% growth in Q1 2024. Revenue from Hong Kong and Macau increased by 9.8% to HKD 1.36 billion, accounting for 64.9% of total revenue [1][11]. - New contract signings for Q1 2025 rose by 0.6% year-on-year to HKD 3.72 billion, which is below the 4.9% growth in Q1 2024. The company secured several high-quality curtain wall projects [2][11]. Financial Summary - The company reported actual revenues of HKD 7.67 billion in 2022, with projections of HKD 9.55 billion for 2025 and HKD 11.33 billion for 2026, reflecting growth rates of 17.9% and 18.6% respectively [5][12]. - Shareholder net profit was HKD 422 million in 2022, expected to rise to HKD 727 million in 2025 and HKD 905 million in 2026, with growth rates of 11.7% and 24.5% respectively [5][12]. - The forecasted price-to-earnings ratio for FY25 is 4.4 times, indicating a low valuation compared to the target price [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company is developing a 720 billion parameter large-scale autonomous driving model, named "Xiaopeng World Base Model," which aims to significantly enhance the intelligence of AI vehicles and support various applications such as AI robots and flying cars [2][4][8]. - The company has established a robust AI infrastructure, including a computing cluster with a cloud capacity of 10 EFLOPS, which is crucial for building a "cloud model factory" [8][30]. - The company has achieved significant milestones in AI development, including the successful implementation of scaling laws in autonomous driving, demonstrating that larger models yield better performance [36][41]. Summary by Sections Company Overview - Xiaopeng Motors is focusing on AI-driven autonomous driving technology, with a significant investment in developing a large-scale model that is 35 times the parameter size of mainstream models [27][30]. AI Infrastructure - The company has built the first 10,000-car intelligent computing cluster in the domestic automotive industry, achieving a cloud computing capacity of 10 EFLOPS, with a high operational efficiency of over 90% [8][25]. - The data infrastructure has been self-developed to enhance data access efficiency, with video data for training the base model currently at 20 million clips, expected to increase to 200 million clips by the end of the year [30][20]. Technological Advancements - The company is leveraging a multi-modal model that incorporates visual understanding, chain reasoning, and action generation capabilities, which are essential for achieving L3 and L4 level autonomous driving [8][23]. - The company has initiated the training of the 72 billion parameter base model, focusing on reinforcement learning to enhance the model's performance and adaptability [45][50]. Market Position - The company is positioned to benefit from a new vehicle launch cycle in 2025, with multiple new models expected to drive sales growth [8][30]. - The anticipated revenue for 2025 is projected to be 99.1 billion, corresponding to a price-to-sales ratio of 1.4X, indicating a strong market outlook [8].

Investment Rating - The report maintains a "Buy" rating for XPeng Motors (9868.HK) [1] Core Insights - XPeng Motors aims to become a global AI automotive company, with significant growth expected from new product launches and international expansion. The company plans to release seven new or updated models in 2025, potentially doubling its delivery volume to over 380,000 units [7][13] - The company is focusing on the European market, projecting that overseas sales could account for over 50% of total sales in the next decade. By 2030, XPeng's revenue from Europe could reach between 398 billion to 520 billion RMB, depending on the export strategy [8] - XPeng's autonomous driving technology is among the top tier in the industry, with plans to achieve a takeover every 100 kilometers by 2025. The company has established a significant computing power center and has extensive testing mileage [9][10] - The report suggests that the Robotaxi market may not replace private car ownership, and XPeng will focus on manufacturing Robotaxi vehicles rather than operating them. Estimated cumulative revenue from Robotaxi could reach 19.7 billion RMB from 2025 to 2030 [11] - The global humanoid robot market is projected to reach 109.5 billion RMB by 2030, and XPeng is expected to capture a significant market share due to its experience in automotive manufacturing [12] Summary by Sections Basic Information - XPeng Motors is positioned to become a leader in AI-integrated smart vehicles, with a focus on electric vehicle (EV) sales and technology development [19][30] Automotive Business - The company anticipates a new product cycle in 2025, with a focus on high-value models like the G6 and MONA M03. The delivery volume is expected to increase significantly, with a target of over 380,000 units [7][35] - XPeng's new vehicle architecture, SEPA2.0, is designed to reduce development time and costs, enhancing production efficiency [38] Intelligent Driving - XPeng's autonomous driving capabilities are leading in the industry, with a focus on high-level autonomous features and significant data collection for model training [9][16] Robotaxi Business - The report indicates that the Robotaxi market will not replace private vehicle ownership, and XPeng will concentrate on the production of Robotaxi vehicles [11][17] Humanoid Robots - The humanoid robot market is expected to grow significantly, and XPeng is leveraging its automotive expertise to enter this space [12] Financial Analysis - Revenue projections for XPeng Motors are optimistic, with expected revenues of 789.13 billion RMB in 2025, reflecting a 93% year-on-year growth [13][14]

证券研究报告 | 公司点评 | 医疗美容 ❑ 24 年年报：业绩符合预期，未来 3 年高分红+股权激励彰显发展信心。 24 年业绩符合预期。24 年收入/净利润 25.7/2.5 亿元，同比+19.9%/+9.7%。 24 年 毛利率/净利率 46.3%/9.8%，同比+0.7pp/-0.9pp。销售/管理/研发费用率同比 +0.3pp/+0.2pp/-0.2pp。 公司承诺，自公告日起未来三个完整财年期间将不少于 50%的归母净利用于分 红，也将充分利用管理层股权激励计划，考核指标涵盖未来三年营业收入及利润 提升。 ❑ 基石业务内生稳健增长，医美新客拓展持续，女性特护超预期增长。 24 年收入拆分：生美及保健 56%+医美 36%+亚健康医疗服务 8%。 1） 生美及保健：基石业务内生稳健增长，加码身体护理与智能美养。 24 年收入 14.4 亿（+21%，括号内为同比，下同），毛利率 40.7%（+1.1pcts），具 体来看：①量为主要驱动，全年到店人次/活跃会员人数同增 19.5%/45%。②直营 /加盟收入同增 21%/21%，门店数量分别为 239/276 家。③公司于 24H2 收购奈瑞 儿，新 ...