Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7 HKD [1][4][6] Core Insights - The company reported a revenue of 13.58 billion RMB for 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.24 billion RMB, which is a 20.2% increase year-on-year [2][4] - The professional sports segment, including the Saucony brand, saw a significant revenue increase of 57.2% to 1.25 billion RMB, while the main brand, Xtep, grew by 3.2% to 12.33 billion RMB [2][3] - The company has focused on enhancing its brand image and expanding its product matrix, with the Saucony brand achieving a compound annual growth rate of over 100% over the past five years [2][3] Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025E Revenue: 14.40 billion RMB, Net Profit: 1.38 billion RMB, EPS: 0.54 RMB - 2026E Revenue: 15.70 billion RMB, Net Profit: 1.54 billion RMB, EPS: 0.61 RMB - 2027E Revenue: 16.85 billion RMB, Net Profit: 1.69 billion RMB, EPS: 0.67 RMB [5][13] - The overall gross margin improved by 1 percentage point to 43.2%, driven by a significant increase in the gross margin of the professional sports segment [2][3][14] Strategic Developments - The company announced the divestiture of its fashion sports division, which is expected to alleviate profit pressure and allow for a focus on the main brand and Saucony, potentially leading to faster growth [3][4] - Management changes are anticipated to enhance the company's overseas expansion efforts, particularly in Southeast Asia [3][4]

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and future projections. Core Insights - Miniso achieved a revenue of RMB 16.994 billion in 2024, representing a year-on-year increase of 22.8%, with an adjusted net profit of RMB 2.721 billion, up 15.4% year-on-year, and an adjusted net profit margin of 16.0% [1][2] - The company has completed the acquisition of 29.4% of Yonghui Superstores, which is expected to impact financial results starting from Q2 2025 [4][5] - The report highlights strong growth in both domestic and international markets, with overseas revenue increasing by 41.9% [2] Summary by Sections Financial Performance - In 2024, Miniso's gross margin reached 44.9%, an increase of 3.7 percentage points year-on-year, attributed to a higher proportion of overseas direct sales and increased contributions from high-margin products [3] - The total expenses for 2024 were RMB 4.366 billion, a 52% increase, driven by a 100% year-on-year growth in direct store revenue [3][6] Store Expansion - As of December 31, 2024, Miniso had 4,386 stores in mainland China, with a net increase of 460 stores, and 3,118 overseas stores, with a net increase of 631 stores [2] - The total global store count increased by over 1,200, surpassing initial expectations and setting a milestone of over 3,000 overseas stores [2] Future Projections - Revenue forecasts for 2025-2027 are RMB 21.174 billion, RMB 26.040 billion, and RMB 31.583 billion, reflecting growth rates of 25%, 23%, and 21% respectively [5][6] - Expected net profits for the same period are RMB 3.020 billion, RMB 3.801 billion, and RMB 4.620 billion, with growth rates of 15%, 26%, and 22% respectively [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 4Q24 at 4.71 billion yuan, a year-on-year increase of 22.7%, with an adjusted net profit of 790 million yuan, reflecting a 20% increase year-on-year [1]. - For the full year 2024, the company achieved a revenue of 16.99 billion yuan, up 22.8% year-on-year, and an adjusted net profit of 2.72 billion yuan, a 15% increase year-on-year [1]. - The gross profit margin reached a historical high of 47% in 4Q24, driven by rapid growth in overseas direct markets and an increase in the proportion of IP products [1]. Summary by Sections Financial Performance - 4Q24 revenue was 4.71 billion yuan, with a net profit margin of 16.8% [1]. - The company expects adjusted net profits for 2025, 2026, and 2027 to be 3.27 billion yuan, 4.08 billion yuan, and 4.94 billion yuan respectively, with corresponding P/E ratios of 13, 11, and 9 times [3]. Domestic Market - By the end of 2024, the company had 4,386 stores in China, with a net increase of 460 stores [2]. - Same-store sales in China faced pressure, with a slight decline expected in 2024, but a focus on optimizing same-store performance is planned for 2025 [2]. International Market - The company's overseas revenue grew significantly, with a 41.9% increase in revenue and a 27.4% increase in GMV for 2024 [2]. - The number of overseas stores reached 3,118, with a notable increase in direct stores [2]. Cost Structure - The report indicates that expenses related to direct store operations, depreciation, and logistics have increased significantly, but operational leverage is expected to improve in 2025 [1][2].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile, with an updated target price of HK$21.88, corresponding to a 15x PE for 2025E [4][6]. Core Insights - Geely Automobile's total revenue for 2024 increased by 34.0% year-on-year to CNY 240.19 billion, with net profit attributable to shareholders rising by 213% to CNY 16.63 billion, aligning closely with expectations [1][4]. - The company experienced a strong performance in Q4 2024, with total revenue up 29.7% year-on-year and net profit up 45.4% year-on-year [1]. - Geely's total sales volume for 2024 rose by 32% to 2.177 million units, with new energy vehicle sales surging by 92% to 888,000 units [2]. Summary by Sections Financial Performance - In 2024, Geely's gross margin improved by 0.6 percentage points to 15.3%, with Q4 2024 gross margin reaching 17.3% [2]. - The SG&A expense ratio decreased by 1.4 percentage points to 7.6% [2]. - The report forecasts net profits of approximately CNY 13.91 billion for 2025E and CNY 16.06 billion for 2026E, with an upward revision from previous estimates [4][5]. Strategic Developments - The internal integration and smart transformation are accelerating, with the establishment of Geely Technology Group and the completion of the equity transfer of Lynk & Co to Zeekr [3]. - Geely plans to launch 10 new products and several facelifts in 2025, enhancing operational efficiency through resource synergy [3]. - The company aims to complete its "Smart Geely 2025" strategy, focusing on AI and data integration, which is expected to strengthen its competitive position in the mainstream price segment [3]. Market Position and Outlook - Geely's global strategy is progressing, with expectations for overseas sales to exceed 10% of total sales, supported by resources from Volvo and expanded KD factory layouts [3]. - The report highlights the potential for continued profit optimization driven by the launch of high-value models and internal cost reductions [4].

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company achieved a revenue of 144.46 billion RMB in 2024, representing a year-on-year increase of 16.64%, while the net profit attributable to shareholders was 8.03 billion RMB, down 31.37% year-on-year [4]. - In Q4 2024, the company reported a revenue of 44.27 billion RMB, with a net profit of 3.52 billion RMB, slightly exceeding expectations [4]. - The company plans to launch two new electric vehicle models in July 2025 and is actively expanding into overseas markets, with a focus on high-growth potential regions [7]. Financial Data and Profit Forecast - The company’s projected revenues for 2025 and 2026 are adjusted to 178.0 billion RMB and 209.6 billion RMB, respectively, down from previous estimates [7]. - The forecasted net profit for 2025 is revised to 11.56 billion RMB, with an expected PE ratio of 17 for 2025 [6][7]. - The company’s gross margin for the automotive business in 2024 was 19.79%, a decrease of 1.67 percentage points year-on-year [5]. Sales and Delivery Performance - The company delivered over 500,000 vehicles in 2024, with a sales revenue of 138.54 billion RMB, reflecting a year-on-year growth of 15.17% [7]. - In Q4 2024, the total sales volume reached 159,000 vehicles, with an average selling price (ASP) of 268,700 RMB per vehicle [7]. Research and Development - The company has launched its next-generation autonomous driving architecture, MindVLA, which integrates perception, cognition, and adaptive capabilities [7]. - R&D expenses for 2024 were 11.07 billion RMB, accounting for 7.7% of total revenue, with expectations to maintain R&D spending below 14 billion RMB in 2025 [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.55 HKD, equivalent to 16.20 CNY [2][5]. Core Insights - The company is expected to see significant growth in earnings per share (EPS), with projections of 1.43 CNY for 2024, 1.08 CNY for 2025, and 1.29 CNY for 2026. The average price-to-earnings (PE) ratio for comparable companies is maintained at 15 times [2]. - The company has upgraded its brand to "Galaxy" and launched the "Qianli Haohan" intelligent driving system, which is expected to enhance sales and market presence [6][7]. - The company aims to achieve a sales target of 1 million vehicles for the Galaxy brand in 2025, with plans to introduce five new electric models [6]. Financial Summary - Revenue is projected to grow from 147,965 million CNY in 2022 to 316,008 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.3% [4][8]. - Operating profit is expected to increase significantly in 2024 to 13,751 million CNY, before experiencing a decline in 2025 [4]. - Net profit attributable to the parent company is forecasted to rise from 5,260 million CNY in 2022 to 12,948 million CNY in 2026, with a notable increase of 172.1% in 2024 [4][8]. - The gross margin is projected to stabilize around 15.6% from 2024 onwards, while the net margin is expected to improve slightly to 4.1% by 2026 [4][8]. - The company's price-to-earnings ratio is expected to decrease from 28.6 in 2022 to 11.6 by 2026, indicating a more attractive valuation over time [4][8].

Investment Rating - The investment rating for Kingsoft Corporation (03888.HK) is "Buy" (maintained) [5] Core Views - The gaming business is returning to stable growth, while AI and the benefits from the new infrastructure are expected to drive the growth of WPS. Kingsoft Cloud is benefiting from AI industry trends and the Xiaomi ecosystem, which is expected to continue improving profitability. However, due to the slowdown in gaming business and the lack of acceleration in WPS C-end revenue, the forecast for net profit attributable to shareholders for 2025-2026 has been revised down from 2.05 billion/2.45 billion to 1.86 billion/2.39 billion. A new forecast for 2027 net profit of 2.71 billion is introduced, with year-on-year growth of 20%/28%/14%. The current stock price corresponds to a PE valuation of 25.8/20.1/17.7 times, maintaining the "Buy" rating [5][6][8]. Financial Summary and Valuation Indicators - For 2024, the expected revenue is 11.547 billion, with a year-on-year growth of 11.9%. The net profit is projected to be 1.864 billion, reflecting a year-on-year growth of 20.1%. The gross margin is expected to be 81.7%, and the net margin is projected at 16.1%. The return on equity (ROE) is expected to be 9.4%, with an EPS of 1.396 and a P/E ratio of 25.8 [9]. Gaming Business Performance - In Q4 2024, the gaming business achieved revenue of 1.29 billion, with a year-on-year growth of 26.0% but a quarter-on-quarter decline of 24%. The high base from Q3's 15th anniversary celebration of "Jian Wang 3" and a decrease in the release of some game monetization content contributed to this decline. The number of new users reached a record high, and the IP remains robust. Upcoming games are expected to stabilize the business [6][8]. WPS Business Performance - In Q4 2024, WPS C-end revenue growth slowed, achieving 1.5 billion with a year-on-year growth of 16.8%. Personal subscription revenue grew by 7.6%, while enterprise subscription revenue increased by 27.9%, benefiting from the cyclical recovery of new infrastructure and the SaaS process in the B-end [7][8]. Kingsoft Cloud Performance - Kingsoft Cloud's revenue in Q4 2024 reached 2.23 billion, with a year-on-year growth of 29.6%. AI-related revenue grew approximately 500%, and the company is expected to continue reducing losses in the future [8].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [5][7] Core Views - Tencent's Q4 2024 performance exceeded expectations with revenue of 174.2 billion RMB, a year-on-year increase of 11%, and adjusted net profit of 55.3 billion RMB, up 30% year-on-year [7] - The company is accelerating its AI ecosystem development, with significant contributions from gaming, advertising, and financial technology sectors [7] - The target price is set at 684 HKD, indicating a potential upside of 34% [7] Financial Data and Profit Forecast - Revenue projections for Tencent are as follows: - 2023: 609 billion RMB - 2024: 660.3 billion RMB - 2025E: 719.9 billion RMB - 2026E: 779.4 billion RMB - 2027E: 833.3 billion RMB - Adjusted net profit forecasts: - 2023: 157.7 billion RMB - 2024: 222.7 billion RMB - 2025E: 251.3 billion RMB - 2026E: 282.2 billion RMB - 2027E: 311.3 billion RMB - Earnings per share (EPS) estimates: - 2023: 16.68 RMB - 2024: 24.03 RMB - 2025E: 27.32 RMB - 2026E: 30.69 RMB - 2027E: 33.85 RMB - Return on equity (ROE) projections: - 2023: 19.5% - 2024: 22.4% - 2025E: 20.9% - 2026E: 19.73% - 2027E: 18.49% [4][10] Company Commentary - The gaming segment showed strong performance with domestic and overseas revenues growing by 23% and 15% respectively in Q4 2024, with new titles contributing significantly [7] - Advertising revenue in Q4 2024 grew by 17%, driven by AI enhancements, with video account advertising increasing over 60% [7] - Financial technology and enterprise services revenue grew by 3% in Q4 2024, with notable growth in enterprise WeChat and AI cloud services [7] - Capital expenditures for 2024 were 76.8 billion RMB, representing 12% of revenue, with plans for lower double-digit capital expenditure as a percentage of revenue in 2025 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company's revenue for 2024 is projected to reach 173.41 billion yuan, reflecting a year-on-year growth of 45.8%. The core OTA platform is expected to generate 142 billion yuan, with a growth rate of 22.1% [6]. - The adjusted net profit for 2024 is forecasted at 27.9 billion yuan, an increase of 26.7% compared to the previous year. The adjusted diluted EPS is estimated to be 1.20 yuan [2][6]. - The company is expected to achieve a breakeven point in its international business by 2025, with significant growth potential in international ticketing and hotel bookings [6]. Financial Performance Summary - **Revenue Forecast**: - 2024: 173.41 billion yuan - 2025: 198.61 billion yuan - 2026: 222.40 billion yuan - 2027: 243.36 billion yuan - Revenue growth rates are projected at 46%, 15%, 12%, and 9% respectively [2][6]. - **Net Profit Forecast**: - Adjusted net profit for 2024 is 27.9 billion yuan, with projections of 32 billion yuan in 2025, 39 billion yuan in 2026, and 45 billion yuan in 2027 [2][6]. - **Earnings Per Share (EPS)**: - Adjusted diluted EPS is expected to grow from 1.20 yuan in 2024 to 1.93 yuan by 2027 [2][6]. - **Profitability Metrics**: - The adjusted PE ratio is projected to decrease from 15.36 in 2024 to 9.50 in 2027, indicating improving valuation [2][6]. User Engagement and Growth - The company reported a monthly average of 43.1 million paying users in 2024, a 4.4% increase year-on-year, with annual paying users reaching 240 million, marking a 1.5% growth [6]. - The average revenue per user (ARPU) increased by 44%, with the frequency of user consumption rising from 5.5 times in 2019 to 8.1 times in 2024 [6]. Cost Management and Profitability - The report highlights improved cost management, with a decrease in service development, sales, and administrative expenses as a percentage of revenue [6]. - The adjusted net profit margin for the core OTA platform is projected to improve, indicating ongoing enhancements in profitability [6].

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 7.04 HKD, reflecting a potential upside based on projected growth [4][26]. Core Insights - The company achieved a total revenue of 3.34 billion RMB in 2024, with a significant increase in the revenue share from its core imaging and design products, which accounted for 62.4% of total revenue, reaching 2.09 billion RMB, a year-on-year growth of 57.1% [1][13]. - The overall gross profit for 2024 was 2.29 billion RMB, resulting in a gross margin of 68.7%, an increase of 7.24 percentage points compared to the previous year [1][13]. - The adjusted net profit attributable to the parent company grew by 59.2% year-on-year, exceeding the previously announced expectations [1][13]. Summary by Sections 1. Imaging and Design Core Competence - The company has enhanced its core capabilities in imaging and design, forming a combination of image, video, and design tools, with the imaging and design product revenue growing significantly [1][13][17]. - The advertising business also saw a revenue increase of 12.5%, contributing 25.5% to total revenue, while the beauty industry solutions revenue decreased by 32.4% [1][13]. 2. AI-Driven Overseas Market Expansion - The company increased its R&D expenses by 43.3% to 910 million RMB in 2024, focusing on AI model training and product development [3][19]. - The monthly active users (MAU) from overseas markets reached 94.51 million, a year-on-year growth of 21.7%, indicating successful user acquisition strategies [2][19]. 3. Profit Forecast and Investment Recommendations - Revenue projections for 2025 to 2027 are estimated at 4.05 billion RMB, 4.85 billion RMB, and 5.65 billion RMB, respectively, with a consistent growth rate [6][23]. - The gross margin is expected to continue increasing, reaching 71%, 73%, and 74% over the next three years, driven by the high-margin imaging and design products [6][26].