Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's total revenue for 2023 is projected at 11,896 million, with a year-on-year growth of 80.67%. For 2024, revenue is expected to reach 17,341 million, reflecting a growth of 45.77% [1] - The net profit attributable to shareholders for 2023 is forecasted at 1,554 million, showing a significant year-on-year increase of 1,164.41%. The net profit for 2024 is anticipated to be 1,974 million, representing a growth of 27.04% [1] - The report highlights a robust performance in the core OTA segment, with a projected revenue growth of 15-20% for 2025, driven by increased user engagement and improved operational efficiency [9][10] Financial Projections - Total revenue is expected to grow from 17,341 million in 2024 to 25,232 million by 2027, with a compound annual growth rate (CAGR) of approximately 13% [1] - The net profit attributable to shareholders is projected to increase from 1,974 million in 2024 to 3,391 million by 2027, indicating a strong growth trajectory [1] - The report anticipates an increase in earnings per share (EPS) from 0.85 in 2024 to 1.46 in 2027, reflecting a positive outlook for profitability [1] User Engagement and Market Position - The average revenue per user (ARPU) has increased by 44%, with the frequency of user purchases rising to 8.1 times annually, up from 7.5 times in 2023 [9] - The company has successfully reduced user subsidies, leading to improved profit margins and operational efficiency [9][10] - The report notes a significant recovery in cross-border travel, contributing to the overall growth of the company's revenue streams [9]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% within the next 6-12 months [4][13]. Core Viewpoints - The company achieved a revenue of $26.9 million in 2024, reflecting a year-on-year growth of 28%, while the adjusted net profit was $26.9 million, up 3% [1]. - The international market outside of China has become a significant growth driver, with a 326.4% increase in invisible orthodontic cases and a revenue increase of 290.4% in 2024 [2]. - The company is strategically expanding its sales team in the domestic market, achieving a 3.2% increase in cases, although revenue in China slightly declined by 0.4% [2]. - The gross margin improved to 62.6%, with sales and marketing expenses rising by 49.9% due to international expansion efforts [3]. - The company is expected to continue its growth trajectory, with projected net profits of $1.06 billion, $1.28 billion, and $1.54 billion for 2024-2026, representing growth rates of 21%, 21%, and 20% respectively [4]. Summary by Sections Performance Review - In 2024, the company reported a revenue of $26.9 million, a 28% increase year-on-year, and an adjusted net profit of $26.9 million, up 3% [1]. Operational Analysis - The total number of cases reached 359,400 in 2024, a 47% increase year-on-year, with significant growth in international markets [2]. - The company recorded 140,700 cases outside of China, marking a 326.4% increase, and generated $80.5 million in revenue from these markets, a 290.4% increase [2]. - In the domestic market, the company achieved 218,700 cases, a 3.2% increase, but revenue slightly decreased by 0.4% to $188.2 million [2]. Profitability and Expenses - The gross margin for 2024 was 62.6%, an increase of 0.2 percentage points year-on-year [3]. - Sales and marketing expenses rose to approximately $105 million, a 49.9% increase, primarily due to the expansion of international operations [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of $1.06 billion, $1.28 billion, and $1.54 billion for 2024-2026, with corresponding EPS of 0.62, 0.75, and 0.90 [4]. - The current price-to-earnings ratio is projected to be 114, 95, and 79 for the years 2024-2026 [4].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][6] Core Views - Anta Sports reported a significant increase in net profit by 52% year-on-year for 2024, driven by gains from its joint venture Amer Sports and its successful listing and placement [6][8] - The company achieved a revenue growth of 13.6% year-on-year, reaching 708.3 billion RMB, with operating profit increasing by 8% to 166.0 billion RMB [6][8] - The report highlights the company's multi-brand strategy, with Anta brand showing double-digit growth and Fila brand maintaining steady growth [6][8] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: 624 billion RMB, 708 billion RMB, 779.5 billion RMB, 839.2 billion RMB, and 900.7 billion RMB respectively, with year-on-year growth rates of 16%, 14%, 10%, 8%, and 7% [6][16] - Net profit forecasts for the same period are 102.4 billion RMB, 156.0 billion RMB, 134.1 billion RMB, 147.0 billion RMB, and 160.1 billion RMB, with growth rates of 35%, 52%, -14%, 10%, and 9% respectively [6][16] - The diluted earnings per share are projected to be 3.61 RMB, 5.41 RMB, 4.65 RMB, 5.10 RMB, and 5.55 RMB for FY2023 to FY2027 [6][16] Brand Performance - Anta brand revenue for 2024 was 335.2 billion RMB, growing by 10.6%, while Fila brand revenue reached 266.3 billion RMB, up by 6.1% [6] - Other brands experienced a robust growth of 53.7%, with revenue reaching 106.8 billion RMB [6] Channel Performance - Online sales grew by 22% year-on-year, accounting for 35.1% of total revenue, while the company continued to expand its offline store presence [6][8] - As of the end of 2024, Anta had 7,135 adult apparel stores and 2,784 children's stores, with steady growth in store numbers across various brands [6][8] Global Strategy - Anta is accelerating its globalization strategy, focusing on Southeast Asia as its first overseas market, with successful entries into countries like Singapore, Malaysia, and Vietnam [6][8] - The company has established a significant presence in international markets, with a total of 216, 23, and 4 stores for Anta, Fila, and Descente respectively outside of China [6][8]

Investment Rating - The report assigns a "BUY" rating to the company, indicating a potential upside of 15% to 35% from the current price [6]. Core Insights - The company achieved a revenue of RMB 23.89 billion in 2024, representing a year-on-year increase of 9.2%, but net profit decreased by 25.4% to RMB 3.05 billion [6]. - The adjusted EBITDA for the year was RMB 6.8 billion, up 7.9% year-on-year, with the Huazhu segment contributing RMB 7 billion, a 12.9% increase [6]. - The company plans to maintain a rapid pace of hotel openings, targeting 2,300 new hotels in 2025 while closing 600 [6]. - The report forecasts net profits of RMB 3.47 billion, RMB 4.08 billion, and RMB 4.82 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 1.11, RMB 1.30, and RMB 1.54 [8]. Summary by Sections Company Overview - The company operates in the social services industry, with a current H-share price of HKD 28.50 and a market capitalization of RMB 77.71 billion [2]. Financial Performance - The company reported total revenue of RMB 23.89 billion for 2024, with a breakdown of RMB 13.8 billion from leasing and owned hotels (up 0.3%) and RMB 9.5 billion from management and franchising (up 23.4%) [6]. - The net profit for the Huazhu segment was approximately RMB 3.6 billion, down 56.7% year-on-year, primarily due to foreign exchange losses and increased withholding tax [6]. Future Outlook - The company expects to maintain a high occupancy rate of 81.2% in 2024, with growth driven by its asset-light strategy and rapid expansion [6]. - A shareholder return plan totaling USD 2 billion over three years is set to enhance shareholder value, with an expected total of USD 770 million in dividends and share buybacks for the year [6].

Investment Rating - The report maintains a "Buy" rating for Huazhu Group-S (01179.HK) [1] Core Views - The company is expected to maintain a strong opening pace in 2025, with a focus on asset-light structural adjustments [1] - The Q4 revenue exceeded guidance, with a year-on-year increase of 7.8%, reaching 6.023 billion yuan [8] - The company plans to distribute a cash dividend of 500 million USD for 2024, with a payout ratio exceeding 100% [8] Financial Performance Summary - Total revenue for 2023 is projected at 21.882 billion yuan, with a year-on-year growth of 57.86% [1] - The net profit attributable to shareholders for 2023 is expected to be 4.085 billion yuan, reflecting a significant year-on-year increase of 324.33% [1] - The earnings per share (EPS) for 2023 is estimated at 1.27 yuan, with a price-to-earnings (P/E) ratio of 20.69 [1] Business Expansion and Guidance - As of Q4 2024, the number of stores in mainland China reached 11,025, a year-on-year increase of 19% [8] - The company plans to open 2,300 new stores in 2025 while closing 600, resulting in a net increase of 1,700 stores [8] - The revenue growth guidance for Q1 2024 is set at 0-4%, with expectations for gradual improvement in RevPAR [8] Profitability Forecast - The forecast for net profit attributable to shareholders for 2025 is 3.806 billion yuan, with a year-on-year growth of 23.20% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 22, 19, and 17 respectively [1] - The report anticipates a continuous improvement in the market landscape, supported by the company's brand, traffic, and technology [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 67.8, indicating a potential upside of 20.06% from the current price of HKD 56.50 [5][8]. Core Insights - The company reported a significant revenue growth of 48.8% year-on-year for Q4 2024, achieving a revenue of RMB 109 billion, with a net profit increase of 90.4% to RMB 9 billion, surpassing market expectations [2]. - The management anticipates a revenue growth rate exceeding 30% for 2025, supported by increased investment in research and development, with an expected expenditure of RMB 30 billion, of which 25% will be allocated to AI [2]. - The company is focusing on high-end products, with smartphone revenue reaching RMB 51.3 billion, a 16.0% increase, and an average selling price (ASP) of RMB 1,202, marking a 10.1% year-on-year increase [2]. Revenue and Profitability - IoT revenue grew by 51.7% to RMB 30.9 billion, benefiting from national subsidies, with a gross margin of 20.5% [3]. - Internet services revenue increased by 18.5% to RMB 9.3 billion, with a gross margin of 76.5% [3]. - The automotive segment generated RMB 16.7 billion in revenue, with an ASP of RMB 234,000, and the company has raised its delivery target for 2025 to 350,000 vehicles [4]. Financial Projections - The company forecasts revenues of RMB 496.5 billion, RMB 638.3 billion, and RMB 740.8 billion for 2025, 2026, and 2027 respectively, with adjusted net profits of RMB 40 billion, RMB 51.5 billion, and RMB 64.5 billion for the same years [5][6]. - The projected earnings per share (EPS) for 2025 is RMB 1.42, reflecting a growth of 53.46% compared to 2024 [6]. Market Position and Strategy - The company plans to expand its retail presence, aiming to open 5,000 new stores in China and enter overseas markets with a target of 10,000 stores in five years [3]. - The successful launch of high-end models like the 15 Ultra has significantly boosted sales, with a year-on-year increase of 80% in units sold [2].

Investment Rating - The report assigns a rating of ★★★☆☆ to the company based on fundamental factors and valuation [3]. Core Insights - The company is a grain and oil wholesaler headquartered in Yangzhou, primarily operating in the Suzhong region under the "Hongxin Long" brand, ranking second among supermarket operators in Yangzhou with a market share of approximately 9.1% in 2023 [1]. - The convenience store sector is expected to continue growing, with retail sales in mainland China reaching RMB 424.8 billion in 2023, reflecting a compound annual growth rate (CAGR) of 14.30% from 2017 to 2023. The forecast for 2024E-2027E indicates a continued growth with a CAGR of 9.00% [2]. - The company has four main business strategies aimed at consolidating market position and increasing market share, including expanding retail store numbers, enhancing warehousing capacity through new distribution centers, increasing food processing capabilities via new central kitchens, and improving operational efficiency through enhanced ERP systems [2]. Financial Data Summary - The financial data for the company shows the following figures (in billion RMB): - Other income: 14.32 in 2022, 13.29 in 2023, and projected 14.02 in 2024 - Profit attributable to shareholders: 0.35 in 2022, 0.51 in 2023, and projected 0.52 in 2024 [3].

证券研究报告·海外公司点评·纺织及服饰(HS) 股价走势 安踏体育（02020.HK） 2024 年业绩点评：新业态引领市场，看好 25 年延续增势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62356 | 70826 | 78173 | 86079 | 94239 | | 同比(%) | 16.23 | 13.58 | 10.37 | 10.11 | 9.48 | | 归母净利润（百万元） | 10236 | 15596 | 13232 | 14763 | 16431 | | 同比(%) | 34.86 | 52.36 | (15.16) | 11.57 | 11.30 | | EPS-最新摊薄（元/股） | 3.65 | 5.56 | 4.71 | 5.26 | 5.85 | | P/E（现价&最新摊薄） | 23.50 | 15.43 | 18.18 | 16.30 | 14.64 | [Table_ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][27] Core Views - The company achieved a revenue of 16.1 billion yuan in Q4 2024, representing a year-on-year growth of 23% and a quarter-on-quarter growth of 59.4% [10][4] - The total sales volume for Q4 2024 was 91,500 units, a year-on-year increase of 52.1% and a quarter-on-quarter increase of 96.8% [10][15] - The company is expected to deliver between 91,000 and 93,000 vehicles in Q1 2025, which would represent an annual increase of approximately 317% to 326.2% [15][4] Financial Performance - In Q4 2024, the gross margin was 14.4%, an increase of 8.2 percentage points year-on-year, while the net margin was -8.3% [2][13] - The automotive business gross margin was 10.0%, up 5.9 percentage points year-on-year, primarily due to reduced vehicle costs [2][14] - The company forecasts revenues of 88.5 billion, 118.1 billion, and 130.3 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits of -1.6 billion, 2.7 billion, and 4.7 billion yuan for the same years [4][5][27] Product Development - The 2025 models of the G6 and G9 were officially launched, featuring the Turing AI driving system [3][22] - The G6 is positioned as an all-around electric coupe SUV with a price range of 176,800 to 198,800 yuan, while the G9 is marketed as a flagship SUV priced between 248,800 and 278,800 yuan [22][25] Strategic Partnerships - The company entered a strategic partnership with Volkswagen Group (China) to develop a super-fast charging network, aiming to create the largest fast-charging network in China [18][21]

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a target price yet to be specified [4]. Core Insights - Anta Sports reported a revenue of 70.8 billion RMB for the year 2024, representing a 14% year-on-year increase. The Anta brand achieved a revenue of 33.5 billion RMB, up 11%, while FILA generated 26.6 billion RMB, a 6% increase. Other brands, primarily Descente and KOLON SPORT, saw a significant revenue growth of 54%, totaling 10.7 billion RMB [1]. - The company's gross profit margin for 2024 was 62%, a slight decrease of 0.4 percentage points. Operating profit margin (OPM) was 23%, down 1.2 percentage points, with Anta's OPM at 21% and FILA's at 25.3% [1]. - The net profit attributable to shareholders, excluding one-time gains, was 11.9 billion RMB, reflecting a 17% increase year-on-year [1]. Brand Performance - Anta is focusing on differentiated retail strategies, moving away from a uniform approach to more targeted new retail formats, such as Anta Arena, Anta Hall, and Super Anta stores, which have shown significantly better performance than traditional stores [2]. - The Super Anta stores have achieved store efficiency three times that of traditional stores, with a customer base that includes 30-40% families and over 50% female shoppers [2]. - The new "Anta CAMPUS" stores are designed to cater to young consumers, achieving store efficiency twice that of traditional children's stores, indicating strong growth potential [2]. Multi-Brand Strategy - Descente has strengthened its brand leadership in high-end skiing and golf, achieving the top brand position in these segments. The brand is focusing on high-end retail models and plans to enhance its brand image through a large store upgrade strategy [3]. - KOLON SPORT is committed to a high-end outdoor lifestyle brand positioning, focusing on camping and hiking, and has expanded its presence in southern China, with plans for further national expansion [3]. Financial Projections - The report updates the revenue forecast for Anta Sports, projecting revenues of 78.6 billion RMB, 88.3 billion RMB, and 101.1 billion RMB for 2025 to 2027, respectively. The net profit attributable to shareholders is expected to be 13.5 billion RMB, 15.7 billion RMB, and 17.9 billion RMB for the same period [4][8].