Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 44.00, indicating a potential upside of 84.1% from the current price of HKD 23.90 [2][3][10]. Core Insights - The company is expected to achieve profitability again in 2024, driven by strong overseas sales of Furmonertinib and effective cost control measures. The focus for 2025 will be on the NDA submission for SAVANNAH in the US and the expansion of new products and indications in the domestic market [3][7]. - The company reported a revenue of USD 363 million for its oncology/immunology business in 2024, with oncology product revenue increasing by 65% year-on-year to USD 272 million, largely due to the significant sales growth of Furmonertinib in overseas markets [7]. - The report anticipates that overseas sales will grow to USD 460 million in 2025, supported by improved insurance coverage in the US and the commercialization of new markets in Japan and the EU [7]. Financial Forecasts - Revenue projections for 2025 are set at USD 708 million, with a slight decrease from previous estimates. The gross profit is expected to be USD 386 million, reflecting a gross margin of 54.6% [6][12]. - The net profit forecast for 2025 is USD 452 million, representing a significant increase of 15% compared to prior estimates, with a net profit margin of 63.9% [6][12]. - The report outlines a DCF valuation model, projecting a free cash flow of USD 42 million in 2025, with a perpetual growth rate of 3% [8]. Key Catalysts - Upcoming catalysts include the NDA submission for SAVANNAH, approval progress for various indications of Furmonertinib and Savolitinib in the domestic market, and the entry of the first candidate drug from the ATTC platform into clinical trials in the second half of 2025 [7][8].

Investment Rating - The investment rating for the company is "Buy" [2][6][7] Core Insights - The company's 2024 performance met market expectations, with revenue reaching 70.83 billion RMB, a year-on-year increase of 13.6% [6] - The company aims for revenue growth in 2025 to be in the high single digits to double digits [6] - The company has maintained a dividend payout ratio of 51.4% for 2024, slightly up from 50.9% in 2023 [6] Financial Overview - Revenue projections for the company are as follows: 62.36 billion RMB in 2023, 70.83 billion RMB in 2024, and 77.16 billion RMB in 2025, with year-on-year growth rates of 16.2%, 13.6%, and 8.9% respectively [5][9] - Net profit is expected to be 10.24 billion RMB in 2023, increasing to 15.60 billion RMB in 2024, and then decreasing to 14.08 billion RMB in 2025 [5][9] - The company’s earnings per share (EPS) are projected to be 3.57 RMB in 2023, 5.37 RMB in 2024, and 4.84 RMB in 2025 [5][10] Brand Performance - The Anta brand generated revenue of 33.52 billion RMB in 2024, a year-on-year increase of 10.6% [6] - The FILA brand's revenue grew by 6.1% to 26.63 billion RMB, with significant sales in footwear [6] - Other brands contributed 10.68 billion RMB, with Descente and Kolon showing strong growth rates of 35% and 60% respectively [6] Market Strategy - The company is focusing on a multi-brand global strategy, with plans to enhance its presence in Southeast Asia and the Middle East [6] - The management has set a target for overseas business contributions to reach 15% within five years [6] - The company expects Anta, FILA, and other brands to achieve high single-digit, mid-single-digit, and over 30% growth respectively in 2025 [6]

Investment Rating - The report assigns a target price of HKD 65.0 for the company, indicating a "Trading Buy" rating based on the potential upside [1][6]. Core Insights - The company has shown significant growth in revenue and net profit for 2024, with a revenue of RMB 365.9 billion, representing a 35% year-on-year increase, and a net profit of RMB 23.7 billion, also up 35% year-on-year [9]. - The automotive segment has outperformed expectations, with a revenue of RMB 32.8 billion from electric vehicle sales, and a gross margin of 18.5% [9]. - The company's "human-vehicle-home" ecosystem strategy is yielding positive results, positioning the automotive business as a key growth driver for the future [6][9]. Summary by Sections Company Information - The company operates in the electronics industry, with a current H-share price of HKD 56.50 and a market capitalization of approximately HKD 51.27 billion [2]. - Major shareholder includes ARK Trust (Hong Kong) Limited, holding 25.02% of shares [2]. Recent Performance - The company reported a significant increase in mobile phone sales, achieving a 15.7% growth to 169 million units, making it the third largest globally [9]. - The IOT and lifestyle products segment saw a revenue increase of 30% to RMB 104.1 billion, driven by a 56% growth in smart home appliances [9]. Financial Projections - Forecasted net profits for 2025, 2026, and 2027 are RMB 31.8 billion, RMB 40.8 billion, and RMB 47.7 billion, respectively, with year-on-year growth rates of 34%, 29%, and 17% [9][13]. - The projected earnings per share (EPS) for the same years are RMB 1.27, RMB 1.63, and RMB 1.90 [9][13].

Investment Rating - The report assigns a "Buy" rating for Tencent Holdings (700 HK) with a target price raised to HKD 583, indicating a potential upside of 8.0% from the current price of HKD 540 [1][4][50]. Core Insights - The report highlights that AI applications are expected to rapidly integrate into Tencent's ecosystem, contributing to revenue growth. The anticipated revenue for 2025 is projected to reach RMB 713.8 billion, reflecting an 8.1% year-on-year growth [2][8]. - The report emphasizes strong performance in various segments, including a 20% increase in gaming revenue and a 60%+ growth in video advertising revenue, driven by AI enhancements [7][8]. Financial Overview - Revenue projections for Tencent are as follows: - 2023: RMB 609,015 million - 2024: RMB 660,257 million - 2025E: RMB 713,818 million - 2026E: RMB 767,880 million - 2027E: RMB 818,920 million - Year-on-year growth rates are expected to decline gradually from 9.8% in 2023 to 6.6% in 2027 [3][52]. - Net profit forecasts are: - 2023: RMB 157,688 million - 2024: RMB 222,703 million - 2025E: RMB 244,774 million - 2026E: RMB 268,648 million - 2027E: RMB 289,453 million - The report anticipates a significant increase in earnings per share (EPS), from RMB 16.33 in 2023 to RMB 31.91 in 2027 [3][52]. Segment Performance - The report details segment performance for Q4 2024: - Total revenue reached RMB 172,446 million, up 11% year-on-year - Online gaming revenue increased by 23% year-on-year, with local games contributing significantly - Marketing services revenue grew by 17%, driven by video and search advertising [8][9]. - The report notes that the gross margin improved to 53% due to the growth of high-margin businesses [7][8]. Valuation - The report estimates a price-to-earnings (P/E) ratio of 19 times for 2025, with a projected share buyback of HKD 80 billion and dividends of HKD 41 billion, enhancing shareholder returns [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.34 based on a 12x PE valuation for 2025 [4][5]. Core Insights - The company has adjusted its revenue and gross margin forecasts for 2025-2026, introducing a new forecast for 2027, with expected earnings per share of RMB 0.49, 0.56, and 0.63 for 2025-2027 respectively [4][5]. - The main brand is focusing on increasing Direct-to-Consumer (DTC) investments to enhance customer interaction and brand loyalty [7][8]. - The professional sports segment, particularly the Saucony brand, has shown significant revenue growth and improved profitability, indicating the effectiveness of the DTC strategy [7][8]. Financial Performance Summary - For 2023, the company reported revenue of RMB 14,346 million, with a year-on-year growth of 10.9%. The projected revenues for 2024, 2025, 2026, and 2027 are RMB 13,577 million, RMB 14,452 million, RMB 15,795 million, and RMB 17,244 million respectively, with growth rates of -5.4%, 6.4%, 9.3%, and 9.2% [4][8]. - The operating profit for 2023 was RMB 1,580 million, with a year-on-year growth of 7.9%. The expected operating profits for the following years are RMB 1,966 million, RMB 1,980 million, RMB 2,309 million, and RMB 2,593 million, reflecting growth rates of 24.4%, 0.7%, 16.6%, and 12.3% [4][8]. - The net profit attributable to the parent company for 2023 was RMB 1,030 million, with a year-on-year increase of 11.8%. The forecasts for the next four years are RMB 1,238 million, RMB 1,369 million, RMB 1,558 million, and RMB 1,745 million, with growth rates of 20.2%, 10.6%, 13.8%, and 12.0% [4][8]. - The gross margin is expected to improve from 42.2% in 2023 to 45.0% by 2027, while the net margin is projected to increase from 7.2% to 10.1% over the same period [4][8].

Investment Rating - The report maintains an "Outperform" rating for Anta Sports [3][40]. Core Views - Anta Sports is expected to achieve a core net profit growth of 16.5% in 2024, with a revenue increase of 13.6% to 70.83 billion RMB, excluding non-cash profits from Amer Sports [1][7]. - The company is optimistic about the growth potential in the Chinese sports consumption market, with management projecting high single-digit growth for the Anta brand and over 30% growth for other brands in 2025 [2][39]. Financial Performance Summary - **Revenue and Profit**: In 2024, Anta's revenue is projected to reach 70.83 billion RMB, with a core net profit of 11.93 billion RMB, reflecting a 16.5% increase [1][4]. - **Brand Performance**: Revenue from Anta, FILA, and other brands is expected to be 33.5 billion RMB, 26.6 billion RMB, and 10.7 billion RMB respectively, with growth rates of 10.6%, 6.1%, and 53.7% [2][7]. - **Profit Margins**: The overall gross margin is projected to be 62.2%, with a decline of 0.4 percentage points from the previous year, while the operating profit margin is expected to decrease by 1.2 percentage points to 23.4% [8][29]. Brand-Specific Insights - **Anta Brand**: Revenue is expected to grow by 10.6% to 33.5 billion RMB, with a focus on e-commerce and new retail formats [18][19]. - **FILA Brand**: Revenue growth of 6.1% is anticipated, driven by professional sports series and e-commerce channels, despite a decline in profit margins [22][23]. - **Other Brands**: Significant growth of 53.7% is expected, with Descente and Kolon achieving strong performance [24][26]. Cash Flow and Dividend Policy - The company maintains a robust cash flow with a net cash position of 31.4 billion RMB and a dividend payout ratio of 51.4% [15][39]. - Operating cash inflow is projected at approximately 16.74 billion RMB, indicating a healthy net cash ratio [15][39]. Future Outlook - The report projects net profits for 2025-2027 to be 13.48 billion RMB, 15.46 billion RMB, and 17 billion RMB respectively, with a corresponding growth rate of 13.0%, 14.7%, and 10.0% [3][39]. - The reasonable valuation is adjusted to 113-118 HKD, reflecting an increase from the previous estimate of 103-112 HKD [3][39].

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 20 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 97.90 | 港元 | 113.30↑ | +15.7% | | | 安踏 (2020 HK) | | | | | | | 2024 年业绩符合预期；2025 年指引营收高个位数至双位数增长 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -20% -10% 0% 10% 20% 30% 40% 50% 2020 HK 恒生指数 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 62,356 | 70,826 | 77,163 | 84,476 | 90,862 | | 同比增长 (%) | 16.2 | 13.6 | 8.9 | 9.5 | 7.6 | | 净 ...

个股评级 买入 1 年股价表现 交银国际研究 公司更新 | 互联网 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 20 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 540.00 | 港元 | 583.00↑ | +8.0% | | | 腾讯控股 (700 HK) | | | | | | | AI+应用或在腾讯生态最快落地，上调目标价 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 609,015 | 660,257 | 713,818 | 767,880 | 818,920 | | 同比增长 (%) | 9.8 | 8.4 | 8.1 | 7.6 | 6.6 | | 净利润 (百万人民币) | 157,688 | 222,703 | 244,774 | 268,648 | 289,453 | | 每股盈利 (人民币) | 16.33 | 23. ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 8.12 billion yuan in 2024, representing a 16% year-on-year growth, but reported a net loss of 210 million yuan primarily due to goodwill impairment of 1.1 billion yuan [1][7] - Adjusted net profit, excluding goodwill impairment, was 1.14 billion yuan, showing a 1% increase year-on-year [1][7] - The online reading business stabilized with a revenue of 4.03 billion yuan in 2024, a 2% increase, marking a recovery from previous declines [7] - The company is focusing on high-quality content production, which may extend the development cycle of new projects and increase overall production costs, leading to a forecasted decline in profits in the coming years [7] - The derivative products and other copyright operations are progressing positively, with a 36% year-on-year revenue growth in self-owned copyright operations, excluding the impact of goodwill impairment [7] Financial Data and Profit Forecast - Revenue forecast for 2024 is 8.12 billion yuan, with a projected growth of 1% in 2025 and 5% in 2026 and 2027 [3][8] - Adjusted net profit is expected to be 1.28 billion yuan in 2025, with a 12% year-on-year growth, and 1.42 billion yuan in 2026, with an 11% growth [3][8] - Earnings per share are projected to be 1.25 yuan in 2025 and 1.38 yuan in 2026 [3][8] - The company’s price-to-earnings ratio is forecasted to decrease from 23 in 2024 to 21 in 2025 and further to 19 in 2026 [3][8]

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) and raises the target price to HKD 118.8, indicating a potential upside of 21.3% from the current price of HKD 97.9 [2][5]. Core Insights - Despite facing significant pressure on profit margins in the short term, Anta's revenue from its main brand is expected to steadily expand, with other brands maintaining rapid growth. The contribution from Amer Sports is projected to significantly increase, supporting a high growth rate in core net profit by 2025. The multi-brand strategy is anticipated to continue driving overall revenue expansion for the company [1][7][8]. Financial Projections - Revenue is forecasted to grow from RMB 62,356 million in 2023 to RMB 78,838 million in 2025, reflecting a compound annual growth rate (CAGR) of 11.3% [9][13]. - The net profit attributable to shareholders is expected to decrease from RMB 15,596 million in 2024 to RMB 13,965 million in 2025, indicating a decline of 10.5% [9][13]. - The gross margin is projected to remain stable around 62.5% in 2025, with operating profit margin slightly declining to 23.2% [11][12]. Brand Performance - Anta's brand revenue is expected to grow at a high single-digit percentage in 2025, while Fila is projected to grow in the mid-single digits. Other brands like Descente and Kolon are anticipated to exceed 30% growth [7][8]. - The online sales channel is expected to continue to grow, contributing to the overall revenue but also leading to increased discounting pressures on margins [7][8]. Market Strategy - Anta plans to increase market investments in 2025, focusing on expanding the new retail formats, enhancing overseas market presence, and increasing product launches. The company aims for overseas revenue to account for 15% within five years [7][8]. - The multi-brand strategy is expected to be a key driver for long-term revenue growth, with Descente and Kolon brands showing strong growth momentum [7][8].