Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company reported a revenue of 40.87 billion RMB for the year 2024, representing a year-on-year increase of 33.2%. The revenue for Q4 2024 was 16.11 billion RMB, with year-on-year and quarter-on-quarter growth of 23.4% and 59.4%, respectively [3][4]. - The automotive business gross margin for Q4 2024 was 10.0%, an increase of 6.0 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [4]. - The company expects Q1 2025 automotive sales to be between 91,000 and 93,000 units, with a year-on-year growth range of 317.0% to 326.2% [5]. Revenue and Profitability - The automotive business revenue for Q4 2024 was 14.67 billion RMB, showing a year-on-year increase of 20.0% and a quarter-on-quarter increase of 66.8% [4]. - The total gross profit for Q4 2024 was 2.32 billion RMB, with a gross margin of 14.4%, reflecting an increase of 8.2 percentage points year-on-year [4]. - The company reported a non-GAAP net profit of -5.35 billion RMB for the year 2024, indicating a reduction in losses compared to the previous year [3]. Cost Management and Future Outlook - R&D expenses for Q4 2024 were 2.01 billion RMB, up 53.4% year-on-year, with an R&D expense ratio of 12.5% [5]. - The company had cash and cash equivalents totaling 41.96 billion RMB as of Q4 2024, indicating a strong short-term liquidity position [5]. - The company anticipates significant revenue growth in the coming years, projecting revenues of 95.23 billion RMB in 2025, 148.09 billion RMB in 2026, and 162.90 billion RMB in 2027 [9].

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 11.50, indicating a potential upside of 43% from the current price of HKD 8.02 [5][6]. Core Insights - The company has demonstrated outstanding capabilities in small molecule innovative drug development, particularly in oncology, with a pipeline consisting of 16 major candidates, including 10 in clinical stages [11][12]. - The global product Pimicotinib has shown excellent clinical data and is nearing commercialization, with a reported objective response rate (ORR) of 54.0% in a key clinical trial [3][22]. - The innovative drug Ipazagratinib is being developed for advanced liver cancer with promising early clinical results, indicating a significant market opportunity [4][33]. - The company is expected to experience rapid growth, with projected revenues of RMB 650 million, RMB 680 million, and RMB 730 million for 2025, 2026, and 2027 respectively [5][46]. Company Overview - The company focuses on discovering and developing innovative small molecule therapies for oncology, having established a robust pipeline since its inception in 2016 [8][11]. - The research team comprises approximately 221 professionals, with a significant portion holding advanced degrees, underscoring the company's strong R&D capabilities [39][40]. Financial Overview - The company is projected to achieve revenues of RMB 504 million in 2024, a substantial increase from RMB 19 million in 2023, marking a significant turnaround with a net profit of RMB 28 million expected for 2024 [46][47]. - The financial forecasts indicate continued growth, with revenues from Pimicotinib expected to reach RMB 110 million by 2026 and RMB 450 million by 2028 [47]. Industry Context - The report highlights the increasing support for innovative drug policies in China, which is expected to enhance the market potential for new drugs [15][16]. - The Chinese innovative drug sector is witnessing a surge in international licensing agreements, with 96 agreements totaling USD 856 billion in 2023, indicating a strong competitive advantage for domestic companies [16].

风险提示：需求断崖式下滑、供给侧调控放松。 -23% -5% 13% 31% 49% 67% 2024/3 2024/4 2024/5 2024/6 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 2025/1 2025/2 2025/3 52周内股价走势图 华润建材科技 恒生指数 [Table_Report] 相关报告 | [table_Authors] 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | [当前价格 Table_CurPrice] (港元)： | 1.85 | | --- | --- | --- | --- | --- | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | [Table_Market] | | | 登记编号 S0880513070005 | S0880521010001 | S0880123070145 | 交易数 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a revenue of 40.87 billion RMB for the year 2024, representing a year-on-year increase of 33.2%. The Q4 revenue was 16.11 billion RMB, with year-on-year and quarter-on-quarter growth of 23.4% and 59.4%, respectively [3][4]. - The automotive business gross margin for Q4 2024 was 10.0%, an increase of 6.0 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [3][4]. - The company expects Q1 2025 automotive sales to be between 91,000 and 93,000 units, with a year-on-year growth range of 317.0% to 326.2% [5]. Revenue and Profitability - Q4 2024 automotive revenue was 14.67 billion RMB, with year-on-year and quarter-on-quarter increases of 20.0% and 66.8%, respectively, primarily due to increased delivery volumes [4]. - The overall gross profit for Q4 2024 was 2.32 billion RMB, with a gross margin of 14.4%, reflecting a year-on-year increase of 8.2 percentage points [4]. Cost Management - R&D expenses for Q4 2024 were 2.01 billion RMB, up 53.4% year-on-year and 22.9% quarter-on-quarter, with an R&D expense ratio of 12.5% [5]. - Selling and administrative expenses for Q4 2024 were 2.28 billion RMB, with year-on-year and quarter-on-quarter increases of 17.5% and 39.3%, respectively [5]. Future Outlook - The company anticipates a strong product cycle in 2025, with significant new model launches and an expansion into overseas markets, aiming for a sales target of over 20,000 units in 2024 and doubling that in 2025 [7][8]. - Revenue projections for 2025, 2026, and 2027 are 95.23 billion RMB, 148.09 billion RMB, and 162.90 billion RMB, respectively, with expected net profits of -1.40 billion RMB, 6.43 billion RMB, and 9.14 billion RMB [9].

买入（维持） 2025 年 3 月 20 日 公司研究 剥离 KP 业务、索康尼实现高增，聚焦跑步、推进零售改革 ——特步国际（1368.HK）2024 年业绩点评 当前价：5.55 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 27.75 | | --- | --- | | 总市值(亿港元)： | 153.99 | | 一年最低/最高(港元)： | 4.15/7.13 | | 近 3 月换手率： | 49.0% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported a total revenue of 660.3 billion RMB for 2024, reflecting a year-over-year increase of 8%. The Non-IFRS net profit reached 222.7 billion RMB, up 41% year-over-year, while the profit attributable to equity holders was 194.1 billion RMB, marking a 68% increase [7]. - The company is expected to benefit from AI integration in its gaming and advertising sectors, with new AI-driven games and enhanced advertising platforms anticipated to drive growth [8]. - The company’s capital expenditure for 2024 was 76.7 billion RMB, a significant increase of 221% year-over-year, with plans to further increase spending in 2025 [9]. Company Overview - The company operates in the media industry, with a current H-share price of HK$540.00 and a market capitalization of approximately 378.76 billion RMB [2]. - Major shareholders include MIH Holdings B.V., which holds 24.43% of the shares [2]. - The company has a diversified product portfolio, with financial technology and enterprise services accounting for 31.3%, online gaming 30.1%, social networking 18.8%, and online advertising 18.5% [4]. Financial Performance - For Q4, the company achieved a revenue of 172.4 billion RMB, a year-over-year increase of 11%, and a quarter-over-quarter increase of 3%. Operating profit for the quarter was 51.5 billion RMB, up 24% year-over-year [7]. - The company’s net profit for 2025 is projected to be 221.6 billion RMB, representing a year-over-year growth of 14.18% [12]. Market Position - The company is positioned to leverage its stronghold in the AI search market, particularly through its WeChat platform, which has a daily search volume of nearly 600 million, compared to Baidu's 1.5 billion [9]. - The integration of AI is expected to enhance user engagement and advertising effectiveness, potentially leading to significant revenue growth in the advertising segment [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported a total revenue of RMB 660.3 billion for 2024, representing a year-over-year increase of 8%. The Non-IFRS net profit reached RMB 222.7 billion, up 41% year-over-year, while the profit attributable to equity holders was RMB 194.1 billion, reflecting a 68% increase [7]. - The company is expected to benefit from AI integration in its gaming and advertising sectors, with new AI-driven games and enhanced advertising platforms likely to drive growth [8][9]. - The company plans to increase capital expenditures in 2025, with a focus on AI-related research and development, and has set a target for share buybacks of at least HK$ 80 billion in 2025 [9]. Company Overview - The company operates in the media industry, with a market capitalization of approximately HK$ 378.76 billion and a current share price of HK$ 540.00 [2]. - Major shareholders include MIH Holdings B.V., which holds 24.43% of the shares [2]. - The company's stock has shown significant growth over the past year, with a 101.73% increase [2]. Financial Performance - For Q4, the company achieved a revenue of RMB 172.4 billion, a year-over-year increase of 11%, and a quarter-over-quarter increase of 3%. Operating profit for the quarter was RMB 51.5 billion, up 24% year-over-year [7]. - The company’s gaming revenue in Q4 grew by 23% to RMB 33.2 billion, driven by both existing popular games and new releases [9]. - The forecast for net profit attributable to equity holders for 2025 is RMB 221.6 billion, representing a year-over-year growth of 14.18% [12]. Product Mix - The company's revenue is diversified across several segments: Financial Technology and Enterprise Services (31.3%), Online Games (30.1%), Social Networks (18.8%), and Online Advertising (18.5%) [4].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 34.19, representing a potential upside of 20% from the current price of HKD 28.5 [4][5]. Core Insights - The company has demonstrated strong operational resilience during the industry adjustment period, achieving a total revenue of RMB 38.635 billion in 2024, a slight decline of 0.8% year-on-year, while net profit attributable to shareholders decreased by 8.0% to RMB 4.739 billion [5][6]. - The company is focusing on premiumization in its beer segment, with high-end product sales growing over 9%, and the overall sales volume of beer reaching 10.87 billion liters, a decline of only 2.5%, which is significantly better than major competitors [5][6]. - The company plans to leverage the recovery in the dining scene and expand into overseas markets, particularly in Southeast Asia, to drive future growth [5][6]. Financial Performance Summary - Revenue and Profitability: - Revenue for 2023 was RMB 38.932 billion, with a projected increase to RMB 39.751 billion in 2025, reflecting a growth rate of 2.9% [3][6]. - Net profit for 2023 was RMB 5.153 billion, expected to rise to RMB 5.374 billion in 2025, indicating a growth of 13.4% [3][6]. - The adjusted EBITDA for 2024 was RMB 6.34 billion, showing a year-on-year increase of 2.9% [5][6]. - Earnings Per Share and Dividends: - Basic earnings per share for 2023 was RMB 1.59, projected to increase to RMB 1.66 in 2025 [3][6]. - The dividend per share for 2024 is expected to be RMB 0.76, with a payout ratio of 52%, and the company aims to increase this to over 60% in the next three years [5][6]. - Cash Flow and Efficiency: - The net cash flow from operating activities surged by 67% year-on-year to RMB 6.93 billion, marking a five-year high [5][6]. - The company has improved its overall gross margin to 42.6%, up by 1.2 percentage points year-on-year [5][6]. Strategic Focus - The company is committed to a "three precision strategy" aimed at enhancing operational efficiency and competitiveness, which includes streamlining organization, optimizing costs, and refining operations [5][6]. - The focus on premiumization and product innovation is expected to solidify the company's leading position in the high-end market segment [5][6].

Investment Rating - The investment rating for the company is 5.1 out of 10, based on operational performance, industry outlook, valuation, and market sentiment [9][11]. Core Insights - The company, Nanshan Aluminum International, is a major alumina manufacturer in Southeast Asia, holding a market share of 34.9% in the region. It has a designed production capacity of 2 million tons of alumina and is expanding its capacity with new projects expected to start operations in 2025 and 2026 [1][2]. - The company's revenue has shown rapid growth, with a CAGR of 98% from 2021 to 2023, and gross margins have improved significantly due to rising alumina prices [2]. - The global aluminum market is projected to grow, particularly in the construction, transportation, electrical, and packaging sectors, with Southeast Asia expected to see strong growth rates [3]. Company Overview - Nanshan Aluminum International is one of the top three alumina producers in Southeast Asia, with its largest customer being Press Metal Group, accounting for over 50% of its revenue [1]. - The company is controlled by Nanshan Aluminum, a publicly listed company in A-shares, which will hold a 60.09% stake post-IPO [1]. Financial Performance - The company's revenues for the years 2021, 2022, 2023, and the first nine months of 2024 were $172.8 million, $466.8 million, $677.8 million, and $683.0 million, respectively. The gross margins for these periods were 25.9%, 24%, 29.2%, and 46.3% [2]. Industry Status and Outlook - The alumina market in Southeast Asia is expected to grow, with design capacities projected to increase from 5.6 million tons in 2023 to 8.6 million tons by 2028, reflecting a CAGR of 6.8% [3]. - The demand for aluminum is anticipated to rise in various sectors, with the construction industry in Southeast Asia expected to grow at a CAGR of 7.7% from 2023 to 2028 [3]. Advantages and Opportunities - The company benefits from a strong position in the alumina industry, stable raw material supply, and robust policy support, which enhance operational efficiency and profitability [4]. - The company adheres to international ESG governance standards, promoting sustainable development [4]. Use of Proceeds - Approximately 90% of the net proceeds from the IPO will be used for the development and construction of alumina production projects in Indonesia, aiming to expand total alumina capacity to 4 million tons [6].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 13, representing a potential upside of 38% from the current price of HKD 9.6 [4][7]. Core Insights - The company's revenue and profit performance are in line with expectations, with a steady increase in the dividend payout ratio to 60%. For the fiscal year ending December 31, 2024, the company is projected to achieve a revenue of HKD 389.6 billion (+4.6% YoY) and a net profit of HKD 20.7 billion (+10.1% YoY) [3][7]. - The company is experiencing robust growth in its AIDC (Artificial Intelligence Data Center) orders, with a significant increase in its cloud and data center revenues driven by advancements in artificial intelligence [7]. - The capital expenditure structure is optimized, with a reduction in overall capital spending while maintaining growth in computing power investments [7]. Financial Summary - **Revenue Projections**: The company expects revenues to grow from HKD 372.6 billion in 2023 to HKD 389.6 billion in 2024, with a compound annual growth rate (CAGR) of approximately 4.6% over the next few years [3][12]. - **Net Profit**: The net profit is projected to increase from HKD 18.9 billion in 2023 to HKD 20.7 billion in 2024, reflecting a growth rate of 10.1% [3][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from HKD 0.65 in 2023 to HKD 0.72 in 2024, indicating a growth of 11.8% [3][12]. - **Dividend Growth**: The company has consistently increased its dividend per share, with a projected dividend of HKD 0.43 for 2024, up 20.1% YoY, and a target payout ratio increasing to over 75% in the coming years [7][12]. - **Capital Expenditure**: The capital expenditure is forecasted to decrease from HKD 613.7 billion in 2024 to HKD 550 billion in 2025, while investments in computing power are expected to grow by 28% [7][12]. Market Position - The company holds a strong position in the telecommunications sector, with significant growth in its IoT (Internet of Things) connections and a leading position in the automotive IoT market [7]. - The report highlights the company's strategic focus on AI and cloud services, which are anticipated to drive future revenue growth [7].