Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 35.20, indicating a potential upside of 37.0% from the current price of HKD 25.70 [6]. Core Insights - The report highlights the competitive advantage of 泰它西普 (Taitasip) in treating generalized Myasthenia Gravis (gMG), with III phase trial results showing significant improvement compared to existing competitors like VYVGART [1][2]. - The company has a clear commercialization strategy for 泰它西普, which includes increasing specialized representatives in the neuroimmunology field and enhancing physician education on its advantages over competitors [1][2]. - The report anticipates that the approval of 泰它西普 for gMG will drive long-term sales growth, supported by strong clinical data and a well-defined marketing strategy [1][2]. Summary by Sections - **Clinical Trial Results**: The III phase study involved 114 gMG patients, showing an average improvement of 5.74 points in MG-ADL scores for the 泰它西普 group compared to 0.91 points for the placebo group. The improvement in QMG scores was 8.66 points versus 2.27 points for the placebo [1]. - **Safety Profile**: 泰它西普 demonstrated a better safety profile with a lower incidence of infection-related adverse events compared to VYVGART, which has limitations due to its safety concerns [1][2]. - **Regulatory and Commercialization Timeline**: The application for 泰它西普's gMG indication was accepted for priority review in October 2024, with expectations for approval within the year. Additional new indications and products are also in the pipeline [1][2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.2 HKD, based on a 13x P/E valuation for 2025 [5]. Core Insights - The company's 2H24 performance fell short of market expectations, with total revenue of 1.5 billion HKD, a year-on-year decline of 20%, and a 11% miss compared to Bloomberg consensus [2][3]. - The payment business, which accounts for 89% of revenue, also underperformed, with a 6% revenue miss due to a larger-than-expected decline in GPV [1][2]. - The company is expected to see a recovery in its payment business in 2025, with projected revenue growth outpacing GPV growth, leading to a stabilization in profits [1][3]. Financial Performance Summary - Total revenue for 2H24 was 1.5 billion HKD, down 20% year-on-year, with a gross profit margin of 28%, up 9 percentage points year-on-year [2]. - The adjusted EBITDA for 2H24 was 220 million HKD, a 17% decline year-on-year, with an EBITDA margin of 14.7% [2][4]. - The company reported a net profit of 51 million HKD for 2H24, compared to a loss of 22 million HKD in the same period last year [2][4]. Business Segment Analysis - The one-stop payment service revenue decreased by 19% year-on-year in 2H24, while merchant solutions revenue fell by 30% due to a decline in the number of paying merchants [3]. - The overseas business showed significant progress, with a GPV of 1.1 billion HKD in 2024, nearly a fivefold increase year-on-year, driven by channel development and customer expansion [3][4]. Financial Projections - For 2025, the company anticipates a 9% year-on-year increase in payment GPV, with revenue growth slightly exceeding GPV growth [3][4]. - The adjusted net profit for 2025 is projected to be 270 million HKD, with a net profit margin of 4.5% [4][10].

Investment Rating - The report maintains a "Buy" rating for ZTO Express (02057) with a target price not specified [5][4]. Core Views - The express delivery industry is expected to benefit from increased domestic demand, which may lead to higher growth in delivery volumes and prices [1][2]. - The express delivery price decline reached 18% year-on-year in February 2025, but a recovery is anticipated as competition eases and demand increases [3]. - Profit forecasts for 2025-2026 have been lowered due to unexpected price declines, with projected net profits of 10.4 billion and 11.7 billion respectively, down from previous estimates [4]. Summary by Sections Market Conditions - The express delivery volume and price growth are expected to rise due to domestic demand stimulation in response to increased tariffs on Chinese goods by the U.S. [2]. - The domestic express delivery market is projected to see significant volume growth, potentially exceeding the growth rates observed in 2019 [2]. Price Trends - A significant drop in express delivery prices has been noted, but a cyclical recovery is expected as market conditions improve [3]. - The competitive landscape may stabilize, leading to a narrowing of price declines, which would benefit profitability for express delivery companies [3]. Financial Projections - The report has adjusted the profit forecasts for ZTO Express, projecting net profits of 10.4 billion, 11.7 billion, and 12.4 billion for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.8, 8.8, and 8.3 [4].

证券研究报告 | 2025年04月10日 中国海外宏洋集团（00081.HK） 优于大市 结算规模和利润承压，但签约销售明显好转 公司业绩承压但派息率提升。2024 年，公司实现营业收入 459 亿元，同比 -19%，主要因为 2022 年起地产行业下行导致公司签约销售下降对结算规模 的影响渐显；归母净利润为 9.5 亿元，同比-59%；归母净利率 2.1%，同比下 降 2.0 个百分点。公司盈利水平下滑，一方面 2024 年公司毛利率同比下降 2.8 个百分点至 8.4%，但随着 2022 年及以后获取的项目逐步进入结算期， 预期毛利率将企稳回升。另一方面 2024 年归母净利润占比为 79%，同比下降 35 个百分点。2024 年，公司管理费率和销售费率相对平稳。全年每股派息 0.10 港元，虽然同比-38%，但派息率已较往年 20%左右提升至 35%。 权益销售同比转正，下沉市场优势增强。2024 年，公司实现签约销售额 401 亿元，同比-6%；合联营销售额 30 亿元，占比 8%保持低位；权益销售额 343 亿元，同比+2%实现转正，权益占比提升至 85%；销售面积为 348 万㎡，同比 -1%。2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company achieved a revenue of 16.3 billion yuan in 2024, representing an 8% year-on-year growth, and a net profit of 1.5 billion yuan, which is a 7% increase year-on-year. The property management service revenue was 11.7 billion yuan, up 15% year-on-year, while community value-added service revenue was 2.7 billion yuan [9][19] - The overall gross margin for 2024 was 18.3%, a decrease of 1.3 percentage points year-on-year, and the net profit margin was 9.0%, down 0.2 percentage points year-on-year. The management expense ratio was 6.9%, down 1.2 percentage points year-on-year. The dividend payout ratio reached 50%, an increase of 10 percentage points year-on-year [9][19] - The company expanded its presence to 194 cities by the end of 2024, managing 2,821 projects with a total contracted area of 990 million square meters. The new contract amount for the year was 3 billion yuan, with office and public service expansions contributing 1.1 billion and 1.6 billion yuan, respectively [2][19] - The community value-added service revenue stabilized at 2.7 billion yuan in 2024, with a gross margin of 36.8%, down 1.6 percentage points year-on-year. Community life service revenue accounted for 69% of this segment, while community asset management service revenue made up 31% [2][19] - The company reported a cash balance of 11.9 billion yuan, an 8% increase year-on-year, with operating cash flow covering net profit by 1.5 times. Trade receivables stood at 2.8 billion yuan, with over 90% due within one year, and contract liabilities increased by 24% to 1.8 billion yuan [2][19] Financial Forecasts - The revenue forecast for 2025 and 2026 is adjusted to 17.5 billion yuan and 18.7 billion yuan, respectively, down from previous estimates of 19 billion yuan and 21.3 billion yuan. The net profit forecasts for the same years are 1.6 billion yuan and 1.7 billion yuan, revised down from 1.8 billion yuan and 1.9 billion yuan [3][19] - The expected earnings per share (EPS) for 2025 and 2026 are 2.84 yuan and 3.05 yuan, with corresponding price-to-earnings (PE) ratios of 9.1 and 8.9 times [3][19] - Key financial metrics for 2024 include a revenue growth of 8.5%, a net profit growth of 6.8%, and a return on equity (ROE) of 15.2% [4][21]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 8.2, reflecting a 13x price-to-earnings ratio for 2025 [5]. Core Insights - The company's 2H24 performance fell short of market expectations, with total revenue of HKD 1.5 billion, a year-on-year decline of 20%, and a 11% miss compared to Bloomberg consensus [2][3]. - The payment business, which accounts for 89% of revenue, also underperformed, with a 6% revenue miss due to a greater-than-expected decline in Gross Payment Volume (GPV) [1][2]. - The company is expected to see a recovery in its payment business in 2025, projecting a high single-digit year-on-year growth, with revenue growth outpacing GPV growth [1][3]. Financial Performance Summary - Total revenue for 2023 was HKD 3.951 billion, with a projected decline to HKD 3.087 billion in 2024, followed by a recovery to HKD 3.402 billion in 2025, representing a 10.2% year-on-year growth [4]. - The adjusted net profit for 2025 is estimated at HKD 274 million, with a net profit margin of 4.5% [4][9]. - The company achieved a gross margin of 24.4% in 2025, up from 23.6% in 2024 [4]. Business Segment Analysis - The one-stop payment service revenue decreased by 19% year-on-year in 2H24, while merchant solutions revenue fell by 30% due to a decline in the number of paying merchants [3][9]. - The overseas business showed significant progress, with a GPV of HKD 1.1 billion in 2024, nearly a fivefold increase year-on-year, driven by bank channel development and customer expansion [3][4]. Market Position and Valuation - The company’s market capitalization is approximately HKD 3.166 billion, with a circulating market value of HKD 1.766 billion [5]. - The stock has experienced a 12-month low of HKD 6.4 and a high of HKD 13.4, indicating volatility in its market performance [5].

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (09988) with a target price of HKD 144, while the current price is HKD 103.6 [5]. Core Viewpoints - Alibaba's GMV is stabilizing and expected to recover due to a user-first strategy, despite a slowdown in overall e-commerce growth in China [1][19]. - The company is focusing on enhancing user experience and optimizing its membership program, 88VIP, which has accumulated over 42 million high-engagement users contributing more than 25% of GMV [1][19]. - Alibaba's share buyback program has reached unprecedented levels, with a total of 3.381 billion shares repurchased for USD 38.74 billion, indicating a strong commitment to shareholder returns [3]. Summary by Sections 1. Market Potential and Changes - China's e-commerce penetration still has room for growth, with online retail sales reaching CNY 13.79 trillion in 2022, accounting for 27.2% of total retail sales [1][13]. - The report highlights that Alibaba's market share in online retail has declined from 59%-64% in 2018-2019 to 49% by FY24Q4, attributed to intensified competition [16][19]. - The user-first strategy is expected to enhance consumer retention and purchasing frequency, leading to a potential recovery in GMV [19][32]. 2. Organizational Changes and Strategic Focus - Alibaba has streamlined its organizational structure, focusing on two core businesses: Taobao and Alibaba Cloud, under the leadership of new CEO Wu Yongming [2][5]. - The company is implementing a comprehensive promotion strategy to enhance monetization rates for small and medium-sized merchants, leveraging AI to optimize advertising effectiveness [2][5]. 3. International E-commerce Growth - The report notes that AliExpress is seeing growth through a combination of fully managed and semi-managed services, which account for over 70% of orders, enhancing user experience and attracting new users [4]. - Lazada has achieved its first positive EBITDA in July 2024, supported by a robust logistics network and payment system [4]. 4. Cloud Services and AI Integration - Alibaba Cloud remains the largest IaaS provider in the Asia-Pacific region, with a focus on AI-driven strategies to enhance service offerings and reduce costs [4]. - The report emphasizes the continuous iteration of the Tongyi model, which has shown strong performance in various applications, indicating a commitment to AI development [4].

Investment Rating - The report maintains a "Buy" rating for Meituan-W with a target price of 178.12 HKD [5][12][15] Core Insights - The overall performance of Meituan in Q4 2024 exceeded expectations, with revenue reaching 885 billion CNY, a year-on-year increase of 20% [9] - The core local business showed resilience, with revenue of 656 billion CNY in Q4 2024, up 19% year-on-year [9] - New business segments, particularly overseas expansion, are seeing positive developments, with new business revenue growing by 24% year-on-year [10] Summary by Sections Delivery Business - In Q4 2024, the delivery orders grew in the high single digits, with average order value (AOV) declining year-on-year but showing a reduced decline quarter-on-quarter [2] - The operational improvements and increased monetization rates helped offset the negative impact of AOV decline on revenue [2] - The macroeconomic environment continues to affect delivery order volumes and AOV, but there are structural opportunities for advertising revenue growth [2] Flash Purchase - Flash purchase orders are estimated to have increased by approximately 25% in Q4 2024, achieving profitability for the year [3] - The convenience of instant retail is stimulating consumer demand, particularly in lower-tier markets [3] - Revenue growth is expected to outpace order growth, contributing significantly to long-term profits [3] In-store and Travel Services - Orders in the in-store and travel segment are projected to grow over 65% year-on-year in 2024, with record highs in annual transaction users and active merchants [4] - The introduction of live streaming and promotional activities is enhancing merchant operations and marketing efficiency [4] - The organizational adjustments and the launch of the Meituan membership system are expected to improve customer acquisition and transaction frequency in this segment [4] Financial Projections - The report forecasts a revenue of 337.6 billion CNY for 2024, with a year-on-year growth of 21.99% [12] - Adjusted net profit for 2024 is projected at 35.8 billion CNY, reflecting a significant year-on-year increase of 158.43% [12] - The estimated earnings per share for 2024 is 5.86 CNY, with a projected increase in subsequent years [12][14]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company achieved a total revenue of 28.87 billion yuan, representing a year-on-year increase of 10.2%. The net profit attributable to shareholders reached 3.50 billion yuan, up 50.1% year-on-year, while the adjusted Non-HKFRS net profit was 3.46 billion yuan, reflecting a 33.5% increase [2][5][8]. - The company has seen robust growth in innovative product revenues, which reached 12.06 billion yuan, a growth of 21.9%, accounting for 41.8% of total revenue. In 2024, six innovative products were approved for market launch, and 28 generic drugs were also approved [8]. - The oncology segment generated revenue of 10.73 billion yuan, up 22.0%, while the liver disease segment saw a decline of 10.1% to 3.44 billion yuan. The respiratory segment grew by 6.2% to 3.15 billion yuan, and the surgical/pain management segment increased by 18.9% to 4.46 billion yuan. However, the cardiovascular segment experienced a significant decline of 21.0% to 2.17 billion yuan [8]. - The company's gross margin for continuing operations improved to 81.5%, up from 81.0% in the previous year, while the selling and administrative expense ratio decreased by 0.1 percentage points, showcasing effective organizational integration and management strategies [8]. - The company is positioned as a benchmark for traditional pharmaceutical companies transitioning to innovation, with a clear inflection point in its fundamentals. The growth in innovative products and optimization of the entire operational chain support its strong long-term value [8]. - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 2.655 billion yuan, 3.144 billion yuan, and 3.725 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.14 yuan, 0.17 yuan, and 0.20 yuan [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6][17]. Core Insights - The company reported a revenue of 2.061 billion RMB for 2024, reflecting a year-on-year growth of 17.1%, and a net profit of 428 million RMB, up 31.0% year-on-year [6]. - The company is experiencing robust growth in its XR business, with significant collaboration with leading technology and consumer electronics firms, enhancing its market position [6][7]. - The company has adjusted its equity incentive plan, extending the assessment period to four years, which reflects confidence in long-term growth [6][7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 1.76 billion RMB - 2024: 2.061 billion RMB - 2025: 2.403 billion RMB - 2026: 2.790 billion RMB - 2027: 3.248 billion RMB - The net profit forecast is as follows: - 2023: 327 million RMB - 2024: 428 million RMB - 2025: 528 million RMB - 2026: 636 million RMB - 2027: 762 million RMB - The company’s earnings per share (EPS) are projected to increase from 0.77 RMB in 2023 to 1.59 RMB in 2027 [2][8]. Market Data - As of April 8, 2025, the closing price of the company's stock was 22.20 HKD, with a market capitalization of 10.654 billion HKD [3]. - The stock has shown significant volatility, with a 52-week high of 32.00 HKD and a low of 7.72 HKD [3]. Business Development - The company is focusing on product structure upgrades, with significant growth in functional lenses, which saw a revenue increase of 32.4% year-on-year [6][7]. - The company is expanding its market presence in regions such as South America, India, and Mexico, contributing to revenue growth [6][7]. - The company’s self-owned brand business achieved a revenue of 1.15 billion RMB in 2024, marking a 24.5% increase year-on-year, accounting for 55.8% of total revenue [6][7].