Group 1 - The company rating is "Outperform" (Initiate) [3][6] - The report date is March 19, 2025 [3] - The closing price on March 18, 2025, was HKD 7.92, with a total market value of HKD 199.66 billion [4][8] Group 2 - TCL Electronics is a leader in the black-and-white electronics sector, experiencing rapid performance growth driven by technology upgrades and demand [9][11] - The display business is the core of TCL's operations, with a global market share of 14.3% in smart screen shipments, ranking second worldwide [11][20] - In 2024, TCL's global TV shipments are expected to increase by 14.8% year-on-year, reaching 29 million units [11][20] Group 3 - The global TV industry is projected to grow at a compound annual growth rate (CAGR) of 7.7%, with the market size expected to reach USD 835.8 billion by 2034 [11][14] - Mini LED TV shipments are anticipated to grow significantly, with a year-on-year increase of 194.5% in 2024 [11][14] - TCL's Mini LED TVs are expected to benefit from national subsidy policies and economies of scale, enhancing their market position [11][14] Group 4 - The company has a compound revenue growth rate of 10.9% from 2015 to 2023, with net profit attributable to the parent company growing at a CAGR of approximately 26.2% [11][20] - For the fiscal year 2023, TCL's revenue was HKD 78.986 billion, with a year-on-year growth of 10.7% [7][13] - The projected revenue for 2024-2026 is HKD 94.966 billion, HKD 109.325 billion, and HKD 124.318 billion, representing year-on-year growth rates of 20.2%, 15.1%, and 13.7% respectively [6][13] Group 5 - The internet business segment is showing high growth potential, with a revenue increase of 20.2% in 2023, reaching HKD 2.76 billion [67] - The innovative business segment, including full-category marketing and distributed photovoltaics, has seen revenue growth, contributing to overall business expansion [70][71] - The solar business has reported significant revenue growth, achieving HKD 63 billion in 2023, with a year-on-year increase of 1820.3% [71]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 7.03, representing a potential upside of 23.5% from the current stock price of HKD 5.69 [2][6]. Core Insights - The company is expected to achieve a revenue growth of 20.2% in 2024, driven by increased investment in Direct-to-Consumer (DTC) business [2][6]. - The main brand, Xtep, showed stable growth with a revenue increase of 3.2% to RMB 12.3 billion, benefiting from strong online channel performance [6][7]. - The professional sports segment experienced significant growth of 57.2%, with revenue reaching RMB 1.25 billion, supported by the acquisition of Saucony and Merrell [6][7]. Financial Summary - Revenue projections for the upcoming years are as follows: RMB 12,743 million in 2023, RMB 13,577 million in 2024, RMB 14,940 million in 2025, RMB 16,410 million in 2026, and RMB 17,962 million in 2027, reflecting growth rates of 10.5%, 6.5%, 10.0%, 9.8%, and 9.5% respectively [3][7]. - Operating profit is forecasted to grow from RMB 1,798 million in 2023 to RMB 2,587 million in 2027, with a notable increase of 91.9% in 2023 [3][7]. - Net profit is expected to rise from RMB 1,030 million in 2023 to RMB 1,732 million in 2027, with a growth of 161.3% in 2023 and 20.2% in 2024 [3][7]. - The company maintains a healthy balance sheet with net cash of RMB 980 million and a dividend payout ratio of 50% [6][7]. Market Position and Strategy - The company plans to continue focusing on the running segment, aiming to solidify its position as the leading running brand in China [6][7]. - The strategy includes enhancing operational efficiency by reclaiming distribution rights for approximately 400-500 stores and directly operating flagship stores to improve customer experience [6][7]. - The company anticipates capital expenditures of RMB 500 million for 2025-2026 to support growth initiatives [6][7].

证券研究报告 | 2025年03月20日 众安在线（06060.HK） 优于大市 创新产品生态，巩固科技地位 科技驱动生态协同，创新产品矩阵扩容。1）健康领域：普惠与高端并行，提 升产品竞争力。公司旗舰产品"尊享 e 生"系列迭代至 2025 版，新增外购药 械责任，覆盖超 1.3 亿用户。非标体人群保障产品"众民保"保费同比+17%， 中高端医疗险上线 10 天保费破 1.4 亿元，差异化分层满足多元医疗需求。2） 数字生活：场景融合加速，新兴赛道增速亮眼。电商退货险依托公司在主流平 台渗透率的持续提升，保费占比提升至 53%。宠物险保费同比增长 129.5%，公 司升级推出宠物大病保险，市占率维持行业首位。3）消费金融：公司采取审 慎风控策略，主动收缩业务规模以应对资产质量的波动。截至 2024 年末，消 费金融保费收入同比下降 13.2%，综合成本率同比改善 6.3pt 至 90.1%，业务 质态显著改善。4）汽车生态：2024 年，公司新能源车险保费同比增长 188.4%， 占车险总保费的 12%。此外，公司已于上海、浙江两地获批交强险独立经营资 质，为汽车生态提供新的增长动能。 科技输出与国际化，技 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company achieved a revenue of 8.12 billion RMB in 2024, representing a year-on-year growth of 15.8%, but reported a net loss of 210 million RMB due to goodwill impairment related to New Classics Media [1][4] - Online business shows signs of stabilization, with proprietary reading products performing well, while third-party platform revenue increased significantly [2][3] - The company is focusing on IP derivative products, with significant growth in copyright operations and other income, particularly in the film and short drama sectors [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 81.2 billion RMB, a gross profit of 39.2 billion RMB, and a gross margin of 48.3% [1] - Adjusted net profit for 2024 was 11.4 billion RMB, a 1.0% increase year-on-year [1][4] - The company revised its adjusted net profit forecasts for 2025 and 2026 to 13.5 billion RMB and 15.3 billion RMB, respectively, reflecting a downward adjustment of 10.6% and 5.8% from previous estimates [4] Online Business Performance - Online business revenue reached 40.3 billion RMB, with proprietary platform product revenue increasing by 3.4% to 35.3 billion RMB [2] - The average monthly active users (MAU) for proprietary and Tencent self-operated channels decreased by 19% year-on-year to 166.6 million [2] IP Derivative Business - Copyright operations and other income grew by 33.5% to 40.9 billion RMB, with New Classics Media generating 1.64 billion RMB in revenue [3] - The company launched over 100 short dramas in 2024, achieving significant revenue milestones [3] - The gross merchandise value (GMV) for derivatives exceeded 500 million RMB, with a strong partnership network established [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [4][7][8] Core Insights - Xiaomi Group's 2024 and Q4 performance reached historical highs, with 2024 revenue of 365.9 billion RMB, a year-on-year increase of 35%, and adjusted net profit of 27.2 billion RMB, up 41% [7][8] - The company has raised its 2025 delivery target for electric vehicles to 350,000 units, up from 300,000, with a projected revenue of 32.8 billion RMB from this segment [7][8] - The smartphone segment continues to validate its high-end strategy, targeting 180 million units shipped in 2025, with a revenue of 191.8 billion RMB in 2024, a 22% increase [7][8] - The IoT segment saw a significant revenue increase, surpassing 100 billion RMB, with a target of 50% growth in 2025 [7][8] - The internet services segment achieved record revenue and gross margin, with a total revenue of 34.1 billion RMB in 2024, a 13.3% increase [7][8] - Xiaomi's retail strategy includes expanding its store count to 20,000 by 2025, with a focus on AI and core technologies [7][8] Financial Data and Profit Forecast - Revenue projections for Xiaomi Group are as follows: - 2023: 270.97 billion RMB - 2024: 365.91 billion RMB - 2025E: 469.36 billion RMB - 2026E: 572.04 billion RMB - 2027E: 684.43 billion RMB - Net profit projections are: - 2023: 19.27 billion RMB - 2024: 27.31 billion RMB - 2025E: 37.62 billion RMB - 2026E: 45.74 billion RMB - 2027E: 55.77 billion RMB [3][8]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (0291.HK) with a target price raised to HKD 41.8, indicating a potential upside of 38% from the current stock price of HKD 30.05 [1][5][4]. Core Insights - The overall consumption environment is under pressure, leading to a 2.5% decline in total sales volume, while high-end product sales grew by 9%. The average selling price increased by 1.5%, and gross profit per thousand liters rose by 4.9% [2][4]. - The company is implementing a "Three Precision" strategy focusing on streamlined management, lean cost control, and meticulous operations to drive growth in a stagnant market [2][4]. - The white liquor segment showed steady growth, with revenue reaching RMB 2.15 billion, a 4% increase year-on-year, and an EBITDA of RMB 850 million, reflecting a profit margin of 39.6% [3][4]. Financial Summary - In 2024, total revenue is projected at RMB 39.65 billion, with a slight growth of 2.62% expected in 2025 and 1.12% in 2026. Net profit estimates for 2025, 2026, and 2027 are RMB 5.22 billion, RMB 5.44 billion, and RMB 5.68 billion respectively, with corresponding EPS of HKD 1.73, HKD 1.80, and HKD 1.88 [9][11][4]. - The gross margin is expected to improve to 42.34% in 2025, with a net profit margin of 13.16% [11][17]. - The company plans to continue increasing its dividend payout ratio, with a total dividend of RMB 0.76 per share for the year, representing a payout ratio of 52% [3][4]. Valuation Analysis - The report employs both comparable company analysis and DCF methods for valuation, concluding a target price of HKD 41.8 based on a 25x PE ratio and a DCF valuation suggesting a fair market value of HKD 42.6 [12][4]. - The average PE ratio of comparable companies is noted at 21.4x, while the report assigns a higher multiple to China Resources Beer due to its market position and growth prospects [12][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported strong performance for 2024, with revenue of 70.8 billion, a year-on-year increase of 13.6%, and net profit attributable to shareholders of 15.6 billion, up 52.4% [1] - The main brand, Anta, achieved a high single-digit growth in revenue, with reported income of 33.5 billion, a year-on-year increase of 10.6% [2] - FILA brand showed healthy growth with reported income of 26.6 billion, a year-on-year increase of 6.1% [3] - Other brands experienced significant growth, with revenue increasing by 53.7% to 10.7 billion [4] - Amer Sports reported a revenue of 5.18 billion USD, a year-on-year increase of 18%, with the Greater China region leading growth at 54% [5] - The company expects revenue growth of 10% in 2025, 8% in 2026, and 7% in 2027, with net profit projected to be 13.4 billion, 14.7 billion, and 16.1 billion respectively [6] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 70.8 billion, with a net profit of 15.6 billion, reflecting a strong performance [1] - The cash dividend payout ratio was 51.4%, maintaining a normal level [1] Brand Performance - Anta brand revenue reached 33.5 billion, with DTC and e-commerce growing by 7.2% and 20.7% respectively [2] - FILA brand revenue was 26.6 billion, with a focus on enhancing product functionality and quality [3] - Other brands saw a revenue increase of 53.7%, with a notable performance from Descente and Kolon [4] Future Outlook - The company plans to continue focusing on product innovation and expanding its global brand presence [2][3] - The leadership change in FILA is expected to drive further brand innovation and growth [3] - The company maintains a positive outlook on revenue growth and profitability for the coming years [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The G7 model is expected to lead sales growth in Q2 2025, while brand enhancement will be crucial in H2 2025. The company has adjusted its revenue forecasts for 2025 and 2026, with 2025 revenue revised down to 82.01 billion yuan from 95.56 billion yuan, and 2026 revenue increased to 127.24 billion yuan from 122.06 billion yuan. A new revenue forecast for 2027 is set at 141.85 billion yuan. The Non-GAAP net profit estimates for 2025 and 2026 have been adjusted to -1.94 billion yuan and 533 million yuan, respectively, with a new forecast for 2027 at 2.23 billion yuan. The adjusted EPS for 2025-2027 is projected at -1.0, 0.3, and 1.1 yuan, respectively, corresponding to a price-to-sales ratio of 2.0, 1.3, and 1.2 times [5][6]. Financial Summary and Valuation Metrics - For 2023, the company reported a revenue of 30.68 billion yuan, with a year-over-year growth of 14.2%. The projected revenues for 2024, 2025, 2026, and 2027 are 40.87 billion yuan, 82.01 billion yuan, 127.24 billion yuan, and 141.85 billion yuan, respectively, with corresponding year-over-year growth rates of 33.2%, 100.7%, 55.2%, and 11.5%. The net profit for 2023 was -9.44 billion yuan, with projections of -5.55 billion yuan for 2024, -1.94 billion yuan for 2025, 533 million yuan for 2026, and 2.23 billion yuan for 2027. The gross margin is expected to be 14.5% in 2025, while the net margin is projected to improve to 1.6% by 2027 [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The G7 model is expected to lead sales growth in Q2 2025, while brand enhancement will be crucial in H2 2025 [5][6] - Revenue forecasts for 2025 have been adjusted down from 95.56 billion to 82.01 billion, while 2026 revenue is revised up from 122.06 billion to 127.24 billion, with a new forecast for 2027 at 141.85 billion [5] - Non-GAAP net profit estimates for 2025-2026 have been improved, with 2025 projected at -1.94 billion and 2026 at 533 million, leading to adjusted EPS of -1.0 and 0.3 respectively [5] - The company is expected to maintain a double-digit automotive gross margin, driven by platformization and supply chain cost reductions [5] Financial Summary and Valuation Metrics - 2023A revenue was 30.68 billion, with a year-over-year growth of 14.2% - 2024A revenue is projected at 40.87 billion, with a year-over-year growth of 33.2% - 2025E revenue is expected to reach 82.01 billion, reflecting a significant year-over-year growth of 100.7% - The company is projected to achieve a gross margin of 14.5% in 2025, with a net profit margin of -2.4% [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][20] Core Views - The company is expected to achieve a net profit growth of 20% in 2024, with a revenue increase of 6.5% to 13.577 billion yuan. The net profit attributable to shareholders is projected to reach 1.238 billion yuan [1][3] - The main brand's revenue grew by 3.2%, while the professional sports brand saw a significant increase of 57.2%. The footwear category experienced a revenue growth of 15.9%, while the apparel category declined by 5.7% [2][3] - The company has strategically divested non-core assets, focusing resources on running and professional sports, which is expected to enhance profitability [2][3] Financial Performance Summary - For 2024, the company reported a net profit of 1.238 billion yuan, a 20.2% increase year-on-year. The operating cash flow remained stable at 1.228 billion yuan, with a net cash ratio of 1.0 [1][4] - The gross profit margin improved by 1.4 percentage points to 43.2%, driven by a higher proportion of high-margin professional sports brands and supply chain optimization [1][4] - The company plans to maintain a dividend payout ratio of 50%, with a total dividend yield of 138.2% for the year [1] Earnings Forecast and Financial Indicators - The projected earnings for 2025 are expected to grow by 10%, with net profits estimated at 1.402 billion yuan, reflecting a 13.2% increase [3][4] - The company anticipates a revenue increase of 5.4% in 2025, reaching 14.311 billion yuan, with a net profit margin of 9.8% [4][18] - The price-to-earnings (P/E) ratio is projected to be between 11-12x for 2025, with a reasonable valuation range of 6.1 to 6.6 HKD [3][5][20]