Investment Rating - The report maintains a "Buy" rating for the company, Xiaopeng Motors (XPEV.US/9868.HK) [2][8]. Core Views - The target price for Xiaopeng Motors is raised to $27.2, representing a potential upside of 20%, while the target price for Xiaopeng Motors-W is set at HKD 106.2, indicating a potential upside of 19% [2][6]. - The company is entering a strong product cycle with robust delivery performance for models P7+ and M03, and better-than-expected orders for the new G6 and G9 models [8]. - Xiaopeng aims to double its sales by 2025, supported by new model launches and improved overall gross margins [8]. - The automotive gross margin is expected to improve, with a target of breakeven in Q4 2025 [8]. Financial Forecasts - Revenue projections for Xiaopeng Motors from 2023 to 2027 are as follows: - 2023: RMB 30,676 million - 2024: RMB 40,866 million - 2025E: RMB 86,568 million - 2026E: RMB 138,871 million - 2027E: RMB 190,622 million - The revenue growth rates are projected at 14% for 2023, 33% for 2024, 112% for 2025, 60% for 2026, and 37% for 2027 [3][9]. - Gross margin is expected to rise from 1.5% in 2023 to 19.0% by 2027 [3][9]. - Net profit (loss) projections indicate a loss of RMB 10,376 million in 2023, narrowing to a profit of RMB 13,964 million by 2027 [3][9]. Performance Review and Adjustments - In Q4 2024, Xiaopeng Motors reported revenue of RMB 16,105 million, a 23% year-on-year increase, with a gross profit of RMB 2,325 million, reflecting a 187% increase compared to the previous year [10]. - The automotive sales gross margin reached 10.0% in Q4 2024, with expectations for continued improvement in Q1 2025 [8][10]. - The company plans to enhance its AI capabilities and aims to introduce L3 level software capabilities in the second half of 2025 [8]. Valuation - The valuation is based on a sum-of-the-parts approach, applying a price-to-sales ratio of 1.9x for automotive sales and 5.5x for services and other revenues, leading to a target price of $27.2 for Xiaopeng Motors [8][16]. - The target price for Xiaopeng Motors-W is set at HKD 106.2, corresponding to a target price-to-sales ratio of 2.2x [8][16].

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME.US/1698.HK) and raises the target price to $18 or HKD 70, indicating a potential upside of 19% from the current price of $15.09 [3][5]. Core Insights - Tencent Music's Q4 2024 revenue reached RMB 74.6 billion, a year-on-year increase of 8.2%, surpassing market expectations by 2.4%, primarily driven by better-than-expected social entertainment service revenue [1]. - The adjusted net profit for Q4 2024 was RMB 22.8 billion, exceeding market expectations of RMB 19.4 billion, attributed to improved gross profit and optimized operating expenses [1]. - The online music service revenue grew by 16.1% year-on-year in Q4 2024, supported by subscription and advertising revenue growth [2]. - The report forecasts continued growth in subscription revenue, with an expected ARPU increase to nearly RMB 12 by Q4 2025 [2]. - Social entertainment service revenue showed a sequential recovery, with a 6.0% increase quarter-on-quarter, although it still faced a year-on-year decline of 13.0% [2]. Financial Projections - The report projects the following financial metrics for Tencent Music: - FY24 revenue: RMB 28,401 million - FY25E revenue: RMB 30,817 million - FY26E revenue: RMB 34,176 million - FY27E revenue: RMB 37,711 million - Adjusted net profit for FY25E: RMB 8,627 million [4][10]. - The adjusted net profit margin is expected to improve, with FY25E and FY26E adjusted net profit margins projected at 28.0% and 28.5%, respectively [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][8]. Core Insights - The company is a leading player in the packaging paper industry with continuous capacity expansion [6]. - For the fiscal year 2025, the company reported a revenue of 33.465 billion yuan, a year-on-year increase of 9.06%, and a net profit attributable to the parent company of 470 million yuan, a year-on-year increase of 60.57% [8]. - The sales volume of cardboard products increased by 14.0% to 11.4 million tons, with average selling prices decreasing by 4.1% [8]. - Gross profit increased by 18.1% to 3.194 billion yuan, with a gross margin improvement of 0.7 percentage points to 9.5% [8]. - The company has ongoing capacity expansion plans, including 3.05 million tons of wood pulp and 3.70 million tons of paper, which are expected to enhance market competitiveness and profitability [8]. Financial Data and Forecasts - Revenue projections for 2023 to 2027 are as follows: 56.884 billion yuan in 2023, 59.818 billion yuan in 2024, 69.203 billion yuan in 2025, 79.053 billion yuan in 2026, and 86.708 billion yuan in 2027, with year-on-year growth rates of -12.2%, 5.2%, 15.7%, 14.2%, and 9.7% respectively [7][11]. - Net profit forecasts for the same period are -2.383 billion yuan in 2023, 750 million yuan in 2024, 1.353 billion yuan in 2025, 1.882 billion yuan in 2026, and 2.499 billion yuan in 2027, with year-on-year growth rates of -172.8%, 131.5%, 80.2%, 39.1%, and 32.8% respectively [7][11]. - The company’s earnings per share (EPS) are projected to be -0.51 yuan in 2023, 0.16 yuan in 2024, 0.29 yuan in 2025, 0.40 yuan in 2026, and 0.53 yuan in 2027 [7][11]. Business Segment Performance - The packaging paper segment is expected to see revenue growth rates of 7.06%, 16.13%, 15.00%, and 10.00% from 2024 to 2027 [10]. - The cultural paper segment is projected to experience a decline in revenue by 12.05% in 2024, followed by a recovery with growth rates of 5.00% in 2026 and 5.00% in 2027 [10]. - Overall, the company anticipates a gross margin improvement to 10.11% in 2025, 10.50% in 2026, and 11.00% in 2027 [11].

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] Summary by Sections Financial Performance - In 2024, the company reported a net profit of 1.238 billion yuan, a year-on-year increase of 20.2%. 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] Brand Performance - The main brand's revenue reached 12.327 billion yuan, with a notable performance from the core running shoe series "160X," which led in wearing rates at major marathons [2][3] - The professional sports brands, including Saucony and Merrell, achieved a revenue of 1.250 billion yuan, with a significant improvement in operating profit margin [2][3] Future Projections - For 2025, the company anticipates a net profit growth of over 10%, with the main brand maintaining positive growth and the professional sports brand expected to grow by 30-40% [3][17] - The projected net profits for 2025-2027 are 1.402 billion yuan, 1.485 billion yuan, and 1.600 billion yuan, respectively, reflecting year-on-year growth rates of 13.2%, 5.9%, and 7.7% [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue growth of 20.2% year-on-year for 2024, achieving total revenue of 93.46 billion yuan, while adjusted net profit decreased by 26.4% to 7.21 billion yuan [7] - The company's GTV (Gross Transaction Value) for 2024 reached 3.35 trillion yuan, reflecting a year-on-year increase of 6.6%, with revenue contributions from various business segments including existing homes, new homes, home decoration, rental housing, and emerging businesses [7] - The company is expected to benefit from structural adjustments in the market, particularly in the second-hand housing market, which is anticipated to recover first in 2025 [7] Summary by Sections Financial Performance - Total revenue for 2023 was 77.78 billion yuan, projected to grow to 93.46 billion yuan in 2024, with a year-on-year growth rate of 20.16% [1] - Adjusted net profit for 2024 is forecasted at 7.21 billion yuan, down from 9.80 billion yuan in 2023, reflecting a decrease of 26.41% [1] - The company's EPS (Earnings Per Share) is expected to be 1.12 yuan in 2024, with projections of 1.82 yuan, 2.35 yuan, and 2.90 yuan for 2025, 2026, and 2027 respectively [1] Business Segments - Revenue from existing homes reached 282 billion yuan in 2024, a slight increase of 0.7% year-on-year, while new homes generated 337 billion yuan, up 10.1% [7] - Home decoration business saw a significant growth of 36.1%, contributing 148 billion yuan, and rental housing business surged by 135% to 143 billion yuan [7] - The company expanded its active store count to 49,700, an increase of 18.3%, and the number of active agents reached 445,000, up 12.1% [7] Market Position - The company increased its market share in the new home sector by 1.7 percentage points to 11.4%, despite a 3.3% decline in GTV for new homes [7] - The commission rate for new homes improved by 0.4 percentage points to 3.47% [7] - The home decoration and rental businesses are expected to continue their rapid growth, with the number of managed rental units increasing from 210,000 to 430,000 [7] Future Outlook - The company is positioned as a leader in the domestic brokerage industry, with potential for performance improvement driven by increased turnover rates in the second-hand housing market and enhanced penetration in new home brokerage [7] - Adjusted net profit forecasts for 2025 and 2026 have been revised down to 9.70 billion yuan and 11.62 billion yuan respectively, with a 2027 forecast of 13.62 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for Ping An Good Doctor (1833 HK) with a target price of HK$10.30, representing a potential upside of 34% from the current price of HK$7.71 [1][18]. Core Insights - The company achieved its first full-year profitability in 2024, with total revenue of RMB 4.808 billion, a year-on-year increase of 2.9%, and a net profit of RMB 0.081 billion [6][11]. - The report highlights a significant upward revision of the target price from HK$5.56 to HK$10.30, reflecting improved revenue and profit forecasts [2][18]. - The company is expected to continue its growth trajectory, with projected revenues of RMB 5.321 billion, RMB 6.147 billion, and RMB 7.156 billion for 2025E, 2026E, and 2027E respectively [15][24]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of RMB 4.808 billion, with a gross profit margin of 31.7% [6][10]. - The healthcare services segment generated revenue of RMB 2.169 billion, while the health services segment saw a decline to RMB 2.356 billion [24]. - The elderly care services segment experienced significant growth, with revenue increasing to RMB 0.283 billion from RMB 0.055 billion in the previous year [8][24]. Earnings Forecast Adjustments - The report projects an increase in earnings per share (EPS) for 2025E to RMB 0.07, up from RMB 0.05, and for 2026E to RMB 0.10, up from RMB 0.07 [2][15]. - The net profit forecast for 2025E is adjusted to RMB 1.41 billion, down from previous estimates due to increased management and sales expenses [15][16]. Business Segments - The medical services revenue is expected to grow to RMB 2.316 billion in 2025E, while health services revenue is projected at RMB 2.439 billion [17][24]. - The elderly care services revenue is anticipated to rise significantly to RMB 0.566 billion in 2025E, reflecting a strategic focus on integrated elderly care solutions [8][17]. Valuation - The report employs a two-stage DCF valuation method, resulting in a target price of HK$10.30, which corresponds to a 2025 P/S ratio of 4.34x, higher than the industry average of 2.1x [18][19]. - The WACC is maintained at 9.2%, with a terminal growth rate of 3.0% [18][19].

Investment Rating - The report does not specify a clear investment rating for 康哲药业 (0867.HK) [1] Core Views - 康哲药业's 2024 annual report shows that the company's revenue was 74.7 billion HKD, a decrease of 6.8% year-on-year, with pharmaceutical sales revenue at 86.2 billion HKD, down 9% [7] - The annual profit was 16.1 billion HKD, down 32.3%, but the performance met expectations [7] - Over 50% of the revenue came from exclusive products and innovative products, with significant growth in the dermatology/aesthetic and ophthalmology lines [7] - The company has made breakthroughs in innovative research and development, marking the beginning of a new era for innovative products [7] - 康哲药业 aims to establish a foothold in the Southeast Asian market through its new entity 康联达健康 and has acquired a manufacturing facility in Singapore [7] Financial Summary - Revenue projections for 康哲药业 from 2025 to 2027 are estimated at 83.1 billion HKD, 105.2 billion HKD, and 121.6 billion HKD respectively, with growth rates of 10.9%, 25.8%, and 15.1% [9][10] - The net profit attributable to the parent company is projected to be 1.63 billion HKD in 2025, 2.24 billion HKD in 2026, and 2.72 billion HKD in 2027, with growth rates of 0.85%, 37.43%, and 20.98% respectively [2][10] - The earnings per share (EPS) is expected to increase from 0.67 HKD in 2025 to 1.11 HKD in 2027 [2][10] - The company's price-to-earnings (P/E) ratio is projected to decrease from 12.60 in 2025 to 7.58 in 2027, indicating potential undervaluation [2][10] Business Segments - The cardiovascular segment is expected to see a revenue decline to 27.7 billion HKD in 2025, while the digestive and autoimmune segment is projected to grow to 33.1 billion HKD [10] - The ophthalmology segment is anticipated to grow significantly, reaching 8.8 billion HKD in 2025, while the dermatology and aesthetic segment is expected to grow to 9.8 billion HKD [10] - Other products are projected to maintain stable revenue around 3.8 billion HKD [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 93.46 billion yuan in 2024, representing a year-on-year growth of 20.2%. However, the adjusted net profit decreased by 26.4% to 7.21 billion yuan [7][8] - The company's gross transaction value (GTV) reached 3.35 trillion yuan, showing a positive growth of 6.6% year-on-year, which supported stable revenue growth [7] - The report highlights a decline in gross margin by 3.3 percentage points to 24.6%, primarily due to a decrease in the revenue share from the higher-margin existing home business [7] - The company expanded its market share in the new home sector, with a GTV decline of 3.3% but an increase in market share by 1.7 percentage points to 11.4% [7] - The home decoration and rental businesses experienced significant growth, with the home decoration GTV increasing by 27.3% to 16.9 billion yuan and the rental business expanding its managed properties from 210,000 to 430,000 units [7] Financial Summary - The company's total revenue forecast for 2024 is 93.46 billion yuan, with projected revenues of 109.63 billion yuan in 2025 and 127.49 billion yuan in 2026 [1][8] - The adjusted net profit is expected to be 6.59 billion yuan in 2025 and 8.50 billion yuan in 2026, with a forecasted EPS of 1.82 yuan and 2.35 yuan respectively [1][8] - The report projects a decrease in the adjusted net profit for 2025 and 2026 due to market fluctuations, with revised estimates of 9.70 billion yuan and 11.62 billion yuan respectively [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance met expectations, with a revenue of 13.577 billion yuan, down 5.36% year-on-year, primarily due to the divestment of a loss-making business. Excluding this factor, the revenue from continuing operations grew by 6.5% [8] - The net profit attributable to shareholders for 2024 was 1.238 billion yuan, an increase of 20.23% year-on-year, benefiting from the divestment of the loss-making business. Adjusting for one-time tax benefits, the net profit growth was 10% [8] - The main brand, Xtep, is focusing on direct-to-consumer (DTC) strategies, with e-commerce leading growth and offline channels being optimized. The company plans to convert 400-500 dealer stores to DTC by 2025 [8] - The subsidiary brand, Saucony, achieved over 1 billion yuan in revenue, with a year-on-year growth of 57.2%. The company plans to increase flagship stores in high-tier cities in 2025 [8] - Gross margin improved by 2.8 percentage points to 43.2% in 2024, while the expense ratio saw a slight increase due to higher costs associated with the acquisition of Saucony and increased e-commerce expenses [8] - The company adjusted its net profit forecasts for 2025 and 2026 slightly downward to 1.37 billion yuan and 1.57 billion yuan, respectively, while introducing a new forecast for 2027 at 1.77 billion yuan [8] Summary by Sections Financial Performance - Total revenue for 2023 was 14.346 billion yuan, with a projected decline to 13.577 billion yuan in 2024, followed by a recovery to 14.313 billion yuan in 2025 [1] - Net profit for 2023 was 1.03 billion yuan, expected to rise to 1.238 billion yuan in 2024 and continue increasing to 1.769 billion yuan by 2027 [1] Brand Strategy - The main brand Xtep's revenue in 2024 was 12.327 billion yuan, growing by 3.2% year-on-year, with a focus on the running segment and a strong presence in major marathon events [8] - Saucony's revenue reached 1.25 billion yuan in 2024, with significant growth across e-commerce, retail, and wholesale channels [8] Profitability and Cash Flow - The gross margin for 2024 was 43.2%, with the main brand's margin slightly declining to 41.8% while Saucony's margin improved significantly [8] - Operating cash flow for 2024 was 1.23 billion yuan, reflecting a slight decrease of 2% year-on-year, with net cash increasing by 5.6% to 988 million yuan [8]

Investment Rating - The report maintains a "Buy" rating for INT Medical, expecting a return exceeding 15% over the next 12 months [2][18]. Core Insights - INT Medical's revenue for 2024 is projected to grow by 13.2% year-on-year to RMB 852 million, slightly below the forecasted 13% due to pressures from value-based pricing (VBP) and intense competition in the CDMO sector [1][2]. - The company achieved a significant gross margin improvement of 5 percentage points, reaching 63.1% in 2024, driven by increased capacity utilization and automation [1]. - Overseas sales are optimistic, with total overseas revenue expected to grow by 24.2% year-on-year to RMB 253 million, accounting for 29.6% of total sales [2]. Financial Summary - Revenue is projected to increase from RMB 753 million in 2023 to RMB 1,025 million in 2025, reflecting a year-on-year growth rate of 20.4% [3]. - The attributable net profit is expected to rise from RMB 192 million in 2024 to RMB 206 million in 2025, with a year-on-year growth rate of 7.5% [3]. - The earnings per share (EPS) is forecasted to grow from RMB 1.10 in 2024 to RMB 1.17 in 2025, indicating a growth rate of 6.6% [3]. Valuation - The target price for INT Medical is set at HKD 33.68 based on a 9-year DCF model with a terminal growth rate of 2.0% and a weighted average cost of capital (WACC) of 10.73% [2][10].