Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 2.20, while the closing price is HKD 1.63 [4][6]. Core Insights - The company focuses on the automotive finance sector, with a dual business model of platform and self-operated financing, achieving significant revenue growth in 2024 [2][4]. - In 2024, the company reported a revenue of HKD 9.888 billion, a year-on-year increase of 47.9%, with platform business revenue at HKD 7.894 billion (up 54.9%) and self-operated financing revenue at HKD 1.991 billion (up 25.4%) [2][4]. - The company has seen a structural change in its platform business, with significant growth in the used car segment, which outpaced new car sales [3][55]. Summary by Sections Business Overview - The company was established in 2014 and listed in Hong Kong in 2017, with Tencent as the largest shareholder [2][16]. - It utilizes 4S store channels for customer acquisition and implements differentiated pricing based on customer profiles [2]. Financial Performance - The company achieved a net profit of HKD 810 million in 2024, a 45.9% increase year-on-year [5][17]. - The gross profit margin for the overall business was 46.9%, with the platform business margin at 46.7% [17][36]. Market Position - The company has increased its market share in the used car financing sector, with a market share of 1.78% in 2024, up 0.26 percentage points year-on-year [46][54]. - The new energy vehicle segment has also seen a rise in market share, reaching 1.36% in 2024, an increase of 0.14 percentage points [46][54]. Business Strategy - The company is expanding its customer base by targeting long-tail customers and focusing on localization and electrification trends in the automotive market [57]. - The SaaS business has become a new growth driver, providing technology solutions and enhancing connections between financial and industrial institutions [61]. Future Projections - Revenue projections for 2025-2027 are estimated at HKD 12.209 billion, HKD 14.702 billion, and HKD 17.159 billion, respectively, with corresponding profit estimates of HKD 1.081 billion, HKD 1.213 billion, and HKD 1.415 billion [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 18.0, indicating a potential upside of 58% from the current price of HKD 11.4 [1][4][7]. Core Insights - The company achieved a significant revenue growth of 16.7% year-on-year, with total revenue reaching RMB 202.2 billion in 2024. The net profit attributable to shareholders surged by 80.8% to RMB 12.7 billion, marking a record high [2][4]. - A strategic partnership was established with Yushu Technology to explore advancements in robotics and intelligent manufacturing, focusing on applications in industrial robotics and the integration of off-road vehicles with robotic technology [4]. Sales Performance - In March, the company's total sales reached 98,000 units, reflecting a year-on-year decline of 2.3% but a month-on-month increase of 26%. The Haval brand saw a 2.5% decrease in sales, while the WEY brand experienced a 30% increase [3]. - For the first quarter of 2025, cumulative sales were 257,000 units, down 6.7% year-on-year. The Haval brand's sales fell by 8.4%, while the WEY brand's sales rose by 38.7% [3]. Financial Projections - The report forecasts a revenue growth rate of 26% for FY2023, followed by 17% in FY2024, and a gradual decline to 14% by FY2025. Net profit is expected to rebound significantly in FY2024 with an 81% growth [5][11]. - Key financial metrics include a projected net profit margin of 6% and a return on equity (ROE) of 16% for the upcoming years [5][11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][11][14] Core Insights - The company is the largest mid-priced freshly-made tea store brand in China, with a significant presence in lower-tier cities and towns, holding a market share of 17.7% in the mid-priced segment [5][29][32] - Strong product innovation capabilities are highlighted, with a high repurchase rate of 53% and a successful track record of new product launches [7][54][45] - The company operates the largest cold-chain supply chain in the industry, enabling efficient delivery of fresh ingredients to stores [8][59] - Franchisee profitability is robust, with an average operating profit of RMB 376,000 per store and a profit margin of 20.2% [9][10] - Revenue is projected to grow by 17% year-on-year to RMB 10.3 billion in 2025, driven by the opening of 2,000 new stores [10][15] Financial Data and Earnings Forecast - Revenue and profit forecasts for the company from 2023 to 2027 show significant growth, with adjusted net profit expected to reach RMB 1.9 billion in 2025, a 23% increase year-on-year [4][10][15] - The company’s current P/E ratio is 19x for 2025, with a target price set at HK$21.2, indicating a potential upside of 32% [11][14] Market Position and Competitive Advantage - The company has established a strong market presence in key provinces, achieving critical mass in store networks and leading market share in freshly-made tea drinks [5][56] - The franchise model is a key component of the business strategy, contributing significantly to revenue and profitability [39][40] - The company’s supply chain efficiency, driven by regional densification strategies, enhances its competitive edge in the market [55][56]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6]. Core Views - The company's revenue for 2024 reached 257.673 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to shareholders was 3.351 billion yuan, a decrease of 13.06% due to impairment losses from joint ventures [1]. - The pharmaceutical segment showed strong performance, contributing significantly to gross profit, with revenue from the pharmaceutical business at 46.32 billion yuan, up 6.6% year-on-year [2]. - The company has made progress in state-owned enterprise reforms, enhancing operational efficiency and core competitiveness [4]. - The net profit forecast for 2025-2026 has been adjusted to 4.535 billion yuan and 4.976 billion yuan, respectively, with a recovery expected in 2025 [5]. Revenue and Profit Analysis - In 2024, the company achieved a gross profit of 40.689 billion yuan, a 6.1% increase year-on-year, with an overall gross margin of 15.8% [3]. - The three main business segments contributed to the revenue as follows: pharmaceutical (16.1%), pharmaceutical distribution (80.0%), and retail (3.9%) [2]. Business Segment Performance - The pharmaceutical segment's gross profit was 27.505 billion yuan, reflecting a 7.1% increase year-on-year, while the distribution segment's gross profit was 12.507 billion yuan, up 5.2% [2]. - The retail segment, however, saw a decline in gross profit to 0.625 billion yuan, down 14.7% year-on-year [2]. Strategic Initiatives - The company has successfully introduced strategic investors into its commercial segment, enhancing resource allocation and operational efficiency [4]. - Market-oriented recruitment and performance exit mechanisms have been strengthened, with incentive plans introduced for certain subsidiaries [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a rebound in performance in H1 2025, driven by both volume and price increases, while the sustainability of performance in H2 2025 needs to be monitored [4][5] - The forecast for net profit for 2025-2026 has been revised down from HKD 27.0 billion and HKD 29.0 billion to HKD 19.8 billion and HKD 22.1 billion, respectively, with a new forecast for 2027 at HKD 30.3 billion, representing year-on-year growth of 48.3%, 11.8%, and 36.9% [4] - The current market capitalization corresponds to a PE ratio of 11.3, 10.2, and 7.4 for 2025-2027 [4] Financial Summary and Valuation Indicators - Revenue (million HKD): 2023A: 16,750, 2024A: 18,541, 2025E: 20,261, 2026E: 21,112, 2027E: 23,916, with year-on-year growth rates of -25.1%, 10.7%, 9.3%, 4.2%, and 13.3% respectively [7] - Net Profit (million HKD): 2023A: 907, 2024A: 1,326, 2025E: 1,977, 2026E: 2,210, 2027E: 3,027, with year-on-year growth rates of -64.5%, 45.5%, 48.3%, 11.8%, and 36.9% respectively [7] - Gross Margin (%): 2023A: 16.0, 2024A: 15.7, 2025E: 19.8, 2026E: 20.5, 2027E: 22.5 [7] - Net Margin (%): 2023A: 5.4, 2024A: 7.2, 2025E: 9.8, 2026E: 10.5, 2027E: 12.7 [7] - ROE (%): 2023A: 6.1, 2024A: 8.7, 2025E: 14.0, 2026E: 15.0, 2027E: 19.4 [7] - EPS (diluted/HKD): 2023A: 0.29, 2024A: 0.43, 2025E: 0.63, 2026E: 0.71, 2027E: 0.97 [7] - P/E (times): 2023A: 24.7, 2024A: 16.9, 2025E: 11.3, 2026E: 10.2, 2027E: 7.4 [7]

证 券 研 究 报 告 乐普生物-B（02157.HK）2024 年业绩点评 强推（维持） 营收大幅增长，多款核心产品进入研发晚期 目标价：6.02 港元 事项： 乐普生物发布 2024 年业绩，2024 年公司实现营业收入 3.68 亿元（+63.21%）， 其中：1）普特利单抗销售收入达 3.00 亿元，较 2023 年销售额的 1.01 亿元增 长约 3 倍，2）BD 收入 0.22 亿元，来自 CMG901 里程碑付款，3）CDMO 服 务收入 0.46 亿元；年内亏损 4.24 亿元。2024 年末，公司现金收支实现基本持 平，货币资金余额 4.01 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 368 | 895 | 1,571 | 1,772 | | 同比增速(%) | 63.0% | 143.4% | 75.5% | 12.7% | | 归母净利润(百万) | -411 | -100 | 138 | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a rebound in performance in H1 2025, driven by both volume and price increases, while the sustainability of performance in H2 2025 remains to be monitored [4][5] - The forecast for net profit for 2025-2026 has been revised down from HKD 27.0 billion and HKD 29.0 billion to HKD 19.8 billion and HKD 22.1 billion respectively, with a new forecast for 2027 at HKD 30.3 billion, representing year-on-year growth of 48.3%, 11.8%, and 36.9% [4] - The current market capitalization corresponds to a PE ratio of 11.3, 10.2, and 7.4 for 2025-2027 [4] Financial Summary and Valuation Metrics - Revenue (million HKD): 2023A: 16,750, 2024A: 18,541, 2025E: 20,261, 2026E: 21,112, 2027E: 23,916 with year-on-year growth rates of -25.1%, 10.7%, 9.3%, 4.2%, and 13.3% respectively [7] - Net Profit (million HKD): 2023A: 907, 2024A: 1,326, 2025E: 1,977, 2026E: 2,210, 2027E: 3,027 with year-on-year growth rates of -64.5%, 45.5%, 48.3%, 11.8%, and 36.9% respectively [7] - Gross Margin (%): 2023A: 16.0, 2024A: 15.7, 2025E: 19.8, 2026E: 20.5, 2027E: 22.5 [7] - Net Margin (%): 2023A: 5.4, 2024A: 7.2, 2025E: 9.8, 2026E: 10.5, 2027E: 12.7 [7] - ROE (%): 2023A: 6.1, 2024A: 8.7, 2025E: 14.0, 2026E: 15.0, 2027E: 19.4 [7] - EPS (diluted/HKD): 2023A: 0.29, 2024A: 0.43, 2025E: 0.63, 2026E: 0.71, 2027E: 0.97 [7] - P/E (times): 2023A: 24.7, 2024A: 16.9, 2025E: 11.3, 2026E: 10.2, 2027E: 7.4 [7]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][5]. Core Views - The company's revenue for 2024 reached 257.673 billion yuan, a year-on-year increase of 4.77%, while the net profit attributable to shareholders was 3.351 billion yuan, a decrease of 13.06% due to impairment losses from joint ventures [1]. - Excluding the impact of one-time items, the company's net profit showed a robust growth of 13.1% year-on-year [1]. - The three main business segments—pharmaceuticals, medical distribution, and retail—demonstrated stable growth, with the pharmaceutical segment contributing significantly to gross profit [2]. Revenue Breakdown - In 2024, the revenue contributions from the three main business segments were as follows: pharmaceuticals at 16.1%, medical distribution at 80.0%, and retail at 3.9% [2]. - The pharmaceutical segment generated revenue of 46.32 billion yuan, up 6.6% year-on-year, with a gross profit of 27.505 billion yuan, reflecting a 7.1% increase [2]. - The distribution segment achieved revenue of 213.237 billion yuan, a 5.5% increase, while the retail segment reported revenue of 10.104 billion yuan, also up 5.5% [2]. Profitability and Cost Management - The company achieved a gross profit of 40.689 billion yuan in 2024, a 6.1% increase, with an overall gross margin of 15.8%, up 0.1 percentage points [3]. - The net profit margin for 2024 was 3.3%, an increase of 0.1 percentage points, while the sales expense ratio remained stable at 7.7% [3]. Strategic Developments - The company has made significant progress in state-owned enterprise reform, enhancing its core competitiveness and operational efficiency [4]. - The introduction of strategic investors into the commercial segment raised a total of 6.26 billion yuan, improving resource allocation and operational efficiency [4]. Earnings Forecast and Valuation - The net profit forecast for 2025-2026 has been adjusted to 4.535 billion yuan and 4.976 billion yuan, respectively, with a projected net profit of 5.377 billion yuan for 2027 [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][25][29] Core Views - The company experienced a significant decline in net profit, with a 67% year-on-year decrease, resulting in a net profit of 1 billion yuan for 2024, despite an 8% increase in revenue to 86.4 billion yuan [1][7][25] - The company has a robust land reserve, with a total land bank of 19.71 million square meters, and aims to achieve a sales target of 120.5 billion yuan in 2025, which would represent a 5% year-on-year growth if achieved [1][13][25] - Financially, the company maintains a healthy balance sheet with a debt-to-asset ratio of 68.1% and a net debt ratio of 51.7% as of the end of 2024, indicating stable financial health [2][20] Financial Performance Summary - For 2024, the company is projected to generate revenue of 86.4 billion yuan, with a net profit of 1 billion yuan, reflecting a 67% decline in net profit compared to the previous year [3][22] - The company's core net profit is expected to be 1.6 billion yuan in 2024, down 54% year-on-year [1][7] - The company’s sales area is expected to decrease by 12% to 3.92 million square meters in 2024, with a sales amount of 115.4 billion yuan, also a 12% decline [1][13] Future Earnings Forecast - The company’s revenue is forecasted to reach 89.1 billion yuan in 2025 and 91.4 billion yuan in 2026, with corresponding net profits of 1 billion yuan for both years [22][23] - The earnings per share (EPS) are projected to be 0.25 yuan in 2025 and 0.24 yuan in 2026, with price-to-earnings (PE) ratios of 15.7 and 15.9 respectively [25][27]

2025 年 4 月 9 日 公司研究 传统业务高质量发展，战新业务和海外市场成为发展驱动力 ——中国通信服务（0552.HK）2024 年度业绩点评 要点 事件：公司发布2024年全年业绩，2024年实现收入1500亿人民币，同比增长 0.9%，系应用、内容及其他服务(ACO)和战略新兴业务驱动。2024年毛利润 175.96亿元，同比增长2.0%，毛利率为11.7%，同比增长0.1pct，连续三年 保持上升态势，系公司强化成本管控叠加高毛利业务收入贡献提升，预期盈利 水平将稳健持续增长。2024年实现归母净利润36.07亿元，同比增长0.6%， 对应净利润率2.4%，同比持平。现金流表现良好，自由现金流同比提升20.4% 达52.14亿元，目前公司一年以内应收账款占90%，风险可控，将持续做好现 金流收支管理。公司注重股东回报，近10年股息分红水平稳中有升，2024年 末期股息每股人民币0.2187元，分红比例为42%，同比持平。 运营商市场稳中有升，集客市场略降，海外市场快速增长：1）2024年运营商 市场收入836亿元，同比增长2.3%，其中ACO增长达9.4%；公司在市场整体 CAPEX投资规模下降 ...