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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6][17] Core Insights - The company has upgraded its membership system, transitioning from a paid membership model to a points-based system, which includes six membership levels: Ordinary, Silver, Gold, Platinum, Black Gold, and Black Diamond [4][7][15] - The new membership system aims to integrate various business segments, providing a comprehensive range of benefits across food, accommodation, travel, entertainment, shopping, and healthcare [3][4][7] - The introduction of the new membership system is expected to enhance consumer spending and frequency of use, thereby accelerating the formation of a local consumption ecosystem [6][17] Summary by Sections Membership System Upgrade - On March 31, 2025, the company fully upgraded its membership system, centering around "Shen Coupons" as core benefits, covering various lifestyle scenarios [3][4] - The new membership system allows users to accumulate growth points through consumption and tasks, with specific spending thresholds to achieve higher membership levels [4][7] Historical Membership Strategy Review - Historically, the company operated independent membership systems for its various services, leading to fragmented user experiences [5][13] - The integration of the membership system began in August 2023 with the merger of "Shen Coupons" and "Shen Membership," which simplified merchant marketing processes and stabilized the core food delivery business [13][14] Financial Projections - The company maintains its adjusted net profit forecasts for 2025-2027 at 51.5 billion, 65.3 billion, and 78.7 billion yuan, corresponding to PE ratios of 14.8, 11.7, and 9.7 times [6][17] - The local lifestyle sector is expected to continue evolving through competitive collaboration, with the upgraded membership system facilitating further synergy among business lines [6][17]