Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Buy" (maintained) [1] Core Views - The report indicates that the industry trends are continuously catalyzing growth, with expectations for core business net profit growth driven by improvements in various business segments and a reduction in losses from new ventures such as automotive [4][6] - Adjusted net profit forecasts for 2025-2026 have been raised from 28.2 billion and 33.3 billion to 38.9 billion and 55.2 billion respectively, with a new forecast for 2027 set at 64.2 billion, reflecting year-on-year growth of 43%, 42%, and 16% [4][6] - The current stock price of HKD 58.2 corresponds to price-to-earnings ratios of 35.2, 24.8, and 21.3 for 2025-2027, indicating market recognition of the brand's upward potential and AI capabilities [4] Financial Summary and Valuation Metrics - Revenue projections for 2023A to 2027E are as follows: 270.97 billion, 365.91 billion, 504.46 billion, 617.19 billion, and 682.59 billion, with year-on-year growth rates of -3.2%, 35.0%, 37.9%, 22.3%, and 10.6% respectively [7] - Adjusted net profit estimates for the same period are: 19.27 billion, 27.24 billion, 38.90 billion, 55.18 billion, and 64.24 billion, with year-on-year growth rates of 126.3%, 41.3%, 42.8%, 41.9%, and 16.4% [7] - The gross margin is expected to improve from 21.2% in 2023A to 22.3% in 2027E, while the net margin is projected to increase from 7.1% to 9.4% over the same period [7] - The return on equity (ROE) is forecasted to rise from 10.6% in 2023A to 19.2% in 2027E [7]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has shown a steady revenue growth of 5.6% year-on-year, achieving a total revenue of 11.799 billion yuan in 2024, although net profit decreased by 20.8% to 1.303 billion yuan due to increased short-term expenses [1][2] - The company's APV segment has performed well, with a revenue increase of 34.0% year-on-year, reaching 2.475 billion yuan, driven by strong growth in Europe and the US [2] - The HNB product line has made significant progress, with plans for a broader market launch in 2025, indicating potential for future revenue growth [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.799 billion yuan, with a year-on-year growth of 5.6%. The net profit was 1.303 billion yuan, down 20.8% from the previous year [1][5] - The gross margin for 2024 was 37.4%, a decrease of 1.4 percentage points year-on-year, while the net profit margin was 12.01%, down 2.0 percentage points [5] Revenue Breakdown - The APV segment generated 2.475 billion yuan in revenue, marking a 34.0% increase year-on-year, with notable growth in Europe (+37.2%) and the US (+14.0%) [2] - The OEM business saw a slight decline of 0.3% year-on-year, totaling 9.224 billion yuan, but showed a recovery in the second half of the year with a 10.7% increase [2][3] Future Outlook - The company is focusing on HNB as a key growth area, with innovative product designs and positive feedback from customers, aiming for a significant market presence by 2025 [3] - The forecast for net profit from 2025 to 2027 is projected to grow to 1.547 billion yuan, 2.420 billion yuan, and 3.077 billion yuan respectively, with corresponding P/E ratios decreasing from 49.4X to 24.9X [5][7]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (00291.HK) [1] Core Views - The company is expected to focus on efficiency improvements and high-end product offerings, with a projected recovery in revenue and profit performance in the coming years [7][8] - The beer business is anticipated to benefit from a shift towards premium products, with sales volume and revenue outperforming the industry [7][8] - The company aims to enhance shareholder returns by increasing dividend payouts [8] Financial Summary - For 2023, total revenue was 38,932 million RMB, with a year-on-year growth of 10.40%. In 2024, revenue is projected to decrease slightly to 38,635 million RMB, a decline of 0.76% [1] - The net profit attributable to shareholders for 2023 was 5,153 million RMB, with a year-on-year increase of 18.62%. For 2024, it is expected to drop to 4,739 million RMB, a decrease of 8.03% [1] - Earnings per share (EPS) for 2023 was 1.59 RMB, projected to decrease to 1.46 RMB in 2024, before recovering to 1.63 RMB in 2025 [1] Business Performance - The beer segment's revenue for 2024 is expected to be 36,486 million RMB, with a slight decline in sales volume but an increase in average price per ton [7][8] - The company is focusing on high-end products, with sales of premium beers increasing by 9% year-on-year [7][8] - The white liquor segment is also undergoing optimization, with a projected revenue of 21.49 million RMB for 2024, reflecting a growth of 3.97% [7][8] Future Outlook - The company is expected to continue its dual focus on beer and white liquor, with net profit forecasts for 2025-2027 at 52.76 billion RMB, 57.22 billion RMB, and 61.34 billion RMB respectively, indicating growth rates of 11.33%, 8.45%, and 7.21% [8] - The report anticipates that the company will maintain a strong growth trajectory in its premium beer offerings, with a focus on cost optimization and efficiency improvements [8]

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 13.3 HKD, indicating an expected return of over 20% within the next six months [4][12]. Core Views - The company reported a revenue of 11.8 billion HKD for 2024, reflecting a year-on-year growth of 5.3%, while net profit decreased by 20.8% to 1.303 billion HKD [1][3]. - The company maintains its position as a global leader in the manufacturing of vaporization devices, with a market share of approximately 13.1% [7]. - The self-branded business segment showed significant growth, achieving a revenue of 2.475 billion HKD, which is a 34% increase year-on-year [7]. Summary by Sections Financial Performance - In 2024, the company generated 9.324 billion HKD from enterprise client business, accounting for 79.0% of total revenue, with a slight decline of 0.3% year-on-year. However, the second half of 2024 saw a recovery with a revenue of 5.357 billion HKD, up 9.7% [7]. - The company’s gross margin for 2024 was 37.4%, a decrease of 1.3 percentage points, primarily due to changes in product mix [7]. Business Segments - The enterprise client business saw revenues of 5.096 billion HKD from Europe and other markets, a slight increase of 0.3% year-on-year, while the U.S. market generated 3.988 billion HKD, down 2.4% [7]. - The self-branded business, including the newly launched "Lan Zhi" beauty vaporization product, contributed 2.475 billion HKD, with a notable growth of 34% [7]. Research and Development - The company invested 1.572 billion HKD in R&D in 2024, representing 13.3% of revenue, which is a 6.0% increase year-on-year [7]. - The focus of R&D includes products for vaporization medical applications and heated non-combustible products, with positive feedback received from consumers [7].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's AI strategy is driving sustained increases in vehicle deliveries, leading to an upward revision of revenue forecasts for 2025 and 2026 to 99 billion and 167.8 billion RMB respectively, with year-on-year growth of 142% and 70% [3] - The company is expected to achieve a turnaround in net profit in 2025, with a projected net profit of 1.07 billion RMB in 2026, reflecting a year-on-year increase of 608% [3] - The company plans to launch significant new models and upgrades in 2025, covering a price range of 100,000 to 500,000 RMB, which is expected to enhance long-term growth [9] Financial Performance - In Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.4% [9] - The gross margin for Q4 2024 was 14.4%, showing an improvement from the previous year [9] - The company delivered 92,000 new vehicles in Q4 2024, with an average revenue per vehicle of 160,000 RMB [9] Future Outlook - For Q1 2025, the company anticipates delivering between 91,000 and 93,000 new vehicles, representing a year-on-year growth of 317% to 326% [9] - The company aims to achieve L3 level autonomous driving experience in China by the second half of 2025, with plans for L4 low-speed autonomous vehicles in 2026 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain a high growth momentum, with projected revenue of 135.77 billion yuan in 2024, representing a year-on-year increase of 6.5%. The net profit attributable to shareholders is forecasted to be 12.38 billion yuan, reflecting a growth of 20.2% [5] - The main brand is increasing its Direct-to-Consumer (DTC) strategy, which is anticipated to enhance store efficiency and maintain high growth in revenue, particularly in children's clothing and e-commerce segments [6][7] - The company has adjusted its profit forecasts slightly downward for 2025-2026 but has introduced a new forecast for 2027, with net profits expected to be 13.7 billion yuan, 15.3 billion yuan, and 16.9 billion yuan for the respective years [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2023: 12,743 million yuan - 2024: 13,577 million yuan (YOY +6.5%) - 2025: 14,446 million yuan (YOY +6.4%) - 2026: 15,896 million yuan (YOY +10.0%) - 2027: 17,375 million yuan (YOY +9.3%) [8] - Net profit projections are: - 2023: 1,030 million yuan - 2024: 1,238 million yuan (YOY +20.2%) - 2025: 1,373 million yuan (YOY +10.8%) - 2026: 1,530 million yuan (YOY +11.5%) - 2027: 1,693 million yuan (YOY +10.6%) [8] - The company's gross margin is expected to improve from 41.8% in 2024 to 45.5% in 2027, while the net profit margin is projected to increase from 9.1% in 2024 to 9.7% in 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's AI strategy is driving sustained increases in vehicle deliveries, leading to an upward revision of revenue forecasts for 2025 and 2026 to 99 billion and 167.8 billion RMB respectively, with year-on-year growth of 142% and 70% [3] - The company is expected to achieve a turnaround in net profit in 2025, with a projected net profit of 1.07 billion RMB in 2026, reflecting a year-on-year increase of 608% [3] - The company plans to launch significant new models in 2025, covering a price range of 100,000 to 500,000 RMB, which is expected to enhance long-term growth [9] Financial Performance Summary - In Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year increase of 33.2% for the full year, totaling 40.87 billion RMB [9] - The gross margin for Q4 2024 was 14.4%, showing improvement due to reduced vehicle costs [9] - The company delivered 92,000 new vehicles in Q4 2024, with an average revenue per vehicle of 160,000 RMB [9] Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted to 99 billion and 167.8 billion RMB, respectively, with a new forecast for 2027 at 249.3 billion RMB [3] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.56, 3.99, and 6.30 RMB, respectively [3] - The company is expected to maintain a price-to-earnings (P/E) ratio of 154.62 in 2025, decreasing to 21.85 in 2026 and 13.84 in 2027 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain high revenue growth momentum, driven by increased Direct-to-Consumer (DTC) strategy investments and strong performance in children's clothing and e-commerce segments [5][6] - The forecasted net profit for 2025 is adjusted to 1.37 billion, with a projected growth of 10.8% [5] - The company's current price-to-earnings (PE) ratio is estimated at 10.4 for 2025, indicating a favorable valuation [5] Financial Summary - Revenue for 2024 is projected at 135.77 billion, reflecting a year-on-year growth of 6.5% [5] - The net profit for 2024 is expected to be 12.38 billion, representing a 20.2% increase [5] - The gross margin is anticipated to improve to 44.1% by 2025, with a net profit margin of 9.5% [8] - The company’s return on equity (ROE) is forecasted to reach 15.4% in 2025 [8] Business Strategy - The company plans to optimize its store structure, focusing on increasing the proportion of profitable stores while reducing losses from underperforming locations [6] - The DTC strategy is expected to enhance consumer interaction and brand loyalty, with plans to recover 400-500 stores by 2026 [6] - The professional sports segment has shown significant growth, with revenue increasing by 57.2% in 2024, contributing to the overall profitability of the company [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has shown significant improvement in manufacturing capacity utilization, achieving a 14-year high in operating profit margin (OPM) [6] - The overall revenue for 2024 is projected to increase by 3.7% to $8.182 billion, with a notable rise in manufacturing revenue by 11.1% [6] - The net profit for 2024 is expected to rise by 42.8% to $392 million, with a net profit margin improvement of 1.3 percentage points to 4.8% [6] - The company is facing a tax dispute in Indonesia, which has impacted the net profit margin by approximately 0.5 percentage points, but recovery of funds is anticipated [6] - The retail segment has maintained a good profitability level despite a revenue decline of 8% [6] Financial Data and Forecast - Key financial data for the company includes: - Revenue (million USD): 2023: 7,890; 2024: 8,182; 2025E: 8,470; 2026E: 8,720; 2027E: 8,976 [6][10] - Net Profit (million USD): 2023: 275; 2024: 392; 2025E: 449; 2026E: 468; 2027E: 496 [6][10] - Fully Diluted EPS (USD): 2023: 0.17; 2024: 0.24; 2025E: 0.28; 2026E: 0.29; 2027E: 0.31 [6][10] - Gross Margin (%): 2023: 24.40%; 2024: 24.35%; 2025E: 24.35%; 2026E: 24.53%; 2027E: 24.67% [6][10] - Return on Equity (%): 2023: 6.48%; 2024: 8.84%; 2025E: 9.86%; 2026E: 10.02%; 2027E: 10.32% [6][10] Market Performance - The company's stock closed at HKD 12.86 on March 19, 2025, with a market capitalization of HKD 20,635 million [2] - The stock has experienced a 52-week price fluctuation between HKD 7.75 and HKD 18.40 [2] - The company has shown resilience in a challenging market environment, with a significant increase in manufacturing output and profitability [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][5]. Core Insights - Ctrip has established significant competitive advantages through supply lock-in and a comprehensive service system, positioning it favorably against both domestic and international competitors [4][5]. - The company is expected to achieve revenue growth rates of 14.8%, 13.8%, and 12.9% for the years 2025 to 2027, with projected revenues of 612.6 billion, 697.3 billion, and 787.0 billion yuan respectively [5]. - Ctrip's long-term growth potential is enhanced by changes in domestic consumer demand and accelerated international expansion, making its growth trajectory more favorable compared to many trading platforms [4][5]. Summary by Sections Company Overview - Ctrip has a total share capital of 684 million shares, with a market price of 518 HKD, resulting in a market capitalization of 354,067 million HKD [2]. Financial Projections - Revenue projections for Ctrip are as follows: 44,562 million yuan in 2023, 53,377 million yuan in 2024, and expected growth to 61,260 million yuan in 2025, with a year-on-year growth rate of 122% in 2023 and 20% in 2024 [3]. - The net profit attributable to shareholders is projected to be 9,918 million yuan in 2023, increasing to 17,067 million yuan in 2024, but expected to decline slightly to 16,145 million yuan in 2025 [3]. Competitive Positioning - Ctrip's competitive edge is attributed to three main factors: supply lock-in, a differentiated user profile, and high infrastructure barriers due to the nature of travel services [4][5]. - The report highlights that the impact of hotel concentration on OTA market share and take rate is limited, suggesting that Ctrip's market position remains strong despite these changes [4][5]. Market Dynamics - The report notes that Ctrip's ecosystem is better positioned than that of international leaders like Booking and Expedia, primarily due to the differences in internet user behavior and the absence of a dominant traffic distributor like Google in China [4][5]. - Ctrip's international business is expected to contribute significantly to its revenue, with outbound tourism and international OTA operations projected to account for one-third of the group's income [12]. Conclusion - Overall, Ctrip's robust competitive advantages, favorable market positioning, and strong financial projections support the "Buy" rating, indicating a positive outlook for investors [5].