Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported February 2025 sales of 205,000 vehicles, representing a year-on-year increase of 83.9% but a month-on-month decrease of 23.2% [2][4]. - Cumulative sales for January and February 2025 reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA platform, with strong performance across its brands including Zeekr, Lynk & Co, and Galaxy [2][4]. - The transition to new energy vehicles is progressing smoothly, with scale effects expected to enhance profitability [2][4]. - Geely's solid foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets [2][4]. - The company is set to accelerate its AI smart driving capabilities, aiming to become a leader in smart automotive technology [2][4]. - The GEA platform is anticipated to drive a new cycle of technology and product development, with significant cost reductions and improved efficiency [2][4]. - Geely's sales target for 2025 is set at 2.71 million vehicles, with a projected year-on-year growth of 25% [2][4]. Summary by Sections Sales Performance - February 2025 sales were 205,000 vehicles, with a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2][4]. - January-February 2025 cumulative sales reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - Breakdown by brand: Geely brand sold 174,000 vehicles (+91.5% YoY), Zeekr sold 14,000 vehicles (+86.9% YoY), and Lynk & Co sold 17,000 vehicles (+30.5% YoY) [2][4]. New Energy Transition - New energy vehicle sales in February reached 98,000 units, a year-on-year increase of 193.8% [2][4]. - New energy vehicles accounted for 48.0% of total sales, up 18.0 percentage points year-on-year [2][4]. - The company aims for new energy vehicle sales to reach 1.5 million units in 2025, with a projected growth of 69% [2][4]. Strategic Initiatives - Geely is launching a comprehensive AI smart driving strategy, enhancing its technological capabilities [2][4]. - The GEA platform supports various energy forms and is expected to lead to a new cycle of product launches and profitability [2][4]. - The company is expanding its global presence, with over 16 models launched in more than 40 countries [2][4].

Investment Rating - The investment rating for Qingdao Bank is "Buy" with a target price of HK$4.15 per share, indicating a potential upside of 27% from the current price of HK$3.27 [4][11]. Core Views - Qingdao Bank is characterized as a growth-oriented city commercial bank deeply rooted in Shandong, with debt reduction efforts expected to improve risk assessments and support strong profit growth [1][10]. - The bank's asset quality is on an improving trend, with a non-performing loan (NPL) ratio of 1.17% as of Q3 2024, slightly above the industry average, but showing a significant decrease from previous years [3][9]. - The bank's return on equity (ROE) has been gradually improving, driven by an expansion in interest margins and operational cost reductions [2][33]. Company Profile - Qingdao Bank was established in 1996 through the merger of 21 urban credit cooperatives and has grown to a total asset size of approximately 669 billion yuan, positioning it at the median level among city commercial banks [19][22]. - The bank has a diversified ownership structure, with major shareholders including Haier Group and the Italian bank Intesa Sanpaolo, which enhances its governance and operational capabilities [28][29]. Financial Analysis - Since 2021, Qingdao Bank's net interest margin has improved, reaching 1.77% in H1 2024, which is 15 basis points higher than the average for city commercial banks [35][37]. - The bank's asset yield was 4.07% in H1 2024, outperforming the average by 4 basis points, while its cost of liabilities was 2.25%, 6 basis points higher than the average [35][37]. - The bank's NPL generation rate has decreased significantly, with a TTM NPL generation rate of 0.64% in H1 2024, down 172 basis points from 2019 [3][10]. Investment Logic - The debt reduction policy is expected to enhance regional risk assessments, with limited impact on credit growth and a favorable outlook for interest margins [10][11]. - The expansion of branch networks has been a key driver for sustained growth, with the number of branches increasing to 196 by H1 2024, providing significant room for loan growth [11][22]. Profit Forecast and Valuation - The projected growth rates for Qingdao Bank's net profit from 2024 to 2026 are 20.16%, 10.38%, and 11.36%, respectively, with corresponding book values per share of 6.45, 6.97, and 7.67 yuan [11][13].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.12, indicating an expected upside of over 20% from the current price of HKD 7.52 [6]. Core Insights - The company reported a total revenue of HKD 504 million for 2024, representing a year-on-year increase of 2544%, primarily due to a USD 70 million upfront payment from Merck. The net profit for 2024 was HKD 28.3 million, up 107% year-on-year [1]. - The clinical trial results for ABSK021 in the treatment of TGCT in the Phase III MANEUVER study were positive, achieving a 54.0% overall response rate (ORR) compared to 3.2% in the placebo group, with significant improvements in key secondary endpoints [2]. - The company is advancing its clinical trials for ABSK011, which has received approval for a Phase III registration trial, targeting advanced or unresectable HCC patients [4]. - The market for ACH (Achondroplasia) presents unmet medical needs, with a global incidence of 1 in 17,000 to 28,000 live births, indicating a significant patient population for potential treatments [5]. Summary by Sections Financial Performance - The company expects revenues of HKD 630 million in 2025, with an upward revision of 2026 revenues from HKD 617 million to HKD 684 million. The projected net profits for 2025 and 2026 are HKD 45 million and HKD 68 million, respectively, with an expected net profit of HKD 98 million in 2027 [6]. Clinical Development - ABSK021 has shown excellent efficacy and safety in its Phase III trials for TGCT, with a low rate of treatment-related adverse events and no evidence of cholestatic liver toxicity [2]. - The Phase II trial results for ABSK021 in cGvHD showed an overall response rate of 57.7%, with significant responses observed across various affected organs [3]. Market Potential - The report highlights the potential of FGFR2/3 inhibitors like ABSK061 in treating ACH, with a significant market opportunity given the prevalence of the condition and the limited current treatment options [5].

Investment Rating - The report maintains a "Buy" rating for JD Group, with a target price of 220.5 HKD per share, based on a valuation of 12x PE for the retail business in 2025 [3][4][9]. Core Insights - JD Group's Q4 2024 performance exceeded expectations, with revenue of 3469.9 billion CNY, representing a year-over-year increase of 13.4%, and a Non-GAAP net profit of 112.9 billion CNY, up 34.2% year-over-year [6][9]. - The company benefits from the "old-for-new" policy, which has significantly boosted revenue, particularly in the electronics sector, where revenue reached 1741.5 billion CNY, a 15.8% increase year-over-year [6][9]. - The report highlights a strong user engagement, with active user numbers and purchase frequency both showing double-digit growth for multiple consecutive quarters [6][9]. Financial Projections - Revenue forecasts for 2024-2026 are adjusted to 11588 billion CNY, 12586 billion CNY, and 13322 billion CNY, respectively, reflecting the positive impact of the "old-for-new" policy [3][9]. - Adjusted net profit estimates for the same period are projected at 436 billion CNY, 483 billion CNY, and 510 billion CNY, benefiting from an increased proportion of high-margin products [3][9]. - The report indicates that JD's retail segment is expected to maintain high single-digit to double-digit growth due to ongoing government subsidies and a favorable market environment [6][9]. Segment Performance - JD Retail achieved revenue of 3070.6 billion CNY in Q4 2024, a 14.7% year-over-year increase, with operating profit rising to 100.4 billion CNY [6][9]. - JD Logistics reported revenue of 521.0 billion CNY, up 10.4% year-over-year, with operating profit increasing by 37.1% [6][9]. - New business initiatives, including the launch of JD's food delivery service, are in early stages but are expected to leverage existing operational capabilities without significant immediate financial impact [6][9]. Shareholder Returns - In 2024, JD Group repurchased 2.553 million shares for approximately 36 billion USD, representing 8.1% of the total shares outstanding as of the end of 2023 [6][9]. - The company plans to distribute a dividend of 0.5 USD per share in 2024, totaling around 1.5 billion USD, with a new share repurchase program set to commence in September 2024 [6][9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received approval for the first Trop2 ADC lung cancer indication globally, which aligns with previous expectations [7] - The expansion of indications is favorable for commercialization in China, with the company expected to participate in the 2025 national medical insurance negotiations [7] - The potential of the product is gradually being realized, with ongoing global phase III studies for additional lung cancer indications [7] - 2025 is projected to be a pivotal year for the company's product commercialization, with several products expected to be approved [7] Financial Summary - Revenue projections for the company are as follows: - 2023A: 1,540.5 million RMB - 2024E: 1,746.8 million RMB (growth rate: 13.4%) - 2025E: 1,836.7 million RMB (growth rate: 5.2%) - 2026E: 2,877.2 million RMB (growth rate: 56.7%) [2] - The net profit attributable to the parent company is projected to be negative, with figures as follows: - 2023A: -574.1 million RMB - 2024E: -350.1 million RMB - 2025E: -434.6 million RMB - 2026E: -286.1 million RMB [2] - Earnings per share (EPS) is expected to improve from -2.53 in 2023A to -1.26 in 2026E [2] - The company anticipates significant revenue from the product Lukanosatuzumab, with projected sales of 47 million RMB in 2024, 960 million RMB in 2025, and 1,886 million RMB in 2026 [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.12, indicating an expected upside of over 20% from the current price of HKD 7.52 [6]. Core Insights - The company reported a total revenue of HKD 504 million for 2024, representing a year-on-year increase of 2544%, primarily due to a USD 70 million upfront payment from Merck. The net profit for 2024 was HKD 28.3 million, up 107% year-on-year [1]. - The clinical trial results for ABSK021 in the treatment of TGCT were outstanding, with a 54% overall response rate (ORR) in the 50mg QD dosage group, significantly outperforming the placebo group [2]. - The company is advancing its clinical trials for ABSK011, which has received approval for a Phase III registration trial, showing promising results in earlier phases with an ORR of 44.8% [4]. - The market for ACH (Achondroplasia) presents significant unmet medical needs, with a global incidence rate of 1 in 17,000 to 28,000 live births, indicating a substantial patient population for potential treatments [5]. Summary by Sections Financial Performance - The company expects revenues of HKD 630 million in 2025, with an upward revision of 2026 revenues from HKD 617 million to HKD 684 million, and projected revenues of HKD 634 million in 2027 [6]. Clinical Development - ABSK021 has shown excellent efficacy and safety in its Phase III trial for TGCT, with a 25-week ORR of 54% and a low rate of treatment-related adverse events [2][3]. - The ongoing Phase II trial for ABSK021 in cGvHD has reported an overall ORR of 57.7%, with promising results across various affected organs [3]. Market Potential - The global market for ACH treatments is expanding, with existing therapies showing significant sales growth, indicating a robust opportunity for the company's FGFR2/3 inhibitor, ABSK061 [5].

Investment Rating - The report maintains a "Buy" rating for JD Group, with a target price of 220.5 HKD per share [4][9]. Core Insights - JD Group's Q4 2024 performance exceeded expectations, with revenue of 3469.9 billion CNY, representing a year-over-year increase of 13.4%, and a Non-GAAP net profit of 112.9 billion CNY, up 34.2% year-over-year [6][9]. - The company benefits from the "old-for-new" policy, which has significantly boosted revenue, particularly in the electronics sector [6][9]. - The forecast for revenue from 2024 to 2026 has been adjusted upward due to the better-than-expected impact of the old-for-new policy, with projected revenues of 11588 billion CNY, 12586 billion CNY, and 13322 billion CNY respectively [3][9]. Financial Performance Summary - For Q4 2024, JD Group achieved a product revenue of 2809.8 billion CNY, a 14.0% increase year-over-year, with the electronics category generating 1741.5 billion CNY, up 15.8% year-over-year [6][9]. - The service revenue for Q4 2024 was 660.1 billion CNY, reflecting a 10.8% year-over-year growth, driven by increased user engagement and advertising revenue [6][9]. - The adjusted net profit for 2024 is projected to be 436 billion CNY, with further increases to 483 billion CNY in 2025 and 510 billion CNY in 2026 [3][9]. Segment Performance - JD Retail's revenue for Q4 2024 was 3070.6 billion CNY, a 14.7% increase year-over-year, benefiting from high growth in home appliances and electronics [6][9]. - JD Logistics reported revenue of 521.0 billion CNY for Q4 2024, a 10.4% year-over-year increase, with operating profit rising by 37.1% [6][9]. - New business initiatives, including the launch of JD's food delivery service, are in early stages but are expected to leverage existing logistics capabilities without significant immediate financial impact [6][9]. Shareholder Returns - In 2024, JD Group repurchased 2.553 million shares for approximately 36 billion USD, representing 8.1% of the total shares outstanding as of the end of 2023 [6][9]. - The company plans to distribute a dividend of 0.5 USD per share in 2024, totaling around 1.5 billion USD [6][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February, the company delivered 25,287 vehicles, representing a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. Cumulatively, the company delivered over 50,000 vehicles in the first two months of the year, reflecting a year-on-year growth of 167.8%. The company anticipates continued sales growth driven by a strong new car cycle and overseas expansion through collaboration with Stellantis [2][4][6]. Summary by Sections Sales Performance - The company achieved a delivery of 25,287 vehicles in February, marking a year-on-year growth of 285.1% and a slight month-on-month growth of 0.5%. The total deliveries for January and February reached over 50,000 vehicles, which is a 167.8% increase year-on-year [2][4]. Future Outlook - The company is optimistic about future sales growth, with a target of 500,000 vehicles for 2025. The upcoming launch of the B10 model on March 10 is expected to further boost sales. The company plans to introduce 2-3 new products globally each year over the next three years, with three models from the B series planned for 2025 [6]. Market Strategy - The company is focusing on a strong new car cycle and competitive pricing to enhance sales. It has established a "1+N" channel development model in China, with 860 stores as of the end of 2024. Internationally, the company has 339 stores in Europe and aims to exceed 500 globally by 2025 [6]. Technological Advancements - The company is investing in advanced driving technology, planning to implement high-level driving functions based on a new architecture in the first half of 2025. The B10 model will be the first in its price range to feature laser radar for urban driving [6].

Investment Rating - The investment rating for JD Group is "Buy" with a target price set at HKD 157.2, maintaining the rating for the next six months [5]. Core Views - JD Group's Q4 2024 performance exceeded expectations with a revenue of CNY 347 billion, a year-on-year increase of 13.4%, driven by strong growth in both product and service revenues [1]. - The company has shown significant profit improvement, with a Non-GAAP net profit of CNY 11.3 billion in Q4 2024, reflecting a 34.5% year-on-year growth [1]. - The report highlights the successful execution of the share repurchase plan, with approximately 255 million shares repurchased, totaling around USD 3.6 billion, and a new plan to repurchase up to USD 5 billion in shares over the next 36 months [1]. - The report emphasizes the positive impact of government subsidies and the optimization of product categories, which are expected to drive sustainable growth in market share and order volume [4]. Summary by Sections Financial Performance - In Q4 2024, JD Group achieved a total revenue of CNY 347 billion, with product revenue at CNY 281 billion and service revenue at CNY 66 billion, marking year-on-year growths of 14.0% and 10.8% respectively [1]. - The annual revenue for 2024 reached CNY 1,158.8 billion, a 6.8% increase from the previous year, with a Non-GAAP net profit of CNY 47.8 billion, up 35.8% year-on-year [1]. Retail Segment - JD Retail's revenue for Q4 2024 was CNY 307.1 billion, a 14.7% increase, with operating profit rising by 44.7% to CNY 10 billion [2]. - The electronics and home appliances category saw a revenue increase of 15.8% to CNY 174.1 billion, benefiting from the "trade-in" policy and service upgrades [2]. - Daily necessities revenue grew by 11.1% to CNY 106.8 billion, with third-party merchant orders increasing by over 14.7% [2]. Logistics Segment - JD Logistics reported a revenue of CNY 52.1 billion in Q4 2024, a 10.4% increase, with operating profit rising by 37.1% to CNY 1.8 billion [3]. - The collaboration with Taobao and Tmall logistics systems has enhanced external customer revenue, which now accounts for 69.6% of total revenue [3]. - The international expansion of logistics services is accelerating, with a significant increase in self-operated overseas warehouse space [3]. Future Outlook - Revenue projections for JD Group from 2025 to 2027 are adjusted to CNY 1,251 billion, CNY 1,331.2 billion, and CNY 1,409.5 billion, reflecting year-on-year growth rates of 8.0%, 6.4%, and 5.9% respectively [4]. - The Non-GAAP net profit forecasts for the same period are set at CNY 51.9 billion, CNY 57.4 billion, and CNY 62.8 billion, indicating a positive growth trajectory [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In February 2025, the company achieved sales of 205,000 vehicles, representing a year-on-year increase of 83.9% but a month-on-month decrease of 23.2% [2][4]. - Cumulative sales for January and February 2025 reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA platform, with strong performance across its brands including Geely, Lynk & Co, and Zeekr [2][6]. - The transition to new energy vehicles is progressing smoothly, with significant scale effects anticipated to enhance profitability [2][6]. - The company has a solid foundation in fuel vehicles and is exploring innovative overseas expansion strategies [2][6]. - An AI-driven smart driving strategy is set to accelerate the enhancement of intelligent driving capabilities [2][6]. - The company aims for a sales target of 2.71 million vehicles in 2025, representing a 25% year-on-year growth, with specific targets for each brand [2][6]. Summary by Sections Sales Performance - February 2025 sales were 205,000 vehicles, with a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2][4]. - January-February 2025 cumulative sales reached 472,000 vehicles, up 45.2% year-on-year [2][4]. - Breakdown by brand: Geely brand sold 174,000 vehicles (+91.5% YoY), Lynk & Co sold 17,000 vehicles (+30.5% YoY), and Zeekr sold 14,000 vehicles (+86.9% YoY) [2][6]. New Energy Transition - New energy vehicle sales in February reached 98,000 units, a year-on-year increase of 193.8% [2][6]. - The share of new energy vehicles in total sales was 48.0%, up 18.0 percentage points year-on-year [2][6]. - The company is focusing on high-quality overseas expansion, launching models in over 40 countries [2][6]. Strategic Developments - The GEA platform is expected to drive a new cycle of technology and product development, enhancing profitability [2][6]. - The company plans to fully embrace AI technology to improve smart driving capabilities [2][6]. - Expected net profits for 2024-2026 are projected at 16.4 billion, 12.4 billion, and 16.8 billion respectively, with corresponding PE ratios of 9.9X, 13.2X, and 9.7X [2][6].