Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported better-than-expected performance for FY2024, with revenue increasing by 19.6% to RMB 10.07 billion and net profit rising by 19.5% to RMB 1.15 billion [3][4] - The dividend payout ratio has increased from 40% in FY2023 to 45% in FY2024, reflecting a commitment to returning value to shareholders [3] - The company has shown continuous improvement in operational efficiency across its children's and adult clothing segments, with children's clothing revenue reaching RMB 2.34 billion and adult clothing revenue at RMB 7.38 billion, both growing around 19% [3][4] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: RMB 8.42 billion (FY2023), RMB 10.07 billion (FY2024), RMB 11.30 billion (FY2025E), RMB 12.38 billion (FY2026E), and RMB 13.45 billion (FY2027E), with growth rates of 21%, 20%, 12%, 10%, and 9% respectively [2] - Net profit forecasts are RMB 0.96 billion (FY2023), RMB 1.15 billion (FY2024), RMB 1.30 billion (FY2025E), RMB 1.45 billion (FY2026E), and RMB 1.58 billion (FY2027E), with growth rates of 29%, 20%, 13%, 12%, and 9% respectively [2] - The company’s gross margin is projected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027 [2] Operational Efficiency - The company has optimized its accounts receivable turnover, maintaining an average of 149 days, with an increase in the proportion of receivables collected within 90 days from 59.3% to 62.5% [3] - Inventory turnover days increased to 107 days, attributed to a strategic increase in finished goods to meet e-commerce demand during the Spring Festival [3] - The company has reduced its payable turnover days to 88 days, down by 22 days, due to partnerships with new quality suppliers [3] Market Outlook - Management expresses confidence in achieving a sales growth of 10-15% in 2025, primarily driven by volume growth [3] - The company aims to maintain a gross margin of 40-42% and a net profit margin of 10-12% in the upcoming years [3] - The company has been focusing on product, brand, and channel enhancements, which are expected to yield faster growth than the industry average [3]

证 券 研 究 报 告 中国飞鹤（06186.HK）深度研究报告 强推（首次） 经营反转周期正展开 目标价：7.5 港元 [ReportFinancialIndex] 主要财务指标 | | 2023 | 2024E | | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 19,532 | 21,020 | | 22,801 | 24,325 | | YoY | -8.3% | 7.6% | | 8.5% | 6.7% | | 归母净利润（百万 元） | 3,390 | 3,875 | | 4,481 | 4,976 | | YoY | -31.4% | 14.3% | | 15.7% | 11.0% | | 每股盈利（元） | 0.37 | 0.43 | | 0.49 | 0.55 | | 市盈率（倍） | 14.6 | 12.8 | | 11.1 | 10.0 | | 市净率（倍） | 2.0 | 1.9 | | 1.7 | 1.6 | | 资料来源：公司公告， | 华创证券预测 | 注：股价为 2025 | 年 3 | ...

Investment Rating - The report maintains a "Hold" rating for Ping An Good Doctor (1833.HK) and lowers the target price to HKD 6.6, indicating a potential downside of 14% from the current price of HKD 7.7 [2][3][7]. Core Insights - The company's revenue growth is expected to recover to a double-digit year-on-year increase of 11% in the second half of 2024, reversing a continuous decline since 2022. However, the adjusted net profit margin has narrowed quarter-on-quarter, failing to sustain previous improvements [2][7]. - For 2025, the company is projected to achieve low double-digit revenue growth, but the potential for profit margin improvement appears limited due to significant expense reductions in 2024 and forward-looking investments in elder care and AI projects [2][7]. - The integration with Ping An Group is anticipated to enhance business synergies, but the extent of additional business growth from this consolidation remains uncertain [2][7]. Financial Summary - Revenue projections for Ping An Good Doctor are as follows (in million RMB): - 2023: 4,674 - 2024: 4,808 (up 2.9% YoY) - 2025E: 5,480 (up 14.0% YoY) - 2026E: 6,253 (up 14.1% YoY) - 2027E: 7,211 (up 15.3% YoY) [3][8]. - The adjusted net profit is expected to turn positive in 2024, reaching RMB 81 million, with further growth to RMB 169 million in 2025 [3][8]. - The company's gross margin is projected to decline slightly from 32.3% in 2023 to 31.1% by 2027 [8]. Market Expectations - The report indicates that the market anticipates a revenue growth rate of 7% for Ping An Good Doctor in the coming years, with a price-to-sales (P/S) ratio of 3.0 for 2025E [12][15].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 0.70, indicating a potential upside of 22.8% from the current price of HKD 0.57 [4][8]. Core Insights - The company is expected to see a marginal improvement in performance, with a high probability of earnings recovery in 2025. This is supported by a low valuation and an increased dividend yield, which provides significant upside potential compared to downside risks [8]. - The revenue trend is anticipated to reverse starting in the second quarter of 2024, with management expressing confidence in achieving year-on-year revenue growth in the latter half of 2024 [8]. - The operating profit margin for 2025 is projected to improve slightly due to better retail discounts and an increased sales proportion of new products, despite potential challenges from e-commerce growth affecting channel structure [8]. - The company is likely to maintain a high dividend payout ratio in 2025, with an expected dividend yield exceeding 10%, providing a safety net for the stock price [8]. Financial Forecasts - Revenue is forecasted to decline from RMB 20,064 million in 2023 to RMB 18,592 million in 2025, with a year-on-year change of -8% in 2024 and a slight recovery of 1% in 2025 [3][10]. - The net profit attributable to shareholders is projected to increase from RMB 490 million in 2023 to RMB 523 million in 2025, reflecting a significant growth of 450% in 2023, followed by modest growth rates in subsequent years [3][10]. - The price-to-earnings ratio is expected to decrease from 5.6x in 2023 to 4.0x in 2027, indicating a more attractive valuation over time [3][10]. Market Performance - The company's stock has a 52-week price range of HKD 0.48 to HKD 0.69, with a current market capitalization of HKD 3,036 million [4][6]. - The average daily trading volume over the past three months is HKD 0.7 million, suggesting moderate liquidity in the stock [4][6].

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][4][6] Core Insights - The deconsolidation of Legend Biotech has led to a significant profit improvement for Genscript, with a profit from discontinued operations of approximately $3 billion, compared to a loss of about $518 million in the same period last year [7][17] - The continuing business segments are expected to show positive trends in 2025, with revenue from continuing operations projected at approximately $594.5 million, representing a year-on-year increase of 6.1% [3][14] - The total equity valuation of Genscript is estimated at $6.296 billion, translating to a target price of HK$22.78 per share [6][17] Summary by Segment Life Sciences Segment - Expected revenue for 2025 is $523 million, with a year-on-year growth rate of 15% and an adjusted operating profit of $104 million, also growing by 15% [13][14] - The segment's revenue in 2024 was approximately $454.9 million, up by 10.2% year-on-year, with an adjusted gross profit of about $237.7 million [3][14] Biologics Development Services Segment - Projected Fee-for-Service revenue for 2025 is $113 million, up by 19% year-on-year [14] - The segment's revenue in 2024 was about $95 million, down by 13.2% year-on-year, but showed a recovery with a growth rate of about 38% in the second half of 2024 [3][14] Industrial Synthetic Biology Products Segment - Expected revenue for 2025 is $67 million, with a year-on-year growth rate of 25% [14] - The segment's revenue in 2024 was approximately $53.7 million, up by 24.6% year-on-year, with an adjusted gross profit of about $22.6 million [3][14] Legend Biotech - Following the deconsolidation, the market capitalization of Legend Biotech was approximately $6.8 billion, with Genscript holding a 47.51% stake valued at about $3.231 billion [5][16]

证券研究报告 越秀交通基建 (1052 HK) 港股通 业绩符合预期，但摊销上调或成隐忧 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 14 日│中国香港 | 路桥 | 越秀交通基建公布 2024 年业绩：收入 38.67 亿元，同比-2.5%；归母净利 润 6.57 亿元，同比-14.2%，基本符合我们预期（6.46 亿元）。盈利下滑主 因：1）行业层面：收费天数减少、1Q 恶劣天气、运输需求不足；2）公司 层面：摊销费用大幅增长、广州北环到期、路网分流影响。公司拟派发末期 股息 0.13 港元/股，连同已派发的中期股息 0.12 港元/股，全年分红比例拟 达到 58.5%、股息率约 6.7%。公司在 24 年下半年进一步上调无形资产摊 销，或对 25 年盈利产生拖累。考虑摊销调整对经营现金流无影响，我们也 仍然看好公司持续收购路产的能力，维持"买入"。 24 年盈利下滑，主因摊销上调与广州北环到期 因天津津雄高速剩余收费期较短以及展期需要额外资本开支，公司在 24 年 末出售该项目，录得处置收益 6584 万元。公司在 23 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 9.00 [6][15][8]. Core Insights - The company's revenue for 2H24 was HKD 2.71 billion, a year-on-year increase of 10.7%, exceeding the consensus estimate of HKD 2.47 billion, primarily due to better-than-expected income from health and elderly care services [1]. - Non-IFRS net profit was HKD 0.07 billion, slightly below the consensus estimate of HKD 0.09 billion, attributed to forward-looking investments in elderly care, corporate health, and AI business [1]. - The report emphasizes the importance of synergies with the group and the progress of AI technology in enhancing business efficiency [1]. Revenue and Profitability - Medical services revenue increased by 6.7% to HKD 1.11 billion in 2H24, driven by enhanced collaboration with group medical insurance and the development of family doctor compensation models [2]. - The gross margin for medical services improved to 46.6%, up 9.6 percentage points year-on-year, due to structural changes within the business [2]. - Health services revenue decreased by 0.2% to HKD 1.37 billion, impacted by one-time factors and a high base from 2H23 [3]. - The gross margin for health services fell to 18.9%, down 9.7 percentage points year-on-year, due to the expansion of corporate health services with lower profitability [3]. Strategic Developments - The company achieved steady progress in expanding high-value strategic users, with F-end strategic business revenue growing by 9.6% to HKD 2.42 billion in 2H24 [4]. - B-end strategic business revenue surged by 32.7% to HKD 1.43 billion, with the number of serviced enterprises reaching 2,049 [4]. - The company is focusing on building "two major hubs and four networks" in its medical service network, with nearly 4,000 cooperating hospitals and 235,000 cooperating pharmacies as of 2H24 [3]. Earnings Forecast and Valuation - The non-IFRS net profit forecast for 2025 and 2026 has been raised by 23.3% and 22.1% to HKD 0.30 billion and HKD 0.39 billion, respectively, due to AI cost reduction and cautious expense management [5]. - The new target price based on DCF is HKD 9.00, up from HKD 7.50, corresponding to 3.3x and 3.0x the projected PS for 2025 and 2026 [15]. - The company is expected to achieve a revenue of HKD 5.38 billion in 2025, reflecting a 12% year-on-year growth [7].

Investment Rating - The report maintains a "Buy" rating for China Feihe (6186 HK) with a target price of HKD 7.40 [7][8]. Core Views - The implementation of fertility stimulus policies is expected to enhance the birth rate and benefit leading infant formula companies like China Feihe [1][2]. - The infant formula industry is experiencing a rationalization of competition, with overall pricing stabilizing, which is expected to support revenue growth for the company [2][3]. - The company is anticipated to benefit from improved operational efficiency and reduced costs, leading to an increase in profit margins [3][4]. Summary by Sections Investment Rating - The investment rating for China Feihe is "Buy" with a target price set at HKD 7.40, reflecting an upward adjustment from a previous target of HKD 4.49 [4][7]. Market and Policy Environment - Recent government policies aimed at boosting birth rates include direct financial support for families, which is expected to positively impact the demand for infant formula [1][2]. - The number of newborns in China is projected to increase by 52,000 (+5.8%) in 2024, reaching 9.54 million [2]. Financial Performance and Projections - Revenue for 2024 is expected to reach RMB 20.84 billion, marking a 6.68% increase from the previous year, with net profit projected at RMB 3.83 billion [6][17]. - The company’s EPS is forecasted to grow from RMB 0.37 in 2023 to RMB 0.42 in 2024, and further to RMB 0.50 by 2026 [4][17]. - The report highlights a projected reduction in the company's expense ratio, which is expected to enhance profit margins [3][4]. Competitive Position - As a leading player in the infant formula market, China Feihe is well-positioned to capitalize on the recovery in industry demand and the consolidation of market share [3][4]. - The company has implemented digital management strategies to optimize inventory and pricing, which are expected to contribute to revenue growth in 2024 [3].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company achieved a significant turnaround in Q4 2024, reporting a net profit of 0.8 billion yuan for the first time in a single quarter since its establishment, with a full-year revenue of 32.164 billion yuan, representing a 92.06% increase year-on-year [4][8] - The launch of the new model B10 has commenced pre-sales, showcasing competitive pricing and advanced features, particularly in the lidar-equipped versions [6][27] - The company is expected to maintain high growth in revenue and sales, with projections of 50,000 units sold in 2025 and potential to reach 1 million units in the medium to long term [31][35] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 32.164 billion yuan, with a year-on-year growth of 92.06%. The net profit attributable to shareholders was -2.821 billion yuan, a significant reduction from previous losses [4][8] - The gross margin for the year was 8.38%, with Q4 achieving a record high of 13.3% [11][33] - The average revenue per vehicle in 2024 was 109,500 yuan, while the average cost per vehicle was 100,300 yuan, indicating a notable cost reduction due to scale effects [17] Product Development - The company introduced the Leap 3.5 architecture, enhancing the integration and intelligence of its vehicles, with the B10 model being the first to feature this new system [20][23] - The B10 model is positioned competitively in the market, with pre-sale prices ranging from 109,800 to 139,800 yuan, depending on the features [6][28] Future Projections - Revenue forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 58.302 billion yuan, 84.036 billion yuan, and 116.348 billion yuan respectively, reflecting a growth rate of 81.3%, 44.1%, and 38.5% [35] - The net profit projections for the same period are -0.72 billion yuan, 2.488 billion yuan, and 5.081 billion yuan, indicating a path towards profitability [35] Market Positioning - The company is positioned to benefit from the growing demand for high-performance electric vehicles, with a focus on cost control and product innovation [34][35] - The competitive landscape includes established players like NIO, Li Auto, and BYD, with the company expected to outperform these peers due to its unique product offerings and strategic partnerships [34]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.32 [7][8]. Core Views - The company achieved a revenue of RMB 10.07 billion in 2024, representing a year-on-year increase of 19.6%, and a net profit of RMB 1.15 billion, also up by 19.5%, aligning with previous expectations [1]. - The company is focusing on enhancing brand competitiveness and expanding into children's clothing, e-commerce, and overseas markets, which are expected to drive growth [1][2]. - The company plans to open approximately 100 new "super stores" in 2025, positioning itself as the "Uniqlo" of sports apparel, which is anticipated to significantly boost sales [2]. Summary by Sections Financial Performance - The company reported a gross margin of 41.5%, an increase of 0.4 percentage points year-on-year, attributed to effective cost control and pricing strategies [3]. - Advertising and promotional expenses increased to 12.8% of revenue, primarily due to sponsorship of events like the Asian Games [3]. - The company’s net profit margin remained stable at 11.4% [3]. Revenue and Profit Forecast - The revenue forecast for 2025 is adjusted to RMB 11.37 billion, with a net profit forecast of RMB 1.31 billion, reflecting increases of 12.83% and 13.62% respectively [4]. - The report introduces a new net profit expectation for 2027 at RMB 1.66 billion [4]. Valuation Metrics - The company’s projected PE ratio for 2025 is 7.8x, which is lower than the average of comparable companies at 13.8x [4]. - The report highlights the company’s low valuation and high dividend yield, which exceeds 6% [1][4]. Market Position and Strategy - The company is expanding its product matrix in running and basketball categories, with new product launches contributing to growth [2]. - The children's segment showed strong performance with a revenue increase of 19.5% to RMB 2.34 billion [2]. - Online sales accounted for 25.9% of total revenue, growing by 12.2% year-on-year [2]. Operational Efficiency - Inventory levels increased by 56.2% to RMB 2.11 billion, mainly due to early preparations for the Spring Festival [3]. - The accounts receivable turnover days remained healthy at 149 days [3]. Overall Market Outlook - The company is well-positioned to capitalize on the growing demand for sports apparel, particularly in the children's segment and through its e-commerce initiatives [1][2].