Investment Rating - The report maintains a "Buy" rating for China Tobacco Hong Kong with a target price raised to HKD 29.2, indicating a potential upside of 19% from the current stock price of HKD 24.85 [1][5][7]. Core Insights - China Tobacco Hong Kong reported a revenue of HKD 13,074.2 million for the year, representing a year-on-year growth of 10.5%, and a net profit of HKD 902.8 million, which is a 30.4% increase compared to the previous year [1][5]. - The company expects net profits for the years 2025, 2026, and 2027 to be HKD 9.6 billion, HKD 10.2 billion, and HKD 10.8 billion respectively, with corresponding EPS of HKD 1.32, HKD 1.40, and HKD 1.48 [1][5]. Revenue and Profit Analysis - The tobacco leaf import business showed steady growth, achieving a revenue of HKD 8.254 billion in 2024, up 2.2% year-on-year, with a gross profit of HKD 826 million, reflecting a 12.7% increase [2]. - The gross margin for tobacco leaf imports was 10.0%, an increase of 0.9 percentage points year-on-year, primarily due to a higher proportion of higher-margin Brazilian business [2]. - The cigarette export segment saw a revenue of HKD 1.574 billion in 2024, a 30.2% increase, with a gross profit of HKD 277 million, marking a 69.1% rise [3]. - The gross margin for cigarette exports improved to 17.6%, up 4.0 percentage points year-on-year, benefiting from a higher proportion of self-operated channels [3]. Product Segmentation - The export of tobacco leaf products generated HKD 2.062 billion in revenue, a 24.8% increase, with a gross profit of HKD 84 million, up 85.8% [3]. - New tobacco product exports achieved a revenue of HKD 135 million, a 4.0% increase, with a gross profit of HKD 7 million, reflecting a 23.2% growth [4]. - The Brazilian business segment reported a revenue of HKD 1.050 billion, a 37.0% increase, with a gross profit of HKD 184 million, up 30.2% [4]. Dividend and Shareholder Information - The company declared a final dividend of HKD 0.31 per share, with a total annual dividend of HKD 0.46 per share, resulting in a payout ratio of 37% and a dividend yield of 1.9% based on the current stock price [4][5]. Financial Projections - The report projects revenue growth rates of 0.5%, 4.0%, and 3.5% for the years 2025, 2026, and 2027 respectively, with net profit growth rates of 6.4%, 6.3%, and 5.4% for the same periods [11][13]. - The estimated gross margin is expected to improve gradually, reaching 11.57% by 2027 [11][13].

Investment Rating - The investment rating for the company is 5.4, based on operational performance, industry outlook, valuation, and market sentiment [8]. Core Insights - The company, Chifeng Jilong Gold Mining Co., Ltd., is a rapidly growing international gold producer with a significant increase in gold production from 2021 to 2023, achieving a compound annual growth rate (CAGR) of 33.1% [1]. - The company has a strong operational efficiency, with all-in sustaining costs below the global average, ranking fifth among Chinese gold producers and 20-30 globally [1]. - The revenue for the company has shown a steady increase, with a 17.8% year-on-year growth for the nine months ending September 30, 2024, driven by higher average selling prices and increased sales volume [2]. - The global gold demand is expected to grow at a CAGR of 0.8% from 2024 to 2028, with central bank demand growing the fastest at 6.9% [3]. - The company is positioned as the largest private gold producer in China, with a robust market outlook and a strong track record in mergers and acquisitions [5]. Company Overview - Chifeng Jilong Gold Mining Co., Ltd. operates six gold and multi-metal mines across China, Laos, and Ghana, with a total gold production of 461.5 thousand ounces in 2023 [1]. - The company’s revenue is primarily derived from gold mining, accounting for 87.6% of total revenue in 2023, with Laos and Ghana being the largest revenue sources [2]. - The company has a unique corporate culture and incentive mechanisms that drive continuous growth among management and employees [5]. Financial Performance - The company's revenue for the years 2021, 2022, and 2023 were 37.8 billion, 62.6 billion, and 72.2 billion CNY respectively, with a gross margin of 32.6% in 2023 [2]. - The net profit attributable to shareholders for the same years was 5.8 billion, 4.5 billion, and 8.0 billion CNY, indicating a strong recovery in profitability [2]. Market Conditions - The global gold spot price is projected to rise at a CAGR of 7.1% from 2024 to 2028, reflecting strong demand [4]. - The company’s IPO price range is set between 13.72 and 15.83 HKD, with a total market capitalization estimated at 256.50 to 295.95 billion HKD post-IPO [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [3]. Core Insights - The company has established itself as a leader in the high-end gold jewelry market, focusing on traditional craftsmanship and setting industry standards. It has shown significant growth, with a projected net profit of 1.4 to 1.5 billion yuan in 2024, representing a year-on-year increase of 236% to 260% [6][21]. Summary by Sections Company Overview - The company, known as "Old Puh Gold," has evolved from focusing on traditional gold jewelry to becoming a trendsetter in the industry. It launched its first store in 2009 and has since expanded its presence in high-end shopping centers, achieving a market penetration of 80% in China's top ten luxury malls [6][21]. Barriers to Entry - The company has established strong barriers through its unique design capabilities, effective incentive mechanisms, high-quality products, and robust distribution channels. Its average monthly salary for sales personnel increased from 28,700 yuan in 2021 to 38,200 yuan in 2023, reflecting a CAGR of 16% [8][37]. The self-built factory in Yueyang has significantly increased production capacity, with a self-production ratio exceeding 59% from 2021 to 2023 [8][44]. Financial Performance - The company has maintained a gross margin above 40% from 2020 to 2023, with a net profit margin increasing from 5.1% in 2018 to 13.1% in 2023. The projected revenue for 2024 is 86 billion yuan, with a net profit of 14.5 billion yuan [9][11]. The return on equity (ROE) is expected to reach 39% in 2024, driven by improvements in net profit margin and asset turnover [9][11]. Growth Projections - The company anticipates significant revenue growth, with projections of 86 billion yuan in 2024, 143 billion yuan in 2025, and 180 billion yuan in 2026. The net profit is expected to grow to 32.1 billion yuan by 2026 [9][11]. Market Position - The company is positioned as a leader in the high-end gold jewelry segment, with a focus on traditional craftsmanship. The market for traditional gold jewelry is expected to grow from 157.3 billion yuan in 2023 to 421.4 billion yuan by 2028, indicating a strong growth trajectory [49][51]. The loyal customer base has expanded significantly, with the number of loyal members increasing from 36,500 in 2021 to 275,000 by mid-2024 [53].

Investment Rating - The report assigns a "Buy" rating for the company, Mijiu Group (02097.HK), marking its first coverage [1]. Core Insights - Mijiu Group is positioned as a leader in the affordable ready-to-drink beverage market, with a significant brand dominance reflected in its extensive store network and strong market presence [8][62]. - The company has a robust growth trajectory, with projected revenues increasing from 20.3 billion RMB in 2023 to 31.2 billion RMB by 2026, representing a compound annual growth rate (CAGR) of approximately 13.66% [1]. - Mijiu's net profit is expected to grow from 3.1 billion RMB in 2023 to 5.9 billion RMB in 2026, indicating a strong profitability outlook [1][62]. - The brand's unique IP, "Xue Wang," has significantly enhanced its marketing effectiveness, achieving over 43.5 billion views on social media platforms, which contributes to its brand recognition and consumer engagement [45][62]. Summary by Sections 1. Market Position and Brand Dominance - Mijiu Group operates over 40,000 stores, far surpassing competitors, which typically have between 3,000 to 9,000 stores, showcasing its market leadership [8][19]. - The affordable ready-to-drink beverage segment is projected to grow at a CAGR of 23% from 2024 to 2028, positioning Mijiu favorably within this high-growth market [14][15]. 2. Financial Performance and Projections - The company’s total revenue is forecasted to reach 24.0 billion RMB in 2024, with a year-on-year growth of 18.36% [1]. - Mijiu's earnings per share (EPS) are expected to increase from 8.26 RMB in 2023 to 15.64 RMB by 2026, reflecting strong earnings growth [1]. 3. Competitive Landscape - Mijiu holds a market share of over 30% in the affordable ready-to-drink beverage sector, while competitors struggle to establish similar dominance in the mid-priced segment [29][34]. - The mid-priced beverage market is highly competitive, with brands like Luckin Coffee and others vying for market share, but Mijiu's position remains strong in the affordable segment [26][34]. 4. International Expansion and Future Outlook - Mijiu has begun its international expansion, with 4,792 stores outside of mainland China, primarily in Southeast Asia, indicating significant growth potential [54][61]. - The company aims to enhance its supply chain and marketing strategies to support its overseas growth, with plans to enter markets like Japan [58][62].

Investment Rating - The report assigns a "Buy" rating for the company, Mijiu Group (02097.HK), marking its first coverage [8][62]. Core Insights - Mijiu Group is positioned as a leader in the affordable ready-to-drink beverage market, with a significant brand dominance reflected in its extensive store network and strong market share [8][62]. - The company has a robust end-to-end supply chain and leverages its "Xue Wang" IP for effective brand marketing, which enhances consumer engagement and brand recognition [8][62]. - Mijiu's projected net profits for 2024-2026 are estimated at 43.8 billion, 51.2 billion, and 59.4 billion RMB, respectively, with corresponding P/E ratios of 28, 24, and 21 [8][62]. Summary by Sections 1. Market Position and Brand Dominance - Mijiu Group operates over 40,000 stores in China, significantly outpacing competitors, which typically have between 3,000 to 9,000 stores [8][19]. - The affordable ready-to-drink beverage market is expected to grow at a compound annual growth rate (CAGR) of 23% from 2024 to 2028, indicating strong market potential for Mijiu [14][15]. 2. Financial Performance and Projections - The company reported total revenue of 13.576 billion RMB in 2022, with a projected increase to 31.232 billion RMB by 2026, reflecting a CAGR of 31.15% [8][62]. - Mijiu's net profit for 2022 was 1.997 billion RMB, expected to rise to 5.937 billion RMB by 2026, showcasing a strong growth trajectory [8][62]. 3. Competitive Landscape - Mijiu holds a market share of over 30% in the affordable ready-to-drink beverage segment, while competitors struggle to establish a similar level of brand dominance [8][29]. - The mid-priced beverage market is highly competitive, with brands like Heytea and Luckin Coffee vying for market share, but Mijiu remains the clear leader in the affordable segment [8][19]. 4. Brand Marketing and Consumer Engagement - The "Xue Wang" IP has generated over 43.5 billion views on social media platforms, significantly enhancing brand visibility and consumer connection [8][45]. - Mijiu's marketing strategy integrates both online and offline channels, effectively reaching a broad consumer base [8][45]. 5. Expansion and Future Outlook - Mijiu is actively pursuing international expansion, with a focus on Southeast Asia, where it has already established a significant presence [8][54]. - The company aims to increase its overseas store count, which currently stands at 4,792, representing about 10.6% of its total stores [8][54].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 17.55 HKD [4][7]. Core Insights - The company achieved a record monthly sales of 266,700 vehicles in January, representing a year-on-year increase of 24.9% and a month-on-month increase of 27.0%. The sales of new energy vehicles reached 121,100 units, up 83.9% year-on-year [9]. - The company continues to deepen its global strategic layout, with significant growth in its self-owned brands. The sales of the Geely brand reached 224,700 units in January, a year-on-year increase of 30.1% [9]. - The company plans to expand its overseas sales network, aiming for over 300 sales and service outlets by 2025, with a target overseas sales growth rate of 15.6% [9]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) are forecasted to be 1.43, 1.08, and 1.29 CNY for 2024, 2025, and 2026 respectively. The company maintains a comparable company PE average valuation of 15 times, leading to a target price of 16.20 CNY [4]. - The projected revenue for 2024 is 224.63 billion CNY, with a year-on-year growth of 25.4%. The revenue is expected to reach 316.01 billion CNY by 2026 [6][10]. - The net profit attributable to the parent company is forecasted to be 14.44 billion CNY in 2024, reflecting a significant year-on-year growth of 172.1% [6][10]. Key Financial Metrics - The company reported a revenue of 147.97 billion CNY in 2022, with a gross profit margin of 14.1% and a net profit margin of 3.6% [6][10]. - The projected net profit for 2025 is 10.88 billion CNY, with a net profit margin of 4.0% [6][10]. - The company's return on equity (ROE) is expected to improve from 6.6% in 2023 to 11.2% by 2026 [6][10].

Investment Rating - The report maintains an "Outperform" rating for JD Health International with a target price of HK$42.90, reflecting a potential upside from the current price of HK$35.75 [2][9]. Core Insights - JD Health's revenue for 2024 slightly exceeded market expectations, achieving RMB 58.2 billion, a year-on-year increase of 8.6%. The adjusted net profit reached RMB 4.8 billion, surpassing expectations by 15.9% due to scale effects, resulting in a net profit margin of 8.2% [3][19]. - The company experienced strong growth across all major product categories in Q4 2024, with revenue of RMB 16.5 billion, marking an 11.3% increase. This performance indicates a recovery and growth trajectory post-pandemic [20][21]. - The number of merchants on the platform has significantly increased, contributing to a robust ecosystem characterized by comprehensive products, low prices, and high quality. The number of merchants grew from over 20,000 in 2022 to over 100,000 in 2024 [21][22]. - JD Health is expanding its offline pharmacy presence, with nearly 60 self-operated O2O stores opened in Beijing by the end of 2024, enhancing its market reach and operational capabilities [22]. - The company is optimistic about the integration of AI in healthcare, with a growing active user base of 180 million and daily online consultations exceeding 490,000. This positions JD Health favorably in the evolving internet healthcare landscape [23][24]. Financial Summary - Revenue projections for 2025 and 2026 are set at RMB 66.6 billion and RMB 75.7 billion, respectively, indicating year-on-year growth of 14.5% and 13.7% [25][26]. - Adjusted net profit for 2025 and 2026 is expected to be RMB 4.4 billion and RMB 5.4 billion, reflecting a year-on-year growth of -7.3% and 20.5% [25][26]. - The report highlights a DCF valuation predicting the company's equity value at HK$136.8 billion, corresponding to a share price of HK$42.90, with a WACC of 9.2% and a perpetual growth rate of 2.0% [26].

Investment Rating - The report assigns a "Buy" rating for Geely Automobile with a target price of 26.94 HKD, based on a current price of 17.16 HKD [6]. Core Viewpoints - Geely Automobile is undergoing a transformation from traditional manufacturing to intelligent electric technology, aiming to become a leading global smart technology car manufacturer [1][13]. - The company has integrated various brands through acquisitions, enhancing its research, production, supply chain, and brand influence [1]. - Geely's dual focus on fuel and new energy vehicles allows it to cover a wide price range from 50,000 to 800,000 RMB, catering to diverse market demands [1][15]. Summary by Sections 1. Business Overview - Geely has diversified its business into multiple sectors, with automotive manufacturing as its core, covering fuel and new energy vehicles [15]. - The company has developed modular architectures like CMA, SEA, and SPA Evo to enhance production efficiency and product stability [1][21]. 2. New Energy Business - Geely is creating a differentiated product matrix to meet diverse market needs, with brands like Zeekr and Lynk & Co focusing on high-end markets [3][2]. - The integration of Zeekr and Lynk & Co is expected to enhance profitability through synergies [2][3]. 3. Overseas Business - Geely is accelerating its global expansion through partnerships, such as with Volvo to create a global powertrain leader and collaborations with Proton and Renault Korea [4][3]. 4. Fuel Vehicle Business - Despite a declining domestic market, Geely's fuel vehicle sales have grown, supported by strong models like Boyue and Xingyue [5][47]. - The company plans to adjust its global fuel vehicle strategy to control costs in Europe while expanding into emerging markets [5]. 5. Financial Performance - Geely's revenue reached 179.85 billion RMB in 2023, with a year-on-year growth of 21.06%, and a projected net profit of 10.6 billion RMB for the first half of 2024 [6][45]. - The company expects to achieve net profits of 16.24 billion, 12.74 billion, and 15.96 billion RMB from 2024 to 2026, with a PE ratio of 20 times in 2025 [6][46]. 6. Future Planning - Geely has clear brand positioning to avoid internal competition, with specific targets for sales growth across its various brands [51]. - The company aims to sell 2.71 million vehicles in 2025, a 25% increase from 2024, with ambitious targets for new energy vehicle sales [52][53].

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 29.2, indicating a potential upside of 19% from the current stock price of HKD 24.85 [1][5][7]. Core Insights - The company achieved a revenue of HKD 13,074.2 million, representing a year-on-year growth of 10.5%, and a net profit of HKD 902.8 million, which is a 30.4% increase compared to the previous year [1][5]. - The report forecasts net profits for the years 2025, 2026, and 2027 to be HKD 9.6 billion, HKD 10.2 billion, and HKD 10.8 billion respectively, with corresponding EPS of HKD 1.32, HKD 1.40, and HKD 1.48 [1][5]. Revenue Breakdown - The tobacco leaf import business showed steady growth, with a revenue of HKD 8.254 billion in 2024, up 2.2% year-on-year, and a gross profit of HKD 826 million, reflecting a 12.7% increase. The gross margin improved to 10.0%, up 0.9 percentage points year-on-year [2]. - The cigarette export segment saw a revenue of HKD 1.574 billion, a 30.2% increase, with gross profit rising by 69.1% to HKD 277 million, resulting in a gross margin of 17.6%, up 4.0 percentage points year-on-year [3]. - The export of tobacco leaf products generated HKD 2.062 billion in revenue, a 24.8% increase, with gross profit soaring by 85.8% to HKD 84 million, leading to a gross margin of 4.1%, up 1.4 percentage points year-on-year [3]. - The new tobacco products export business recorded revenue of HKD 135 million, a 4.0% increase, with gross profit of HKD 7 million, up 23.2%, and a gross margin of 5.2%, an increase of 0.8 percentage points [4]. Financial Projections - The company is expected to maintain a stable growth trajectory, with projected revenues of HKD 13.14 billion in 2025, HKD 13.671 billion in 2026, and HKD 14.155 billion in 2027, reflecting growth rates of 0.5%, 4.0%, and 3.5% respectively [11][13]. - The net profit is projected to grow to HKD 960 million in 2025, HKD 1.021 billion in 2026, and HKD 1.076 billion in 2027, with growth rates of 6.4%, 6.3%, and 5.4% respectively [11][13]. Valuation Analysis - The report employs comparable company analysis and DCF methods for valuation, concluding a target price of HKD 29.2 based on a 22x PE ratio for 2025, with a forecasted EPS of HKD 1.32 [14]. - The DCF valuation estimates a reasonable market value of HKD 20.607 billion, corresponding to a price of HKD 29.4 [14].

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [4] Core Insights - The company is expected to benefit from government subsidies and the upgrade of mobile optical components, leading to significant profit elasticity. The automotive Advanced Driver Assistance Systems (ADAS) and Extended Reality (XR) sectors are anticipated to drive a secondary growth curve, positively impacting the valuation [4][6] - Revenue projections for 2024-2026 are estimated at 16.4 billion, 19.3 billion, and 20.8 billion RMB, reflecting year-on-year growth of 31%, 18%, and 8% respectively. Corresponding net profits are projected at 310 million, 640 million, and 790 million RMB, with year-on-year growth rates of 274%, 105%, and 23% [4][6] Summary by Sections Company Overview - The company is a leading manufacturer of high-end camera modules and fingerprint recognition modules for smart mobile devices, IoT, and smart automotive applications. In 2023, the company reported revenues of 12.53 billion RMB, a decrease of 9% year-on-year, with a net profit of 82 million RMB, down 52% year-on-year [13][15] Mobile Optical Upgrade Trends - The mobile optical upgrade trend is expected to continue into 2025, benefiting from government subsidies that enhance the production capacity of mid-range products. The company's camera module gross margin is projected to improve from 3.6% in H1 2023 to over 7% in H2 2024, with mobile module margins reaching approximately 8% [6][7] Automotive and IoT Business Growth - The automotive camera module business is entering an acceleration phase, with sales increasing over 15 times year-on-year in H1 2024. The company has established a comprehensive product line covering ADAS, surround view, and smart cockpit modules, with total production capacity exceeding 1 million units per month [7][60] - The IoT product line is expanding across various sectors, including consumer drones, industrial drones, XR optical products, and integrated visual modules, with significant progress in customer diversification [62] Financial Forecast - The company is projected to achieve revenues of 16.4 billion, 19.3 billion, and 20.8 billion RMB for 2024-2026, with corresponding net profits of 310 million, 640 million, and 790 million RMB. The gross margin is expected to improve to 6%, 8%, and 9% over the same period [8][4]