Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company's performance in Q4 2024 was below expectations, with adjusted property EBITDA margin declining by 3.6 percentage points. The net revenue for Q4 2024 was $1.19 billion, aligning with market expectations, and the overall recovery to 76.5% of Q4 2019 levels [6] - The company anticipates a gradual decrease in average daily operating expenses to $3 million in 1H25, following a peak of $3.2 million in Q4 2024 due to increased promotional activities and employee compensation [6] - The company expects to maintain its market share and has seen a 17% year-on-year increase in property foot traffic during the Chinese New Year period [6] Financial Forecasts and Valuation - The company forecasts total revenue of HKD 36.62 billion for 2024, with a year-on-year growth of 24%. Adjusted property EBITDA is projected at HKD 9.47 billion, reflecting a 26.2% increase [1][7] - The current stock price corresponds to EV/Adjusted EBITDA multiples of 7.2, 6.0, and 5.5 for 2024, 2025, and 2026, respectively [6][7] - The target price is set at HKD 6.6, with net income forecasts of HKD 36.62 billion, HKD 40.24 billion, and HKD 42.52 billion for 2024, 2025, and 2026 [6][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - AMER reported a revenue of $5.18 billion for 2024, representing a year-on-year increase of 17.8%, with an adjusted net profit of $240 million, recovering from a loss of $340 million the previous year [2][4]. - In Q4, the company achieved a revenue of $1.64 billion, up 23.2% year-on-year, with an adjusted net profit of $90 million, recovering from a loss of $120 million [2][4]. - The company expects a revenue growth of 13% to 15% for 2025, with an adjusted operating profit margin projected between 11.5% and 12% [7]. Revenue Breakdown - By product category, revenue for Technical Apparel, Outdoor Performance, and Ball & Racquet increased by 36%, 10%, and 4% respectively, reaching $2.19 billion, $1.84 billion, and $1.15 billion [7]. - By region, revenue growth was strongest in Greater China (+54%) and Asia Pacific (+46%), while the Americas saw a decline of 13% [7]. - Direct-to-Consumer (DTC) revenue grew by 43% to $2.27 billion, while wholesale revenue increased by 4% to $2.92 billion [7]. Financial Performance - The adjusted operating profit margin for 2024 was 11.1%, an increase of 1.3 percentage points year-on-year, with Q4 margin at 13.6%, up 3.3 percentage points [7]. - The company anticipates net profits of 12 billion, 13.9 billion, and 15.4 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 17%, 15%, and 11% [7].

Investment Rating - The investment rating for New World Development (00017.HK) is maintained as "Buy" [5][6]. Core Insights - The company reported a slight decline in revenue, with fair value changes eroding profits. The financial condition remains stable, and land reserves are sufficient. The profit forecast for FY2025-2027 is maintained, with expected net profits of HKD 370 million, HKD 600 million, and HKD 860 million, respectively, corresponding to EPS of HKD 0.15, HKD 0.24, and HKD 0.34. The current stock price corresponds to P/E ratios of 36.3, 22.6, and 15.6 times [5][6]. Revenue Performance - For FY2025, the company achieved revenue of HKD 16.79 billion, a year-on-year decrease of 1.6%. Core operating profit was HKD 4.42 billion, down 18% year-on-year, and the net profit attributable to shareholders was a loss of HKD 66.33 billion, primarily due to fair value changes in property projects eroding profits by HKD 49.5 billion [6][7]. Property Development - The property development revenue increased to HKD 8.38 billion, representing a year-on-year growth of 24.27%. Revenue from property development in Hong Kong was HKD 1.73 billion, up 39.2%, while revenue from mainland property development was HKD 6.64 billion, up 20.9%. The unrecognized contract sales amount in Hong Kong was HKD 12.32 billion, and in mainland China, it was HKD 8.3 billion, expected to be recognized in the second half of FY2025 and FY2026 [7][8]. Property Investment - The property investment revenue slightly decreased to HKD 2.56 billion, down 4.31% year-on-year. The revenue from Hong Kong was HKD 1.62 billion, and from mainland China was HKD 0.94 billion. The K11 division's performance increased by 5% year-on-year. Upcoming projects K11 ECOAST and Guangzhou Hanxi K11 Select are set to open in 2025 [8]. Financial Summary - The financial summary indicates that the company had total assets of HKD 445.187 billion for FY2025E, with a net debt ratio of 57.5%. The cash and bank deposits amounted to HKD 22 billion, with available bank loans of HKD 12 billion. The short-term debt decreased by HKD 9.4 billion year-on-year [6][9].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [3][4]. Core Insights - Geely Automobile is advancing its smart driving capabilities through partnerships, launching the "Qianli Haohang" intelligent driving system, which will be integrated into new and updated models [1]. - The company is focusing on enhancing its electric vehicle lineup, with the new E8 model priced between 149,800 and 198,800 RMB, expected to drive demand [2]. - The integration of the LEVC Geely Yizhen brand into the Geely Galaxy brand aims to streamline operations and improve efficiency [2]. Financial Projections - Expected net profits for 2024-2026 are projected at 16.42 billion, 14.10 billion, and 17.45 billion RMB respectively, with EPS of 1.63, 1.40, and 1.73 RMB [3]. - Revenue forecasts for 2024-2026 are 224.78 billion, 289.69 billion, and 338.83 billion RMB, reflecting growth rates of 25.4%, 28.9%, and 17.0% [3][6]. - The report indicates a significant increase in net profit for 2024, with a projected growth rate of 209.3% [3]. Product Development - The "Qianli Haohang" system will feature various levels of intelligent driving capabilities, with the H1 model supporting highway NOA and automatic parking, while the H9 model will offer advanced L3 architecture [1]. - The new Galaxy series models will be equipped with the H1 system, with future models expected to adopt the H9 system [2]. Market Positioning - The report suggests that Geely's focus on smart technology and electric vehicles will enhance its market position and drive sales growth [1][2].

Investment Rating - The investment rating for Geely Automobile (175 HK) is "Buy" with a target price of 18.50 HKD, indicating a potential upside of 3.4% from the closing price of 17.90 HKD as of March 3, 2025 [3][4]. Core Insights - Geely's AI Smart Technology Conference marked 2025 as the "Year of AI+Car," signifying a shift from "Car+AI" to "AI+Car," focusing on AI as the core of automotive transformation [2]. - The launch of the "Qianli Haohan" intelligent driving system, which includes five versions (H1 to H9) with capabilities ranging from basic assistance to full L3 autonomous driving, aims for mass production in the year [2]. - Geely's strategy emphasizes "safety equity," aiming to democratize high-level intelligent driving across all vehicle price segments, contrasting with competitors like BYD and Changan [2]. Summary by Sections AI and Intelligent Driving - Geely's new intelligent driving system, "Qianli Haohan," will be integrated into models like the Galaxy and China Star, with the H9 version being the first L3 autonomous driving solution ready for mass production [2]. - The system boasts a minimum of 100 TOPS computing power for the H1 version, with the H3 version set to feature urban driving capabilities [2]. Technological Trends - The conference highlighted three key technological trends: superhuman-machine interaction, integration of autonomous driving with execution, and the elevation of connected vehicle models [2]. - Collaborations with partners like Jieli Technology aim to enhance data generation for extreme driving scenarios and improve voice interaction experiences [2]. New Model Launches - The 2025 Galaxy E8 was launched with a promotional price range of 149,800 to 198,800 RMB, which is 16,000 RMB lower than the previous model [2]. - The new model features advanced technology, including a 45-inch 8K display and a Qualcomm Snapdragon 8295 chip, enhancing the user experience [2]. Competitive Positioning - Geely's strategic focus on in-house capabilities aims to reduce reliance on external suppliers, enhancing its competitive edge in the intelligent vehicle market [2]. - The company plans to leverage its Agent OS cockpit operating system for cross-domain collaboration and personalized experiences [2].

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347 HK) with a target price of HK$44.00, representing a potential upside of 28% from the current price of HK$34.30 [2][9]. Core Insights - The new president, Dr. Bai Peng, has a solid background in IDM and foundry sectors, and he aims to enhance performance and efficiency by migrating some products to more advanced processes [7]. - The company is expected to benefit from the "China for China" strategy, competitive pricing compared to overseas peers, and the gradual ramp-up of its new 12-inch production line in Wuxi [7]. - The integration of Huahong's subsidiary, Huali Microelectronics, is anticipated to bring significant operational improvements and potential profit increases [7]. - Despite a slight increase in average selling prices (ASP), strong demand driven by consumer electronics is expected to continue into the first half of 2025 [8]. - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 5% and 6% respectively due to pricing pressures, but the overall growth strategy remains intact [8][11]. Summary by Sections Financial Adjustments - The target price has been raised from HK$30.40 to HK$44.00, reflecting a revised P/B multiple of 1.5x for 2025 [9][13]. - The 2025E EPS has been adjusted down from US$0.12 to US$0.09, a decrease of 22% [3][11]. - Revenue estimates for 2025E and 2026E have been reduced to US$2,339 million and US$2,770 million, respectively, with year-on-year growth rates of 17% and 18% [11]. Valuation - The report emphasizes a P/B valuation approach, with the target P/B multiple increased to 1.5x, indicating a more optimistic outlook for Huahong's industry positioning and technology portfolio [13][14]. - The estimated book value per share for 2025 is projected at US$3.72, leading to a target price of HK$44.00 [14]. Market Comparison - Huahong's current P/B ratio of 1.2x is at a discount compared to its peers, such as UMC at 1.7x and SMIC at 2.5x, highlighting its valuation attractiveness [9][14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$208.22, indicating a potential upside of 25% from the current price of HK$166.70 [1][6]. Core Insights - The company's revenue for 2024 is projected to reach US$3.81 billion, representing a year-on-year growth of 55.96%. The GAAP net loss is expected to narrow to US$568 million, a 53% improvement compared to the previous year [1]. - Global sales of the drug Zepzelca are anticipated to drive strong growth, with sales reaching US$2.6 billion in 2024, a 104.9% increase year-on-year. The U.S. market sales are expected to grow by 106.3% to US$2 billion, while European sales are projected to increase by 194% to US$359 million [2]. - The company is optimistic about 2025, forecasting revenue between US$4.9 billion and US$5.3 billion, a year-on-year growth of 29% to 39%, and aims to achieve operational breakeven [2]. Financial Summary - The company’s financial data for the years 2022 to 2026 shows a significant increase in revenue, with projections of US$4.9 billion in 2025 and US$5.8 billion in 2026. The gross profit is expected to rise to US$3.86 billion in 2025 [4]. - The net profit is projected to turn positive in 2025, with an expected net income of US$137 million, compared to a loss of US$554 million in 2024 [4]. - The earnings per share (EPS) is expected to improve from a loss of US$0.40 in 2024 to a profit of US$0.10 in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 186.3 HKD (171.8 CNY) based on a projected adjusted PS of 2.4x for 2025 [3][4]. Core Insights - The performance of the game "Three Kingdoms: Strategy" Season 6 has exceeded expectations, which is expected to continue driving high growth in gaming revenue. Additionally, improvements in advertising supply-side traffic and user demographics are anticipated to enhance monetization capabilities [3][6]. - The total revenue for Q4 2024 reached 77.3 billion CNY, representing a year-over-year increase of 21.82% and a quarter-over-quarter increase of 5.87%. The growth was primarily driven by advertising and gaming businesses [6][7]. - The company expects revenues for 2024 to be 26.83 billion CNY, with projections of 30.23 billion CNY and 32.44 billion CNY for 2025 and 2026, respectively [3][4]. Financial Summary - The company reported a total revenue of 21,899 million CNY in 2022, with a projected increase to 22,528 million CNY in 2023 and further growth to 26,832 million CNY in 2024 [4][11]. - The gross profit margin is expected to improve from 32.70% in 2024 to 40.06% by 2026, indicating enhanced operational efficiency [4][12]. - The net profit attributable to the parent company is projected to turn positive in 2025, reaching 848 million CNY, with an EPS of 2.01 CNY [4][11]. Revenue Breakdown - Advertising revenue for Q4 2024 was 23.9 billion CNY, up 24% year-over-year, driven by product optimization and increased advertising efficiency [6][7]. - Gaming revenue for Q4 2024 reached 18.0 billion CNY, a significant increase of 79% year-over-year, largely due to the success of "Three Kingdoms: Strategy" [6][7]. - Live streaming and value-added services (VAS) generated 30.8 billion CNY in Q4 2024, reflecting an 8% year-over-year growth [6][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 186.3 HKD (171.8 CNY) based on a projected adjusted PS of 2.4x for 2025 [3][4]. Core Insights - The performance of the game "Three Kingdoms: Strategy" Season 6 has exceeded expectations, which is expected to continue driving high growth in gaming revenue. Additionally, improvements in advertising supply-side traffic and user demographics are anticipated to enhance monetization capabilities [3][6]. - The company's total revenue for Q4 2024 reached 77.3 billion CNY, representing a year-over-year increase of 21.82% and a quarter-over-quarter increase of 5.87%. The gross margin for Q4 2024 was 36%, up 9.9 percentage points year-over-year [6][7]. Financial Projections - Revenue projections for 2024 to 2026 are as follows: 26.832 billion CNY in 2024, 30.230 billion CNY in 2025, and 32.444 billion CNY in 2026, with respective growth rates of 19.10%, 12.67%, and 7.33% [4][11]. - The company expects a Non-GAAP net profit of 4.53 billion CNY for Q4 2024, a significant recovery from a net loss of 5.6 billion CNY in the same period last year [6][7]. Revenue Breakdown - Advertising revenue for Q4 2024 was 23.9 billion CNY, up 24% year-over-year, driven by product optimization and increased advertising efficiency. The daily active users (DAU) reached 103 million, with a DAU/MAU ratio of 30.29% [6][7]. - Gaming revenue for Q4 2024 was 18.0 billion CNY, a 79% increase year-over-year, primarily due to the contribution from "Three Kingdoms: Strategy" [6][7]. Cost and Profitability - The company's operating expenses for Q4 2024 included sales expenses of 12.37 billion CNY, management expenses of 5.06 billion CNY, and R&D expenses of 9.19 billion CNY, with R&D expenses decreasing by 30.74% year-over-year [6][7]. - The projected operating profit for 2025 is expected to be 785 million CNY, with a significant turnaround from the previous year's loss of 1.344 billion CNY [4][11].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [8]. Core Views - In the medium to long term, the report anticipates that a series of connectivity policies will enhance the basic conditions for recovery in the capital market, leading to increased liquidity and overall market activity and valuation for the Hong Kong stock market [2][6]. - The company achieved revenue and other income of HKD 223.74 billion in 2024, representing a year-on-year increase of 9.06%, and a net profit attributable to shareholders of HKD 130.50 billion, up 10.0% year-on-year [6]. Summary by Relevant Sections Financial Performance - For the full year 2024, Hong Kong Exchanges reported a revenue of HKD 223.74 billion, a 9.06% increase year-on-year, and a net profit of HKD 130.50 billion, reflecting a 10.0% year-on-year growth. In Q4 2024, the net profit increased by 45.55% and 20.19% on a year-on-year and quarter-on-quarter basis, respectively [6][10]. - The breakdown of revenue sources shows that trading and trading system usage fees, listing fees, settlement and clearing fees, and other income have varied growth rates, with trading fees increasing by 18.22% and settlement fees by 21.42% [6][10]. Market Activity - The report highlights a significant increase in trading activity across various markets, with the average daily turnover in the stock market rising by 28.8% year-on-year and the average daily turnover in the Shanghai-Hong Kong Stock Connect increasing by 38.6% [6][10]. - The report notes that the number of new listings increased, with 71 new companies listed in 2024, raising a total of HKD 23.2 billion, despite a slight decline in listing fees [6][10]. Future Projections - The report projects that the company will achieve revenue and other income of HKD 252.28 billion, HKD 275.24 billion, and HKD 296.54 billion for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be HKD 149.92 billion, HKD 164.50 billion, and HKD 177.93 billion for the same years [2][10]. - Corresponding PE ratios are forecasted to be 30.87, 28.13, and 26.01 for the years 2025, 2026, and 2027, respectively [2][10].