Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi (03306) with a target price not specified [6]. Core Insights - The company reported a revenue of 3.16 billion RMB for FY25H1, representing a year-on-year increase of 5%. The mature brand (JNBY) generated 1.76 billion RMB, up 4%, while the growth brands (Suxie, LESS, jnby by JNBY) saw a decline of 2% to 1.2 billion RMB. Emerging brands experienced significant growth, with revenue reaching 200 million RMB, up 149% [1][2]. - The net profit for FY25H1 was 600 million RMB, reflecting a year-on-year increase of 5.5%. The gross margin was 65.1%, a slight decrease of 0.1 percentage points, while the net margin was 19.1%, also down by 0.1 percentage points. The company declared an interim dividend of 0.45 HKD per share [2]. - The company emphasizes the importance of member data, with over 80% of retail sales coming from members. Active member accounts numbered 540,000, slightly down from 2023. Members who spent over 5,000 RMB contributed significantly to retail sales, indicating effective brand and membership management [3]. - Jiangnan Buyi aims to solidify its position as a leading designer brand group in China by optimizing its brand portfolio through self-incubation or acquisitions, enhancing retail networks, and leveraging data-driven strategies to improve customer engagement and experience [4]. Financial Projections - The report forecasts revenues for FY25-27 to be 5.5 billion RMB, 6 billion RMB, and 6.6 billion RMB, respectively. Net profits are projected at 880 million RMB, 900 million RMB, and 990 million RMB for the same period. The expected EPS for FY25-27 is 1.69, 1.74, and 1.91 RMB per share, corresponding to P/E ratios of 8, 8, and 7 times [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The Hong Kong Stock Exchange (HKEX) achieved record high revenues and profits in 2024, driven by significantly increased trading activity in the Hong Kong stock market [4][9] - The report highlights a strong performance in the fourth quarter, with total revenue growing by 31.4% year-on-year to HKD 63.8 billion, and net profit increasing by 45.6% to HKD 37.8 billion [4][9] - The report anticipates continued growth in net profit for 2025-2026, with projections raised by 12.2% and 13.1% respectively [9] Summary by Sections Financial Performance - In 2024, total revenue reached HKD 22.37 billion, a year-on-year increase of 9.1%, with major business revenue at HKD 20.56 billion, up 8.5% [4] - The net profit attributable to shareholders was HKD 13.05 billion, reflecting a 10.0% increase year-on-year [4] - The EBITDA margin was 74%, up by 1 percentage point from the previous year [4] Revenue Breakdown - Trading fees, system usage fees, and settlement fees totaled HKD 11.91 billion, accounting for 53.2% of total revenue, with a year-on-year increase of 19.5% [5] - Investment income netted HKD 4.93 billion, a slight decrease of 0.6% year-on-year [5] - Listing fees from the exchange amounted to HKD 1.48 billion, down 2.6% year-on-year [5] Market Activity - The average daily trading volume for stock securities was HKD 1.2 trillion, up 28.8% year-on-year [6] - Northbound and southbound trading volumes saw significant increases, with northbound trading up 38.6% and southbound trading up 55.0% year-on-year [6] New Listings - In 2024, the HKEX welcomed 71 new listings, raising HKD 88 billion, a 90.1% increase year-on-year [7] - The report notes a healthy pipeline of 84 listing applications as of the end of 2024 [7] Future Projections - Revenue is projected to grow to HKD 25.32 billion in 2025, with a growth rate of 13.16% [10] - Net profit is expected to reach HKD 14.99 billion in 2025, reflecting a growth rate of 14.91% [10] - The report anticipates a P/E ratio of 30X for 2025, indicating a favorable valuation outlook [9]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a total wholesale sales volume of 205,000 vehicles in February, representing a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2] - The penetration rate of new energy vehicles reached 48.0% in February, with a total of 98,433 new energy vehicles sold, marking a year-on-year increase of 193.8% [1][2] - The company aims to challenge a sales target of 1 million vehicles by 2025, focusing on cost reduction and scaling up its new energy business [2][3] - The establishment of Zeekr Technology Group, following the acquisition of a 51% stake in Lynk & Co, is expected to enhance strategic focus and operational efficiency [3] - The company is accelerating its integration of AI technologies to boost product sales and reshape its valuation [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 224.78 billion, 289.69 billion, and 338.83 billion RMB, respectively, with net profits of 16.42 billion, 14.10 billion, and 17.45 billion RMB [4][5] - The expected EPS for the same period is 1.63, 1.40, and 1.73 RMB, corresponding to P/E ratios of 10, 12, and 9 times [4][5] - The company anticipates a significant increase in net profit in 2024, with a projected growth rate of 209.3% [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a total wholesale sales volume of 205,000 vehicles in February, representing a year-on-year increase of 83.9% and a month-on-month decrease of 23.2% [2] - The penetration rate of new energy vehicles reached 48.0% in February, with new energy sales of 98,433 vehicles, a year-on-year increase of 193.8% [1][2] - The company plans to launch five new energy models to strengthen its position in the market segment priced below 200,000 RMB, aiming for a sales target of 1 million vehicles by 2025 [2][3] - The establishment of Zeekr Technology Group aims to enhance strategic focus and resource integration, targeting a total sales volume of 710,000 vehicles by 2025 [3] - The company is accelerating its smart technology integration, with plans to release a comprehensive AI strategy and new models featuring advanced AI capabilities [3] Financial Projections - Revenue projections for 2024-2026 are 224.8 billion RMB, 289.7 billion RMB, and 338.8 billion RMB respectively, with net profits of 16.4 billion RMB, 14.1 billion RMB, and 17.4 billion RMB [4][5] - The expected EPS for 2024-2026 is 1.63 RMB, 1.40 RMB, and 1.73 RMB, corresponding to P/E ratios of 10, 12, and 9 respectively [4][5] - The company anticipates a significant increase in net profit in 2024, with a projected growth rate of 209.3% [5]

Investment Rating - The report initiates coverage with a "Buy" rating for WuXi AppTec (02268.HK) [4] Core Viewpoints - The ADC (Antibody-Drug Conjugate) industry is experiencing rapid growth, driven by technological advancements and increased commercialization opportunities [1][27] - The company is positioned as a leading global ADC CRDMO (Contract Research, Development, and Manufacturing Organization) service provider, offering comprehensive end-to-end services that accelerate drug development [2][13] - The company's strategic focus on enhancing its service capabilities and expanding its global footprint is expected to drive sustained revenue growth [3][4] Summary by Sections Company Overview - WuXi AppTec is recognized as a global leader in the ADC CRDMO sector, providing integrated services from drug discovery to production [13] - The company has achieved significant revenue growth, with a CAGR of 180.7% from 2020 to 2023, and is expected to continue this trend [18] ADC Industry Insights - The ADC market has seen substantial growth, with the global market size increasing from $2 billion in 2018 to $10.4 billion in 2023, reflecting a CAGR of 39.1% [27] - The report highlights the increasing number of ADC candidates entering clinical trials, indicating a robust pipeline and future growth potential [31] Business Strategy and Growth - The company employs an "Enable-Follow-Win" strategy to foster innovation and expand client relationships, resulting in a diversified customer base with nearly 70% of revenue coming from North America and Europe [3] - The establishment of new production facilities, including a factory in Singapore expected to be operational by late 2025, will enhance the company's clinical trial and commercialization capabilities [2][4] Financial Projections - The company forecasts significant profit growth, with net profits projected to reach 1.03 billion yuan in 2024, 1.48 billion yuan in 2025, and 1.91 billion yuan in 2026, representing growth rates of 264%, 43%, and 29% respectively [4][5] - Revenue is expected to grow from 2.12 billion yuan in 2023 to 5.57 billion yuan in 2025, indicating a strong upward trajectory [5]

Investment Rating - The report initiates coverage with a "Buy" rating for WuXi AppTec (02268.HK) [4][6] Core Viewpoints - The ADC (Antibody-Drug Conjugate) industry is experiencing rapid growth, driven by technological advancements and increased commercialization opportunities, indicating a robust future market potential [1][27] - The company is positioned as a leading global ADC CRDMO (Contract Research, Development, and Manufacturing Organization) service provider, offering comprehensive end-to-end services that enhance drug development efficiency [2][3] - The company's strategic focus on technology collaboration and customer engagement is expected to drive significant growth in client base and market share [3][4] Summary by Sections Company Overview - WuXi AppTec is recognized as a global leader in the ADC CRDMO sector, providing integrated services from drug discovery to production, with a significant market share increase from 1.8% in 2020 to 9.8% in 2022 [13][14] - The management team is experienced, with a diverse background in the biopharmaceutical industry, contributing to the company's growth and operational success [16][19] Market Dynamics - The ADC market has shown explosive growth, with a projected compound annual growth rate (CAGR) of 39.1% from 2018 to 2023, expected to reach $66.2 billion by 2030 [27][31] - The report highlights the increasing number of ADC candidates entering clinical trials, indicating a vibrant pipeline and strong future demand for ADC products [31][32] Financial Performance - The company has demonstrated strong financial growth, with revenues increasing from 0.96 billion in 2020 to 21.24 billion in 2023, reflecting a CAGR of 180.7% [18][20] - Profitability metrics are improving, with gross margins rising from 8.4% in 2020 to 36.5% in 2021, driven by strong customer demand and enhanced production efficiency [21][22] Future Outlook - The company is expected to benefit from the ongoing demand for bioconjugate drugs, with projections for net profits to reach 1.03 billion in 2024, growing to 1.91 billion by 2026 [4][5] - The strategic expansion of production facilities and service capabilities is anticipated to further enhance the company's competitive position in the global market [2][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company's revenue for 2024 was HKD 22.374 billion, a year-on-year increase of 9.1%, and the net profit attributable to shareholders was HKD 13.050 billion, up 10.0% year-on-year. The EBITDA margin improved to 74%, an increase of 1 percentage point from 2023 [7][3] - The fourth quarter saw significant growth, with revenue reaching HKD 6.017 billion, a year-on-year increase of 33.2%, and a quarter-on-quarter increase of 24.0%. The net profit attributable to shareholders for Q4 was HKD 3.780 billion, up 45.6% year-on-year and 20.2% quarter-on-quarter [7][3] - The report attributes the performance improvement to heightened activity in the spot and derivatives markets, with the average daily trading volume (ADT) for the exchange's spot market reaching HKD 171.5 billion, a year-on-year increase of 113.3% [8][11] Summary by Sections Financial Performance - The company reported a total revenue of HKD 22.374 billion for 2024, with a net profit of HKD 13.050 billion. The EBITDA margin was 74%, and the dividend payout ratio remained at 90% [7][3] - For Q4, revenue was HKD 6.017 billion, with a net profit of HKD 3.780 billion, indicating strong performance driven by trading activity [7][3] Market Activity - The average daily trading volume in the Hong Kong stock market increased significantly, with the Hang Seng Index averaging HKD 226.6 billion from January to February 27, 2025, up 79.9% from the full year of 2024 [11][2] - The company's revenue structure is closely tied to market activity, with trading fees and system usage fees accounting for nearly 60% of total revenue [11][2] Earnings Forecast - The earnings forecast for 2025 and 2026 has been adjusted upwards by 6.0% and 7.4%, respectively, with projected net profits of HKD 16.335 billion and HKD 18.152 billion for those years [3][12] - The estimated price-to-earnings (PE) ratio for 2025 is 28.0x, reflecting the company's strong earnings growth potential [3][12]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 12.07 HKD based on a current price of 5.2 HKD [6]. Core Insights - The company, Heptagon Pharmaceuticals, established in 2016, focuses on innovative drug development and commercialization in the fields of immunology and oncology. It has shown significant revenue growth from 0.1 million RMB in 2018 to 634 million RMB in 2023, achieving profitability in 2023 [1][14]. - The proprietary Harbour Mice® antibody platform is highlighted as a unique asset, enabling the production of both conventional and heavy-chain human monoclonal antibodies, which positions the company as a leader in antibody innovation [2][25]. - The company has over 10 drug candidates in various stages of clinical development, with key products like Batoclimab (HBM9161) and HBM9378 showing promising progress [3][38]. Summary by Sections 1. Company Overview - Heptagon Pharmaceuticals specializes in the development of innovative drugs in immunology and oncology, leveraging a unique business model that combines self-research and collaboration [1][12]. - The company has transitioned from significant losses in previous years to profitability in 2023, with a net profit of 161 million RMB [14][17]. 2. Antibody Development Platform - The Harbour Mice® platform allows for the generation of both H2L2 and HCAb formats of human monoclonal antibodies, showcasing its broad application potential [2][25]. - The HCAb platform is noted for its ability to produce various forms of antibodies, including mRNA and bispecific antibodies, which enhances the company's development capabilities [2][31]. 3. Clinical Pipeline - The company has a robust pipeline with over 10 candidates focused on autoimmune and oncology diseases, with Batoclimab (HBM9161) and HBM9378 being the most advanced [3][38]. - Batoclimab has received acceptance for its BLA by NMPA, indicating its potential as a significant therapy for autoimmune diseases [41]. 4. Business Development - Heptagon has established numerous partnerships with leading pharmaceutical companies, enhancing its business development efforts and expanding its collaborative reach [4][40]. - The company has signed multiple licensing agreements, contributing to its revenue growth and positioning it favorably within the industry [17][40]. 5. Financial Projections - The report forecasts total revenues of 260 million RMB, 417 million RMB, and 566 million RMB for 2024, 2025, and 2026 respectively, based on the performance of key products [5][10].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC with a target price of HK$11.00, reflecting a potential upside of 27% from the current price of HK$8.66 [1][8]. Core Insights - The report indicates that Budweiser APAC's sales during the Chinese New Year were encouraging, with management stating that shipments to retailers matched last year's levels. The company is expected to achieve mid-single-digit volume growth in 2025, with a 3% increase in the Chinese market [6][13]. - A strategic shift has been announced, focusing on the "Core++" segment rather than ultra-premium products, aiming to enhance market share amidst a challenging macroeconomic environment [7][13]. - The company declared a dividend of $0.0566 per share, with a high payout ratio of 96%, which is expected to support long-term investor returns [7][8]. Financial Adjustments - The target price has been adjusted downwards from HK$11.60 to HK$11.00, while the earnings per share (EPS) estimates for 2025 and 2026 have been slightly increased by 0.7% and 1.9% respectively [2][8]. - Revenue forecasts for 2025 and 2026 have been raised by 2.0% and 3.2% respectively, reflecting better-than-expected recovery in beer sales in China [13][14]. - The normalized net profit for 2025 is projected at $887 million, with an adjusted net profit margin of 13.4% [10][14]. Market Performance - Budweiser APAC's stock has shown a 52-week range of HK$14.08 to HK$6.84, with a market capitalization of approximately $14.75 billion [1][8]. - The report highlights that the company's valuation is currently at a forward P/E of 21.1x for 2025, which is one standard deviation below the average of the past three years [15][17]. Strategic Focus - The management emphasizes that the strategic adjustment does not neglect high-end products but rather aims for a more comprehensive approach to current market conditions [7][8]. - The report suggests that the focus on the "Core++" segment will create significant synergies within Budweiser APAC's overall product portfolio [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [9][13]. Core Views - The company achieved a revenue of 2.44 billion RMB in 2024, a year-on-year increase of 7.0%, while net profit decreased by 12.0% to 791 million RMB [2]. - The proportion of grid parity projects increased to 61.6%, with a total power station capacity of 4.5 GW, enhancing cash flow stability [3]. - The company expects financing rates to continue declining, with the actual interest rate dropping to 3.5%, a decrease of 1.2 percentage points year-on-year [4]. Summary by Sections Performance Overview - Revenue for 2024 was 2.44 billion RMB, up 7.0% year-on-year, while net profit was 791 million RMB, down 12.0% [2]. - The company declared a final dividend of 0.027 HKD per share [2]. Operational Analysis - The share of grid parity projects rose by 8.8 percentage points year-on-year to 61.6%, with a stable cash flow from the acquisition of 860 MW solar power stations from its parent company [3]. - Total power generation increased by 17.0% year-on-year to 4.472 billion kWh, although gross margin decreased by 2.35 percentage points to 65.55% due to increased market transactions affecting settlement prices [3]. Financial Projections - Adjusted net profit forecasts for 2025 and 2026 are 854 million RMB and 937 million RMB, respectively, with an expected net profit of 1.024 billion RMB in 2027 [5]. - The projected dividend per share for 2025 is approximately 0.051 HKD, with current price-to-earnings (P/E), price-to-book (P/B), and dividend yield ratios of 7.9x, 0.5x, and 6.4%, respectively [5]. Market Conditions - The "new and old separation" policy is expected to stabilize the revenue from existing power stations, allowing them to continue receiving guaranteed pricing until June 1, 2025 [4]. - The company has a cash and cash equivalents balance of 364 million RMB and a net debt of 5.58 billion RMB, significantly lower than the industry average [4].