Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][11]. Core Insights - The company has entered a profitable era, with Q4 2024 revenue reaching 7.734 billion CNY, a year-on-year increase of 22% and a quarter-on-quarter increase of 16%. The Non-GAAP net profit for Q4 was 0.452 billion CNY, marking a turnaround to profitability for the first time in GAAP quarterly results. For the full year, revenue was 26.832 billion CNY, up 19% year-on-year, with Non-GAAP net loss narrowing to 0.039 billion CNY, a 99% improvement year-on-year [3][4]. Financial Performance - Gross margin has been on an upward trend for 10 consecutive quarters, reaching 36.1% in Q4 2024, an increase of 10 percentage points year-on-year. This improvement is attributed to a higher proportion of high-margin businesses (advertising and gaming) and optimized operating costs. The sales, management, and R&D expense ratios decreased to 16%, 6.5%, and 11.9% respectively [4]. - The company generated a healthy operating cash flow of 6.015 billion CNY for the year, indicating a stable positive cash flow trend [4]. Revenue Breakdown - Advertising revenue grew rapidly, with Q4 revenue of 2.389 billion CNY, a year-on-year increase of 24%, accounting for 31% of total revenue. For the full year, advertising revenue reached 8.189 billion CNY, up 28% year-on-year [4]. - Gaming revenue saw significant growth, with Q4 revenue of 1.798 billion CNY, a year-on-year increase of 79%, driven by the success of the SLG mobile game "Three Kingdoms: Strategize the World" [5]. - Value-added services and IP ecosystem revenue reached 3.083 billion CNY in Q4, an 8% year-on-year increase, with a total of 22.7 million premium members [5]. Future Projections - The company is projected to achieve revenues of 30.684 billion CNY, 33.494 billion CNY, and 36.140 billion CNY for 2025, 2026, and 2027 respectively. Non-GAAP net profits are expected to be 1.972 billion CNY, 3.143 billion CNY, and 3.975 billion CNY for the same years. The current stock price corresponds to P/E ratios of 30.50, 19.14, and 15.13 for 2025, 2026, and 2027 respectively [6][10].

Investment Rating - The report assigns a "Neutral" rating to China Cinda (01359.HK) [6] Core Views - China Cinda is a comprehensive financial group focused on non-performing asset management, with its business segments including non-performing asset operations and financial services [15][19] - The company has experienced stable asset size but declining revenue and net profit in recent years, with total assets at 1.58 trillion yuan and net profit of 1.6 billion yuan in the first half of 2024 [20][19] - The non-performing asset management segment accounted for 53% of revenue in the first half of 2024, while financial services contributed 48% [19] Summary by Sections Company Overview - China Cinda, established in 1999, primarily engages in non-performing asset management and has undergone a commercial transformation since 2004 [15] - The company operates through various subsidiaries, including banks, securities, and trust companies, with a workforce of approximately 14,000 [15] Non-Performing Asset Business - The non-performing asset management business has returned to its core operations, with stable acquisition and operational yields expected to benefit from economic recovery [2][29] - The company has reduced its acquisition and restructuring business scale, focusing on core operations [29][33] Financial Services Business - China Cinda has a complete range of financial service licenses through its subsidiaries, covering banking, securities, futures, public funds, trusts, and leasing [47] - The financial services segment has shown a steady increase in revenue contribution, with South Commercial Bank facing rising non-performing loan ratios [47][48] Profit Forecast and Valuation - The company is expected to see net profits of 2.4 billion, 4 billion, and 4.7 billion yuan from 2024 to 2026, with corresponding EPS of 0.06, 0.11, and 0.12 yuan [3][72] - The estimated reasonable valuation ranges from 1.27 to 1.62 HKD, indicating a potential premium of 2% to 30% over the current stock price [3][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company aims to achieve an average tangible equity return of approximately 15% over the three-year period from 2025 to 2027, excluding the impact of notable items. The forecast for 2025 includes a net interest income of approximately $42 billion from banking operations, with expected credit loss provisions ranging from 30 to 40 basis points of average loan balances. The company plans to maintain a common equity tier 1 capital ratio between 14% and 14.5% and a target payout ratio of 50% for 2025. Additionally, a share buyback plan of up to $2 billion is expected to be completed before the announcement of the first quarter 2025 results [4][5]. Financial Performance Summary - For the fiscal year 2024, total revenue is projected to be $65.9 billion, with a year-over-year growth of -0.3%. The net profit attributable to ordinary shareholders is expected to be $22.9 billion, reflecting a 2.2% increase year-over-year. The diluted earnings per share (EPS) is forecasted at $1.24, with a dividend per share of $0.87 [5][6]. - The company reported a net interest margin of 1.56% for 2024, a decrease of 10 basis points from 2023, with net interest income of $43.7 billion, down $4 billion from the previous year. The expected credit losses for 2024 are projected at $3.4 billion, equivalent to 36 basis points of average loan balances, while operating expenses are expected to increase by 3% to $33 billion [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [6]. Core Insights - The company, SMIC, has shown steady growth in its 12-inch wafer business, with quarterly revenue surpassing $2 billion for the first time. The revenue for Q4 2024 is projected to be $2.207 billion, reflecting a year-on-year increase of 31.5% and a quarter-on-quarter increase of 1.7% [3][4]. - The gross margin for Q4 2024 is expected to exceed guidance, reaching 22.6%, which is higher than the previously indicated range of 18%-20%. This improvement is attributed to favorable product mix and structure [3][4]. - The company anticipates a strong demand for replenishment in the first half of 2025, driven by domestic substitution projects entering mass production and government subsidy policies [3][4]. Financial Summary - **Revenue Projections**: The total revenue for 2023 is estimated at $6.322 billion, with projections of $8.030 billion in 2024, $9.678 billion in 2025, and $11.589 billion in 2026, showing a compound annual growth rate (CAGR) of approximately 20% from 2024 to 2026 [3][4]. - **Net Profit**: The net profit attributable to shareholders is projected to decline to $493 million in 2024, before recovering to $774 million in 2025 and $1.027 billion in 2026 [3][4]. - **Gross Margin**: The gross margin is expected to be 19.26% in 2023, decreasing to 18.03% in 2024, before stabilizing at 19.26% in 2025 and increasing to 20.96% in 2026 [3][4]. Operational Insights - The company’s 8-inch wafer monthly production capacity is projected to be 948,000 wafers in Q4 2024, with a capacity utilization rate of 85.5% [3][4]. - The average selling price (ASP) for products is expected to increase by 6% quarter-on-quarter in Q4 2024, although a decline in ASP is anticipated in the second half of 2025 due to increased market supply [3][4]. - Capital expenditures for 2024 are estimated at $7.326 billion, with depreciation expenses expected to rise by approximately 20% [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 15% compared to the relevant market index [6]. Core Views - The company is expected to benefit from a stable growth in its 12-inch wafer business, with quarterly revenue surpassing $2 billion for the first time. The revenue for Q4 2024 is projected at $2.207 billion, representing a year-on-year increase of 31.5% [3][4]. - The gross margin for Q4 2024 is anticipated to exceed guidance, reaching 22.6%, which is higher than the expected range of 18%-20% [3][4]. - The company is optimistic about the impact of national subsidy policies starting January 2025, which are expected to stimulate demand for consumer electronics, particularly smartphones [3][4]. Financial Summary - **Revenue Projections**: The total revenue is expected to grow from $6.322 billion in 2023 to $11.589 billion by 2026, with year-on-year growth rates of -13%, 27%, 21%, and 20% respectively [3][4]. - **Net Profit**: The net profit attributable to shareholders is projected to decline from $903 million in 2023 to $493 million in 2024, before recovering to $1.027 billion by 2026 [3][4]. - **Gross Margin**: The gross margin is expected to fluctuate, with estimates of 19.26% in 2023, 18.03% in 2024, and improving to 20.96% by 2026 [3][4]. - **Earnings Per Share (EPS)**: EPS is projected to be $0.11 in 2023, dropping to $0.06 in 2024, and then increasing to $0.13 by 2026 [3][4]. Operational Insights - The company’s 8-inch wafer monthly production is expected to reach 948,000 units in Q4 2024, with a capacity utilization rate of 85.5% [3][4]. - The average selling price (ASP) for products is projected to increase by 6% quarter-on-quarter in Q4 2024, although a decline in ASP is anticipated in the second half of 2025 due to increased market supply [3][4]. - Capital expenditures are expected to remain stable in 2025, with depreciation expenses projected to increase by approximately 20% [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company aims to achieve an average tangible equity return of approximately 15% over the three-year period from 2025 to 2027, excluding the impact of notable items. The forecast for net interest income from banking operations in 2025 is approximately $42 billion, with expected credit loss provisions ranging from 30 to 40 basis points of average loans [4][5] - The company plans to maintain a common equity tier 1 capital ratio between 14% and 14.5% and a target payout ratio of 50% for 2025. A share buyback plan of up to $2 billion is expected to be completed before the announcement of Q1 2025 results [4][5] - The company has repurchased a total of $20 billion in shares between 2023 and 2024, representing about 11% of shares outstanding as of the end of 2022 [4][5] Financial Performance Summary - For the fiscal year 2024, total revenue is projected to be $65.9 billion, with a year-on-year growth of -0.3%. The net profit attributable to ordinary shareholders is expected to be $22.9 billion, reflecting a 2.2% increase year-on-year [5][6] - The diluted earnings per share (EPS) for 2024 is estimated at $1.24, with dividends per share projected at $0.87 [5][6] - The company reported a net interest margin of 1.56% for 2024, a decrease of 10 basis points compared to 2023, with net interest income of $43.7 billion, down $4 billion year-on-year [4][5]

Investment Rating - The report assigns a "Neutral" rating to China Cinda (01359.HK) [6] Core Views - China Cinda is a comprehensive financial group focused on non-performing asset management, with its business segments including non-performing asset operations and financial services. The company has shown stable asset size but declining revenue and net profit in recent years [1][15] Summary by Relevant Sections Company Overview - China Cinda, established in 1999, primarily engages in non-performing asset management and has transitioned from policy-based operations to commercial activities. The company operates through various subsidiaries, including banks, securities, and trust companies, with a workforce of approximately 14,000 [15][16] Financial Performance - The total assets of China Cinda have remained stable around 1.5 trillion yuan, with total assets reported at 1.58 trillion yuan as of Q2 2024. However, operating revenue has decreased, with a reported revenue of 37.4 billion yuan in the first half of 2024, down 1.6% year-on-year. The net profit attributable to ordinary shareholders was 1.6 billion yuan, reflecting a significant decline of 53.9% [20][1] Non-Performing Asset Business - The non-performing asset management business has returned to its core operations, focusing on acquisition and restructuring activities. The company expects to benefit from economic recovery, which may improve the profitability of its acquisition business [2][29] Financial Services - China Cinda operates a complete range of financial services through its subsidiaries, including banking, securities, and trust services. The financial services segment has seen an increase in revenue contribution, with financial services accounting for 45% of total revenue in the first half of 2024 [19][47] Profit Forecast and Valuation - The report forecasts a net profit of 2.4 billion yuan for 2024, with expected growth rates of -43.2%, 67.2%, and 16.0% for the years 2024, 2025, and 2026, respectively. The estimated earnings per share (EPS) for these years are projected at 0.06, 0.11, and 0.12 yuan, with corresponding price-to-earnings (PE) ratios of 18, 11, and 9 [3][72]

海外公司跟踪报告 | 非必需性消费 证券研究报告 | | | 基础数据 | 月 | 20 | 日收盘价（港 | 72.80 | 02 | | --- | --- | --- | --- | --- | | 元） | | | | | | | 总市值（亿港元） | | 356.86 | | | | 总股本（亿股） | | 4.90 | | | | | 来源：聚源，兴业证券经济与金融研究院整理 | | | 难以复制的毛戈平品牌，打造高端价格带的国货品牌标杆：高端品牌具有突出的品牌形 象，通常由名人或艺术家创立，并使用他们的名字命名。作为品牌创始人，毛戈平先生 创新性地将光影美学的精髓与东方美学的内核精神深度融合，打造差异化服务。2003 年，毛戈平公司在上海港汇恒隆广场设立第一个专柜，成为第一个在高端百货商店设立 专柜的高端国货化妆品集团。截至 2024 年 6 月 30 日，公司在全国 120 个城市共运营 372 个自营专柜。专柜配备有 2700 名美妆顾问，提供个性化的咨询及试妆服务。 相关研究 分析师：宋婧茹 S0190520050002 BQI321 songjingru@xyzq.com.cn 分析师： ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock is expected to outperform the relevant market index by more than 15% over the next 12 months [21]. Core Insights - The Chinese beauty market is expansive and fragmented, with a market size projected to grow from CNY 402.6 billion in 2018 to CNY 579.8 billion in 2023, reflecting a compound annual growth rate (CAGR) of 7.6%. It is expected to reach CNY 876.3 billion by 2028, with color cosmetics and skincare markets projected to reach CNY 175.2 billion and CNY 701.1 billion, respectively [4]. - The company, Maogeping, is positioned as a high-end domestic beauty brand, leveraging a unique blend of light and shadow aesthetics with Eastern beauty principles. It has established a strong brand image and operates 372 self-operated counters across 120 cities in China, supported by 2,700 beauty consultants [4][5]. - The pricing strategy for Maogeping's products places them in a competitive range, with color cosmetics priced between CNY 150-180 and skincare products between CNY 300-350, strategically positioned above domestic brands but below foreign brands [5]. - The company has shown robust sales growth, with revenue increasing from CNY 1.58 billion in 2021 to CNY 2.89 billion in 2023, representing a CAGR of 35.3%. Net profit also rose significantly, with a CAGR of 41.6% [6][7]. Summary by Sections Market Overview - The Chinese beauty market is projected to grow significantly, with a CAGR of 8.6% expected from 2023 to 2028, driven by increasing consumer demand for high-quality beauty products [4]. Company Positioning - Maogeping has established itself as a leader in the high-end domestic beauty segment, with a unique brand identity and a strong retail presence [4][5]. Product Performance - The company has a diverse product line with 387 SKUs, including 337 color cosmetics and 50 skincare products. The color cosmetics segment saw a sales volume of 9.72 million units in 2023, a 52.37% increase year-on-year [5]. Financial Performance - Revenue growth from CNY 1.58 billion in 2021 to CNY 2.89 billion in 2023, with a net profit increase from CNY 331 million to CNY 663 million during the same period, indicates strong financial health [6][7].

2025 年 02 月 20 日 公司深度研究 买入/首次 布鲁可(00325) 目标价: 昨收盘:81.00 布鲁可：强大 IP 矩阵支撑业务迅速扩张，产品性价比优势显著 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/1/10 25/1/18 25/1/26 25/2/3 25/2/11 25/2/19 ◼ 股票数据 总股本/流通(亿股) 2.49/2.49 总市值/流通(亿港元) 201.89/201.89 12 个月内最高/最低价 (港元) 109.9/73.5 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 报告摘要 行业端：拼搭角色类玩具市场规模迅速扩张，行业发展前景广阔。1） 竞争格局：全球拼搭角色类玩具市场由万代和乐高形成双寡头垄断局面， 20 ...