Investment Rating - The report maintains a "BUY" rating for Innovent Biologics, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - Innovent Biologics is entering a phase of sustainable profitability, having achieved a full-year non-IFRS net profit of RMB332 million in FY24, driven by strong product revenue growth and one-off license fee income [8]. - The target price has been revised upwards from HK$57.67 to HK$61.71, reflecting a 33.6% upside potential from the current price of HK$46.20 [3][8]. - The company is advancing its next-generation immuno-oncology (IO) therapies and antibody-drug conjugates (ADCs), with significant clinical programs underway [8]. Financial Summary - Revenue is projected to grow from RMB6,206 million in FY23 to RMB11,356 million in FY25, representing a year-on-year growth of 51.8% [2][13]. - Net profit is expected to turn positive in FY25, reaching RMB445.7 million, with EPS projected at RMB0.27 [2][11]. - R&D expenses are forecasted to remain stable, while gross profit margin is expected to expand to 84.9% in FY24 from 82.8% in FY23 [2][8]. Share Performance - The market capitalization of Innovent Biologics is approximately HK$75.68 billion, with a 52-week high of HK$51.15 and a low of HK$30.00 [3][4]. - The stock has shown strong performance, with a 1-month absolute return of 14.2% and a 3-month return of 29.8% [5]. Pipeline and Growth Potential - Innovent has a robust pipeline with over 10 ADC clinical programs and is focusing on combination trials with its next-generation IO therapy, IBI363 [8]. - The company aims to initiate multiple Phase 3 trials by 2030, targeting global markets with its innovative therapies [8].

Investment Rating - The report maintains a "BUY" rating for Xunfei Healthcare, indicating a potential return of over 15% over the next 12 months [13]. Core Insights - Xunfei Healthcare reported a strong revenue growth of 32.0% YoY in 2024, reaching RMB 734.0 million, with a notable acceleration in growth from 17.8% in 1H24 to 39.6% in 2H24, driven by robust demand for medical AI services [1][2]. - The company improved its cost structure significantly, with SG&A expense ratio declining by 10.3 percentage points and R&D expense ratio falling by 10.4 percentage points, leading to a substantial narrowing of the net loss margin [1]. - Adjusted net loss narrowed by 21.4% YoY to RMB 44.8 million, with total R&D spending at RMB 296.8 million, representing 40.4% of revenue [1]. - The revenue mix improved, with hospital service revenue increasing by 103% YoY and patient service revenue rising by 57% YoY, indicating a shift towards higher contributions from both To B and To C segments [6]. - The company is well-positioned to lead the healthcare AI market, serving over 500 secondary and tertiary hospitals, including 40 of China's Top 100 hospitals [6]. Financial Summary - Revenue is projected to grow from RMB 734 million in 2024 to RMB 1,855 million by 2027, reflecting a CAGR of 37.9% from 2024 to 2026 [2][10]. - The adjusted net profit is expected to improve significantly, reaching RMB 120 million by 2027, with a YoY growth of 456.7% [2][10]. - The company’s net loss margin is projected to narrow from -8.10% in 2025E to 3.80% in 2027E, indicating a path towards profitability [7][11]. Market Position and Growth Potential - Xunfei Healthcare's data flywheel effect enhances its technological leadership, serving over 70,000 primary healthcare institutions and generating millions of AI-assisted diagnosis suggestions daily [6]. - The company maintains a leading position in the To G healthcare AI market, with a significant recovery in revenue from primary healthcare services in 2H24, increasing by 40% YoY [6]. - The target price for Xunfei Healthcare is set at HK$166.69, reflecting a 33.3% upside from the current price of HK$125.00 [3].

Investment Rating - The report maintains a BUY rating for Li Ning with a new target price of HK$ 19.81, reflecting an upside of 15.4% from the current price of HK$ 17.16 [3][17]. Core Insights - Li Ning's FY24 results were in line with market expectations, with a slight improvement in 4Q24 operating numbers. The company has provided conservative guidance for FY25E, targeting flat sales growth and a high single-digit net profit margin [1][14]. - The management anticipates stable growth in average selling price (ASP) and volume for FY25E, with a focus on improving the lifestyle segment while maintaining growth in running and basketball categories [1][12]. - The report indicates that the worst may be over for Li Ning, as early trends in 1Q25E show improvement, despite the high current valuation [1][14]. Financial Summary - FY24 revenue reached RMB 28.7 billion, a 4% year-on-year increase, while net profit fell by 5% to RMB 3.0 billion, resulting in a net profit margin of 10.5% [2][14]. - For FY25E, revenue is expected to remain flat at RMB 28.7 billion, with a projected net profit of RMB 2.67 billion, reflecting a decline of 11.3% year-on-year [2][12]. - The report revises down net profit forecasts for FY25E and FY26E by 23% and 20%, respectively, due to slower retail sales growth and increased advertising and promotion expenses [1][12]. Earnings Revision - The report shows a significant downward revision in earnings estimates, with FY25E revenue revised down by 5% to RMB 28.68 billion and net profit adjusted down by 22.9% to RMB 2.67 billion [12][13]. - Gross profit margin is expected to improve slightly to 49.6% in FY25E, while operating profit margin is projected to decline to 11.6% due to increased A&P expenses [12][16]. Market Position and Performance - Li Ning's market capitalization is approximately HK$ 44.9 billion, with a P/E ratio of 16x for FY25, which is considered relatively high [5][17]. - The company has a shareholding structure with significant stakes held by Viva China Holdings (10.4%) and GIC Pte Ltd. (5.0%) [6]. Sales Growth and Channel Performance - The report highlights that retail sales growth rebounded to high single digits in 4Q24, improving from a mid-single-digit decline in 3Q24 [14]. - Management expects improvements in retail discounts and a better channel mix, particularly with online sales, which typically yield higher operating margins [1][12]. Segment Performance - For FY25E, management projects a decline in clothing sales by 3% while expecting growth in shoe sales by 1.7% and equipment sales by 5% [16]. - The report indicates that the company is focusing on enhancing its lifestyle segment while maintaining its core categories of running and basketball [1][16].

Investment Rating - The report maintains a BUY rating for CR MixC Lifestyle with a target price of HK$45.3, reflecting a 29% upside from the current price of HK$35.10 [3][8]. Core Insights - CR MixC's FY24 revenue increased by 15% YoY to RMB 17 billion, slightly missing guidance by 3%, primarily due to a decline in value-added services (VAS) [8]. - Net profit rose 24% YoY to RMB 3.6 billion, exceeding guidance by 4%, driven by strong performance in shopping mall operations and effective cost control [8][9]. - The company aims for double-digit net profit growth in FY25, with an estimated 21%+ core net profit growth required to meet the 14th Five-Year Plan targets [8][10]. Financial Performance - FY24 revenue: RMB 17,043 million, with a YoY growth of 15.4% [2]. - FY24 net profit: RMB 3,629 million, with a YoY growth of 23.9% [2]. - The gross profit margin improved to 32.9% in FY24, up from 31.8% in FY23 [9][14]. - The company declared a 100% dividend payout based on core net profit, increasing the basic payout ratio to 60% from 55% in FY23 [8][10]. Revenue Breakdown - Shopping mall revenue surged by 30% YoY, contributing significantly to overall revenue growth [8]. - Urban space revenue increased by 36% YoY, supported by a 20% rise in managed gross floor area (GFA) and improved collection rates [8][9]. - Non-owner VAS revenue declined by 12% YoY, while owner VAS saw a 6% increase [8]. Future Projections - FY25E revenue is projected to reach RMB 19,821 million, reflecting a 16.3% YoY growth [2]. - FY25E net profit is estimated at RMB 4,321 million, indicating a 19.1% YoY growth [2]. - The company expects to maintain a strong growth trajectory, with a focus on expanding its shopping mall operations and enhancing third-party services [8][10].

Investment Rating - The report maintains a "BUY" rating for Carote Ltd, with a target price of HK$6.44, reflecting a potential upside of 16% from the current price of HK$5.55 [3][10]. Core Insights - Carote Ltd's FY24 net profit was in line with expectations, but sales faced pressure, leading to a cautious outlook for FY25E with a forecasted 7% net profit drop [1][10]. - Despite macroeconomic headwinds, management remains optimistic about achieving a sales growth target of over 30% for FY25E, particularly in the US and Western Europe markets [9][10]. - The company is expected to experience a decline in gross profit margins due to import tariffs and other macro uncertainties, with projections of 35.2% and 33.6% for FY25E and FY26E, respectively [10][11]. Financial Summary - Revenue for FY24 was reported at RMB 2,073 million, representing a 31% year-over-year growth, while net profit surged by 50% to RMB 356 million [2][10]. - For FY25E, revenue is forecasted to be RMB 2,560 million, with a year-over-year growth rate of 23.5% [2][11]. - The company's gross profit margin for FY24 was 40.3%, exceeding estimates, but is expected to decline in the following years [10][11]. Market Performance - Carote Ltd's market capitalization is approximately HK$3,080.3 million, with an average turnover of HK$6.3 million over the past three months [4]. - The share performance over the last month showed an increase of 4.7%, while the three-month performance was up by 11% [6]. Shareholding Structure - The major shareholders include Yili Investment & Carote CM, holding 72.4%, and cornerstone investors holding 9.8% [5].

Investment Rating - The report maintains a HOLD rating for Sinotruk (Hong Kong) with a target price of HK$20.50, down from the previous target price of HK$21.40, indicating an 8.5% downside from the current price of HK$22.40 [1][3]. Core Views - Sinotruk's 2024 net profit is projected at RMB5.86 billion, reflecting a 10% year-over-year increase, which is slightly above the report's estimate but below Bloomberg's consensus [1]. - The management anticipates a decline in export sales for 2025, aligning with the report's view that exports will face pressure due to a high base in the Russian market [1]. - The report revises down the earnings forecast for 2025 and 2026 by 2% and 3% respectively, primarily due to lower export volume assumptions and low engine margins [1]. Financial Summary - Revenue is expected to grow from RMB85.04 billion in FY23 to RMB95.06 billion in FY24, with a projected growth rate of 11.8% [2]. - Net profit is forecasted to increase from RMB5.32 billion in FY23 to RMB5.86 billion in FY24, representing a 10.2% growth [2]. - The earnings per share (EPS) is projected to be RMB2.14 for FY24, with a year-over-year growth of 10.9% [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.9 in FY23 to 9.8 in FY24, indicating a more attractive valuation [2]. Segment Performance - Heavy-duty truck (HDT) sales are projected to grow by 3% in 2025, driven by a 12% increase in China, but offset by a 5% decline in exports [8]. - Light-duty truck (LDT) sales are expected to grow by 5% in 2025, with the segment potentially turning profitable [8]. - Engine sales volume is anticipated to grow by 5% in 2025, with stable segment margins around 14% [8]. Shareholding Structure - The major shareholders of Sinotruk include CNHTC with a 51% stake and MAN SE with a 25% stake [4]. Market Performance - The stock has shown a 1-month absolute performance of 8.5% and a 3-month relative performance of -1.1% [5].

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [1] Core Views - The company reported a robust performance in 2024, with total revenue reaching 177.3 billion yuan, a year-on-year increase of 36.0%, and a net profit attributable to shareholders of 4.27 billion yuan, up 5.6% year-on-year [7] - The consumer electronics segment showed significant growth, with revenue increasing by 45.0% to 141.23 billion yuan, driven by strong performance in components and assembly businesses [7] - The automotive electronics sector is expected to benefit from the parent company's advancements in smart technology, with revenue projected to grow by 45.5% to 20.51 billion yuan in 2024 [7] - The company is enhancing its AI and robotics capabilities, with new intelligent products contributing to growth despite a slight decline in revenue from new products [7] Financial Summary - Total revenue forecast for 2024 is 177.3 billion yuan, with a projected growth rate of 35.97% for 2025 [1][8] - Net profit attributable to shareholders is expected to reach 5.26 billion yuan in 2025, reflecting a growth rate of 23.42% [1][8] - The earnings per share (EPS) is projected to be 1.89 yuan for 2024, increasing to 2.34 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is forecasted to be 16.18 for 2025, indicating a favorable valuation [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company is a rare diversified real estate developer in China, with financial, operational, and brand advantages that have helped improve its sales ranking despite market challenges. The company has ample and high-quality land reserves, ensuring stable future sales. The pressure from impairments has been relatively well-managed, and new land acquisitions are expected to be profitable, indicating solid performance and high realization rates [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 278.8 billion (up 11.0%) and a net profit attributable to shareholders of 25.6 billion (down 18.5%). The core net profit was 25.42 billion (down 8.5%), with a comprehensive gross margin of 21.6% (down 3.5 percentage points) and a dividend payout ratio of 36.9%, resulting in a dividend yield of 5.6% [6][9]. Sales and Market Position - The company’s total sales for 2024 were 261.1 billion (down 15.0%), with a market share increase to 2.7%, marking its entry into the top three in the industry. In 2024, the company acquired 29 projects with a total investment of 77.58 billion (down 56.1%), indicating a conservative approach in the first half of the year but a quicker investment pace as the market improved towards the end of the year [6][9]. Operational Efficiency - As a leader in commercial real estate, the company has a strong competitive edge in various aspects such as layout, leasing, operations, and luxury retail. In 2024, the retail sales from shopping centers reached 195.3 billion (up 19.2%), with rental income of 19.3 billion (up 8.4%). The company plans to open six new shopping centers annually from 2025 to 2028, increasing the total to 116 by the end of 2028 [2][6]. Future Outlook - The company is expected to maintain a stable outlook for future performance, with projected net profits attributable to shareholders of 26.2 billion, 27.0 billion, and 28.2 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 2%, 3%, and 5%. The corresponding price-to-earnings ratios are forecasted to be 6.4, 6.2, and 6.0 [2][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.40 [8][9]. Core Insights - The company is expected to achieve revenue of RMB 6.47 billion in 2024, representing a year-over-year increase of 6.2%, and a core operating profit of RMB 310 million, also up 3.1% year-over-year, driven by better-than-expected gross margins and cost control [1]. - The second half of the year (H2) has shown a significant recovery in same-store sales growth, attributed to the introduction of value-for-money meal packages and effective marketing strategies [2][4]. - The company has successfully expanded its 2B sales channels, with revenue from these channels increasing by 113.6% to RMB 620 million in H2, reflecting strong growth in its production capabilities and market reach [2]. Revenue and Profitability Forecast - The company forecasts a revenue increase to RMB 7.12 billion in 2025, with a projected adjusted net profit of RMB 360 million, marking a 12% upward revision for both 2025 and 2026 [5][14]. - The gross margin is expected to recover gradually, with a forecasted gross margin of 22.0% for 2025, following a slight decline in H2 due to initial lower margins on new product offerings [3][14]. Strategic Developments - The company is innovating its sales channels by implementing a "one store, one shop, one warehouse" model, enhancing customer convenience through online ordering and offline pickup options [4]. - The company has also expanded its presence in lower-tier markets, adding 287 new rural stores in 2024, which is expected to drive future growth [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Viewpoints - The company achieved a revenue of 6.256 billion RMB in 2024, representing a year-on-year growth of 10.2%, driven primarily by cloud services [8][18] - The annual recurring revenue (ARR) from cloud subscriptions reached approximately 3.44 billion RMB, with a year-on-year growth of 20% [9][18] - The company is in a rapid growth phase, with expectations for revenue growth of 16.9% in 2025 and 15.8% in 2026 [3][28] Summary by Relevant Sections Financial Performance - In 2024, the company reported a net loss of 1.42 billion RMB, a significant reduction of 32% compared to the previous year [2][18] - The gross margin improved by 0.9 percentage points, and the operating expense ratio decreased by 2.0 percentage points [2][18] - Operating cash flow for 2024 was 934 million RMB, reflecting a year-on-year increase of 43% [9][18] Revenue Breakdown - Cloud service revenue accounted for 81.6% of total revenue, amounting to 5.107 billion RMB, with a year-on-year growth of 13.4% [8][18] - The company’s enterprise cloud services, small and micro financial cloud services, and industry cloud services generated revenues of 3.658 billion RMB, 1.229 billion RMB, and 220 million RMB, respectively [14][18] - The large enterprise segment saw a 30% increase in cloud subscription ARR, with a net renewal rate of 108% [14][18] Future Outlook - The company maintains a revenue CAGR guidance of 15-20% for 2024-2026, with a subscription ARR CAGR of 30% [3][28] - Expected revenues for 2025 and 2026 are projected at 7.314 billion RMB and 8.468 billion RMB, respectively [3][28] - The company is focusing on AI integration to enhance its product offerings and drive future growth [24][28]