Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a revenue of 168.1 billion yuan in 2024, a year-on-year decrease of 6.2%, with a gross profit of 10.672 billion yuan, down 22.5% year-on-year, and a net profit attributable to shareholders of 3.212 billion yuan, down 36.0% year-on-year [6] - The company has a strong market position with 4.19 million active customers, a 10.7% year-on-year increase, and holds 14.1% of luxury car brand users in 32 major cities [6] - The company is expected to improve its market share despite industry challenges, with a focus on embracing new energy vehicles [6] Financial Performance Summary - In 2024, the company sold 485,300 new cars, a year-on-year decrease of 3.2%, with a gross loss of 3.208 billion yuan from new car sales [7] - The after-sales service revenue reached 22.001 billion yuan, a year-on-year increase of 9.6%, with a gross profit of 10.216 billion yuan, reflecting stable growth in after-sales business [8] - The company forecasts net profits of 3.519 billion yuan and 4.944 billion yuan for 2025 and 2026 respectively, with an estimated EPS of 1.5, 2.1, and 2.7 yuan for 2025, 2026, and 2027 [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrated resilience as a market leader, with stable overseas expansion [1] - In 2024, the company achieved total revenue of 95.06 billion yuan, a year-on-year increase of 10.82%, and a net profit attributable to shareholders of 5.86 billion yuan, up 10.16% year-on-year [7] - The company’s sales volume increased against industry trends, with domestic sales rising by 12.8% to 109,000 units, while the overall heavy truck industry saw a decline of 1.7% [7] - The gross margin slightly decreased to 15.6%, attributed to intense domestic price competition and changes in export market structure [7] - Effective cost control led to a slight increase in net profit margin to 7.0% [7] - The company’s earnings per share (EPS) for 2024 is projected at 2.12 yuan, with a price-to-earnings (P/E) ratio of 10.56 [1] Financial Summary - Total revenue forecast for 2024 is 95.06 billion yuan, with projections of 106.86 billion yuan for 2025 and 118.77 billion yuan for 2026 [1][8] - Net profit attributable to shareholders is expected to reach 6.84 billion yuan in 2025 and 8.16 billion yuan in 2026 [1][8] - The company’s cash and cash equivalents are projected to increase significantly from 19.08 billion yuan in 2024 to 110.79 billion yuan by 2027 [8] - The company maintains a strong balance sheet with a debt-to-asset ratio of 62.13% [6]

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].