Investment Rating - The report assigns an "Outperform" rating to RoboSense, indicating an expected relative return exceeding 10% over the next 12-18 months [20]. Core Insights - RoboSense held the "Hello Robot" 2025 AI Robotics Global Launch Event on January 3, 2025, unveiling three new digital LiDAR models (EM4, E1R, and AIRY) and several incremental robotic components [1][8]. - The new digital LiDAR products significantly enhance automotive and robotic sensing capabilities, showcasing RoboSense's technological expertise and development capabilities [2][9]. - The strategic expansion from automotive LiDAR to robotics opens diversified opportunities, enhancing product adaptability and market coverage while supporting the future development of intelligent robots and unmanned systems [4][11]. Summary by Sections Event Overview - RoboSense launched three new digital LiDAR models and multiple robotic components at the 2025 AI Robotics Global Launch Event [1][8]. Digital LiDAR Products - EM4: The world's first 1,000-line ultra-long-range LiDAR with a 600-meter detection range and 1080-line resolution [2][9]. - E1R: The world's first solid-state digital LiDAR, compact with a 130°×90° field of view, suitable for various mobile robot applications [2][9]. - AIRY: A 192-line compact digital LiDAR designed for robotics, offering a 360°×90° field of view [2][9]. Incremental Robotic Components - Active Camera: A fusion sensing device that enhances robotic vision precision and versatility [3][10]. - Papert 2.0: A second-generation dexterous hand with 20 degrees of freedom and a maximum load capacity of 5 kilograms [3][10]. - DC-G1 Domain Controller: A highly integrated and energy-efficient controller supporting various real-time sensing models [3][10]. - LA-8000 Joint Motor: A high-power-density motor suitable for humanoid robot leg joints [3][10]. - FS-3D Force Tactile Sensor: Designed for end-motion control in legged robots [3][10]. Strategic Expansion - RoboSense's expansion into the robotics domain reflects a decade of expertise in automotive LiDAR, broadening its technological layout and application boundaries [4][11].

Investment Rating - The report assigns an "Outperform" rating to Kingsoft Software (3888) with a target price of HKD 46.85 per share, based on a 2025 PE of 35x [4][18] Core Views - Kingsoft Software is a leading software and internet service company in China, focusing on interactive entertainment and office software, with cloud services and AI as new directions [14] - The company's revenue has grown steadily from RMB 4.37 billion in 2019 to RMB 8.53 billion in 2023, with a CAGR of 18.20% [15] - The gaming business is strong, with Sword 3 showing resilience and new games like Limit Breaker and Sword Zero expected to contribute to future growth [16] - WPS AI, launched overseas in June 2024, is expected to enhance smart office platforms for 200 million users, with R&D efficiency improved by over 30% and costs reduced by over 35% [17] Financial Performance and Forecast - Revenue is expected to grow from RMB 10.19 billion in 2024 to RMB 14.83 billion in 2026, with a CAGR of 20.8% [4][18] - Net profit is forecasted to increase from RMB 0.87 billion in 2024 to RMB 2.33 billion in 2026, with a CAGR of 41.9% [4][18] - EPS is projected to rise from RMB 0.65 in 2024 to RMB 1.75 in 2026 [4][18] - Gross profit margin is expected to remain stable at around 82.44% to 83.31% from 2024 to 2026 [18] Business Segments - Office software and services revenue is expected to grow from RMB 5.11 billion in 2024 to RMB 7.55 billion in 2026, with a CAGR of 22.93% [18] - Gaming revenue is forecasted to increase from RMB 5.05 billion in 2024 to RMB 7.23 billion in 2026, with a CAGR of 18.80% [18] Strategic Initiatives - Kingsoft Office continues to focus on AI and collaboration, offering an AI office experience and advancing new productivity in the office sector [14] - The company is expanding its gaming portfolio with new titles like Limit Breaker and Sword Zero, which are expected to drive future growth [16] - Collaboration with Amazon Cloud has enhanced WPS AI's capabilities, improving R&D efficiency and reducing costs [17]

毛戈平（1318.HK）首次覆盖报告 何以高端？ 2025 年 01 月 04 日 ➢ 毛戈平是国内领先的中国高端美妆集团，东方美学的引领者。公司于 2000 年 7 月由中国著名化妆师毛戈平先生创立，旗下有 MAOGEPING（定位高端，主打光影 美学和东方美学理念）和至爱终生（定位大众时尚）两大品牌，业务涵盖彩妆、护肤 和化妆培训三大板块，24H1 彩妆/护肤/化妆艺术培训及相关销售的营收占比分别为 55%/41%/4%。根据弗若斯特沙利文数据，2023 年主品牌 MAOGEPING 是中国市 场十五大高端美妆品牌中唯一的国货品牌，占高端美妆行业的市场份额为 1.8%。 2024 年 12 月，公司成功在港交所上市，所募资金主要用于渠道拓展、品牌建设等。 ➢ 中国彩妆行业增长潜力大，目前正处于重要的结构性增长拐点。1）根据欧睿数 据，护肤品类为化妆品市场核心，彩妆品类占比略低但增速更高，2009-2023 年护 肤/彩妆市场规模 CAGR 分别为 8.6%/11.5%，23 年护肤/彩妆分别占化妆品整体份 额的 51.4%/11.3%。我们认为国内目前正处于护肤意识已经基本普及，中国彩妆市 场面临着对化妆 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has made significant progress in its internationalization efforts, particularly with the global licensing of its DLL3ADC drug IBI3009 to Roche, which includes an upfront payment of $80 million and potential milestone payments up to $1 billion, along with a sales revenue share [7] - The company is expected to achieve EBITDA breakeven by 2025 and aims for domestic sales of 20 billion yuan by 2027, driven by multiple product launches and overseas collaborations [7] - The revenue forecast for 2024-2026 has been adjusted upwards, with expected revenues of 81 billion yuan in 2024, 114.91 billion yuan in 2025, and 151.78 billion yuan in 2026, indicating strong growth potential [7] Financial Summary - Total revenue for 2022 was 4,557 million yuan, with a projected increase to 6,206 million yuan in 2023, and further growth to 8,100 million yuan in 2024, 11,491 million yuan in 2025, and 15,178 million yuan in 2026, reflecting a compound annual growth rate of 36.19% from 2022 to 2023 [1] - The net profit attributable to the parent company is expected to improve from a loss of 2,179.27 million yuan in 2022 to a profit of 2,211.27 million yuan by 2026, showcasing a significant turnaround [1] - The latest diluted EPS is projected to turn positive, reaching 1.35 yuan per share by 2026, compared to a loss of 1.33 yuan per share in 2022 [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has launched new robot products, marking the beginning of its development in the vehicle and robot platform for the new decade [8] - The company aims to accelerate the popularization of robots by creating a humanoid robot development platform and has introduced several new products [8] - The company has achieved breakthroughs in overseas robot customers and is expected to replicate the growth trajectory seen in its Advanced Driver Assistance Systems (ADAS) segment [8] - The company has adjusted its revenue forecasts for 2024-2026, reflecting its dual focus on automotive and robotics [8] Financial Projections - Total revenue is projected to grow from 1,120.15 million in 2023 to 4,186.68 million by 2026, with a year-on-year growth rate of 111.22% in 2023 and 44.82% in 2026 [1][9] - The net profit is expected to improve from a loss of 4,336.63 million in 2023 to a profit of 52.54 million by 2026, indicating a significant turnaround [1][9] - Earnings per share are forecasted to increase from 2.43 in 2024 to 9.08 in 2026 [1][9] Product Development - The company has introduced several innovative products, including the second-generation dexterous hand Papert 2.0 and the world's first long-range laser radar EM4, enhancing its capabilities in both automotive and robotics sectors [8] - The new products are designed to improve the performance of intelligent driving and robotics, addressing existing market pain points [8] Market Position - The company has expanded its partnerships in the robotics field, increasing its collaboration with key customers from 2,400 to 2,600 [8] - The company has established a strong presence in the ADAS market, with 28 automotive manufacturers and suppliers collaborating on 92 designated models [8]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 7.82, indicating a potential upside of 26% from the current price of HKD 6.23 [5][12]. Core Insights - The company's overall gross margin is expected to improve, with a projected gross margin of over 16% for 2024 and further growth to 8% in 2025, driven by increased deliveries of offshore and international wind turbines [2][9]. - The company has successfully expanded its international market presence, demonstrating strong core competitive capabilities in the global supply chain and financing [3][10]. - The company anticipates a total wind turbine shipment of 18-20 GW for 2024, with continued growth expected in 2025, supported by a robust order backlog [4][11]. Financial Summary - The company reported a revenue of RMB 46,254 million in 2022, with projections of RMB 50,244 million in 2023, RMB 57,278 million in 2024, and RMB 61,860 million in 2025, reflecting a growth rate of 14% in 2024 [6][17]. - The net profit is expected to rebound significantly from RMB 1,331 million in 2023 to RMB 2,634 million in 2024, with a further increase to RMB 3,015 million in 2025 [6][17]. - The company’s earnings per share (EPS) is projected to rise from RMB 0.29 in 2023 to RMB 0.57 in 2024, and RMB 0.66 in 2025 [6][17].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 3.86, representing an expected upside of 28.5% from the current price of HKD 3.00 [1][4][11]. Core Insights - The "Gift" feature in WeChat is expected to enhance the e-commerce ecosystem, driving demand for merchant services. This feature is currently in the exploratory phase and is anticipated to evolve, especially during major holidays, potentially replicating the success of the "WeChat Red Packet" phenomenon [3][4][8]. - The company is projected to see a continuous reduction in losses, benefiting from the growth of the WeChat ecosystem. With the completion of the WeChat mini-store integration expected in the first half of 2025, the company is well-positioned to capitalize on the burgeoning demand for SaaS and operational services in the WeChat e-commerce space [4][10]. Financial Summary - The company’s revenue projections for 2024-2026 are estimated at RMB 18.1 billion, RMB 21.0 billion, and RMB 25.1 billion, respectively, with year-on-year growth rates of -18.6%, 15.6%, and 19.7% [5][10]. - Net profit forecasts for the same period are expected to be -RMB 6.7 billion, -RMB 3.5 billion, and -RMB 1.2 billion, indicating a trend of decreasing losses as the company continues to optimize costs and enhance operational efficiency [5][10].

Investment Rating - The report maintains a "Buy" rating for Hutchison China MediTech (0013.HK) with a target price of HKD 40.90, while the current price is HKD 23.40 [1]. Core Insights - Hutchison China MediTech has announced the sale of a 45% stake in Shanghai Hutchison Pharmaceuticals for USD 608 million (RMB 4.478 billion) to focus on innovative drug development. The proceeds will be used to further develop its internal product pipeline, particularly its next-generation antibody-drug conjugate (ADC) platform [7]. - The NDA for Savolitinib in combination with Osimertinib for treating MET-amplified NSCLC has been accepted and prioritized for review in China, indicating significant progress in addressing resistance issues in EGFR inhibitors [7]. - The commercialization of Fuzuloparib in the U.S. has been successful, with expected sales of USD 130 million in the first half of 2024, and it has been included in healthcare insurance in Spain and Japan, enhancing its commercial prospects [7]. Financial Summary - Revenue projections for Hutchison China MediTech are USD 642.07 million in 2024, USD 736.97 million in 2025, and USD 884.99 million in 2026, reflecting a growth rate of -23.38%, 14.78%, and 20.09% respectively [2]. - The net profit attributable to the parent company is expected to be -USD 17.24 million in 2024, USD 74.51 million in 2025, and USD 134.20 million in 2026, with growth rates of -117.10%, 532.22%, and 80.12% respectively [2]. - The earnings per share (EPS) are projected to be -USD 0.02 in 2024, USD 0.09 in 2025, and USD 0.15 in 2026 [2].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors with a target price raised to HKD 18.0, indicating a potential upside of 32% from the current price [4][6]. Core Insights - Great Wall Motors achieved a total sales volume of 1.233 million vehicles in 2024, remaining flat year-on-year, marking the ninth consecutive year of sales exceeding one million units [2][3]. - The company is focusing on high-quality market share growth, with a significant increase in December 2024 sales by 20.3% year-on-year, driven by strong performance from the Haval and WEY brands [2][3]. - The report highlights the company's strategic expansion into international markets, with overseas sales reaching 453,000 units in 2024, accounting for 37% of total sales, and an expected growth of 26% in export sales to 570,000 units by 2025 [3][4]. Sales Performance - In December 2024, Haval brand sales reached 83,000 units, up 27.2% year-on-year, while WEY brand sales surged by 150.8% to 8,808 units [2]. - The report notes a decline in sales for the Ora brand by 52.7%, while the Tank brand saw a 26.4% increase in sales [2]. Financial Projections - The report projects sales revenue growth of 26% for 2024, reaching RMB 219.01 billion, followed by an 18% growth in 2025 to RMB 259.42 billion [5][9]. - Net profit is expected to rebound significantly by 95% in 2024, reaching RMB 13.69 billion, and continue to grow to RMB 16.95 billion in 2025 [5][9]. - The report anticipates a steady gross margin of 21% from 2024 to 2026, with net profit margins improving to 7% by 2025 [5][9]. Product Development - Great Wall Motors plans to launch several new models in 2025, including the Haval H7 and new Tank models, which will feature the advanced Coffee Pilot Ultra driving system [3][4]. - The company aims to enhance its competitive edge in the high-end and off-road vehicle segments through accelerated deployment of intelligent driving technologies [3].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile with a target price of HKD 19.0, indicating a potential upside of 35% from the current price of HKD 14.1 [1][4][3]. Core Insights - Geely Automobile achieved a total sales volume of 2.177 million units in 2024, representing a year-on-year growth of 32%, exceeding its sales target [2][3]. - The report highlights the strong performance of Geely's brands, driven by new technologies and product upgrades, which are expected to continue fueling sales and revenue growth [1][3]. - The company aims for a sales target of 2.71 million units in 2025, with a focus on new energy vehicles (NEVs) and a projected NEV sales volume of 1.5 million units, reflecting a growth of 69% [3][2]. Sales Performance - In December 2024, Geely's total sales reached 210,000 units, a year-on-year increase of 43%, with the Geely brand alone selling 157,000 units, up 46% year-on-year [2]. - The cumulative sales for the Geely brand in 2024 were 1.669 million units, a 27.4% increase, while Zeekr and Lynk & Co brands saw significant growth of 87.2% and 29.6% respectively [2][3]. Financial Projections - The report projects Geely's revenue to grow from RMB 179.2 billion in FY2023 to RMB 239.3 billion in FY2024, marking a growth rate of 34% [7]. - Net profit is expected to increase significantly to RMB 15.8 billion in FY2024, reflecting a growth rate of 197% compared to the previous year [7]. - The gross margin is projected to improve gradually, reaching 16.5% by FY2026 [7]. Product Strategy - Geely plans to launch five new energy products in 2025, including two SUVs and three sedans, with a new hybrid technology to enhance competitiveness [3]. - The Zeekr brand will focus on increasing its smart technology offerings, planning to release three new models in 2025 [3]. - Lynk & Co aims to upgrade its existing products and introduce two new hybrid models in the second and third quarters of 2025 [3].