Investment Rating - The investment rating for the company is "Buy" and is maintained [2][6] Core Insights - The company reported a revenue of 3.885 billion yuan for 2024, representing a year-over-year growth of 34.6%, with a net profit attributable to shareholders of 881 million yuan, also up by 33.0% [4][5] - The online sales showed significant growth, with a 51% increase year-over-year, while offline sales grew by 22% [5] - The company maintains a high net profit margin of 22.7% despite a slight decline in gross margin due to increased logistics costs [6] Financial Performance - For 2024, the company expects revenues to reach 5.212 billion yuan, with a growth rate of 34.17% [8] - The projected net profit for 2025 is 1.202 billion yuan, reflecting a growth rate of 36.36% [9] - The company's gross margin is forecasted to be 84.24% in 2025, slightly decreasing from 84.37% in 2024 [9] Revenue Breakdown - In 2024, the revenue from makeup, skincare, and training segments is expected to be 2.3 billion yuan, 1.4 billion yuan, and 150 million yuan, respectively, with growth rates of 42%, 23%, and 46% [5] - The average selling price for makeup increased by 6%, while skincare saw a decrease of 3% [5] Membership and Repurchase Rates - The repurchase rate for online and offline channels in 2024 is projected to be 27.5% and 34.9%, respectively, showing an increase of 5.5 percentage points and 2.1 percentage points year-over-year [5] Future Outlook - The company plans to continue expanding its store network and introduce new products, with a focus on international markets, indicating significant growth potential [6] - The forecasted net profit for 2027 is expected to reach 1.93 billion yuan, with a corresponding price-to-earnings ratio of 27 times [6][8]

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 3.66 [1][8][11] Core Views - The company is a global leader in photovoltaic glass manufacturing, with signs of a recovery in performance as the industry approaches a turning point [1][7][10] - The photovoltaic glass segment is a significant part of the non-silicon costs in solar modules, accounting for approximately 16.4% of the total module cost [1][51] - The company has a leading production capacity in the industry, with a nominal capacity of 32,200 t/d and an actual production capacity of 23,200 t/d as of the end of 2024 [8][16] Summary by Sections Company Overview - The company is one of the largest photovoltaic glass manufacturers globally, with a focus on both photovoltaic glass production and solar power station development [7][16] - As of the end of 2024, the company's revenue from photovoltaic glass and solar power generation accounted for 85.9% and 13.8% of total revenue, respectively [30] Industry Analysis - The photovoltaic glass segment has a more favorable supply-demand dynamic compared to other segments, with a significant price increase in new orders observed in March 2025 [2][10] - The industry has faced short-term profit pressures leading to production adjustments, but long-term policy controls are expected to tighten new capacity additions [1][52] Financial Performance - The company is projected to achieve total revenue of HKD 21.92 billion in 2024, with a year-on-year decline of 9.5% [3] - The net profit attributable to shareholders is expected to be HKD 1.008 billion in 2024, reflecting a significant year-on-year decrease of 73.4% [3][25] - The company's price-to-earnings ratio is projected to be 26 times in 2024, decreasing to 7 times by 2027, indicating a potential recovery in profitability [3][11] Competitive Advantages - The company maintains a cost advantage due to its resource allocation, large furnace scale, and accumulated technology, leading to a gross margin that is consistently higher than that of second and third-tier competitors by approximately 10-15 percentage points [8][10][14] - The company has established long-term partnerships with gas suppliers to enhance cost control and has been actively pursuing furnace large-scale operations [8][14] Investment Thesis - The current valuation is at a low point, providing a compelling investment opportunity as the industry supply-demand balance improves [10][11] - The company is expected to recover from losses to profitability as the photovoltaic glass prices stabilize and improve [2][10]

Investment Rating - The report maintains an "Outperform" rating for Horizon Robotics-W [5][42] Core Insights - In 2024, Horizon Robotics-W achieved a total revenue of 2.384 billion RMB, representing a year-on-year growth of 53.6% [8][24] - The company reported a net profit of 2.347 billion RMB in 2024, a significant recovery from a loss of 6.739 billion RMB in 2023, primarily due to fair value changes in preferred shares and other financial liabilities [8][24] - Adjusted operating loss narrowed to 1.495 billion RMB in 2024 from 1.687 billion RMB in 2023, indicating improved operational efficiency [8][24] Revenue and Profitability - The automotive solutions segment generated 2.312 billion RMB in revenue, up 57.2% year-on-year, driven by increased delivery volumes and strong demand for products [10][24] - The licensing and services business saw revenue rise to 1.658 billion RMB, a 70.9% increase, reflecting the growing demand for algorithms, software development tools, and technical services in the smart automotive sector [10][24] - The overall gross margin improved to 77.25%, up 6.7 percentage points year-on-year, largely due to a favorable revenue mix with a higher proportion of high-margin licensing and services revenue [15][24] Product Development and Market Position - The launch of the Journey 6 series processing hardware is set to empower advanced driver assistance and high-level autonomous driving solutions, with production starting in February 2025 [3][27] - Horizon Robotics has established a leading position in the Chinese OEM advanced driver assistance systems (ADAS) market, capturing over 40% market share by the end of 2024 [20][24] - The company is positioned as a key player in the high-level autonomous driving market, ranking second among independent third-party solution providers in China [20][24] Future Outlook - Revenue projections for 2025-2027 are estimated at 3.39 billion RMB, 5.34 billion RMB, and 7.45 billion RMB respectively, with expected net profits of -1.865 billion RMB, -341 million RMB, and 787 million RMB [4][42] - The report emphasizes the strong growth potential of Horizon Robotics, driven by robust demand for its products and services in the rapidly evolving smart automotive industry [42]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported revenue of 2.042 billion yuan and a net profit attributable to shareholders of 466 million yuan for 2024, reflecting year-on-year growth of 13.1% and 8.4% respectively, slightly exceeding previous expectations [2] - The company plans to distribute a final dividend of 0.388 HKD per share, with a payout ratio of 53.9% and a dividend yield of 12.7% [2] - The company has successfully acquired two new land parcels in Foshan, with a total construction area of 140,000 square meters [2] Summary by Sections Educational Business Performance - The educational segment showed steady growth, with total student enrollment increasing by 2.3% year-on-year to 58,000 and average tuition fees rising by 9.3% to 28,000 yuan per student [3] - Revenue from full-time higher education services, educational resource output, lifelong education services, and medical care business for 2024 were 1.626 billion, 221 million, 139 million, and 57 million yuan respectively, with year-on-year growth of 11.8%, 14.9%, -12.3%, and NA [3] Lifelong Education Business - The lifelong education segment experienced a decline, with revenue dropping by 12.3% to 139 million yuan due to a decrease in student enrollment [4] - The company implemented training projects for 94 institutions, covering nearly 41,000 students, and has registered approximately 2.3 million users on its online education platforms [4] Educational Resource Output - Revenue from educational resource output increased by 14.9% to 221 million yuan, supported by optimized cooperation structures and partnerships with 62 institutions [5] - The company launched several new platforms and training facilities, enhancing its integrated smart education platform [5] Medical and Health Business - The medical and health segment contributed 57 million yuan in revenue after being consolidated for 7 months, aligning with expectations [6] - The cardiovascular hospital received over 44,000 outpatient visits, and the occupancy rate of the nursing home exceeded 75% [6] Financial Performance and Forecast - The company’s adjusted net profit margin was 22.8% for 2024, with a gross margin of 47.4% [10] - Revenue forecasts for 2025 and 2026 are adjusted to 2.321 billion and 2.590 billion yuan respectively, with net profit estimates of 481 million and 610 million yuan [11] - The company maintains a PE ratio of 4/3/3X based on the current share price of 3.06 HKD, with a dividend yield of 12.7% [11]

Investment Rating - The investment rating for Postal Savings Bank is "Buy" [6] Core Views - The bank reported a revenue of 348.8 billion yuan for 2024, representing a year-on-year growth of 1.83%. The pre-provision profit reached 123 billion yuan, up 5% year-on-year, while the net profit attributable to shareholders was 86.5 billion yuan, a slight increase of 0.24% [1] - The bank has proactively adjusted its savings agency fee rates for the first time since its listing, aiming to optimize its liability structure and reduce interest costs. The comprehensive agency fee rate for 2024 decreased from 1.08% to 1.04%, resulting in a reduction of agency fees by 3.5 billion yuan [2] - Non-interest income has supported revenue growth, with net interest income increasing by 1.53% year-on-year. The net interest margin for 2024 was 1.87%, down 14 basis points from the previous year. Other non-interest income grew by 15.15%, driven by a 30.89% increase in investment income [3][4] Summary by Sections Financial Performance - For 2024, the bank's operating income and net profit attributable to shareholders grew by 1.83% and 0.24%, respectively. The growth in revenue was primarily supported by an increase in non-interest income [3] - The bank's net interest income rose by 1.53%, while the net interest margin decreased to 1.87%. The bank's interest-earning assets and loan yield were 3.32% and 3.78%, respectively [3] - The bank's total assets and loan amounts at the end of Q4 2024 were 17.1 trillion yuan and 8.9 trillion yuan, reflecting year-on-year growth of 8.64% and 9.38% [13] Asset Quality - The non-performing loan (NPL) ratio at the end of Q4 2024 was 0.90%, with a provision coverage ratio of 286.15%. The NPL ratio for personal loans was 1.28%, showing a slight increase [11][12] - The bank's credit cost for 2024 was 0.34%, a decrease of 1 basis point year-on-year. The NPL generation rate was 0.84%, down 1 basis point from the previous year [12] Dividends and Shareholder Returns - The bank declared a cash dividend of 2.616 yuan per 10 shares for 2024, resulting in a dividend payout ratio of 30% [1] Future Outlook - The bank is expected to continue its stable performance, with a focus on increasing its loan-to-deposit ratio and maintaining strong asset quality. The long-term growth potential remains significant as a state-owned bank [13]

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company's 2024 operating performance is stable, and the increase in dividend payout ratio reflects a strong commitment to shareholder returns [3]. - The company has maintained a "Buy" rating based on its 2024 performance and operational trends, with a downward adjustment in the EPS forecast for 2025-2026 [9]. Financial Summary - In 2024, the company achieved revenue of 13,087 million RMB, a year-on-year decline of 1.1%, while the net profit was 2,067 million RMB, showing a growth of 4.2% after excluding one-time impacts from 2023 [9]. - The orthopedic segment reported revenue of 1,440 million RMB, up 13.2%, with operating profit increasing by 196% [9]. - The drug packaging segment generated revenue of 2,280 million RMB, reflecting a growth of 12.6%, driven by high growth in pre-filled syringes and new product launches [9]. - The interventional segment's revenue was 1,980 million RMB, a modest increase of 2.5%, with domestic pressures offset by good overseas growth [9]. - The medical device and blood management segments faced revenue declines, with the medical device segment down 6.5% to 6,510 million RMB, while the blood management segment's revenue fell by 15.8% to 880 million RMB [9]. - The company plans to increase its cash dividend payout ratio to 50% by the end of 2024, with a proposed dividend of 0.1235 RMB per share, totaling 985 million RMB, a 29% increase year-on-year [9]. Growth Strategy - The company is actively developing nine new product series to create a second growth curve, focusing on the perioperative product portfolio and chronic disease management products [9]. - The company aims to leverage its sales channel advantages to ensure rapid market penetration of new products, contributing to revenue growth [9].

Investment Rating - The investment rating for the company is "Recommended" [1][6][11] Core Views - The company reported a revenue of 645 million HKD for 2024, reflecting a year-on-year growth of 1.5%, while the net profit attributable to shareholders was 154 million HKD, a decrease of 9.7% [3][6] - The company maintains a high dividend payout, with a final dividend of 8.3 HKD cents per share and a total annual dividend of 13.1 HKD cents per share, indicating a payout ratio of 80% [3][6] - The company has a solid operational foundation, with same-store traffic and sales increasing by 8.1% and 8.8% respectively, and a rental rate of 92.4%, which is above the industry average [6] Financial Performance Summary - Revenue projections show a gradual increase from 645 million HKD in 2024 to 679 million HKD by 2027, with corresponding year-on-year growth rates of 1.5% to 2% [5][10] - Net profit is expected to recover slightly from 154 million HKD in 2024 to 167 million HKD by 2027, with a projected year-on-year growth of 3.1% in 2027 [5][10] - The gross margin is projected to improve from 46.2% in 2024 to 48.0% by 2027, while the net margin is expected to stabilize around 23% to 24% [5][10] Operational Highlights - The company has successfully opened new projects in Guangzhou and Shanghai, contributing to its strategic focus on the Greater Bay Area and national expansion [6] - As of 2024, the company has a contracted area of approximately 2.71 million square meters and an operational area of about 1.65 million square meters, with 27 projects opened and 18 in preparation [6] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 8.1 for 2024, decreasing to 7.5 by 2027, indicating a potentially attractive valuation [5][10] - The price-to-book (P/B) ratio is expected to remain stable at around 1.0 in 2024, decreasing to 0.8 by 2027 [5][10]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company achieved a revenue of 2.24 billion (+155.6%) and an adjusted net profit of 580 million (+702.1%) in 2024, with an adjusted net profit margin of 26.1% (+17.8 percentage points) [1][6] - The company is a leading player in the domestic building block toy market, with significant market share and brand recognition [1] - The growth momentum is driven by strong IP resource reserves, continuous new product launches, channel expansion, and overseas market development [1][6] - The company has expanded its IP portfolio from approximately 27 to about 50, adding several strong IPs such as DC Superman, DC Batman, Harry Potter, and Star Wars [6] Financial Performance - The company reported a revenue of 1.2 billion (+110.8%) and an adjusted net profit of 290 million (+248.2%) in the second half of 2024 [6] - The revenue from licensed IPs includes 1.1 billion from Ultraman (+96.8%) and 450 million from Transformers (+263.0%) [6] - The gross margin for building block toys increased from 48.4% in 2023 to 52.9% in 2024, contributing to an overall gross margin increase to 52.6% (+5.3 percentage points) [6] - The company expects adjusted net profits of 1.04 billion, 1.62 billion, and 2.02 billion for 2025, 2026, and 2027 respectively [6] Market Expansion - The company has established operations in the UK, Indonesia, Malaysia, and Singapore to expand its overseas market presence, with overseas revenue reaching 64 million (+518.2%) in 2024 [6] - The company has launched 682 SKUs, targeting various age groups, including 132 for children under 6 years old and 519 for ages 6 to 16 [6] Financial Ratios - The company’s adjusted net profit margin is projected to improve to 24.7%, 25.7%, and 26.2% for 2025, 2026, and 2027 respectively [8] - The return on equity (ROE) is expected to reach 113.1%, 64.2%, and 44.6% for 2025, 2026, and 2027 respectively [8] - The asset-liability ratio is projected to decrease from 258.8% in 2023 to 62.5% in 2027, indicating improved financial stability [8]

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company's performance is rapidly growing, aligning with market expectations, driven by significant progress in overseas business and an increase in domestic market share of key products [5][8]. - The company is a leading player in the neuro-interventional field, with a comprehensive product portfolio and extensive sales network, positioning it well for long-term growth [8][9]. Financial Performance - In 2024, the company is projected to achieve revenue of 762 million yuan, a year-on-year increase of 14.43%, and a net profit of 254 million yuan, up 74.63% [4]. - The company’s overseas revenue is expected to reach 75.3 million yuan in 2024, reflecting a substantial growth of 137.6% year-on-year [5]. - The gross profit margin is projected to be 73.0% in 2024, with a net profit margin of 32.7% [6][9]. Product Performance - The revenue from hemorrhagic stroke products is expected to be 402 million yuan in 2024, a decrease of 5.5% due to policy impacts, while the revenue from atherosclerotic stenosis products is projected to grow by 74.6% to 268 million yuan [6]. - The acute ischemic stroke product line is anticipated to generate revenue of 46.74 million yuan in 2024, marking an 82.0% increase [6]. Market Position - The company holds the largest market share in the domestic neuro-interventional device sector, with a broad coverage of approximately 3,400 hospitals, including over 2,000 tertiary hospitals [8]. - The company is actively participating in centralized procurement opportunities, which has allowed it to secure significant market share [8]. Future Projections - The company is expected to achieve net profits of 319 million yuan, 404 million yuan, and 508 million yuan in 2025, 2026, and 2027 respectively [9].

Investment Rating - The report maintains a "Buy-A" rating for Shenzhou International (02313.HK) [1] Core Views - In 2024, the company's revenue reached 28.663 billion yuan, a year-on-year increase of 14.8%, while the net profit attributable to shareholders was 6.241 billion yuan, up 36.9% year-on-year [2][3] - The company is expected to continue benefiting from increased production capacity and improved operational efficiency, leading to a significant recovery in profitability [8] Revenue and Profit Analysis - In 2024, the company achieved a revenue of 28.663 billion yuan, with a volume increase of approximately 21% and a decrease in average selling price by 5% due to a shift in product mix towards lower-priced casual wear and underwear [3] - The gross profit margin improved by 3.8 percentage points year-on-year, driven by increased capacity utilization and a decrease in management expense ratio [6][7] Product Performance - Revenue growth in 2024 was led by casual wear and underwear, with respective year-on-year increases of 27.1% and 34.6% [4] - The company’s four core customers accounted for 80.7% of total revenue, with Uniqlo and Adidas showing significant growth [5] Market Performance - The company’s primary market is mainland China, followed by the US and Japan, with respective revenue growth rates of 13.2%, 18.9%, and 31.5% in 2024 [4] Future Projections - Revenue forecasts for 2025-2027 are 31.529 billion, 35.173 billion, and 38.883 billion yuan, with expected year-on-year growth rates of 10.0%, 11.6%, and 10.6% respectively [8][10] - Projected net profits for the same period are 6.520 billion, 7.284 billion, and 8.158 billion yuan, with growth rates of 4.5%, 11.7%, and 12.0% [8][10]