Investment Rating - The report maintains an "Outperform" rating for the company [2][7][16] Core Insights - The company is driven by dual-engine growth through partnerships and commercial sales, achieving key milestones in 2024 [4][14] - The company reported FY24 revenue of RMB 430 million, a 20.9% increase, with drug sales of RMB 35.94 million and business development revenue of RMB 390 million [12][3] - The gross profit reached RMB 420 million, reflecting a 31.1% increase, with a gross margin of 97.2% [12][3] - R&D expenses totaled RMB 740 million, representing 171.7% of revenue, indicating a strong commitment to innovation [12][3] - The company has a robust commercial team of over 300 employees, effectively covering more than 1,100 hospitals across 220+ cities [13][3] Financial Performance - Revenue projections for 2025 and 2026 have been adjusted to RMB 700 million and RMB 1.2 billion, respectively, indicating year-on-year growth of 63.2% and 71.7% [16][7] - The company is expected to incur net losses of RMB 580 million and RMB 550 million for 2025 and 2026 [16][7] - The DCF valuation model suggests a target price of HKD 70.75 per share, reflecting a positive outlook [16][7] Product Development and Pipeline - CM310 has been approved for three indications and is expected to achieve RMB 500 million in sales this year [18][5] - CMG901 is in a global Phase III trial and shows promising results, positioning it to be the first approved CLDN18.2 ADC [18][5] - The company has established Newco collaborations for several projects, expected to generate significant upfront and milestone payments [18][5] R&D Capabilities - The company has a diverse R&D platform with multiple novel molecules in clinical stages, including CM336 and CM350 [15][6] - The TCE platform is advancing steadily, with several molecules showing preliminary positive efficacy [15][6] - The company is expanding into innovative RNA-based therapeutics, reflecting its commitment to cutting-edge research [15][6]

Investment Rating - The report maintains an "Outperform" rating for Sichuan Kelun-Biotech Biopharmaceutical with a target price of HKD 297.20, reflecting an upward revision of 48.5% from the previous target price of HKD 200.1 [2][22]. Core Insights - The company has entered a phase where R&D collaboration revenue and commercial sales serve as dual growth drivers, with a sales team expanding to 360 members by the end of 2024 [4][15]. - The company reported a revenue of RMB 1.93 billion for 2024, a 25.5% year-over-year increase, with a gross profit of RMB 1.27 billion and a gross margin of 65.9%, up 16.6 percentage points [3][14]. - Regulatory and R&D catalysts are expected to be abundant in 2025, with three NDAs submitted that are likely to be approved within the year, contributing to incremental revenue growth [5][19]. Financial Performance - Revenue forecasts for 2025-2027 have been adjusted to RMB 1.96 billion, RMB 2.98 billion, and RMB 4.47 billion, reflecting year-over-year growth of +1.4%, +52.2%, and +49.9% respectively [21]. - The net profit forecast for 2025-2027 has been revised to -RMB 280 million, RMB 240 million, and RMB 1.02 billion, showing a significant improvement from previous estimates [21]. - As of December 31, 2024, the company had cash and financial assets of RMB 3.08 billion, reflecting a 21.6% year-over-year increase [3][14]. Product Pipeline and Market Potential - The company has three approved products covering five indications, with ongoing clinical trials for SKB264 and other promising molecules in its pipeline [4][16]. - SKB264 has seen steady sales growth since its market launch in November 2024, with peak sales estimated to reach USD 6-7 billion [16]. - A167, the first PD-L1 inhibitor approved for nasopharyngeal carcinoma, holds significant commercial potential due to the high prevalence of the disease in China [17]. Valuation Methodology - The valuation is based on a DCF model with a weighted average cost of capital of 9.4% and a terminal growth rate of 3.5%, leading to a target price of HKD 297.20 per share [22].

Investment Rating - The report maintains a "Buy" rating for BYD [6] Core Views - BYD is expected to significantly increase its smart driving penetration rate, driving substantial growth in both sales and profits for new energy vehicles [2][6] - The target price for BYD shares is set at HKD 481.0, representing a potential upside of 18% for the Hong Kong stock and CNY 469.0 for the A-share, with a potential upside of 21% [4][5] Financial Forecasts - Revenue is projected to grow from RMB 602,315 million in 2023 to RMB 966,125 million in 2025, reflecting a compound annual growth rate (CAGR) of 24% [3][9] - Net profit is expected to increase from RMB 30,041 million in 2023 to RMB 50,211 million in 2025, with a net profit growth rate of 25% [3][9] - The gross margin is forecasted to decline slightly from 20.2% in 2023 to 18.7% in 2025 [3][9] Sales and Market Performance - BYD's vehicle sales are anticipated to reach 5.5 million units in 2025, with overseas sales expected to nearly double [6] - The sales of high-end brands such as Tengshi, Fangchengbao, and Yangwang are projected to grow significantly [6] Valuation - The report employs a sum-of-the-parts valuation method, assigning price-to-earnings ratios of 29.0x for new energy vehicles, 21.0x for mobile and electronic businesses, and 10.0x for other businesses, leading to target prices of HKD 481.0 and CNY 469.0 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company's performance in 2024 exceeded market expectations, with significant improvements in profit margins [5] - The growth is driven by both overseas expansion and a dual-category strategy focusing on IP and product diversification [6][8] Financial Performance - In 2024, the company reported revenue of 13.04 billion RMB, a year-over-year increase of 106.9%, and a net profit of 3.125 billion RMB, up 188.8% [6][9] - The adjusted net profit for 2024 was 3.4 billion RMB, reflecting a year-over-year growth of 185.9% [6][9] - The gross profit margin for 2024 was 66.8%, an increase of 5.5 percentage points compared to the previous year [6] Revenue Breakdown - Revenue from mainland China reached 7.97 billion RMB, a year-over-year increase of 52.3%, accounting for 61.1% of total revenue [6] - Overseas revenue, including Hong Kong, Macau, and other international markets, was 5.07 billion RMB, showing a remarkable year-over-year growth of 375.2% [6] Operational Efficiency - The operating profit margin improved to 33.1% in mainland China, up 9.4 percentage points year-over-year [6] - The company plans to distribute a final dividend of 0.8146 RMB per share, totaling 1.094 billion RMB, which represents 35% of the net profit attributable to shareholders for 2024 [6] Future Projections - The company is expected to achieve revenues of 21.75 billion RMB, 30.67 billion RMB, and 38.21 billion RMB for the years 2025, 2026, and 2027, respectively [9] - The projected net profit for 2025 is 5.52 billion RMB, with a growth rate of 76.5% [9] Market Position - The company is recognized as a leader in the trendy toy culture and commercialization, leveraging its full industry chain and platform advantages [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 2.306 billion yuan in 2024, representing a year-on-year increase of 17%. The total order amount reached a historical high of 3.506 billion yuan, up 49% year-on-year, while the net profit attributable to shareholders increased by 43% to 272 million yuan [1][7] - The report highlights strong cost control with a decrease in various expense ratios, indicating effective management of operational costs [7] - The company is expected to maintain robust growth in the online investment education market, with a significant increase in paid customer numbers and a diversified product matrix [7] Summary by Sections Financial Performance - Total revenue for 2023 was 1.965 billion yuan, with a projected increase to 2.306 billion yuan in 2024, and further growth expected to 3.579 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 55.22% from 2024 to 2025 [1][24] - The net profit attributable to shareholders is forecasted to rise from 272 million yuan in 2024 to 1.293 billion yuan in 2025, indicating a significant growth trajectory [1][24] Market Dynamics - The report notes that the average daily trading volume of A-shares increased by 21% year-on-year in 2024, which positively impacted the company's order amounts and customer engagement [7] - The number of paying customers surged by 149% year-on-year to 180,000, demonstrating strong market demand for the company's services [7] Cost Management - Operating costs increased by 28% to 410 million yuan in 2024, primarily due to investments in content development and team expansion. However, the sales expense ratio decreased by 2.76 percentage points to 46% [7] - Research and development expenses rose by 11% to 320 million yuan, with the R&D expense ratio declining by 0.80 percentage points to 14% [7] Future Outlook - The company has a contract liability of 1.49 billion yuan as of 2024, which is expected to be recognized as revenue in 2025, indicating a strong revenue pipeline [7] - The introduction of new product lines and the transformation of the company's app platform are expected to enhance user engagement and retention [7]

请务必阅读正文后的声明及说明 [Table_Info1] 美丽田园医疗健康(02373.HK) 医疗美容/美容护理 [Table_Date] 发布时间：2025-03-28 [Table_Title] 证券研究报告 / 港股公司报告 内生外延双轮驱动，市场领导地位持续强化 美丽田园医疗健康公布 2024 年度业绩，2024 年公司实现营业收入 25.72 亿元/+19.91%，归母净利润 2.28 亿元/+5.94%。2024H2 公司实现营业收 入 14.35 亿元/+29.44%，归母净利润 1.13 亿元/+8.87%。拟每股派发现金 红利 0.48 元。 点评： 内生+外延双轮驱动，收入维持快速增长。2024 年公司实现营业收入 25.72 亿元/+19.91%，分项目看：1）美容和保健服务营收 14.43 亿元/占 比 56.11%/+20.91% ； 包 括 高 端 美 容 直 营 收 入 11.44 亿 元 / 占 比 44.46%/+5.91%；高端智能美养服务直营收入 1.62 亿元/占比 6.30%；加 盟商及其他收入 1.38 亿元/占比 5.35%/+20.87%；高端美容服务单店继续 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 109.9 billion RMB for 2024, a decrease of 3.5% year-on-year, with a net profit attributable to shareholders of 5.99 billion RMB, down 12.2% year-on-year. However, core profit exceeded expectations at 6.95 billion RMB, primarily due to better-than-expected sales and gross margins in the energy sector [1][2] - The major shareholder plans to privatize the company and achieve an "A+H" listing, indicating an acceleration in the integration of the natural gas industry chain, which is expected to unlock long-term value [1][4] - The company’s domestic core profit for 2024 increased by 10.2% to 6.71 billion RMB, driven by growth in retail gas volume and energy sales [2] Summary by Sections Financial Performance - The company’s free cash flow increased by 20% year-on-year to 3.73 billion RMB, supported by rising operating cash flow and reduced capital expenditures. The total dividend for 2024 reached 3 HKD per share, with a payout ratio of 45%, and a projected increase to 48% in 2025 [3] - The report slightly lowers the profit forecast for 2025-2026 by 2.7% and 6.7% to 7.23 billion RMB and 7.68 billion RMB respectively, with an estimated core profit of 8.08 billion RMB in 2027 [5][21] Market Position and Strategy - The privatization plan includes a cash payout of 24.5 HKD per share and the issuance of new H shares, which is expected to enhance operational efficiency and reduce costs through better integration of resources [4] - The company’s retail gas volume for 2024 is projected to grow by 4.2% to 26.2 billion cubic meters, with a stable gross margin expected to maintain a 6% increase in 2025 [2][21] Valuation Metrics - The target price for the company is set at 69.5 HKD, based on a 10x PE ratio for 2025 estimates, reflecting a slight adjustment from the previous target of 71.1 HKD [5][7] - The company’s market capitalization is approximately 74.66 billion HKD, with a current share price of 66.00 HKD as of March 27 [7]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 127.89 HKD [8][9]. Core Views - The company is expected to achieve a revenue of 3.885 billion RMB in 2024, representing a year-on-year growth of 34.6%, with a net profit of 880.61 million RMB, also reflecting a growth of 33% [1]. - The online sales data has shown strong performance, while offline expansion into high-end malls like SKP is enhancing brand value [1]. - The introduction of new products such as body creams and eyeshadow is anticipated to drive long-term growth [1]. Revenue Breakdown - In 2024, the revenue from cosmetics is projected to be 2.304 billion RMB, accounting for 59.3% of total revenue, with a year-on-year growth of 42% [2]. - Skincare revenue is expected to reach 1.429 billion RMB, making up 36.8% of total revenue, with a year-on-year growth of 23.2% [2]. - Training revenue is forecasted at 152 million RMB, representing 45.8% of its segment, with a year-on-year growth of 45.8% [2]. Online and Offline Performance - Offline revenue is projected to be 1.949 billion RMB in 2024, accounting for 52.2% of total revenue, with a year-on-year growth of 21.6% [3]. - Online revenue is expected to reach 1.784 billion RMB, making up 47.8% of total revenue, with a year-on-year growth of 51.2% [3]. - The company plans to continue establishing counters in high-end department stores, particularly in first-tier cities, to enhance brand influence [3]. Customer Retention and Financial Metrics - The online channel's repurchase rate is 27.5%, an increase of 5.5 percentage points year-on-year, while the offline channel's repurchase rate is 34.9%, up by 2.1 percentage points [4]. - The gross profit margin is reported at 84.4%, with a slight decrease of 0.4 percentage points year-on-year, attributed to increased logistics and transportation costs [4]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 1.175 billion RMB, 1.533 billion RMB, and 1.917 billion RMB respectively, with slight upward adjustments from previous estimates [5]. - The target price is set at 127.89 HKD, corresponding to a PE ratio of 38 times for 2026, reflecting improved liquidity and growth potential from new product categories [5].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target market capitalization of HKD 16 billion, reflecting a slightly higher than industry average PE of 22x for 2025 [7]. Core Views - The company has significant store expansion potential and strong growth prospects, with expectations for same-store sales recovery in 2025 [2]. - The 2024 revenue is projected at RMB 5.21 billion, representing a year-on-year increase of 14.5%, while the net profit is expected to be RMB 581 million, up 9.1% year-on-year [7]. - The company continues to expand its store network, with a total of 667 stores by the end of 2024, a 24.4% increase year-on-year [7]. Financial Summary - **Revenue**: - 2022: RMB 3,213 million - 2023: RMB 4,549 million - 2024: RMB 5,210 million (14.5% YoY growth) - 2025E: RMB 6,451 million - 2026E: RMB 7,736 million - 2027E: RMB 9,042 million [6] - **Net Profit**: - 2022: RMB 238 million - 2023: RMB 532 million - 2024: RMB 581 million (9.1% YoY growth) - 2025E: RMB 683 million - 2026E: RMB 813 million - 2027E: RMB 950 million [6] - **Profitability Ratios**: - Net profit margin for 2024 is 11.1%, down 0.6 percentage points year-on-year [7]. Store Expansion and Sales Performance - The company added 131 new stores in 2024, with net increases in various city tiers: - Tier 1: 22 stores - New Tier 1: 40 stores - Tier 2: 20 stores - Tier 3 and below: 49 stores [7]. - Same-store sales decreased by 12.1% in 2024, but improvements are anticipated in 2025 [7]. - The average customer spending in 2024 was RMB 59.2, down 9% year-on-year [7]. Cost Structure and Profitability - The gross margin for 2024 is 68.1%, a slight decrease of 0.4 percentage points year-on-year [7]. - Employee costs accounted for 27.3% of revenue, down 2.0 percentage points due to improved operational efficiency [7]. - Rent costs increased to 6.7% of revenue, reflecting the expansion of the store network [7].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (1164.HK) with a target price of HKD 2.25 [6][5]. Core Views - The company is expected to benefit from its low-cost uranium resources and the global nuclear power expansion, which will enhance its long-term value despite short-term pressures [1][5]. - Revenue for 2024 is projected to grow by 17% to HKD 8.624 billion, while net profit is expected to decline by 31% to HKD 342 million due to increased tax expenses and one-time losses [2][5]. Financial Performance Summary - In 2024, the company achieved revenue of HKD 8.624 billion, a 17% year-on-year increase, but reported a net profit of HKD 342 million, down 31% from the previous year [2][5]. - The gross profit margin was negative at -0.8% due to unexpected increases in international uranium prices, leading to a loss of HKD 66.12 million [2][5]. - The company plans to distribute a dividend of HKD 0.007 per share, with a payout ratio of 23% [2]. Uranium Resource Segment - The company reported a 71% increase in overseas uranium investment income, reaching HKD 1.016 billion, benefiting from high natural uranium prices [3]. - The production from the company's key mines, including the Xie and Yi mines, was 964 tons in 2024, with a unit cost of USD 28 per pound, contributing HKD 399 million in joint profits, a 46% increase year-on-year [3]. - The total remaining reserves for the Xie and Yi mines are 7,700 tons of uranium, which can sustain production for 5-6 years at current extraction rates [3]. One-time Impact from Terminated Business - The acquisition of Fission Uranium by Paladin Energy resulted in a one-time loss of HKD 170 million due to the decline in Paladin's share price [4]. - The report indicates that these one-time impacts are not expected to affect future profits [4]. Industry Outlook - The global nuclear power sector is expected to see steady growth, with 417 operational nuclear reactors worldwide and a capacity of 377 GW as of the end of 2024 [5]. - Revenue projections for the company from 2025 to 2027 are HKD 10.358 billion, HKD 11.732 billion, and HKD 12.329 billion, respectively, with net profits expected to rise significantly during this period [5][9].