Investment Rating - The report maintains a "BUY" rating for Sino Biopharm with a target price of HK$4.50, up from a prior target price of HK$4.20, indicating a potential upside of 22% from the current price of HK$3.70 [1][10]. Core Insights - Sino Biopharm reported a revenue increase of 10.2% year-on-year to RMB28.9 billion, slightly below expectations, while adjusted net profit surged by 33.5% year-on-year to RMB3.46 billion, exceeding market expectations. The management anticipates continued double-digit growth in revenue driven by innovative and biosimilar drugs, alongside stable growth in generic drugs [3][7]. - The company has fine-tuned its revenue forecasts and adjusted its expense assumptions, leading to the revised target price. The management expects to achieve double-digit growth in 2025, with innovative drug sales projected to contribute significantly to revenue [3][10]. Financial Forecasts - Revenue projections for Sino Biopharm are as follows: RMB32.17 billion for 2025, RMB34.20 billion for 2026, and RMB35.62 billion for 2027. The reported net profit is expected to be RMB3.28 billion in 2025, with core EPS projected at RMB0.174 [5][14]. - The report indicates a gross margin improvement to 81.6% in 2025, with operating profit margins expected to stabilize around 23% [14][16]. Key Performance Metrics - The company achieved a gross profit of RMB23.53 billion in 2024, with a gross margin of 82%. The selling and administrative expenses ratio decreased slightly to 42.1% [11][16]. - The report highlights a significant increase in the sales of innovative drugs, which grew by 21.9% year-on-year, accounting for 41.8% of total revenue [7][11]. Market Position and Strategy - Sino Biopharm's management plans to expand its innovative drug portfolio, expecting to have over 30 innovative drugs by the end of 2027, which will enhance revenue contributions from these products [7][8]. - The company is also focusing on cost control while anticipating a slight increase in R&D expenses in absolute terms, with a goal of maintaining profitability [7][10].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 128, based on a 25x PE for 2025 [2][5]. Core Insights - Anta Sports reported a revenue increase of 13.6% year-on-year to RMB 70.826 billion for 2024, with a net profit attributable to shareholders (excluding one-time gains from Amer's listing) rising by 16.5% to RMB 11.927 billion [3][5]. - The company successfully turned around Amer Sports, contributing approximately RMB 200 million to the group's profit from joint ventures [3]. - The main brand, Anta, achieved a revenue of RMB 33.5 billion in 2024, reflecting a growth of 13.5% [4]. Financial Performance Summary - Revenue for 2024 was RMB 70.826 billion, with a growth rate of 13.6% [6]. - Net profit attributable to shareholders for 2024 was RMB 15.596 billion, showing a significant increase of 50.7% [6]. - Gross margin decreased by 0.4 percentage points to 62.2%, while operating profit margin fell by 1.2 percentage points to 23.4% [3][6]. - EPS for 2025 is projected at RMB 4.78, with a forecasted growth rate of 10.6% for revenue in 2025 [6]. Brand Performance - FILA achieved a revenue of RMB 26.6 billion in 2024, growing by 6.1% [4]. - Other brands collectively surpassed RMB 10.7 billion in revenue, marking a 53.7% increase year-on-year [4]. - The company continues to focus on multi-brand strategies, with significant growth in the number of stores for Descente and Kolon [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [22]. Core Insights - The adjusted net profit for the company exceeded Bloomberg consensus expectations, with a significant improvement in core OTA profitability [2][3]. - The company achieved a revenue of 4.24 billion yuan in Q4 2024, representing a year-on-year growth of 34.8%, and an adjusted net profit of 660 million yuan, up 36.8% year-on-year, with an adjusted net profit margin of 15.6% [3]. - The core OTA business showed a notable increase in operating profit margin, rising by 6.8 percentage points to 28.4% [3][5]. Revenue Breakdown - The transportation business generated 1.72 billion yuan in revenue, growing 17.0% year-on-year, with international ticket market share expanding significantly, showing over 130% growth in annual business volume [5]. - Accommodation revenue reached 1.14 billion yuan, up 28.6% year-on-year, with international hotel business maintaining industry-leading growth, also showing over 110% growth in annual business volume [5]. - Other business segments contributed 600 million yuan in revenue, growing 14.8%, with the Yilong hotel technology platform expanding to nearly 2,300 hotels [5]. - The vacation business generated 780 million yuan, driven by product and service value, supporting over 1,000 travel agency stores [5]. User Metrics - The company achieved a record high average monthly paying user base of 43.1 million, a year-on-year increase of 4.4%, with an annual paying user base of 240 million, up 1.5%, and total service users reaching 1.93 billion, up 9.3% year-on-year [6]. Profit Forecast and Investment Recommendations - The company is positioned as a leading OTA in the lower-tier market, benefiting from Tencent and Ctrip's traffic and inventory resources, with competitive advantages in domestic business and active international market expansion expected to drive long-term revenue and performance growth [7]. - The adjusted net profit forecasts for 2025-2027 are raised to 3.4 billion, 4.0 billion, and 4.7 billion yuan respectively, with corresponding P/E ratios of 13, 11, and 9 times [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 113.28, representing a potential upside of 27.1% from the current price of HKD 89.15 [4][6]. Core Insights - The company is expected to achieve a core net profit growth of 16.5% in 2024, indicating a continuation of high-quality growth [2][6]. - The overall performance of the company aligns with expectations, supported by strong revenue growth across all brands and a robust financial position with net cash of RMB 31.39 billion [6][7]. Financial Summary - Revenue for 2023 is reported at RMB 62.36 billion, with projections of RMB 70.83 billion for 2024, reflecting a year-on-year growth of 13.6% [3][7]. - The net profit attributable to shareholders for 2023 is RMB 10.24 billion, with a significant increase to RMB 15.60 billion in 2024, marking a growth of 52.4% [3][6]. - The basic earnings per share (EPS) is projected to rise from RMB 3.69 in 2023 to RMB 5.55 in 2024, a growth of 50.5% [3][6]. - The company’s operating profit for 2024 is expected to be RMB 16.60 billion, with an operating profit margin of 23.4% [6][7]. Brand Performance - The main brand, Anta, recorded a revenue increase of 10.65% to RMB 33.5 billion, driven by e-commerce growth and enhanced product performance [6][7]. - FILA brand revenue grew by 6.1% to RMB 26.63 billion, while other brands saw a remarkable increase of 53.7% to RMB 10.68 billion, primarily driven by DESCENTE and KOLON [6][7]. Future Outlook - For 2025, the company anticipates high single-digit growth for the Anta and FILA brands, with other brands expected to grow by over 30% [6][7]. - The company plans to increase its overseas business contribution to 15% over the next five years, with a focus on Southeast Asia and the Middle East [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) with an attractive dividend yield of 60% [5] Core Views - The company reported a revenue of 54.213 billion RMB for 2024, a year-on-year increase of 22.48%, but the profit attributable to equity holders was 3.862 billion RMB, a growth of 25.2%, which was below market expectations due to higher-than-expected depreciation in renewable energy and an impairment loss of approximately 500 million RMB [7] - The company aims to become a leading global clean energy supplier and is currently valued at a historically low level, with a price-to-book ratio of 0.63 [7] - The forecasted net profit for 2025-2027 is approximately 3.87 billion, 4.20 billion, and 4.57 billion RMB respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 [7] Summary by Sections Market Performance - Closing price as of March 24, 2025, was 3.00 HKD with a market capitalization of 37,110.45 million HKD [3] Financial Data - Revenue projections for 2023 to 2027 are as follows: 44.262 billion, 54.213 billion, 57.498 billion, 61.614 billion, and 68.380 billion RMB, with respective growth rates of 1.3%, 22.5%, 6.1%, 7.2%, and 11.0% [6][8] - The company’s return on equity (ROE) is projected to increase from 5.7% in 2023 to 8.1% in 2027 [6] Operational Highlights - The company’s installed capacity reached 49.39 million kilowatts by the end of 2024, with a clean energy share of 80% [7] - The total electricity sold in 2024 was 1280 billion kilowatt-hours, with significant year-on-year increases in hydropower and coal power sales [7]

Investment Rating - The report assigns an initial recommendation of "Buy" for J&T Express (01519.HK) with a target price of HKD 7.69, representing a potential upside of 36% from the current price of HKD 5.64 [2]. Core Insights - J&T Express is a global integrated logistics service provider that achieved adjusted profitability in 2024, with a net profit of USD 200 million and an adjusted net profit margin of 2.0%. This marks a significant turnaround from a loss of USD 430 million in 2023 [5][34]. - The company operates in three major markets: Southeast Asia, China, and new markets, with Southeast Asia being the primary profit contributor, while the Chinese market shows rapid improvement in profitability [5][50]. Summary by Sections Company Overview - Founded in 2015, J&T Express has rapidly expanded its logistics network across 13 countries, including Southeast Asia and China, utilizing a flexible regional agency model that enhances operational efficiency and reduces capital requirements [17][31]. Financial Performance - In 2024, J&T Express reported total revenue of USD 10.26 billion, a year-on-year increase of 15.9%, with a compound annual growth rate (CAGR) of 60.8% from 2020 to 2024. The adjusted EBITDA reached USD 780 million, reflecting a 431% increase year-on-year [6][35]. - The company achieved adjusted EBIT of USD 300 million in 2024, marking its first annual profit, with a significant improvement in cash flow from operations, which rose to USD 810 million [37][38]. Market Analysis China Market - J&T Express has established a strong presence in China, achieving a market share of 11.3% with a total volume of 19.8 billion parcels in 2024. The company’s revenue in China reached USD 6.39 billion, growing by 22.2% year-on-year [25][34]. - The growth in the Chinese market is attributed to strategic acquisitions and partnerships, particularly with Pinduoduo, which provided a substantial volume of business during its initial expansion [62][68]. Southeast Asia Market - The Southeast Asian market remains the core profit driver for J&T Express, with a market share of 28.6% and a total parcel volume of 4.56 billion in 2024. Revenue from this region was USD 3.22 billion, up 22.3% year-on-year [9][23]. - The company has maintained its leading position in Southeast Asia since 2020, benefiting from strong economic growth and a favorable demographic profile [9][50]. New Markets - J&T Express is expanding into new markets, including the UAE, Saudi Arabia, Brazil, Mexico, and Egypt, where it has achieved a market share of 6.1% with a parcel volume of 280 million in 2024. Revenue from these markets was USD 580 million, reflecting a year-on-year growth of 76.1% [10][26]. Profitability and Valuation - The report forecasts J&T Express's net profits for 2025-2027 to be USD 333 million, USD 538 million, and USD 761 million, respectively, with corresponding earnings per share (EPS) of USD 0.04, USD 0.06, and USD 0.08 [11][12]. - The valuation is based on a segmented approach, considering the differences in market dynamics and profitability across the three regions, leading to a target market capitalization of HKD 69 billion by 2025 [12][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [18]. Core Insights - The company achieved a revenue of $269 million in 2024, representing a year-on-year growth of 28.2%, and a net profit attributable to shareholders of $12 million, up 60.9% [2][4]. - The number of cases handled reached 359,400, marking a significant increase of 46.7% [2][4]. - The international expansion strategy is proving effective, with overseas case numbers soaring by 326.4% to 140,700, accounting for 39.1% of total cases, and overseas revenue increasing by 290.4% to $8.1 million, representing 30% of total revenue [4][5]. Financial Performance - The domestic market showed stable growth, with 218,700 cases (+3.2%) and revenue of $188 million (-0.4%), while the adjusted net profit remained stable at $37 million (+0.1%) [5]. - The overall gross margin improved to 62.6%, with a net margin of 3.7% and an adjusted net margin of 10.0% [6]. - The company is expected to see revenue growth projections for 2025-2027 at RMB 2.35 billion, RMB 2.72 billion, and RMB 3.22 billion respectively, with net profits projected at RMB 151 million, RMB 282 million, and RMB 385 million [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.256 billion yuan for 2024, representing a year-on-year growth of 10.2%. The cloud business contributed 5.107 billion yuan, growing by 13.4% and accounting for 81.6% of total revenue. The annual recurring revenue (ARR) from cloud subscriptions reached 3.43 billion yuan, up 20% year-on-year, with contract liabilities increasing by 28.5%. The net loss attributable to shareholders for 2024 was 142 million yuan, an improvement from a loss of 270 million yuan in 2023 [4][5] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 6.256 billion yuan, with a year-on-year increase of 10.2%. The projected revenues for 2025, 2026, and 2027 are 7.040 billion yuan, 7.965 billion yuan, and 8.912 billion yuan, respectively, indicating growth rates of 12.5%, 13.1%, and 11.9% [10] - The net profit for 2024 was a loss of 142 million yuan, with forecasts of 96 million yuan, 237 million yuan, and 416 million yuan for 2025, 2026, and 2027, respectively, showing significant year-on-year growth of 167.9%, 145.8%, and 75.4% [10] Product Development - The company has fully empowered its products with AI, leading to a revenue of 1.304 billion yuan from its large client offerings, which grew by 32.9% year-on-year. The total contract value reached approximately 2.1 billion yuan, up 51.9% year-on-year [5] - The small and micro product segment also saw the implementation of AI features, generating 1.229 billion yuan in revenue, a year-on-year increase of 13.8%, with a net renewal rate of 93% [5] Future Outlook - The company expects revenues for the fiscal years 2025 to 2027 to be 7.040 billion yuan, 7.965 billion yuan, and 8.912 billion yuan, respectively, with net profits projected at 96 million yuan, 237 million yuan, and 416 million yuan [7][10] - The company maintains a "Buy" rating based on these projections, indicating confidence in its growth trajectory and profitability improvements [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][18] Core Views - The company is expected to experience rapid revenue growth in 2024, with a projected revenue of 2.24 billion HKD, representing a year-on-year increase of 155.6%. The adjusted net profit is forecasted to be 585 million HKD, reflecting a significant increase of 702.1% year-on-year [7] - The company is capitalizing on the high demand in the trendy toy industry, leveraging a diverse product portfolio and an expanding IP matrix to strengthen its market position and increase market share [7][8] - The company is expected to continue its high growth trajectory in revenue and profit due to the expansion of its domestic offline channels and overseas business [7] Revenue Breakdown - In 2024, the company's revenue from character building toys is projected to be 2.20 billion HKD, a growth of 186.2%. Revenue from building blocks is expected to be 40 million HKD, a decline of 62.9% [8] - The revenue from key IPs in 2024 includes 1.10 billion HKD from Ultraman, 450 million HKD from Transformers, 310 million HKD from Heroes Infinite, and 170 million HKD from Kamen Rider, with Ultraman's revenue share decreasing to 48.9% [8] - The company's offline sales revenue is expected to reach 2.08 billion HKD, a growth of 171.1%, while overseas revenue is projected to be 60 million HKD, a significant increase of 518.2% [8] Profitability - The company's gross margin for 2024 is projected to be 52.6%, an increase of 5.3 percentage points, driven by the rapid growth in sales of character building toys [9] - The company's expense ratios for sales, management, R&D, and finance are expected to be 12.6%, 20.8%, 8.6%, and 7.6% respectively, with management expenses increasing significantly due to stock incentive costs [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [20]. Core Insights - The company achieved a revenue of $269 million in 2024, representing a year-on-year growth of 28.2%, and a net profit of $12 million, which is a 60.9% increase [2][4]. - The number of cases handled reached 359,400, marking a significant increase of 46.7% [2][4]. - The international expansion strategy is proving effective, with overseas case numbers soaring by 326.4% to 140,700, accounting for 39.1% of total cases [4][5]. - The overseas revenue reached $8.1 million, a remarkable increase of 290.4%, contributing to 30% of total revenue [4][5]. Financial Performance - The overall gross margin for 2024 was 62.6%, with a net profit margin of 3.7%, both showing slight improvements year-on-year [6]. - The adjusted net profit margin was 10.0%, reflecting a decrease of 2.1 percentage points [6]. - The company’s domestic business maintained a steady growth, with domestic case numbers increasing by 3.2% to 218,700, while domestic revenue slightly declined by 0.4% to $188 million [5][6]. Future Projections - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of 2.35 billion, 2.72 billion, and 3.22 billion RMB respectively [6]. - The projected net profits for the same period are 151 million, 282 million, and 385 million RMB, with corresponding P/E ratios of 63, 34, and 25 [6][7].