证券研究报告 | 公司点评 | 摩托车及其他 投资要点 2024 年业绩一次性扰动出清，龙头底色不改 1） 收入业绩短期承压：2024 年全年公司实现收入 282.36 亿元，同比减少 18.8%；实现利润 12.72 亿元，同比减少 51.8%；实现归母净利率 4.51%，同比减 少 3.09pct。业绩下滑主要系安全事件下需求阶段性真空，以及新旧国标切换过 程中，企业短期适应成本增加，公司为加速清仓旧车型采取了降价策略。其他收 入及收益净额录得 6.43 亿元，同比减少 34.4%，主要系本年度未收取类似政府 补助及汇兑亏损净额增加所致。 2） 销量下滑，重振节奏：销量约 1302.05 万辆，同比减少 21.2%，其中，电动 自行车销量 908.95 万辆，同比减少 21.4%，占比 69.8%；电动踏板车销量 393.10 万辆，同比减少 20.7%。销量下滑主要系 2024 年 H1 受国检扰动，H2 待国标修 订，经销商观望中提货意愿较低，且公司产品推新活动受阻，经营节奏明显放 缓，但 12 月以来经营已正常化，新品拉动和补库带来边际明显改善。 3） 毛利率略有调整，费用端保持稳定：2024 年公 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41.4%, with a significant increase in net profit [1][5] - The company continues to expand its store network, adding 240 new stores in 2024, and has maintained positive same-store sales growth for 30 consecutive quarters since Q3 2017 [1][4] - The company is expected to maintain a strong average daily sales level, with a projected opening of around 300 new stores in 2025, primarily in new growth markets [4] Revenue and Profitability - In 2024, the company achieved a gross margin of 72.9%, an improvement of 0.3 percentage points year-on-year, and an adjusted net profit margin of 3.0%, reflecting its profitability potential [2] - The average daily sales per store reached 13,100 yuan in 2024, a year-on-year increase of 4.3%, driven mainly by new store openings [3] Financial Forecast - The company is projected to achieve revenues of 5.394 billion yuan, 6.521 billion yuan, and 8.160 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to reach 0.76 billion yuan, 1.03 billion yuan, and 2.79 billion yuan in the same years [6][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The manufacturing sector's profit has turned positive, and there is optimism regarding the continued recovery of profitability [5] - The company achieved a revenue of 56.699 billion RMB in 2024, representing a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.86 billion RMB, up 39.8% year-on-year [7] - The company maintains its leading market share in the global wind power equipment sector, with a sales capacity of 16.05 GW, a year-on-year increase of 16.6% [7] - The average selling price of wind power equipment has slightly increased, with a sales price of 2,425 RMB/kW, up 33 RMB/kW year-on-year [7] - The company expects net profits for 2025-2027 to be 2.58 billion, 3.33 billion, and 3.88 billion RMB respectively, with growth rates of 38.4%, 29.2%, and 16.5% [7] Financial Summary - The company's total market capitalization is approximately 20.914 billion HKD, with a closing price of 4.95 HKD [3] - The company's debt-to-asset ratio stands at 73.96% [3] - The projected revenue for 2025 is 72.661 billion RMB, with a year-on-year growth rate of 28.6% [6] - The projected net profit for 2025 is 2.575 billion RMB, with a year-on-year growth rate of 38.4% [6] - The company’s return on equity (ROE) is expected to improve from 3.5% in 2023 to 7.9% in 2027 [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported impressive performance in 2024, with revenue reaching 8.51 billion RMB, a year-on-year increase of 167.5%, and net profit of 1.47 billion RMB, up 253.9% [7] - The significant growth in net profit is attributed to three main factors: the expanding brand influence leading to substantial revenue growth from existing stores, continuous product optimization and innovation, and the addition of 7 new stores along with the optimization of 4 existing stores [7] - The company achieved the highest average revenue and sales efficiency among domestic jewelry brands in individual shopping malls, with same-store revenue growth exceeding 120.9% in 2024 [7] - The company has demonstrated superior channel expansion capabilities, opening 36 self-operated stores across 15 cities, including 7 new stores and optimizing 4 existing ones [7] - Profitability has significantly improved, with gross margin and net margin increasing to 41.2% and 17.3%, respectively, while the expense ratios for sales, management, and R&D have all been optimized [7] Financial Forecasts - Revenue projections for the company are as follows: 19.59 billion RMB in 2025, 28.40 billion RMB in 2026, and 36.92 billion RMB in 2027, with growth rates of 130.3%, 45.0%, and 30.0% respectively [6][8] - Net profit forecasts are 3.50 billion RMB for 2025, 5.30 billion RMB for 2026, and 7.19 billion RMB for 2027, with year-on-year growth rates of 137.4%, 51.7%, and 35.6% respectively [6][8] - The company is expected to maintain a strong return on equity (ROE) of 47.1% in 2025, decreasing to 36.1% by 2027 [6][8]

Investment Rating - The report maintains an "Outperform" rating for Wuxi Biologics, with a target price of HK$33.87, representing a potential upside of 10% from the current price of HK$26.80 [2][7]. Core Insights - The company reported a revenue of RMB 18.675 billion for FY 2024, reflecting a year-on-year growth of 9.6%, and a 13% increase when excluding COVID-related contributions. The gross margin was 41.0%, with an adjusted gross margin of 45.4% [3][11]. - The company has achieved a record-high growth in project numbers, adding 151 new integrated projects in 2024, with over half coming from the US. The pipeline includes 66 Phase III clinical and 21 non-COVID commercial production projects, which are expected to drive future revenue growth [4][12]. - The total order backlog as of December 31, 2024, was approximately USD 18.5 billion, with a 5.1% year-on-year growth, indicating strong future revenue potential [13]. - North America accounted for 57.3% of the company's revenue in 2024, showing a significant year-on-year growth of 32.5%. In contrast, revenue from China declined by 9.6% due to unfavorable funding conditions [14]. - The company expects total revenue growth of 12-15% for 2025, with core business growth projected at 17-20%, indicating a strong recovery trajectory [16]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are RMB 214.12 billion, RMB 242.93 billion, and RMB 271.56 billion, respectively, with year-on-year growth rates of 15%, 13%, and 12% [7][17]. - Adjusted net profit estimates for the same period are RMB 51.19 billion, RMB 58.87 billion, and RMB 67.70 billion, with growth rates of 7%, 15%, and 15% [7][17]. - The report assigns a PE multiple of 25 for 2025, reflecting the company's leading position in the biologics CRDMO sector and its competitive advantages across various technical platforms [17].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][18]. Core Views - The company achieved a total revenue of 142.99 billion yuan in 2024, representing a year-on-year increase of 6.4%, while the core net profit attributable to the parent company was 4.27 billion yuan, down 1.6% year-on-year [7]. - The property development business contributed 138.62 billion yuan to revenue, accounting for approximately 97% of total revenue, with a gross margin of 13.3% and a net profit margin of 3.4% in 2024 [7]. - The company maintained a high dividend payout ratio of over 50%, proposing a final dividend of 1.2 HKD per share, resulting in a dividend yield of 7.4% based on the closing price on March 26, 2025 [7][18]. - The company ranked 7th in the sales performance among the top 100 real estate companies in 2024, with a total contract signing amount of 133.5 billion yuan [7]. - The company has a strong liquidity position with cash on hand amounting to 57.26 billion yuan and a net debt-to-equity ratio of approximately 31.78% [7]. Financial Data and Forecast - Total revenue is projected to grow from 134.43 billion yuan in 2023 to 142.99 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.4% [6]. - The net profit is expected to decrease slightly from 4.34 billion yuan in 2023 to 4.27 billion yuan in 2024, with a forecasted recovery to 4.72 billion yuan in 2025 [6]. - The company’s gross margin is expected to improve from 11.1% in 2023 to 13.27% in 2024, while the return on equity (ROE) is projected to decline from 13.0% to 11.36% [6][7]. - The estimated earnings per share (EPS) for 2025 is projected to be 2.34 yuan, with a price-to-earnings (PE) ratio of 8-10 times, leading to a reasonable market capitalization range of 41.2-51.5 billion HKD [18]. Market Performance - The company's stock closed at 16.42 HKD on April 1, with a 52-week price range of 10.06-19.58 HKD [2]. - The company’s absolute performance over the last month was a gain of 2.53%, while it underperformed the Hang Seng Index over the last two and three months [4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41% [4] - The gross margin improved to 72.9%, an increase of 0.3 percentage points year-on-year [6] - Adjusted net profit reached 131 million yuan, with an adjusted net profit margin of 3.0%, up by 2.7 percentage points year-on-year [6] - Adjusted EBITDA was 500 million yuan, showing a year-on-year increase of 64%, with an EBITDA margin of 11.5%, up by 1.6 percentage points [6] Summary of Relevant Sections Market Performance - The company's stock showed an absolute increase of 31.59% over the last three months [3] Store Performance - Same-store sales grew by 2.5% for the year, marking 30 consecutive quarters of positive growth [5] - The average daily sales per store were 13,100 yuan, a 4% increase year-on-year, with a decline in average transaction value by 5% [5] - The total number of stores reached 1,008 by the end of 2024, with a net addition of 240 stores during the year [5] Profitability and Cost Management - The operating profit margin for the company was 14.5%, an increase of 0.7 percentage points year-on-year [6] - Employee costs accounted for 27.5% of revenue, up by 0.6 percentage points due to the expansion of new market stores [6] Valuation Forecast - Revenue estimates for 2025 and 2026 have been raised to 5.437 billion yuan and 7.033 billion yuan, respectively, with year-on-year growth rates of 26% and 29% [7] - The adjusted net profit for 2025 is projected to be 188 million yuan, reflecting a 43.6% year-on-year increase [7] - The company is assigned a price-to-sales (PS) valuation of 2.5-3 times for 2025, resulting in a fair value range of 111.2 to 133.5 HKD per share [7]

Investment Rating - The investment rating for the company is maintained at "Buy" [6] Core Views - The company's 2024 annual revenue reached 38.294 billion yuan, a year-on-year increase of 20.9%, with net profit at 2.699 billion yuan, up 145.5% year-on-year. The growth is primarily driven by the recovery in the smartphone market and the rapid development of automotive intelligence [5][6] - The company is expected to benefit from domestic consumption subsidies and innovations in Android optical imaging, while the trend of intelligent driving is anticipated to drive growth in automotive lenses, camera modules, and related businesses [6] Summary by Sections Financial Performance - In 2024, the company's revenue was 38.294 billion yuan, with a gross margin of 18.3%, an increase of 3.8 percentage points year-on-year. The net profit was 2.699 billion yuan, reflecting a significant improvement in profitability [5][6] - The company aims for total revenue of 38.3 billion yuan in 2024, with projections of 43.072 billion yuan and 48.857 billion yuan for 2025 and 2026, respectively [6][7] Product Segments - **Mobile Segment**: Revenue from mobile products in 2024 was 25.2 billion yuan, with a year-on-year increase of 20%. The company maintained its position as the global leader in smartphone lens shipments, with a target to increase shipments by 5% in 2025 [5][6] - **Automotive Segment**: Revenue from automotive products reached 6 billion yuan in 2024, a year-on-year increase of 14%. The company aims for a 15%-20% increase in shipments in 2025 [5][6] - **XR Segment**: Revenue from AR/VR products was 2.6 billion yuan in 2024, a year-on-year increase of 34%. The company is focusing on AI applications to drive growth in this segment [5][6] Future Outlook - The company expects to see continued growth in its mobile and automotive segments, with significant improvements in product structure and profitability. The XR segment is anticipated to remain stable or see slight growth, driven by advancements in AI applications [6][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 42.00, indicating a potential upside of 26.3% from the current price of HKD 33.25 [2][3]. Core Insights - The company is expected to continue its strong performance in 2024, driven by steady growth in patient visits, member user engagement, and doctor supply. The integration of Traditional Chinese Medicine (TCM) with AI is anticipated to contribute significantly to long-term revenue growth [3][7]. - The company plans to expand its operations into overseas markets such as Indonesia and Malaysia, focusing on both TCM and AI applications [7]. - The management has indicated that despite investments in AI, adjusted net profit is projected to grow by over 20% in 2025 [7]. Financial Performance Summary - Revenue for 2024 is projected to reach RMB 3.022 billion, with a year-on-year growth of 30%. Adjusted net profit is expected to be RMB 426 million, also reflecting a 31% increase [7][13]. - The company has shown a significant increase in its doctor supply, with a 44% growth in its own doctor team, totaling 782 doctors [7]. - The report highlights a shift in revenue sources, with membership income increasing to 42% of total revenue, showcasing enhanced customer loyalty and spending [7]. Earnings Forecast Adjustments - The earnings forecast for 2025 has been slightly adjusted, with expected revenue of RMB 3.96 billion and adjusted net profit of RMB 501 million, reflecting a 1% decrease from previous estimates [6][13]. - The gross profit margin is projected to be 30.1% for 2025, slightly down from previous estimates [6]. Valuation Metrics - The report utilizes a DCF valuation model, estimating the equity value at approximately RMB 9.219 billion, translating to a per-share value of HKD 42.00 [8]. - The target price corresponds to a price-to-earnings ratio of 22 times for 2025 and a PEG ratio of 0.8 [7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6]. Core Insights - The company achieved total revenue of 8.12 billion yuan for the year, surpassing Bloomberg's consensus estimate of 7.73 billion yuan, with a year-over-year growth of 15.8% [1]. - Non-IFRS net profit attributable to shareholders was 1.14 billion yuan, slightly exceeding Bloomberg's estimate of 1.13 billion yuan, with a year-over-year increase of 1.0% [1]. - The company is focusing on enhancing its content ecosystem and expanding its IP (Intellectual Property) operations, which are expected to drive future growth [5]. Revenue Breakdown - Online business revenue reached 4.03 billion yuan, reflecting a year-over-year increase of 2.1% [2]. - Proprietary platform revenue was 3.53 billion yuan, up 3.4% year-over-year, attributed to improved core product operations and high-quality content production [2]. - Revenue from Tencent product channels was 250 million yuan, down 28.2% year-over-year, due to optimized content distribution mechanisms [2]. - Third-party platform revenue also reached 250 million yuan, showing a significant year-over-year increase of 32.0% [2]. - IP operations and other revenue totaled 4.09 billion yuan, with a year-over-year growth of 33.5% [2]. - Revenue from IP operations was 3.99 billion yuan, up 34.2% year-over-year, driven by the increase in popular series, films, and animations [2]. - Other revenue, primarily from physical book sales, was 100 million yuan, reflecting a year-over-year increase of 10.5% [2]. IP Creation and User Engagement - The company added approximately 330,000 new authors and 650,000 new novels in 2024, with a total word count exceeding 42 billion [3]. - The number of users casting over 1,000 monthly votes increased by 60% year-over-year, indicating enhanced user engagement [3]. - The platform's paying users grew steadily, with Monthly Active Users (MAU) reaching 9.1 million, a year-over-year increase of 4.6% [3]. IP Monetization and Partnerships - The GMV (Gross Merchandise Volume) from IP derivatives exceeded 500 million yuan in 2024, with card game GMV surpassing 200 million yuan [4]. - The company has established partnerships with over 150 brands across various categories, including toys and food [4]. - A comprehensive sales network has been developed, including over 10 online self-operated live streaming rooms and 8 offline stores in major cities [4]. Technological Advancements - The company is leveraging AI technology to enhance content creation and globalize its IP [5]. - The "Writer Assistant" tool, integrated with the DeepSeek-R1 model, has seen a 30% increase in daily active users and over 50% weekly usage rate of AI features [5]. - AI translation has expanded to over 3,200 works, accounting for 47% of total Chinese translations, with non-English revenue growing over 350% year-over-year [5]. - AI is being applied across various IP forms, including audiobooks and animations, to improve content recommendation and user interaction [5]. Financial Projections - The report forecasts Non-IFRS net profits of 1.23 billion yuan, 1.45 billion yuan, and 1.73 billion yuan for 2025E, 2026E, and 2027E respectively, reflecting a positive outlook for the company's profitability [5].