Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve high growth driven by commercialization and milestone achievements, with smooth progress in overseas markets [5] - The company reported a narrowing net loss of 267 million RMB in 2024, a 53.5% year-on-year reduction, with total revenue of 1.933 billion RMB, reflecting a 25.5% increase [7] - The company is entering a commercialization phase with promising data and backing from Merck, indicating potential for increased global value [7] Financial Performance Summary - Revenue projections for 2025-2027 are 1.963 billion RMB, 3.007 billion RMB, and 5.363 billion RMB respectively, with growth rates of 1.55%, 53.18%, and 78.35% [6][8] - The company is expected to achieve a positive net profit of 877 million RMB by 2027, with a significant increase in earnings per share from -2.40 RMB in 2025 to 3.86 RMB in 2027 [6][8] - The company's reasonable equity value is estimated at 81 billion HKD, based on a DCF method with a perpetual growth rate of 2% and WACC of 8.58% [7]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [5] Core Views - Geely's March sales showed significant growth, with total sales reaching 232,200 units, a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. The sales of new energy vehicles reached 119,700 units, up 167.2% year-on-year [7] - The company is expected to launch five new energy models in 2025, enhancing its product matrix across various segments [7] - The target price is set at 20.55 HKD, based on a 15x PE valuation for 2025 [2] Financial Forecasts - The forecasted EPS for 2025-2027 is 1.27, 1.50, and 1.84 CNY respectively, with a target price of 19.05 CNY [2] - Revenue is projected to grow from 179,204 million CNY in 2023 to 414,141 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 16.5% [4][8] - Operating profit is expected to increase from 3,806 million CNY in 2023 to 17,395 million CNY in 2027, with a significant growth rate of 100.8% in 2024 [4][8] Sales Performance - Geely's brand sales in March reached 191,500 units, a year-on-year increase of 62.0% [7] - The Galaxy series saw a remarkable sales increase of 290.3% year-on-year in March [7] - Lynk & Co's sales also grew by 28.6% year-on-year, with the Lynk 900 model set to launch soon [7] Market Position - Geely's market capitalization is approximately 140,685 million HKD, with a total share capital of 1,007,770,000 shares [5] - The company is positioned within the automotive and components industry in China [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][43]. Core Insights - The company is expected to achieve a revenue of 474 million yuan in 2024, representing a year-on-year growth of 52%. The net profit is projected to be 313 million yuan, a significant recovery from a loss of 4.86 billion yuan in 2023, primarily due to a fair value change gain of financial instruments [1][8]. - The revenue from autonomous driving products and solutions is anticipated to reach 438 million yuan in 2024, marking a 58.5% increase, driven by sales to leading domestic car manufacturers and an increase in the number of mass-produced models [10][19]. - The company is actively expanding into the robotics sector, with expectations for chip products and solutions to begin mass shipments in 2025 [3][35]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 41.06%, an increase of 16.4 percentage points year-on-year. The gross margin for autonomous driving products and solutions was 37.4%, up 16.0 percentage points [2][14]. - The company’s total revenue for 2024 is projected at 474 million yuan, with a year-on-year growth of 51.8%. The adjusted operating loss is expected to be 1.304 billion yuan, compared to 1.254 billion yuan in 2023 [8][43]. Product Development and Market Position - The A1000 series chips have been mass-produced and delivered to major car manufacturers such as Geely, Dongfeng, and BYD. The company has achieved nationwide coverage for its high-speed Navigation on Autopilot (NoA) solutions [18][19]. - The company is also focusing on the development of the A2000 chip series, which supports a wide range of autonomous driving scenarios, including urban NoA and fully autonomous Robotaxi applications [31][35]. Future Outlook - The company plans to deepen collaborations with leading automotive manufacturers and explore overseas market opportunities. It aims to enhance its product matrix and application scenarios, particularly in the commercial vehicle sector [29][33]. - The company is expected to continue benefiting from increased demand for intelligent driving chips, with revenue projections for 2025-2027 set at 810 million, 1.27 billion, and 2 billion yuan, respectively [43][44].

业绩大幅增长，与宇树科技达成合作 2024 年长城汽车总营收为 2022.0 亿元，同比增长 16.7%；归母净利润为 126.9 亿元，同比增长 80.8%，业绩创新高。长城与宇树科技达成战略合作，代表长城 开始向具身智能方向拓展。维持目标价 18.0 港元，对应 25 年的 10.0 倍预测市盈 率，距离现价有 58%上涨空间，买入评级。 投资建议。维持目标价 18.0 港元，对应 25 年的 10.0 倍预测市盈率，距离现价有 58%上涨空间，买入评级。 风险提示：行业竞争加剧；价格不及预期 | (年结 31/12；RMB | 百万元) | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | --- | | 销售收入 | | 173,212 | 202,195 | 231,413 | 273,808 | 332,786 | | 增长率（%） | | 26% | 17% | 14% | 18% | 22% | | 净利润 | | 7,022 | 12,692 | 14,344 | 1 ...

证券研究报告 医药生物 | 生物制品 港股|公司点评报告 投资要点： 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 | 月 | | 日 | | 08 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 67.25 | | | | | 一年内最高/最低（港 | | | | | | | 89.90/26.45 | | | 元） | | | | | | | | | | 总市值（百万港元） | | | | | 60,361.93 | | | | | 流通市值（百万港元） | | | | | 60,361.93 | | | | | 资产负债率（%） | | | | | 47.05 | | | | | 资料来源：聚源数据 | | | | | | | | | 康方生物(09926.HK) hyzqdatemark 2025 年 04 月 09 日 证券分析师 投资评级： 买入（维持） ——重要数据催化节点临近，" ...

[Table_Info1] 易鑫集团(02858.HK) 多元金融/非银金融 [Table_Date] 发布时间：2025-04-09 [Table_Title] 证券研究报告 / 港股公司报告 深耕汽车金融，平台+自营驱动 ---易鑫集团（2858.HK）深度报告 [Table_Summary] 专注汽车金融领域，平台业务与自营业务协同发展。公司成立于 2014 年， 2017 年在香港联交所上市，腾讯为第一大股东。公司依托 4S 店渠道获 客，基于客户画像实施差异化定价，并根据利率定价水平将客户分流至 两类业务：一是交易平台业务，对接合作银行提供贷款服务；二是自营 融资业务，直接为客户提供汽车融资解决方案。2024 年公司实现营业收 入 98.88 亿元，同比增长 47.9%，其中交易平台业务收入 78.94 亿元（同 比增长 54.9%），自营融资业务收入 19.91 亿元（同比增长 25.4%）。 公司的盈利模型可表述为：净利润=平台融资规模×（服务费率-佣金成 本率）+其他平台收入+自营融资规模×（租赁收益率-资金成本率）-信用 成本×总融资规模-销售费用率×总融资规模-其他成本-所得税。核心盈 利 ...

报告摘要 24 年净利润大幅增长 80.8%。公司 2024 年总营收为 2022.0 亿元，同比增长 16.7%； 归母净利润为 126.9 亿元，同比增长 80.8%，业绩创新高。 业绩大幅增长，与宇树科技达成合作 2024 年长城汽车总营收为 2022.0 亿元，同比增长 16.7%；归母净利润为 126.9 亿元，同比增长 80.8%，业绩创新高。长城与宇树科技达成战略合作，代表长城 开始向具身智能方向拓展。维持目标价 18.0 港元，对应 25 年的 10.0 倍预测市盈 率，距离现价有 58%上涨空间，买入评级。 股价表现 % 一个月 三个月 十二个月 相对收益 2.81 -14.78 6.99 数据来源：彭博、港交所、公司 3 月销量同比下降 2.3%，环比增长 26%。3 月长城汽车总销量达 9.8 万台，同比 下降 2.3%，环比增长 26%。具体来看，哈弗品牌 3 月销量 5.3 万台，同比下降 2.5%；WEY 品牌销量 4675 台，同比增长 30.0%；长城皮卡销量 2.0 万台，同比 增长 16.2%；欧拉品牌销量 2776 台，同比下降 53.9%；坦克品牌销量 1.7 万台， ...

上 市 公 司 食品饮料 2025 年 04 月 09 日 古茗 (01364) ——大众现制茶饮第一，最大规模冷链赋能 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 04 月 08 日 | | --- | --- | | 收盘价（港币） | 16.06 | | 恒生中国企业指数 | 7430.62 | | 52 周最高/最低（港币） | 20.40/8.22 | | H 股市值（亿港币） | 381.94 | | 流通 H 股（百万股） | 2,378.19 | | 汇率（人民币/港币） | 1.0787 | 一年内股价与基准指数对比走势： -10% 190% HSCEI 古茗 资料来源：Bloomberg 证券分析师 贾梦迪 A0230520010002 jiamd@swsresearch.com 联系人 贾梦迪 (8621)23297818× jiamd@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | - ...

港股公司报告 | 公司点评 联营企业减值影响短期业绩，三大业务表现稳健 华润医药（03320） 证券研究报告 事件 2024 年，公司实现营业收入 2576.73 亿元，同比+4.77%；归母净利润 33.51 亿元，同比-13.06%；扣非归母净利润 33.51 亿元，同比-0.61%。归母净利 润同比下滑主要系联营公司减值等一次性项目影响，剔除该影响后，2024 年公司归母净利润同比稳健增长 13.1%。 三大分部业务增长稳健，制药业务毛利贡献突出 按业务拆分，2024 年制药、医药分销、药品零售及其他三个主要业务分部 的收入占比分别为 16.1%、80.0%、3.9%。其中：1）制药业务实现分部收 入 463.2 亿元，同比+6.6%；实现分部毛利 275.05 亿元，同比+7.1%；实现 分部业绩 133.24 亿元，同比+10.3%，中药、化学药、生物药收入均实现增 长。2）分销业务实现分部收入 2132.37 亿元，同比+5.5%；实现分部毛利 125.07 亿元，同比+5.2%；实现分部业绩 73.43 亿元，同比+2.8%。3）零售 业务实现分部收入 101.04 亿元，同比+5.5%；实现分 ...

电子/元件 建滔积层板（01888.HK） 2025H1 业绩有望回升，2025H2 持续性仍需跟踪 2025 年 04 月 09 日 投资评级：买入（维持） | 日期 | 2025/4/8 | | --- | --- | | 当前股价(港元) | 7.190 | | 一年最高最低(港元) | 10.100/5.370 | | 总市值(亿港元) | 224.33 | | 流通市值(亿港元) | 224.33 | | 总股本(亿股) | 31.20 | | 流通港股(亿股) | 31.20 | | 近 3 个月换手率(%) | 20.1 | 股价走势图 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 建滔积层板 恒生指数 数据来源：聚源 相关研究报告 《覆铜板行业龙头，铜周期驱动业绩 反 弹 — 港 股 公 司 首 次 覆 盖 报 告 》 -2024.6.7 吴柳燕（分析师） 陈沆（联系人） wuliuyan@kysec.cn 证书编号：S0790521110001 chenhang1@kysec.cn 2025H1 业绩有望受益量价齐升，2025H2 业绩持续性仍需跟踪 ...