Core Viewpoint - Anjiu Foods is transitioning from a frozen food giant to a leader in prepared dishes, seizing opportunities in the recovery of the prepared food market and overseas expansion, while facing challenges from declining Q1 revenue and internal shareholder disagreements [1][6]. Financial Performance - In Q1 2025, Anjiu Foods reported revenue of 3.6 billion yuan, a year-on-year decline of 4.13%, marking two consecutive quarters of revenue decrease [3][4]. - The company's net profit excluding non-recurring items fell to 343 million yuan, down 18.28% year-on-year, indicating significant pressure on profitability [4]. - Operating cash flow decreased by 28.92% to 673 million yuan, highlighting cash flow challenges [4]. Market Dynamics - The frozen food sector is experiencing increased competition with many new brands entering the market, leading to a decline in consumer enthusiasm for frozen foods [3][5]. - The growth rate of the frozen food industry is projected to drop from 15.3% in 2023 to 7.7% in 2024, indicating reduced market vitality [5]. Strategic Initiatives - Anjiu Foods plans to issue 59.52 million H shares in its upcoming Hong Kong IPO to fund global expansion and supply chain upgrades [3][4]. - The company has expanded its distributor network to 2,025 and increased its coverage in lower-tier cities to over 250, aiming to tap into emerging market potential [5]. - Revenue from new retail channels, such as Hema and Dingdong, grew by 32.97%, although rising costs are outpacing revenue growth [5]. Challenges and Risks - There is a significant internal disagreement among shareholders regarding the H-share IPO, with 28.78% voting against it, which could impact decision-making and the listing process [5][6]. - The company must address consumer safety concerns and regulatory requirements in its prepared food segment to maintain trust and quality [6][7].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a recovery in demand and significant profit growth in 2025, driven by the resumption of hospital bidding and the introduction of high-end products [1][2] - The company's revenue for 2024 is projected to be 10.3 billion yuan, a decrease of 9.7% year-on-year, while the net profit attributable to the parent company is expected to be 1.262 billion yuan, down 36.1% year-on-year [1] - The first quarter of 2025 shows positive revenue growth of 5.4% year-on-year, with net profit attributable to the parent company increasing by 1.9% [1][2] Summary by Sections Revenue and Profitability - In Q4 2024, the company reported revenue of 3.346 billion yuan, a decline of 15.9% year-on-year but a 106% increase quarter-on-quarter [1] - The company’s revenue for Q1 2025 is 2.478 billion yuan, reflecting a year-on-year growth of 5.4% [1] - The net profit for Q1 2025 is 370 million yuan, up 1.9% year-on-year, while the non-recurring net profit is 379 million yuan, showing a significant increase of 26.1% [1] Market Position and Product Development - The company’s market share increased by over 3 percentage points in 2024, particularly in high-end products, which saw a nearly 5 percentage point increase in market share [2] - New product launches in 2024 include the uLinacHalosTx precision radiotherapy system and the uMRMax next-generation 3.0T MRI, which are expected to enhance the company's competitive position [2] International Expansion - The company achieved overseas revenue of 2.22 billion yuan in 2024, a year-on-year increase of 33.81%, with overseas revenue accounting for 21.55% of total revenue [3] - The company has received CE certification for 46 products and FDA approval for 49 products, enhancing its international market presence [3] Profitability Forecast - The gross profit margin for 2024 is expected to be 48.54%, with a slight increase anticipated in 2025 [4] - The net profit margin for 2024 is projected at 12.06%, with expectations for improvement in 2025 as the company benefits from economies of scale [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 12.251 billion yuan, 14.478 billion yuan, and 17.325 billion yuan, respectively, with year-on-year growth rates of 18.94%, 18.18%, and 19.67% [5] - The net profit attributable to the parent company is expected to reach 1.799 billion yuan in 2025, reflecting a year-on-year growth of 42.59% [5]

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but experienced a decline in Q4 and Q1 of 2025, with expectations for recovery in the latter half of 2025 due to the resumption of bidding and management optimization [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 10.021 billion, a year-on-year increase of 0.09%, and a net profit of 0.692 billion, up 5.75% year-on-year [1]. - Q4 2024 revenue was 2.597 billion, down 3.63% year-on-year, with a net profit of 0.075 billion, a decrease of 0.97% [1]. - For Q1 2025, revenue was 2.308 billion, down 8.74% year-on-year, and net profit was 0.160 billion, down 23.97% year-on-year [1]. Group 2: Growth Potential - The company anticipates revenue and profit growth in H2 2025, driven by the recovery of bidding processes and the clearing of high base effects [2]. - Since 2017, the company has focused on its core business, with significant growth in the medical device and pharmaceutical equipment sectors, which are expected to contribute to higher revenue and profit in 2025 [2]. Group 3: Product Development and Market Expansion - New product launches are expected to drive revenue and profit growth, with an increase in the company's patent portfolio indicating strong technological barriers [3]. - In 2024, overseas revenue reached 0.28 billion, a year-on-year increase of 16.5%, with successful entry into high-end markets in Europe [3]. Group 4: Profitability Outlook - The company's gross margin for 2024 was 26.1%, a decrease of 1.3 percentage points, while the net margin was 6.9%, an increase of 0.14 percentage points [4]. - Despite a decline in Q1 2025 margins, the company expects net margins to improve as bidding resumes and management continues to optimize operations [4]. Group 5: Revenue and Profit Forecast - Revenue projections for 2025-2027 are 10.679 billion, 11.672 billion, and 12.787 billion, with year-on-year growth rates of 6.57%, 9.30%, and 9.56% respectively [5]. - Net profit forecasts for the same period are 0.790 billion, 0.927 billion, and 1.083 billion, with growth rates of 14.16%, 17.43%, and 16.84% respectively [5].

Core Insights - SAIC Motor Corporation has accelerated its transformation results following comprehensive reforms implemented since 2024, as evidenced by its Q1 2025 performance [2][4] - The company achieved a total vehicle sales of 945,000 units in Q1 2025, marking a year-on-year increase of 13.3%, with total revenue reaching 140.86 billion yuan and a net profit of 3.02 billion yuan, up 11.4% [3][4] - SAIC's strategy includes a focus on its own brands, which accounted for over 60% of total sales, and a significant increase in sales of new energy vehicles [4][6] Financial Performance - In Q1 2025, SAIC reported total revenue of 140.86 billion yuan and a net profit of 3.02 billion yuan, with a non-recurring net profit of 2.85 billion yuan, reflecting a 34.4% year-on-year growth [3][4] - The company sold 945,000 vehicles in Q1 2025, with March sales reaching 386,000 units, a 1.14% increase year-on-year and a 30.8% increase month-on-month [3][4] Strategic Initiatives - SAIC has launched a new brand "SAIC尚界" in collaboration with Huawei, with an initial investment of 6 billion yuan to establish a dedicated team and factory [6][7] - The company is focusing on enhancing its global presence through a "Glocal" strategy, which combines global and local approaches to market expansion [7][8] - SAIC plans to introduce 17 new overseas models in the next three years, leveraging its market advantages to expand its international footprint [2][8] Product Development - The company is consolidating its chassis research and manufacturing capabilities to develop advanced control chassis technology, with the second generation expected to launch by 2027 [5] - SAIC's new energy vehicle sales reached 273,000 units in the first quarter of 2025, showing a nearly 30% year-on-year increase, with March sales exceeding 126,000 units, reflecting over 40% growth [3][4] Market Expansion - SAIC is deepening local partnerships in Southeast Asia and establishing KD factories, while also focusing on localized strategies in Latin America, the Middle East, and Africa [8] - The company emphasizes its commitment to becoming a global player, not just a Chinese automaker, by leveraging its early market advantages to expand its overseas operations [8]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 45.47, down 8% from previous estimates [1][8]. Core Insights - The company experienced a revenue decline of 5.09% in 2024, totaling RMB 7.57 billion, with a net profit attributable to shareholders of RMB 1.81 billion, down 24.63% [1][8]. - In Q1 2025, the company reported a revenue increase of 9.17% to RMB 2.44 billion, while net profit decreased by 5.26% to RMB 625 million [1][8]. - The EPS forecast for 2025 and 2026 has been lowered to RMB 1.98 and RMB 2.28, respectively, with a new forecast for 2027 set at RMB 2.64 [1][8]. Financial Summary - The company’s revenue for 2024 is projected at RMB 7.57 billion, with a net profit of RMB 1.81 billion and a recurring net profit of RMB 1.39 billion [2]. - The revenue growth rates for the upcoming years are expected to be 11.9% in 2025, 13.2% in 2026, and 12.9% in 2027 [2]. - The net profit attributable to shareholders is expected to recover to RMB 1.98 billion in 2025, with a growth of 9.8% [2]. Business Performance - The respiratory solutions segment saw a revenue decline of 22.42% in 2024, totaling RMB 2.60 billion, primarily due to high base effects from 2023 [4][9]. - The glucose management and POCT solutions segment experienced significant growth, with revenue increasing by 40.20% to RMB 1.03 billion in 2024 [10]. - The company’s export revenue reached RMB 949 million in 2024, marking a year-on-year increase of 30.42%, supported by strategic investments and enhanced overseas channels [11].

Investment Rating - The report maintains a "Strong Buy" investment rating for Conch Cement [2][11]. Core Views - The cement industry is experiencing continued weakness, but Conch Cement is leveraging both organic growth and overseas expansion to create new opportunities [5][11]. - In 2024, Conch Cement's revenue is projected to be CNY 91.03 billion, a year-on-year decline of 35.44%, with a net profit attributable to shareholders of CNY 7.70 billion, down 26.21% [3][12]. - The company has seen a recovery in profit margins due to price increases since the third quarter of 2024, despite a decline in sales volume [3][4]. Summary by Sections Financial Performance - In 2024, Conch Cement's self-produced cement sales volume was 268 million tons, a decrease of 5.96% year-on-year [3]. - The average selling price of cement in 2024 was CNY 214.17 per ton, down 21.68% year-on-year [3]. - The company's comprehensive gross margin for Q1 2025 was 22.88%, an increase of 5.13 percentage points year-on-year, which helped offset the impact of declining sales volume [4]. Market Position - Conch Cement has maintained a market share increase despite a 9.50% decline in national cement production in 2024, showcasing its scale cost advantages [4]. - The company is actively pursuing regional capacity consolidation and overseas expansion, with new production lines in Uzbekistan and Cambodia [5]. Profit Forecast - The forecasted net profits for Conch Cement from 2025 to 2027 are CNY 9.36 billion, CNY 10.40 billion, and CNY 11.64 billion, respectively, with corresponding EPS of CNY 1.77, CNY 1.96, and CNY 2.20 [5][12].

Core Insights - Yongshun Bio achieved operating revenue of 269 million yuan and net profit of 40 million yuan in 2024, maintaining a steady operational trend [1] - The company has successfully expanded its overseas revenue, surpassing 20 million yuan for the first time [1] - In Q1 2025, Yongshun Bio reported operating revenue of 65.46 million yuan and net profit attributable to shareholders of 7.92 million yuan, continuing its stable performance [1] Product and Market Position - Yongshun Bio is a leading domestic veterinary biological product company, focusing on swine and poultry vaccines with over 30 product varieties [2] - The company holds a strong market position in core products, with significant market shares in swine vaccines, particularly the classical swine fever live vaccine and the three-in-one vaccine for swine [2] - Key products such as the pseudorabies live vaccine and the porcine circovirus type 2 inactivated vaccine saw substantial sales growth, with revenues of 14.91 million yuan (up 35.47%) and 8.12 million yuan (up 71.71%) respectively in 2024 [2] Financial and Operational Efficiency - Yongshun Bio has optimized its financial structure, reducing total liabilities by 16.35% compared to the beginning of the year, enhancing its balance sheet [2] - The company invested 23 million yuan in R&D in 2024, accounting for 8.54% of its operating revenue, and obtained new drug registration certificates and patents, enriching its product line [3] - The production system has undergone technological innovation and management upgrades, with successful GMP dynamic acceptance of its bacterial inactivated vaccine production line [3] International Expansion - Yongshun Bio has successfully registered new products in Egypt, adding to its international presence alongside Vietnam, with a total of 7 and 2 products registered in these countries respectively [4] - The company’s overseas revenue reached over 20 million yuan in 2024, marking a year-on-year growth of 34.31%, indicating an increasing contribution from international markets [4]

Group 1 - The core viewpoint emphasizes the optimistic outlook for platform enterprises driven by a diverse product matrix, with domestic substitution and overseas expansion as dual engines of growth [1][4] Group 2 - The investment rating is maintained at "Buy," with a downward adjustment of EPS for 2025 and 2026 to 0.77 and 0.93 yuan respectively, and a new EPS for 2027 set at 1.11 yuan. The target price is set at 19.25 yuan based on a 25x PE valuation for 2025 [2] - In 2024, the company is projected to achieve a revenue of 4.047 billion yuan, a year-on-year increase of 4.86%, and a net profit of 581 million yuan, a year-on-year increase of 7.05% [2] - The revenue for Q4 2024 is expected to be 1.08 billion yuan, with a year-on-year increase of 0.78% and a quarter-on-quarter increase of 6.67% [2] Group 3 - The diverse product matrix for platform enterprises includes significant revenue growth in electronic materials, catalytic materials, biomedical, new energy materials, and precision ceramics, with respective year-on-year growth rates of 4.22%, 10.01%, 6.53%, 48.34%, and 41.68% [3] - The company is focusing on domestic substitution and overseas expansion, particularly in the ceramic carrier market, where it aims to ensure supply chain security and cost reduction for domestic manufacturers [3] - The biomedical sector is expected to benefit from a red-chip structure that will facilitate overseas business expansion, with a focus on seven major sales regions including the Middle East, North Africa, Southeast Asia, and Europe [4]

| 投资要点 | | --- | 公告要点： 公司公布2024年年报，业绩超我们预期。2024年全年公司营业收入99.37亿元，同比+33.0%， 归母净利润12.09亿元，同比+35.6%，扣非归母净利润11.13亿元，同比+30.2%。其中2024Q4公 司 实 现 营 收 33.58 亿 元 ， 同 环 比 +41.8%/+28.8%； 实 现 归 母 净 利 润 4.31 亿 元 ， 同 环 比 +45.3%/+34.4%；实现扣非归母净利润4.04亿元，同环比+28.9%/+40.6%。 重点客户需求放量，线控制动及轻量化产品快速增长： 公司核心客户奇瑞汽车/吉利汽车2024年产量同比+38%/+30%，驱动公司业绩增长。分子公司 看，24年伯特利电子收入14.7亿元，同比+47%，威海伯特利收入18.7亿，同比+37%。 墨西哥产值提升压制整体毛利率，线控制动及机械转向业务盈利中枢提升： 2024年毛利率21.14%，同比-1.4pct，主要为墨西哥工厂尚处于爬坡期所致。分子公司：24年伯 特利电子净利率11%，同比+5.4pct，线控制动盈利提升明显；威海伯特利净利率13%，同 比-4.5pct ...

荃信生物创始人、董事会主席兼总经理裘霁宛表示：海外拓展是公司今年至关重要的业务目标，十分 高兴能够与 Caldera达成如此高效的战略合作，也再次证明公司团队强大的业务兑现能力。依托 Caldera资源背景及荃信生物的技术储备，QX030N的全球开发将得以快速推进。荃信生物亦将继续 秉持"为最大多数病患而创新"的发展理念，持续深化自免管线矩阵布局，通过多元的对外合作推动创 新药物早日惠及全球患者。 Caldera Therapeutics是一家于美国新注册成立的公司，主要从事药物开发及商业化，该公司由生 命科学和医疗健康行业风险投资机构Lilly Asia Ventures、Atlas Venture及 venBio 共同创立。 海外拓展是今年重要的业务目标。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， 4 月 24 日 ， 荃 信 生 物 （ 2509.HK ） 宣 布 与 Caldera Therapeutics （ 下 称 "Caldera" ） 就 公 司 自 主 研 发 的 临 床 前 阶 段 长 效 自 免 双 抗 QX030N ...