Core Viewpoint - The company reported its 2024 annual results, showing stable revenue growth and a slight increase in net profit, although the fourth quarter experienced declines in both revenue and net profit [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 17.325 billion yuan, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year, meeting expectations [1] - For Q4 2024, the company recorded revenue of 4.14 billion yuan, a year-on-year decrease of 4.58% and a quarter-on-quarter decrease of 4.66%; net profit attributable to shareholders was 157 million yuan, down 46.07% year-on-year and 52.06% quarter-on-quarter [1] Group 2: Industry and Market Position - In 2024, China's industrial vehicle sales reached 1.2855 million units, a year-on-year increase of 9.52%, with domestic sales of 805,000 units (up 4.77%) and overseas sales of 480,500 units (up 18.53%) [2] - The company achieved main business revenue of 17.114 billion yuan, a year-on-year increase of 0.72%, with domestic revenue of 10.186 billion yuan (down 6.37%) and overseas revenue of 6.928 billion yuan (up 13.33%) [2] - The company sold 340,200 forklifts in 2024, a year-on-year increase of 16.53%, outperforming the industry growth rate, and its forklift market share increased to 26.5%, up 1.6 percentage points year-on-year [2] Group 3: R&D and Market Expansion - The company increased R&D and market expansion efforts, leading to a short-term rise in expense ratios; the gross margin was 23.46%, up 2.84 percentage points year-on-year, and the net margin was 8.66%, up 0.56 percentage points year-on-year [3] - The company invested in establishing provincial marketing companies and expanded its international marketing system, achieving a 34.08% year-on-year increase in complete machine exports, totaling 126,400 units [3] - The overseas business revenue accounted for nearly 40% of total revenue, with the company holding the number one market share in 34 overseas countries and regions [3] Group 4: Profit Forecast and Rating - The profit forecast for 2025-2027 has been lowered due to cost pressures from marketing channels and overseas center layouts, with expected net profits of 1.447 billion yuan, 1.601 billion yuan, and 1.782 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 10, 9, and 8 for 2025, 2026, and 2027, respectively, which is lower than the comparable company's PE of 13 [4] - The company maintains a "buy" rating, anticipating a recovery in domestic forklift demand and continued growth in non-U.S. markets [4]

Core Viewpoint - The company is a leading biopharmaceutical enterprise in China, specializing in the research, development, production, and sales of human vaccines, with a mission to create accessible and high-quality innovative vaccine products for global health [2][3]. Company Overview - The company has developed a comprehensive portfolio of vaccines, including the 13-valent pneumococcal conjugate vaccine and the HPV vaccine, maintaining a leading market share in China since their launch [3][4]. - The company has exported its vaccine products to 22 countries and regions, contributing significantly to public health both domestically and internationally [2]. Product Sales - In 2024, the company achieved sales revenue of 2.54 billion yuan from its self-developed vaccines, accounting for 90.10% of total revenue, despite increasing competition in the global vaccine market [7]. - The 13-valent pneumococcal conjugate vaccine continues to hold the top market share in China, while the dual-valent HPV vaccine focuses on government procurement projects to enhance accessibility for young girls [7]. Product Production and Approval - The company successfully produced and approved 24,639,153 doses of its vaccines in 2024, ensuring a stable market supply while balancing inventory and sales [8]. New Product Development and Registration - The company invested 24.82% of its revenue in R&D in 2024, focusing on innovative vaccine development through collaboration with academic institutions and research organizations [9]. - The company is advancing several vaccine candidates, including the mRNA vaccine for COVID-19 variants, which has completed necessary clinical trials and is in the process of registration [10][11]. Export and International Cooperation - The company achieved overseas business revenue of 570 million yuan in 2024, marking a 98% year-on-year increase, with significant exports to new markets such as Afghanistan and Burkina Faso [12]. - The company’s dual-valent HPV vaccine received WHO prequalification, enhancing its procurement eligibility for international organizations [13]. Industrialization and Management Improvement - The company completed the construction of its production expansion project and implemented a digital management system for its entire product line, enhancing operational efficiency [16]. - The company is optimizing its governance structure and internal controls to support sustainable development and risk management [18][19]. Financial Data and Shareholder Information - The company has completed share buybacks and capital reductions, enhancing shareholder returns without significantly impacting its operational capabilities [30][27].

Core Viewpoint - The report highlights the significant growth and strategic advancements of Sinovac Biotech in 2024, emphasizing its dual strategy of "innovation + internationalization" amidst increasing competition in the global pharmaceutical industry [1][5]. Financial Performance - In 2024, Sinovac Biotech achieved a revenue of 1.407 billion yuan, representing a year-on-year growth of 11.75% [1]. - The net profit attributable to shareholders was 31.48 million yuan, with a net profit of 35.25 million yuan after excluding non-recurring gains and losses [1]. R&D Innovation - Sinovac Biotech has transitioned to innovative drug development, with 14 projects in the pipeline, including 4 in clinical stages, focusing on antiviral, oncology, and autoimmune diseases [2]. - The GB18 project, targeting GDF-15 for cancer cachexia treatment, has completed international patent registration and shows promising preclinical data [2]. - The company is leveraging AI and computer-aided drug design (CADD) to enhance antibody molecule design and optimize drug efficacy [2][3]. International Expansion - Overseas revenue surpassed 200 million yuan in 2024, increasing its share of total revenue from 11% in 2023 to 16% [5]. - Sinovac Biotech has shifted from simple product exports to platform-based international collaborations, achieving over 15% sales growth in emerging markets [5]. - The approval of albumin-bound paclitaxel in the EU marks a significant milestone for the company, being the first domestic product to gain such approval [5]. Strategic Advantages - The company emphasizes speed in its international collaboration process, with the ability to submit product registration documents within a month of signing agreements [6]. - Sinovac Biotech provides comprehensive services in market insights, marketing, and risk management to empower its partners [6][7].

Core Viewpoint - Nantong Taihe Chemical Co., Ltd. (Taihe Co.) has successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market, with an issue price of 10.27 yuan per share and an opening price of 45.00 yuan per share, highlighting its strong market position and growth potential in the agricultural chemical sector [1] Group 1: Company Overview - Taihe Co. has over 20 years of experience in the agricultural chemical industry, establishing itself as a leader with core products such as Bacillus subtilis, Pyraclostrobin, and 2,4-D, dominating both production scale and technical capabilities [1][2] - The company has developed a complete industrial chain around its three core products, with subsidiaries leading in global production of Bacillus subtilis and 2,4-D, while maintaining a leading position in Pyraclostrobin production in China [2] Group 2: Innovation and Technology - Continuous investment in technology research and development has led to significant achievements, with Taihe Co. holding 363 patents as of June 30, 2024, including 73 overseas invention patents [3] - The company has introduced innovative products such as the new pesticide Cyhalofop-butyl and has established a comprehensive patent protection network, indicating strong future market potential [6] Group 3: Market Position and Strategy - Taihe Co. has been recognized as one of the top 25 companies in the agricultural chemical industry for four consecutive years, reflecting its strong market presence and competitive edge [5] - The company is strategically positioned within the global supply chain, collaborating with international giants like Syngenta and Dow, while focusing on original drug research and formulation sales [5] Group 4: Future Growth and Internationalization - The company aims to expand its business boundaries by transitioning from single product innovation to a product matrix innovation strategy, enhancing its market competitiveness [4][7] - Taihe Co. is committed to internationalization, adapting to global agricultural chemical trends and accelerating its international expansion to ensure sustainable business development [8]

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

Core Viewpoint - Didi is re-entering the Brazilian food delivery market with its "99 Food" brand, aiming to provide a one-stop experience for local users and enhance its international business growth, which has shown significant order volume increases in recent quarters [2][18]. Group 1: International Expansion - Didi's international business has become a crucial growth engine, with a reported 10.16 billion orders in Q4 2024, marking a 29.8% year-on-year increase [2][18]. - The company has been expanding its international presence since acquiring the Brazilian ride-hailing platform "99" in 2018, which marked the beginning of its international strategy [4][17]. - Didi's international operations now cover 14 countries across Latin America, Asia-Pacific, and Africa, providing diverse services including ride-hailing, food delivery, and financial services [17][18]. Group 2: Market Dynamics in Brazil - The Brazilian food delivery market is dominated by iFood, which holds approximately 80% market share, presenting a significant challenge for Didi [5][8]. - Despite competition, the Brazilian market shows potential for growth, with only 30% of the population currently using food delivery services, compared to over 50% in China [8][10]. - The Brazilian food delivery market is projected to grow at an annual rate of 15-20%, with a total market size of 139 billion Brazilian Reais in 2023 [7][8]. Group 3: Operational Readiness - Didi has approximately 700,000 active riders in Brazil, covering over 3,300 towns, which provides a solid operational foundation for its food delivery services [10][12]. - The launch of the digital wallet "99Pay" supports various payment functions, facilitating a closed-loop payment system for food delivery orders [12][14]. - Didi's experience in Mexico, where it has successfully integrated multiple services, serves as a model for its operations in Brazil, indicating a higher level of preparedness for re-entering the market [14][15].

基于公司稳固的渠道优势，在新品性价比和冰冻化赋能下，未来公司新品的销售表现值得期待。考虑到 国内有糖茶行业空间、主流饮料企业茶饮料单品增速和生命周期，"果之茶"有望打造成为又一爆品，加 速抢占茶饮料行业的市场份额。 从市场表现来看，根据尼尔森IQ数据，2024年东鹏特饮在我国能量饮料市场销售量占比由2023年的 43.0%提升至47.9%，全国市场销售额份额占比从30.9%上升至34.9%，市占率和销量稳步提升。考虑到3 月开学季及天气转暖，叠加公司较早开始冰冻化陈列竞赛，预计2025年第一季度有望实现开门红。 在国际化战略布局上，东鹏饮料此次港股上市意义重大。成功登陆香港资本市场，将有助于其连接国际 投资者，进一步建立跨国品牌认知。目前，东鹏饮料已在印度尼西亚和越南设立子公司，随着2026— 2027年产能逐步释放，本土化运营能力的打磨有望打开中长期海外业务增长空间，为东南亚等海外市场 的扩张铺就道路，进一步提升公司综合竞争力。 在新品打造方面，2025年第一季度，东鹏饮料推出1L装果味茶饮料"果之茶"，终端零售价约5元，并延 续"1元乐享"活动，充足的渠道利润空间进一步提升了新品终端推力。东吴证券研报指出 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown stable performance in 2024, with a slight revenue decline of 3.4% year-on-year, totaling 45.48 billion yuan, while net profit increased by 0.4% to 3.52 billion yuan [3] - The company's internationalization strategy has been effective, with overseas revenue reaching 23.38 billion yuan, a growth of 30.58%, marking a significant shift as overseas revenue now accounts for 51.4% of total revenue [4] - The company is expected to benefit from a recovery in domestic demand, particularly in non-excavation machinery, and is enhancing its digital applications to improve operational efficiency [4] Financial Performance Summary - In 2024, the company achieved a gross margin of 28.17%, an increase of 0.63 percentage points from the previous year, driven by higher overseas revenue and improved margins in specific product segments [3] - The company forecasts revenue for 2025 and 2026 to be 53.1 billion yuan and 60.37 billion yuan, respectively, with net profit estimates of 5.05 billion yuan and 6.31 billion yuan [5] - Earnings per share (EPS) is projected to rise from 0.58 yuan in 2025 to 0.87 yuan in 2027, reflecting a positive growth trajectory [5] Segment Performance - The high-altitude machinery and agricultural machinery segments performed well in 2024, with revenues of 6.83 billion yuan and 4.65 billion yuan, representing year-on-year growth of 19.7% and 122.3%, respectively [3] - The earthmoving machinery segment remained stable, while the crane and concrete machinery segments faced revenue declines due to weaker domestic demand [3] Valuation and Earnings Forecast - The company’s price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 12.3, 9.9, and 8.3 times, respectively, indicating an attractive valuation [5] - The company’s return on equity (ROE) is expected to improve from 6.2% in 2024 to 9.9% by 2027, reflecting enhanced profitability [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is progressing steadily towards its Hong Kong listing, which is expected to enhance its international strategy and strengthen its market position. The listing will help connect with international investors and expand into Southeast Asian markets [7] - The company has launched a new fruit-flavored tea beverage called "Fruit Tea" in Q1 2025, which is expected to perform well during the peak season. The product's pricing strategy and channel feedback indicate strong sales potential [7] - The company is projected to maintain a steady growth trajectory, with net profit forecasts for 2025-2027 at 44.8 billion, 58.0 billion, and 70.8 billion RMB, respectively, reflecting year-on-year growth rates of 35%, 29%, and 22% [7] Financial Projections - Total revenue is expected to grow from 15,839 million RMB in 2024 to 30,259 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 18.62% [1][8] - The net profit attributable to the parent company is projected to increase from 3,327 million RMB in 2024 to 7,076 million RMB in 2027, with a CAGR of approximately 22.09% [1][8] - The earnings per share (EPS) is forecasted to rise from 6.40 RMB in 2024 to 13.61 RMB in 2027, indicating a strong growth outlook [1][8]

Core Insights - Guizhou Moutai achieved a total revenue of 174.14 billion yuan in 2023, marking a year-on-year growth of 15.66%, with net profit reaching 86.23 billion yuan, also up by 15.38% [1] - The company successfully met its revenue growth target of 15% for 2023 and aims to maintain a similar growth rate for 2024, demonstrating its strong resilience in the market [1] Financial Performance - Operating cash flow increased significantly by 38.85% year-on-year, reaching 92.46 billion yuan, indicating enhanced core business capabilities [2] - The cash dividend for 2024 totaled 34.67 billion yuan, with a payout ratio of 75%, reinforcing investor confidence in the company's long-term return mechanisms [2] Product Growth - The Moutai sauce-flavored liquor series generated revenue of 24.68 billion yuan, a growth of 19.65%, contributing 14.47% to total revenue [3] - Moutai 1935 and Moutai Prince liquor have shown substantial growth, with Moutai 1935's cumulative revenue surpassing 20 billion yuan in three years and a single-year growth rate exceeding 30% [3] International Expansion - Moutai's overseas revenue reached 5.19 billion yuan, a year-on-year increase of 19.27%, marking a significant milestone in its internationalization efforts [4] - The company opened 12 new overseas experience stores in key cities like Paris and New York, enhancing its global distribution network [5] Market Strategy - Moutai established a European warehouse in Hamburg to improve logistics efficiency, reducing delivery times to three days [5] - The company is actively promoting its products through cultural events and partnerships, such as the "Oriental Sauce Aroma Night" in Bordeaux, attracting over 500 European distributors [6] Industry Context - The Chinese liquor industry is undergoing a significant adjustment phase, with a shift from business-driven consumption to broader consumer engagement [7] - Moutai is adapting its product matrix and focusing on new channels and international markets to ensure resilient growth amid changing market dynamics [7]