Asian Autos BYD Co Ltd Rating Outperform Price Target 1211.HK 460.00 HKD 002594.CH 420.00 CNY 19 March 2025 Eunice Lee, CFA +852 2123 2606 eunice.lee@bernsteinsg.com Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Brian Ho, CFA Mika Fu +852 2166 4805 mika.fu@bernsteinsg.com BYD: Charging ahead — Top 6 questions on the latest 10C ultra fast-charging technology BYD announced its 10C fast-charging technology on Monday (Quick Take), and we have been getting significant inbound since then. Ba ...

Global Research What types of stalled projects get resumed? Where does funding come from? According to our expert, there are mainly two drivers to the stalled project resumption: 1) economically viable projects whose residual value could cover the additional construction costs; 2) debt obligations can be negotiable and agreed upon by the creditors. In terms of the funding source for projects resumed, 40-50% seem to have come from the "Project Whitelist" scheme, although banks try to avoid giving additional ...

abc 2025 年 03 月 20 日 Global Research 快评 江中药业 2024 年收入端承压；96%分红率符合预期 问：相对于预期，业绩表现如何？ 公司2024年收入44.4亿元，同比下降2.6%；归母净利润为7.9亿元，同比增 长9.7%，符合此前业绩快报预期。2024年四季度收入为13.1亿元，同比下 降0.8%；四季度归母净利润为1.4亿元，同比增长11%。公司2024年现金分 红总计为7.5亿元，意味着96%股息支付率和5.4%股息收益率。 问：业绩中最值得关注的是什么？ 2024年公司非处方药业务收入同比增长7%，部分受到上半年胃肠品类高基 数的负面影响。处方药和健康消费品业务收入则分别同比下降3.5% 和47.3%，主要系受到处方药业务的集采影响以及大健康业务的业务重塑和 组织重塑的双重影响。公司2024年主营业务毛利率同比下降0.06ppt 至64.0%，其中非处方药/健康消费品毛利率同比提升1ppt/0.6ppt 至72.7%/37.7%，而处方药毛利率同比下降17.5ppts至39.3%。 费用端， 公司2024年销售费用同比下降8.9%，管理费用同比提升3.6%。 分析 ...

Summary of WuXi AppTec (603259 CH / 2359 HK) Earnings Call Company Overview - **Company**: WuXi AppTec - **Industry**: Pharmaceuticals - **Date of Report**: 20 March 2025 Key Financial Highlights - **2024 Revenue**: RMB 39.2 billion, down 2.7% year-on-year (up 5.2% excluding COVID-19 revenue) [2][3] - **Adjusted Non-IFRS Net Profit for 2024**: RMB 10.6 billion, down 2.5% year-on-year [2] - **4Q24 Performance**: Revenue grew 6.9% and adjusted non-IFRS net profit grew 20.4% [2] - **2025 Revenue Guidance**: Expected growth of 10-15% from continuing operations [2] - **Market Performance**: A/H-share prices increased by 24% and 28% respectively since the beginning of 2025 [2] Growth Projections - **2025-2027 Revenue CAGR**: Expected at 11.1% with a solid order booking of RMB 49.3 billion, up 47% year-on-year [3][19] - **2025-2027 Net Profit CAGR**: Expected at 12.1% [3][19] - **2025 Capex**: Projected to be RMB 7-8 billion to expand CDMO capacity, particularly overseas [3][21] Valuation and Target Prices - **Target Price for A-shares**: Raised to RMB 90.00 from RMB 82.50, implying approximately 29% upside [4][9] - **Target Price for H-shares**: Raised to HKD 83.70 from HKD 76.70, implying approximately 16% upside [4][9] - **Current PE Multiple**: A/H-shares trade at a 19x 2025e PE multiple, nearly 1 standard deviation below historical levels [2] Market Dynamics and Risks - **Geographical Revenue Breakdown**: North America expected to maintain over 60% revenue share in 2025-27, with China and Europe at nearly 20% and 15% respectively [19] - **Risks**: Potential impacts from US tariffs and restrictions on the China pharmaceutical supply chain need close monitoring [3][29] Strategic Initiatives - **Capacity Expansion**: Significant investments in both domestic and international facilities, including new capacities in Singapore, the US, and Switzerland [21] - **Product Development**: Focus on late-stage revenue from chemical drug and peptide projects, with an expected improvement in net profit margins [3] Shareholder Returns - **Payout Strategy**: Potential for better payouts to shareholders through dividends and share repurchases [4][36] Conclusion - **Investment Recommendation**: Maintain Buy rating on A/H shares due to strong growth momentum in peptide and oligonucleotide businesses, despite potential risks from external factors [4][36]

March 20, 2025 12:55 PM GMT Beijing Kingsoft Office Software Inc | Asia Pacific More Patience Is Needed to Monetize AI | What's Changed | | | | --- | --- | --- | | Beijing Kingsoft Office Software Inc (688111.SS) | From | To | | Price Target | Rmb185.00 | Rmb195.00 | Strategy shift from AI revenue back to user scale amid intensified competition and weak macro conditions suggest that much more patience is needed to see the AI dividend – vs. prior market perception of a pioneer in monetizing AI application. K ...

Summary of the Conference Call on Chuanfeng Power Company and Industry - **Company**: Chuanfeng Power - **Industry**: Electric Two-Wheelers and Motorcycles Key Points and Arguments 1. **Expansion into Electric Two-Wheelers**: Chuanfeng Power has expanded its product line from traditional high-displacement motorcycles and all-terrain vehicles to include electric two-wheelers, which is expected to exceed market expectations [1][9][15]. 2. **Revenue and Profit Forecasts**: Revenue forecasts for 2025-2027 have been raised by 8-15%, and net profit forecasts have been increased by 1-11%. The new forecasts are 0-5% higher than market expectations [1][2][39]. 3. **Sales Projections**: By 2028, Chuanfeng Power is expected to sell approximately 1.8 million units, generating nearly 9 billion RMB in revenue and 700 million RMB in net profit, which would account for 20-24% of the company's total revenue and profit [2][9][15]. 4. **Investor Sentiment**: Investors are primarily focused on the sustainability of motorcycle exports and upgrades in all-terrain vehicle products, showing less interest in the electric two-wheeler segment. However, the electric two-wheeler business is seen as a significant growth opportunity [3][11]. 5. **Valuation Adjustments**: The target price has been raised from 165 RMB to 220 RMB, reflecting a compound annual growth rate (CAGR) of 24% in revenue and 23% in profit from 2024 to 2027 [4][39]. 6. **Market Positioning**: Chuanfeng Power aims to replicate the success of competitors like Ninebot in the electric two-wheeler market through product differentiation and competitive pricing [9][15][16]. 7. **Product Launches**: The company plans to launch several new electric two-wheeler models, including the AE4 and AE5 series, with prices starting below 5,000 RMB, targeting the commuter market [10][15][19]. 8. **Sales Growth Expectations**: The electric two-wheeler segment is projected to become a significant contributor to overall sales, with expectations of reaching breakeven by 2026 and contributing net profits starting in 2027 [25][39]. 9. **Competitive Landscape**: Chuanfeng Power's electric two-wheeler products are positioned competitively against brands like Yadea and Aima, with a focus on high performance and advanced features [19][25]. 10. **Financial Metrics**: The company’s projected earnings per share (EPS) for 2025 is estimated at 11.49 RMB, with a price-to-earnings (P/E) ratio of approximately 16 times [5][39]. Other Important but Possibly Overlooked Content 1. **Market Trends**: The overall market for electric two-wheelers in China is expected to grow by 15% year-on-year in 2025, indicating a robust demand environment [30]. 2. **Investor Concerns**: There are concerns regarding the profitability of Chuanfeng Power's U.S. operations, which may affect overall investor sentiment and valuation [11][32]. 3. **Historical Performance**: The company has historically focused on fuel-powered vehicles, and the transition to electric models is seen as crucial for future growth amid global electrification trends [15][39]. 4. **Sales Strategy**: Chuanfeng Power is expanding its dealer network rapidly, which is essential for increasing market penetration and brand visibility [16][19]. This summary encapsulates the key insights and projections discussed during the conference call regarding Chuanfeng Power's strategic direction and market positioning in the electric two-wheeler industry.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Clean Energy, specifically focusing on solar products in the Asia Pacific region [1][4] Core Insights and Arguments - **Polysilicon Prices**: Domestic chunk polysilicon prices averaged Rmb40/kg, remaining flat week-over-week (WoW) [7] - **Granular Polysilicon Prices**: Averaged Rmb38/kg, also flat WoW [7] - **Wafer Prices**: G12R wafer prices increased by 3.7% WoW to Rmb1.4/pc [7] - **TOPCon Cell Prices**: Domestic TOPCon cell prices rose by 0-3.1% WoW, with G12R TOPCon cell priced at Rmb0.33/W [7] - **Module Prices**: Domestic TOPCon module prices climbed 1.4% WoW to Rmb0.73/W, with distributed project prices up 2.7% WoW to Rmb0.75/W [7] - **Solar Film Prices**: Prices of solar films showed mixed results, with changes ranging from -0.2% to 0.5% WoW [7] Year-over-Year (YoY) Changes - **Polysilicon**: Prices decreased by 41.2% YoY [2] - **Wafer-182mm**: Prices decreased by 35.1% YoY [2] - **Cell-182mm**: Prices decreased by 47.5% YoY [2] - **Module Prices**: PERC bifacial module prices decreased by 29.3% YoY [2] Year-to-Date (YTD) Changes - **Polysilicon**: Increased by 2.6% YTD [2] - **Wafer-210mm**: Increased by 1.7% YTD [2] - **Cell-210mm**: Increased by 3.4% YTD [2] Additional Important Information - **Market Dynamics**: The report indicates a competitive landscape with fluctuating prices across various solar products, highlighting the importance of monitoring price trends for investment decisions [1][4] - **Analyst Ratings**: The industry view is rated as "Attractive," suggesting potential investment opportunities in the clean energy sector [4][58] Conclusion - The solar products market in China is experiencing a mix of price stability and declines in certain segments, with significant year-over-year reductions in polysilicon and cell prices. The overall industry remains attractive for potential investments, warranting close monitoring of price trends and market dynamics [1][4][58]

March 20, 2025 05:06 PM GMT M Update China – Industrials & Humanoids | Asia Pacific Singapore Marketing Feedback We met with 25 investors, ~30% long-only and 70% hedge funds. Roughly 60% of the meeting time was on humanoids, 15% on construction machinery, 10% on Weichai, and 15% on all other areas, including automation. Although macro and tariff concerns remain, investor interest is high. Most of the investors are new to humanoids: The discussion centered on humanoid use cases, roadmap, value chain barriers ...

March 20, 2025 01:21 AM GMT Sinoma Science & Technology Co. Ltd. | Asia Pacific FY24 in-line; Operation bottomed in 2024 Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 2024 results in line; GPM pressure continued in 4Q24: Sinoma S&T reported 2024 net profit of Rmb892mn, down 59.9% yoy, close to the high-end of profit alert of Rmb634-950mn. Recurring earning ...

中信建投：两融半月谈策略会 20250321 摘要 • 2024 至 2025 年中国 ETF 市场规模翻倍，从 2 万亿增至 4 万亿，资金流 入显著，股票型 ETF 如机器人、云计算、信创等品种涨幅居前，香港 ETF 表现突出。 • 黄金 ETF 今年以来涨幅达 12%，受益于避险、抗通胀及降息预期，实物 金投资需求增长，地缘政治风险和对美元不信任情绪是主要驱动因素。 • 港股 ETF 涵盖科技、互联网、汽车、消费等领域，受益于中国资产重估和 AI 应用，香港信息技术和科技企业盈利能力复苏，未来机遇集中在 AI 应用 板块。 • 德国 ETF 受益于财政扩张政策，2025 年涨幅接近 24%，但需注意其较高 的溢价率，存在套利空间，基民盟胜选后，放宽地方政府结构性融资或将 利好经济。 • 债券型 ETF 去年表现优异，受益于降准降息预期，今年因预期下滑表现平 淡，30 年国债 ETF 年初至今已跌 3%，杠杆资金风险需警惕。 • 游戏板块受益于 AI 应用爆发和版号稳定发行，多家游戏厂商布局 AI 模型 提高研发效率，市场对 AI 游戏出现预期，推动板块表现良好。 • 机器人行业作为具身智能设备，市场空间 ...