Group 1 - The report highlights that concerns regarding Chinese concept stocks (中概股) have resurfaced, particularly due to potential investment restrictions from the U.S. government and the re-emphasis on the HFCAA [8][16] - It concludes that the short-term risks associated with the delisting of Chinese concept stocks are manageable, as over 70% of these stocks have completed dual listings in Hong Kong and the U.S. [17][28] - The report emphasizes the importance of monitoring the reduction pressure on stocks with high U.S. institutional holdings, especially those exceeding 40% [19][58] Group 2 - The analysis indicates that the performance of dual-listed Chinese concept stocks has been superior during previous market turbulence, suggesting a higher resilience to risks [18][42] - The report notes that the trading volume in the Hong Kong market for dual-listed stocks has been increasing, with the proportion reaching approximately 39% as of April 17, 2025 [52][54] - It identifies 34 companies that meet the criteria for dual primary or secondary listings in Hong Kong, which could enhance market liquidity and attract more investment if they return [20][22] Group 3 - The report discusses the potential impact of U.S. investment restrictions, which could lead to forced sell-offs by U.S. institutional investors holding significant stakes in certain stocks [19][58] - It highlights that the market capitalization of Chinese concept stocks listed only in the U.S. is heavily concentrated in the consumer discretionary sector, accounting for 69.6% [34] - The report provides a detailed analysis of the potential delisting processes, indicating that the timeline for forced delisting could take at least 9-10 months [37][40]

Group 1 - Investment Rating: Outperform the market, maintained [2] - Core Viewpoint: The report highlights the growth potential of the collectible card game industry, with the company positioned as a leader in the market [3][4] Group 2 - Company Overview: The company is a leading player in China's collectible card game sector, focusing on a diverse product portfolio that includes toys, figurines, and stationery [7][9] - Industry Overview: The IP toy market is thriving, with collectible card categories experiencing the fastest growth [21][22] - Financial Performance: The company's revenue growth is driven by top IP products, with significant increases in sales figures [8][10] Group 3 - Business Model: The company employs an integrated business model that leverages product experience, interactive operations, and production capabilities [13][55] - Product Portfolio: The core product is collectible cards, complemented by figurines, other toys, and stationery, showcasing a diverse product range [54][80] - IP Matrix: The company has established a diverse IP matrix, enhancing its overall IP operation capabilities [83]

Group 1 - During the 2018 China-US trade friction, domestic demand-oriented companies outperformed export-oriented companies in both fundamentals and stock prices. The gap in revenue and net profit growth between these two types of companies was relatively controllable despite the tariffs imposed by the US [8][14][29] - The performance of companies with high exposure to the US market did not significantly differ from those with high exposure to the EU and emerging markets. This indicates that the market is more focused on the companies' domestic demand replacement capabilities and the resilience of global supply chain restructuring rather than their geographical export distribution [14][45] - A detailed analysis using the FactSet supply chain database revealed that companies with no revenue from the US market in their downstream operations performed better in terms of net profit growth, revenue growth, gross margin, and net margin compared to other combinations of companies [15][56] Group 2 - The report identifies industries with low revenue exposure to the US market, including coal, building materials, social services, food and beverage, telecommunications, and public utilities, which can be considered as domestic demand-oriented industries from a supply chain perspective [15][56] - The analysis suggests that companies with low exposure to the US market in their downstream operations are likely to have better net value performance, as evidenced by their slower decline in net profit growth during challenging market conditions [60][63] - The report emphasizes that the overall market sentiment is shifting towards value-oriented investments, with a gradual stabilization observed in the market [20][22]

Company Overview - Investment Rating: Outperform the market, maintained [2] - Core Viewpoint: Chery Automobile is positioned for a new chapter in intelligent electric vehicles, focusing on technology and global expansion [2][3] Company Development - Chery Automobile has evolved from reverse engineering to independent innovation, establishing itself as a global leader [3][4] - The company has a rich history of milestones, including the launch of its first car in 1999 and the establishment of its electric vehicle technology company in 2010 [5][9] Business Strategy - Chery's business model includes a dual focus on passenger and commercial vehicles, with a strong emphasis on both traditional fuel and new energy vehicles [12][14] - The company operates multiple brands, including Chery, EXEED, and iCAR, to cover various market segments and consumer needs [93][96] Financial Performance - In 2022, Chery Group's automotive sales reached 1.23 million units, with revenue exceeding 200 billion yuan for the first time [33] - By 2024, the group expects to achieve sales of 2.6 million units and revenue of 480 billion yuan, reflecting a year-on-year growth of over 50% [33][41] Industry Trends - The automotive industry is undergoing a transformation driven by electrification, intelligence, and globalization [42] - Global automotive sales are projected to reach 90.87 million units in 2024, with a growth rate of 2.8% [43][44] Market Position - Chery is positioned as a key player in the domestic market, with a focus on expanding its international presence [96] - The company has seen significant growth in export volumes, leading the Chinese brand passenger car exports for 22 consecutive years [76][96] Technological Advancements - Chery has invested heavily in R&D, with expenditures reaching 6.66 billion yuan in 2023, representing a year-on-year increase of 82.8% [84] - The company has developed a comprehensive R&D system with over 13,000 patents, enhancing its competitive edge in the automotive sector [84][87] Global Expansion - Chery's global strategy includes entering emerging markets and strengthening its presence in traditional markets like Russia [96] - The company aims to leverage its multi-brand strategy to capture diverse market segments and enhance international competitiveness [96]

Investment Rating - The investment rating for Haier Smart Home is "Buy" (maintained) [6] Core Views - The report indicates that Haier Smart Home's revenue for Q4 2024 reached 83.01 billion yuan, a year-on-year increase of 9.88%, with a net profit attributable to shareholders of 3.59 billion yuan, up 3.96% year-on-year. For the full year 2024, the company achieved revenue of 285.98 billion yuan, a 4.29% increase year-on-year, and a net profit of 18.74 billion yuan, up 12.92% year-on-year. The domestic sales have shown a turning point due to policy stimulation and proactive adjustments in the Chinese market, while overseas performance remains stable. The company is expected to see accelerated revenue growth in 2025 as structural improvements and one-time impacts gradually dissipate [3][12][15]. Summary by Sections Financial Performance - In Q4 2024, Haier's revenue increased by 10% year-on-year, with significant growth in domestic sales driven by government policies and improved product structure. The company reported a notable increase in the shipment of refrigerators, washing machines, and air conditioners, with year-on-year growth of 10%, 8%, and 29% respectively. The premium brand Casarte saw a 30% increase in revenue in Q4 [13]. - For the full year 2024, Haier's overseas revenue grew by 5%, with the second half showing a 7% increase compared to the first half. The integration of Carrier Refrigeration positively impacted the results [13]. Profitability and Costs - The report highlights an improvement in real profitability, although there were one-time factors that affected results. In Q4 2024, the net profit margin decreased by 0.2 percentage points year-on-year, while the gross margin increased by 1.3 percentage points. The increase in expense ratios was attributed to accounting adjustments and the integration of new entities [14]. - The company plans to distribute a cash dividend of 9.65 yuan per 10 shares, totaling 8.997 billion yuan, with a dividend payout ratio of 48% [12]. Future Outlook - The report anticipates strong domestic sales and structural improvements for Haier in 2025, projecting net profits of 21.19 billion yuan and 23.96 billion yuan for 2025 and 2026 respectively, with corresponding price-to-earnings ratios of 12.0x and 10.6x. The dividend yield is expected to be around 4% [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][11][13] Core Views - The company is experiencing pressure on performance due to fluctuations in freight rates, but its flexible operations are expected to stabilize performance [5][11] - In 2024, the company achieved operating revenue of 6.475 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 1.921 billion yuan, a year-on-year increase of 23.4% [5][11] - The company is a leader in the refined oil transportation market in the Far East, with a strong ability to withstand risks and navigate through cycles [5][11][13] Financial Performance Summary - In Q4 2024, the company reported operating revenue of 1.467 billion yuan, a year-on-year decrease of 5.3%, and a net profit of 265 million yuan, a year-on-year decrease of 25.0% [5][11] - The refined oil transportation business generated revenue of 3.751 billion yuan in 2024, with a gross margin of 32.8%, down 2.88 percentage points year-on-year [11][12] - The crude oil transportation business maintained stable revenue of 1.866 billion yuan, with a gross margin of 37.7% [11][12] Future Outlook - The company expects operating revenues for 2025, 2026, and 2027 to be 6.520 billion yuan, 7.006 billion yuan, and 7.536 billion yuan respectively, with year-on-year growth rates of 0.7%, 7.5%, and 7.6% [13][14] - Net profit attributable to shareholders is projected to be 1.630 billion yuan in 2025, reflecting a year-on-year decrease of 15.1%, followed by increases in subsequent years [13][14] - The company is anticipated to maintain a strong position in the market due to its flexible fleet operations [5][11][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][15]. Core Insights - The company reported a significant increase in net profit and dividends per share (DPS), with a stable dividend payout ratio [12][14]. - The net profit for 2024 reached 26.229 billion yuan, representing a year-on-year increase of 201.1% [14]. - The company adjusted its investment return assumptions, lowering the rate from 4.5% to 4.0% and the risk discount rate from 9.0% to 8.5% [4][12]. Summary by Sections Financial Performance - The company achieved a new business value (NBV) of 6.253 billion yuan in 2024, a growth of 106.8% compared to the previous year [13]. - The total investment income for 2024 was 79.687 billion yuan, up 251.6% year-on-year [14]. - The annualized net, total, and comprehensive investment returns were 3.2%, 5.8%, and 8.5%, respectively [14]. Business Growth - The NBV margin improved to 14.6%, an increase of 7.9 percentage points year-on-year [13]. - The company’s agent count decreased to 136,000 by the end of 2024, but the average performance of agents showed a positive trend with a 41% increase in productivity [13]. Dividend Policy - The company plans to distribute a dividend of 2.53 yuan per share, a 197% increase from the previous year, maintaining a payout ratio of approximately 30% [14]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 23.389 billion yuan, 27.439 billion yuan, and 30.864 billion yuan, with respective growth rates of -10.8%, +17.3%, and +12.5% [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][15] Core Insights - The company reported a revenue of 105.62 billion yuan for 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 3.92 billion yuan, a year-on-year decrease of 7.1%. In Q4 2024, the revenue was 19.75 billion yuan, a year-on-year decrease of 31.8%, but the net profit was 1.09 billion yuan, a year-on-year increase of 3.0% and a quarter-on-quarter increase of 24.1%. The report expresses optimism about the company's operational resilience and steady improvement in profitability, along with consistent shareholder returns [5][13][15]. Summary by Sections Financial Performance - In 2024, the company's agency-related business achieved a revenue of 67.17 billion yuan, a year-on-year increase of 8.4%, with a segment profit of 2.25 billion yuan, a year-on-year decrease of 2.2%. The sea and air freight agency revenues were 44.78 billion yuan and 9.40 billion yuan, respectively, with year-on-year increases of 9.1% and 34.3%. The volume handled for sea and air freight was 15.156 million TEU and 824,000 tons, reflecting year-on-year increases of 13.3% and 18.1% [13][14]. Shareholder Returns - The company plans to distribute a cash dividend of 0.145 yuan per share for the end of 2024, totaling 2.095 billion yuan, with a payout ratio of 55.2%. Based on the closing price on March 25, 2025, the dividend yield is 5.6% [14]. Earnings Forecast - The company is expected to generate revenues of 104.58 billion yuan, 115.09 billion yuan, and 127.33 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -0.1%, +10.1%, and +10.6%. The net profit attributable to shareholders is projected to be 4.08 billion yuan, 4.60 billion yuan, and 4.71 billion yuan for the same years, with corresponding growth rates of +4.1%, +12.8%, and +2.4% [15][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a significant increase in net profit for 2024, achieving a year-on-year growth of 131.6% to reach 106.935 billion yuan, driven primarily by increased investment income [3][12] - The company adjusted its investment return assumptions, lowering the rate from 4.5% to 4.0%, while maintaining the risk discount rate for ordinary business at 8.0% and reducing the rate for floating income business from 8.0% to 7.2% [3][11] - The company's new business value (NBV) for 2024 is projected at 33.709 billion yuan, reflecting a decrease of 26.4% due to actuarial assumption adjustments, although the overall NBV growth remains strong [12] Summary by Sections Financial Performance - The company achieved total investment income of 308.251 billion yuan in 2024, a year-on-year increase of 150.4% [12] - The annualized net and total investment returns for 2024 were 3.47% and 5.50%, respectively [12] - The company plans to distribute a dividend of 0.65 yuan per share, marking a 51.2% increase year-on-year [12] Business Metrics - The NBV growth rate for 2024 is expected to be 24.3%, with the first quarter, first half, and nine months showing growth rates of 26.3%, 18.6%, and 25.1%, respectively [12] - The number of agents as of the end of 2024 is 615,000, which is a decrease from previous periods [12] - The company's embedded value (EV) is projected to be 1.4 trillion yuan by the end of 2024, reflecting an 11.2% increase from the beginning of the year [12] Future Projections - The company forecasts net profits of 108.5 billion yuan, 122.6 billion yuan, and 141.6 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 1.5%, 13.0%, and 15.5% [13]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [5] Core Insights - In 2024, BYD achieved sales of 4.272 million vehicles, a year-on-year increase of 41.3%, with total revenue reaching 777.1 billion yuan, up 29.0% year-on-year, and net profit attributable to shareholders of 40.25 billion yuan, a 34.0% increase year-on-year [3][11] - The significant revenue growth in Q4 2024 was primarily driven by the government's vehicle replacement subsidy policy, leading to a sales volume of 1.524 million vehicles, which is a 61.3% increase year-on-year and a 34.3% increase quarter-on-quarter [3][11] - The company's gross margin for 2024 was 19.4%, an increase of 0.9 percentage points year-on-year, attributed to ongoing scale effects [12] Summary by Sections Financial Performance - BYD's total revenue for 2024 was 777.1 billion yuan, with a year-on-year growth rate of 29.0% [11] - The net profit attributable to shareholders for 2024 was 40.25 billion yuan, reflecting a year-on-year increase of 34.0% [11] - In Q4 2024, the company reported revenue of 274.85 billion yuan, a 52.7% increase year-on-year and a 36.7% increase quarter-on-quarter [3][11] R&D and Technological Advancements - R&D expenses in Q4 2024 reached a record high of 19.87 billion yuan, marking a 35.8% year-on-year increase and a 45.1% quarter-on-quarter increase [12] - The launch of the Super e-platform 3.0 signifies a new era in electrification, with the 1000V architecture enabling rapid charging capabilities [13] Future Projections - Revenue projections for BYD from 2025 to 2027 are estimated at 1,006.35 billion yuan, 1,212.65 billion yuan, and 1,455.18 billion yuan, respectively, with corresponding growth rates of 29.5%, 20.5%, and 20.0% [14] - Net profit projections for the same period are 56.37 billion yuan, 69.27 billion yuan, and 83.70 billion yuan, with growth rates of 40.0%, 22.9%, and 20.8% [14]