Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 8.2, reflecting a 13x price-to-earnings ratio for 2025 [5]. Core Insights - The company's 2H24 performance fell short of market expectations, with total revenue of HKD 1.5 billion, a year-on-year decline of 20%, and a 11% miss compared to Bloomberg consensus [2][3]. - The payment business, which accounts for 89% of revenue, also underperformed, with a 6% revenue miss due to a greater-than-expected decline in Gross Payment Volume (GPV) [1][2]. - The company is expected to see a recovery in its payment business in 2025, projecting a high single-digit year-on-year growth, with revenue growth outpacing GPV growth [1][3]. Financial Performance Summary - Total revenue for 2023 was HKD 3.951 billion, with a projected decline to HKD 3.087 billion in 2024, followed by a recovery to HKD 3.402 billion in 2025, representing a 10.2% year-on-year growth [4]. - The adjusted net profit for 2025 is estimated at HKD 274 million, with a net profit margin of 4.5% [4][9]. - The company achieved a gross margin of 24.4% in 2025, up from 23.6% in 2024 [4]. Business Segment Analysis - The one-stop payment service revenue decreased by 19% year-on-year in 2H24, while merchant solutions revenue fell by 30% due to a decline in the number of paying merchants [3][9]. - The overseas business showed significant progress, with a GPV of HKD 1.1 billion in 2024, nearly a fivefold increase year-on-year, driven by bank channel development and customer expansion [3][4]. Market Position and Valuation - The company’s market capitalization is approximately HKD 3.166 billion, with a circulating market value of HKD 1.766 billion [5]. - The stock has experienced a 12-month low of HKD 6.4 and a high of HKD 13.4, indicating volatility in its market performance [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.0 HKD, indicating a potential upside of 58% from the current price [1][4][7]. Core Insights - The company achieved a significant revenue growth of 16.7% year-on-year, reaching a total revenue of 202.0 billion RMB in 2024, while the net profit surged by 80.8% to 12.69 billion RMB, marking a record high [2][4]. - A strategic partnership was established with Yushu Technology to explore advancements in embodied intelligence, focusing on robotics and smart manufacturing [1][4]. Sales Performance - In March, the company's total sales reached 98,000 units, reflecting a year-on-year decline of 2.3% but a month-on-month increase of 26% [3]. - The sales breakdown shows a decline in Haval brand sales by 2.5% year-on-year, while WEY brand sales increased by 30.0% [3]. Financial Projections - The financial forecast indicates a projected revenue growth rate of 26% for FY2023, followed by 17% in FY2024, and a net profit growth of 81% for FY2024 [5][11]. - The report outlines a steady gross margin of 20% and a net profit margin of 6% for the upcoming years [5][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.36 [7]. Core Views - The company's performance in 2024 was under pressure, primarily due to a warm winter and connection business impacts, but is expected to stabilize and recover in 2025 as these pressures ease [1][4]. - The company continues to prioritize shareholder returns through dividends, with a current dividend yield of 7% [3][4]. Revenue and Profitability - In 2024, the company reported revenue of HKD 6.198 billion, a decrease of 3% year-on-year, and a gross profit of HKD 569 million, down 24% [1][5]. - The net profit for 2024 was HKD 209 million, reflecting a 22% decline compared to the previous year [1][5]. - The company expects revenue growth in the coming years, projecting revenues of HKD 6.509 billion, HKD 6.878 billion, and HKD 7.268 billion for 2025, 2026, and 2027 respectively, with growth rates of 5% for 2025 and 5.7% for the following years [4][5]. Gas Sales and Margins - The total gas sales volume for 2024 was 2.515 billion cubic meters, representing a year-on-year increase of 13%, with pipeline gas sales at 1.714 billion cubic meters, up 6.5% [2]. - The company anticipates total gas sales of 2.7 billion cubic meters in 2025, a 9% increase year-on-year, with pipeline gas sales expected to reach approximately 1.9 billion cubic meters [2]. - The gross margin for 2024 was HKD 0.41 per cubic meter, down from the previous year, but is expected to recover to HKD 0.52 per cubic meter in 2025 [2][4]. Connection and Value-Added Services - The company added 70,000 new connections in 2024, impacted by a downturn in the real estate market, but expects the number of new connections to stabilize in 2025 [3]. - The value-added services segment achieved a gross profit of HKD 54.7 million in 2024, a 9.6% increase year-on-year, with a compound annual growth rate of approximately 42% over the past four years [3]. Debt and Shareholder Returns - The company reduced interest-bearing debt by HKD 570 million in 2024, optimizing its debt structure [3]. - The company plans to increase dividends by no less than 10% annually from 2025 to 2027, based on a dividend per share of HKD 0.076 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.5, indicating a potential upside of 54% from the current price of HKD 4.2 [6][4]. Core Insights - The company achieved a revenue of RMB 23.13 billion in 2024, a slight decrease of 1% year-on-year, while the net profit attributable to shareholders increased by 23% to RMB 1.46 billion [2][4]. - The company has announced a dividend policy for 2025-2027, committing to a distribution rate of no less than 25% of audited net profit and a minimum dividend of RMB 0.24 per share [2][4]. - The report anticipates net profits for 2025-2027 to reach RMB 1.1 billion, RMB 1.88 billion, and RMB 2.82 billion, reflecting year-on-year changes of -25%, +71%, and +50% respectively [4][6]. Revenue and Profit Analysis - Urea revenue was RMB 7.31 billion, up 6% year-on-year, but prices fell by 17% due to increased industry capacity and export restrictions, leading to a 4 percentage point decline in gross margin to 25% [3]. - Compound fertilizer revenue decreased by 2% to RMB 6 billion, with a gross margin increase of 2.1 percentage points to 15% [3]. - Methanol revenue rose by 15% to RMB 2.68 billion, with a gross margin increase of 9.2 percentage points to 8.6% [3]. - The company is facing an oversupply issue in the urea market, with an expected addition of 6.6 million tons of capacity in 2025 [3]. Capacity Expansion - The company is expanding its production capacity, with several projects coming online, including a 60,000-ton formaldehyde project and a 300,000-ton compound fertilizer project [4]. - By the end of 2027, the company's fertilizer production capacity is expected to exceed 13 million tons, making it the largest fertilizer producer in China [4].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (CGN) Mining [1][5][6] Core Views - The company is expected to benefit from its low-cost uranium resources and the global nuclear power expansion, which highlights its long-term value despite short-term pressures [1][5] - Revenue for 2024 is projected to grow by 17% to HKD 8.624 billion, while net profit is expected to decline by 31% to HKD 342 million due to increased tax expenses and one-time losses [2][5] - The report emphasizes the resilience of the trading business and anticipates a recovery in profit margins with new pricing frameworks expected to be signed in the second half of the year [2][3] Financial Summary - In 2024, CGN Mining achieved revenue of HKD 8.624 billion, a 17% year-on-year increase, but reported a gross loss of HKD 66.12 million due to unfavorable uranium pricing [2][9] - The company’s pre-tax profit rose significantly by 48% to HKD 814.21 million, while net profit fell to HKD 342 million, reflecting a 31% decrease [2][9] - The expected revenue for 2025-2027 is projected at HKD 10.358 billion, HKD 11.732 billion, and HKD 12.329 billion respectively, with net profits forecasted at HKD 666 million, HKD 1.158 billion, and HKD 1.306 billion [5][9] Uranium Resource Segment - The company benefits from a cost advantage in its uranium mining operations, with overseas uranium investment income increasing by 71% to HKD 1.016 billion in 2024 [3][5] - The production from the company's key mines is expected to sustain for 5-6 years at current extraction rates, with significant contributions to joint profits [3][5] Industry Outlook - The global nuclear power sector is projected to grow steadily, with 417 operational reactors worldwide and a capacity of 377 GW, indicating a robust demand for uranium [5][9] - The report forecasts a positive trend in uranium prices and nuclear power expansion, reinforcing the long-term investment case for CGN Mining [5][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.20 HKD [6] Core Insights - The company achieved a revenue of 5.09 billion RMB in FY2024, representing a year-on-year growth of 53.9%, with social business revenue contributing 4.63 billion RMB, up 58.1% [1][2] - The acquisition of minority stakes is expected to significantly enhance the company's net profit attributable to the parent company in FY2025 [3] - The company is focusing on AI integration to improve commercial efficiency, with a notable increase in ARPU for its SUGO product [3] Summary by Sections Financial Performance - In FY2024, the company recorded a gross margin of 51.2%, a slight decrease of 0.9 percentage points year-on-year, while the net profit attributable to the parent company was 480.3 million RMB, down 6.3% [1][4] - The revenue growth rate for FY2025 is projected at 26.4%, with net profit expected to rebound significantly [4] Business Segments - The social business segment saw robust growth, with products like MICO and YoHo contributing stable cash flow, while newer products SUGO and TopTop showed explosive growth [2] - The innovative business segment, particularly premium games, achieved a revenue of 705 million RMB, marking an 80.4% increase year-on-year [2] Market Strategy - The company is strategically focusing on the MENA market, where its core social products experienced over 60% revenue growth [2] - The integration of AI technologies is enhancing product development and user engagement, leading to improved commercial outcomes [3]

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 128, based on a 25x PE for 2025 [2][5]. Core Insights - Anta Sports reported a revenue increase of 13.6% year-on-year to RMB 70.826 billion for 2024, with a net profit attributable to shareholders (excluding one-time gains from Amer's listing) rising by 16.5% to RMB 11.927 billion [3][5]. - The company successfully turned around Amer Sports, contributing approximately RMB 200 million to the group's profit from joint ventures [3]. - The main brand, Anta, achieved a revenue of RMB 33.5 billion in 2024, reflecting a growth of 13.5% [4]. Financial Performance Summary - Revenue for 2024 was RMB 70.826 billion, with a growth rate of 13.6% [6]. - Net profit attributable to shareholders for 2024 was RMB 15.596 billion, showing a significant increase of 50.7% [6]. - Gross margin decreased by 0.4 percentage points to 62.2%, while operating profit margin fell by 1.2 percentage points to 23.4% [3][6]. - EPS for 2025 is projected at RMB 4.78, with a forecasted growth rate of 10.6% for revenue in 2025 [6]. Brand Performance - FILA achieved a revenue of RMB 26.6 billion in 2024, growing by 6.1% [4]. - Other brands collectively surpassed RMB 10.7 billion in revenue, marking a 53.7% increase year-on-year [4]. - The company continues to focus on multi-brand strategies, with significant growth in the number of stores for Descente and Kolon [4].

Investment Rating - The report assigns a "Buy" rating for the company, expecting a future investment return of 5% to 15% over the next six months [4]. Core Insights - The company achieved a revenue of 3.03 billion RMB in 2024, representing a year-on-year growth of 5.4%, while the net profit attributable to shareholders was 1.96 billion RMB, also up by 5.3% year-on-year [2][5]. - In Q4, the company experienced a revenue decline of 7.0% year-on-year and a net profit decrease of 15.5% year-on-year, which was slightly below market expectations [2][4]. - The company is increasing its R&D efforts, with a research and development expense ratio of 10.0% in 2024, up by 1.3 percentage points from the previous year [3]. Financial Performance Summary - For 2024, the company reported a gross margin of 94.6%, a slight decrease of 0.5 percentage points compared to the same period in 2023, while the net profit margin remained stable at 64.7% [2][5]. - The company plans to distribute a total cash dividend of 1.15 billion RMB to shareholders, which accounts for 58.5% of the net profit attributable to shareholders [2]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 2.09 billion RMB, 2.34 billion RMB, and 2.59 billion RMB, respectively, with corresponding growth rates of 6.8%, 12.0%, and 10.6% [4][5]. Strategic Developments - The company is making strides towards internationalization by acquiring 85% of the Korean company REGEN Biotech for 190 million USD, which is expected to enhance future performance [4]. - The company has several products in the registration and clinical trial stages, including A-type botulinum toxin and minoxidil topical solution, indicating a strong pipeline for future growth [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7 HKD [1][4][6] Core Insights - The company reported a revenue of 13.58 billion RMB for 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.24 billion RMB, which is a 20.2% increase year-on-year [2][4] - The professional sports segment, including the Saucony brand, saw a significant revenue increase of 57.2% to 1.25 billion RMB, while the main brand, Xtep, grew by 3.2% to 12.33 billion RMB [2][3] - The company has focused on enhancing its brand image and expanding its product matrix, with the Saucony brand achieving a compound annual growth rate of over 100% over the past five years [2][3] Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025E Revenue: 14.40 billion RMB, Net Profit: 1.38 billion RMB, EPS: 0.54 RMB - 2026E Revenue: 15.70 billion RMB, Net Profit: 1.54 billion RMB, EPS: 0.61 RMB - 2027E Revenue: 16.85 billion RMB, Net Profit: 1.69 billion RMB, EPS: 0.67 RMB [5][13] - The overall gross margin improved by 1 percentage point to 43.2%, driven by a significant increase in the gross margin of the professional sports segment [2][3][14] Strategic Developments - The company announced the divestiture of its fashion sports division, which is expected to alleviate profit pressure and allow for a focus on the main brand and Saucony, potentially leading to faster growth [3][4] - Management changes are anticipated to enhance the company's overseas expansion efforts, particularly in Southeast Asia [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 23.9, representing a potential upside of 30% from the recent closing price of HKD 18.38 [4]. Core Insights - The core OTA business continues to show a robust growth trend, with a 20% year-on-year increase in revenue and a 44% increase in operating profit for the fourth quarter. Overall revenue and adjusted net profit exceeded expectations by 5% and 7%, respectively [1][2]. - The company is expected to achieve an 18% year-on-year revenue growth in its core OTA business in 2025, outpacing the industry average, with an operating profit margin projected to improve to 28% [1][3]. Financial Performance Summary - In Q4, total revenue reached HKD 4.4 billion, a 13% year-on-year increase, with core OTA revenue growing by 20%. Accommodation booking revenue increased by 29%, driven by stable growth in room nights, while transportation ticketing revenue rose by 17% due to enhanced monetization from value-added services [2]. - The adjusted net profit for the fourth quarter was HKD 660 million, reflecting a 37% year-on-year increase, with a net profit margin of 15.6% [2][5]. - The average revenue per user (APU) for 2024 is projected to be HKD 2.38 billion, a 2% increase year-on-year, with annual user spending calculated at HKD 1,073, up 4% year-on-year [2][3]. AI Product Development - The company has launched its self-developed AI model, Chengxin AI, which integrates with DeepSeek to provide "AI + real-time booking" services. This application of AI is expected to enhance user interaction and order conversion efficiency, with potential long-term cost reduction in operations [3]. Valuation and Market Sentiment - The report adjusts the valuation multiple to 16.0 times the 2025 earnings, reflecting improved market sentiment. The target price has been raised to HKD 23.9 from HKD 22.5 [4].