Investment Rating - The report maintains an "Outperform" rating for the company [4][7]. Core Views - The company is a leading player in the domestic fluorosilicon industry, benefiting significantly from the rising demand for refrigerants [1][2]. - The company has a comprehensive fluoropolymer industry chain and is continuously expanding its high-end product offerings [3]. - The organic silicon supply landscape is improving, with sustained demand growth expected [3]. Summary by Sections Company Overview - Established in 1987, the company has become a leader in China's fluorosilicon industry, with major revenue sources from refrigerants, fluoropolymers, and organic silicon materials [1][16]. - The company has a total refrigerant production quota of 129,900 tons for 2025, leading the domestic market [1][2]. Refrigerant Business - The company is the largest producer of R22 and R32 in China, holding significant production capacities and quotas [2]. - The average price of the company's refrigerant products is projected to increase, leading to substantial profit growth [2]. Fluoropolymer Business - The company has a strong position in the fluoropolymer market, with a focus on high-end products driven by emerging demands [3]. - The company is expected to benefit from the recovery of profit margins in the organic silicon industry [3]. Financial Forecast and Valuation - The company is projected to achieve net profits of 811 million, 2.177 billion, and 2.953 billion yuan for 2024, 2025, and 2026 respectively, with significant growth rates [4][8]. - The reasonable valuation range for the company's stock is estimated to be between 9.51 and 10.86 HKD [4].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 762 million yuan for 2024, representing a year-on-year increase of 14.4%, and a net profit of 254 million yuan, which is a significant year-on-year growth of 74.6%. The high profit growth is driven by breakthroughs in overseas business, increased market share of key domestic products, and optimized expense ratios [1][5] - The company is expected to maintain a high net profit margin in 2025, despite potential short-term pressure on domestic revenue due to centralized procurement impacts [1][4] Summary by Sections Growth Potential - Domestic revenue may face short-term pressure due to centralized procurement impacts on hemorrhagic products, which saw a revenue of 402 million yuan in 2024, down 5.5% year-on-year. However, ischemic/narrowing products are expected to continue growing, with revenue from atherosclerotic narrowing products reaching 268 million yuan, up 74.6% year-on-year [2] - The acute ischemic product segment is projected to maintain high growth, with revenue of 47 million yuan in 2024, up 82.0% year-on-year, driven by new product launches [2] International Expansion - The company achieved overseas revenue of 75 million yuan in 2024, a remarkable increase of 137.6% year-on-year, marking its first year of profitability in international markets. The company has commercialized eight products across 30 countries and regions [3] Profitability - The gross profit margin is expected to remain around 70%. In 2024, the gross profit margin was 73.0%, a decrease of 3.9 percentage points year-on-year, primarily due to the decline in revenue from hemorrhagic products and price reductions from centralized procurement [4] - The net profit margin reached 32.7% in 2024, a significant increase of 12.5 percentage points year-on-year, and is expected to maintain around 30% in 2025 due to ongoing cost reduction and efficiency improvement strategies [4] Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are 828 million yuan, 1.002 billion yuan, and 1.197 billion yuan, representing year-on-year growth rates of 8.72%, 20.95%, and 19.49% respectively. Net profit forecasts are 256 million yuan, 321 million yuan, and 384 million yuan, with corresponding year-on-year growth rates of 0.67%, 25.48%, and 19.74% [5][11]

汇通达网络(09878) 报告日期：2025 年 04 月 11 日 业务结构优化，发展新阶段重回快车道 ——汇通达网络年报点评报告 投资要点 证券研究报告 | 公司点评 | IT 服务Ⅱ 投资评级: 买入(维持) 2024 年服务业务板块业务结构： 门店 SaaS+订阅 5亿（-9%），商家解决方案 1亿 （+8%）。截至 24 年底，公司注册会员零售门店突破 24.9 万家，同增 5%；活跃 会员零售门店达 9.5万家，同增 5%；订阅 SaaS+用户总数近 10.8 万家，其中付费 SaaS+用户超 3.8 万家。 渠道端线上线下两手抓，2024 年新渠道销售额达 36 亿。截至 2024 年底，公司线 下渠道已覆盖全国 21 个省、2.5 万乡镇、24.8 万家会员店。此外进一步布局线 上、社群和海外渠道，试点开展社交电商和内容电商业务，上线社交电商"芸豆 派"商城；私域与社群渠道，推进政采企采，与积分礼品等平台达成战略合作。 此外亦积极试点跨境出海业务，销售阿尔蒂沙空调等产品。 ❑ 迎合时代浪潮，接入 DeepSeek 大模型 公司旗下"千橙云 SaaS+"平台已全面接入 DeepSeek，通过 A ...

Investment Rating - The investment rating for the company is maintained as "Buy" [2][6] Core Views - The company is expected to see a revenue acceleration in Q1 2025, with a projected revenue of 46.6 billion RMB and an adjusted net profit of 700 million RMB [6] - The focus of the company is shifting towards revenue growth and investment, with expectations of expansion in express delivery volume, integrated supply chain customer numbers, and overseas layout [6] - The company is anticipated to achieve a net profit margin of 4.3% in 2024, indicating a strong improvement in profitability [6] - The profit forecast has been adjusted downwards, with expected adjusted net profits for 2025-2027 being 83.07 billion, 91.66 billion, and 105.13 billion RMB respectively, reflecting a growth of 4.93%, 10.34%, and 14.70% [6][7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 166,625 million RMB - 2024: 182,838 million RMB - 2025E: 204,215 million RMB - 2026E: 225,948 million RMB - 2027E: 247,880 million RMB - The adjusted net profit forecasts are: - 2023: 2,761 million RMB - 2024: 7,917 million RMB - 2025E: 8,307 million RMB - 2026E: 9,166 million RMB - 2027E: 10,513 million RMB - The earnings per share (EPS) are projected to be: - 2023: 0.44 RMB - 2024: 1.25 RMB - 2025E: 1.31 RMB - 2026E: 1.45 RMB - 2027E: 1.66 RMB - The price-to-earnings (PE) ratio is expected to decrease from 24 in 2023 to 6 in 2027 [3][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2024, the company achieved revenue of 3.885 billion, representing a year-on-year growth of 34.6%. The net profit attributable to shareholders was 881 million, up 33%, while the adjusted net profit reached 924 million, growing by 39.2% [2][4]. - The growth was driven by the cosmetics segment, with revenue from color cosmetics and skincare reaching 2.3 billion and 1.43 billion respectively, marking increases of 42% and 23% [7]. - The company has seen a significant increase in membership and repurchase rates, with membership growing from 10.3 million to 15.1 million and online and offline repurchase rates reaching 27.5% and 34.9%, respectively [7]. Summary by Sections Financial Performance - The company reported a total revenue of 3.885 billion in 2024, a 34.6% increase year-on-year. The net profit attributable to shareholders was 881 million, reflecting a 33% growth, while the adjusted net profit was 924 million, up 39.2% [2][4]. - The revenue breakdown shows that color cosmetics generated 2.3 billion, growing by 42%, and skincare products brought in 1.43 billion, with a 23% increase [7]. Market Dynamics - The company experienced strong growth in both online and offline channels, with online revenue increasing by 51% to 1.78 billion and offline revenue growing by 22% to 1.95 billion [7]. - The second half of 2024 continued to show robust performance, with total revenue of 1.91 billion, a 29% year-on-year increase, and color cosmetics growing by 41% [7]. Brand Development - The company is expanding its brand presence with a focus on multiple product categories, including color cosmetics, skincare, and fragrances. The growth strategy is supported by a strong pipeline of quality mid-tier products and enhanced online marketing efforts [7]. - The brand's membership and repurchase rates indicate a healthy growth trajectory, with significant increases in both metrics, showcasing the brand's growing customer loyalty [7].

证券研究报告 | 2025年04月11日 远大医药（00512.HK） 优于大市 2024 年归母净利同比增长 31%，核药龙头杨帆启航 收入同比增长 10.6%，归母净利润同比增长 31.3%。2024 年公司实现收入 116.45 亿港币，同比增长 10.6%，扣除汇率变动影响同比增长约 12.8%；实 现归母溢利 24.68 亿港币，同比增长 31.3%；若扣除对 Telix 投资的公允价 值变动收益（7.08 亿港币），正常化归母溢利约 17.61 亿港币，同比增长约 2.5%，进一步扣除汇率变动的影响后同比增长约 4.6%，在较大的外部环境压 力下保持业绩的良好增长。 五官科和呼吸类产品表现亮眼，核药抗肿瘤板块持续高速放量。扣除汇率变 动影响，2024 年制药科技板块实现收入 73.18 亿港币，同比增长 9.6%，其 中呼吸及危重症业务收入 17.09 亿港币，同比增长约 26.9%，主要因为核心 产品切诺的临床需求持续增长以及新产品恩卓润、恩明润和布地奈德鼻喷雾 剂的快速放量；五官科业务收入 27.04 亿港币，同比增长 19.3%，主要是新 品销售带来增长；心脑血管急救业务收入 21.76 亿 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Medlive Technology with a target price of HK$15.00, while the current price is HK$11.60 [2]. Core Insights - Medlive Technology is recognized as China's largest physician platform, providing professional content and mature monetization strategies, with sustained high growth expected [1][3]. - The company has a significant market presence, covering over 4 million registered physicians, which accounts for 88% of the total practicing physicians in China [3][9]. - The revenue forecast for Medlive Technology shows a compound annual growth rate (CAGR) of 30% from 2025 to 2027, with expected revenues of ¥726 million, ¥944 million, and ¥1.227 billion for the respective years [5]. Summary by Sections 1. Medlive Technology Overview - Medlive Technology is a leading digital marketing service platform focused on physicians, with a history dating back to 1996 [9]. - The company primarily serves B2B pharmaceutical and medical device companies, deriving 82% of its revenue from precision marketing and enterprise solutions [12][13]. 2. Industry Analysis - The Chinese medical digital marketing market is expected to grow rapidly, driven by increased online marketing expenditures from pharmaceutical companies, which reached approximately ¥219.7 billion in 2023 [21][26]. - Regulatory changes are pushing pharmaceutical representatives towards academic promotion, enhancing the demand for digital marketing solutions [28][31]. 3. Financial Performance - From 2018 to 2024, Medlive Technology experienced a revenue CAGR of 37.3% and a profit CAGR of 69.0%, with an operating profit margin of 21.2% [3][5]. - The revenue structure is primarily supported by precision marketing and enterprise solutions, which are interrelated and contribute to overall growth [12][13]. 4. Profit Forecast and Valuation - The adjusted net profit for 2025-2027 is projected to be ¥3.2 billion, ¥3.5 billion, and ¥3.9 billion, with growth rates of -1%, 7%, and 13% respectively [5]. - The valuation is based on a P/E ratio of 32x for 2025, leading to a target price of HK$15.00 per share [5]. 5. Governance Structure - The management team is experienced, with key figures having over 10 years in the industry, ensuring a stable governance structure [18][19]. - The shareholding structure is concentrated, with the CEO holding 36.5% of the shares, alongside strategic support from M3, which also holds 36.5% [19][25].

Investment Rating - The investment rating for Anta Sports is "Buy" (maintained) [2] Core Views - The company reported better-than-expected retail performance for Q1 2025, with overall revenue growth in double digits, particularly strong growth from Anta and FILA brands [7] - The acquisition of Jack Wolfskin for $290 million enhances Anta's multi-brand strategy and global presence in the outdoor apparel market [7] - The company maintains a healthy inventory level with a slight increase in discount rates, indicating stable demand [7] - The financial forecasts for net profit are projected at RMB 134.1 billion, RMB 147.0 billion, and RMB 160.1 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16, 14, and 13 [7] Financial Data and Earnings Forecast - Revenue projections are as follows: - FY2023: RMB 623.6 billion - FY2024: RMB 708.3 billion - FY2025E: RMB 779.5 billion - FY2026E: RMB 839.2 billion - FY2027E: RMB 900.7 billion - Year-on-year growth rates for revenue are expected to be 16%, 14%, 10%, 8%, and 7% respectively [6] - Net profit forecasts are as follows: - FY2023: RMB 102.4 billion - FY2024: RMB 156.0 billion - FY2025E: RMB 134.1 billion - FY2026E: RMB 147.0 billion - FY2027E: RMB 160.1 billion - Year-on-year growth rates for net profit are expected to be 35%, 52%, -14%, 10%, and 9% respectively [6] - The gross margin is projected to be around 62% for the next few years, with slight fluctuations [6]

Investment Rating - The investment rating for Geely Automobile is "Buy" [1] Core Views - Geely Automobile's Q1 2025 performance exceeded expectations, with a significant increase in profits driven by a strong new energy vehicle (NEV) sales momentum and an upcoming product cycle [2][3][4] - The company is expected to launch 10 new NEV models in 2025, aiming for a total NEV sales target of 1.5 million units [3] - The merger of Zeekr and Lynk & Co is anticipated to enhance Geely's competitiveness in the mid-to-high-end vehicle market through a focus on smart technology [4][5] - Geely is transitioning into a smart technology company, with a robust technological ecosystem supported by its advanced driving solutions and computing power [5] Financial Summary - The company forecasts a Q1 2025 net profit of RMB 5.2-5.8 billion, representing a year-on-year growth of 220-270% [2] - Revenue projections for 2025-2027 are set at RMB 317.96 billion, RMB 392.94 billion, and RMB 468.08 billion, respectively, with net profits of RMB 14.04 billion, RMB 17.92 billion, and RMB 23.04 billion [7][9] - The expected earnings per share (EPS) for 2025-2027 are RMB 1.39, RMB 1.78, and RMB 2.29, respectively [7][9] - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 9.90, 7.76, and 6.03 times [7][9]

Investment Rating - The report maintains a strong buy rating for Anta Sports [3][10] Core Views - In Q1 2025, Anta's main brand and FILA both experienced high single-digit growth, while other brands saw growth between 65% and 70%. The company is deepening online discounts and has a relatively healthy inventory situation [1][2][10] - Anta plans to acquire Jack Wolfskin for $290 million to enhance its outdoor brand portfolio, which is expected to be completed by the end of Q2 or early Q3 2025 [6][10] - The projected net profits for Anta from 2025 to 2027 are estimated at 13.43 billion, 15.51 billion, and 17.15 billion yuan, with year-on-year growth rates of -14%, 15%, and 11% respectively, excluding one-time gains from the Amer acquisition [1][10] Financial Data and Valuation - Total revenue for 2025 is projected to be 77.96 billion yuan, with a year-on-year growth rate of 10%. The company expects to achieve revenues of 85.45 billion yuan in 2026 and 92.97 billion yuan in 2027 [8][10] - The current market capitalization corresponds to a PE ratio of 16x for 2025 and 14x for 2026 [10] - As of the end of Q1 2025, Anta's inventory turnover ratio is less than 5, indicating effective inventory management [6][10] Brand Performance - Anta's main brand saw high single-digit growth in Q1 2025, with children's products also performing well. The overall online sales for the brand experienced low double-digit growth [1][11] - FILA's sales in Q1 2025 showed high single-digit growth, with children's products growing at a low double-digit rate and the FILA Fusion line achieving high double-digit growth [2][11] - Other brands under Anta, such as Descente and KOLON, reported significant growth rates of 60% and 100% respectively in Q1 2025 [2][11]