Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [5]. Core Insights - The company is expected to achieve over 10 billion in revenue for 2024, with a CAGR of 56% from 2022 to 2024. The adjusted profit for 2024 is projected to be 4.5 billion, reflecting a CAGR of 66% during the same period [1]. - The company has a robust IP matrix with 70 existing IPs, including popular franchises like My Little Pony and Ultraman, and has a distribution network of 217 dealers across the country [1]. - Future strategies focus on product expansion, IP diversification, enhanced production capabilities, multi-channel networks, and international expansion [1]. - The launch of the BFC creative competition has significantly increased user engagement, with submissions growing from 300 to over 30,000 pieces, indicating a thriving co-creation ecosystem [5][9]. Summary by Sections Company Overview - The company operates in the non-essential consumer goods sector, specifically in household appliances and toys [5]. - Current stock price is 122.6 HKD, with a total market capitalization of approximately 30.56 billion HKD [5]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 3.8 billion RMB, 5.3 billion RMB, and 7 billion RMB respectively, with net profits of 960 million RMB, 1.48 billion RMB, and 2.08 billion RMB [10]. Market Position - The upcoming IPO of a related entity is expected to enrich the collectible toy IP market and accelerate sector effects, potentially boosting valuations and profit expectations for industry leaders [2].

证券研究报告 | 公司点评 | 家居用品 思摩尔国际(06969) 报告日期：2025 年 04 月 24 日 菲莫一季报再次印证新型烟草大势，持续布局 ——思摩尔国际点评报告 投资要点 ❑ 事件：4.23 菲莫国际发布 2025Q1 业绩，IQOS 作为 HNB 市场份额 70%+的领军 产品，从其经营表现感知行业成长，对思摩尔的 HNB 业务潜力具备指导意义。 3）美国 HNB 市场即将打开：美国市场 3 月底在德州试销收到了强烈的市场反 馈，未来几个月进行更多的试点。 4）对 25 年 IQOS 的指引：维持此前 25 全年烟支销量同比增长 10-12%（24 年达 到 1400 亿支、同比+11.6%）的指引，管理层预计今年剩余时间 IQOS 将保持双 位数增长。 5）菲莫 HNB 烟弹 25Q1 在全球市场的份额为 5.7%（同比+0.6pct），在日本市 场达到 32.2%（24Q4 为 30.6%） ❑ 新型口含烟 ZYN 表现亮眼，雾化电子烟开始起量，稳步迈向"无烟气未来" 1）新型口含烟：尼古丁袋 ZYN 在美国 25Q1 出货量 2.02 亿罐（同比+53%）， 在美国以外的国际市场同样取 ...

Investment Rating - The report assigns a "Buy" rating to New Oriental Education Technology (9901 HK) with a target price of HKD 46.00, indicating a potential upside of 29.8% from the current price of HKD 35.45 [1][4][14]. Core Insights - The report highlights that the overseas business may still face pressure, but cost reduction and efficiency improvements are expected to manifest in the upcoming quarter [1]. - For the fiscal year 2025, the company is projected to achieve revenue growth of 12.9% and net profit growth of 21.5% [2][9]. - The core education segment contributed 57% of total revenue, with new business revenue growing by 35%, accounting for 27% of total revenue [8][9]. Financial Overview - Revenue for fiscal year ending May 31, 2023, was USD 2,998 million, with projections of USD 4,314 million for 2024 and USD 4,871 million for 2025, reflecting a year-on-year growth of -3.5%, 43.9%, and 12.9% respectively [2][15]. - Net profit for 2023 was USD 259 million, expected to rise to USD 381 million in 2024 and USD 457 million in 2025, with corresponding earnings per share of USD 0.15, USD 0.23, and USD 0.28 [2][15]. - The company’s operating profit margin is projected to be 12.1% for 2025, slightly down from 13.1% in 2024 [8]. Quarterly Performance - In the third quarter of fiscal year 2025, the company reported a revenue of USD 1,183 million, a 2% decrease year-on-year, with adjusted net profit of USD 102 million [8][9]. - The report anticipates a 13% year-on-year increase in core education revenue for the fourth quarter of fiscal year 2025, amounting to USD 1,036 million [8]. Valuation - The current price corresponds to a price-to-earnings ratio of 12 times for 2025, with an expected profit growth of over 15%, indicating an attractive valuation [8][9]. - The report maintains a target price of HKD 46.00, based on a 15 times price-to-earnings ratio for the education services business [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to see a bottoming out of its performance, with a positive outlook on profit elasticity for the full year [1]. - The core K12 business shows steady revenue growth, and operational profit margins are anticipated to improve post-autumn 2025 due to cost reduction measures [1][3]. - The non-selective business is projected to have revenue growth guidance of 10-13% year-on-year for Q4 FY25, aligning with market expectations [1][2]. Financial Performance Summary - For Q3 FY25, total revenue was $1.183 billion, a year-on-year decrease of 2%, while revenue excluding selective business was $1.038 billion, reflecting a 21.2% increase [1][2]. - Adjusted operating profit for Q3 was $142 million, with a profit margin of 13.3%, slightly better than previous forecasts [1][2]. - The company expects non-GAAP operating profit margin to improve by approximately 1 percentage point in Q4 FY25 due to a low base effect [3]. Revenue and Profit Forecasts - Revenue forecasts for non-selective business are adjusted to $4.424 billion, $4.819 billion, and $5.538 billion for FY25, FY26, and FY27 respectively [4][10]. - Non-GAAP net profit estimates are revised to $457 million, $550 million, and $654 million for FY25, FY26, and FY27 respectively [4][10]. - The company anticipates a steady increase in revenue and profit margins, with a focus on enhancing management efficiency and optimizing expansion pace [3][4]. Valuation Analysis - The target price is set at $67.25 based on a 20x PE ratio for FY26E, reflecting the company's leading position in the education sector [4][13]. - The report highlights that the current demand for non-academic training remains strong, supporting the company's long-term growth potential [4][10].

25Q1 业绩前瞻：国补深化驱动核心品类高增，新业务投入相对可控 港股公司报告 | 公司点评 京东集团-SW（09618） 证券研究报告 外卖行业新布局，京东外卖加速建设 国补政策显效叠加消费回暖，25Q1 预计收入同比稳健增长 从宏观环境来看，1-3 月份消费品零售呈现稳步恢复态势，为实现全年增长目标奠 定良好基础。根据国家统计局数据，2025年1—3月份，社会消费品零售总额 124,671 亿元，同比增长 4.6%，较 24 全年加快 1.1pct；从线上消费来看，全国网上零售额 36,242 亿元，同比增长 7.9%，其中实物商品网上零售额同比增长 5.7%，高于整体 社零总额增速，占社会消费品零售总额的比重为 24.0%。分品类来看，家用电器和 音像器材类/通讯器材类/日用品类分别累计实现行业零售额 2542/ 2367/ 2129 亿 元，同比 19.3% / 26.9% / 6.8%。基本生活类和部分升级类商品销售增势较好，消费 品以旧换新政策继续显效。2025 年，"两重""两新"政策加力扩围，将为全方位 扩大内需、支撑经济持续回升向好发挥更大作用。我们预计，京东集团 25Q1 收入 同比上升 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The report highlights that the growth rate of the study abroad business has reached a bottom, and cost reduction actions are alleviating pressure on profit margins [6] - The company reported a revenue of $1.183 billion for 3QFY25, a year-on-year decrease of 2%, while non-selection business (education + cultural tourism) achieved revenue of $1.04 billion, a year-on-year increase of 21.2% [4] - The Non-GAAP net profit attributable to the parent company was $113 million, down 14.3% year-on-year, with a Non-GAAP net profit margin of 9.6%, narrowing by 1.4 percentage points year-on-year [4] Summary by Sections Study Abroad Business - The growth of the study abroad business has slowed, with revenue from overseas exam training and consulting reaching $296 million, a year-on-year increase of 11.4%, which is a slowdown of 35.4 percentage points compared to the same period last year [5] - The high-end one-on-one training business is facing challenges due to its premium pricing, and the demand for studying abroad is returning to normal after the rapid release of pent-up demand from the pandemic [5] New Business Growth - New business revenue (K9 quality training + learning machine business) grew by 34.5% year-on-year to $325 million [5] - The company is expanding its service offerings to enhance the resilience of its study abroad business by adjusting class types and increasing youth overseas exam training services [5] Profitability and Financial Projections - The Non-GAAP operating profit margin for non-selection business narrowed by 1.8 percentage points to 13.3% due to the slowdown in the high-margin study abroad business [6] - The report projects Non-GAAP net profits for FY25, FY26, and FY27 to be $454 million, $534 million, and $636 million respectively, with a DCF target price of $74.8 [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12]. Core Insights - The company reported a significant revenue increase of 165%-170% year-on-year for Q1 2025, with domestic revenue growth of 95%-100% and overseas revenue growth of 475%-480% [6][11]. - The company is experiencing strong growth in overseas markets, particularly in the Americas and Europe, with revenue increases of 895%-900% and 600%-605% respectively [8]. - The company is expanding its product categories and IP offerings, with a notable increase in the number of stores and online sales channels [8][11]. Summary by Sections Recent Performance - As of April 22, 2025, the company's stock has outperformed the Hang Seng Index, with a 1-month performance of 31.0%, 3-month performance of 87.5%, and a 12-month performance of 430.6% [5]. - The current stock price is HKD 175.90, with a total market capitalization of HKD 236.22 billion [5]. Revenue Growth - The company expects Q1 2025 revenue to grow by 165%-170% year-on-year, with domestic revenue growth of 95%-100% and overseas revenue growth of 475%-480% [6][11]. - The company has opened 14 new stores in Q1 2025, with a total of 138 overseas stores [8]. Product Expansion - The company launched 19 new blind box products in Q1 2025, with strong market performance for several series [8]. - The company is accelerating the launch of MEGA and plush product lines, with 11 new MEGA products introduced in Q1 2025 [9]. Financial Projections - The company has revised its revenue forecasts for 2025-2027, projecting revenues of RMB 239.63 billion, RMB 330.69 billion, and RMB 412.41 billion respectively [11]. - The adjusted net profit is expected to reach RMB 60.82 billion, RMB 86.32 billion, and RMB 109.58 billion for the same period [11].

Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Insights - The company is focusing on brand innovation to drive growth, with expectations for strong performance in the Spring/Summer collection [3][8]. - The company has been recognized for its sustainable practices, being included in the "Sustainable Development Yearbook (China Edition) 2025" by S&P Global, highlighting its leadership in ESG [5][8]. - The company is actively upgrading its channels and innovating its products, which is expected to enhance brand growth and sales performance [8][11]. Financial Performance - The company is projected to achieve revenues of RMB 255.6 billion, RMB 288.3 billion, and RMB 325.0 billion for FY2025, FY2026, and FY2027 respectively, with net profits of RMB 34.98 billion, RMB 39.88 billion, and RMB 45.20 billion [10][11]. - The earnings per share (EPS) are expected to increase from RMB 0.30 in FY2025 to RMB 0.39 in FY2027, indicating a positive growth trajectory [10][11]. - The company's return on equity (ROE) is projected to improve from 23% in FY2025 to 24% in FY2026 and FY2027 [10][11]. Market Performance - As of April 23, 2025, the company's stock price is HKD 3.95, with a market capitalization of approximately HKD 45.57 billion [4][12]. - The stock has shown a relative performance of -1.0% over the last month, 7.6% over the last three months, and -6.0% over the last year compared to the Hang Seng Index [4]. Strategic Initiatives - The company is enhancing its product offerings with the launch of the 2025 Spring/Summer collection, which includes innovative materials and designs aimed at meeting diverse consumer needs [8][11]. - The company has initiated a stock buyback program, demonstrating management's confidence in the company's future prospects, with a total of 69.21 million shares repurchased, representing 0.6% of total shares [9][11].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [5][9]. Core Insights - The company's BC business is experiencing strong growth, with significant market potential as foundation models expand in healthcare. Projected revenues for 2025, 2026, and 2027 are 0.98 billion, 1.24 billion, and 1.55 billion RMB, respectively, with net profits attributable to shareholders expected to be -0.09 billion, -0.004 billion, and 0.11 billion RMB [5][9]. - The revenue structure has been optimized, with hospital business revenue increasing by 103.4% and patient services by 56.6%, raising their combined share from 35.9% in 2023 to 46.8% in 2024 [10][11]. - The launch of the Spark Medical foundation model X1 in March 2025 marks a significant advancement in AI healthcare, surpassing existing models in accuracy [12]. Financial Summary - Revenue is projected to grow from 0.56 billion RMB in 2023 to 1.55 billion RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 24.9% [3][4]. - The net profit attributable to shareholders is expected to improve from a loss of 0.31 billion RMB in 2023 to a profit of 0.87 billion RMB in 2027, indicating a significant turnaround [3][4]. - The company's gross profit margin is expected to stabilize around 55% over the forecast period, with a notable increase in net profit margin projected for 2027 [6][10]. Business Model and Market Position - The company is positioned as a leading provider of AI-enabled medical solutions in China, holding a market share of 5.9% in the AI healthcare sector as of 2023 [8]. - The company offers a range of services including primary healthcare support, hospital efficiency enhancement, patient service improvement, and regional management platform solutions [8]. - By the end of 2024, the AI assistant is expected to cover 30 provinces and 670 districts, providing approximately 0.91 billion AI diagnostic suggestions [11].

证券研究报告 | 2025年04月24日 东岳集团（00189.HK） 优于大市 制冷剂景气度向上，公司业绩持续向好 2024 年实现归母净利润 8.11 亿元，同比增长 14.6%。2025 年 4 月 22 日，公 司发布 2024 年报，根据公司公告，2024 年公司实现营收 141.81 亿元，同比 减少 2.2%；实现归母净利润 8.11 亿元，同比增长 14.6%；实现销售毛利率 21.62%，同比提升 4.81pct；实现销售净利率 6.96%，同比提升 2.76pct；实 现 EPS 0.46 元，同比提升 0.14 元。剔除公司房地产业务清理对公司其他业 务板块的影响，公司全年业绩符合预期。 制冷剂价格持续提升，公司制冷剂板块业绩快速增长。东岳集团为我国 R22 与 R32 生产能力与配额量的龙头企业，公司拥有约 22 万吨 R22 产能，约 6 万吨 R32 产能。配额方面，根据生态环境部，2025 年公司拥有 4.39 万吨 R22 配额，约占总配额的 29.46%，为国内最大配额；拥有 5.63 万吨 R32 配额， 约占总配额的 20.09%，仅次于巨化股份配额占比；公司合计拥有 1 ...