Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 115.25 [8][5]. Core Views - The mid-term analysis of AK112-306 shows strong positive results, marking the second head-to-head positive outcome for the drug in the NSCLC field, indicating a promising future for the drug in lung cancer treatment [1][2]. - The drug has demonstrated significant benefits in first-line sqNSCLC patients, regardless of PD-L1 expression, with a notable safety profile [2][3]. - The company is expected to accelerate its global clinical trials, with positive results from AK112-306 likely to expedite the HARMONi-3 study [3][4]. - The company anticipates that the application for the drug's approval for 1L PD-L1 positive NSCLC in China will be submitted soon, with multiple ongoing Phase III trials for other indications [4][5]. Financial Projections and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to RMB 0.76 billion, RMB 6.62 billion, and RMB 14.16 billion, respectively, reflecting an increase in the success rate of developing the 1L PD-L1 negative NSCLC indication [5][13]. - The projected revenue for 2025 is RMB 3.35 billion, with a significant increase expected in subsequent years [20][21]. - The DCF valuation method estimates the company's fair value at approximately RMB 970 billion, with a target price adjustment to HKD 115.25 [5][13].

证券研究报告 制冷剂盈利上行，氟硅材料静待复苏 港股通 东岳集团 (189 HK) | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 24 日│中国香港 | 化学原料 | 东岳集团于 4 月 22 日发布 2024 年年报：全年实现营业收入 141.8 亿元， 同比-2.2%，归母净利润 8.11 亿元，同比+14.6%；其中 24H2 实现营业收 入 69.2 亿元，较 24H1 减少 4.7%，归母净利润 5.03 亿元，较 24H1 增长 63%。公司拟每股派现 0.10 港元（含税）。公司 24 年净利润低于我们的预 期（9.79 亿元），原因系处置房地产业务亏损仍较大。考虑制冷剂景气有望 延续改善，维持"买入"评级。 制冷剂利润贡献显著，含氟高分子和有机硅盈利水平回升 24 年内，PTFE/PVDF 等含氟高分子因市场需求下降，多数均价同比下跌， 公司高分子材料分部营收同比-16%至 38.3 亿元，而公司通过控制成本等方 式，使该分部毛利同比+51%至 5.1 亿元。公司有机硅 24 年销量增长较多， 公司有机硅分部营收同 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a strong revenue growth of 165%-170% year-on-year for Q1 2025, exceeding market expectations, with significant contributions from both domestic and overseas markets [7] - The company is positioned as a leading player in the trendy toy market, with a notable increase in market share from 8.5% in 2019 to 13.6% in 2021, supported by its strong IP creation and operational capabilities [7] - The company has undergone a global organizational restructuring to enhance operational efficiency, with clearer reporting lines across regions [7] - The company is expected to achieve substantial profit growth, with projected net profits of 6.36 billion RMB, 8.90 billion RMB, and 11.59 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 103.47%, 39.98%, and 30.20% [8] Financial Summary - The company's revenue is projected to grow from 6,301 million RMB in 2023 to 23,122 million RMB in 2025, with a compound annual growth rate (CAGR) of 77.35% [6][8] - The company's net profit is expected to increase significantly, with a forecast of 6,359 million RMB in 2025, representing a year-on-year growth of 103.47% [6][8] - The company's return on equity (ROE) is projected to be 37.31% in 2025, indicating strong profitability [6][8]

| 行业 医药生物 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资评级（买入） | | | | | 维亚生物（1873.HK） | | | | | | | AI驱动药物研发革命，开启全球一体化CRDMO业务新增 | | 2025 日 | 年04 | 月23 | | | 长篇章 | | 恒生指数 | | | 22,072.62 | | 首次覆盖维亚生物（1873.HK），给予买入评级，目标价 3.5 港元，观点如下： | | 恒生综合指数 | | | 3,279.04 | | | | 恒生医疗保健指数 | | | 2,923.57 | ❑ | 投资观点 | | 目标价（港币） | | | 3.5 | | | | 潜在涨幅/跌幅 | | | 133% | | 我们于本篇报告深度差异化地阐述了维亚生物作为国内基于结构的新药发现的 | | 市场一致预期 | | | 2.61 | | CRDMO 细分领域龙头，其三大核心投资价值： | | 市场数据 | | | | ❑ | 全球领先的基于结构的药物发现市场龙头，CRO+CDMO 一体化产业布局。基 | | 收 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 112.10 [6]. Core Insights - The company is positioned for rapid growth in the building block toy market, leveraging its competitive advantages in product quality, pricing, and channel expansion [4][3]. - The building block toy market is expected to grow at a CAGR of 15.0% from 2023 to 2028, significantly outpacing non-building block toys [4][47]. - The company holds a 30.3% market share in China, making it the largest player in the local market and the third largest globally in the building block character toy segment [4][58]. Summary by Sections Company Overview - The company started with large particle building toys and has evolved into a leader in building block character toys, focusing on high-quality and reasonably priced products [1]. - It has established a comprehensive sales network in China and is actively expanding into global markets [1]. Market Growth - The building block toy market is a rapidly growing segment within the global toy market, with a projected CAGR of 15.0% from 2023 to 2028 [4][47]. - The company is currently the largest building block character toy company in China, with a market share of 30.3% [4][58]. Competitive Advantages - The company differentiates itself through rapid product iteration and a strong focus on quality, allowing it to effectively penetrate school-side stores [3]. - It has a rich portfolio of IP resources, including partnerships with brands like Ultraman, which enhances its product offerings [3][4]. Financial Projections - The company is expected to achieve significant revenue growth, with projected revenues of RMB 4.1 billion in 2025, growing to RMB 7.4 billion by 2027 [5]. - The net profit is forecasted to improve significantly, with estimates of RMB 1.1 billion in 2025 and RMB 2.1 billion in 2027 [5]. Investment Recommendation - The report suggests that the company is in a phase of rapid expansion and has the core competencies to penetrate school-side channels effectively [4]. - The company is expected to benefit from expanding its female customer base and international market growth, with a projected PE ratio decreasing from 24X in 2025 to 13X in 2027 [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Insights - The company benefits from the economic prosperity of Zhejiang Province, which supports long-term growth in traffic volume. The recent introduction of the new toll road management regulations is expected to enhance the asset duration for highway operating companies [5][37]. - The company has a strong position in the market with a significant number of toll road assets and a long remaining concession period, which is expected to drive revenue growth [8][45]. - Traffic volume growth is anticipated to drive high performance, with the company maintaining industry-leading profitability metrics [8][51]. Summary by Sections 1. Economic Environment and Regulatory Framework - Zhejiang Province ranks fifth in per capita GDP in China, with a high density of highways, supporting traffic volume growth. The number of private vehicles has grown at a CAGR of 8.5% from 2015 to 2023 [5][30]. - The new toll road management regulations are expected to extend the concession periods for highway operations, positively impacting asset duration [5][37]. 2. Company Position and Asset Quality - The company, established in 1996, focuses on toll road concessions primarily in Zhejiang Province, with a total asset scale of approximately 217.2 billion [8][42]. - The company controls 11 toll roads with a total operating mileage of 1,143 kilometers, benefiting from a long average remaining concession period of 6.17 years [8][45]. 3. Traffic Volume and Revenue Growth - The company’s revenue is primarily driven by toll road operations, with a projected revenue growth of 13.87% in 2023, followed by steady growth in subsequent years [6][51]. - Traffic volume is expected to increase due to regional economic recovery and ongoing acquisitions, with a significant contribution from the Shanghai-Hangzhou-Ningbo Expressway [8][63]. 4. Financial Projections and Valuation - The company’s projected net profits for 2025 to 2027 are estimated at 56.71 billion, 58.87 billion, and 61.49 billion respectively, with corresponding PE ratios of 7x, 6x, and 6x [6][9]. - The average PE valuation of comparable companies is 9x, indicating that the company is undervalued relative to its peers [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company reported a significant revenue growth of 165-170% year-on-year for Q1 2025, with domestic growth of 95-100% and overseas growth of 475-480% [1][8] - The overseas market, particularly in the Americas and Europe, is experiencing explosive growth, driven by a female-oriented collectible toy market and successful localization strategies [8] - The company is expanding its product categories and leveraging its IP value, with new product launches and collaborations expected to drive future growth [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 6,301 million - 2024: 13,038 million - 2025E: 23,058 million - 2026E: 31,308 million - 2027E: 39,254 million - Non-IFRS net profit forecasts are updated to: - 2025E: 6,493 million - 2026E: 9,413 million - 2027E: 11,911 million [3][9] - The company’s return on equity is projected to be 36.9% in 2025, with a price-to-earnings ratio of 34 [3][9] Market Data - As of April 23, 2025, the closing price of the company's stock is HKD 178.50, with a market capitalization of HKD 2,397.15 billion [4][8] - The stock has shown a significant performance compared to the Hang Seng China Enterprises Index over the past year [5]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][11]. Core Views - The company's performance in Q1 2025 exceeded expectations, driven by rising gold prices, with a revenue of 2.938 billion yuan, a year-on-year increase of 52.27% and a net profit of 659 million yuan, up 197.76% year-on-year [1][2]. - The average gold price in Q1 2025 was 2807 USD/ounce, reflecting a year-on-year increase of 38.3% [2]. - The company has made significant progress in resource expansion through exploration and acquisitions, adding 261.16 tons of gold resources in 2024, bringing total gold resources to 1446.16 tons [3]. - The company holds a 70% stake in the Haiyu gold mine, which is expected to contribute significantly to future production, with an anticipated annual output of 15-20 tons of gold [3]. - A partnership with Zijin Mining has been established to expand overseas operations, acquiring a 20% stake in Zhongrun Resources, which holds gold and zirconium-titanium sand mines in Fiji and Malawi [4]. Financial Summary - The company forecasts steady revenue growth, with projected net profits of 2.976 billion yuan in 2025, 3.251 billion yuan in 2026, and 4.308 billion yuan in 2027, corresponding to PE ratios of 20, 18, and 14 respectively [5][6]. - The financial projections indicate a revenue increase from 11.551 billion yuan in 2024 to 21.322 billion yuan in 2027, with a compound annual growth rate of 13.7% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded revenue expectations, with a significant increase in both domestic and international markets. The revenue for Q1 2025 is projected to grow by 165%-170%, with domestic revenue increasing by 95%-100% and international revenue by 475%-480% [8] - The company continues to leverage its IP value, with strong sales performance from new product lines driving revenue growth. The organization is undergoing structural upgrades to enhance its global strategy and operational efficiency [8] - The financial forecasts have been adjusted upwards, with net profit estimates for 2025-2027 revised to 64.78 billion, 93.57 billion, and 118.91 billion respectively, reflecting a positive outlook for the company's growth trajectory [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 6,301 million, with a year-on-year growth of 36.46%. By 2027, total revenue is expected to reach 43,460 million, with a growth rate of 25.14% [1] - The net profit attributable to the parent company is forecasted to be 1,082 million in 2023, growing to 11,156 million by 2027, representing a compound annual growth rate of 127.55% to 27.33% over the period [1] - The company's EPS is expected to increase from 0.81 in 2023 to 8.31 in 2027, indicating strong earnings growth potential [1] Market Dynamics - The company is focusing on deepening its presence in the Chinese market while enhancing its international operations through a revamped organizational structure aimed at accelerating growth in overseas markets [8] - The company has reported impressive sales from new product launches, which are expected to continue driving revenue growth in the upcoming quarters [8] Valuation Metrics - The current P/E ratio is 205.16, which is expected to decrease to 19.90 by 2027, indicating an improving valuation as earnings grow [1] - The projected P/B ratio is 20.55, reflecting the company's strong asset base and growth potential [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown significant growth in both domestic and international markets, with Q1 2025 revenue expected to increase by 165%-170% year-on-year, driven by a 95%-100% increase in domestic revenue and a 475%-480% increase in international revenue [1][2] - The company is expanding its online and offline channels in the domestic market, achieving an 85%-90% increase in offline revenue and a 140%-145% increase in online revenue in Q1 2025 [1] - The international business has seen remarkable growth across regions, with Asia-Pacific revenue increasing by 345%-350%, Americas by 895%-900%, and Europe by 600%-605% in Q1 2025 [2] - The company is enhancing its brand value through effective IP management and collaborations with anime, gaming, and other copyright entities, which is expected to solidify its leading position in the collectible toy market [3] Summary by Sections Domestic Channels - The company is innovating in scene-based and entertainment-driven strategies to enhance product operation capabilities, effectively linking online and offline traffic through holiday marketing [1] - The launch of the global flagship store for Hirono in Shanghai marks a significant step in brand-oriented operations, focusing on emotional engagement with consumers [1] International Channels - The company is implementing differentiated operational strategies tailored to various international markets, leveraging platforms like Shopee, Lazada, and Amazon to enhance brand exposure and sales [2] - Creative live-streaming activities on platforms like TikTok are attracting younger audiences and driving sales through engaging content [2] Product Strategy - The company is extending its existing IP expressions and collaborating with various media to create unique collectible experiences, thereby deepening the cultural value of its IP [3] - The forecast for revenue growth is optimistic, with projected revenues of 238.00 billion, 308.00 billion, and 361.00 billion for 2025, 2026, and 2027 respectively, alongside net profits of 55.38 billion, 71.72 billion, and 85.95 billion [3]