Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.11 HKD [8][9]. Core Views - The company is expected to achieve a revenue of 4.45 billion RMB in 2024, reflecting a year-on-year growth of 9.1%, while the adjusted net profit is projected to be 600 million RMB, a decline of 15.6% year-on-year [1]. - The decline in profit is attributed to several factors including increased financial costs and depreciation expenses from new hospital constructions [1]. - For 2025, the adjusted profit is anticipated to rebound with a growth of 16% year-on-year, supported by improved cash flow and cost management [1]. Summary by Sections Hospital Business - The hospital business is projected to generate 4.32 billion RMB in revenue for 2024, with outpatient revenue increasing by 20.8% year-on-year and inpatient revenue by 5.9% year-on-year [2]. - The growth is driven by the performance of mature hospitals and the ramp-up of new facilities, with an expected increase in bed utilization rates [2]. Group Empowerment - The report highlights the positive contributions of Xi'an Chang'an Hospital and Yixing Haijia Hospital to the company's revenue and profit in 2025, with significant increases in surgical cases [3]. Expansion Plans - The company has two new hospitals under construction and four hospitals with expansion plans, aiming to exceed 16,000 beds upon completion [4]. Profit Forecast and Valuation - The adjusted EPS for 2025-2027 is forecasted at 1.13, 1.27, and 1.40 RMB respectively, with a target PE of 18 times for 2025 [5][13]. - The revenue projections for 2025-2027 are 4.91 billion, 5.38 billion, and 5.80 billion RMB, reflecting a slowdown compared to previous estimates [13][14].

Investment Rating - The investment rating for the company is "Buy" based on its performance relative to the benchmark index [9] Core Viewpoints - The company reported total revenue of 2.306 billion RMB for the fiscal year 2024, representing a year-on-year increase of 17.3% [1] - The total order amount for the fiscal year 2024 reached approximately 3.506 billion RMB, a significant increase of about 49.3% compared to the previous year [1] - The company has introduced AI-enabled investment advisory tools, enhancing its operational capabilities and customer service [1] - Research and development investment amounted to approximately 319 million RMB, accounting for about 13.8% of total revenue, reflecting a 10.9% increase year-on-year [1] - The company has expanded its presence on various social media platforms, achieving over 4.98 million hours of live streaming and attracting approximately 50.05 million followers [1] Financial Summary - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.70 RMB, 1.77 RMB, and 1.95 RMB respectively [2][3] - The expected revenue for 2025 is projected to be 3.429 billion RMB, with a growth rate of 49% compared to 2024 [3] - The net profit for 2025 is forecasted to be 764 million RMB, reflecting a substantial increase of 181% from 2024 [3] - The company’s operating income is expected to grow steadily, with a projected revenue of 4.460 billion RMB by 2027 [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [9]. Core Insights - The company achieved total revenue of RMB 2.306 billion in 2024, representing a year-on-year increase of 17.3%, and a net profit attributable to shareholders of RMB 272 million [1]. - Total order value for 2024 reached approximately RMB 3.506 billion, a significant increase of about 49.3% compared to the previous year, with a paid user base growing to 181,000, up approximately 149.4% [1]. - The company has enhanced its research and operational capabilities, leveraging AI technologies to improve investment advisory services and operational efficiency [1]. - R&D investment amounted to approximately RMB 319 million, a 10.9% increase year-on-year, accounting for about 13.8% of total revenue [1]. - The company has expanded its presence on various social media platforms, achieving over 49,800 hours of live streaming and attracting approximately 50.05 million followers [1]. Financial Summary - The company forecasts revenues of RMB 3.429 billion, RMB 3.960 billion, and RMB 4.460 billion for 2025, 2026, and 2027, respectively, with expected growth rates of 49%, 16%, and 13% [3]. - Net profit is projected to reach RMB 764 million in 2025, RMB 792 million in 2026, and RMB 874 million in 2027, reflecting growth rates of 181%, 4%, and 10% [3]. - Earnings per share (EPS) are expected to be RMB 1.70, RMB 1.77, and RMB 1.95 for 2025, 2026, and 2027, respectively [3].

Investment Rating - The investment rating for the company is "Buy" [1][8] Core Insights - The company's performance in the fiscal year 2024 slightly exceeded expectations, driven by brand momentum, continuous product innovation, and channel network expansion. The expectation of rising gold prices is anticipated to accelerate terminal sales, with high growth continuing into fiscal year 2025 [3][8]. - The operating leverage has significantly improved the net profit margin, with a gross margin of 41.16% (down 0.73 percentage points) and an adjusted net profit margin of 17.66% (up 4.29 percentage points). The period expense ratio decreased by 6.08 percentage points to 18.32% [5][8]. - The company is focusing on enhancing its brand's international presence, leveraging successful operations in the Hong Kong and Macau regions to accelerate store expansion in Singapore and Japan, thereby opening up growth opportunities overseas [5][8]. Financial Summary - In fiscal year 2024, the company achieved revenue of 85.06 billion RMB, representing a year-on-year increase of 167.5%. The net profit reached 14.73 billion RMB, up 253.9% year-on-year, with adjusted net profit at 15.02 billion RMB, also up 253.4% [7][8]. - The company’s revenue from physical stores was 74.50 billion RMB (+164.3%), while online platforms contributed 10.55 billion RMB (+192.2%), indicating a slight increase in the proportion of online sales [8]. - The company’s domestic business generated 76.51 billion RMB (+152.95%), while revenue from Hong Kong and Macau reached 8.55 billion RMB (+451.41%) [8].

Investment Rating - The report initiates coverage with a "Buy" rating for Horizon Robotics (9660.HK) [5]. Core Views - Horizon Robotics is positioned as a leading provider of intelligent driving solutions, leveraging its extensive mass production experience and innovative product offerings to capitalize on the growing demand in the automotive sector [5][8]. - The company is set to benefit from the upcoming series of new products, particularly the Journey 6 series, which is expected to enhance its market share and revenue growth significantly by 2025 [5][19]. - Strategic partnerships with major automotive manufacturers such as BYD, Volkswagen, and Li Auto are crucial for Horizon's growth, enabling it to expand its influence in both domestic and international markets [5][40][42]. Summary by Sections 1. Intelligent Driving Solutions Provider - Horizon Robotics, founded in 2015, focuses on intelligent driving solutions, integrating algorithms, dedicated software, and processing hardware to create a comprehensive product matrix [8][9]. - The company has shipped over 7 million units of its intelligent driving chips, showcasing its capability in mass production [5][8]. 2. Journey 6 and Full-Scene Intelligent Driving Solutions - The Journey 6 series, launched in April 2024, represents a significant upgrade in Horizon's product line, designed to meet diverse intelligent driving needs with a scalable architecture [19][21]. - The Journey 6 series offers a computing power range from 10 TOPS to 560 TOPS, catering to various levels of intelligent driving applications [21][22]. 3. Flexible Cooperation Model - Horizon employs a flexible cooperation model, including IP licensing, computing solutions, and joint development, to meet the diverse needs of its clients [5][36]. - The company has established significant partnerships with leading automotive manufacturers, enhancing its market presence and revenue potential [5][40][42]. 4. Industry Opportunities - The intelligent driving sector is poised for rapid growth, driven by initiatives from major players like BYD and Tesla, which are expected to accelerate the adoption of intelligent driving technologies [5][44]. - Horizon holds a leading market share of 33.97% in the domestic intelligent driving computing solutions market, positioning it well to capitalize on the industry's expansion [44]. 5. Profit Forecast and Investment Recommendations - Horizon's revenue is projected to grow significantly, with expected net profits of -2.2 billion, -1.4 billion, and 0.5 billion RMB for 2025, 2026, and 2027 respectively [5][4]. - The report suggests that Horizon's innovative product cycle and favorable market conditions will enhance its profitability in the coming years [5][4].

Investment Rating - The report maintains an "Outperform" rating for the company [2][15]. Core Views - The company reported a total revenue of RMB 7.47 billion for 2024, a decrease of 6.8% year-on-year, with pharmaceutical sales revenue at RMB 8.62 billion, down 9.0% [11][12]. - The impact of volume-based procurement (VBP) on existing products has largely been digested, with significant sales declines in certain product lines, while innovative products are showing growth [12][14]. - The company has made substantial progress in innovative drug development, with five products already commercialized and additional candidates in various stages of clinical trials [13][14]. Financial Performance Summary - Revenue for 2024 was RMB 7,469 million, down 12% from the previous year, with a projected recovery to RMB 8,326 million in 2025, representing an 11% increase [3][7]. - Net profit for 2024 was RMB 1,620 million, a decline of 32% year-on-year, with an expected increase to RMB 1,671 million in 2025, reflecting a 4% growth [3][7]. - The gross margin decreased to 72.6%, primarily due to price reductions from VBP, while R&D expenditure rose to RMB 890 million, accounting for 11.9% of total revenue [11][12]. Product Line Performance - Cardiovascular and cerebrovascular products generated RMB 4.09 billion in sales, down 18.8%, while dermatology and aesthetic medicine products grew by 18.2% to RMB 670 million [12][14]. - The three VBP products achieved revenue of RMB 2.69 billion, down 28.8% year-on-year, indicating that the short-term impact of centralized procurement has largely played out [12][14]. Innovation and Pipeline - The company has five innovative drugs commercialized, with two additional products submitted for NDA approval, including a potential blockbuster [13][14]. - Over ten clinical-stage innovative programs are progressing, including treatments for various conditions such as stroke and obesity [13][14]. Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted to RMB 8.37 billion and RMB 9.44 billion, respectively, reflecting year-on-year growth of 11.5% and 13.3% [14][15]. - The target price is maintained at HKD 9.96 per share, corresponding to a 14x PE for 2025 [15].

新股預覽 ─ 映恩生物（9606.HK） 生物醫藥行業 2025 年 04 月 07 日 背景 公司是全球抗體偶聯藥物（「ADC」）領域的關鍵領跑者，致力於為癌 症和自身免疫性疾病等患者研發 ADC 創新藥物。公司擁有自主研發 的兩款核心產品，即 DB-1303/BNT323（一款靶向癌症（包括子宮內膜 癌（「1 EC」）及乳腺癌 2（「BC」））的 HER2 ADC 候選藥物）及 DB-1311/BNT324（一款靶向癌症（包括小細胞肺癌（「3 SCLC」）、去 勢抵抗性前列腺癌（「4 CRPC」）、食管鱗狀細胞癌（「5 ESCC」）及頭 頸部鱗狀細胞癌（「HNSCC」）6）的 B7-H3 ADC 候選藥物）。 概要 公司具四個全球化創新 ADC 技術平台：公司已建立四個全球化創新 ADC 技術平台。公司基於拓撲異構酶抑制劑的 DITAC 平台已顯示出 寬廣的治療窗口（即安全有效的劑量範圍），這有可能使其在臨床環 境中改善療效及安全性。拓撲異構酶是一種在 DNA 複製及轉錄中發 揮重要作用的酶。通過靶向拓撲異構酶，公司 DITAC 平台產生的 ADC 具有通過抑制 DNA 複製並造成癌細胞中的 DNA 損傷 ...

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 connection impacts diminish and gas sales volume increases [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 company achieved a total gas sales volume of 2.515 billion cubic meters in 2024, reflecting a year-on-year increase of 13%, with pipeline gas sales at 1.714 billion cubic meters, up 6.5% [2] - The expected revenue for 2025 is HKD 6.509 billion, with a projected growth of 5% [5] Earnings Forecast - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be HKD 0.18, HKD 0.20, and HKD 0.21 respectively, with corresponding net profits of HKD 2.37 billion, HKD 2.64 billion, and HKD 2.78 billion [1][4][5] Debt and Financial Health - The company reduced interest-bearing debt by HKD 570 million in 2024, indicating an improved debt structure [3] - The financing cost is expected to decrease by HKD 20 million in 2025, contributing to better financial health [3] Growth Drivers - The connection business is anticipated to stabilize, with an expected addition of 70,000 new connections in 2025, maintaining the previous year's level [3] - The value-added services segment showed a gross profit increase of 9.6% in 2024, with a compound annual growth rate of approximately 42% over the past four years, indicating strong growth potential [3] Market Position - The company's gas sales growth rate is projected to remain above the industry average, supported by a recovery in gross margins and stabilization in connection business [4]

证券研究报告 | 2025年04月07日 中国海外发展（00688.HK） 优于大市 销售稳健，资源优质 归母净利润下降 39%。2024 年公司实现营业收入 1852 亿元，同比下降 9%； 归母净利润 156 亿元，同比下降 39%；剔除汇兑损益和物业重估价值等后的 核心净利润 157 亿元，同比下降 34%。公司归母净利润下滑的原因主要为结 转规模及结转毛利率的下降，和投资物业公允价值变动收益下降。公司宣布 派发末期股息每股港币 30 港仙，全年派息占归母净利润 38%。 销售逆势微增，聚焦核心城市。2024 年公司实现销售金额 3107 亿元，同比 逆势微增，全年权益销售额排名行业第一；实现销售面积 1149 万平方米， 同比下降 14%。公司销售表现持续跑赢行业，其中一线城市市场份额持续领 先，全年在北京、上海、深圳市占率均位于第一。公司聚焦核心，投资规模 行业第一，2024 年新增土地投资 22 宗，总购地金额 806 亿元，其中一线城 市占比 77%。公司土储结构优质，持续发展动能充足，截至 2024 年末土地储 备总建筑面积 2877 万平米，权益面积 2543 万平米，其中一线和强二线城市 ...

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].