Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that domestic capital expenditure is increasing while overseas business is growing rapidly. The company expects revenue growth of 5.5% in 2024, with a projected revenue of 10.322 billion RMB [6][7] - The overseas business has shown significant growth, with a revenue increase of 618.2% year-on-year, reaching approximately 1.729 billion USD [6] - The company is expanding its data center capacity, with a commitment usage rate of 91.9% and an expected increase in operational capacity in the coming years [6][7] Financial Data and Forecasts - Revenue projections for 2023 to 2027 are as follows: 9.957 billion RMB (2023), 10.322 billion RMB (2024), 11.440 billion RMB (2025), 12.927 billion RMB (2026), and 14.866 billion RMB (2027), with year-on-year growth rates of 6.8%, 3.7%, 10.8%, 13.0%, and 15.0% respectively [5][10] - The net profit forecast shows a loss of 4.344 billion RMB in 2023, followed by a profit of 3.371 billion RMB in 2024, and losses in subsequent years, with projections of -825 million RMB (2025), -728 million RMB (2026), and -462 million RMB (2027) [5][10] - The adjusted EBITDA for 2024 is expected to be 48.76 billion RMB, with a margin of 47.2% [6] Business Performance - The company’s domestic business is accelerating, with a projected revenue of 10.322 billion RMB in 2024, reflecting a 3.67% increase [10] - The overseas business is expected to contribute significantly to future revenues, with a projected EBITDA of 11.40 billion RMB in 2025 [7][8] - The company plans to increase capital expenditure to approximately 4.3 billion RMB in 2025, up from 3 billion RMB in 2024 [6][7] Valuation - The overall valuation for the company is estimated between 467.51 billion RMB and 590.19 billion RMB, with a reasonable stock price range of 32.98 to 41.63 HKD [8] - The report uses a forward dynamic EV/EBITDA multiple of 14-16 times for the company and 20-21 times for its overseas business [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][6] Core Insights - The company is a leading player in the domestic dairy farming industry, benefiting from a cyclical recovery in the market [4][6] - The company has a strong market position with a significant increase in market share from 19% to approximately 26% from 2019 to 2024 [6] - The company is expected to see a rebound in raw milk prices due to a reduction in supply and an increase in demand driven by government policies [6][9] - The company has a diversified product matrix, including organic and specialty milk products, which contribute to higher profit margins compared to regular milk [6][9] Financial Data and Forecasts - Revenue projections for the company are as follows: - 2023: 18,694 million CNY - 2024: 20,096 million CNY - 2025: 21,766 million CNY - 2026: 23,712 million CNY - 2027: 25,879 million CNY - Year-on-year growth rates for revenue are projected to be 3.6% in 2023, 7.5% in 2024, 8.3% in 2025, 8.9% in 2026, and 9.1% in 2027 [5][6] - Net profit is expected to turn positive by 2025, with projections of 679 million CNY in 2025, 1,748 million CNY in 2026, and 2,945 million CNY in 2027 [5][6] - The company’s gross margin is projected to improve from 23.9% in 2023 to 33.92% by 2027 [5][6] Industry Analysis - The domestic raw milk supply is characterized by a significant reduction in dairy cattle numbers, with a projected decline of 4.5% in Holstein cattle by 2024 [6][9] - The competitive landscape of the dairy industry is fragmented, with the top five companies holding a market share of approximately 19% [6][9] - The company benefits from a stable demand from its major shareholder, Yili Group, which accounts for about 95% of its raw milk revenue [6][9] Valuation Metrics - The company is expected to trade at a P/E ratio of 16-20 times by 2025, with a target price range of 3.00 to 3.75 HKD per share [6][9]

Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expectation of relative performance exceeding the market benchmark by over 10% within six months following the report's release [5][19]. Core Insights - The company, Zhixing Technology, is a leading provider of autonomous driving solutions in China, leveraging advanced systems in software, hardware, and AI algorithms to deliver innovative products [6][7]. - The company is experiencing rapid growth in its autonomous driving business, with a significant increase in new orders and deliveries, reflecting a growing consumer acceptance of autonomous vehicles [6][8]. - The report highlights the company's strategic focus on AI-driven autonomous driving and its potential to create a closed-loop system that integrates AI development with hardware sales [7][9]. Financial Performance and Forecast - Revenue projections for Zhixing Technology are as follows: 2023: 1,216 million CNY, 2024: 1,248 million CNY, 2025E: 2,071 million CNY, 2026E: 3,220 million CNY, and 2027E: 4,182 million CNY, with year-on-year growth rates of -8%, 3%, 66%, 56%, and 30% respectively [6][12]. - The net profit forecast indicates losses in the initial years, with estimates of -195 million CNY in 2023, -288 million CNY in 2024, and a return to profitability with 23 million CNY in 2026 and 164 million CNY in 2027 [6][12]. - The report anticipates a significant increase in the gross margin from 7.28% in 2024 to 21.55% in 2027, driven by economies of scale as revenue grows [12][14]. Market Position and Competitive Advantage - Zhixing Technology has established a strong market presence with over 227,000 autonomous driving solutions delivered in 2024, marking a 75% increase from the previous year [6][8]. - The company has secured contracts with major OEMs, including Geely, Polestar, and Chery, enhancing its market credibility and expanding its operational footprint [6][8]. - The report emphasizes the company's technological edge, particularly in deploying advanced algorithms on low-power chips, positioning it as a pioneer in the industry [6][8]. Valuation and Investment Recommendation - The report employs a price-to-sales (P/S) valuation method, suggesting a valuation range of 18.60 to 24.18 HKD for 2025, based on a P/S ratio of 2.0 to 2.6 [6][12]. - The recommendation to "Outperform" is based on the anticipated growth trajectory of the autonomous driving market and the company's strategic initiatives to enhance its product offerings and market share [5][6].

Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expected relative performance that exceeds the benchmark index by more than 10% over the next six months [10]. Core Insights - The company reported a revenue of 2.081 billion yuan for 2024, a decrease of 8.8% year-on-year, while the adjusted net profit increased by 61.1% to 170 million yuan. The fourth quarter of 2024 saw a revenue of 560 million yuan, down 10.6% [5][10]. - The company has introduced several AI recruitment applications, which have significantly improved user engagement and operational efficiency. The average monthly active users grew by 5.6% year-on-year, with a total registered user base of 106 million, reflecting an 11.1% increase [6][8]. - The company has initiated a special dividend plan, proposing a special dividend of 0.42 HKD per share, highlighting its commitment to returning value to shareholders [5]. Financial Performance - In 2024, the company achieved an adjusted operating profit of 229 million yuan, marking a 64.9% increase. The fourth quarter's adjusted operating profit was 50 million yuan, compared to 26 million yuan in the same quarter of the previous year [5][8]. - The company’s total liabilities stood at 786 million yuan, with cash and cash equivalents amounting to 1.211 billion yuan, indicating a strong liquidity position [10]. - The forecast for 2025-2027 suggests a gradual recovery in revenue, with expected revenues of 1.988 billion yuan in 2025 and 2.040 billion yuan in 2027, alongside a projected adjusted net profit of 230 million yuan in 2025 [9][10]. Market Position and Strategy - The company has successfully expanded its multi-hunting RCN platform, which has seen a growing demand for job positions, particularly in sectors like internet, energy, and manufacturing. By the end of 2024, 91% of the network had participated in collaborative delivery [7][8]. - The introduction of the AI interview system, Doris, has shown a consistent alignment with professional interviewers' judgments, maintaining a 95% accuracy rate, which enhances the recruitment process across various demographics [6][8].

Investment Rating - The report assigns an "Outperform" rating to the company [8]. Core Views - The company is expected to lead in high growth revenue in 2024, driven by the launch of the Journey 6 series, which will be adopted by over 20 automotive manufacturers and brands, covering a wide range of vehicle types from economy to luxury [9][12]. - The company aims to democratize advanced driving technology through three strategic directions: flagship high-level driving systems, mainstream pricing for urban NOA, and enhancing active safety features [9]. - The company has maintained a leading market share in the Chinese OEM ADAS market, exceeding 40%, and is positioned second in the OEM AD market with over 30% market share [11]. Financial Data and Forecast - Revenue is projected to grow significantly from 1,552 million in 2023 to 3,582 million in 2025, reflecting a year-on-year growth of 71% in 2023 and 54% in 2024 [10]. - The net profit is expected to improve from a loss of 6,739 million in 2023 to a profit of 755 million by 2027, with a notable increase of 135% in 2024 [10][12]. - The gross margin is forecasted to remain strong, with values around 77% for 2024 and beyond [10][15]. Business Segmentation - The automotive retail solutions segment is expected to generate revenue of 2,311.70 million in 2024, with a growth rate of 57% [15]. - Non-standard automotive insurance revenue is projected to decline slightly, while overall revenue is expected to grow at a compound annual growth rate of 54% from 2024 to 2027 [15]. Market Performance - The company's stock has shown significant absolute and relative growth, with a 261.7% increase over the last three months [7]. - The stock price as of April 1, 2025, was 6.40 HKD, with a market capitalization of approximately 70.886 billion HKD [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [7]. Core Views - The new car business is under pressure, while the after-sales service and used car business are developing steadily [7]. - The company achieved a revenue of 168.1 billion yuan in 2024, a year-on-year decrease of 6.2%, and a net profit of 3.21 billion yuan, down 36% year-on-year [7]. - The company focuses on key urban areas to enhance performance resilience and has opened 37 AITO stores in collaboration with Seres for its new energy vehicle business [7]. Financial Data and Forecast - Total revenue is projected to be 183.52 billion yuan in 2023, with a slight decline of 0.3% year-on-year, followed by a forecasted revenue of 168.12 billion yuan in 2024, down 6% [6]. - Net profit is expected to decrease significantly to 3.21 billion yuan in 2024, a 36% decline, before recovering to 3.77 billion yuan in 2025, representing a 17% increase [6]. - The company’s gross margin is forecasted to improve from 6.35% in 2024 to 11.91% by 2027 [6]. - Earnings per share (EPS) are projected to be 1.35 yuan in 2024, increasing to 2.49 yuan by 2027 [6]. Business Segments - The new car sales volume in 2024 is expected to be 485,000 units, a decrease of 3.2% year-on-year, with revenue from new car sales at 125.3 billion yuan, down 10.6% [7]. - The used car business is showing robust growth, with sales expected to reach 226,000 units in 2024, a year-on-year increase of 37.9%, contributing 15.4 billion yuan in revenue [7]. - After-sales service revenue is projected to reach 22 billion yuan in 2024, a 9.6% increase, marking a historical high [7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company has demonstrated strong growth in product sales, achieving a total revenue of 2.124 billion RMB in 2024, with a year-on-year decline of 53.08%. However, commercial sales revenue increased by 24.88% to 2.002 billion RMB, and gross profit reached 1.835 billion RMB, reflecting a 16.53% increase in commercial sales gross profit [1][4]. - The company is building a core competitive advantage in tumor immunotherapy through its two main bispecific antibodies, Cardunilumab and Ivorisumab, which are undergoing extensive clinical exploration across over 40 indications. Notably, Ivorisumab has shown significant efficacy in treating advanced non-small cell lung cancer [2][4]. - The company is investing efficiently in research and development, with approximately 1.2 billion RMB allocated in 2024. This has resulted in the approval of three new drugs and the advancement of multiple clinical trials, including the first bispecific ADC drug entering clinical trials [3][4]. - The commercialization process is expected to accelerate, with key products entering the national medical insurance directory by the end of 2024, enhancing hospital access and coverage [3][4]. Financial Projections - The company is projected to achieve revenues of 3.82 billion RMB, 6.52 billion RMB, and 8.86 billion RMB from 2025 to 2027, with corresponding net profits of 107 million RMB, 1.064 billion RMB, and 2.083 billion RMB [4][5]. - The expected growth rates for revenue are 79.9% in 2025, 70.6% in 2026, and 35.9% in 2027, while net profit is anticipated to grow by 120.8% in 2025 and 896.9% in 2026 [5][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong investment opportunity with expected returns exceeding market benchmarks by over 15% in the next 6-12 months [6]. Core Insights - The company achieved a revenue of 17 billion RMB in 2024, reflecting a year-on-year growth of 15.4%, with a net profit of 3.63 billion RMB, up 23.9% from the previous year [1][4]. - The shopping center operations are performing exceptionally well, with the number of managed shopping centers reaching a five-year high, contributing significantly to revenue growth [2][3]. - The company has expanded its urban services segment, generating 1.82 billion RMB in revenue, a 36.3% increase year-on-year, indicating a strategic diversification of services [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 17.04 billion RMB, with a gross profit of 5.61 billion RMB and a gross margin of 32.9%, which is an increase of 1.1 percentage points year-on-year [1][5]. - The net profit attributable to shareholders was 3.63 billion RMB, marking a 23.9% increase compared to 2023 [1][5]. Shopping Center Operations - The company managed 118 shopping centers by the end of 2024, an increase of 20 centers from the previous year, achieving a retail sales volume of 215 billion RMB, which is an 18.7% increase year-on-year [2]. - The rental income from property owners reached 26.2 billion RMB, up 19.2% year-on-year, with an operating profit margin of 65.1% [2]. Urban Services Expansion - The urban services segment has been established, providing management services for various facilities, generating 1.82 billion RMB in revenue, which constitutes 10.7% of total revenue [3]. - The number of managed urban service projects reached 438, with a managed area of 12 million square meters, reflecting a significant increase [3]. Employee and Dividend Insights - The company employed 42,046 full-time staff by the end of 2024, with a 12.5% increase in revenue per employee and a 20.8% increase in profit per employee [3]. - The total dividend payout for 2024 was 4.8 billion RMB, resulting in a dividend yield of 6.7%, which is considered attractive [3][4].

证券研究报告·海外公司点评·地产(HS) 绿城管理控股（09979.HK） 2024年业绩公告点评：行业竞争致利润下降， 龙头地位进一步稳固 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3303 | 3441 | 3636 | 3836 | 4043 | | 同比(%) | 24.34 | 4.18 | 5.65 | 5.51 | 5.39 | | 归母净利润（百万元） | 973.61 | 801.13 | 822.77 | 874.57 | 932.80 | | 同比(%) | 30.77 | (17.71) | 2.70 | 6.30 | 6.66 | | EPS-最新摊薄（元/股） | 0.48 | 0.40 | 0.41 | 0.44 | 0.46 | | P/E（现价&最新摊薄） | 5.66 | 6.87 | 6.69 | 6.30 | 5.90 | [Table_Tag] [Table_Sum ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a total revenue of 2.124 billion RMB in 2024, a decrease of 53.08% year-on-year, while commercial sales revenue grew by 24.88% to 2.002 billion RMB [1][4]. - The company is building a core competitive advantage in tumor immunotherapy through its two main bispecific antibodies, Cardunilumab and Ivorisumab, with over 40 clinical therapy explorations [2][4]. - The company invested approximately 1.2 billion RMB in R&D in 2024, achieving significant milestones including three new drug approvals and multiple ongoing clinical studies [3][4]. Financial Performance - The company reported a gross profit of 1.835 billion RMB in 2024, with a gross margin of 86.39% [5][8]. - The projected revenues for 2025, 2026, and 2027 are 3.820 billion RMB, 6.519 billion RMB, and 8.860 billion RMB, respectively, with corresponding net profits expected to be 107 million RMB, 1.064 billion RMB, and 2.083 billion RMB [4][5]. - The earnings per share (EPS) is projected to improve from -0.57 RMB in 2024 to 2.32 RMB by 2027 [5][8]. Product Development and Commercialization - The company is advancing its commercialization process, with key products expected to be included in the national medical insurance directory by the end of 2024 [3][4]. - The company has initiated multiple clinical studies for its bispecific antibodies, establishing a strong pipeline for future growth [2][3].