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Founded Securities: Maintains KE Holdings-W "Recommended" rating; the Business of Three Wings has become a strong second growth pole.
Fangzheng Securities released a Research Report stating that it maintains a "Recommend" rating for KE Holdings (02423). The company has a solid leading position in brokerage business, with stable profit contributions from various businesses. The three wings of the business have become a strong second growth engine, with expected revenues for 2024, 2025, and 2026 being 86.37, 99.21, and 111.63 billion yuan (RMB, the same below), and net profits attributable to the parent being 6.01, 6.4, and 7.31 billion yuan respectively. The corresponding PE ratios are 24.4x, 22.9x, and 20.0x. Fangzheng Securities' main viewpoints are as follows: "One Body, Three Wings" strategy under a one-stop residential service platform with KE Holdings' predecessor.
There's No Escaping Founder Securities Co., Ltd.'s (SHSE:601901) Muted Earnings
Founder Securities (601901.SH): Committee member and vice president Yuan Yuping is currently unable to perform his duties due to health reasons.
Fangzheng Securities (601901.SH) announced that Mr. Yuan Yuping, a member of the executive committee and vice president, has health issues...
Fangzheng Securities: Assigns a "strong buy" rating to Geely Autos as the company experiences a synchronous resonance of management and technology cycles.
Fangzheng Securities released a Research Reports stating a "strong buy" rating for Geely Autos (00175), as the company experiences a synchronized resonance of management and technology cycles. In November 2024, the company announced an increased Shareholding in ZEEKR and ZEEKR formed a controlling relationship with Lynk & Co, which is expected to eliminate competition within the industry, accelerate integration in research and procurement, and lead to a decrease in costs and expenses. It is expected that from 2024 to 2026, the company will achieve revenues of 244.03, 339.17, and 388.38 billion yuan, with year-on-year growth of 35.7%, 39.0%, and 14.5% respectively; and achieve a Net income attributable to the parent company of 165.6131 from 2024 to 2026.
Fangzheng Securities: Maintain "Strong Buy" rating for ASCENTAGE-B. The company goes public in the USA, further opening up financing channels in the USA.
Fangzheng Securities released a Research Report stating that on January 24, ASCENTAGE-B (06855) successfully listed on Nasdaq, raising approximately 0.126 billion USD in the US stock market, further opening up financing channels in the USA, gaining new funding support, providing more resources and certainty for subsequent product development, and is expected to accelerate the global commercialization progress of Olverembatinib and the R&D progress of other pipelines. The company's revenue for FY24-26 is expected to be 0.908/0.596/2.63 billion yuan, with year-on-year growth of 303.62%, -34.45%, and 341.68%, respectively, corresponding to FY24.
Fangzheng Securities: Maintains a "strongly recommended" rating for 361 DEGREES, expected to achieve stable growth surpassing the Industry in the long term.
Fangzheng Securities released a research report stating that it maintains a "strong buy" rating for 361 DEGREES (01361), expecting the company's net income attributable to the parent company to be 1.08 and 1.25 billion yuan for 2024 and 2025 respectively. In the short term, the company primarily operates through a dealer model offline, with growth in 2025 being certain, and there is ongoing demand for reorders of certain premium products, while online self-operated sales continue to grow rapidly; the company's revenue growth for the entire year is highly certain. In the medium to long term, the company is expected to benefit from changes in consumer trends and a broad sports market in lower-tier cities, maintaining stable growth that outperforms the Industry. The main viewpoints from Fangzheng Securities are as follows: steady growth of transaction volume in Q4 2024 despite a high comparison base.
There's No Escaping Founder Securities Co., Ltd.'s (SHSE:601901) Muted Earnings