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    RESEARCH

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): FY24 product mix continued to improve, expecting further enhancement

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): FY24 product mix continued to improve, expecting further enhancement

    26 March 2025 On the back of the strong increase in demand for camera modules (CCM) (+28.2% YoY), the increase in ASP and increase in sales volume of fingerprint recognition modules (FPM) (+50.8% YoY), Q-Tech’s FY24 revenue amounted to Rmb16.2bn,

    Crosby_research March 28, 2025 RESEARCH Read more

    CROSBY Research – Xtep (1368 HK/BUY): Inline FY24 results; Expect stable growth this year

    CROSBY Research – Xtep (1368 HK/BUY): Inline FY24 results; Expect stable growth this year

    21 Mar 2025 Xtep’s FY24 revenue was up by 6.5% YoY to Rmb13,577m, mainly driven by i) steady growth of 3.2% YoY from core brand Xtep to Rmb12,327m due to the strong growth from online channels of ~20% YoY which

    Crosby_research March 21, 2025March 21, 2025 RESEARCH Read more

    CROSBY Research – TK Group (2283 HK/ NR): Solid top and bottom-line growth in FY24

    CROSBY Research – TK Group (2283 HK/ NR): Solid top and bottom-line growth in FY24

    19 Mar 2025 TK Group’s (TKG) FY24 revenue amounted to HK$2.4bn, representing a YoY increase of 21.2%, while NP also went up by 28.2% YoY to HK$261.9m.  A final DPS of HK$8.8cents and special DPS of HK$10.0cents was proposed. During

    Crosby_research March 19, 2025March 19, 2025 RESEARCH Read more

    CROSBY Research – 361 Degrees (1361 HK/BUY): Inline FY24 results, expects double-digit growth in FY25

    CROSBY Research – 361 Degrees (1361 HK/BUY): Inline FY24 results, expects double-digit growth in FY25

    13 Mar 2025 FY24 revenue was up 19.6% YoY to Rmb10.1bn, with core brand retail value up by high-teens/10%/10%/10% YoY and that of 361º Kids up by 20-25%/mid-teens/10%/10-15% YoY in 1Q/2Q/3Q/4Q. GPM was up by 0.4ppt YoY to 41.5%, with

    Crosby_research March 13, 2025 RESEARCH Read more

    CROSBY Research – Impro Precision Industries (1286 HK/ NR): High horsepower engine and aerospace end-market sustained FY24 growth

    CROSBY Research – Impro Precision Industries (1286 HK/ NR): High horsepower engine and aerospace end-market sustained FY24 growth

    12 March 2025 Impro Precision’s FY24 revenue amounted to HK$4.7bn, representing a marginal growth of 1.8%. Net profit went up by 10.1% YoY to HK$644.3m in FY24. Its GPM edged up by 1.5ppt to 27.1% in FY24. Improvement in GPM

    Crosby_research March 12, 2025March 12, 2025 RESEARCH Read more

    CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 76)

    CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 76)

    10 Mar 2025 CPI and PPI contracted more than expected in February, underscoring the need for more stimulus measures from Beijing amid persistent disinflation in the country. CPI shrank 0.7% YOY, more than expectations for a drop of 0.4% and

    Crosby_research March 10, 2025March 10, 2025 RESEARCH Read more

    CROSBY Research – JNBY (3306 HK/NR): Both top-line and bottom-line up by MSD YoY in FY1H25

    CROSBY Research – JNBY (3306 HK/NR): Both top-line and bottom-line up by MSD YoY in FY1H25

    7 Mar 2025 JNBY announced its 1HFY25 interim results, with revenue increased by 5.0% YoY to Rmb3,156m mainly driven by sales growth in online channel and increase in the scale of offline stores. JNBY brand remained as the largest revenue

    Crosby_research March 7, 2025March 7, 2025 RESEARCH Read more

    CROSBY Research – Concord New Energy (182 HK/BUY): Solid pipeline for future growth

    CROSBY Research – Concord New Energy (182 HK/BUY): Solid pipeline for future growth

    5 Mar 2025 CNE’s FY24 revenue was up by 6.3% YoY to Rmb2,752m. The top-line growth was mainly attributed to a 11.4% YoY increase in power sales, which accounted for 91.4% of total revenue (FY23: 87.3%). Revenue from wind power

    Crosby_research March 5, 2025March 5, 2025 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/ BUY): New collaboration with Siemens further strengthens partnership

    CROSBY Research – Wasion Holdings (3393 HK/ BUY): New collaboration with Siemens further strengthens partnership

    28 Feb 2025 Wasion announced that the company and Siemens will collaborate to promote comprehensive solutions for modular data centers and the globalization of China’s manufacturing industry, contributing to the high-quality development of the energy sector to improve the competitiveness

    Crosby_research February 28, 2025February 28, 2025 RESEARCH Read more

    Sunny Optical (2382 HK/BUY): Strong NP growth in FY24

    Sunny Optical (2382 HK/BUY): Strong NP growth in FY24

    27 Feb 2025 Sunny Optical announced a positive profit alert for its FY24 results, with FY24 NP up around 140%-150% YoY to Rmb2,639m to Rmb2,749m, amid recovery in the smartphone market and strong demand in NEV

    Crosby_research February 27, 2025February 27, 2025 RESEARCH Read more
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