Group 1 - The investment rating for the company is "Outperform" [1] - The core viewpoint of the report highlights a strong rebound in the domestic tea beverage industry, with an upward revision of the target price from 539 HKD to 608 HKD [1] - The report reflects a higher forecast for same-store sales growth due to increased competition from the latest delivery platforms and a rapid pace of new store openings [1] Group 2 - The earnings per share forecast has been adjusted upward by 5-6% [1]

Investment Rating - The report maintains a "Buy" rating for Zoomlion Heavy Industry Science and Technology Co., Ltd. (01157) and raises the target price from HKD 6 to HKD 6.6, an increase of 10% [1] Core Insights - The report indicates that real estate investment remains weak in the first four months of 2025, impacting Zoomlion's traditional business. It is expected that real estate investment will improve by the end of June [1] - Despite the current challenges, the report expresses optimism regarding the company's long-term overseas growth due to increased overseas production capacity [1] - Revenue growth is projected to be between 13% and 16% year-on-year for the years 2025 to 2027, with gross profit margins expected to be between 28.4% and 28.8% [1]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810) [1] Core Insights - Daiwa Securities raised the target price for Xiaomi from HKD 65 to HKD 70, an increase of 7.7%, based on a 38x P/E ratio for 2025-26 and a 4.4x P/S ratio for the electric vehicle business [1] - Xiaomi's Q1 2025 performance exceeded market expectations by 13% in adjusted net profit, with gross profit margins for IoT and electric vehicles surprising positively, exceeding market expectations by 4 percentage points and 2 percentage points respectively [1] - The upcoming investor day on June 3 and the listing of YU7 in July are expected to serve as short-term catalysts for the stock [1] - Based on the revised gross profit margin forecasts for electric vehicles and IoT, the report has increased the earnings per share estimates for 2025-27 by 8-19% [1]