Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.24 CNY, reflecting a reasonable market value of 163.33 billion CNY [2][6]. Core Insights - The company has narrowed its losses, with a notable performance in commercialization expected. The 2024 revenue is projected at 1.69 billion CNY, a decrease of 9.0% year-on-year, while the net loss attributable to the parent company is expected to be 2.40 billion CNY, a reduction of 15.4% year-on-year [9]. - The approval of the drug Gexosrese for commercialization is anticipated to drive growth, with 2025 being the first full year of commercialization for Gexosrese, alongside the inclusion of another drug in the National Medical Insurance Directory [9]. - The clinical pipeline is progressing well, with positive data from the TYK2 inhibitor trials, indicating a strong potential for future revenue generation [9]. Financial Forecasts - Revenue projections for 2025-2027 are as follows: 141 million CNY in 2025, 323 million CNY in 2026, and 525 million CNY in 2027, with respective growth rates of -16.5%, 129.3%, and 62.6% [4]. - The net profit attributable to the parent company is forecasted to be -346 million CNY in 2025, -377 million CNY in 2026, and -290 million CNY in 2027, reflecting a trend of narrowing losses [4]. - The gross margin is expected to remain high, with projections of 100.0% in 2025, 98.9% in 2026, and 98.0% in 2027 [4]. Valuation Metrics - The report provides a detailed valuation analysis, indicating an enterprise value of 14.65 billion CNY and an equity value of 16.33 billion CNY, leading to a per-share value of 28.24 CNY [10]. - The report also includes a sensitivity analysis for the target price based on varying perpetual growth rates and WACC [10].

Investment Rating - The report maintains a rating of "Accumulate" for the company [7] Core Views - The company is undergoing brand upgrades focusing on global expansion, while new business models are still to be validated [2] - The company experienced a revenue decline in 2024, with total revenue of 4.921 billion yuan, down 4.7% year-on-year, and a net loss of 917 million yuan, a significant shift from profit to loss [10] - The company is actively restructuring its store operations and exploring new store formats, including promoting a franchise model and expanding into international markets [10] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecast for 2025-2027 is projected at -0.15, -0.12, and 0.00 yuan respectively, with a downward adjustment in revenue and gross margin due to weak downstream demand [4] - The target price for the company is set at 1.33 HKD, based on a discounted cash flow (DCF) valuation method [4] - The company’s revenue is expected to recover gradually, with projected revenues of 5.067 billion yuan in 2025, 5.333 billion yuan in 2026, and 5.838 billion yuan in 2027, reflecting growth rates of 3.0%, 5.3%, and 9.5% respectively [6][10] Key Financial Information - In 2024, the company reported a gross margin of 63.2%, down 3.9 percentage points year-on-year, and a net margin of -18.8% [6][10] - The number of direct stores decreased by 121 to 1,453, while franchise stores increased by 264 to 345, indicating a shift towards a franchise model [10] - The company’s total assets are projected to be 6.201 billion yuan in 2025, with total liabilities of 2.568 billion yuan [13]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.93 CNY based on a 19x PE valuation for 2025 [2][10][5]. Core Insights - The company is expected to accelerate shipments of its GB200 series, benefiting from strong demand in the AI and cloud computing sectors [1][9]. - Revenue projections for 2025-2027 are set at 761.524 billion CNY, 935.725 billion CNY, and 1.113631 trillion CNY respectively, reflecting growth rates of 25%, 23%, and 19% [4][10]. - The net profit attributable to the parent company is forecasted to reach 29.163 billion CNY, 35.503 billion CNY, and 41.784 billion CNY for the years 2025-2027, with growth rates of 26%, 22%, and 18% respectively [4][10]. Financial Summary - The company's revenue for 2023 is reported at 476.34 billion CNY, with a projected increase to 609.135 billion CNY in 2024, marking a 28% year-on-year growth [4]. - Operating profit is expected to grow from 23.067 billion CNY in 2023 to 49.157 billion CNY by 2027, with a compound annual growth rate of approximately 20% [4]. - The earnings per share (EPS) are projected to increase from 1.06 CNY in 2023 to 2.10 CNY in 2027 [4][10]. Market Performance - The company's stock price as of May 28, 2025, is 18.58 CNY, with a 52-week high of 28.67 CNY and a low of 14.58 CNY [5]. - The company has a market capitalization of approximately 368.978 billion CNY [5]. Business Segments - The AI server and general server segments are both experiencing significant growth, with cloud computing revenue increasing by over 50% year-on-year [9]. - The company is focusing on high-speed switch technology innovation, with notable growth in 400G and 800G switches [9]. Strategic Initiatives - The company plans to utilize 5-10 billion CNY of its own funds for share buybacks, with a maximum repurchase price set at 20.00 CNY per share [9]. - The company emphasizes a diversified supply chain strategy and has established a presence in over ten countries to enhance delivery capabilities [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.24 CNY, reflecting a reasonable market value of 163.33 billion CNY [2][6]. Core Insights - The company has shown a narrowing of losses, with a reported revenue of 1.69 billion CNY in 2024, a decrease of 9.0% year-on-year, and a net loss of 240 million CNY, which is a reduction of 15.4% compared to the previous year [9]. - The approval of the drug Gexosrayse for commercialization is expected to enhance revenue streams, with 2025 being the first full year of commercialization for this product [9]. - The clinical pipeline is progressing well, with positive data from the TYK2 inhibitor trials, indicating strong potential for future growth [9]. Financial Forecasts - Revenue projections for 2025-2027 have been adjusted downwards, with expected net profits of -346 million CNY, -377 million CNY, and -290 million CNY respectively [2]. - The company is expected to achieve a significant revenue increase in 2026 and 2027, with growth rates of 129.3% and 62.6% respectively [4]. - The gross margin is projected to remain high, around 100% in 2025, while the net margin is expected to improve significantly by 2027 [4]. Financial Metrics - The company reported a net profit margin of -153.1% in 2023, which is expected to improve to -55.1% by 2027 [4]. - The earnings per share (EPS) is projected to be -0.60 CNY in 2025, improving to -0.50 CNY by 2027 [4]. - The price-to-earnings (P/E) ratio is forecasted to be -40.6 in 2025, indicating the company's current valuation relative to its earnings [4].

- The report predicts dividend points for June contracts of major indices: 16.98 for SSE 50, 19.41 for CSI 300, 27.05 for CSI 500, and 23.76 for CSI 1000[12][9][17] - The annualized hedging costs (excluding dividends, calculated on a 365-day basis) for June contracts are -3.56% for SSE 50, -0.71% for CSI 300, 4.97% for CSI 500, and 10.61% for CSI 1000[12][13][14][15] - The dividend prediction process involves estimating component stocks' net profits, calculating pre-tax dividend totals, assessing dividend impacts on indices, and forecasting impacts on contracts[22][25][26] - The formula for estimating stock weight changes over time is: $$\mathrm{w_{it}={\frac{w_{i0}\times\mathrm{\scriptsize{\boldmath~(~1+R~)}~}}{\sum_{1}^{n}w_{i0}\times\mathrm{\scriptsize{\boldmath~(~1+R~)}~}}}}$$ where \( w_{i0} \) is the initial weight, \( R \) is the return, and \( w_{it} \) is the estimated weight[27] - The theoretical pricing model for futures under discrete dividend distribution is: $$\mathbf{D}=\sum_{\mathrm{i=1}}^{\mathrm{m}}\mathbf{D}_{\mathrm{i}}\,/(1+\phi)$$ $$F (S D)(1 r) t = t − +$$ where \( F_t \) is the futures price, \( S_t \) is the spot price, \( D \) is the present value of dividends, and \( r \) is the risk-free rate[35] - The theoretical pricing model for futures under continuous dividend distribution is: $$F_t = S_t e^{(r-d)(T-t)}$$ where \( F_t \) is the futures price, \( S_t \) is the spot price, \( r \) is the risk-free rate, \( d \) is the annualized dividend rate, and \( T-t \) is the time to maturity[36] - The remaining dividend impact on June contracts is 0.63% for SSE 50, 0.51% for CSI 300, 0.48% for CSI 500, and 0.39% for CSI 1000[17][13][14][15] - The dividend impact on futures contracts is calculated by summing all dividends before the contract's delivery date[32][28][31] - For companies without announced dividends, assumptions are made based on historical dividend rates, profitability, and other financial data[30][34][26] - The dividend impact on indices is calculated using stock weights and dividend yields, with adjustments for weight changes over time[27][25][26]

Investment Rating - The report maintains a "Buy" rating for the company [4][22]. Core Views - The company has accelerated its AI marketing layout, enhancing its leading position in AI shopping guide technology. The forecasted net profit attributable to the parent company for 2025-2027 is 127 million, 145 million, and 180 million yuan respectively, with a target price of 38.40 yuan per share based on a 60x PE valuation for 2025 [22]. Financial Information Summary - Revenue (in million yuan) is projected to grow from 1,452 in 2023 to 2,322 in 2027, with a CAGR of 20.6% [3]. - Operating profit is expected to increase significantly from 83 million in 2024 to 226 million in 2027, reflecting a growth rate of 23.9% in 2027 [3]. - Net profit attributable to the parent company is forecasted to rise from 75 million in 2024 to 180 million in 2027, with a notable growth of 68.2% in 2025 [3]. - Earnings per share are projected to grow from 0.38 yuan in 2024 to 0.90 yuan in 2027 [3]. - The gross margin is expected to stabilize around 47% over the forecast period, while the net margin is projected to improve from 5.0% in 2024 to 7.7% in 2027 [3]. AI Product Updates - The company launched four AI shopping guide applications and upgrades, including the Fire Eye AIUC engine, the upgraded "What is Worth Buying" GEN2, the AI shopping assistant Zhang Dama, and the Haina MCP server service, further expanding its AI marketing guide layout [1][9]. - The Fire Eye AIUC engine enhances consumer insights by analyzing multi-modal content, improving content understanding and analysis efficiency [9]. - The upgraded GEN2 leverages AI to enhance community engagement and content quality, while the Zhang Dama AI shopping assistant aims to provide a human-like shopping experience [9]. - The Haina MCP server will offer comprehensive services including content and product search, and will evolve to support full-link ordering and cloud intelligent assistant functionalities [9].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - The overseas shading fabric market is large, and domestic companies are accelerating their international expansion, with market share expected to continue increasing. Some domestic shading material companies have also expanded into overseas shading finished products, primarily through cross-border e-commerce, achieving significant results [4][9] - The company West Gate (605155, Buy) is recommended for attention due to its dual-driven strategy focusing on shading fabrics and finished products, with potential for improved profitability [4] Summary by Sections Market Dynamics - The U.S. government announced a reduction in tariffs on small packages from 120% to 54%, easing the pressure on cross-border e-commerce businesses. This adjustment is expected to maintain the competitiveness of Chinese shading finished products in the U.S. market [9] - The shading materials industry is experiencing a dual-driven growth model, with domestic companies leveraging manufacturing advantages to capture a stable growth in the overseas shading fabric market [9] Company Performance - West Gate's shading finished product business achieved revenue of 320 million yuan in 2024, a year-on-year increase of 119.7%, primarily driven by cross-border e-commerce [9] - The gross profit margin for this business was 48.7%, reflecting a year-on-year increase of 2.0 percentage points, indicating strong profitability potential [9]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The overseas shading fabric market is large, and domestic companies are accelerating their international expansion, with market share expected to continue increasing. Some domestic shading material companies have also expanded into overseas shading finished product businesses, primarily through cross-border e-commerce, achieving significant results [4][9] - The dual-driven strategy of shading fabrics and finished products is recommended, focusing on companies with potential for profit improvement, such as industry leader Xidamen (605155, Buy) [4] Summary by Relevant Sections - **Market Dynamics**: The cross-border e-commerce business has become an important expansion direction for functional shading material companies. For instance, Xidamen has actively developed overseas cross-border e-commerce business through platforms like Amazon, accelerating brand internationalization and establishing overseas warehouses in regions like the US and Australia [9] - **Financial Performance**: In 2024, Xidamen's finished product business achieved revenue of 320 million yuan, a year-on-year increase of 119.7%, primarily driven by cross-border e-commerce. Additionally, this business segment maintained a gross profit margin of 48.7%, up by 2.0 percentage points year-on-year [9] - **Tax Adjustments**: The reduction of the small package tax rate from 120% to 54% significantly alleviates the pressure on cross-border e-commerce merchants. The US market remains the largest consumer market for shading finished products, and while increased tariffs may impact operational costs, companies can partially transfer costs through price adjustments. The recent tax reduction is expected to help maintain the competitiveness of Chinese shading finished product companies [9] - **Growth Potential**: The overseas shading fabric market is mature and large enough, with domestic companies having manufacturing advantages. As international expansion accelerates, market share is expected to continue growing, leading to stable growth in the shading fabric business. Additionally, some companies are beginning to focus on overseas sales of shading finished products through online platforms targeting the European and American markets, showing significant potential for future growth [9]

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating expected performance above the market benchmark index by more than 5% [4][18]. Core Insights - The first quarter results for home appliances generally exceeded expectations, with domestic sales likely to benefit from policy support. The demand for home appliances in the second quarter is anticipated to be promising due to high temperatures and low inventory during the air conditioning peak season [2][14]. - DJI's entry into the robotic vacuum cleaner market is expected to stimulate innovation within the industry, although its short-term impact is deemed limited. The long-term potential for growth is highlighted by the low penetration rates and the need for improved user experiences in the robotic vacuum sector [6][10][12]. Summary by Sections Investment Recommendations and Targets - The report suggests focusing on quality white goods leaders benefiting from domestic policy continuation and overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [2][14]. - Companies with a strong presence in mature overseas markets and short-term global supply chain advantages are recommended, including Hisense Visual (600060, Accumulate) and Ousheng Electric (301187, Buy) [2][14]. - Small appliance companies expected to benefit from national subsidies and long-term demand growth are highlighted, including Stone Technology (688169, Buy) and Bear Electric (002959, Accumulate) [2][14]. - Kitchen appliance companies that are flexible in strategy and likely to expand overseas are also recommended, such as Robam Appliances (002508, Buy) and Vatti Corporation (002035, not rated) [2][14]. Industry Dynamics - DJI's entry into the robotic vacuum cleaner market is seen as a validation of the industry's high growth potential, with expectations of continued demand supported by national subsidies. The report notes that the domestic penetration rate for robotic vacuums remains low, indicating room for expansion [12]. - The competitive landscape is evolving, with major players like Ecovacs maintaining over 25% market share, while Stone Technology has also increased its market share to over 25% through enhanced marketing investments [12][14].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.86 CNY, reflecting a 25% premium based on the company's growth rate and a PE ratio of 41 times for 2026 [2][5]. Core Views - The company has won a bid for a semi-physical simulation testing system from LiaoShen Industrial Group, with a contract value of 36.5 million CNY, indicating a recovery in industry demand and potential improvement in the company's fundamentals [1][8]. - The company has adjusted its revenue forecasts for 2025 and 2026, with EPS estimates revised to 0.13 CNY and 0.46 CNY respectively, and a new estimate for 2027 at 0.68 CNY [2]. - The report highlights the increasing demand for military simulation systems, driven by the need for reliable and stable testing methods for guided weapons, which is expected to create significant incremental demand from military exercises and weapon evaluations [8]. Financial Summary - The company's projected revenue for 2025 is 275 million CNY, with a year-on-year growth of 60%, and is expected to reach 464 million CNY by 2027, maintaining a growth rate of approximately 29.2% [4][11]. - The operating profit is forecasted to turn positive in 2025, reaching 14 million CNY, and is expected to grow to 77 million CNY by 2027, reflecting a significant recovery in profitability [4][11]. - The net profit attributable to the parent company is projected to be 13 million CNY in 2025, with a substantial increase to 68 million CNY by 2027, indicating a strong turnaround from previous losses [4][11].