Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [1] Core Views - The report emphasizes that Meituan is actively responding to competition in the food delivery sector while awaiting the release of long-term value [3] - The company's Q1 2025 financial performance exceeded market expectations, with significant growth in both revenue and profit metrics [11] Summary by Sections Overall Performance - In Q1 2025, Meituan achieved revenue of 866 billion RMB, representing a year-over-year increase of 18% and a quarter-over-quarter decrease of 2% [11] - Operating profit reached 106 billion RMB, up 103% year-over-year and 58% quarter-over-quarter [11] - Net profit was 101 billion RMB, reflecting an 87% year-over-year increase and a 62% quarter-over-quarter increase [11] - Non-GAAP EBITDA stood at 123 billion RMB, a 52% year-over-year increase [11] Business Segments - **Food Delivery Business**: In Q1 2025, the food delivery segment saw a steady growth with a year-over-year increase in order volume of 9.3%. The company plans to invest 100 billion RMB over the next three years to enhance the quality of the food service industry [7] - **Meituan Flash Purchase**: This segment maintained strong growth, with over 500 million cumulative transaction users by the end of March 2025. The daily order volume for non-food items exceeded 18 million [7] - **In-store and Travel Business**: The in-store and travel segment reported a year-over-year revenue growth of 20% in Q1 2025, with active merchant numbers increasing by over 25% [8] Financial Projections - Revenue forecasts for 2025-2027 are projected at 387.3 billion RMB, 447.7 billion RMB, and 510.6 billion RMB respectively. Non-GAAP net profit forecasts are 40.9 billion RMB, 54.7 billion RMB, and 67.6 billion RMB for the same years [18] - The target market capitalization for Meituan in 2025 is set at 830.2 billion RMB, with a target price of 136 RMB per share [18][19]

2025 年 05 月 28 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 89 期 观点精粹: 最新报告摘要 公司层面利润率承压，国内同店趋势向好--名创优品/专业连锁Ⅱ(09896/214504) 点评报告（港股美股） 基本业务营运表现强劲，全速推进混合式人工智能落地--联想集团/计算机设备(00992/217101) 点评报告（港 股美股） MDI 价差环比改善，与科威特石化达成合资--万华化学/化学制品(600309/212203) 公司动态研究 市场持续活跃，保障房与交通领涨--资产配置报告 证券研究报告 1、最新报告摘要 1.1、公司层面利润率承压，国内同店趋势向好--名创优品/专业连锁Ⅱ (09896/214504) 点评报告（港股美股） 分析师：马川琪 S0350523050001 联系人：刘毅 S0350123090035 事件: 名创优品（09896.HK）于 2025 年 5 月 23 日公布 2025Q1 财报。2025Q1 公司总营收为 44.3 亿元，同比+18 ...

2025年05月 27 日 资产配置报告 研究所: 证券分析师: S0350524100005 林加力 linjl01@ghzq.com.cn 市场持续活跃,保障房与交通领涨 资产配置报告 最近一年走势 17% 11% 24/11/25 25/02/24 24/08/26 投资要点: 相关报告 深 300 指数。REITs 市场总市值增至 1984.31 亿元,日均换手率环 比提升至 0.71%,市场活跃度有所增强。 国海证券研究所 请务必阅读正文后免责条款部分 一级市场稳步推进,后续供给可期:年内已成功发行7单 REITs 产 E 品,另有7单产品已通过审核等待上市,一级市场发行节奏平稳, 储备项目持续获得进展,为市场注入新的活力。 二级市场表现强劲,REITs 指数跑赢主流基准:本周(2025年5月 E 19日至2025年5月23日),中证 REITs 全收益指数上涨 1.20%, 表现优于红利指数、中债-新综合财富总值指数、中证转债指数及沪 《资产配置专题报告:基准偏离度考量下,公募基 金如何配置行业*林加力》——2025-05-19 《资产配置报告:《中美日内瓦经贸会谈联合声明》 点评 -- 攻守之势 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the price spread of MDI has improved, and a joint venture has been established with Kuwait Petrochemical [5][7] - The company is positioned as a typical example of development driven by technological innovation in the chemical industry, aiming to become a global chemical giant [4] - The short-term profitability of the company is primarily influenced by product price spreads, while long-term growth is dependent on the ability to innovate and launch milestone products [5] Summary by Sections Recent Performance - As of May 26, 2025, the company's stock price is 55.41 CNY, with a market capitalization of approximately 173.97 billion CNY [3] - The company's performance relative to the CSI 300 index shows a decline of 37.1% over the past 12 months [3] Price Spread and Profitability - The MDI price spread index for Q2 2025 is at an average of 70.11, down 7.35 from Q1 2025, indicating a position in the historical 5.83 percentile [6][25] - The expected net profit for Q2 2025 is projected to be 3.4 billion CNY [6] Key Projects and Developments - A joint venture agreement was signed with Kuwait Petrochemical on April 25, 2025, with an investment of 638 million USD for a 25% stake in a subsidiary [7][35] - Several projects are in progress, including expansions in MDI and HDI production capacities, with expected revenues from new projects totaling 476 billion CNY in 2025 [37] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 197.6 billion CNY, 230.5 billion CNY, and 251.8 billion CNY, respectively, with corresponding net profits of 14.3 billion CNY, 18.4 billion CNY, and 22.3 billion CNY [11][13]

2025 年 05 月 27 日 资产配置报告 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn [Table_Title] 市场持续活跃，保障房与交通领涨 资产配置报告 最近一年走势 投资要点: 相关报告 《资产配置专题报告：基准偏离度考量下，公募基 金如何配置行业*林加力》——2025-05-19 《资产配置报告：《中美日内瓦经贸会谈联合声明》 点评——攻守之势迎转折，建议红利底仓叠加出口 链弹性*林加力》——2025-05-15 《资产配置报告：国新办发布会点评——资本市场 迎来多重利好*林加力》——2025-05-08 《4 月资金流向月报：价值型资金或仍为主要定价 力量*徐凝碧，林加力》——2025-05-07 《2025 年 5 月大类资产配置报告：宏观不确定性 上升，依旧看好 A 股红利类资产*林加力》—— 国海证券研究所 请务必阅读正文后免责条款部分 2025-05-05 一级市场稳步推进，后续供给可期：年内已成功发行 7 单 REITs 产 品，另有 7 单产品已通过审核等待上市，一级市场发行节奏平稳， 储备项目持续获得进展，为市场注入新的 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [1] Core Insights - Lenovo Group's basic business operations are strong, with all main business segments achieving double-digit year-on-year growth in FY2025, and a net profit increase of 37% [6][9] - The company is accelerating the implementation of hybrid artificial intelligence, which is expected to enhance overall performance and market competitiveness [9] Summary by Sections Recent Performance - For FY2025, Lenovo Group reported revenue of approximately $69.077 billion, a year-on-year increase of 21.41%, and a net profit of approximately $1.384 billion, up 37.01% [5][6] - In FY2025Q4, revenue was about $16.984 billion, showing a year-on-year growth of 22.50%, but a quarter-on-quarter decrease of 9.64% [5][6] Business Segments - **Intelligent Devices Group (IDG)**: Achieved revenue of $51 billion in FY2025, a 13% increase, with an operating profit margin of 7.2%, leading the industry [6][7] - **Infrastructure Solutions Group (ISG)**: Revenue reached $15 billion, a significant 63% increase, with the second half of the fiscal year turning profitable [7] - **Solutions and Services Group (SSG)**: Generated revenue of approximately $8.5 billion, a 13% increase, with operating profit reaching a record high of $1.8 billion, up 15% [7] Financial Projections - Revenue forecasts for FY2026 to FY2028 are $76.370 billion, $82.733 billion, and $87.208 billion respectively, with non-HKFRS net profits projected at $1.601 billion, $1.874 billion, and $2.218 billion [9][10] - The report anticipates a gradual improvement in performance as AI functionalities penetrate the PC and mobile markets [9]

2025 年 05 月 27 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 88 期 观点精粹: 最新报告摘要 存单利率还会上行吗？--固定收益点评 小米发布 YU7，吉利零跑 202025Q1 业绩亮眼--行业周报 利润率持续改善，关注国际扩张表现--同程旅行/旅游及景区(00780/214610) 点评报告（港股美股） 零食量贩龙头，引领万亿元赛道效率变革--鸣鸣很忙/食品饮料(02143/2134) 公司深度研究（港股美股） 老铺黄金(06181.HK)公司深度报告：老铺黄金十问十答--老铺黄金/贵金属(06181/212404) 公司 PPT 报告（港 股美股） 618 宠物经济火热，国产品牌强势崛起--行业周报 本周北证 50 阶段性回调，下周世昌股份/志高机械上会、交大铁发申购--北交所行业普通报告 新消费受关注，保健品、黄酒热度高--行业周报 模型性能不断提升，AI 应用进入兑现期——计算机 AI 应用月度跟踪（2025-05）--行业 PPT 报告 存款利率如期调降，如何影 ...

2025年05月 26 日 北交所行业研究 本周北证 50 阶段性回调,下周世昌股份/志高机 械上会、交大铁发申购 北交所行业周报 北交所行情简达:1)整体行情:截至 2025年5月23日,北证 A 股成分股 266个,平均市值 29.36亿元。本周(2025.5.19-2025.5.23, 下同)北证 50 指数涨跌幅-3.68%,收盘 1370.04点;同期沪深 300、 创业板指、科创 50 涨跌幅分别为-0.18%、-0.88%、-1.47%。流动 | 行业相对表现 | | 2025/05/23 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 北证 50 | 1.10% | 1.84% | 73.36% | | 沪深 300 | 2.60% | -2.42% | 5.37% | 相关报告 《北交所行业周报:本周北证 50继续领涨,交投 活跃度持续上升,天工股份正式上市(推荐)*中 小盘*罗琨》——2025-05-19 《北交所行业周报:本周北证 50 实现领涨、交投 活跃度明显提升,下周天工股份上市(推荐)*中 小盘*罗琨》——2025-0 ...

2025 年 05 月 26 日 债券研究周报 研究所： 证券分析师： 靳毅 S0350517100001 jiny01@ghzq.com.cn 证券分析师： 刘畅 S0350524090005 liuc06@ghzq.com.cn [Table_Title] 存款利率如期调降，如何影响债市 债券研究周报 最近一年走势 存款利率如期调降，如何影响债市 本轮存款降息有何特点？ 调整幅度较大，且各银行的跟进速度 较快。反映出银行当前仍然存在较大的净息差压力。 对机构行为影响有多大？ 对银行而言，在资产端，对利率的点 位要求将有所降低，叠加信贷投放偏弱、债券性价比提升，配债动 力有所增强。但在负债端，本次资金出表的规模或仍然较大，后续 银行负债端压力或有阶段性加重，配债规模仍具不确定性。 对广义资管而言，对 1-3Y 信用债需求增加，利差开始收窄的时间点 往往在利率下调后 3-4 周左右，整个出表的过程将维持 2-3 个月。 对投资者而言，信用债仍是更具确定性的选择。利率债需观察新的 边际变化来决定方向，但考虑到今年仍有降息的可能，且债市行情 演绎速度很快，也可适当提前逢高布局，10Y 国债 1.7%以上可逐步 增 ...

证券研究报告 2025年05月26日 计算机 模型性能不断提升，AI应用进入兑现期 ——计算机AI应用月度跟踪（2025-05） 评级：推荐(维持) 刘熹(证券分析师) 郭义俊(联系人) S0350523040001 S0350124070015 liux10@ghzq.com.cn guoyj@ghzq.com.cn 最近一年走势 相关报告 -26% -9% 8% 25% 42% 59% 2024/05/10 2024/07/10 2024/09/10 2024/11/10 2025/01/10 2025/03/10 计算机 沪深300 《计算机行业动态报告：下游资本开支持续高增，"AI芯片+算力租赁"增速 领先——AI算力月度跟踪（202505）（推荐）*计算机*刘熹》——2025- 05-20 《行业拐点或已显现，迎接AI时代晨曦——计算机2024年报和2025一季报总 结（推荐）*计算机*刘熹》——2025-05-12 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机 | -1.6% | -19.1% | 27.3% | | 沪深300 | ...