Investment Rating - The report assigns an "Outperform" rating to ADNOC Distribution, indicating an expected relative return exceeding 10% over the next 12-18 months [19]. Core Insights - ADNOC Distribution is recognized for its differentiated retail model, focusing on shareholder cash returns and strategic expansion in customer base and property management [2][3]. - The company is expanding its non-fuel retail business, which contributes nearly 10% of total retail revenue but has the highest profit margins, maintaining a gross margin of over 50% [4]. - The company aims to increase its electric vehicle (EV) charging points significantly, targeting a 10-15 times increase by FY28 compared to FY23 [4]. - Expansion into Saudi Arabia and Egypt is seen as crucial for mid-term growth, leveraging a light-asset model to increase station numbers in these markets [4]. Company Overview - ADNOC Distribution operates primarily in the UAE, with a presence in Saudi Arabia and Egypt, and is 77% owned by the ADNOC Group [3]. - As of the end of FY24, the company operates 896 fuel stations, with a goal of reaching 1,000 by FY28 [3]. - The company also manages 373 ADNOC Oasis convenience stores and provides various services including car inspections and EV charging [3]. Financial Performance - The company's dividend policy is attractive, with plans to distribute $700 million or at least 75% of net profits as dividends from FY24 to FY28, translating to an approximate 6.0% dividend yield [5].

25 年一季度业绩亮眼，全面拥抱 AI 涂鸦智能(TUYA.N) 2025 年一季报点评 股票研究 /[Table_Date] 2025.6.17 [Table_Industry] 计算机 [Table_Invest] [Table_CurPrice] 当前价格(美元)： 2.42 本报告导读： 25 年一季度表现亮眼，公司的平台模式具有高粘性特征，关税因素带来的不确定性 增强。 股 投资要点： | 财务摘要（百万美元） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 208.17 | 229.99 | 298.62 | 324.93 | 361.06 | 409.64 | | (+/-)% | -31.1% | 10.5% | 29.8% | 8.8% | 11.1% | 13.5% | | 毛利润 | 89.42 | 106.66 | 141.43 | 151.30 | 169.25 | 193.11 | | 归母净利润 | -146.18 | -6 ...

现金造血能力快速恢复，鸿蒙操作系统利好终端安全业务 亚信安全(688225) 公司跟踪点评 股票研究 /[Table_Date] 2025.06.17 2025-06-17 计算机 [Table_Industry] /信息科技 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 33.40 本报告导读： 数智业务并入大幅提升公司盈利能力；网络安全标准化产品扩张、人效提升和数智 业务等因素正快速恢复公司现金造血能力；鸿蒙操作系统利好终端安全业务。 投资要点： 网络安全业务线外部扩大标准化产品竞争优势，内部降本增效。 2024 年，公司标准化产品收入同比增长 7.4%，占网络安全业务营收 的比例提升至 47.3%；公司网络安全业务毛利率增长至 61.35%，提 升 13.53 个百分点。同时，公司销售费用、研发费用、管理费用三 项费用合计同比增长仅 2.1%，控费增效举措显著有效。我们认为， 公司的标准化产品外延扩张，内部人效提升，数智业务合并三大举 措正在实现现金造血的快速修复。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 202 ...

首次覆盖: AI 原生智能体和算力业务打开成长空间 中科金财(002657) ——中科金财首次覆盖 股票研究 /[Table_Date] 2025.06.17 2025-06-17 计算机 [Table_Industry] /信息科技 [Table_Invest] 首次覆盖 评级 增持 本报告导读： 公司是老牌金融科技和数据中心服务厂商，创新推出 AI-Native 技术架构，布局 AI 原生智能体，并探索拓展算力服务业务，有望乘 AI 东风实现加速成长。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,002 | 1,167 | 1,684 | 2,319 | 2,861 | | (+/-)% | -18.7% | 16.5% | 44.3% | 37.7% | 23.4% | | 净利润（归母） | -108 | -55 | -14 | 23 | 46 | | (+/-)% | 35.7% | 48.8% ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 38.97 [1][10]. Core Insights - The company is experiencing steady improvement in operational quality, with AI products and services achieving breakthrough growth, leading the intelligent transformation in the industrial software sector [1][10]. - The forecast for EPS is RMB 0.97 for 2025, RMB 1.26 for 2026, and RMB 1.65 for 2027, with a forward PE of 40x assigned for 2025 [10][11]. Financial Summary - Revenue is projected to grow from RMB 1.405 billion in 2023 to RMB 2.485 billion by 2027, reflecting a CAGR of approximately 20.1% [3][5]. - Net profit attributable to shareholders is expected to fluctuate, with a decline to RMB 192 million in 2024, followed by a recovery to RMB 403 million by 2027 [3][5]. - The company’s operating cash flow improved significantly, reaching RMB 519 million in 2024, a 64.87% increase [11]. Business Segments - AI products and services revenue is forecasted to surge from RMB 273 million in 2024 to RMB 1.032 billion by 2027, with an impressive growth rate of 1255.99% in 2024 [8][12]. - The cloud products and services segment is expected to grow steadily, with revenue increasing from RMB 458.24 million in 2024 to RMB 626.66 million by 2027 [8]. - The industrial engineering and electrical products segment is projected to grow from RMB 456.50 million in 2024 to RMB 658.53 million by 2027 [8]. Competitive Positioning - The company is focusing on optimizing its self-developed "Le Series" industrial software, enhancing its core competitiveness with 12 industry packages and 156 industrial components [13]. - The launch of the "Ling Series" AI agent aims to address various industry needs, showcasing the company's commitment to leading the digital and intelligent ecosystem in the industrial sector [12][13].

Investment Rating - The report maintains an "Outperform" rating for the company [2][14]. Core Insights - The company is experiencing high revenue growth and significant cash flow optimization, driven by its AI+SaaS ecosystem, which is facilitating breakthroughs in both small and medium-sized enterprises (SMB) and key accounts (KA) markets [2][16]. - The commercialization of AI agents is accelerating, contributing to sustained performance growth for the company [2][16]. Financial Summary - The company’s revenue is projected to grow from 1.56 billion RMB in 2024 to 4.33 billion RMB by 2027, reflecting a compound annual growth rate (CAGR) of 51.9% from 2025 to 2027 [4][7]. - The net profit attributable to shareholders is expected to improve significantly, moving from a loss of 0.04 million RMB in 2025 to a profit of 3.50 million RMB by 2027, indicating a growth rate of 3615.8% in 2026 [4][7]. - The operating cash flow is expected to turn positive, with a net inflow of 138 million RMB in 2024, compared to a negative cash flow of 122 million RMB in the previous year [4][16]. Business Segments - The company’s SaaS business is anticipated to generate revenue of 1.14 billion RMB in 2025, with a growth rate of 35.0% and a gross profit margin of 85.0% [8][10]. - The precision marketing service segment is projected to achieve revenue of 931 million RMB in 2025, with a growth rate of 30.0% and a gross profit margin of 13.5% [10][11]. - The newly introduced Agent integrated machine is expected to generate 300 million RMB in revenue in 2025, with a gross profit margin of 42.0% [10][11]. Valuation - The target price for the company is set at 82.80 HKD, based on a sum-of-the-parts (SOTP) valuation method, reflecting a total market value of approximately 212.19 billion HKD [14][16].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 53.46 RMB, based on a projected 30x PE for 2025 [1][9]. Core Insights - The company's profitability is expected to recover in 2025, with projected revenues of 1.34 billion RMB in 2025, growing at 18.56% YoY, and net profit attributable to shareholders at 0.23 billion RMB, growing at 16.98% YoY [3][10]. - The demand for coal mine intelligence is a strong driver for growth, as the company develops software and hardware solutions that enhance safety and efficiency in mining operations [11]. - The company is expanding into non-coal mining, chemical sectors, and underground autonomous driving, which are in early stages but present significant growth potential [12]. Financial Summary - Revenue projections for 2025-2027 are 1.34 billion RMB, 1.57 billion RMB, and 1.82 billion RMB, respectively, with net profits of 0.23 billion RMB, 0.28 billion RMB, and 0.33 billion RMB [3][9]. - The company reported a revenue of 1.13 billion RMB in 2024, a 12.05% increase YoY, while net profit attributable to shareholders was 0.20 billion RMB, a decrease of 10.56% YoY [10]. - The first quarter of 2025 showed a revenue of 0.25 billion RMB, up 10.41% YoY, with net profit attributable to shareholders at 41.94 million RMB, an increase of 14.64% YoY [10].

Investment Rating - The report rates the industry as "Outperform" [1][7]. Core Insights - The development of AI foundation models is progressing positively, with decreasing costs, which is expected to accelerate the adoption of AI applications [2][7]. - The report highlights specific companies to watch, including Empyrean Technology, Dameng Database, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, with Wuxi Unicomp Technology Co., Ltd. as a related target [2][7]. Summary by Sections - **AI Model Developments**: OpenAI's o3-pro model was launched, outperforming Google's Gemini 2.5 Pro and Anthropic's Claude 4 Opus in key benchmarks, with an 80% price reduction for the o3 model, enhancing its cost-effectiveness [8]. - **Doubao Model Launch**: The Doubao 1.6 model introduced innovative pricing based on input length, significantly reducing costs by 63% compared to previous models, which is expected to facilitate AI adoption across various industries [9]. - **Ant International's Stablecoin Plans**: Ant International plans to apply for a stablecoin license in Hong Kong, indicating a positive outlook on stablecoin development and potential market growth [10].

股票研究 /[Table_Date] 2025.06.17 2025-06-17 2025Q1 业绩超预期，Agent 业务高歌猛进带动公司进 入高速增长轨道 第四范式(6682) [Table_Industry] 计算机 [Table_Invest] 评级： 增持 证 券 研 股 票 研 究 究 报 告 [Table_CurPrice] 当前价格(港元)： 45.80 [Table_Market] 交易数据 52 周内股价区间（港元） 20.05-62.55 本报告导读： 宏观承压下，公司 25Q1 营收增速实现逆势高速增长，Agent 对公司业务加持已经凸 显，全年转盈趋势确定的背景下，公司在 2B+2C 双轮驱动下长期增长可期。 投资要点： | [Table_Finance] 财务摘要 （百万人民币） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,087.63 | 4,206.95 | 5,260.65 | 6,883.82 | 8,862. ...

Investment Rating - The report assigns an "Outperform" rating for the computer sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The implementation of the "Stablecoin Ordinance" in Hong Kong on August 1 is expected to significantly boost the stablecoin market, with a projected market capitalization growth of nearly $200 billion from 2020 to 2025, reaching approximately $245 billion by May 2025 [7]. - The "Government Data Sharing Ordinance," effective August 1, 2025, aims to enhance the efficiency and security of government data sharing, addressing issues like "data islands" and improving data supply efficiency [8]. - The anticipated release of GPT-5 in July 2025 is expected to surpass existing AI models, potentially driving further advancements in the AI industry and application deployment [9]. Summary by Sections Stablecoin Market - The "Stablecoin Ordinance" establishes a licensing system for fiat-backed stablecoin issuers, enhancing regulatory frameworks for virtual assets in Hong Kong [7]. - The stablecoin market has seen significant growth since 2020, with expectations for rapid expansion following the ordinance's implementation [7]. Government Data Sharing - The "Government Data Sharing Ordinance" aims to promote secure and efficient sharing of government data, enhancing digital governance and service efficiency [8]. - The ordinance clarifies management systems and establishes mechanisms for data sharing, which is expected to benefit the government data market significantly [8]. AI Developments - GPT-5 is set to be released in July 2025, with expectations of outperforming current models like GPT-4, which could lead to advancements in AI applications [9]. - OpenAI emphasizes quality over speed in the development of GPT-5, indicating a focus on achieving performance goals before release [9]. Recommended Stocks - The report highlights several companies to watch, including Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, all rated as "Outperform" [3][6].