Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is optimistic about long-term aluminum prices and has a strong dividend profile, which supports the investment thesis [1][2] - The planned acquisition of 100% equity in Hongtuo Industrial by the holding company Hongchuang Holdings is expected to enhance the company's market influence and asset securitization level [2] - The decline in energy prices is anticipated to reduce costs, while the upcoming production of the Simandou iron ore project is expected to contribute positively to the company's performance [3] Summary by Sections Acquisition and Restructuring - Hongchuang Holdings plans to issue shares to acquire 100% of Hongtuo Industrial for approximately 635.18 billion RMB, which will slightly dilute the company's shareholding from 95.30% to about 88.99% [2] Cost and Production Outlook - The average coal price at Qinhuangdao Port for the first five months of 2025 was 703 RMB/ton, down from 872 RMB/ton in 2024, which is expected to lower electricity costs in Shandong [3] - The Simandou iron ore project is expected to commence production by the end of 2025, with a designed capacity of 60 million tons per year [3] Aluminum Price and Profitability - Short-term demand for electrolytic aluminum may face seasonal declines, but supply constraints and high demand in sectors like new energy vehicles are expected to keep prices stable [4] - The company forecasts a gradual increase in aluminum prices from 2025 to 2026, with a projected net profit of 161.29 billion RMB in 2025 [5] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 161.29 billion RMB, 177.51 billion RMB, and 212.85 billion RMB respectively [5] - The target price is set at 15.37 HKD, with a historical average PE ratio of 7.03X since 2017 [5][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 103.67 [6][4]. Core Viewpoints - The company is optimistic about the development opportunities brought by AIGC and Chiplet, which are expected to enhance its IP and custom chip service business [1]. - The company has made significant investments in the AI sector, aiming to capture the growing demand for high-performance AI chips driven by AIGC [2]. - The transition from SoC to SiP in the chip industry is being accelerated, with the company focusing on Chiplet technology to meet the needs of high-performance computing and smart transportation [3]. Summary by Sections Investment Rating - The target price is set at RMB 103.67, with a closing price of RMB 90.12 as of June 5 [7][6]. Financial Forecast and Valuation - The company forecasts net profits of RMB -1.05 million, RMB 0.13 million, and RMB 0.56 million for 2025, 2026, and 2027 respectively [4]. - The valuation for the custom chip/IP licensing business is set at 12.0x and 30.0x for 2025, with a target market value of RMB 51.925 billion [11]. Business Highlights - The company has established a strong competitive position in the AI sector, with its NPU IP being utilized by 72 clients across 128 AI chip models [2]. - The company is actively developing Chiplet solutions for AIGC and smart transportation, collaborating with leading firms in the AI sector [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 188.00 [9][10] Core Insights - The company has accelerated its product launch pace since March, introducing new products and IPs that are expected to contribute positively to growth in 2025 [2][4] - The establishment of the "Blokus System" creates competitive barriers through a standardized building block system, extensive patent layout, and a large, continuously expanding high-quality IP matrix [2][4] - The company aims for growth through a comprehensive approach targeting all demographics, price points, and global markets, indicating a clear growth trajectory [2][4] Summary by Sections Product Development and Market Expansion - The company has launched several new products in its main product line since March, including various iterations of popular IPs like Kamen Rider and Transformers [4] - The introduction of the Starry Edition series at a price point of HKD 9.9 has shown strong sales performance, expected to contribute significantly to 2025's revenue [4] - New products targeting adult fans and female demographics have also been introduced, indicating potential for market expansion [4] International Sales Growth - The company reported a 518% year-on-year increase in overseas sales revenue for 2024, reaching RMB 64 million, with significant contributions from Asia (excluding China) and North America [5] - Participation in international toy exhibitions has helped the company connect with global fans, and popular IPs have received licensing in multiple regions [5] Financial Projections and Valuation - The report maintains profit forecasts for 2025-2027, estimating adjusted net profits of RMB 11.81 billion, RMB 18.14 billion, and RMB 25.82 billion respectively [6] - The target price is based on a 36x PE ratio for 2025, reflecting the company's strong competitive position and growth potential [6][10] - Revenue projections show significant growth, with expected revenues of RMB 4.5 billion in 2025, up from RMB 2.24 billion in 2024 [8][19]

证券研究报告 明阳智能 (601615 CH) 2025 年中期策略会速递—— 风机盈利持续修复,海外海风放量可期 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国内地 | 电源设备 | 6 月 5 日明阳智能出席了我们组织的 2025 年中期策略会，会上公司介绍了 近期经营情况及全年经营展望，同时针对市场需求、竞争格局及技术路线进 行了讨论。我们看好公司国内海风龙头地位稳固，海外海风布局领先，有望 充分受益于全球海风高景气，实现海风出货高增，驱动盈利能力修复，维持 "买入"评级。 国内海风出货高增，成本持续优化 前期由于用海政策、航道等问题解决进度较慢，导致国内部分海风项目开工 不及预期。目前限制性因素基本解决，广东、江苏等海风项目陆续开工，其 中公司份额较高的青洲五七、帆石一已启动风机打桩，或支撑全年出货高增， 我们预计公司 25 年海风出货 4GW，同比+135%。公司议价能力较强，供 应链价格稳定，通过提高叶片自供比例、优化经营效率实现降本，盈利能力 或持续提升。公司漂浮式风机技术储备深厚，充分受益于国内深远海 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 188.00 [9][10] Core Insights - The company has accelerated its product launch pace since March, introducing new products and IPs that are expected to contribute positively to growth in 2025 [3][4] - The establishment of the "Blokus System" creates competitive barriers through a standardized building block system, extensive patent layout, and a large, continuously expanding high-quality IP matrix [3][4] - The company aims for growth through a comprehensive approach targeting all demographics, price points, and global markets, indicating a clear growth trajectory [3][4] Summary by Sections Product Development - The company has launched several new products in its main product line, including various iterations of popular IPs such as Kamen Rider, Naruto, Ultraman, and Transformers [4] - The introduction of the Starry Edition series at a price point of HKD 9.9 has shown strong sales performance, expected to contribute significantly to 2025's revenue [4] - New products targeting adult fans and female demographics have also been introduced, indicating potential for market expansion [4] International Expansion - The company reported a 518% year-on-year increase in overseas sales revenue, reaching RMB 64 million, with significant contributions from Asia (excluding China) and North America [5] - Participation in international toy exhibitions has helped the company connect with global fans, and popular IPs have received licensing in multiple regions [5] Financial Projections and Valuation - The report maintains profit forecasts for 2025-2027, estimating adjusted net profits of RMB 1.128 billion, RMB 1.772 billion, and RMB 2.564 billion respectively [6] - The target price is based on a 36x PE ratio for 2025, reflecting the company's strong competitive position and growth potential [6][10] - Revenue projections show significant growth, with expected revenues of RMB 4.499 billion in 2025, up from RMB 2.241 billion in 2024 [8][19]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.58 RMB [9][10]. Core Views - The company is expected to benefit from a strong position in the domestic offshore wind market and a leading overseas offshore wind layout, which will drive significant profit recovery [3][4]. - Domestic offshore wind shipments are projected to increase significantly, with an expected 4GW shipment in 2025, representing a 135% year-on-year growth [4]. - The company has a strong bargaining power and is optimizing costs through improved operational efficiency and increased self-supply of blades, which is likely to enhance profitability [4]. - The European offshore wind market is experiencing high growth, with a forecasted CAGR of 28.6% from 2025 to 2030, and the company is well-positioned to capture orders in this region [5]. - The progress of power station transfers is slowing, but the impact on profitability is expected to be limited due to stable returns from existing projects [6]. Summary by Sections Domestic Offshore Wind Market - The company is expected to see a high increase in domestic offshore wind shipments, with significant projects in Guangdong and Jiangsu starting operations [4]. - The company is projected to achieve a 135% increase in offshore wind shipments in 2025, reaching 4GW [4]. Overseas Market Expansion - The company has a leading position in overseas offshore wind markets, actively engaging in projects in Italy, Scotland, and Norway, as well as entering the Japanese and Korean markets [5]. - The high pricing in Europe and Japan is anticipated to contribute positively to the company's profit margins [5]. Financial Projections - The company’s net profit is forecasted to be 2.206 billion RMB in 2025, with a significant increase of 537.32% compared to the previous year [8]. - Revenue is expected to grow to 38.101 billion RMB in 2025, reflecting a 40.29% increase year-on-year [8]. - The report maintains the profit forecast for the company, projecting net profits of 22.06 billion RMB, 31.30 billion RMB, and 39.92 billion RMB for the years 2025, 2026, and 2027 respectively [7].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 47.00 [5][8]. Core Insights - The company is focusing on high-quality growth through channel optimization and product offerings, with expectations for same-store sales to turn positive in May [1][2]. - The company is enhancing its overseas operations with localized strategies and optimizing direct store expenses, which is expected to drive revenue growth [3][4]. - Short-term profit fluctuations are anticipated due to the ramp-up phase of high-growth businesses, but improvements in operational models are expected to enhance profitability [4]. Summary by Sections Domestic Operations - The company is adjusting its product offerings to better match market demands, focusing on high-quality products in higher-tier markets and cost-effective options in lower-tier markets [2]. - The closure of underperforming stores and the opening of flagship "IP Land" stores are part of the strategy to drive growth, with expectations for same-store sales to stabilize [2]. Overseas Operations - The company aims to increase its store count by 500-600 locations this year, with improvements in same-store sales in North America due to cost optimization strategies [3]. - The establishment of a product development team in North America is expected to enhance operational efficiency and profitability [3]. Financial Projections - The adjusted net profit forecasts for 2025-2027 are RMB 29.9 billion, RMB 37.3 billion, and RMB 45.7 billion respectively, with a target price based on a PE ratio of 18x for 2025 [5][7]. - Revenue projections show a growth trajectory with expected revenues of RMB 20.7 billion in 2025, reflecting a year-on-year increase of 21.83% [7][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 66.40 [9][14]. Core Insights - The ADC (Antibody-Drug Conjugates) sector is experiencing significant growth, with the company reporting a 71% year-over-year increase in order reserves, totaling USD 991 million by the end of 2024 [5][4]. - The company is advancing its global dual-plant strategy, with production facilities in both domestic and overseas locations being developed in an orderly manner [3][6]. - The company is expected to achieve a compound annual growth rate (CAGR) of 36% from 2024 to 2026, with adjusted net profits projected at RMB 1.62 billion, RMB 2.17 billion, and RMB 2.58 billion for 2025, 2026, and 2027 respectively [7][14]. Summary by Sections ADC Industry Development - The ADC industry is witnessing a surge in commercialization and late-stage clinical production demand, driven by recent FDA approvals of new ADCs and increased global clinical registrations by multinational corporations [4]. - Domestic ADC molecules are leading a new wave of innovation, with significant participation in major conferences and substantial business development activities [4]. Order and Growth Momentum - The company has a robust order backlog, with a total of 194 projects (up 36% year-over-year) and 15 Phase III clinical projects as of the end of 2024 [5]. - The completion of the Singapore facility is expected to attract more overseas project orders [5]. Global Dual-Plant Strategy - The new production facility in XBCM2 L2 is set to produce 60 batches of 2,000L scale antibody intermediates and 80 batches of 1,000L scale conjugated solutions annually, enhancing commercial production capacity [6]. - Expansion plans in Wuxi and the successful construction of the Singapore facility are anticipated to begin receiving overseas orders by the end of 2025 [6]. Profit Forecast and Valuation - The company’s revenue is projected to reach RMB 58.3 billion, RMB 76.1 billion, and RMB 94.1 billion for 2025, 2026, and 2027 respectively, with adjusted net profits of RMB 16.2 billion, RMB 21.7 billion, and RMB 25.8 billion [14][18]. - The report maintains a price-to-earnings (PE) ratio of 45.92 for 2025, reflecting the strong demand in the ADC sector and the company's capacity expansion [7][14].

证券研究报告 中国海油 (883 HK/600938 CH) 2025 年中期策略会速递— 天然气增量可期，提高分红彰显信心 | 华泰研究 | | 更新报告 | | --- | --- | --- | | 2025 年 6 月 | 05 日│中国内地/中国香港 | 石油（天然气）开采 | 6 月 4 日中国海油出席了我们组织的 2025 年中期策略会，会上公司详细描 述了今年一季度的经营情况，重申了 25 年全年的产量、资本开支以及分红 指引，同时简要介绍了海外区块及天然气业务的主要成果及未来规划。考虑 公司稳油增气、提质降本效果卓越，抵御油价波动的韧性显著提升，维持 A/H"买入"评级。 关税预期修正，OPEC 连续上调产量目标，5 月油价先反弹后回落 5月中美经贸会谈取得实质性进展，而 OPEC集团连续上调 5-7月产量目标， 油价先反弹后回落。据 Wind，6 月 4 日 WTI/Brent 期货收于 62.85/66.61 美元/桶，较 5 月初上涨 6.1%/4.4%。考虑贸易政策扰动下全球宏观经济及 石油需求预期不确定性仍存，以及 OPEC+内部协同意愿显著趋弱，我们维 持 25-26 年布伦特原 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 70.68 [8]. Core Views - The company focuses on long-term healthy and stable development, with recent operational performance under pressure but showing signs of recovery during the May Day holiday [2][4]. - The company emphasizes channel health and inventory reduction, expecting to achieve a breakthrough after a period of adjustment [1][4]. - The company aims to enhance brand influence and sales through targeted marketing strategies, particularly focusing on core products and younger demographics [3][4]. Summary by Sections Operational Performance - The company reported a challenging Q1 but maintained stable sales for its flagship product during the May Day holiday, with a focus on graduation banquets [2]. - The company has successfully reduced inventory levels, with over half of its distributors maintaining healthy inventory levels (2-3 months of stock) [2]. Financial Projections - The company forecasts net profits of RMB 413 million, RMB 445 million, and RMB 501 million for 2025, 2026, and 2027 respectively, representing a CAGR of 13% [5]. - The expected EPS for 2025, 2026, and 2027 is RMB 1.24, RMB 1.33, and RMB 1.51 respectively [5]. Market Strategy - The company is committed to long-term strategies, focusing on four core products and leveraging both online and offline channels to drive sales [4]. - The company plans to cultivate consumer habits and enhance product quality, branding, and cultural aspects to adapt to market changes [3][4].