Investment Rating - The report assigns a "Buy" rating for the company Bilibili (BILI US) with a target price of $26.00, indicating a potential upside of 43.3% from the current price of $18.15 [4][24]. Core Insights - The first quarter profits exceeded expectations, driven by growth in gaming and advertising, with a revenue of 7 billion RMB, representing a year-on-year increase of 24% [2][7]. - The report highlights that the company's monthly active users (MAU) increased by 28 million quarter-on-quarter, with a year-on-year growth of 8% [7][19]. - The gaming revenue saw a significant year-on-year increase of 76%, primarily due to the success of the game "Three Kingdoms" [7][19]. - Advertising revenue also grew by 20% year-on-year, benefiting from increased traffic and improved marketing efficiency through AI technology [7][19]. Financial Overview - Revenue projections for the company are as follows: - 2023: 22,528 million RMB - 2024: 26,832 million RMB - 2025E: 30,321 million RMB - 2026E: 32,245 million RMB - 2027E: 34,465 million RMB - The net profit is expected to turn positive in 2025, with estimates of 2,316 million RMB, 3,298 million RMB in 2026, and 4,145 million RMB in 2027 [3][25]. - The adjusted net profit for 2025 is projected at 2,316 million RMB, with an adjusted earnings per share of 5.47 RMB [3][25]. User Engagement Metrics - The report indicates that the number of paid users reached 32 million, with a stable payment rate [12][14]. - The average daily usage time per user has shown consistent year-on-year growth, contributing to overall user engagement [9][10]. Market Position and Future Outlook - The company is expected to maintain high growth in gaming, with a projected increase of 59% in the second quarter of 2025, driven by upcoming game updates and new releases [7][19]. - The advertising revenue is anticipated to grow by 18% year-on-year, supported by traffic growth and product optimization [7][19]. - The report maintains a positive outlook on the company's content positioning and user value enhancement, which are expected to drive user engagement and commercialization [7][19].

交银国际研究 每日晨报 2025 年 5 月 21 日 今日焦点 | 携程集团 | | | 9961 HK | | --- | --- | --- | --- | | 1 | 季度超市场预期，休闲出游需求依然坚挺 | | 评级: 买入 | | 收盘价: 港元 | 505.50 | 目标价: 港元 591.00↓ | 潜在涨幅: +16.9% | | 孙梦琪 | | mengqi.sun@bocomgroup.com | | 1 季度轻资产占比环比略降，公司预计短期内将保持稳定。资产质量总体保 持稳定。股票回购稳步推进。 维持买入评级。公司预计资金成本仍有小幅下降空间，2025 年全年 net take rate 将同比提升。我们基本维持盈利预测，预计公司 2025 年 Non-GAAP 净 利润同比增长 15%。公司作为行业领先的信贷科技平台，兼具多元化业务模 式，平衡风险与增长，股东回报吸引。当前估值水平上兼具防御性与进取性， 维持买入评级和目标价 58 美元。 | 全球主要指数 | | | | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 年初至今 升跌% | | 恒 ...

交银国际研究 行业更新 行业评级 领先 2025 年 5 月 20 日 互联网行业月报 国补持续拉动 4 月电商平稳增长；1 季报超预期 行业与大盘一年趋势图 资料来源 : FactSet 5/24 9/24 1/25 5/25 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 行业表现 MSCI中国指数 谷馨瑜, CPA connie.gu@bocomgroup.com (86) 10 8393 5330 孙梦琪 mengqi.sun@bocomgroup.com (86) 10 8393 5333 zhao.li@bocomgroup.com (86) 10 8393 5332 蔡涵 hanna.cai@bocomgroup.com (86) 10 8393 5334 估值概要 | | FactSet( | 未评级为一致预测 | ) | ，交银国际预测 | 覆盖公司 ( ) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资料来源： | | | | | | | | | | | | | | | ...

交银国际研究 行业更新 行业评级 领先 2025 年 5 月 20 日 互联网行业月报 国补持续拉动 4 月电商平稳增长；1 季报超预期 行业与大盘一年趋势图 资料来源 : FactSet 5/24 9/24 1/25 5/25 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 行业表现 MSCI中国指数 谷馨瑜, CPA connie.gu@bocomgroup.com (86) 10 8393 5330 孙梦琪 mengqi.sun@bocomgroup.com (86) 10 8393 5333 赵丽, CFA zhao.li@bocomgroup.com (86) 10 8393 5332 蔡涵 hanna.cai@bocomgroup.com (86) 10 8393 5334 估值概要 | | FactSet( | 未评级为一致预测 | ) | ，交银国际预测 | 覆盖公司 ( ) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资料来源： | | | | | | | | | | | ...

交银国际研究 每日晨报 2025 年 5 月 20 日 今日焦点 | 有道 | | | DAO US | | --- | --- | --- | --- | | 聚焦核心业务，利润超预期，预计利润改善趋势 | | | 评级: 买入 | | 持续 | | | | | 收盘价: 美元 9.62 | 目标价: 12.00 | 美元 | 潜在涨幅: +24.7% | | 孙梦琪 | mengqi.sun@bocomgroup.com | | | 2025 年 1 季度公司聚焦核心业务，利润大幅超预期。学习服务聚焦 AI 和高中形成差异化竞争优势，继续实现高中业务流水和留存率的稳步提 升，业务结构调整有望在年底结束并恢复增长，广告业务下半年在技术 进步和合作伙伴落地的推动下加速增长，硬件全年以加快实现盈利为主 要目标。我们基于 1 季度业绩好于预期，上调 2025 年利润预测 5.7%， 维持 12.0 美元目标价和买入评级。 | 全球主要指数 | | | | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 年初至今 升跌% | | 恒指 | 23,333 | -0.02 | 14. ...

交银国际研究 财务模型更新 | 教育 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 5 月 19 日 | | --- | --- | --- | --- | --- | --- | | 美元 | | 9.62 | 美元 12.00 | +24.7% | | | 有道 (DAO US) | | | | | | 聚焦核心业务，利润超预期，预计利润改善趋势持续 公司 1 季度聚焦核心业务，利润大幅超预期。学习服务聚焦 AI 和高中形成差 异化竞争优势，继续实现高中业务流水和留存率的稳步提升，业务结构调整 有望年底结束并恢复增长，广告业务预计下半年在技术进步和合作伙伴落地 推动下加速增长，硬件全年以加快实现盈利为主要目标。我们基于1季度业绩 好于预期，上调 2025 年利润预测 5.7%，维持 12.0 美元目标价和买入评级。 个股评级 买入 股份资料 | 52周高位 (美元) | 11.10 | | --- | --- | | 52周低位 (美元) | 3.01 | | 市值 (百万美元) | 300.91 | | 日均成交量 (百万) | 0.07 | | 年初至今变化 (%) | 30.00 | ...

交银国际研究 | 教育 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 5 月 19 日 | | --- | --- | --- | --- | --- | --- | | 美元 | | 9.62 | 美元 12.00 | +24.7% | | | 有道 (DAO US) | | | | | | 聚焦核心业务，利润超预期，预计利润改善趋势持续 公司 1 季度聚焦核心业务，利润大幅超预期。学习服务聚焦 AI 和高中形成差 异化竞争优势，继续实现高中业务流水和留存率的稳步提升，业务结构调整 有望年底结束并恢复增长，广告业务预计下半年在技术进步和合作伙伴落地 推动下加速增长，硬件全年以加快实现盈利为主要目标。我们基于1季度业绩 好于预期，上调 2025 年利润预测 5.7%，维持 12.0 美元目标价和买入评级。 个股评级 买入 1 年股价表现 资料来源 : FactSet 5/24 9/24 1/25 5/25 -50% 0% 50% 100% 150% 200% DAO US MSCI中国指数 股份资料 | 52周高位 (美元) | 11.10 | | --- | --- | | 52周低位 (美元 ...

交银国际研究 | 科伦博泰生物 | | 6990 HK | | --- | --- | --- | | 中国领先的 | ADC 平台，管线价值集中兑现、关键 | 评级: 买入 | | 拐点已至，首予买入 | | | | 收盘价: 港元 321.20 | 目标价: 港元 400.00 | 潜在涨幅: +24.5% | | 丁政宁 | Ethan.Ding@bocomgroup.com | | 中国首屈一指的 ADC 平台和管线：自 2016 年成立后，公司：1）建立了涵 盖 ADC、大分子药物、小分子靶向药的三大技术平台；2）基于三大平台， 打造了一条约 20 个分子的药物管线，包括至少 11 个 ADC 及 I/O + ADC 联用 机会；3）与默沙东就 ADC 资产多次达成合作交易，总交易对价超百亿美元、 目前正合作推进 6 个分子的全球研发。 核心品种芦康沙妥珠差异化优势明显：芦康沙妥珠对比另两款已上市同靶同 机制竞品，在分子设计和临床数据上有明显优势。中国以外，默沙东正快速 推进约 14 项 III 期研究，涵盖多种存在巨大未满足治疗需求的瘤种。我们预 计芦康沙妥珠中国内地和海外销售峰值将分别超过 50 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][20]. Core Views - The company is recognized as a leading ADC platform in China, with a focus on drug pipeline value realization and key inflection points approaching [4][11]. - The core product, Lukanosatuzumab, is the second TROP2 ADC approved globally and is expected to generate significant sales in both domestic and international markets [19][42]. - The company is transitioning from a biotech firm to a comprehensive biopharmaceutical platform, with potential operational breakeven in two years [19][20]. Financial Overview - Revenue projections for 2023 to 2027 are as follows: - 2023: 1,540 million RMB - 2024: 1,933 million RMB - 2025: 2,038 million RMB - 2026: 3,004 million RMB - 2027: 4,300 million RMB - The expected CAGR for revenue from 2025 to 2027 is 45%, with product sales CAGR reaching 82% [7][20]. Product Pipeline - The company has developed approximately 20 drug candidates across three major platforms: ADC, large molecules, and small molecule targeted drugs [11][21]. - The ADC pipeline includes 11 candidates, with one approved and others in various stages of clinical development [11][27]. - The company has established significant collaborations with Merck, involving over 10 billion USD in total transaction value [11][36]. Market Potential - The global ADC market is projected to grow from 13.2 billion USD in 2024 to 115.1 billion USD by 2032, with a CAGR of 35% [21][24]. - The TROP2 ADC market in China is expected to reach 3.4 billion RMB by 2032, with a CAGR of 91.8% [42][49]. Competitive Landscape - The competitive environment for TROP2 ADCs is moderate, with opportunities for Lukanosatuzumab to gain market share against existing products [49][50]. - The company’s unique molecular design and clinical data provide a competitive edge in the ADC space [42][49].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price increase from $124 to $143, indicating a potential upside of 16.5% [1][2][13]. Core Insights - The company's performance in Q1 significantly exceeded expectations, driven by effective cost control and a favorable gaming trend. The gaming segment showed strong growth, particularly from titles like "Marvel Duel," "Yanyun Sixteen Sounds," and "Identity V" [1][6]. - The report projects a 1.9% increase in gaming revenue and a 5.6% increase in adjusted net profit for 2025, based on an overall P/E ratio of 18 times for 2025 [1][6]. Financial Performance Summary - Q1 2025 revenue increased by 7% year-on-year, with gaming revenue up by 15%, surpassing market expectations [6][7]. - Adjusted net profit for Q1 2025 reached RMB 11.2 billion, a 32% increase year-on-year, exceeding consensus estimates by 25% [6][7]. - The gaming segment's revenue for Q1 2025 was RMB 24.0 billion, with a 14% quarter-on-quarter increase and a 15% year-on-year increase [7][8]. - The report highlights a strong performance in PC games, with a year-on-year increase of 85%, while mobile games saw a reduced decline of 4% [6][7]. Revenue Forecast Changes - Total revenue for 2025 is projected at RMB 114.3 billion, reflecting an 8.5% growth rate [5][14]. - The gaming and value-added services segment is expected to generate RMB 93.8 billion in revenue for 2025, with a growth rate of 10.8% [5][14]. - Adjusted operating profit for 2025 is forecasted at RMB 41.3 billion, with an operating margin of 36.1% [5][14]. Market Position and Valuation - The company's market capitalization is approximately $146.5 billion, with a year-to-date stock price increase of 37.61% [4][14]. - The report indicates a 52-week high of $122.76 and a low of $76.28 for the stock [4][14].