Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.75, indicating a potential upside of 16.0% from the current price of HKD 2.37 [2][15]. Core Insights - The company is actively addressing the issue of electricity abandonment rates while gradually increasing its dividend payout ratio, which still offers an attractive yield [2]. - The company aims to maintain a target of 3 GW of new installed capacity by 2025 and is taking measures to reduce abandonment rates [6]. - The report anticipates a slight increase in the dividend payout ratio to 30% by 2025, which is expected to enhance long-term valuation [6]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 12,802 million - 2024: RMB 12,576 million - 2025E: RMB 13,239 million - 2026E: RMB 14,708 million - 2027E: RMB 15,991 million - The expected net profit for 2025 is RMB 2,425 million, with a projected earnings per share (EPS) of RMB 0.27 [5][16]. - The company’s dividend yield is projected to be 4.5% for 2025, increasing to 5.2% in 2026 [6][16]. Operational Data - The company’s installed capacity is projected to grow as follows: - Wind Power: - 2023: 12,981 MW - 2024: 14,482 MW - 2025E: 15,982 MW - Solar Power: - 2023: 2,438 MW - 2024: 4,365 MW - 2025E: 5,565 MW - Total installed capacity is expected to reach 21,546 MW by 2025 [8][16]. Market Performance - The company’s stock has shown a year-to-date increase of 13.94% and has a 52-week high of HKD 2.50 and a low of HKD 1.75 [4][6].

交银国际研究 公司更新 | 目标价 | 保险 收盘价 | 潜在涨幅 | 2025 年 8 月 29 日 | | --- | --- | --- | --- | | 18.79 港元 24.00↑ +27.7% | 港元 | | | | 中国人保财险 (2328 HK) | | | | | 承保和投资均表现优异；上调目标价至 | 1H25 | 24 港元 | | 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2328 HK 恒生指数 股份资料 | 52周高位 (港元) | 18.79 | | --- | --- | | 52周低位 (港元) | 10.08 | | 市值 (百万港元) | 129,637.66 | | 日均成交量 (百万) | 37.67 | | 年初至今变化 (%) | 53.26 | | 200天平均价 (港元) | 15.00 | | 资料来源 : FactSet | | 万丽, CFA, FRM wanli@bocomgroup.com (86 ...

Investment Rating - The report maintains a "Buy" rating for China Life Insurance (2628 HK) with a target price raised from HKD 19 to HKD 30, indicating a potential upside of 25.4% [1][5][10]. Core Insights - The company's profit growth has slowed compared to the first quarter, primarily due to fluctuations in market interest rates affecting insurance service performance, although investment income has shown recovery [5]. - Premium income has increased by 7.3% year-on-year, driven by renewal and bancassurance premiums, while new single premiums have decreased by 16.5% [5]. - The new business value has grown by 20.3% year-on-year, with a notable increase in the value rate, indicating improved profitability from new policies [5]. - Investment returns remain stable, with total investment income rising by 4.2% year-on-year, and the proportion of equity investments has increased [5]. Financial Overview - Revenue projections for the years 2023 to 2027 are as follows: RMB 405,040 million in 2023, RMB 528,567 million in 2024, RMB 508,397 million in 2025E, RMB 525,739 million in 2026E, and RMB 545,581 million in 2027E [4][11]. - Net profit estimates are projected at RMB 51,184 million for 2023, RMB 106,935 million for 2024, RMB 94,969 million for 2025E, RMB 104,536 million for 2026E, and RMB 112,912 million for 2027E [4][11]. - The company’s earnings per share (EPS) are expected to be RMB 1.81 in 2023, RMB 3.78 in 2024, RMB 3.36 in 2025E, RMB 3.70 in 2026E, and RMB 3.99 in 2027E [4][11]. Business Performance - The company plans to distribute an interim dividend of RMB 0.238 per share, a 19% increase year-on-year, with a dividend payout ratio of 16.4% [5]. - The new business value for 2025E is projected at RMB 39,257 million, reflecting a 16.5% year-on-year growth [6][7]. - The return on average equity (ROAE) is expected to be 17.7% in 2025E, indicating strong profitability relative to equity [6][11].

交银国际研究 财务模型更新 | 医药 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 8 月 29 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 90.65 | 港元 | 105.00↑ | +15.8% | | | 信达生物 (1801 HK) | | | | | | 上市产品销售延续强势，管线全球开发进入关键阶段；上调目标价 公司产品收入强劲增长，再次验证公司优异的商业化管理能力和产品临床价 值。进入 2H25-2026 年，公司有诸多研发催化剂值得期待，包括多个国际多中 心关键临床的推进、玛仕度肽两项重磅 III 期数据读出。公司的全球化、多治 疗领域管线布局正在逐步成型，长期行业龙头地位稳固，上调目标价。 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 1801 HK 恒生指数 股份资料 | 52周高位 (港元) | 101.90 | | --- | --- | | 52周低位 (港元) | 30 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of HKD 653, representing a potential upside of 18.3% from the current price of HKD 552 [2][11]. Core Insights - The company's Q2 performance exceeded expectations, driven by better-than-expected growth in hotel business and an increase in market share. The trend of improving marketing efficiency in mainland China is expected to continue. Despite increased competition in overseas markets, the impact on overall profitability is manageable. The valuation has been rolled forward to 2026, with a target price adjustment based on a 20x P/E ratio for 2026 [2][6]. Financial Performance Summary - For Q2 2025, total revenue reached RMB 14.864 billion, a year-on-year increase of 16%, slightly above market expectations. The hotel segment grew by 21%, transportation by 11%, and vacation services by 5% [6][7]. - The adjusted net profit for Q2 was RMB 4.846 billion, showing a year-on-year increase of 13% [8][14]. - The company expects Q3 revenue to grow by 15%, driven by an 18% increase in hotel bookings, with continued expansion in market share in mainland China [6][8]. Earnings Forecast Changes - Revenue forecasts for 2025E, 2026E, and 2027E are RMB 61.611 billion, RMB 69.659 billion, and RMB 78.590 billion, respectively, with growth rates of 15.4%, 13.1%, and 12.8% [5][14]. - Adjusted operating profit for 2025E is projected at RMB 17.981 billion, with a margin of 29.2% [5][14]. - The adjusted net profit for 2025E is expected to be RMB 17.974 billion, with a net profit margin of 29.2% [5][14]. Market Position and Competitive Landscape - The company is well-positioned in the competitive landscape of the mainland China market, benefiting from effective marketing strategies and a strong recovery in travel demand [2][6]. - The recovery in outbound travel bookings has surpassed pre-pandemic levels, indicating robust growth potential [6][7].

Investment Rating - The report assigns a "Buy" rating for Meituan (3690 HK) with a target price adjusted to HKD 147.00, indicating a potential upside of 44.5% from the current price of HKD 101.70 [1][4][14]. Core Insights - The report highlights that short-term profits are significantly impacted by intense competition in the food delivery sector, while emphasizing the importance of long-term core competitiveness in this area [2]. - Financial projections indicate a revenue growth trajectory, with expected revenues of RMB 276,745 million in 2023, increasing to RMB 455,566 million by 2027, reflecting a compound annual growth rate [3][16]. - The adjusted net profit is projected to decline sharply in 2025 to RMB 556 million, following a substantial increase in 2024 [3][16]. Financial Overview - Revenue (in million RMB) is forecasted as follows: 2023: 276,745, 2024: 337,592, 2025E: 369,226, 2026E: 415,920, 2027E: 455,566, with year-on-year growth rates of 25.8% in 2023 and 22.0% in 2024, tapering to 9.4% in 2025 [3][16]. - The net profit (in million RMB) is expected to be 23,253 in 2023, 43,772 in 2024, and a significant drop to 556 in 2025, before recovering to 31,500 in 2026 and 41,418 in 2027 [3][16]. - The report notes a significant decline in adjusted net profit margin, dropping to 1.6% in 2Q25, down from 16.5% in 2Q24, due to increased competition and marketing expenses [9][11]. Market Position and Strategy - Meituan's core local business is projected to face challenges with revenue growth slowing down due to increased user subsidies aimed at maintaining competitive pricing and delivery efficiency [7][11]. - The report anticipates that the ongoing subsidy war will continue to affect profitability in the coming quarters, with expectations of a loss in the core business segment in Q3 [7][11]. - The new business segment is expected to show strong growth, particularly in the small supermarket sector, with plans for rapid expansion in first- and second-tier cities [7][11]. Valuation and Outlook - The report maintains a long-term positive outlook for Meituan, suggesting that despite short-term profit adjustments, the company's market share and competitive advantages are likely to be sustained [7][11]. - The target price of HKD 147.00 reflects a valuation based on a long-term outlook of 1 billion daily orders in the food delivery segment and a price-to-earnings ratio of 15 times [7][11].

交银国际研究 公司更新 | 科技 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 29 日 | | --- | --- | --- | --- | --- | --- | | 美元 | | 180.17 | 美元 204.00↑ | +13.2% | | | 英伟达 (NVDA US) | | | | | | Blackwell 部署顺利推进，Rubin 进度符合预期，对华业务仍存疑 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -20% -10% 0% 10% 20% 30% 40% 50% 60% NVDA US 标普500 股份资料 | 52周高位 (美元) | 183.16 | | --- | --- | | 52周低位 (美元) | 94.31 | | 市值 (百万美元) | 4,396,148.00 | | 日均成交量 (百万) | 279.16 | | 年初至今变化 (%) | 34.16 | | 200天平均价 (美元) | 139.65 | | 资料来源 : FactSet | | 王大卫, PhD, CFA Da ...

交银国际研究 公司更新 | 内地房地产 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 29 日 | | --- | --- | --- | --- | --- | | 港元 | 3.01 | 港元 3.20 | +6.3% | | | 雅生活服务 (3319 HK) | | | | | 结构性调整后，中长期毛利率有望触底；调整至中性评级 个股评级 中性↓ 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 3319 HK 恒生指数 股份资料 | 52周高位 (港元) | 4.64 | | --- | --- | | 52周低位 (港元) | 2.17 | | 市值 (百万港元) | 4,274.20 | | 日均成交量 (百万) | 47.79 | | 年初至今变化 (%) | 5.61 | | 200天平均价 (港元) | 2.88 | | 资料来源 : FactSet | | 谢骐聪, CFA, FRM philip.tse@bocomgroup.com (852 ...

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 8 月 29 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 15.84 | 港元 | 21.51↓ | +35.8% | | | 蒙牛乳业 (2319 HK) | | | | | | | 终端复苏仍有不确定性，管理层下调指引；维持买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 98,624 | 88,675 | 83,122 | 85,270 | 86,972 | | 同比增长 (%) | 6.5 | -10.1 | -6.3 | 2.6 | 2.0 | | 净利润 (百万人民币) | 4,809 | 105 | 4,024 | 5,216 | 6,295 | | 每股盈利 (人民币) | 1.22 | 0.03 | 1.02 | 1.32 | 1.60 | | 同比增 ...

| 英伟达 | | NVDA US | | --- | --- | --- | | Blackwell 部署顺利推进，Rubin | 进度符合预期， | 评级: 买入 | | 对华业务仍存疑 | | | | 收盘价: 美元 181.60 | 目标价: 美元 204.00↑ | 潜在涨幅: +12.3% | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | 交银国际研究 每日晨报 2025 年 8 月 29 日 今日焦点 Blackwell Ultra 部署推进顺利，但对华出口依然有不确定性：FY2Q26 收 入 467 亿美元，Non-GAAP 毛利率 72.7%，均超过之前指引上限。在不包 括中国市场收入的情况下，管理层指引 FY3Q26 收入中位数 540 亿美元 ，毛利率中位数 73.5%，并认为如果出口条件允许，H20 或额外产生 20- 50 亿美元的收入。管理层称基于 GB200 NVL72 的系统已顺利过渡到 Blackwell Ultra 系统，即基于 GB300 NVL72 的系统已经大规模出货，达每 星期 1000 个机柜，符合我们和市场的预期 ...