Investment Rating - The investment rating for the company is "Buy" with a target price adjusted from HKD 50.00 to HKD 46.00, indicating a potential upside of 27.6% from the current price of HKD 36.05 [4][2]. Core Insights - The company's Q1 performance was impacted by seasonal factors and increased R&D expenditures, particularly in AI and new game categories. Game revenue saw a quarter-on-quarter decline primarily due to seasonal decreases in monetization updates for "Jian Wang 3," while WPS revenue also fell due to procurement process changes. New game launches are expected to stabilize revenue in the second half of the year [2][8]. - Adjustments to profit forecasts for 2025-2027 were made, reflecting changes in the valuation contribution from Kingsoft Cloud due to its market value decline [2][3]. Financial Performance Summary - **Revenue Projections**: - 2025E: RMB 11,184 million (down 4% from previous forecast) - 2026E: RMB 12,189 million (down 5%) - 2027E: RMB 13,486 million (down 5%) [3][12]. - **Game and Other Revenue**: - 2025E: RMB 5,327 million (down 4%) - 2026E: RMB 5,354 million (down 8%) - 2027E: RMB 5,484 million (down 8%) [3]. - **WPS Revenue**: - 2025E: RMB 5,857 million (down 3%) - 2026E: RMB 6,836 million (down 3%) - 2027E: RMB 8,002 million (down 3%) [3]. - **Gross Profit**: - 2025E: RMB 9,281 million (up 6%) - 2026E: RMB 10,098 million (up 3%) - 2027E: RMB 11,204 million (up 14%) [3]. - **Adjusted Net Profit**: - 2025E: RMB 2,724 million (down 1%) - 2026E: RMB 2,957 million (down 4%) - 2027E: RMB 3,461 million (down 3%) [3]. Market Data - The company's market capitalization is approximately HKD 50,233.87 million, with a 52-week high of HKD 46.90 and a low of HKD 20.10. The average daily trading volume is 13.72 million shares, and the year-to-date change is +7.13% [6][12].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810) and raises the target price to HKD 62 [1]. Core Insights - The report highlights that Xiaomi's 1Q25 performance exceeded expectations, with revenue and adjusted net profit reaching RMB 1,113 billion and RMB 107 billion, respectively, surpassing market forecasts [1]. - AIoT revenue grew significantly by 59% year-on-year to RMB 323 billion, with gross margin increasing from 20.5% in 4Q24 to 25.2% [1]. - The gross margin for the automotive segment improved to 23.2%, driven by scale effects from the SU7 model, high management efficiency, and growth in equity income [1]. Summary by Sections - **Revenue Forecasts**: The revenue forecasts for Xiaomi for 2025 and 2026 have been raised to RMB 5,030 billion and RMB 6,159 billion, respectively, with adjusted EPS estimates increased to RMB 1.87 and RMB 2.14 [1]. - **Automotive Business**: The average selling price (ASP) for Xiaomi's automotive segment has been adjusted down to RMB 254,000 for 2026, with a focus on the performance of the YU7 model post-launch and the ramp-up of production capacity [2]. - **Smartphone Market Position**: Xiaomi regained the top position in China's smartphone shipments in 1Q25, with a high-end market share of 25%, despite a global smartphone market growth forecast of less than 1% for 2025 [2]. - **AI Investment**: Management plans to increase investment in AI, expecting it to account for one-quarter of total R&D spending, with an annual R&D budget of RMB 30 billion [2]. - **Home Appliance Growth**: The report is optimistic about Xiaomi's long-term expansion in the home appliance sector, with significant growth in sales and ASP for major appliances, supported by the construction of a smart factory in Wuhan [2].

Investment Rating - The report maintains a "Buy" rating for China Power (02380) and raises the target price by 7.4% from HKD 3.51 to HKD 3.77 [1] Core Insights - The report indicates an increase in the earnings forecast for 2025 and 2026 by 1% and 1.4% respectively, highlighting an attractive dividend yield of 6% and 7% for these years [1] - Total power generation from January to April showed a slight year-on-year increase of 0.3%, with wind and solar power generation rising significantly by 32.1% and 13.6% respectively [1] - The report notes a decline of over 7% in domestic coal prices (both at ports and inland) compared to the end of March this year, suggesting that the company's thermal power price differential for the first half of the year may exceed the analyst's expectations by approximately 2% [1]

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024) with a target price of HKD 64, indicating a potential upside of 31% from the current price [1]. Core Insights - Kuaishou's Q1 performance met expectations with total revenue and adjusted net profit of RMB 32.6 billion and RMB 4.6 billion respectively, reflecting year-on-year growth of 11% and 4% [1]. - The report highlights the impact of increased AI computing power investments offsetting cost optimizations, maintaining the 2025 profit forecast at RMB 20.3 billion, with an adjusted net profit margin of 14%, stable compared to 2024 [1]. - The report emphasizes the commercial potential of Kuaishou's AI capabilities, particularly in video generation, warranting a valuation premium based on a 13x P/E ratio for 2025 [1]. Segment Overview - E-commerce GMV grew by 15% year-on-year, with MAU penetration at 19% and average spending per user also up by 7% [2]. - Online marketing revenue increased by 8% year-on-year, with content consumption and local life sectors showing strong growth [2]. - Live streaming revenue rebounded with a 14% year-on-year increase, alongside significant growth in the number of signed agencies and streamers [2]. - Local life services saw substantial growth in active merchants and product offerings, with monthly paid users increasing by 73% year-on-year [2]. - Internationally, revenue grew by 33% year-on-year, achieving positive operational profit for the first time [2]. - The report anticipates continued growth in Q2, with e-commerce GMV expected to rise by 14% and advertising revenue projected to recover with a double-digit growth rate [2].

行业与大盘一年趋势图 资料来源： FactSet 5/24 9/24 1/25 5/25 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 行业表现 恒生指数 丁政宁 2025 年 5 月 29 日 医药行业周报 ASCO 大会多项国产创新药重磅数据公布，关注创新+业绩共振机会 交银国际研究 行业更新 行业评级 领先 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | ...

Industry Investment Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The ASCO conference has showcased significant data from several domestic innovative drugs, highlighting opportunities for innovation and performance resonance [1][4] - The report emphasizes the increasing competitiveness and international influence of Chinese pharmaceutical companies, with a record number of original research results presented at ASCO [4][5] - The report suggests a positive outlook for the innovative drug sector, driven by favorable policies and low valuations compared to historical averages [4] Summary by Sections Market Performance - The Hang Seng Index fell by 2.4% during the week, while the Hang Seng Healthcare Index decreased by 1.0%, ranking 7th among 12 industry indices [4][22] - Sub-industry performance varied, with life sciences tools and services up by 3.4%, and biotechnology down by 4.9% [4][22] Company Ratings and Valuations - The report provides a detailed valuation summary for various companies, with most rated as "Buy" and a few as "Neutral" or "Sell" [3][42] - Notable companies with "Buy" ratings include: - AstraZeneca (AZN US) with a target price of 93.30 and a current price of 70.96 [3] - BeiGene (6160 HK) with a target price of 208.80 and a current price of 146.00 [3] - Innovent Biologics (1801 HK) with a target price of 60.00 and a current price of 59.55 [3] ASCO Conference Highlights - The 2025 ASCO conference featured 71 original research results from Chinese pharmaceutical companies, with 11 studies presented as Late Breaking Abstracts [5][6] - Companies like Innovent Biologics and Rongchang Biologics showcased promising clinical data for their innovative therapies [5][6] Investment Recommendations - The report recommends focusing on companies with strong growth potential and clear profitability timelines, such as Rongchang Biologics, Kangfang Biologics, and Innovent Biologics [4] - It also highlights the potential for prescription drug companies like Xiansheng Pharmaceutical and Hansoh Pharmaceutical to expand their valuations due to high growth rates [4] Recent Approvals and Developments - Rongchang Biologics received approval for a new indication for its drug in treating myasthenia gravis [20] - Innovent Biologics published positive results for its dual receptor agonist in a prominent medical journal [20] - BeiGene's clinical research for its drug in small cell lung cancer has shown promising results [20]

交银国际研究 每日晨报 2025 年 5 月 29 日 我们长期看好小米在 AIOT 业务上的执行力，但建议投资者关注短期来自传 统家电厂商的竞争和下半年市场对大家电产品的需求。 上调目标价至 62 港元。我们上调 2025/26 年收入预测至 5,030/6,159 亿 元，上调 2025/26 年经调整 EPS 至 1.87/2.14 元（前值 1.51/1.98 元）。我们 下调小米汽车 2026 年 ASP 至 25.4 万元（前值 27.0 万元）。基于 2026 年手 机 x AIoT 26 倍市盈率和汽车业务 2 倍市销率，综合汇率因素，上调目标价 到 62 港元，维持买入评级。 | 快手 | | 1024 HK | | --- | --- | --- | | | 1 季度业绩符合预期；海外运营层面盈利，可灵 | 评级: 买入 | | 商业化加速 | | | | 收盘价: 港元 48.75 | 目标价: 港元 64.00 | 潜在涨幅: +31.3% | | 赵丽, CFA | zhao.li@bocomgroup.com | | 快手 2025 年 1 季度总收入/经调整净利润同比增 11%/ ...

交银国际研究 财务模型更新 互联网 2025 年 5 月 28 日 拼多多 (PDD US) 收盘价 目标价 潜在涨幅 美元 102.98 美元 135.00↓ +31.1% 业绩不及预期，2 季度利润或仍将承压；下调目标价 2025 年 1 季度业绩不及预期，收入及毛利低于预期主因关税不确定性对 TEMU 的影响令美区全托管 GMV 收缩及短期物流成本上升，内地电商广告收入增速 符合预期，调整后净利润低于预期主因内地电商加大补贴应对国补政策下公 司的不利形势。我们预计2季度上述因素持续，利润继续呈下降趋势。我们下 调 2025 年收入/利润预测 9%/25%，预计商家扶持计划对主站变现、TEMU 短 期战略调整对利润的拖累或在 2026 年得到缓释，利润恢复至常态化水平，我 们基于 2026 年 10 倍市盈率，目标价从 165 美元下调至 135 美元，看好中长期 业务恢复常态化运营后的盈利能力，维持买入。 盈利预测变动 | | | —————2025E————— | | | | —————2026E————— —————2027E————— | | | | | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $60.00, indicating a potential upside of 29.9% from the current price of $46.19 [2][29]. Core Insights - The company reported Q1 profits that exceeded expectations, with a revenue of $494 million, down 12% year-on-year. The decline in revenue was primarily due to a 20% drop in live streaming revenue, attributed to adjustments in non-core voice streaming services and the prior removal of BIGO Live from app stores. However, there are signs of marginal improvement in key developed markets, such as a 4% increase in paying users in North America [2][7]. - Non-live revenue grew by 25%, now accounting for 25% of total revenue, with advertising revenue increasing by 27% and SaaS business growing over 20% [2][7]. - The adjusted net profit for Q1 was $63 million, better than the expected $53 million, and the company has a stable shareholder return plan, including $600 million in dividends and $300 million in buybacks over three years, representing an average annual return of 13% of market capitalization [2][7]. Financial Forecasts - Revenue forecasts for 2025 have been slightly reduced by 3% to $2.122 billion, reflecting a year-on-year decline of 5%. The adjusted net profit forecast for 2025 has been increased to $267 million [5][30]. - The company expects a recovery in BIGO live streaming revenue and accelerated growth in advertising revenue in Q2, which may offset the impact of adjustments in live streaming [2][7]. - The company maintains a strong cash position, with net cash of $3.4 billion, approximately 150% of its current market capitalization [2][13]. Financial Data - The company’s financial performance for Q1 shows a gross profit of $179 million, with a gross margin of 36%. The operating profit was $12 million, with an operating margin of 2% [22][30]. - For 2025, the company anticipates a gross profit of $764 million and a net profit of $212 million, with a projected net profit margin of 10% [30][31].

Investment Rating - The report maintains a "Buy" rating for the company, YY US, with a target price of $60.00, indicating a potential upside of 29.9% from the current price of $46.19 [1][29]. Core Insights - The first quarter profits exceeded expectations, with revenue reported at $490 million, a year-on-year decline of 12%. The live streaming revenue decreased by 20%, primarily due to adjustments in non-core voice streaming business and the prior removal of BIGO Live. However, there are signs of marginal improvement in key developed markets, such as a 4% quarter-on-quarter increase in paying users in North America [2][7]. - Non-live revenue grew by 25%, now accounting for 25% of total revenue, with advertising revenue increasing by 27% and SaaS business growing over 20% [2][7]. - The adjusted net profit for the quarter was $63 million, better than the expected $53 million [2][7]. - The company has a stable shareholder return plan, with $600 million in dividends and $300 million in buybacks over three years, representing an average annual return of 13% of market capitalization [2][7]. Financial Forecasts - Revenue forecasts for 2025 have been slightly reduced by 3% to $2.122 billion, reflecting a year-on-year decline of 5%. The adjusted net profit forecast for 2025 has been increased to $267 million [5][30]. - The company expects a recovery in BIGO live streaming revenue and accelerated growth in advertising revenue in the second quarter, which may offset the impact of adjustments in the live streaming business [2][7]. - The financial model indicates a stable gross margin expectation despite the anticipated increase in advertising revenue, which typically has a lower profit margin [2][7]. Financial Data - As of the end of the first quarter, the company reported net cash of $3.4 billion, approximately 150% of its current market capitalization [2][13]. - The company has maintained a consistent cash flow, with operating cash flow reported at $58 million for the first quarter [18][31]. - The projected financials for 2025 include total revenue of $2.122 billion, with a gross profit of $764 million and a net profit of $212 million [30][31].