Industry Rating - The automotive industry is rated as "Leading" [1] Core Insights - The automotive market showed signs of recovery in March, with retail sales of passenger vehicles increasing by 14.4% year-on-year, reaching 1.94 million units [4] - The penetration rate of new energy vehicles (NEVs) rose to 51.1% in March, with retail sales of NEVs recording 991,000 units, a year-on-year increase of 36.4% [4] - The report highlights the positive impact of trade shows and vehicle replacement policies on sales performance in April [4] Summary by Sections Investment Ratings Overview - Companies such as BYD, Great Wall Motors, and Geely are rated as "Buy" with target prices significantly above current prices, indicating strong potential for growth [2][11] - The average price-to-earnings ratio for the covered companies is projected to be 14.5 for FY25E [2] Market Performance - In March, domestic brands outperformed the overall market, with retail sales of 1.22 million units, a year-on-year increase of 31% [4] - The report notes that the share of domestic brands in the retail market increased by 7.7 percentage points to 62.7% [4] New Energy Vehicle Insights - The report indicates that the export performance of NEVs is strong, with 143,000 units exported in March, accounting for 36.6% of total exports [4] - Domestic brands accounted for 87% of total vehicle exports, with a year-on-year increase of 1% [4] Future Outlook - The upcoming Shanghai Auto Show from April 23 to May 2 is expected to further stimulate automotive consumption, alongside local consumption promotion policies [4] - The report suggests focusing on quality stocks in the passenger vehicle sector, particularly BYD and XPeng Motors, due to their strong market positions and growth potential [4]

Industry Investment Rating - The automotive industry is rated as "Leading" [1] Core Insights - The automotive market showed signs of recovery in March, with retail sales of passenger vehicles increasing by 14.4% year-on-year, reaching 1.94 million units [4] - The penetration rate of new energy vehicles (NEVs) rose to 51.1% in March, with retail sales of NEVs recording 991,000 units, a year-on-year increase of 36.4% [4] - The report highlights the positive impact of trade shows and vehicle replacement policies on sales performance in April [4] Summary by Relevant Sections Sales Performance - In March, the retail sales of passenger vehicles in China reached 1.94 million units, marking a year-on-year increase of 14.4% and a month-on-month increase of 40.2% [4] - Domestic brands performed better than the overall market, with retail sales of 1.22 million units, a year-on-year increase of 31% [4] New Energy Vehicles - NEVs accounted for 51.1% of total retail sales in March, with sales of 991,000 units, reflecting a significant increase [4] - The cumulative retail sales of NEVs from January to March reached 2.42 million units, up 36.4% year-on-year [4] Export Trends - Total passenger vehicle exports in March were 391,000 units, with a year-on-year decrease of 8% but a month-on-month increase of 10% [4] - Exports of NEVs showed strong performance, with 143,000 units exported in March, representing 36.6% of total exports [4] Investment Recommendations - The report suggests focusing on quality stocks in the passenger vehicle sector, particularly BYD (1211 HK) and XPeng Motors (9868 HK), due to their strong growth potential [4]

Investment Rating - The investment rating for the company is Neutral with a target price of HKD 16.25, indicating a potential upside of 11.9% from the current closing price of HKD 14.52 [2][7]. Core Insights - The company is expected to maintain stable revenue and gross margin performance in 2025, with a projected revenue of RMB 29,080 million, reflecting a year-on-year growth of 1.4% [3][6]. - The management anticipates that the gross margin will remain stable or slightly improve, supported by product mix optimization and operational cost management [7][8]. - The running category has shown significant growth, with retail sales increasing by 25% and total sales of the three core IPs exceeding 10.6 million pairs [7][8]. Financial Overview - Revenue for 2024 is projected at RMB 28,676 million, a 3.9% increase from 2023, with footwear sales contributing RMB 14,300 million, up 7% [6][8]. - The net profit for 2024 is expected to be RMB 3,013 million, with a net profit margin of 10.5% [6][8]. - The company plans to maintain a dividend payout ratio of 50%, increasing the dividend per share to RMB 0.5848 [7][8]. Operational Performance - The company has successfully optimized its channels, closing 83 inefficient stores while increasing the number of Li Ning YOUNG stores by 40 [7][8]. - E-commerce revenue has increased, now accounting for 31% of total revenue, highlighting its role as a key growth driver [7][8]. - The company aims to strengthen its leading position in the running category while nurturing emerging categories such as outdoor and tennis [7][8]. Financial Projections - The projected financials for the next few years include: - Revenue: RMB 29,080 million in 2025, RMB 30,809 million in 2026, and RMB 32,855 million in 2027 [6][13]. - Net profit: RMB 2,971 million in 2025, RMB 3,375 million in 2026, and RMB 3,871 million in 2027 [6][13]. - The company’s gross margin is expected to be 49.5% in 2025, with a slight increase to 50% by 2027 [14].

交银国际研究 行业更新 行业评级 领先 2025 年 4 月 10 日 新能源行业 光伏制造受关税总体影响有限，高股息的运营商较具防守性 在美国关税不确定性下，我们覆盖的新能源板块在过去一周内平均回调 15%， 相对恒生指数期间回调 13%。其中运营商/光伏制造子板块分别回调 7%/19%。 我们认为目前市场对风险资产作一次性快速的估值调整后，应就目前受宏观因 素影响的情景调节风险胃纳。我们梳理了运营商/光伏制造的的投资策略： | 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 | | | | | | (当地货币) (当地货币) (报表货币) (报 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 35.20, indicating a potential upside of 37.0% from the current price of HKD 25.70 [6]. Core Insights - The report highlights the superior clinical data of Taitasep in treating generalized Myasthenia Gravis (gMG), showing significant improvement in patient scores compared to the existing competitor VYVGART [1][2]. - The commercialization strategy for Taitasep includes increasing specialized representatives in the neuroimmunology field, enhancing physician education, and encouraging clinical experts to explore more cases [1]. - The report anticipates that the approval of Taitasep for gMG will drive long-term sales growth, supported by a clear commercialization strategy and strong clinical data [1][2]. Summary by Sections Clinical Data - The Phase III study of Taitasep involved 114 gMG patients, showing an average improvement of 5.74 points in MG-ADL scores at 24 weeks compared to 0.91 points in the placebo group, with 98.1% of patients showing improvement of at least 3 points [1]. - The QMG scores improved by an average of 8.66 points in the Taitasep group versus 2.27 points in the placebo group, with 87% of patients achieving an improvement of at least 5 points [1]. Commercialization Strategy - The company plans to submit the application for Taitasep's gMG indication in mainland China, which has been accepted for priority review, with expectations for approval in 2024 [1]. - The strategy includes expanding the sales force, enhancing education on Taitasep's advantages over VYVGART, and establishing a platform for expert feedback [1]. Future Catalysts - Upcoming catalysts include multiple new indication submissions and product approvals, as well as progress in Taitasep's overseas Phase III trials expected to complete enrollment by the end of the year [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 35.20, indicating a potential upside of 37.0% from the current price of HKD 25.70 [6]. Core Insights - The report highlights the competitive advantage of 泰它西普 (Taitasip) in treating generalized Myasthenia Gravis (gMG), with III phase trial results showing significant improvement compared to existing competitors like VYVGART [1][2]. - The company has a clear commercialization strategy for 泰它西普, which includes increasing specialized representatives in the neuroimmunology field and enhancing physician education on its advantages over competitors [1][2]. - The report anticipates that the approval of 泰它西普 for gMG will drive long-term sales growth, supported by strong clinical data and a well-defined marketing strategy [1][2]. Summary by Sections - **Clinical Trial Results**: The III phase study involved 114 gMG patients, showing an average improvement of 5.74 points in MG-ADL scores for the 泰它西普 group compared to 0.91 points for the placebo group. The improvement in QMG scores was 8.66 points versus 2.27 points for the placebo [1]. - **Safety Profile**: 泰它西普 demonstrated a better safety profile with a lower incidence of infection-related adverse events compared to VYVGART, which has limitations due to its safety concerns [1][2]. - **Regulatory and Commercialization Timeline**: The application for 泰它西普's gMG indication was accepted for priority review in October 2024, with expectations for approval within the year. Additional new indications and products are also in the pipeline [1][2].

交银国际研究 每日晨报 2025 年 4 月 10 日 今日焦点 | 荣昌生物 | | 9995 HK | | --- | --- | --- | | 泰它西普 gMG III | 期数据公布，差异化竞争优 | | | 势明显，维持买入 | | | | 丁政宁 | Ethan.Ding@bocomgroup.com | | 泰它西普 gMG III 期数据优于已上市竞品：公司在 AAN 2025 上公布了泰 它西普治疗 gMG 的中国内地 III 期研究结果。结果显示，研究主要终点、 治疗 24 周时 MG-ADL 评分较基线的平均改善幅度达到 5.74 分，vs. 安慰 剂组 0.91 分，改善≥3 分的患者比例高达 98.1%，vs. 安慰剂组 12%。24 周时的 QMG 评分较基线平均改善 8.66 分，vs. 安慰剂组 2.27 分，改善 ≥5 分的患者比例达到 87%，vs. 安慰剂组 16%。VYVGART 治疗可能导致 感染风险，相比之下泰它西普感染类 AE 发生率低于安慰剂组。虽然 VYVGART 在短时间内疗效显著，但安全性限制了其长期给药潜力。而泰 它西普优异的疗效和安全性能保证持续给药 ...

交银国际研究 行业更新 行业评级 领先 2025 年 4 月 9 日 消费行业 关税政策扰动下的避风港：乳制品、体育用品、家电行业稳中求进 行业与大盘一年趋势图 资料来源 : FactSet 4/24 8/24 12/24 4/25 -20% -10% 0% 10% 20% 30% 40% 50% 行业表现 恒生指数 谭星子, FRM kay.tan@bocomgroup.com (852) 3766 1856 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 | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | ...

交银国际研究 消息快报 金融科技 2025 年 4 月 8 日 金融科技业 信贷科技行业：把握确定性 万丽, CFA, FRM wanli@bocomgroup.com (86) 10 8393 5331 拨备改善驱动下，盈利增长的确定性。我们覆盖的三家信贷科技公司对于 2025 年提出较为强劲的盈利指引，在促成贷款维持较低增速的背景下， 增长主要来自拨备费用和资金成本的改善。奇富：指引 2025 年 1 季度 Non-GAAP 净利润为 18-19 亿元人民币，对应同比增速在低基数上超过 50%；考虑 2024 年 4 季度公司在资产质量指标改善的背景下仍环比显著提 升拨备费用，预计将为 2025 年业绩增长带来拨备释放空间。信也：公司 指引 2025 年收入增速为 10-15%，我们预计随着资产质量改善，拨备仍有 下降空间，盈利增速有望超过收入增速。乐信：公司指引 2025 年促成贷 款持平或低个位数增长，但利润率的扩张将带来净利润显著提升。 股东回报的确定性。奇富：将 2024 全年净利润 70%用于包括回购和分红 在内的股东回报；3 月 25 日公司宣布发行可转债全部用于股票回购。我们 预计公司当前可 ...

Investment Rating - The report assigns a "Buy" rating to multiple companies within the internet and education sector, indicating a positive outlook for their future performance [4][10]. Core Insights - The report highlights that the impact of increased tariffs on the internet and education sector is limited in terms of actual business operations, but market sentiment has led to significant valuation adjustments, with some companies nearing their five-year historical lows [3][4]. - The report emphasizes the need for companies in the cross-border e-commerce space to pivot towards high-margin products and enhance operational efficiency in response to changing market conditions [3][8]. - The report notes that advertising budgets may be adjusted due to tariff impacts, but the integration of AI technology is expected to improve advertising efficiency and return on investment [3][8]. Summary by Relevant Sections E-commerce - As of April 7, the current price-to-earnings (P/E) ratios for major platforms are: Alibaba at 8.8x, JD at 7.6x, and Pinduoduo at 8.1x, which are close to their historical lows [3][4]. - The report suggests that e-commerce platforms will benefit from consumption stimulus policies and that the low base effect in the first half of the year may lead to upward adjustments in expectations [3][4]. Online Travel Agencies (OTA) - Current P/E ratios for Ctrip and Tongcheng are 14.5x and 11.4x, respectively. The report indicates that increased tariffs may indirectly affect the OTA sector, but growth in leisure travel is expected to mitigate these impacts [3][4]. Local Services - Meituan's current P/E ratio is 14.9x, with the report noting that there is still room for growth in online penetration within the local services market [3][4]. Gaming and Entertainment - Current P/E ratios for Tencent and NetEase are 15.5x and 11.6x, respectively. The report states that the separation of overseas and domestic operations in gaming and entertainment minimizes the impact of tariffs [3][4]. Valuation Overview - The report provides a detailed valuation table for various companies, indicating that many are trading at or near their historical lows, with significant upside potential based on target prices [4][9].