Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside of 15% to less than 35% from the current price [6][11]. Core Insights - The company reported a revenue of 16.75 billion RMB for Q1 2025, a year-on-year decline of 11%, and a net profit of 1.94 billion RMB, down 16% year-on-year, which was below expectations [7]. - The report highlights a marginal improvement in duty-free sales, particularly in Hainan, with a notable narrowing of sales decline in March 2025 [9]. - The company is expected to optimize its product categories, membership services, and supply chain management, projecting net profits of 5.26 billion RMB, 6 billion RMB, and 6.695 billion RMB for 2025, 2026, and 2027 respectively [9]. Summary by Sections Company Basic Information - The company operates in the retail trade sector, with an H-share price of 51.85 HKD as of May 7, 2025, and a market capitalization of 90.202 billion RMB [2]. - The stock has seen a 12-month high of 78.3 HKD and a low of 39.6 HKD, with a price-to-book ratio of 1.88 [2]. Recent Ratings - The company has had several ratings in the past year, including "BUY" on January 17, 2025, and "TRADING BUY" on October 16, 2024 [3]. Financial Performance - The company’s net profit for 2022 was 5.03 billion RMB, with projections for 2025 at 5.26 billion RMB, reflecting a year-on-year growth of 23.3% [8]. - The earnings per share (EPS) for 2025 is projected to be 2.54 RMB, with a corresponding P/E ratio of 19 [9]. Sales and Market Trends - Duty-free sales in Hainan saw a decline of 11.4% in Q1 2025, but the company anticipates improvements due to government initiatives and adjustments in product offerings [9]. - The report emphasizes the importance of the company's city store openings and their potential to enhance profitability [9].

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [2][5]. Core Insights - The company reported a Q1 2025 revenue of 51.44 billion RMB, a year-on-year increase of 10.7%, and a net profit of 26.85 billion RMB, up 11.6% year-on-year, aligning with expectations [5][7]. - The revenue growth rate for the company's flagship product, Moutai liquor, was 9.7%, while the series liquor segment saw a growth of 18.3% [7]. - The report maintains profit forecasts for 2025-2027, expecting net profits of 95.36 billion RMB, 103.96 billion RMB, and 112.8 billion RMB, with year-on-year growth rates of 10.6%, 9%, and 8.5% respectively [7][6]. Summary by Sections Company Overview - The company operates in the food and beverage industry, with a market capitalization of approximately 194.74 billion RMB and a current share price of 1550.20 RMB [1]. Financial Performance - The company achieved a net profit of 86.22 billion RMB in 2023, with a projected EPS of 68.64 RMB [6]. - The gross profit margin for the reporting period was stable at 92.1%, with a slight year-on-year decrease of 0.6 percentage points [7]. Market Strategy - The chairman emphasized optimizing the assessment of distributors, indicating a more proactive market strategy and improved engagement from distributors [7]. - The company is enhancing its ability to manage market demand fluctuations, contributing to a stable pricing environment for Moutai liquor [7]. Future Projections - The report forecasts a P/E ratio of 20, 19, and 17 for the years 2025, 2026, and 2027 respectively, suggesting a favorable valuation outlook [7][6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [6][11]. Core Insights - The company reported a revenue of RMB 16.75 billion for Q1 2025, a year-on-year decline of 11%, and a net profit of RMB 1.94 billion, down 16% year-on-year, which was below expectations [7]. - The report highlights a marginal improvement in duty-free sales, particularly in Hainan, with a notable recovery in average transaction value [9]. - The company is expected to optimize its product categories, membership services, and supply chain management, leading to projected net profits of RMB 5.26 billion, RMB 5.96 billion, and RMB 6.70 billion for 2025, 2026, and 2027 respectively [9]. Company Overview - The company operates in the retail trade industry and has a current H-share price of HKD 51.85, with a market capitalization of RMB 90.20 billion [2]. - The major shareholder is China Tourism Group, holding 50.3% of the shares [2]. - The company's earnings per share (EPS) for 2025 is projected to be RMB 2.54, with a price-to-earnings (P/E) ratio of 19 times [9]. Financial Performance - The company’s net profit for 2022 was RMB 5.03 billion, with projections of RMB 6.71 billion for 2023 and RMB 4.27 billion for 2024, reflecting fluctuations in profitability [8]. - The revenue forecast for 2025 is RMB 62.93 billion, with a year-on-year growth expectation of 23.3% [15]. - The report indicates a stable cost structure, with a gross margin of 33% and a decrease in financial expenses [9].

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 1674 CNY, indicating a potential upside of 8% from the current price of 1550.20 CNY [1][5]. Core Insights - The company reported a Q1 2025 revenue of 51.44 billion CNY, a year-on-year increase of 10.7%, and a net profit of 26.85 billion CNY, up 11.6% year-on-year, aligning with expectations [5]. - The revenue growth for the flagship product, Moutai liquor, was 43.56 billion CNY, reflecting a 9.7% increase, while the series liquor segment saw a revenue of 7.02 billion CNY, up 18.3% [7]. - The company is focusing on optimizing its distributor assessment to enhance market engagement and service quality, which is expected to strengthen its competitive position [7]. Financial Summary - The company’s net profit is projected to reach 95.36 billion CNY in 2025, with a year-on-year growth of 10.6%, and further growth is expected to continue through 2027 [6][7]. - Earnings per share (EPS) are forecasted to be 75.91 CNY for 2025, with a price-to-earnings (P/E) ratio of 20 [6][7]. - The company has maintained a stable gross margin of 92.1%, with a slight decrease of 0.6 percentage points year-on-year [7]. Market Position - The company’s market capitalization is approximately 194.74 billion CNY, with major shareholders including China Guizhou Moutai Distillery (Group) Co., Ltd., holding 54.07% [1]. - Institutional investors hold 7.1% of the circulating A-shares, while general corporations account for 70.7% [2].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 60 CNY per share [5][6]. Core Insights - The company reported a significant revenue growth of 165.3% year-on-year in Q1 2025, reaching 4.686 billion CNY, with a net profit increase of 52.8% to 463 million CNY [6]. - The demand for computing power from internet companies is driving the company's revenue growth, while economies of scale are reducing expense ratios [6]. - Major internet firms are increasing capital expenditures on computing power, which is expected to sustain high industry demand [6]. - The company maintains a strong position in the server industry, particularly in AI and liquid-cooled servers, with a market share of 36.8% in liquid-cooled servers in China [6]. - Future earnings are projected to grow significantly, with net profits expected to reach 3.43 billion CNY in 2025, reflecting a year-on-year growth of 49.67% [8]. Summary by Sections Company Overview - The company operates primarily in the computer industry, with a market capitalization of approximately 74.77 billion CNY and a share price of 50.85 CNY as of May 5, 2025 [1]. Financial Performance - The company achieved a gross margin of 34.5% in Q1 2025, despite a year-on-year decline of 4.68 percentage points due to increased sales to internet firms [6]. - Operating cash flow increased by 265.5% year-on-year, reaching 5.803 billion CNY, attributed to improved sales collection and changes in payment schedules [6]. Market Position - The company ranks second globally and first in China in server market share, with a strong foothold in AI server technology [6]. - The report highlights the company's technological advancements, including the launch of a general-purpose server capable of running large AI models [6]. Earnings Forecast - Projected net profits for 2025-2027 are 3.43 billion CNY, 4.67 billion CNY, and 6.25 billion CNY, respectively, with corresponding year-on-year growth rates of 49.67%, 36.07%, and 33.80% [8].

2025 年 04 月 30 日 赵旭东 H70556@capital.com.tw 目标价(元) 164 公司基本信息 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/4/29) | | 140.63 | | 上证指数(2025/4/29) | | 3286.65 | | 股价 12 个月高/低 | | 192.8/58.22 | | 总发行股数(百万) | | 183.21 | | A 股数(百万) | | 168.76 | | A 市值(亿元) | | 237.33 | | 主要股东 | | 左晶(18.80%) | | 每股净值(元) | | 18.81 | | 股价/账面净值 | | 7.48 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -5.7 -20.3 | 17.9 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-12-04 | 124.1 | 买进 | 产品组合 | 谐波减速器及金属部件 | 84.0% | | --- | --- | | 机电一体化产品 | ...

2025 年 04 月 30 日 顾向君 H70420@capitalcom.tw 目标价(元) 34 公司基本资讯 | 产业别 | | 食品饮料 | | --- | --- | --- | | A 股价(2025/4/29) | | 28.79 | | 上证指数(2025/4/29) | | 3286.65 | | 股价 12 个月高/低 | | 31.96/21.13 | | 总发行股数(百万) | | 6365.90 | | A 股数(百万) | | 6334.47 | | A 市值(亿元) | | 1823.69 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (10.23%) | | 每股净值(元) | | 9.16 | | 股价/账面净值 | | 3.14 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 2.5 | 6.4 7.3 | C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 伊利股份(600887.SH) BUY 买进 大额减值影响 2024 年盈利，25Q1 扣 ...

顾向君 H70420@capitalcom.tw 目标价(元) 34 公司基本资讯 | 产业别 | | 食品饮料 | | --- | --- | --- | | A 股价(2025/4/29) | | 28.79 | | 上证指数(2025/4/29) | | 3286.65 | | 股价 12 个月高/低 | | 31.96/21.13 | | 总发行股数(百万) | | 6365.90 | | A 股数(百万) | | 6334.47 | | A 市值(亿元) | | 1823.69 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (10.23%) | | 每股净值(元) | | 9.16 | | 股价/账面净值 | | 3.14 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 2.5 6.4 | 7.3 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-10-31 | 26.44 | 买进 | | 2024-08-30 | 22.87 | 买进 | | 2024-04-30 | 28.29 | ...

2025 年 04 月 30 日 顾向君 H70420@capitalcom.tw 目标价(元) 34 公司基本资讯 | 产业别 | | 食品饮料 | | --- | --- | --- | | A 股价(2025/4/29) | | 28.79 | | 上证指数(2025/4/29) | | 3286.65 | | 股价 12 个月高/低 | | 31.96/21.13 | | 总发行股数(百万) | | 6365.90 | | A 股数(百万) | | 6334.47 | | A 市值(亿元) | | 1823.69 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (10.23%) | | 每股净值(元) | | 9.16 | | 股价/账面净值 | | 3.14 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 2.5 6.4 | 7.3 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-10-31 | 26.44 | 买进 | | 2024-08-30 | 22.87 | 买进 | | 202 ...

2025 年 04 月 30 日 顾向君 H70420@capitalcom.tw 目标价(元) 34 公司基本资讯 | 产业别 | | 食品饮料 | | --- | --- | --- | | A 股价(2025/4/29) | | 28.79 | | 上证指数(2025/4/29) | | 3286.65 | | 股价 12 个月高/低 | | 31.96/21.13 | | 总发行股数(百万) | | 6365.90 | | A 股数(百万) | | 6334.47 | | A 市值(亿元) | | 1823.69 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (10.23%) | | 每股净值(元) | | 9.16 | | 股价/账面净值 | | 3.14 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 2.5 | 6.4 7.3 | 近期评等 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | ...