Investment Rating - The report maintains a "BUY" rating for Kuaishou, with a target price of HK$80.00, indicating a potential upside of 64.1% from the current price of HK$48.75 [3][20]. Core Insights - Kuaishou's 1Q25 results were in line with expectations, showing a total revenue increase of 11% YoY to RMB32.6 billion and an adjusted net profit rise of 4% YoY to RMB4.6 billion [1][2]. - The monetization of Kling AI is accelerating, generating over RMB150 million in 1Q25, and is expected to exceed RMB700 million in FY25E [1][8]. - Revenue growth is forecasted to continue, with an expected 12% YoY increase in total revenue for 2Q25E, driven by online marketing and e-commerce [1][8]. Financial Performance - For FY25E, total revenue is projected at RMB141.85 billion, with adjusted net profit expected to reach RMB20.12 billion [2][9]. - The adjusted net profit margin is anticipated to remain stable at around 14.2% for FY25E [9][18]. - The company is investing heavily in AI, with R&D expenses growing by 16% YoY to RMB3.3 billion in 1Q25, representing 10.1% of total revenue [8][18]. Revenue Breakdown - In 1Q25, online marketing revenue increased by 8% YoY to RMB18.0 billion, accounting for 55% of total revenue [8]. - Other services revenue grew by 15% YoY to RMB4.8 billion, while live streaming revenue rose by 14% YoY to RMB9.8 billion [8][11]. - E-commerce GMV increased by 15% YoY to RMB332.3 billion, supported by growth in both monthly paying users and GMV per user [8]. Valuation Metrics - Kuaishou is currently trading at a non-IFRS PE of 10x for FY25E, which is attractive compared to the sector average of 16x and its 2-year historical average of 15x [1][3]. - The SOTP-derived target price of HK$80.00 is based on valuations of its live streaming, online marketing, and e-commerce businesses, with respective contributions of HK$9.7, HK$23.4, and HK$39.7 per share [12][13][15].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 69.5, unchanged from previous assessments [2][10]. Core Insights - The company completed a placement of HKD 120 million on May 21, at a price of HKD 40 per share, to enhance upstream manufacturing capabilities and support general working capital [1][10]. - Revenue growth is projected to be between 27% and 33% from 2025 to 2027, with a gross margin expected to remain between 53% and 54% [2][10]. - The company’s stock price increased by 6.6% to HKD 47.6 as of May 21, following the placement announcement [1]. Financial Summary - **Sales Revenue (in million RMB)**: - FY23A: 464 - FY24A: 579 - FY25E: 770 (33% YoY growth) - FY26E: 1,006 (30.8% YoY growth) - FY27E: 1,284 (27.6% YoY growth) [3][14] - **Net Profit (in million RMB)**: - FY23A: 109.2 - FY24A: 166.6 - FY25E: 216.7 (30.1% YoY growth) - FY26E: 285.1 (31.5% YoY growth) - FY27E: 363.3 (27.4% YoY growth) [3][14] - **Gross Margin (%)**: - FY23A: 55.4 - FY24A: 53.0 - FY25E: 53.8 - FY26E: 53.5 - FY27E: 53.3 [3][14] - **Earnings Per Share (in RMB)**: - FY23A: 2.42 - FY24A: 2.78 - FY25E: 3.61 - FY26E: 4.75 - FY27E: 6.05 [3][14] - **Price-to-Earnings Ratio (P/E)**: - FY25E: 12.9 - FY26E: 9.8 - FY27E: 7.7 [3][14] Market Performance - The company's market capitalization is approximately HKD 3,042 million, with a 52-week high of HKD 51.75 and a low of HKD 23.05 [5][12]. - The stock has shown significant performance, with a 59.4% absolute return over the past three months [7].

2025 年 5 月 28 日 招银国际环球市场 | 睿智投资 | 公司更新 贝克微 (2149 HK) 配售完成，关注执行落地 贝克微于 5 月 21 日完成了总额为 1.2 亿港元的配售协议（链接），以每股 40 港元 的配售价格认购最多 300 万股的配售股份。本次募资净额将用于：1）加大对上游 制造资源的投入，包括但不限于自建晶圆厂及强化与现有晶圆厂的合作；2）补充 一般营运资金。 我们认为本次增发将有助于公司巩固其上游制造能力，这对于公司未来的扩张至关 重要，尤其考虑到工业级模拟 IC 市场的长尾特性。同时，此轮融资也将增强公司 的现金储备，为其日常运营注入更多流动性支持。截至 5 月 21 日收盘，公司股价 上涨 6.6%，报 47.6 港元。 公司目前仍是我们重点推荐的标的之一。我们预计 2025–27 年收入的同比增速将 达到 27%-33%，毛利率维持在 53%-54%之间。重申"买入"评级，目标价维持 69.5 港元不变。 | 财务资料 | | | | | | | --- | --- | --- | --- | --- | --- | | (截至 12 月 31 日) | FY23A | ...

Group 1: Industry Insights - The semiconductor industry is experiencing significant investment growth, particularly from major Chinese cloud providers like Alibaba, Tencent, and Baidu, with capital expenditures doubling year-on-year in Q1 2025 [2] - Despite facing short-term challenges due to U.S. AI GPU export restrictions, domestic cloud providers remain committed to long-term AI development, with initial returns already visible in their cloud business [2] - The report highlights the increasing adoption of AI services among enterprises, which is expected to continue driving investment momentum into 2025, benefiting local AI supply chain companies [5] Group 2: Company Analysis - Kuaishou (1024 HK) reported Q1 2025 results in line with expectations, with total revenue growing 11% year-on-year to 32.6 billion RMB, and adjusted net profit increasing 4% to 4.6 billion RMB, driven by AI commercialization [5] - Pinduoduo (PDD US) saw a 10.2% year-on-year revenue growth in Q1 2025, reaching 95.7 billion RMB, although it fell short of market expectations due to lower transaction service fees [5] - Google (GOOG US) updated its AI capabilities at the 2025 I/O conference, launching new features that enhance user experience in search and other applications, maintaining its competitive edge in the search market [5][6] - Xiaomi Group (1810 HK) exceeded Q1 2025 earnings expectations with adjusted earnings of 10.7 billion RMB, driven by strong sales across all segments and improvements in product margins [6] Group 3: Stock Recommendations - The report maintains a "Buy" rating for Kuaishou with a target price of 80.0 HKD, reflecting its attractive valuation compared to industry averages [5] - Pinduoduo's target price has been adjusted down to 134.5 USD, with a "Buy" rating maintained despite short-term profit pressures [5] - Google retains a "Buy" rating with a target price of 218.0 USD, anticipating continued growth in search advertising revenue [6] - Xiaomi's target price is set at 65.91 HKD, with a "Buy" rating supported by positive outlooks on its high-end strategy and ecosystem expansion [6]

2025 年 5 月 27 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业及公司点评 全球市场观察 行业点评 医药行业 - ASCO 精选亮点：聚焦下一代免疫疗法与 ADC 信达生物：ASCO 数据强化了 IBI363 作为下一代免疫治疗（IO）的潜力。 我们认为 IBI363 在 IO 耐药的鳞状非小细胞肺癌（sq-NSCLC）领域具有较大 潜力，单药治疗展现出 7.3 个月的 mPFS，在针对同适应症的创新药物中具 备较强竞争力。信达计划于 2H25 启动 IBI363 在 IO 耐药 sq-NSCLC 的 III 期 临床。 周一（5 月 26 日）中国股市下跌。港股可选消费、医疗保健与资讯科技领跌， 电信服务、必选消费与能源收跌，南向资金净卖出 15.07亿港元。A股汽车、 医药生物和银行跌幅居前，传媒、计算机和环保等收涨。人民币小幅上涨。 比亚迪大力度降价，引发市场对新一轮价格战担忧。 欧股反弹，对关税敏感的汽车板块大涨，欧元创本月新高。欧盟称将快速推 进欧美贸易谈判，贸易专员称与美方沟通良好，提振市场情绪。欧央行行长 称近期全球动荡为"欧元全球化时刻"创造契机，欧元可能成为美 ...

Investment Rating - The report maintains a "BUY" rating for EHang Holdings with an unchanged target price of US$30, indicating a potential upside of 76.9% from the current price of US$16.96 [1][3][17]. Core Insights - EHang's 1Q25 results were below expectations, with a 58% year-over-year decline in eVTOL aircraft deliveries, totaling only 11 units due to delays caused by weather, Chinese New Year seasonality, and operator certificate approvals. However, management anticipates a recovery in sales in 2Q25 [1][6]. - The company aims for a revenue target of RMB900 million in 2025, representing a 97% year-over-year growth, alongside a 40% increase in selling, general, and administrative (SG&A) expenses [1][2]. - EHang is recognized as a first-mover in the eVTOL market in China, having obtained essential certifications for mass production and operation [1][6]. Financial Summary - Revenue for FY25 is projected at RMB898 million, with a year-over-year growth of 97%. The adjusted net profit is expected to improve to a loss of RMB64 million, with a return to profitability anticipated in FY26 with a net profit of RMB178 million [2][14]. - The gross margin for 1Q25 slightly expanded to 62.4%, despite a significant revenue decline [6][7]. - EHang's inventories increased by 44% to RMB109 million as of March 2025, attributed to shipment delays [6]. Product Development - The VT35 eVTOL is the next key product, currently undergoing certification processes in China, with plans for a launch in 3Q25 [6][7]. - EHang has successfully obtained operating certificates for its subsidiaries, with commercial operations expected to commence in the coming months as safety remains a priority [6][7].

Investment Rating - The report maintains a "BUY" rating for Meituan, with a target price of HK$181.6, which reflects a 40.3% upside from the current price of HK$129.4 [2][10]. Core Insights - Meituan's 1Q25 results showed revenue of RMB86.6 billion, an 18% year-over-year increase, and adjusted net profit of RMB10.9 billion, up 46% year-over-year, exceeding both forecasts and consensus estimates [1]. - The company is actively responding to increased competition in the food delivery market by optimizing user subsidies to enhance user stickiness, while also committing to international expansion for long-term growth [1][10]. - Revenue from the core local commerce (CLC) segment reached RMB64.3 billion, up 18% year-over-year, with operating profit of RMB13.5 billion, which was 10% better than consensus estimates [1][8]. Financial Performance Summary - For FY25E, revenue is projected at RMB386.1 billion, with a year-over-year growth of 14.4%, while adjusted net profit is expected to be RMB39.3 billion, reflecting a decline of 10.3% year-over-year [7][9]. - The CLC segment is forecasted to generate revenue of RMB66.7 billion in 2Q25E, indicating a 10% year-over-year growth [1]. - New initiatives generated revenue of RMB22.2 billion in 1Q25, up 19% year-over-year, with an operating loss of RMB2.3 billion, which is an improvement from the previous year [1][8]. Forecast Revisions - The revenue and adjusted net profit forecasts for 2025-2027 have been lowered by 1-2% and 11-21% respectively, due to increased investments in the food delivery business and international expansion [1][9]. - The target price was cut by 9% to HK$181.6, translating into a 25x adjusted PE for 2025E [10][12]. Share Performance - The market capitalization of Meituan is approximately HK$792.6 billion, with a 52-week high of HK$213.40 and a low of HK$102.10 [2][3]. - Over the past month, the stock has seen a 1.4% increase, but a decline of 25.7% over the past three months [4]. Shareholding Structure - Major shareholders include Crown Holdings Asia Limited with 8.1% and BlackRock with 5.3% [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$24.00, representing a potential upside of 17.1% from the current price of HK$20.50 [5]. Core Insights - The company reported a strong performance in Q1 2025, with total revenue of RMB 4.4 billion, a year-on-year increase of 13%, exceeding both the report's and Bloomberg's expectations by 0.7% and 0.9% respectively. Adjusted net profit reached RMB 788 million, up 41% year-on-year, also surpassing forecasts [1][2]. - The core OTA business revenue was RMB 3.8 billion, accounting for 86.6% of total revenue, with a year-on-year growth of 18.4%, driven by strong performance in transportation ticketing and other services [2]. - The report anticipates stable growth in profits for the full year, with a projected 25% increase in operating profit and an 18% rise in non-GAAP net profit for the core OTA business in 2025 [1]. Summary by Sections Q1 2025 Performance - Total revenue was RMB 4.4 billion, a 13% increase year-on-year, with adjusted net profit at RMB 788 million, reflecting a 41% growth [1]. - The core OTA business saw revenue of RMB 3.8 billion, up 18.4% year-on-year, driven by growth in transportation ticketing and accommodation services [2]. Q2 2025 Outlook - For Q2 2025, total revenue is expected to reach RMB 4.7 billion, a 10% year-on-year increase, with core OTA revenue projected to grow by 13% [3]. - The report notes that while core OTA revenue growth may slow due to seasonal factors, a recovery is anticipated in the second half of the year [3]. Profitability and Margins - The overall operating margin improved to 18.7% in Q1 2025, up from 11.8% in Q1 2024, with the core OTA business margin expanding to 29.2% [4]. - The report predicts continued expansion of the core OTA's non-GAAP operating margin to 25.5% in Q2 2025, supported by healthy revenue growth and optimized sales and marketing expenses [4]. Financial Projections - Revenue projections for 2025-2027 have been slightly adjusted downwards by 2%, while non-GAAP net profit expectations remain largely unchanged [1][12]. - The company is expected to achieve total revenues of RMB 19.5 billion in 2025, with a year-on-year growth rate of 12.4% [10].

Investment Rating - The investment rating for BaTeLab is reiterated as "Buy" with a target price maintained at HK$69.5, indicating a potential upside of 37.1% from the current price of HK$50.70 [2][4]. Core Insights - BaTeLab successfully raised HK$120 million through a private placement, which will be used to enhance upstream manufacturing capabilities and for general operational funding. This is crucial for the company's future expansion in the industrial-grade analog IC market [1][2]. - The company is expected to experience robust revenue growth, with projected growth rates of 27%-33% from 2025 to 2027, alongside high profitability with expected gross margins of 53%-54% during the same period [1][2]. Financial Summary - Revenue is projected to grow from RMB 464 million in FY23A to RMB 770 million in FY25E, reflecting a year-on-year growth of 33% [3][11]. - Net profit is expected to increase from RMB 109.2 million in FY23A to RMB 216.7 million in FY25E, representing a year-on-year growth of 30.1% [3][11]. - The company's P/E ratio is currently at 12.9x for FY25E, which is significantly lower than the average of 38x for domestic peers, indicating an attractive valuation [2][10]. Shareholder Structure - The major shareholders include Li Zhen with 53.5% and Zhang Guangping with 39.5% of the shares [5]. Market Performance - Over the past month, BaTeLab's stock has shown a slight increase of 0.2%, while over three months, it has risen by 59.4% [6]. Valuation Metrics - The company is trading at a P/B ratio of 0.43, which is appealing compared to the industry average [2]. - The projected EPS for FY25E is RMB 3.61, with a corresponding P/E ratio of 12.9x, indicating strong earnings potential [3][11].

2025 年 5 月 26 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观、行业及公司点评 全球市场观察 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 40,852 | 0.34 | 36.98 | | 恒生工商业 | 13,444 | 0.23 | 45.60 | | 恒生地产 | 16,308 | -0.08 | -11.02 | | 恒生公用事业 | 36,849 | -0.20 | 12.09 | | 资料来源：彭博 | | | | 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 行业点评 科技行业 - Computex 2025 总结：GB300 NVL72、液冷、GPU/SOCAMM 插槽、AI PC、DGX Spark Computex 2025 于 5 月 19 日至 23 日在台北举行，主要聚焦于 AI 服务器、AI PC 和散热/电源/连接器解决方案。以下为我们从主题演讲及展区走 ...