Company Rating - The report assigns a "Buy" rating to Inspur Digital Enterprise (596) with a target price of HKD 14.3, indicating a potential upside of 36.5% from the current price of HKD 10.48 [2][8]. Core Insights - Inspur Digital Enterprise is positioned as a leading ERP software provider in China, benefiting from its state-owned background and extensive client base, which includes 79 central enterprises and over 120,000 corporate clients [5][6]. - The acceleration of domestic digital transformation and the push for localization in technology provide significant market opportunities for the company, particularly in the ERP sector [6][8]. - The company's cloud service revenue has shown remarkable growth, increasing from RMB 510 million in 2020 to RMB 2.76 billion in 2024, with a compound annual growth rate (CAGR) of 53.3% [7][8]. Financial Summary - The report forecasts the company's net profit for 2025, 2026, and 2027 to be RMB 5.3 billion, RMB 6.5 billion, and RMB 8.0 billion respectively, with earnings per share (EPS) projected at RMB 0.46, RMB 0.57, and RMB 0.70 [9][8]. - The total revenue for the fiscal years 2023 to 2027 is expected to grow from RMB 8.29 billion in 2023 to RMB 10.87 billion in 2027, reflecting a steady growth trajectory [9][8]. Market Position - Inspur Digital Enterprise is uniquely positioned as the only major SaaS provider with state-owned backing, which aligns well with the security needs of central and state-owned enterprises [6][8]. - The company has established a strong foundation for market expansion through long-term collaborations with various central enterprises, enhancing its industry experience and customer resource base [6][8].

Group 1: Investment Rating - The investment rating for MGM China is maintained as "Buy" with a target price raised from HKD 15.5 to HKD 19 [1][6]. Group 2: Core Insights - MGM China reported a net revenue of HKD 8.7 billion for Q2 2025, representing a year-on-year growth of 9% and a quarter-on-quarter growth of 8%, achieving the highest quarterly record in history, with a 72% increase compared to 2019 [1][6]. - The company's adjusted EBITDA reached HKD 2.5 billion, showing a year-on-year increase of 3% and a quarter-on-quarter increase of 6, driven by an unexpected increase in market share, which reached 16.6% in Q2 [1][6]. - The strong performance in gaming revenue is attributed to high-end gaming and concert events, attracting more customers seeking new experiences and quality services [1][6]. - MGM China is focusing on high-end gaming strategies, with a positive outlook for the summer season, and the Alpha Villas in Macau began trial operations in July [1][6]. Group 3: Summary by Sections Section 1: MGM China Q2 2025 Performance - MGM China's Q2 2025 net revenue was HKD 8.7 billion, a 9% increase year-on-year and an 8% increase quarter-on-quarter, with adjusted EBITDA at HKD 2.5 billion, marking a 3% year-on-year increase [1][6]. - The company achieved a market share of 16.6% in Q2, the highest increase among gaming companies, with a strong performance driven by high-end gaming and concert events [1][6]. Section 2: Market Outlook - The outlook for MGM China remains positive, with the summer season expected to maintain strong performance, and new villa suites set to open before the Golden Week in October [1][6]. Section 3: Education Sector Insights - China Oriental Education reported a significant increase in net profit for H1 2025, with a year-on-year growth of 45-50%, corresponding to a profit total of HKD 400-420 million, exceeding expectations [2][9]. - The vocational training sector is expected to see continued growth due to an increase in the number of high school graduates and a rise in the number of students seeking vocational training [2][9]. - The company is focusing on developing new programs tailored to high school graduates, with an expected enrollment increase of approximately 81% in the new 15-month training programs [3][10]. Section 4: Operational Efficiency - The company plans to enhance operational efficiency by optimizing marketing expenditures and improving school capacity utilization, with an expected increase in capacity utilization from 72.7% to 75.3% [4][11]. - The marketing expense ratio is projected to decrease from 23.7% to 22.1%, contributing to an anticipated profit margin expansion of approximately 3.7% to 16.4% in FY 2025 [4][11].

机构：申万宏源研究 研究员：贾梦迪 MGM China reported 2Q25 net revenue of HK$8.7bn (+9% YoY, +8% QoQ) and adjusted Ebitda of HK$2.5bn (+3% YoY, +6% QoQ), setting a new single-quarter record, which was 72% higher than that in 2019. The results exceeded expectations, mainly due to the better-than-expected increase in market share. We raise 2025E EPS forecast from HK$1.19 to HK$1.25, 2026E forecast from HK$1.28 to HK$1.38, and introduce 2027E forecast of HK$1.43. We raise target price from HK$15.5 to HK$19, with 22% upside pot ...

Core Viewpoint - MGM China reported better-than-expected performance for Q2 2025, with net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of Q2 2019 levels [1] Financial Performance - Adjusted EBITDA for Q2 2025 was HKD 2.511 billion, up 3% year-on-year and 6% quarter-on-quarter, recovering to 172% of Q2 2019 levels, exceeding Bloomberg consensus estimate of HKD 2.387 billion [1] - Total gaming revenue market share increased to 16.5% in Q2 2025, up from 15.6% in Q1 2025 [1] Business Development Trends - Management observed strong performance across all business segments in July 2025, with expectations for continued strong performance during the summer [1] - The strong market share in July 2025 was attributed to the soft opening of the Alpha Villas targeting ultra-high-end customers, with a full opening expected before the Golden Week in October 2025 [1] - The company aims to maintain its current market share while focusing on product updates and strong performance in high-end mass market operations [1] Market Share and Visitor Trends - Total gaming revenue market share reached 16.6% in Q2 2025, with monthly growth in market share throughout the quarter, peaking at approximately 17% in June 2025, driven by visitor volume and high-end customer engagement [1] - All 28 villa rooms at MGM Macau opened in Q2 2025, and the company plans to maintain a dividend policy with a payout ratio of 50% [1] Earnings Forecast and Valuation - Adjusted EBITDA forecasts for 2025 and 2026 have been raised by 3% to HKD 9.888 billion and HKD 10.271 billion, respectively, due to the opening of villa products [2] - The current stock price corresponds to 7 times the 2025 EV/EBITDA, with an 18% target price increase to HKD 19.80, reflecting a 27% upside potential based on a 9 times 2025 EV/EBITDA valuation [2]

Group 1 - CITIC Securities maintains a "Buy" rating for Kuaishou (01024.HK), highlighting the company's growth in platform ecology and commercialization, with future profit margins expected to optimize [1] - Huachuang Securities maintains a "Strong Buy" rating for Li Auto (02015.HK), noting the company's strong competitiveness in the vehicle market and rapid AI transformation, with revised sales and revenue forecasts for 2025-2027 [1] - CMB International maintains a "Buy" rating for Budweiser APAC (01876.HK), indicating a recovery in sales and pricing in the Chinese market, while adjusting revenue and profit forecasts for 2025-2027 [1] Group 2 - JPMorgan maintains an "Overweight" rating for UBTECH (09880.HK), projecting a compound annual growth rate of 260% for its humanoid robot business from 2025 to 2027, with significant contributions to revenue [2] - Tianfeng Securities initiates a "Buy" rating for Hong Kong and China Gas (01083.HK), emphasizing its leading position in smart energy and strong profit forecasts for 2025-2027 [2] Group 3 - Guohai Securities maintains an "Outperform" rating for Laopu Gold (06181.HK), forecasting significant growth in sales and net profit for the first half of 2025, driven by brand influence and product optimization [3] Group 4 - CICC maintains an "Outperform" rating for MGM China (02282.HK), reporting strong performance in Q2 2025, with expectations for continued market share growth and product updates [4] - CICC maintains a "Hold" rating for Prada (01913.HK), anticipating above-industry revenue growth despite uncertainties related to the Versace integration [4] Group 5 - CITIC Securities maintains a "Buy" rating for New Oriental (09901.HK), reporting record revenue and profit in Q4 FY25, with a projected growth rate of 5%-10% for FY2026 [5] - CICC maintains an "Outperform" rating for Standard Chartered (02888.HK), noting better-than-expected Q2 2025 performance driven by non-interest income growth [5]

麦格理发布研报称，上调美高梅中国(02282)2025至27年各年经调整EBITDA预测分别升2.2%、降0.5%及 升0.4%，将公司目标价由22.2港元略微下调至22.1港元，评级为"跑赢大市"。 报告称，美高梅中国次季博彩收入同比及按季计各升12%，超出该行预期2%;总收入同比升9%，按季增 8%，符合该行预期;经调整EBITDA创新高，达25.1亿港元，胜于该行预期3%。此外，期内公司的市场 份额同比增长0.6个百分点至16.6%，为六间营运商中最高的连续增长，管理层对其市场份额能够保持在 中双位数水平充满信心。 ...

智通财经APP获悉，麦格理发布研报称，上调美高梅中国(02282)2025至27年各年经调整EBITDA预测分 别升2.2%、降0.5%及升0.4%，将公司目标价由22.2港元略微下调至22.1港元，评级为"跑赢大市"。 报告称，美高梅中国次季博彩收入同比及按季计各升12%，超出该行预期2%; 总收入同比升9%，按季 增8%，符合该行预期; 经调整EBITDA创新高，达25.1亿港元，胜于该行预期3%。此外，期内公司的市 场份额同比增长0.6个百分点至16.6%，为六间营运商中最高的连续增长，管理层对其市场份额能够保持 在中双位数水平充满信心。 ...

麦格理发布研究报告指出，美高梅中国第二季度赌收按年及按季均增长12%，超出预期2%；总收入按 年升9%、按季增8%，符合预期；经调整EBITDA创新高至25.1亿港元。期内公司市场份额按年增长0.6 个百分点至16.6%，管理层对其维持中双位数市场份额有信心。麦格理上调美高梅中国2025至2027年经 调整EBITDA预测，并微降目标价至22.1港元，维持"跑赢大市"评级。 ...

来源：格隆汇APP 麦格理发表研究报告指，美高梅中国次季赌收按年及按季计各升12%，超出该行预期2%；总收入按年 升9%，按季增8%，符合该行预期；经调整EBITDA创新高，达25.1亿港元，胜于该行预期3%。另外， 期内公司的市场份额按年增长0.6个百分点至16.6%，为六间营运商中最高的连续增长，管理层对其市场 份额能够保持在中双位数水平充满信心。 该行上调美高梅中国2025至27年各年经调整EBITDA预测分别升2.2%、降0.5%及升0.4%。该行将公司目 标价由22.2港元微降至22.1港元，评级为"跑赢大市"。 ...

Group 1 - The core viewpoint of the report is that MGM China (02282) has its adjusted EBITDA forecasts for 2025 and 2026 raised by 3% to HKD 9.888 billion and HKD 10.271 billion respectively, due to the opening of villa products [1] - The current stock price corresponds to a 7x EV/EBITDA for 2025, and the target price has been raised by 18% to HKD 19.80, indicating a 27% upside potential compared to the current stock price [1] - MGM China's 2Q25 performance showed net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of 2Q19 levels [1] Group 2 - The management observed strong performance across all business segments in July 2025, with market share and profit margins remaining stable, and expects continued strong performance during the summer [2] - The strong market share is attributed to the trial operation of the Alpha villa targeting ultra-high-end customers, with the official opening expected before the National Day Golden Week in 2025 [2] - MGM China's total gaming revenue market share reached 16.6% in 2Q25, with a monthly increase, and the market share in June 2025 was approximately 17%, driven by visitor volume and high-end customers [2]