Investment Rating - The report maintains an "Outperform" rating for Hesai Tech with a target price of USD 24.10, reflecting a 7.0x price-to-sales (P/S) ratio for 2025 [2][6]. Core Insights - In Q1 2025, Hesai Tech reported a revenue of RMB 525 million, representing a year-over-year increase of 46.3% and a gross profit of RMB 219 million, which is a 57.5% increase year-over-year [3][14]. - The company expects Q2 2025 revenue to be between RMB 680 million and RMB 720 million, with deliveries exceeding 300,000 units and a gross profit margin around 40% [3][14]. - The company has ramped up production of its low-cost ATX LiDAR, achieving better-than-expected margins due to optimized cost structures [4][15]. - Hesai Tech has made significant inroads into overseas markets, securing exclusive partnerships with top OEMs in Europe and Japan [5][15]. Financial Summary - Revenue projections for 2025-2027 are RMB 3.245 billion, RMB 4.795 billion, and RMB 6.851 billion, respectively, with net profits expected to be RMB 241 million, RMB 552 million, and RMB 1.041 billion [6][16]. - The gross profit margin is projected to decline from 39.7% in 2025 to 32.6% in 2027, while the return on equity (ROE) is expected to improve from 5.8% in 2025 to 18.0% in 2027 [10][12].

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Seng [1]. Core Insights - Chow Tai Seng focuses on a four major brand matrix to build a complete system that covers different consumption levels through product upgrades and brand differentiation [2][9]. - The main brand emphasizes transformation and stabilization by 2025, shifting its business model towards retail and enhancing the proportion of high-margin products [2][10]. - The company aims to create a core model store with annual sales exceeding 100 million RMB through its high-end brand collaboration with National Treasure [2][11]. - The organizational structure is being optimized to strengthen talent reserves and incentive mechanisms to support the company's transformation [12]. Summary by Sections Brand Strategy - Chow Tai Seng is concentrating on four major brands: Chow Tai Seng Consolidated (main brand), Chow Tai Seng x National Treasure, Chow Tai Seng Classic, and Turning Pearl Pavilion, each targeting different consumer segments and emphasizing unique product offerings [2][9]. - The main brand will implement a One-Pool Inventory Model to enhance product structure and profitability, focusing on high-margin gold and non-gold products [2][10]. Marketing and Sales - The company is increasing its marketing investments both online and offline to create explosive products, with a graded management system for franchisees to enhance execution [3][10]. - The National Treasure brand is undergoing a four-dimensional upgrade to clarify its positioning and enhance brand awareness through content-driven marketing [4][11]. Organizational Development - The company is optimizing its organizational system to clarify corporate values and strategic frameworks, aiming for a win-win situation for all stakeholders [12].

Investment Ratings - The report assigns an "Outperform" rating to multiple companies including Moutai, Wuliangye, and Eastroc Beverage, while some companies like Gujing Gongjiu receive a "Neutral" rating [2]. Core Insights - The report highlights a significant decline in wholesale prices for various baijiu products, with Moutai's price falling to around 2000 yuan, while discounts on infant formula products have decreased slightly [5][17]. - The overall discount rates for soft drinks, condiments, beer, liquid milk, and convenience foods have increased, indicating a shift in consumer purchasing behavior [18][20]. Summary by Category Baijiu Pricing - Moutai's wholesale prices are reported as 2140 yuan for cases and 2070 yuan for single bottles, showing a month-on-month change of 0 and -40 yuan respectively [33]. - Wuliangye's price is at 945 yuan, with a slight decrease of 5 yuan from the previous month [33]. - Luzhou Laojiao remains stable at 865 yuan, unchanged from last month [33]. Discount Trends - Infant formula discounts have slightly decreased, with average discount rates rising from 91.3% to 92.2% [17]. - Discounts for soft drinks have increased, with average rates dropping from 94.1% to 88.7% [18]. - Beer discounts have also increased, with average rates falling from 81.1% to 78.7% [18]. - Liquid milk discounts decreased from 71.9% to 69.7% [18]. - Convenience foods saw a decrease in discount rates from 96.1% to 94.2% [18].

Investment Rating - The report assigns an "Outperform" rating to several companies including Haidilao, China Feihe, and Yihai International, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights that the spot and futures cost of dairy products increased month-on-month, while most other consumer goods saw a decline in costs [2][38]. - The overall cost indices for six categories of consumer goods monitored by HTI mostly fell, with specific changes in spot and futures indices for soft drinks, condiments, dairy products, frozen foods, beer, and instant noodles [38]. Summary by Category Beer - The spot cost index decreased by 0.81% month-on-month, and the futures index decreased by 2.84% [39]. - Year-to-date, the spot and futures indices have cumulatively changed by -0.94% and -7.98% respectively [39][14]. Condiments - The spot cost index increased by 0.3% month-on-month, while the futures index decreased by 2.7% [40]. - Year-to-date, the spot and futures indices have cumulatively changed by -0.09% and -5.91% respectively [40][18]. Dairy Products - The spot cost index increased by 0.03% month-on-month, and the futures index increased by 0.33% [41]. - Year-to-date, the spot and futures indices have cumulatively changed by -0.02% and 2.38% respectively [41][22]. Instant Noodles - The spot cost index decreased by 1.22% month-on-month, and the futures index decreased by 1.26% [42]. - Year-to-date, the spot and futures indices have cumulatively changed by -3.31% and -4.11% respectively [42][26]. Frozen Foods - The spot cost index decreased by 0.57% month-on-month, and the futures index decreased by 0.74% [43]. - Year-to-date, the spot and futures indices have cumulatively changed by -1.52% and -2.32% respectively [43][30]. Soft Drinks - The spot cost index increased by 0.34% month-on-month, while the futures index decreased by 0.78% [34]. - Year-to-date, the spot and futures indices have cumulatively changed by -3.76% and -5.22% respectively [34][33].

wo[Table_Title] Research Report 27 May 2025 中国电子 China (Overseas) Technology 欧盟抛出 "2 欧元"包裹税，跨境电商或迎来系统性重构 The European Union Has Proposed a "2 Euro" Handling Fee, which May Lead to a Systemic Restructuring of Cross-Border E-Commerce 姚书桥 Barney Yao 邓雅文 Linda Deng barney.sq.yao@htisec.com linda.yw.deng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件： 2025 年 5 月 21 日，欧盟计划对直邮方式的跨境电商包裹每件征收 2 欧元的入境处理费，若商品先进入欧盟境内仓 库再进行二次配送则每件收取 50 分，预计将于 2028 年开始实施。这一政策旨在应对大量低价小包裹商品涌入欧盟 市场所带来的挑战，如海关监管压力、本土企业竞争压力等，目前该计划处 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of Rmb 50.40, indicating a potential upside from the current price of Rmb 44.78 [2][5]. Core Insights - The company is expected to achieve stable short-term operations while solidifying its long-term competitive strength through product upgrades and new product penetration [3][10]. - Revenue forecasts for 2025, 2026, and 2027 are projected at Rmb 29.7 billion, Rmb 32.8 billion, and Rmb 36.3 billion, respectively, with year-on-year growth rates of 10%, 11%, and 11% [13]. Summary by Sections Revenue and Profit Forecast - Revenue for the company is projected to grow from Rmb 26.9 billion in 2024 to Rmb 36.3 billion by 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [8][13]. - Net profit is expected to increase from Rmb 6.4 billion in 2024 to Rmb 8.7 billion in 2027, reflecting a consistent growth rate of around 11% annually [8][13]. Product Development and Market Strategy - The company will focus on upgrading classic product categories such as soy sauce and oyster sauce while also expanding into health-oriented products like organic and gluten-free options [3][9]. - New product categories, including cooking wine and vinegar, have shown significant growth, with year-on-year revenue increases of 16.8% and 20.8% in early 2025 [3][9]. Supply Chain and Sales Network - The company is transforming its supply chain to enhance flexibility and responsiveness to market demands, which is expected to improve market share [10][11]. - Online sales channels have seen a remarkable growth of 39.8% year-on-year, contributing to a more robust sales network [10][11]. International Expansion - The company's listing on the Hong Kong Stock Exchange supports its internationalization strategy, with plans to tap into overseas markets with strong demand for condiments [12][5]. Financial Metrics - The projected P/E ratios for the company are 36X for 2025, 32X for 2026, and 29X for 2027, indicating a favorable valuation compared to industry peers [13].

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of HK$97.80, which represents a potential upside from the current price of HK$64.85 [2][3]. Core Insights - AIA Group is recognized as the largest independent listed life insurance group in the Pan-Asian region, with strengths in elite agent models, rapidly growing partner distribution channels, multi-regional presence, high-quality customer and product structure, and robust profitability [3][8]. - The company has shown strong growth momentum in its core markets, particularly in mainland China and Hong Kong, with a focus on high-end products and services [5][49]. Company Overview - AIA Group operates in 18 markets across Asia-Pacific, with total assets reaching US$305 billion and a net operating profit of US$6.605 billion for 2024, reflecting a year-on-year growth of 6.3% [9][10]. - The new business value for 2024 was US$4.712 billion, up 18% year-on-year, with a value rate of 54.5% [9]. Product Analysis - AIA offers a diverse product portfolio covering various insurance needs, including accident, medical, disease, life, retirement, and wealth management products, with a strong emphasis on high-end market segments [15][18]. - The traditional protection products remain the core of AIA's offerings, contributing 39% to the new business value in 2024, with a stable profit margin [18][20]. Channel Analysis - The agent channel is the primary source of new business value, contributing 74% in 2024, with a year-on-year growth of 16% [24][25]. - AIA's partner distribution channels, including bancassurance, have seen significant growth, with a 28% increase in new business value in 2024 [32][31]. Regional Layout - AIA's expansion strategy in mainland China includes opening 1-2 new provincial branches annually, targeting high-net-worth clients through elite agents and strategic partnerships [43][38]. - The Hong Kong market has shown strong growth, with new business value increasing by 23% in 2024, driven by both local demand and visitors from mainland China [49][50].

中国汽车 China (Overseas) Autos [Table_Title] 研究报告 Research Report 26 May 2025 这场价格战为何比亚迪不得不打？ Why BYD Has No Choice but to Fight This Price War? 王沈昱 Oscar Wang, CFA 王凯 Kai Wang, CFA sy.wang@htisec.com k.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 比亚迪推出限时促销活动，覆盖王朝网和海洋网共 22 款智驾版车型，最高补贴达 5.3 万元。其中，王朝网 12 款车 型补贴后起售价低至 6.38 万元，优惠幅度为 1.3 万至 3.2 万元；海洋网 10 款车型一口价 5.58 万元起，海豹 07 DM- i 智驾版优惠力度最大，直降 5.3 万元，降幅高达 34%。我们认为，此举或将成为新一轮汽车价格战的导火索，引 发行业竞争加剧。 [T ...

[Table_Title] 研究报告 Research Report 26 May 2025 美国必需消费 US Staples 美国消费行业 4 月跟踪报告：不确定性仍高，继续保持谨慎 Uncertainty remains high, continue to remain cautious 闻宏伟 Hongwei Wen 肖韦俐 Weili Xiao hongwei.wen@htisec.com wl.xiao@htisec.com [(Table_summary] Please see APPENDIX 1 for English summary) 宏观："抢消费"后环比走弱，长期仍有下行风险。（1）整体： "抢消费"后环比走弱。3 月特朗普政府对进口 商品加征的关税生效前，消费者和企业出现"抢购潮"，导致 3 月零售环比飙升，但透支了 4 月需求。2025 年 4 月 美国零售销售数据为 7241.31 亿美元，环比增长 0.1%，较 3 月修正后的 1.7%大幅放缓。4 月密歇根大学消费者信心 指数终值报 50.8，环比下降 2.7%，已连续 5 个月下滑。（2）通胀：通胀数据短期温和，长期隐忧仍存 ...

Investment Rating - The report assigns an "Outperform" rating to several companies including Pop Mart, Anta Sports, Haidilao, and China Feihe, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the F&B and designer toys sectors, including the opening of ChaPanda's first store in France and the launch of promotional activities by GOODME [6][7]. - Key financial results are reported, such as Super Hi International's Q1 revenue of $198 million, a 5% year-on-year increase, and MINISO's Q1 revenue of 4.43 billion yuan, a 19% year-on-year increase [6][7]. Weekly Performance Summary - In the F&B sector, top performers include GOODME (+13.0%), MIXUE (+11.2%), and ChaPanda (+6.3%), while underperformers include Yum China (-4.4%), Haidilao (-7.6%), and Super Hi International (-13.3%) [2][7]. - In the designer toys sector, Pop Mart (+12.3%) and Blokees (+8.9%) performed well, while MINISO (-9.9%) lagged behind [2][7]. Company Highlights - Pop Mart opened its first premium store in Chengdu SKP, enhancing its brand experience [6]. - 52TOYS submitted its IPO prospectus, reporting a 31% year-on-year revenue growth to 630 million yuan in 2024 [6].