Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of USD 22.50, reflecting a potential upside from the current price of USD 18.29 [2][10]. Core Insights - The company reported a revenue of RMB 4.43 billion in 1Q, representing a 19% year-over-year increase, while adjusted net profit decreased by 5% to RMB 587 million [3][16]. - Domestic revenue was RMB 2.49 billion, up 9% year-over-year, with a net closure of 111 domestic stores [3][16]. - Overseas revenue reached RMB 1.59 billion, a 30% increase year-over-year, with a net addition of 95 overseas stores [5][16]. - The gross profit margin (GPM) improved to 44.2%, up 0.8 percentage points year-over-year, while the adjusted net profit margin (NPM) was 13.3%, down 3.3 percentage points [8][16]. Financial Projections - Revenue projections for 2025-2027 are RMB 20.9 billion, RMB 24.9 billion, and RMB 29.2 billion, respectively, with adjusted net profits expected to be RMB 2.76 billion, RMB 3.66 billion, and RMB 4.57 billion [10][17]. - The company anticipates a net store opening of 200-300 in China and 500-600 overseas in 2025 [4][5]. Cost Structure and Profitability - The sales expense ratio increased to 23.1%, up 4.4 percentage points year-over-year, primarily due to expenses related to direct stores [8][16]. - The adjusted net profit margin is projected to improve gradually, with expectations of 13.2%, 14.7%, and 15.6% for 2025-2027 [10][14]. Market Position and Strategy - The company is focusing on high-quality development and channel upgrades in the domestic market, with a strategy of opening larger stores while closing smaller ones [4][9]. - In the overseas market, the company aims to enhance efficiency and reduce costs, particularly in the U.S. market, while replicating successful domestic strategies [5][9].

店均高速增长，开店节奏稳健，注重品牌系统性工程建设 Strong Average Store Growth, Steady Expansion Pace, Focusing on Systematic Brand Development 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen [Table_Title] 研究报告 Research Report 26 May 2025 潮宏基 CHJ Industry (002345 CH) yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：5 月 23 日，海通国际海外消费组调研潮宏基总部，参加公司高管交流会。公司管理层表示终端增速自 2024 年 四季度开始提升，2025 年 4 月份店均增速约 45%，5 月初至 5 月 20 日增速约为 30%。5 月门店人流量在五一假期后 有所下滑，主要是受节日透支效应影响。 ...

Investment Rating - The report maintains an "Outperform" rating for Super Hi International Holding [2][6][14] Core Views - In Q1 2025, the company's revenue reached USD 198 million, a year-on-year increase of 5.4%, with restaurant operations contributing USD 188 million, up 4.5% YoY [3][13] - The net profit attributable to owners was USD 11.94 million, a significant turnaround from a net loss of USD 4.46 million in Q1 2024, primarily due to a reduction in net exchange losses [3][13] - The operating profit margin at the restaurant level was 4.1%, a decrease of 2.5 percentage points YoY [3][13] Summary by Sections Financial Performance - Revenue projections for 2025-2027 are USD 880 million, USD 980 million, and USD 1.08 billion, respectively, with YoY growth of 13%, 11%, and 11% [6][14] - Net profit projections for the same period are USD 46 million, USD 53 million, and USD 66 million, representing YoY growth of 111%, 15%, and 24% [6][14] - The diluted EPS is expected to increase from USD 0.03 in 2024 to USD 0.07 in 2025, USD 0.08 in 2026, and USD 0.10 in 2027 [6][14] Operational Insights - The company had a total of 123 restaurants at the end of Q1 2025, with a net increase of 4 locations YoY [4] - The average daily sales for same-store operations in East Asia increased by 16.3% YoY, while the overall average table turnover rate improved to 4.0 times per day [4][6] Cost Structure - Material and consumable costs increased by 7.0% to USD 67 million, accounting for 34% of revenue [5] - Employee costs rose by 9.8% to USD 70 million, making up 35.3% of revenue [5] - Rental and related expenses increased by 26% to USD 6 million, representing 2.8% of revenue [5]

研究报告 Research Report 25 May 2025 香港医疗 Hong Kong Health Care 医药行业周报（250519-0523）：创新药产业链景气度攀升，关注中国创新药出海及 ASCO 会议数据催化 Weekly Report: The prosperity of the innovative drug industry chain is rising. Focus on the overseas expansion of Chinese innovative drugs and the data catalysis of the ASCO conference [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 京东健康 | Outperform 方达控股 | | Outperform | | 药明生物 | Outperform 朝聚眼科 | | Outperform | | 中国生物制药 | Outpe ...

Core Insights - The report analyzes the impact of the US-China trade friction on asset prices during the periods of easing from 2018 to 2019, highlighting the complexity and long-term nature of the trade disputes [1][8] - It identifies three key patterns in asset price movements: long-term trends are primarily driven by fundamentals, market sensitivity to negative trade signals is higher than to easing signals, and different asset classes exhibit varying sensitivities to trade events [1][36] Summary by Sections Trade Easing Periods - The US-China trade friction experienced four notable easing periods, including the joint statement in May 2018, the G20 summit meeting in December 2018, the Osaka G20 summit in June 2019, and the Washington talks in October 2019 [8][19] - Each easing period had different durations, with the shortest lasting 10 days and the longest over 4 months, often interrupted by unilateral actions from the US [8][19] Asset Performance During Easing Periods - In the first easing period (May 2018), US stocks showed volatility while Chinese stocks faced downward pressure due to tariffs and financial deleveraging, with the Hang Seng Index and Shanghai Composite Index experiencing maximum declines of -22.1% and -22.3% respectively [11][19] - The second easing period (December 2018) saw a significant rebound in US stocks, with the S&P 500 gaining a maximum of 25.9%, while Chinese stocks only briefly recovered before declining again [19][20] - The third easing period (June 2019) resulted in a mixed response, with initial gains in Chinese stocks followed by declines as trade tensions resumed [25][31] - The fourth easing period (October 2019) led to a clear upward trend in both US and Chinese stocks, although the performance diverged later, with the S&P 500 rising 7.8% while the Shanghai Composite Index fell [31][34] Market Sensitivity to Trade Signals - The report emphasizes that asset prices are more sensitive to negative trade signals than to easing signals, with significant declines following negative news compared to muted responses to positive developments [36][37] - For instance, the Hang Seng Index showed a T+30 average decline of -8.5% following negative trade news, while the response to easing signals was much less pronounced [37][42] Differences in Asset Sensitivity - The sensitivity of different asset classes to trade events varies, with equities and currencies reacting more strongly than the bond market, which remains influenced by domestic policies and fundamentals [36][40] - The report notes that gold's appeal as a safe-haven asset increased during trade tensions, diverging from the performance of other commodities [40][42]

Investment Rating - The report upgrades the investment rating to OUTPERFORM [1][2]. Core Views - Jiugui Liquor is the only brand of Fuyu aromatic Baijiu and the leading brand in Hunan, with a complete product matrix including ultra-high-end, sub-high-end, and popular products [3][9]. - The company is currently in a performance adjustment period, with significant revenue and profit declines in 2023 and 2024, but shows signs of recovery in Q4 2024 [4][11]. - The company is focusing on optimizing its product matrix in response to intensified competition in the sub-high-end Baijiu market [10][12]. Financial Summary - The company's revenue is projected to be Rmb 1.27 billion in 2025, with a net profit of Rmb 69 million, leading to an EPS of Rmb 0.21 [5][13]. - The gross profit margin is expected to improve from 78.3% in 2025 to 88.3% by 2027, indicating a recovery in profitability [8]. - The company’s market capitalization is Rmb 14 billion (approximately US$1.94 billion) with a target price set at Rmb 49.00 [2][5].

可选消费 W21 周度趋势解析：本周奢侈品中的黄金珠宝股市表现最优，其他板块多有分化 Analysis of weekly discretionary trends： Luxury goods and snack sector stocks are the top performers this week, and valuations in most sectors are still below the average of the past five years [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 耐克 | Outperform 苏泊尔 | | Outperform | | 美的集团 | Outperform 永辉超市 | | Outperform | | 京东集团 | Outperform 石头科技 | | Outperform | | 露露柠檬 | Neutral | 海信家电 | Outperform | | ...

Market Overview - The market has shifted into a broad consolidation phase, with expectations of a pullback for re-entry opportunities[1] - The Hang Seng Index increased by 1.1%, while the Hang Seng Tech Index decreased by 0.7%[2] - Southbound capital flows reversed from an outflow of HKD 8.7 billion to an inflow of HKD 19 billion this week[2] A-Share Market Dynamics - A-shares showed signs of fatigue, with micro-cap stocks experiencing significant sell-offs, retreating by 8.7% from intraweek highs[3] - The CSRC's relaxation of M&A regulations had limited impact on market activity, leading to increased losses for late entrants[3] U.S. Market Influence - U.S. equities, after a strong rebound, are facing resistance at previous highs, with the Nasdaq and S&P 500 down by 2.5% and 2.6% respectively[4] - The 10-year U.S. Treasury yield rose to 4.5%, while the 30-year yield surpassed 5%[4] Investment Strategy Recommendations - Investors are advised to trim positions during market rebounds, particularly in light of tariff impacts on economic data[5] - Long-term strategies should focus on sectors like internet platforms and AI applications, especially near key index levels of 21,000 for the Hang Seng Index and 3,200 for the Shanghai Composite[5] Risks to Monitor - Potential risks include slower-than-expected implementation of growth stabilization policies and escalating overseas uncertainties[6]

Investment Rating - The report maintains an "OUTPERFORM" rating for Shanjin International Gold, with a target price of Rmb 24.40 based on a current price of Rmb 20.54 [2][6]. Core Views - The rise in gold prices has led to increased profits for the company, with significant growth in both revenue and net profit expected in the coming years [3][6]. - The company's ability to connect resources has been enhanced through strategic acquisitions, including a significant stake in Yunnan Western Mining Co., Ltd. and the Osino project in Namibia, which adds substantial gold resources [5][15]. Financial Performance - In Q1 2025, the company achieved operating income of Rmb 4.321 billion, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.40% [3][13]. - The net profit attributable to shareholders for the same period was Rmb 694 million, reflecting a year-on-year increase of 37.91% and a quarter-on-quarter increase of 55.66% [3][13]. Profitability Metrics - The gross profit margin for mineral gold in Q1 2025 was 77.57%, up 9.59 percentage points year-on-year, driven by a sales price increase of 35% [4][14]. - The company has demonstrated strong cost control, with a decrease in unit sales costs for mineral gold and silver, contributing to improved profitability [4][14]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are Rmb 15.845 billion, Rmb 17.904 billion, and Rmb 20.708 billion, respectively, with net profits expected to be Rmb 3.374 billion, Rmb 4.196 billion, and Rmb 5.355 billion [6][16]. - The expected EPS for the same period is Rmb 1.22, Rmb 1.51, and Rmb 1.93, indicating a clear growth trend in earnings [6][16]. Strategic Developments - The company has made significant progress in resource acquisition, including the purchase of exploration rights in Yunnan and the acquisition of the Osino project, which is expected to enhance its international presence and production capacity [5][15].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 13.05 RMB [1][8]. Core Views - The company is expected to see continuous improvement in its main business due to favorable trends in order wins and accelerated promotion of new products like WiNEX. The advancement of AI in the healthcare sector is anticipated to further expand the company's market space [1][8]. - In 2024, the company reported a revenue of 2.78 billion RMB, a decrease of 12.05%, and a net profit attributable to shareholders of 0.088 billion RMB, down 75.45%. This decline was primarily due to deferred demand and delays in bidding and delivery acceptance [8]. - The company’s new core product, WiNEX, has entered a rapid delivery phase, which is expected to enhance operational quality. The operational efficiency has improved significantly, with total sales, management, and R&D expenses decreasing by 17.94% in 2024 [8]. - The company has made significant strides in AI healthcare, deploying over 80 users with foundational models and AI applications in Q1 2025. The release of WiNGPT 3.0 and WiNEX Copilot 2.2 is expected to enhance the capabilities of medical model inference and intelligent technology applications [8]. Financial Summary - The company’s projected net profit attributable to shareholders for 2025-2027 is expected to be 0.481 billion RMB, 0.645 billion RMB, and 0.829 billion RMB respectively, with EPS of 0.22 RMB, 0.29 RMB, and 0.37 RMB [3][8]. - The company’s revenue is projected to recover to 3.11 billion RMB in 2025, with a growth rate of 11.8% compared to 2024 [3][8]. - The company’s operating cash flow for 2024 was 0.408 billion RMB, reflecting a significant increase of 120.53% [8].