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].

研究报告 Research Report [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$64.85 目标价 HK$97.80 HTI ESG 3.5-3.9-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$693.58bn / US$88.62bn 日交易额 (3 个月均值) US$337.08mn 发行股票数目 10,695mn 自由流通股 (%) 100% 1 年股价最高最低值 HK$74.55-HK$49.95 注：现价 HK$64.85 为 2025 年 05 月 23 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 19.1% 11.8% 7.0% 绝对值（美元） 18.1% 11.0% 6.7% 相对 MSCI China 13.6% 13.8% -13.6% [Table_Profit] Rmb mn Dec-24A Dec-25E Dec-26E Dec-27E Revenue ...

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 ...

研究报告 Research Report 26 May 2025 餐饮及潮玩行业周报 F&B and Designer Toys Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | | 评级 | | 泡泡玛特 | Outperform 现代牧业 | | | Outperform | | 安踏体育 | Outperform 澳优 | | | Outperform | | 百威亚太 | Neutral | 九毛九 | | Outperform | | 华住酒店集团有限 | Outperform | | | | | 公司 | | | | | | 海底捞 | Outperform | | | | | 华润啤酒 | Outperform | | | | | 康师傅 | Outperform | | | | | 中国飞鹤 | Outperform | | | | | 名创优品 | Outperform | ...

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。 ...

研究报告 Research Report 25 May 2025 特海国际 Super Hi International Holding (9658 HK) 点评报告：一季度同店翻台率同比提升，经营利润率短期承压 Review Report: Q1 Same-store Turnover Rate Improves YoY, Operating Margins Under Short- Term Pressure [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$15.60 目标价 HK$19.10 HTI ESG 4.0-4.5-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$10.14bn / US$1.30bn 日交易额 (3 个月均值) US$2.39mn 发行股票数目 650.30mn 自由流通股 (%) 20% 1 年股价最高最低值 HK$23.35-HK ...

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 ...