Investment Rating - The investment rating for Bank of Nanjing is maintained at BUY with a target price of RMB 13.29, indicating a potential upside of 17% from the closing price of RMB 11.35 as of 9 June 2025 [1][6]. Core Insights - The conditional redemption clause of the convertible bonds (CBs) has been triggered, which is expected to enhance the capital strength of Bank of Nanjing and support further business expansion [2]. - The unconverted balance of the CBs is approximately RMB 5.2 billion, accounting for about 4% of the company's total market capitalization, suggesting limited share-capital dilution while maintaining a solid dividend profile and growth potential [3]. - Bank of Nanjing has demonstrated steady earnings growth, with a year-on-year increase in revenue and net profit of 6.5% and 7.1% respectively in 1Q25, outperforming peers [4]. Financial Performance - Revenue is projected to grow from RMB 45,160 million in 2023 to RMB 61,209 million by 2027, with a compound annual growth rate (CAGR) of approximately 7.27% [12]. - Net profit attributed to the parent is expected to increase from RMB 18,502 million in 2023 to RMB 26,113 million in 2027, reflecting a steady growth trajectory [12]. - The estimated dividend yield for 2025 is 5.02%, which remains attractive even after accounting for potential dilution from the CB conversion [3][12]. Valuation Metrics - The forecasted earnings per share (EPS) for 2025 is RMB 1.86, with a price-to-earnings (PE) ratio of 6.10x, indicating a favorable valuation compared to peers [10][12]. - The book value per share (BVPS) is estimated at RMB 14.77 for 2025, with a price-to-book (PB) ratio of 0.77x, suggesting that the stock is undervalued relative to its intrinsic value [10][12]. - The core capital adequacy ratio is expected to improve by 0.57 percentage points to 9.46% following the full conversion of the CBs, enhancing the bank's capital position [2].

Investment Rating - The report maintains an investment rating of OVERWEIGHT for the company [1][5]. Core Views - The company reported a revenue of RMB12.0 billion in Q1 2025, reflecting a year-on-year increase of 21% but a quarter-on-quarter decrease of 39%. The attributable net loss was RMB6.9 billion, up 31% year-on-year and down 3% quarter-on-quarter. The revenue slightly missed the company's estimate due to intense competition in the battery electric vehicle (BEV) market [1]. - The report suggests monitoring the sales ramp-ups of new models such as the Onvo L90 and L80 in the second half of 2025, alongside ongoing cost cuts and efficiency gains, which could lead to marginal improvements [1]. - The company delivered 42,000 new vehicles in Q1 2025, a 40% increase year-on-year but a 42% decrease quarter-on-quarter. The gross profit margin (GPM) for the quarter was 7.6%, with the automobile GPM at 10.2%. The decline in automobile GPM quarter-on-quarter is attributed to lower output and rising manufacturing costs [2]. - The Onvo L90 and L80 models are expected to leverage spacious interiors and competitive pricing to capture market share in the RMB200,000-300,000 family-facing BEV segment [3]. - The deployment of the NIO World Model (NWM) has improved safety and user experience, with a 40% improvement in precision for highway and urban scenarios [4]. - The company maintains its 2025/2026/2027 attributable net profit forecasts at RMB-14.5 billion, RMB-7.7 billion, and RMB-1.9 billion respectively, with a target price of USD4.09 [5]. Financial Summary - The company expects revenue growth from RMB55.6 billion in 2023 to RMB149.9 billion in 2027, with a compound annual growth rate (CAGR) of 19.42% [12]. - The net profit attributable to the parent is projected to improve from a loss of RMB21.1 billion in 2023 to a loss of RMB1.9 billion in 2027 [12]. - The gross profit margin is expected to increase significantly over the forecast period, reaching RMB31.8 billion by 2027 [12]. - The company’s market capitalization is approximately USD8.14 billion, with a potential upside of 13% from the current closing price of USD3.63 [8].

Investment Rating - The investment rating for the company is maintained as BUY with a target price of USD 564.57, indicating a potential upside of 20% from the closing price of USD 470.38 as of June 6, 2025 [1][8]. Core Insights - The company is leveraging its enterprise capabilities and Azure product advantages to establish a foundational platform for the Agentic Web, which is expected to accelerate the development of Agent applications and increase AI inference demand for its cloud business [1][2]. - The company has completed the infrastructure for Agentic Web development, focusing on both edge and cloud-side toolchains, which enhances development capabilities and supports third-party integrations [2]. - The cloud business has shown strong growth, with Azure and other cloud services revenue increasing by 33% year-over-year in 3QFY25, driven by AI contributions [3]. - The commercialization of AI applications in the US is accelerating, with strategic collaborations between the company and software vendors like SAP and ServiceNow enhancing cloud service reliance [4]. - Earnings forecasts project revenue growth for FY25E/FY26E/FY27E at USD 278.8 billion, USD 320.2 billion, and USD 368.8 billion respectively, with EPS expected to rise to USD 13.77, USD 16.12, and USD 18.85 [5]. Summary by Sections Development and Infrastructure - The company is enhancing its development capabilities with the launch of the GitHub Coding Agent and a complete enterprise-grade Agent customization system, which supports multi-Agent orchestration and flexible model selection [2]. - The introduction of Windows AI Foundry supports local Agent development, creating a more complete development ecosystem [2]. Financial Performance - The cloud business revenue growth of 33% year-over-year in 3QFY25 was significantly supported by AI, which contributed 16% to Azure's revenue growth [3]. - The company processed over 100 trillion tokens in 3QFY25, reflecting a fivefold increase year-over-year, indicating strong demand for AI inference [3]. Earnings and Valuation - The company maintains its earnings forecasts with projected revenues and EPS growth over the next three fiscal years, reflecting confidence in its competitive edge in AI and cloud business [5]. - The stock is valued at 41x FY25E PE, which is above the peers' average of 29.8x, justifying the BUY rating [5].

Investment Rating - The report maintains a BUY rating for the company with a target price of USD 159.87 per ADS, indicating a potential upside of 48% from the closing price of USD 107.71 as of May 28, 2025 [1][8]. Core Insights - The company's 1Q25 revenue reached HKD 4.7 billion, representing an 81% year-over-year increase, while attributable net profit was HKD 2.1 billion, up 107% year-over-year. This growth is attributed to accelerated overseas customer acquisition and increased stock trading turnover in Hong Kong and the US [1]. - The company acquired 260,000 new registered users in 1Q25, achieving one-third of its 2025 target of 800,000. The primary source of new clients was Hong Kong, driven by H-share rebounds and an IPO boom [2]. - The turnover rate for client assets reached a new high of 16.4x, with total client assets amounting to HKD 829.8 billion, reflecting a 60% year-over-year increase [3]. - The company has launched several innovative services, including an AI-driven investment assistant and fractional share trading, enhancing its product competitiveness and supporting overseas customer acquisition [4]. - Earnings forecasts have been revised upwards, projecting attributable net profits of HKD 7.5 billion for 2025, with an EPS of HKD 6.52, reflecting a significant increase from previous estimates [5]. Financial Summary - The company is expected to generate revenues of HKD 18.024 billion in 2025, with a net profit attributable of HKD 7.453 billion, marking a 36.92% increase compared to 2024 [12][17]. - The projected PE ratio for 2025 is 16.17, which is in line with the average of its peers [12][17]. - The company’s market capitalization is approximately USD 14.996 billion, with an average daily trading volume of USD 262.95 million over the past six months [8].

Investment Rating - The investment rating for Pinduoduo Holdings (PDD) has been downgraded from Buy to HOLD [1]. Core Insights - Pinduoduo's 1Q25 revenue increased by 10.2% year-over-year to RMB95.7 billion, which was below the Visible Alpha consensus of RMB103.9 billion. The non-GAAP attributable net profit was RMB16.9 billion, with a non-GAAP net profit margin (NPM) down 17.6 percentage points year-over-year to 17.7%, also below the consensus of 26.8% [1][2]. - The revenue miss is attributed to higher-than-expected investments in both domestic and overseas e-commerce arms, aimed at enhancing market share and merchant operations. The 'RMB100 billion Support Plan' launched in April 2025 is expected to continue impacting profitability in the short to medium term [1][2][3]. Summary by Sections Domestic E-commerce - In 1Q25, Pinduoduo's online marketplace services revenue grew by 14.8% year-over-year to RMB48.7 billion, surpassing the VA consensus of 13.5% [2]. - Transaction services revenue rose by 5.8% year-over-year to RMB47 billion, falling short of the VA consensus of RMB56 billion due to overspending on merchant support and commission waivers [2]. - Management has initiated support plans, including a 'RMB10 billion Waiver Plan' benefiting over 10 million merchants and the 'RMB100 billion Support Plan' aimed at stabilizing sales for small and medium-sized merchants [2][3]. Overseas E-commerce - Temu is transitioning from a fully-consignment to a semi-consignment merchant supply model to address tariff uncertainties, which may delay breakeven expectations [3]. - Continued investments are projected to be necessary for Temu to build overseas warehousing capabilities and expand into non-US markets, potentially impacting profitability [3]. Earnings Forecasts and Valuation - Non-GAAP net profit forecasts for 2025, 2026, and 2027 have been reduced by 37.2%, 25.3%, and 20.3% respectively, to RMB80.1 billion, RMB106.5 billion, and RMB127.7 billion [4][12][13]. - The target price has been updated to USD102.30 from USD144.50, reflecting a decrease in valuation multiples due to low profit visibility amid increased spending and competition [4][17]. - The valuation for the domestic e-commerce segment is now USD74.6 per ADS, down from USD110.7, based on an 8x 2025E PE [18]. Financial Performance - Revenue for 2025 is estimated at RMB431.7 billion, a decrease of 4.6% from previous estimates, with adjusted net profit also revised downwards [12][13]. - The company is expected to face persistent pressure on revenue growth and profit delivery in the short to medium term due to high base monetization rates and competitive pressures from major rivals [14]. SOTP Valuation - The SOTP-derived valuation indicates that the domestic e-commerce segment is valued at USD74.6 per ADS, Duoduo Grocery at USD4.9, and Temu at USD22.8, reflecting the challenges and competitive landscape in each segment [21][22].

Investment Rating - The investment rating for Keboda Technology is maintained as BUY with a target price of RMB 81.02, indicating a potential upside of approximately 51% from the closing price of RMB 53.60 as of May 28, 2025 [1][8]. Core Insights - Keboda Technology is acquiring Czech company IMI for EUR 9.426 million to enhance its overseas expansion and improve its international production layout, which is crucial for securing orders in the automotive sector [1][2]. - The acquisition is expected to facilitate rapid integration of Keboda's business, leveraging IMI's established client base that includes major international auto brands such as Renault, Audi, BMW, and Tesla [2]. - A divestiture plan is in place to ensure ongoing revenue generation during the transition, allowing IMI to provide contract-manufacturing services to cover operating costs [3]. - The company has secured significant contracts with major clients, with overseas revenue constituting about one-third of total sales, highlighting the growing importance of international markets [4]. - Revenue projections for 2025, 2026, and 2027 are set at RMB 7.83 billion, RMB 10.15 billion, and RMB 12.56 billion respectively, with net profit forecasts of RMB 1.05 billion, RMB 1.44 billion, and RMB 1.84 billion [5]. Summary by Sections Acquisition and Integration - Keboda's acquisition of IMI is aimed at enhancing its production capabilities and meeting rising customer demand for suppliers with an overseas presence [1][2]. - The integration plan includes retaining essential assets and personnel from IMI to facilitate efficient deployment of production lines for overseas orders [2][3]. Financial Performance and Projections - The company anticipates robust earnings growth as global orders enter mass production, with revenue and net profit expected to grow significantly over the next few years [1][5]. - The financial forecasts indicate a strong growth trajectory, with revenue growth rates projected at 31.13% for 2025 and 29.70% for 2026 [5][12]. Market Position and Client Base - Keboda has established a strong market position with exclusive contracts from major automotive clients, reflecting its competitive edge in the auto parts industry [4]. - The company aims to complete the establishment of its European plant by 2025, aligning with its strategic goals for international expansion [4].

Investment Rating - The investment rating for BGI Genomics is maintained at OVERWEIGHT with a target price of RMB 52.19 [1][5][8] Core Insights - BGI Genomics reported a significant decline in net profit for 1Q25, with attributable net profit dropping to RMB -53 million, reflecting a year-over-year decrease of 1,072% [1] - The company is expected to implement expense control measures and leverage AI-driven cost reductions to improve profitability in the future [1][4] - Revenue from the reproductive health segment fell by 2.5% year-over-year in 2024, but there was growth in primary and tertiary prevention services [2] - Multi-omics big data services revenue decreased by 5.6% year-over-year in 2024 due to geopolitical impacts, while precision medicine revenue also saw a decline [3] Financial Performance Summary - For 2024, BGI Genomics reported revenue of RMB 3,867 million, a decrease of 11.1% year-over-year, and a net profit of RMB -903 million [1][12] - The company projects revenues for 2025, 2026, and 2027 to be RMB 4,256 million, RMB 4,738 million, and RMB 5,255 million respectively, with a consistent decline in net profit estimates [5][12] - The gross profit margin (GPM) for 2024 was 41.47%, down from the previous year, and is expected to improve with AI-driven efficiency gains [4][12]

Investment Rating - The investment rating for Maccura Biotechnology is maintained as BUY with a target price of RMB13.54, indicating a potential upside of 14% from the closing price of RMB11.90 as of May 15, 2025 [6][7]. Core Insights - Maccura's 2024 revenue and attributable net profit were RMB2,549 million and RMB127 million, respectively, reflecting declines of 12.0% and 59.4% year-on-year, primarily due to short-term policy headwinds and adjustments in the agency business [1][6]. - The proprietary business revenue showed resilience, increasing by 1.8% year-on-year to RMB1,913 million, suggesting robust growth in the main business segment [1]. - For the first quarter of 2025, revenue and attributable net profit fell by 17.2% and 80.1% year-on-year, attributed to ongoing transformation efforts and increased marketing spending [1]. Revenue Growth and Market Share - Maccura's CL reagents revenue in 2024 grew by 8% year-on-year to RMB1,029 million, supported by enhanced market recognition and the installation of 224 bioassay automation lines and 1,352 immunoassay analyzers [2]. - The company is expected to ship nearly 2,000 new CL analyzers in 2025, which will likely drive in-hospital reagent consumption and contribute to steady revenue growth and market share gains [2]. Segment Performance - The biochemistry segment experienced a revenue decline of 13.5% year-on-year in 2024, totaling RMB499 million, mainly due to price adjustments following inter-provincial VBP [3]. - Clinical testing revenue increased by 21.8% year-on-year to RMB214 million, with expectations for rapid growth in 2025 due to successful market penetration of clinical testing equipment [3]. - The agency business saw a significant revenue drop of 37.6% year-on-year to RMB612 million, indicating ongoing challenges in this segment [3]. Earnings Forecasts and Valuation - Earnings per share (EPS) estimates for 2025, 2026, and 2027 have been lowered by 44%, 46%, and 0% to RMB0.49, RMB0.58, and RMB0.70, respectively, due to short-term disruptions and increased marketing and R&D spending [4]. - The valuation of the IVD business is set at 28x 2025E PE, while the agency business is valued at 24x 2025E PE, compared to peers' averages of 29x and 24x [4].

Investment Rating - The report maintains a "Buy" rating for Manst Technology [7][5]. Core Views - Manst Technology is expected to see a surge in orders as it penetrates multiple niche markets, despite facing operational pressures in its traditional LIB business [2][4]. - The company has shown optimism regarding its coating platform technology and the smooth progress of various business segments, anticipating accelerated growth in potential orders [2][4]. Financial Performance - For 2024, Manst's revenue and net profit are projected at RMB 1.699 billion and RMB 313.1 million, respectively, reflecting a year-on-year growth of 113.7% and a significant decline in net profit by 91% [2]. - The first quarter of 2025 shows revenue of RMB 438 million and a net profit of RMB 60 million, indicating a year-on-year increase of 139.2% in revenue but a decline of 90.2% in net profit [2]. - The report forecasts net profits for 2025, 2026, and 2027 to be RMB 203 million, RMB 283 million, and RMB 303 million, respectively, with a downward adjustment of 17.7% and 16.1% for 2025 and 2026 compared to previous estimates [5]. Business Segments - Coating Application: Revenue in this segment is expected to decline by 40.1% in 2024 to RMB 471 million, with a gross margin of 51.79% [3]. - Energy Systems: This segment is projected to have a low gross margin of 10.4% in 2024, with expectations of revenue reaching RMB 350 million in Q1 2025 and a gross margin increase to 15-20% [3]. - Solid-State Batteries: Manst has developed equipment for solid-state battery production and has received orders from multiple domestic and international clients [4]. - Robotics: The company is progressing with product designs and prototypes in its robotics segment [4]. - Semiconductor Devices: Manst has delivered its first GW-level perovskite solar cell coating equipment in China and secured over RMB 1 billion in new orders for 2024 [4]. - Energy Storage: The segment has seen rapid order growth, with new orders reaching RMB 2 billion in 2024, and revenue expectations for 2025 are between RMB 1.5 billion and RMB 2 billion [4]. Valuation - The report assigns a target price of RMB 5.64, based on a 40x P/E ratio for 2025, which is higher than the industry average of 33.9x [5][8]. - The closing price as of May 15 was RMB 55.94, indicating a potential upside of 1% [8].

Investment Rating - The investment rating for Foxit Software is "Buy" with a target price of RMB 92.92, indicating a potential upside of 38% from the closing price of RMB 67.21 as of May 15, 2025 [7]. Core Views - Foxit Software's dual transformation strategy is progressing smoothly, leading to an expected acceleration in revenue growth in 2025. The company's revenue for 2024 is projected at RMB 711.14 million, representing a year-on-year growth of 16.44%, while the net profit attributable to shareholders is expected to reach RMB 26.96 million, a significant increase of 129.64% [1][5]. Revenue and Profitability - Subscription revenue reached RMB 351 million in 2024, a year-on-year increase of 62.33%, contributing to 49% of total revenue, up 14 percentage points from the previous year. The annual recurring revenue (ARR) from subscriptions is projected at RMB 411 million, reflecting a growth of 64.42% [2]. - The overall renewal rate for core products is approximately 90%, indicating strong customer retention [2]. - Revenue from sales channels grew by 40.49% to RMB 292 million, accounting for 41% of total revenue, which is a 7 percentage point increase year-on-year [2]. Cost Management and Efficiency - The sales, management, and R&D expense ratios for 2024 were 53.85%, 23.64%, and 32.67%, respectively, with a notable decrease in the R&D expense ratio attributed to efficiency gains from AI integration [3]. - The company has enhanced its product suite with AI capabilities, improving its market competitiveness [3]. Global Expansion - Revenue growth in 2024 across different regions was robust, with North America, Europe (including the Middle East), Asia-Pacific, and China experiencing year-on-year growth rates of 9.41%, 24.02%, 53.42%, and 18.00%, respectively [3]. - The separation of domestic and international operations is expected to accelerate Foxit's globalization efforts, particularly in the Asia-Pacific market [3]. Financial Forecasts - Revenue forecasts for Foxit Software are adjusted upwards, with expected revenues of RMB 865.28 million, RMB 1,054 million, and RMB 1,285 million for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be RMB 31.50 million, RMB 71.93 million, and RMB 126.16 million for the same years [5][11].