Group 1: Company Overview - 美丽田园 (2373) is a leading one-stop beauty and health management service provider, focusing on a "dual beauty + dual health" collaborative business model[7] - The company operates multiple brands, including 美丽田园, 奈瑞儿, and 秀可儿, covering a full lifecycle of services from beauty to health management[7] - The company has a market capitalization of HKD 61.2 billion and a total share capital of 235 million shares[6] Group 2: Financial Performance - For the first half of 2025, the company reported total revenue of RMB 1,459 million, a year-on-year increase of 28.2%[8] - Adjusted net profit reached RMB 191 million, with an adjusted net profit margin of 13.1%, marking a historical high[8] - The company’s EPS for 2025 is projected at HKD 1.476, with a growth rate of 34.5%[10] Group 3: Valuation and Ratings - The target price for 美丽田园 is set at HKD 43.7, representing a potential upside of 65.4% from the current price of HKD 26.36[9] - The company is rated as "Buy," with a PE ratio of 29.8 for 2025 and 24.5 for 2026[9] - The valuation is based on a discounted cash flow model with a 10% discount rate and a 3% perpetual growth rate, yielding a reasonable value of HKD 103 billion[9] Group 4: Market Trends and Strategy - 美丽田园 is positioned to lead the industry transformation towards branding, chain operations, and digitalization, capitalizing on its multi-brand strategy and extensive store network[8] - The company maintains a customer repurchase rate of over 80% and an acquisition cost below 2%, indicating strong operational efficiency[7] - The company is actively pursuing both organic growth and strategic acquisitions to enhance its market presence and profitability[7]

Investment Rating - The report maintains a "Buy" rating for Boeing with a target price of $240.00, representing a potential upside of 16.79% from the current stock price of $205.50 [2][30]. Core Insights - The recovery of cash flow is driven by increased aircraft deliveries, with production rates for the 737 and 787 expected to rise [3][7]. - The delivery schedule for the 777X is critical for the company's cash flow recovery, with expectations for cash flow breakeven around 2028 [7][13]. - Boeing's commercial aircraft segment (BCA) reported a revenue increase of 49.1% year-over-year, although it still faced significant operating losses due to delays in the 777X project [17][24]. Financial Summary - For the fiscal year ending December 31, 2023, Boeing's actual revenue was $77.794 billion, with a projected revenue of $88.078 billion for 2025, reflecting a growth of 32.41% [5]. - The company reported a GAAP net loss of $53.4 billion for Q3 2025, translating to a loss of $7.14 per share, which was worse than market expectations [9][30]. - The operating loss for the commercial aircraft segment was $53.5 billion, primarily due to the 777X delays, with a significant impact on the operating profit margin [17][24]. Production and Delivery Outlook - Boeing expects to increase the production rate of the 737 MAX to 42 units per month by October 2025 and plans to enhance the production capacity of the 787 to support a rate of 12-14 units per month [7][22]. - The total backlog for commercial aircraft exceeds 5,900 units, valued at approximately $534.6 billion, indicating strong future demand [20][30]. Segment Performance - The Defense, Space & Security (BDS) segment generated $6.9 billion in revenue, a year-over-year increase of 24.7%, with stable order growth [24]. - The Global Services (BGS) segment reported $5.37 billion in revenue, up 9.6% year-over-year, driven by increased maintenance orders from commercial airlines [27].

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2]. Core Insights - Tencent's "Friend Praise" social discount activity on WeChat aims to enhance user engagement and drive e-commerce transactions by leveraging social relationships, offering up to 45% subsidies to users [2]. - Tencent's gaming revenue from overseas markets has surpassed that of Electronic Arts (EA), with a decentralized empowerment model that allows studios creative autonomy, contributing to a more resilient gaming ecosystem [3]. - Tencent Cloud's native API has seen explosive growth, with daily calls exceeding 10 billion and over 1 million developers served, marking a shift from resource selling to capability services [4]. - Tencent's first digital therapy product has entered clinical application, showcasing the integration of gaming technology into healthcare and establishing a commercial closed loop for future digital therapy products [5]. Summary by Sections E-commerce - The launch of "Friend Praise" on WeChat targets private domain conversion, allowing users to invite friends to like products for exclusive discounts, thus enhancing product exposure and conversion rates [2]. Gaming - Elon Musk's endorsement of Tencent's gaming strategy highlights its success in overseas markets, where its revenue has outpaced EA, emphasizing a non-interfering investment approach that fosters creativity [3]. Cloud Services - Tencent Cloud's API usage has surpassed 10 billion daily calls, indicating its robust architecture and the transition to providing standardized API services for developers, facilitating digital transformation [4]. Healthcare - The introduction of Tencent's digital therapy product in clinical settings represents a significant advancement in applying gaming technology to medical interventions, establishing a precedent for future digital health solutions [5].

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4926 期 2025 年 12 月 17 日 星期三 研究观点 【公司研究】 波音（BA，买入）：交付提升推动公司现金流复苏，737 及 787 产量将提升 【公司评论】 腾讯控股（700.HK）：周报 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 波音（美元） | BA | 买入 买入 240.00 | 220.00 | 9% | (8.970) | 2.500 | -459% | 3.470 | 6.570 | -47% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstsh ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4925 期 2025 年 12 月 16 日 星期二 特斯拉（TSLA）：周报 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 博通（美元） | AVGO | 买入 买入 420.00 | 420.00 | 0% | 8.700 | 4.800 | 81% | 13.600 | 7.500 | 81% | | 露露乐檬（美元） | LULU | 买入 持有 240.60 | 400.00 | -40% | 12.980 | 15.130 | -14% | 12.660 | 16.440 | -23% | | 比亚迪股份 | 1211 | 买入 买入 134.70 | 440.0 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $4.20, representing a potential upside of 77.1% from the current price of $2.38 [6]. Core Insights - The company has demonstrated strong revenue growth, with a year-on-year increase of 30.7% to RMB 1.58 billion for FY25Q3, surpassing previous guidance [3]. - Non-GAAP operating loss significantly narrowed to RMB 169 million from RMB 476 million year-on-year, indicating improved operational efficiency [3]. - The company expects revenue growth of 17.2%-18.7% for FY25Q4, with projected revenue between RMB 1.628 billion and RMB 1.648 billion [5]. Revenue and Business Performance - The education segment remains robust, contributing approximately 80% of total revenue, with non-academic training and traditional K12 services growing over 35% year-on-year [4]. - Non-academic training revenue surged by over 60% year-on-year, with expectations of achieving double-digit profit margins for the full year [4]. - Adult and college student business segments also showed strong performance, with college student revenue increasing by 50% year-on-year [4]. Financial Outlook - For FY25, the company anticipates a total non-GAAP operating loss of RMB 510 million, reflecting adjustments in recruitment and business strategies [5]. - The company projects a 15% year-on-year revenue growth for FY26, indicating a positive long-term outlook [5]. Financial Summary - The company reported cash and cash equivalents of RMB 3.04 billion as of FY25Q3, with no interest-bearing debt [3]. - The financial forecast shows a gradual improvement in profitability, with non-GAAP operating profit margins expected to turn positive by FY26 [8].

Company Research - 康方生物预计2025年每股收益（EPS）为-1.110港元，2026年为0.966港元，目标价提升至144.90港元，较现价有23.4%上升空间[7][9] - 滴滴出行2025年目标价为6.89美元，较现价有37%上升空间，预计2025年总营收为2235亿元人民币[3][16] - 高途预计2025年每股收益为-1.00人民币，目标价为4.20美元，较现价有77.1%上升空间[19][22] Financial Performance - 康方生物2025年上半年产品收入同比增长49.2%至14.0亿元，毛利率为79.4%[7] - 滴滴出行2025年上半年中国市场总交易额为1605.69亿元，同比增长10.8%[13] - 高途2025年第三季度收入同比增长30.7%至15.8亿元，经营亏损大幅减至1.69亿元[19][20] Market Trends - 康方生物的AK112药物预计在2025年第四季度递交美国BLA，潜在峰值销售额为80亿美元[8][9] - 滴滴出行在海外市场的GTV预计2025年达到1150亿元，按固定汇率计算同比增长34.8%[14][16] - 高途的非学科培训业务收入同比增长超过60%，显示出强劲增长势头[20]

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 144.9, indicating a potential upside of 23.4% from the current price of HKD 117.4 [3][5]. Core Insights - The company reported a significant increase in product revenue by 49.2% year-on-year to RMB 1.4 billion in the first half of 2025, despite a net loss of RMB 570 million, which is an increase of 139% in losses compared to the previous year [1]. - The company has made substantial progress in its product pipeline, with multiple drugs in various stages of clinical trials and approvals, including AK104 and AK112, which have shown promising results in treating various cancers [2]. - The financial outlook shows a projected revenue increase from RMB 2.1 billion in 2024 to RMB 5.6 billion by 2027, with a recovery in net profit expected by 2027 [4][7]. Financial Summary - For the fiscal year ending December 31, 2023, the company is expected to generate revenue of RMB 4.53 billion, with a gross margin of 97.1% [4][7]. - The net profit is projected to turn positive by 2027, with an estimated net profit of RMB 260 million [4][7]. - The company has a strong cash position, with net cash expected to be RMB 5.8 billion post-financing activities [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.66, representing a potential upside of 25.9% from the current price of HKD 10.05 [4][5]. Core Insights - The company has demonstrated strong performance with a significant increase in revenue and net profit, achieving a revenue of RMB 227.5 billion in the first three quarters of 2025, a year-on-year increase of 44.4%, and a net profit of RMB 109.7 billion, up 57.5% year-on-year [5]. - The return on equity (ROE) has improved to 8.77%, reflecting enhanced profitability and operational efficiency [5]. - The brokerage and margin financing businesses have shown robust growth, with net income from brokerage services reaching RMB 63.1 billion, a 70.7% increase year-on-year, benefiting from a 113% rise in average daily trading volume [5]. - The company's self-investment segment has also performed well, with net investment income growing by 42.4% year-on-year to RMB 121.03 billion [5]. - Investment banking revenues have rebounded, with net income of RMB 4.8 billion, a 29.9% increase year-on-year, driven by a significant rise in equity underwriting [5]. Financial Summary - For the fiscal year ending December 31, 2023, the company is projected to have total revenue of RMB 336 billion, with a net profit of RMB 79 billion, translating to an EPS of 0.67 [3][6]. - The company expects revenue to grow to RMB 355 billion in 2024, followed by a decline to RMB 308 billion in 2025, before rebounding to RMB 342 billion in 2026 and RMB 361 billion in 2027 [3][6]. - The projected net profit for 2025 is RMB 147 billion, with a year-on-year growth rate of 46.5% [5][6]. - The company’s financial metrics indicate a price-to-book ratio of 0.9 for 2025, suggesting a favorable valuation relative to its net asset value [3][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.02, representing a potential upside of 57% from the current price of HKD 1.92 [6][7]. Core Insights - The company is strategically embracing AI, which is expected to stabilize and improve its business performance. The focus is on high-quality business development and optimizing revenue sources, leading to a significant improvement in gross margin [7]. - The company reported a revenue of RMB 775 million in the first half of 2025, a decrease of 10.6% year-on-year, primarily due to a strategic reduction in low-margin businesses. However, it achieved an adjusted net profit of RMB 17 million, marking a significant turnaround from a loss of RMB 187 million in the same period of 2024 [7]. - The advertising business is under pressure due to policy adjustments and environmental factors, but there is an expectation for gradual recovery in 2026 as consumer spending improves [7]. Financial Summary - Total revenue for the fiscal year ending December 31, 2023, was RMB 2,227,684 thousand, with a projected decline to RMB 1,339,255 thousand in 2024, followed by a recovery to RMB 1,612,762 thousand in 2025 [4][9]. - The adjusted net profit is expected to improve from a loss of RMB 767,674 thousand in 2023 to a loss of RMB 521,922 thousand in 2025, indicating a trend towards profitability [4][9]. - The gross margin is projected to increase from 67% in 2023 to 71% in 2025, reflecting improved operational efficiency [9][10].