Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.4 CNY based on a projected 46 times price-to-earnings ratio for 2026 [3][10][6]. Core Insights - The company reported a revenue of 8.67 billion CNY for the first nine months of 2025, reflecting a year-on-year increase of 29.8%, while the net profit attributable to the parent company was a loss of 107 million CNY, reducing losses by 9.45% [2]. - In Q3 2025, the company achieved a revenue growth of 64.5% to 4.25 billion CNY, with a net profit loss of 10.42 million CNY, marking a 74.8% reduction in losses [2]. - The report highlights that the growth in revenue is primarily driven by the rapid expansion of integrated business, with expectations for future growth to hinge on advancements in AI and international market expansion [9]. Financial Performance Summary - The company’s projected revenues for 2025-2027 are 11.983 billion CNY, 13.274 billion CNY, and 14.242 billion CNY, respectively, with corresponding net profits of 74 million CNY, 395 million CNY, and 492 million CNY [5][10]. - The gross margin is expected to decline from 15.3% in 2023 to 14.3% in 2025, before slightly recovering to 14.6% in 2026 [5]. - The net profit margin is projected to improve from -5.2% in 2024 to 3.0% in 2026, indicating a recovery in profitability [5]. Business Strategy and Outlook - The company is focusing on integrating AI technology into its financial services, aiming to enhance its competitive edge in the domestic market and expand its presence in overseas markets, particularly in Southeast Asia [9]. - The report notes that the company has become a leader in the domestic financial technology sector, with significant growth potential in international markets [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.65 CNY, based on a 35 times price-to-earnings ratio for 2026 [3][4]. Core Views - The current low magnesium prices are expected to open up application spaces, with breakthroughs in technology enhancing production efficiency [2]. - The company has adjusted its EPS forecasts for 2025-2027 to 0.14, 0.39, and 0.67 CNY respectively, down from previous estimates of 0.32, 0.52, and 0.77 CNY [3]. - The company is focusing on continuous research and innovation, particularly in semi-solid injection molding technology, which significantly improves material utilization and reduces production costs [9]. Financial Performance Summary - Revenue is projected to grow from 7,652 million CNY in 2023 to 13,437 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.6% [7][10]. - Operating profit is expected to recover from a low of 115 million CNY in 2025 to 703 million CNY by 2027, reflecting a significant turnaround [7][10]. - The net profit attributable to the parent company is forecasted to increase from 136 million CNY in 2025 to 661 million CNY in 2027, indicating strong growth potential [7][10]. Market and Industry Insights - The magnesium price remains low, which is accelerating the penetration of magnesium in automotive lightweighting, particularly in electric vehicles where magnesium usage is expected to increase significantly [9]. - The company has substantial mineral resources, with reserves of 0.9 billion tons and 5.8 billion tons in its subsidiaries, ensuring stable raw material supply for magnesium and magnesium alloy production [9].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The expansion project enhances the company's scarce attributes and the green transformation strengthens its cost advantages [2] - The company is expected to benefit from a steady increase in aluminum prices, leading to improved profitability as both volume and price rise [11] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are maintained at 1.05, 1.35, and 1.51 yuan respectively [4] - Based on comparable company valuations, a target price of 14.85 yuan is set for 2026, corresponding to an 11x PE ratio [4] - Revenue projections show a recovery with expected growth rates of 25.5% in 2025, 11.1% in 2026, and 6.1% in 2027 [13] - The company's operating profit is projected to increase significantly, with a forecast of 5,506 million yuan in 2025 and 7,073 million yuan in 2026 [13] Company Progress and Strategic Initiatives - The company is on track to complete its 1.4 million tons electrolytic aluminum green low-carbon efficiency improvement project by Q2 2026, which will enhance its production capacity and energy efficiency [11] - The project utilizes advanced energy-saving technologies, contributing to the company's green transformation and competitive advantage in electricity costs [11] - The company anticipates a significant increase in profitability following the completion of the project, driven by both volume and price increases in the electrolytic aluminum sector [11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.46 CNY [3][6]. Core Insights - The company plans to acquire Deep Blue Co., which is expected to enhance its data center liquid cooling layout and increase profitability [2][10]. - The financial forecasts for EPS from 2025 to 2027 are projected to be 1.14 CNY, 1.51 CNY, and 1.93 CNY respectively, with a maintained average PE valuation of 39 times for comparable companies in 2025 [3]. - The acquisition of Deep Blue Co. will strengthen the company's capabilities in controllers and drivers, particularly in the data center liquid cooling sector, which is anticipated to contribute positively to revenue and profit growth [10]. Financial Summary - The company's revenue is projected to grow from 11,018 million CNY in 2023 to 21,502 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.5% [5][11]. - Operating profit is expected to increase from 816 million CNY in 2023 to 2,107 million CNY in 2027, with a notable growth rate of 67.7% in 2023 [5][11]. - The net profit attributable to the parent company is forecasted to rise from 612 million CNY in 2023 to 1,631 million CNY in 2027, with a growth rate of 59.7% in 2023 [5][11]. - The gross margin is projected to improve slightly from 20.5% in 2023 to 21.7% in 2027, while the net margin is expected to increase from 5.6% to 7.6% over the same period [5][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 84.4 yuan based on a 40x P/E ratio for 2026 [3][6]. Core Insights - The company is expected to see significant growth in its chip inductor business, driven by advancements in ASIC power supply applications and a strong position in high-frequency applications [2][8]. - The pricing strategy for inductor products is well-structured, allowing the company to maintain healthy margins while expanding market share [8]. - The introduction of Google's TPU and the potential for increased demand in ASIC power management are seen as key growth drivers for the company's products [8]. Financial Performance Summary - Revenue is projected to grow from 1,159 million yuan in 2023 to 2,945 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 22% [5]. - Net profit attributable to the parent company is expected to increase from 256 million yuan in 2023 to 753 million yuan in 2027, with a CAGR of around 23% [5]. - Earnings per share (EPS) are forecasted to rise from 0.88 yuan in 2023 to 2.60 yuan in 2027 [5]. Valuation Metrics - The company is currently trading at a P/E ratio of 46.6 for 2025, which is expected to decrease to 29.4 by 2027 [5][9]. - The projected P/B ratio is expected to decline from 7.2 in 2025 to 5.2 in 2027, indicating improving valuation metrics over time [5][9].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has made significant breakthroughs in the North American data center power generation market, enhancing growth certainty and potential valuation uplift [3][9] - The company has crossed two major business thresholds, which are expected to further increase growth certainty [9] - The company has established strategic partnerships with leading brands in the gas turbine sector, enhancing its hardware capabilities and market recognition [9] - The company has gained practical experience in the U.S. data center market, which is expected to improve its chances of securing future projects [9] Financial Forecasts and Investment Recommendations - The projected net profits for the company from 2025 to 2027 are estimated at 31.53 billion, 38.18 billion, and 44.64 billion yuan respectively [3] - The target price for the company is set at 63.4 yuan, based on a 17x PE ratio for 2026 [3] - The company's revenue is expected to grow from 13,912 million yuan in 2023 to 22,680 million yuan in 2027, with a compound annual growth rate (CAGR) of 14.7% [11] - The gross margin is projected to improve from 32.8% in 2023 to 35.3% in 2027 [11] - The net profit margin is expected to stabilize around 19.7% by 2027 [11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 248.49 HKD / 226.29 CNY [3][5]. Core Insights - The company's Blizzard games are gradually resuming operations, and the evergreen game "Yan Yun Shi Liu Sheng" is performing excellently both domestically and internationally. The anticipated launch of "Forgotten Sea" in 2026 is expected to drive growth [3]. - The adjusted profit forecasts for the company from 2025 to 2027 are 362 billion, 398 billion, and 450 billion CNY respectively, reflecting slight adjustments based on game performance and Q3 financial results [3]. Financial Performance Summary - **Revenue Forecasts**: The company expects revenues of 103,468 million CNY in 2023, growing to 138,188 million CNY by 2027, with a CAGR of approximately 12.37% from 2025 to 2027 [4]. - **Net Profit**: The net profit attributable to the parent company is projected to increase from 29,417 million CNY in 2023 to 44,999 million CNY in 2027, with a notable growth rate of 21.98% in 2025 [4]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 9.29 CNY in 2023 to 14.20 CNY in 2027 [4]. - **Profit Margins**: The gross margin is projected to improve from 60.95% in 2023 to 66.19% in 2027, while the net margin is expected to stabilize around 32% [4]. Market Performance - The company's stock price as of November 20, 2025, was 212.6 HKD, with a 52-week high of 248 HKD and a low of 125.99 HKD [5]. - The company's market capitalization is approximately 673,508 million HKD [5]. Game Performance Insights - The total revenue from games and related value-added services in Q3 2025 was 233 billion CNY, reflecting a year-on-year growth of 12% [10]. - The game "Dream Journey" continues to see high activity levels, and "Yan Yun Shi Liu Sheng" is expected to perform well in overseas markets in Q4 [10].

⚫ 公司暴雪游戏陆续恢复运营，长青游戏《燕云十六声》海内外表现优异。2026 年期 待《遗忘之海》上线驱动增长。我们预测公司 25~27 年归母净利润为 362/398/450 亿元（原 25~27 为 363/390/433 亿元，因根据游戏表现及 Q3 财报调整收入、毛利 率，费率等，从而调整盈利预测）。我们采用 SOTP 估值，给予目标价 248.49 港币 /226.29 人民币（HKD/CNY=0.91），维持"买入"评级。 风险提示 新游戏表现不及预期；版号审批不确定性；游戏净利率波动性较大；直播竞争加剧 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 103468 | 105295 | 113480 | 122977 | 138188 | | 同比增长 (%) | 7.23% | 1.77% | 7.77% | 8.37% | 12.37% | | 营业利润(百万元) | 27709 | 29584 | 36157 | 39580 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47 CNY, reflecting a 20x PE for 2026 [3][6]. Core Views - The company's main business is under short-term pressure, but new business initiatives are accelerating, opening up long-term growth potential. The company is expected to leverage its strong channel and brand barriers to replicate success in new markets and overseas [3][9]. Financial Performance Summary - For 2023, the company reported a revenue of 15,695 million CNY, with a year-on-year growth of 11.5%. The projected revenues for 2025 and 2026 are 16,837 million CNY and 17,614 million CNY, respectively, indicating a stagnation in growth for 2025 [5]. - The net profit attributable to the parent company for 2025 is forecasted to be 40.24 billion CNY, reflecting a decrease of 6% compared to the previous year, followed by a slight recovery in 2026 and 2027 [3][5]. - The gross margin is expected to decline from 43.2% in 2023 to 41.2% by 2027, while the net profit margin is projected to stabilize around 24% [5][11]. Business Development Summary - The company is focusing on new business areas, including international expansion and renewable energy, which are showing promising growth. The international strategy aims for comprehensive product offerings in developed markets, while the renewable energy segment is expected to see significant growth in 2026 [9][10]. - The data center business is also experiencing rapid growth, with partnerships established with major clients like ByteDance and Tencent, indicating a strong market position [9].

Core Insights - Asset allocation is not just about risk diversification; predicting returns is equally important. The report emphasizes that the significance of asset allocation lies in systematically designing strategies that allow investors to leverage their predictive abilities, enabling those with a 60% win rate to outperform those with a 40% win rate [5][8] - The allocation approach can be categorized into passive and active types. Passive strategies focus on risk diversification, while active strategies, such as Mean-Variance Optimization (MVO) and Black-Litterman (B-L), aim to enhance returns while considering risk [5][8] - Active asset allocation's core is return prediction and risk penalty, where risk is defined as "uncertainty." For professional investors, asset volatility is not risk if they can predict it; thus, true risk stems from inadequate predictive ability [5][11] MVO Model Application - The MVO model is suitable for active asset allocation, with its derivatives like the B-L model incorporating subjective views on returns. However, the model is sensitive to input variables, which can lead to concentrated positions in a few asset classes [9][10] - The MVO model requires high accuracy in return predictions, which is both a limitation and a value. It allows investors with a predictive edge to construct effective asset allocation strategies [10][29] Active Asset Allocation Scenarios - Active asset allocation can be applied in two scenarios: directly obtaining allocation schemes or enhancing passive allocations with active strategies. The latter involves using passive models to establish a base and then applying active strategies to enhance returns on assets where predictive capabilities exist [36][43] ETF-Based Active Asset Allocation - The report discusses an ETF-based active asset allocation strategy, replacing traditional indices with investable ETFs. This includes using an industry rotation strategy for equities and bond ETFs to replicate mixed bond fund indices [49][51] - The active ETF allocation strategy can be categorized into two types: one directly based on MVO and the other combining a passive strategy with MVO enhancements [59][60]