Investment Rating - The report maintains a "Hold" rating for Vipshop (VIPS US) with an adjusted target price of $18 [1][2] Core Views - Vipshop's Q1 2024 revenue was RMB 27 6 billion flat YoY slightly below market expectations by 0 9% but within the guidance range of RMB 27 5-28 9 billion [1] - Q1 2024 GMV grew 8 0% YoY to RMB 52 4 billion while order volume declined 3 2% to 180 million and active buyers decreased 1 4% to 43 1 million [1] - The apparel category showed strong performance with double-digit GMV growth and active SVIP members increased 11% YoY contributing 45% of online consumption [1] - Gross margin remained high at 23 7% up 2 3pp YoY and flat QoQ while adjusted net profit grew 24 8% YoY to RMB 2 58 billion exceeding market expectations by 15 1% [1] - Adjusted net margin reached a historical high of 9 3% up 1 8pp YoY and 0 1pp QoQ [1] - The company provided a cautious Q2 2024 revenue guidance of RMB 26 5-27 9 billion representing a YoY decline of 5% to 0% due to seasonal demand slowdown and intensified competition [1] - Vipshop plans to complete the remaining $500 million share repurchase within the year and allocate over 75% of its 2024 adjusted net profit for buybacks or dividends [1] - Full-year 2024 revenue is expected to remain flat with adjusted net margin projected to improve to 8 6% driven by operational efficiency [1] Financial Projections - Revenue is forecasted to be RMB 112 696 billion in FY24E slightly down from RMB 112 856 billion in FY23 [2] - Operating profit is expected to increase to RMB 26 263 billion in FY24E from RMB 25 721 billion in FY23 [2] - Adjusted net profit is projected to grow to RMB 9 661 billion in FY24E from RMB 9 510 billion in FY23 [2] - The target PE ratio for FY24E is 7 5x [2] Market Data - The current stock price is $16 52 with a 52-week range of $13 8-20 19 [3] - The target price of $18 implies a potential upside of 9% [3] - The company has a market capitalization of $8 959 billion and a 3-month average daily trading volume of $74 2 million [3]

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price adjusted to HKD 71, indicating a potential upside of 20% from the current price of HKD 59.15 [7][19]. Core Insights - Kuaishou's Q1 2024 revenue reached RMB 29.4 billion, a year-on-year increase of 16.6%, exceeding market expectations by 1.3%. The adjusted net profit was RMB 4.39 billion, surpassing market forecasts by 37% [6][7]. - The company announced a share buyback plan of up to HKD 16 billion over the next three years, representing about 6% of its current market capitalization, aimed at enhancing shareholder returns [6]. - The overall user engagement remains healthy, with Daily Active Users (DAU) at 394 million, up 5.2% year-on-year, and Monthly Active Users (MAU) reaching 697 million, a 6.6% increase [6]. Revenue and Profitability - The gross margin improved by 8.4 percentage points to 54.8%, primarily due to changes in revenue structure and reduced bandwidth costs [6]. - Advertising revenue for Q1 2024 was RMB 16.7 billion, reflecting a 27% year-on-year growth, driven by strong performance in e-commerce and external advertising [6]. - E-commerce revenue and other income reached RMB 4.2 billion, a significant 48% increase year-on-year, with Gross Merchandise Value (GMV) at RMB 288 billion, up 28% [6][8]. User Engagement and E-commerce Growth - Monthly average purchasing users increased by 22.4% to 126 million, and the number of active merchants grew by 70% year-on-year [6]. - Brand merchandise GMV in the short video segment grew over 110% year-on-year, while the general merchandise segment saw an increase of over 80% [6]. - The report anticipates a 25% year-on-year growth in e-commerce GMV for Q2 2024, supported by the ongoing enhancement of the e-commerce ecosystem [6]. Financial Forecasts - The report projects revenues of RMB 126.95 billion for FY24, with adjusted net profits expected to reach RMB 16.96 billion, reflecting a 65% increase from FY23 [8][12]. - The adjusted P/E ratios for FY24 and FY25 are forecasted at 17x and 14x, respectively, indicating a positive outlook on profitability [7][8].

浦银国际研究 公司研究 | 消费行业 滔搏（6110.HK）：全域零售保障短期 林闻嘉 收入韧性，多品牌驱动长期收入增长 浦 首席消费分析师 银 richard_lin@spdbi.com 国 在较弱的消费环境下，主要国际运动服饰品牌 FY25的零售收入（sell- (852) 2808 6433 际 through）可能面临较大的压力。然而，我们相信（1）滔搏持续优化的 桑若楠，CFA 品牌矩阵以及不断提升的全域获客能力将帮助滔搏主要品牌的收入增 消费分析师 速高于品牌伙伴在中国区整体的收入表现；（2）滔搏出色的门店与库 serena_sang@spdbi.com 存管理能力将帮助公司 FY25的利润率水平保持稳定；（3）不断提升的 (852) 2808 6439 公 运营效率将促使公司经营性现金流持续远高于净利润，从而保证维持 2024年5月23日 司 研 较高的派息率。基于 17x CY24 PE的估值，我们维持滔搏目标价 7.0港 评级 究 元，维持“买入”评级不变。  全域零售助力稳健而有韧性的收入表现：尽管线下客流承压，但滔搏 目标价（港元） 7.0 不断拓展消费场景，夯实全域零售的能力。小程序 ...

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浦银国际研究 公司研究 | 互联网行业 同程旅行（780.HK）：核心业务稳健 赵丹 浦 增长，利润率受并表影响下滑 首席互联网分析师 银 dan_zhao@spdbi.com 国 (852) 2808 6436  收入好于预期，利润率下滑：公司一季度收入人民币38.7 亿元，同 际 比增长 50%，高于市场预期3%；调整后净利润为5.0 亿元，低于市 杨子超，CFA 场预期 6%，调整后净利率为14.4%，去年同期为19.5%，主要受度 互联网分析师 假业务并表影响。 charles_yang@spdbi.com (852) 2808 6409 核心 OTA 增速或先低后高，利润率受度假并表拖累：一季度交易额  为人民币 659 亿元，同比增长15.2%，主要由ARPPU增长推动，同比 2024年5月22日 增 12%，平均月付费用户同比略增 2.9%至 4,260 万。核心 OTA 收入 评级 公 32.1 亿元，同比增长24%。住宿预订服务收入为 9.6 亿元，同比增长 司 16%，国内酒店间夜量同比增长 10%，交叉销售率持续提升至 11%。 目标价（港元） 24 研 ...

浦银国际研究 公司研究 | 互联网行业 虎牙（HUYA.US）：游戏相关服务取得积极进展， 杨子超，CFA 浦 互联网分析师 或迎业绩拐点，上调至“买入”评级 银 charles_yang@spdbi.com 国 (852) 2808 6409 公司游戏相关服务取得积极进展，1Q24非直播收入翻倍增长，收入 际 赵丹 占比提升至 16%。随着公司加深与腾讯在游戏联运等方面的合作，预 首席互联网分析师 计游戏相关服务将成为新增长驱动。直播行业竞争有改善趋势，预计 dan_zhao@spdbi.com 公司直播业务收入将逐步企稳，或迎业绩拐点，上调至“买入”评级。 (852) 2808 6436 公 2024年5月21日 业绩优于预期。公司1Q24 收入人民币15.0 亿元，同比下降23%，环 司 研 比下降 1.7%，略优于市场预期 1.3%。其中，直播收入为 12.6 亿元， 评级 究 同比下降 32%，主要是宏观环境和行业疲软以及公司战略转型所致； 平台移动 MAU 为 8,260 万，同比小幅增长，季度付费用户为 440 万； 目标价（美元） 6.9 游戏相关服务、广告及其他收入为2.4亿元，同比增长13 ...

浦银国际研究 首次覆盖 | 消费行业 特海国际（9658.HK/HDL.US）：翻台率趋势 林闻嘉 保持强劲，美股上市将释放估值与扩张潜力 浦 首席消费分析师 richard_lin@spdbi.com 银 (852) 2808 6433 国 我们认为特海国际美股上市对于提升海底捞在全球范围的品牌力以及 际 加快其海外门店扩张步伐有着重要的意义。考虑到特海强劲的翻台率 桑若楠，CFA 趋势以及全球化布局带来较大的增长潜力，我们认为公司应享有比国 消费分析师 内餐饮玩家更高的估值。首次覆盖特海国际美股（HDL.US），给予“买 serena_sang@spdbi.com (852) 2808 6439 入”评级，目标价 26.7美元。对应美股目标价，我们上调特海国际港 首 股（9658.HK）目标价至 20.8 港元，维持“买入”评级。 2024年5月21日 次  登陆纳斯达克对公司发展具有重大的意义：特海国际于 5 月 17 日正 覆 特海国际(9658.HK) 式以19.56 美元/ADS（相当于15.28 港元/普通股）登陆美国纳斯达克 盖 （具体发行细节见正文）。新发行的 ADS（包括超额配股权）所对 ...

科技行业 | 行业追踪 全球智能手机 1Q24 出货量增速超预期， 沈岱 浦 略微上调 2024 年智能手机出货量预测 首席科技分析师 银 tony_shen@spdbi.com 国 (852) 2808 6435 际 全球智能手机 1Q24 出货量略优于我们此前预期，略微上调 2024 马智焱 年出货量增速预期至 4.9%。根据 IDC 最新公布的数据，1Q24 全 科技分析师 球智能手机出货量 3.0 亿部，环比下降7%，同比增长12%。今年 ivy_ma@spdbi.com (852) 2809 0300 一季度出货量同比增速较去年四季度的 8%继续上扬，超出我们 此前预测。其中，中东非的一季度出货量同比增长30%，增长非 黄佳琦 行 常强劲，这是传音一季度智能手机出货量增长动能之一。拉美地 科技分析师 业 区出货量也表现亮眼，同比增长 23%。印度、亚洲其他地区、欧 sia_huang@spdbi.com 追 洲等三个地区的出货量都增长强劲，实现了两位数的同比增长。 (852) 2809 0355 踪 北美地区出货量同比增速开始走弱，同比下降 4%。 2024年5月20日 因为全球智能手机一季度较强劲 ...

Investment Rating - The report maintains a "Hold" rating for the company, with a target price adjusted to HKD 122 / USD 31, reflecting a potential downside of 8% from the current price of HKD 132.4 / USD 34.27 [1][2][3]. Core Insights - The company's Q1 2024 revenue reached RMB 260 billion, a year-on-year increase of 7.0%, slightly above market expectations. Adjusted net profit was RMB 8.9 billion, up 17% year-on-year, with an adjusted profit margin of 3.4%, an increase of 0.3 percentage points [1]. - The report highlights a recovery in performance, particularly in the supermarket category, with a 6.6% year-on-year growth in product revenue. The platform's order volume saw double-digit growth, offsetting a decline in average transaction value due to low pricing strategies [1]. - Logistics profit margins improved significantly, while retail profit margins saw a slight decline. Service revenue grew by 8.8% year-on-year, driven by logistics growth, while retail operating profit margin decreased by 0.5 percentage points to 4.1% [1]. Financial Performance Summary - For FY22, the company reported revenue of RMB 1,046,236 million, with projected revenues of RMB 1,084,662 million for FY23 and RMB 1,146,450 million for FY24E. The adjusted net profit for FY24E is estimated at RMB 35,355 million [2][5]. - The gross profit for FY22 was RMB 147,073 million, with projections of RMB 159,704 million for FY23 and RMB 171,529 million for FY24E, indicating a steady growth trajectory [5]. - The report forecasts an adjusted P/E ratio of 10.0x for FY24E, decreasing to 8.9x by FY26E, reflecting a potential valuation compression over the forecast period [2][5].

Investment Rating - The report maintains a "Hold" rating for Haidilao (6862.HK) due to high current valuation despite strong recovery in table turnover rates [1]. Core Views - Haidilao has shown a strong recovery in table turnover rates, outperforming other players in the restaurant sector, attributed to effective marketing strategies and store management [1]. - The company is expected to face short-term challenges with a slowdown in table turnover growth in 2Q24 and a decline in profit margins in 1H24 due to high base effects [1]. - The current valuation is considered high, with 11x 2024E EV/EBITDA and 20x 2024E P/E, leading to potential downside risks for the stock price [1]. Financial Performance and Forecast - Revenue is projected to grow from 41,453 million RMB in 2023 to 46,861 million RMB in 2024, reflecting a 13% year-on-year increase [2][4]. - Net profit is expected to increase from 4,499 million RMB in 2023 to 5,018 million RMB in 2024, representing an 11.5% year-on-year growth [2][4]. - The operating profit margin is forecasted to slightly expand in 2024, despite facing pressure in 1H24 due to increased labor costs [1][4]. Store Expansion Plans - Haidilao plans to open between 60 to 100 new stores in 2024, primarily in second-tier cities, with a focus on the second half of the year [1]. - The company has opened only 4 new stores year-to-date, indicating a cautious approach to expansion [1]. Customer Metrics - The average customer spending is expected to rise to approximately 102 RMB in 2024, up from 99 RMB in 2023 [1]. - The overall table turnover rate is anticipated to exceed 30% year-on-year growth in 1Q24, with expectations of maintaining a high range of 3-4 times in 2Q24 [1].