爱奇艺（IQ US；买入；目标价：2.45 美元）- 1Q25 业绩符合预期；加大营 销及内容投入影响短期利润率 爱奇艺公布 1Q25 业绩：总收入同比下降 9%，但环比增长 9%至 71.9 亿元， 符合一致预期；非 GAAP 营业利润同比下降 58%，但环比回升 13%至 4.59 亿元，符合一致预期。展望 2Q25，我们预计总收入环比基本持平，但非 GAAP 营业利润率将环比下降，主因公司加大对内容生态和微剧获客的投入。 我们认为公司在微剧领域的投入短期会对利润率产生影响，但长期来看将完 善爱奇艺内容生态，并创造增量变现机会。鉴于短期利润率压力，我们下调 FY25-27 年费 GAAP 盈利预测至 7 亿/15 亿/18 亿元（前值：14 亿/16 亿/18 亿元）。我们将目标价下调至 2.45 美元，基于 13x 3Q25-2Q26E non-GAAP EPS（前值：2.60 美元，基于 13x FY25E PE）。公司当前估值仅对应 8x FY26E PE，相较同行仍然有安全边际。维持买入评级。（链接） Boss 直聘（BZ US；买入；目标价：21.0 美元）- 招聘需求维持韧性；全年 盈利指引不 ...

在人工智能领域取得稳步进展。 关于人工智能战略，该公司将继续提升其 人工智能能力，但将在大规模人工智能部署方面保持谨慎，因为这可能部 分取代人类招聘人员。在测试期间，使用该公司人工智能功能的招聘人员 提高了25%的招聘效率，而通过人工智能沟通助手回应的求职者其成功率 提升了15%。该公司还利用人工智能提高内部效率，我们预计这将为利润 扩张提供进一步的空间。 保持2025财年营业利润目标。 非GAAP运营利润率（OPM）同比增长13 个百分点至36.0%（2025年第一季度），主要得益于运营杠杆效应和运营支出 控制。销售与市场/研发支出同比分别下降18%和8%，至41.7亿/33.5亿人民币 （2025年第一季度）。展望未来，公司将继续聚焦于提升效率和控制成本。管 理层指出，2025年第一季度通常是利润率最低的季度，并对实现2025财年非G AAP运营利润目标（35亿人民币）持乐观态度。 收益概要 | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | 收入（人民币百万元） | ...

23 May 2025 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) Quality revenue growth on track Baozun released 1Q25 results: total revenue was RMB2.1bn, up 4% YoY, 2% better than Bloomberg consensus, mainly driven by the beat in Baozun Brand Management (BBM) revenue; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB57mn, better than consensus of loss of RMB65mn. Baozun E-commerce (BEC) inked revenue growth of 1.4% YoY, and BBM booked 23% YoY g ...

23 May 2025 CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Inline 1Q25 results; stepped-up content & marketing investment impacts ST margin iQiyi announced 1Q25 results: total revenue declined by 9% YoY but grew by 9% QoQ to RMB7.19bn, in line with Bloomberg consensus estimate; non-GAAP operating income was down by 58% YoY but recovered by 13% QoQ to RMB459mn, also in line with the consensus estimate. Looking ahead in 2Q25E, we model total revenue to be largely flat QoQ, b ...

22 May 2025 CMB International Global Markets | Equity Research | Company Update Xpeng Inc. (XPEV US/9868 HK) Entered a virtuous circle Maintain BUY. Xpeng's 1Q25 earnings beat on GPM and government subsidies. We further raise our FY25E sales volume and GPM forecasts given the current sales momentum and more new model rollouts in 2H25. We are of the view that Xpeng may achieve a breakeven at the net level in 3Q25. Such profit growth path has helped Xpeng enter a virtuous circle with more R&D investments and ...

2025 年 5 月 22 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 公司点评 港股分类指数上日表现 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 40,872 | 0.24 | 37.05 | | 恒生工商业 | 13,639 | 0.85 | 47.71 | | 恒生地产 | 16,558 | 0.53 | -9.65 | | 恒生公用事业 | 37,033 | 0.11 | 12.65 | | 资料来源：彭博 | | | | 北方华创（002371 CH，买入，目标价：512 元人民币）- 扩展产品组合，巩 固国产半导体设备龙头地位 公司2024年新增订单同比增长约25%，主要受集成电路设备订单强劲拉动， 且这一势头在 1Q25 持续。公司预计地缘政治局势不会给公司带来实质性影 响，全年新增订单有望延续此前增长态势。公司正通过内部研发及外部并购， 积极拓展产品覆盖面。其主要集成电路设备产品包括刻蚀、沉积、热处理、 清洗设备，并于 2025 年 3 月起新增离子注 ...

21 May 2025 CMB International Global Markets | Equity Research | Company Update Naura Technology (002371 CH) NDR takeaways: Expanding product portfolio to reinforce domestic SME leadership We held an NDR with Naura yesterday. The company's new orders rose by ~25% YoY in 2024 driven by strong IC orders, and the momentum continued in 1Q25. It expects no material impact from geopolitical tensions (i.e., the entity list) with new bookings expected to grow at a similar rate this year. The company is proactively ...

每日投资策略 行业、公司点评 全球市场观察 2025 年 5 月 21 日 招银国际环球市场 | 市场策略 | 招财日报 行业点评 中国工程机械行业 - 四月份非土方机械销售依然好坏不一 中国工程机械工业协会发布了 4 月份全系列工程机械销售数据。与上月类似， 4 月份非土方机械销量涨跌互现（而上周发布的土方机械数据则相对强劲）。 叉车销量总体保持韧性，而塔式起重机的国内销量（同比下降 61%）和出口 （同比增长 49%）仍然呈现较大分化。高空作业平台销量同比下降 31%, 依 然疲软。我们继续看好土方机械，因为无论是在项目周期还是更新换代周期 中，土方机械都是率先复苏的细分设备。我们继续看好三一重工（600031 CH，买入）和恒立液压（601100 CH，买入），主要由于挖掘机相关收入占 比相对较高。我们仍然看好中联重科（1157 HK / 000157 CH，买入）通过广 泛的产品线在新兴市场快速扩张的策略。相反，由于美国关税政策的不确定 性，我们维持对浙江鼎力（603338 CH，持有）的谨慎观点。（链接） 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | ...

Investment Rating - The report maintains a "BUY" rating for Bilibili, indicating a potential return of over 15% over the next 12 months [21]. Core Insights - Bilibili's total revenue for 1Q25 increased by 24% year-over-year to RMB7.0 billion, aligning with Bloomberg consensus estimates. The adjusted net income reached RMB362 million, a significant improvement from a net loss of RMB456 million in 1Q24, driven by gross profit margin expansion and controlled R&D expenses [1][2]. - For 2Q25, the expectation is for continued strong performance with a projected 20% year-over-year revenue growth, supported by advertising and mobile games [1]. - The target price has been fine-tuned to US$26.5, reflecting a 46% upside from the current price of US$18.15, based on a 25x FY26E non-GAAP PE [3][11]. Financial Performance Summary - **Revenue Growth**: - FY23A: RMB22,528 million - FY24A: RMB26,832 million (19.1% YoY growth) - FY25E: RMB30,584 million (14.0% YoY growth) [2][18]. - **Gross Margin**: - FY23A: 24.2% - FY24A: 32.7% - FY25E: 36.9% [2][18]. - **Adjusted Net Profit**: - FY23A: (RMB3,533.8 million) - FY24A: (RMB22.1 million) - FY25E: RMB2,243.8 million [2][18]. - **Earnings Per Share (EPS)**: - FY25E: 534.14 RMB cents, compared to consensus EPS of 4.53 RMB [2][18]. Business Segment Performance - **Value-Added Services (VAS)**: Revenue grew by 11% YoY to RMB2.81 billion, driven by live streaming and innovative monetization methods [7]. - **Advertising Revenue**: Increased by 20% YoY to RMB2.00 billion, with performance ads growing over 30% YoY [7]. - **Mobile Games Revenue**: Strong growth of 76% YoY to RMB1.73 billion, attributed to the success of the game "SanMou" [7]. Margin Expansion - The overall gross profit margin improved by 8 percentage points YoY to 36.3% in 1Q25, with adjusted operating profit margin rising by 14 percentage points YoY to 4.9% [7][8]. Valuation and Target Price - The SOTP-derived target price of US$26.5 reflects the valuation of different business segments: - Advertising: US$12.7 (48% of total valuation) - VAS: US$6.4 (24%) - Mobile Games: US$7.2 (27%) [11][12][13]. Market Data - Market capitalization stands at approximately US$7.62 billion, with a 52-week high of US$29.66 and a low of US$12.96 [3]. - The average trading volume over the past three months is US$65.4 million [3]. User Engagement Metrics - Monthly Active Users (MAUs) grew by 8% YoY to 368 million, with average daily time spent on the platform increasing by 3% YoY to 108 minutes [7]. Future Outlook - Management is optimistic about sustaining growth in mobile games, particularly with upcoming content releases for "SanMou" [7]. - For 2Q25, total revenue is expected to reach RMB7.36 billion, with mobile games, advertising, and VAS revenue projected to grow by 63%, 18%, and 11% YoY, respectively [7].

21 May 2025 CMB International Global Markets | Equity Research | Company Update Trip.com (TCOM US) Resilient revenue growth with investment on track for overseas expansion Trip.com Group (TCOM) released (20 May) 1Q25 results: total revenue was RMB13.9bn, up 16% YoY, inline with both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.0bn, 7% better than both our estimates and consensus, mainly thanks to more optimized- than-expected sales and marketing spend. Overall trav ...