Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 157.8, an increase from the previous target price of HKD 155.2 [1][25]. Core Insights - The first quarter performance indicates a strong outlook for annual profit growth, with revenue reaching RMB 73.3 billion, a year-on-year increase of 25% [1]. - Adjusted net profit for the first quarter was RMB 7.5 billion, exceeding expectations due to better-than-expected performance in the core local commerce (CLC) business [1]. - The report expresses optimism regarding the growth prospects of the company, driven by improved unit economics in on-demand delivery and increased monetization of advertising [1][4]. Financial Summary - Revenue for 2024E is projected at RMB 332.7 billion, with a year-on-year growth of 20.2% [4]. - Operating profit (OP) is expected to be RMB 32.3 billion, reflecting a significant increase from previous estimates [4]. - Non-IFRS net profit is forecasted to reach RMB 38.5 billion, indicating a growth of 11.1% compared to prior estimates [4]. Segment Performance - The CLC segment reported revenue of RMB 54.6 billion in the first quarter, a year-on-year increase of 27% [1]. - The segment's operating profit margin (OPM) improved, driven by growth in on-demand delivery transaction volume and enhanced advertising monetization [1][4]. - The report anticipates that the CLC segment will continue to show robust growth, with revenue expected to reach RMB 125 billion in the second quarter, a year-on-year increase of 17% [1]. Valuation Metrics - The report uses a discounted cash flow (DCF) model to derive a target price of HKD 157.8, based on a weighted average cost of capital of 11.0% and a terminal growth rate of 2.5% [25]. - The projected price-to-earnings (P/E) ratio for 2024E is 22.8, indicating a favorable valuation compared to industry peers [25]. Profitability and Growth - The company is expected to achieve a net profit margin of 11.6% in 2024E, with adjusted net profit projected to grow by 65.6% year-on-year [6][23]. - Revenue growth is forecasted to slow down gradually, with a compound annual growth rate (CAGR) of 20.2% from 2023 to 2024, tapering to 12.9% by 2026 [6][23].

招商银行全资附属机构 2024年6月7日，江西一脉阳光集团股份有限公司（以下简称"一脉阳光"或"公司"，股票代号： 2522.HK）成功于香港联交所挂牌上市。招银国际担任一脉阳光香港首次公开发行的整体协调人、联席 全球协调人、资本市场中介人、联席账簿管理人及联席牵头经办人，助力一脉阳光成功发行上市。 一脉阳光是中国一家领先的医学影像专科医疗集团。公司主要通过以下三类医学影像服务及解决方案 产生收入：（i）影像中心服务，透过旗舰型影像中心为患者及其他医疗保健消费者提供影像检查及诊 断服务，并根据所提供的服务内容向医疗机构收取服务费；（ii）影像解决方案服务，主要帮助医院 等医疗机构客户选择及采购满足他们发展需要的合适影像设备，以及提供一系列配套模块化解决方 案，将影像设备的使用价值最大化；（iii）一脉云服务。 注：图片版权归发行人持有 资料来源：招股书及公司公告 招银国际融资有限公司（以下简称"招银国际融资"）是招银国际金融有限公司在香港注册成立的全资附属公 司。招银国际融资恪守"以客户为中心，为客户创造价值"的经营理念，致力于向客户提供全方位、专业化的 创新和定制企业融资综合性金融服务，包括首次公开发售（I ...

Group 1: Meituan Performance - Meituan reported Q1 2024 revenue of RMB 73.3 billion, a year-on-year increase of 25%, exceeding expectations by 4% and 6% compared to CMBI and Bloomberg consensus[4] - Adjusted net profit reached RMB 7.5 billion, outperforming CMBI's forecast of RMB 5.5 billion and market consensus of RMB 5.8 billion, driven by better-than-expected growth in on-demand delivery orders[4] - The target price for Meituan has been raised by 2% to HKD 157.80, corresponding to a 22.8x 2024E non-IFRS PE ratio, maintaining a buy rating[4] Group 2: NIO Performance - NIO's average selling price in Q1 2024 decreased by RMB 12,000 to RMB 330,000, 2% lower than expectations[4] - The guidance for Q2 implies a further decline in average selling price by RMB 23,000[4] - NIO reported a net loss of RMB 5.3 billion in Q1, aligning with expectations, while net cash decreased by RMB 10.2 billion, marking a historical high decline[4] Group 3: Market Flow - Southbound trading via Stock Connect saw net inflows of RMB 36 billion and RMB 24.8 billion for Shanghai and Shenzhen respectively, while northbound trading experienced net outflows of RMB 9.28 billion and RMB 31.1 billion[5]

7 Jun 2024 Meituan (3690 HK) 7 Jun 2024 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------|-----------|----------| | (RMB mn) | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | Consensus | Diff (%) | | Revenue | 58,617 | 67,965 | 76,467 | 73,696 | 73,276 | 68,996 | 6.2% | | YoY | 26.7% | 33.4% | 22.1% | 22.6% | 25.0% | | | | By segment | | | | | | | | | CLC | 42,885 | 51,200 | 57,691 | 55,131 | 54,626 | 50,743 | 7.7% | | YoY | 25.5% | 39.2% | 24.5% ...

M N 7 Jun 2024 CMB International Global Markets | Equity Research | Company Update NIO Inc. (NIO US) Still no sign of turning profitable Target Price US$5.60 Maintain HOLD. Both NIO’s ASP and vehicle GPM missed in 1Q24, while R&D (Previous TP US$6.20) expenses and GPM for other income beat. Although its planned launch time for Up/Downside 6.3% its third brand is earlier than we had expected, we believe management’s GPM Current Price US$5.27 guidance and assumptions for breakeven could be too optimistic. Chi ...

Investment Rating - The report does not provide a specific investment rating for ImmuneOnco, indicating it is currently "NOT RATED" [5]. Core Insights - ImmuneOnco is a clinical-stage biotech company focusing on innate immune systems with a differentiated CD47-based portfolio and a rich pipeline of 8 drug candidates in clinical studies [2]. - The key product asset, Timdarpacept (IMM01), has shown promising results in Phase 2 studies and has moved to Phase 3 studies for various indications [2]. - The company has received approvals to conduct Phase 3 clinical trials for IMM01 in high-risk myelodysplastic syndromes (MDS) and classical Hodgkin lymphoma (cHL) [2]. Financial Summary - Revenue for FY21 was RMB 5 million, FY22 was RMB 1 million, and FY23 was RMB 0 million [3]. - R&D expenses increased from RMB 176 million in FY21 to RMB 292 million in FY23 [3]. - The net loss for FY23 was RMB 379 million, with a year-end cash balance of RMB 609 million [3]. Clinical Trial Results - In the Phase 2 trial of IMM01 combined with azacitidine for high-risk MDS, the overall response rate (ORR) was 64.7%, with a complete response (CR) rate of 33.3% among 51 evaluable patients [2]. - For patients who received initial treatment for 4 months or more, the ORR increased to 85.3%, with a CR rate of 50.0% [2]. - In the Phase 2 trial of IMM01 combined with tislelizumab for anti-PD-1 failed cHL, the ORR was 66.7%, with a CR rate of 24.2% among 33 evaluable patients [2]. Market Data - The market capitalization of ImmuneOnco is HK$ 5,403 million [4]. - The stock has shown a 1-month absolute performance of 4.3% and a 6-month performance decline of 52.2% [5].

Investment Rating - The report does not provide a specific investment rating for ImmuneOnco [1] Core Insights - ImmuneOnco is a clinical-stage biotechnology company focused on the innate immune system, with a differentiated product portfolio based on CD47, demonstrating good safety and efficacy [2] - The company has a robust pipeline with eight drug candidates in clinical research, including its lead asset Timdarpacept (IMM01), which has advanced to Phase 3 studies [2] - Recent promising results from the ASCO conference highlighted the efficacy of IMM01 in combination with azacitidine for high-risk myelodysplastic syndromes (MDS) and with tislelizumab for classical Hodgkin lymphoma (cHL) [2] Summary by Sections Company Overview - ImmuneOnco specializes in developing therapies targeting the innate immune system, particularly through CD47-based products [2] Clinical Trials and Results - IMM01 combined with azacitidine showed an overall response rate (ORR) of 64.7% in 51 evaluable MDS patients, with a complete response (CR) rate of 33.3% [2] - In patients receiving initial treatment for at least 4 months, the ORR increased to 85.3%, and for those treated for at least 6 months, it reached 89.7% [2] - The combination of IMM01 and tislelizumab in cHL patients demonstrated an ORR of 66.7% and a CR rate of 24.2% [2] Future Prospects - The promising efficacy and safety profile observed in Phase 2 trials support the initiation of Phase 3 studies for IMM01 [2] - The company has received approval from the CDE to conduct Phase 3 clinical trials for IMM01 in high-risk MDS, PD-1 failed cHL, and in combination with azacitidine for chronic myelomonocytic leukemia (CMML) [2] - A Biologics License Application (BLA) for IMM01 is expected to be submitted in 2026, potentially making it the first CD47-targeted therapy in China [2] Financial Overview - The company reported revenues of 5 million RMB in FY21, which decreased to 1 million RMB in FY22 and 0 in FY23 [3] - Research and development expenses increased from 176 million RMB in FY21 to 292 million RMB in FY23 [3] - The year-end cash balance decreased from 676 million RMB in FY21 to 609 million RMB in FY23 [3]

Investment Rating - Maintain HOLD rating with a target price reduction from US$6.20 to US$5.60, based on 1.3x revised FY24E revenue estimates [2][3][6]. Core Insights - NIO's average selling price (ASP) in 1Q24 decreased by RMB12,000 QoQ, falling 2% below prior projections, with further guidance indicating a drop of about RMB23,000 in 2Q24 [3][4]. - Vehicle gross profit margin (GPM) in 1Q24 was approximately 1 percentage point lower than forecasted, while GPM for other income exceeded expectations, resulting in an overall in-line GPM for the quarter [3][4]. - The company reported a net loss of RMB5.3 billion in 1Q24, with net cash decreasing by RMB10 billion QoQ, which was worse than previous projections [3][4]. - Management's breakeven assumptions for NIO and Onvo brands, as well as battery swap operations, are viewed as overly optimistic, particularly in the context of a price war [3][4]. - Projected FY24E sales volume is expected to rise 25% YoY to 0.2 million units, with a revised revenue forecast cut by 5% due to faster-than-expected ASP declines [3][4]. - The forecast for FY24E net loss has been adjusted from RMB17.2 billion to RMB17.8 billion, with expectations of net losses exceeding RMB10 billion in FY25E and FY26E [3][4]. Financial Summary - FY24E revenue is projected at RMB62.04 billion, with a gross profit of RMB4.648 billion and a net loss of RMB17.785 billion [4][11]. - Gross margin is expected to be 7.5% in FY24E, improving to 10.1% by FY26E [4][11]. - Operating profit is forecasted to be a loss of RMB19.268 billion in FY24E, narrowing to a loss of RMB14.376 billion by FY26E [4][11]. Earnings Summary - Revenue growth is projected at 11.5% YoY for FY24E, with further growth of 28.7% and 20.1% expected in FY25E and FY26E respectively [4][11]. - The company has seen a significant decline in gross margin from 10.4% in FY22A to an expected 7.5% in FY24E [4][11]. - Adjusted net profit is projected to improve from a loss of RMB18.475 billion in FY23A to a loss of RMB15.475 billion in FY24E [4][11].

Investment Rating - Maintain BUY rating for Kelun-Biotech based on promising data for SKB264 in 1L NSCLC and late-line TNBC, with a target price raised from HK$200.77 to HK$246.13, indicating a 35.8% upside potential from the current price of HK$181.30 [1][3][19] Core Insights - SKB264 combined with A167 shows significant efficacy in 1L NSCLC, achieving a median progression-free survival (mPFS) of 15.4 months, outperforming current standard of care (SoC) treatments [1][12] - The drug demonstrates a favorable safety profile, with less than 1% of patients discontinuing treatment due to adverse events, compared to higher rates in competing therapies [1][12][13] - Strong Phase 3 results in 3L+ TNBC support the drug's approval in China, with an overall response rate (ORR) of 43.8% and mPFS of 5.7 months, which is superior to competitors [1][16] Summary by Sections Efficacy in NSCLC - SKB264+A167 shows promising efficacy in 1L NSCLC, with mPFS of 15.4 months, significantly better than Keytruda+chemo (9.0 months) and tislelizumab+chemo (9.7 months) [1][12] - In Phase 2 trials, cohort 1A (Q3W) had an ORR of 48.6% and cohort 1B (Q2W) had an ORR of 77.6%, indicating strong potential across different PD-L1 expression levels [8][12] Safety Profile - SKB264 exhibits a more tolerable safety profile than competitors, with <1% discontinuation due to treatment-related adverse events (TRAEs), compared to 29% for Dato-DXd and 17% for Trodelvy [1][12][13] - The most common grade ≥3 TRAEs were manageable, with neutropenia rates of 30.0% in cohort 1A and 30.2% in cohort 1B, lower than those seen in competing therapies [11][13] Commercial Potential - The wide indication coverage for SKB264 in NSCLC is expected, with ongoing Phase 3 trials planned in both China and globally, which could significantly enhance its commercial value [1][12][19] - The drug's promising data in late-line TNBC, with a BLA filed in China, positions it favorably against competitors like Trodelvy and Dato-DXd [1][16][19]

Investment Rating - The report maintains a "Buy" rating for Marvell and expresses optimism for the AI industry chain, indicating potential benefits for related companies [2][8]. Core Insights - Marvell's Q1 2025 performance shows a revenue of $1.16 billion, a year-over-year decline of 12.2% and a quarter-over-quarter decline of 18.6%, aligning with company guidance [1]. - The company anticipates an 8% revenue growth in Q2 2025, driven by strong demand in the data center/AI segment, with expectations for non-GAAP gross margins around 62% [1]. - Data center revenue accounted for 70% of total revenue, with a year-over-year increase of 87.3% and a quarter-over-quarter increase of 6.7% [1][6]. - AI revenue is projected to exceed $1.5 billion in FY2025, representing a year-over-year growth rate of over 170% [1][2]. Summary by Sections Q1 2025 Performance - Marvell's Q1 2025 revenue was $1.16 billion, down 12.2% year-over-year and 18.6% quarter-over-quarter [1][6]. - Non-GAAP gross margin was 62.4%, a decrease from the previous quarter [1]. - Adjusted EPS was $0.24, reflecting a decline of 22.6% year-over-year and 47.8% quarter-over-quarter [1]. Business Segment Analysis - Data Center: Revenue grew 87.3% year-over-year and 6.7% quarter-over-quarter, driven by Cloud AI applications [1][6]. - Enterprise and Carrier: Revenue declined 58.0% and 75.2% year-over-year, with expectations of stabilization in Q2 [1][6]. - Consumer: Revenue fell 70.4% year-over-year, but is expected to double in Q2 [1][6]. - Automotive and Industrial: Revenue is expected to remain stable as inventory adjustments continue [1]. Future Outlook - Marvell expects AI revenue to surpass previous estimates of $1.5 billion for FY2025, with annual incremental revenue of at least $1 billion [1][2]. - The data center market is projected to grow at a CAGR of 29% from 2023 to 2028, with customized chip market growth expected to reach 45% [1][2].