Investment Rating - The investment rating for BaTeLab is reiterated as "Buy" with a target price maintained at HK$69.5, indicating a potential upside of 37.1% from the current price of HK$50.70 [2][4]. Core Insights - BaTeLab successfully raised HK$120 million through a private placement, which will be used to enhance upstream manufacturing capabilities and for general operational funding. This is crucial for the company's future expansion in the industrial-grade analog IC market [1][2]. - The company is expected to experience robust revenue growth, with projected growth rates of 27%-33% from 2025 to 2027, alongside high profitability with expected gross margins of 53%-54% during the same period [1][2]. Financial Summary - Revenue is projected to grow from RMB 464 million in FY23A to RMB 770 million in FY25E, reflecting a year-on-year growth of 33% [3][11]. - Net profit is expected to increase from RMB 109.2 million in FY23A to RMB 216.7 million in FY25E, representing a year-on-year growth of 30.1% [3][11]. - The company's P/E ratio is currently at 12.9x for FY25E, which is significantly lower than the average of 38x for domestic peers, indicating an attractive valuation [2][10]. Shareholder Structure - The major shareholders include Li Zhen with 53.5% and Zhang Guangping with 39.5% of the shares [5]. Market Performance - Over the past month, BaTeLab's stock has shown a slight increase of 0.2%, while over three months, it has risen by 59.4% [6]. Valuation Metrics - The company is trading at a P/B ratio of 0.43, which is appealing compared to the industry average [2]. - The projected EPS for FY25E is RMB 3.61, with a corresponding P/E ratio of 12.9x, indicating strong earnings potential [3][11].

2025 年 5 月 26 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观、行业及公司点评 全球市场观察 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 40,852 | 0.34 | 36.98 | | 恒生工商业 | 13,444 | 0.23 | 45.60 | | 恒生地产 | 16,308 | -0.08 | -11.02 | | 恒生公用事业 | 36,849 | -0.20 | 12.09 | | 资料来源：彭博 | | | | 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 行业点评 科技行业 - Computex 2025 总结：GB300 NVL72、液冷、GPU/SOCAMM 插槽、AI PC、DGX Spark Computex 2025 于 5 月 19 日至 23 日在台北举行，主要聚焦于 AI 服务器、AI PC 和散热/电源/连接器解决方案。以下为我们从主题演讲及展区走 ...

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 ...

Investment Rating - The report maintains a "BUY" rating for iQIYI, indicating a potential return of over 15% over the next 12 months [14]. Core Insights - iQIYI's total revenue for 1Q25 declined by 9% year-over-year but increased by 9% quarter-over-quarter to RMB7.19 billion, aligning with consensus estimates [1]. - Non-GAAP operating income fell by 58% year-over-year but saw a recovery of 13% quarter-over-quarter to RMB459 million, also in line with consensus [1]. - The company is increasing investments in its content ecosystem and micro-drama user acquisition, which is expected to impact short-term margins but may provide long-term monetization opportunities [1][6]. - The target price for iQIYI has been adjusted to US$2.45, down from US$2.60, based on a 13x multiple of projected non-GAAP EPS for 3Q25-2Q26 [1][9]. Revenue and Profitability Forecasts - Revenue projections for FY25E, FY26E, and FY27E are RMB28.49 billion, RMB28.95 billion, and RMB29.37 billion respectively, reflecting a slight decrease from previous estimates [7]. - Non-GAAP net profit forecasts for FY25E, FY26E, and FY27E are RMB0.73 billion, RMB1.55 billion, and RMB1.78 billion respectively, indicating a significant downward revision due to short-term margin pressures [7][8]. - The gross margin is expected to decline to 23.1% in FY25E, with a gradual recovery to 26.1% by FY27E [7]. Market Position and Competitive Landscape - iQIYI's current trading at 8x FY26E PE suggests a safety margin compared to peers, despite the intense competition in China's video streaming sector [1][9]. - The company has made significant progress in its micro-drama ecosystem, with over 15,000 titles available, half of which are free and the other half exclusive to members [6]. Financial Performance - Membership services revenue decreased by 8% year-over-year but grew by 7% quarter-over-quarter to RMB4.40 billion in 1Q25, supported by key titles [6]. - Online advertising revenue fell by 10% year-over-year and 7% quarter-over-quarter to RMB1.33 billion, primarily due to macroeconomic uncertainties [6]. - The non-GAAP operating profit margin was down to 6.4% in 1Q25, a decrease of 7.3 percentage points year-over-year, driven by increased content and user acquisition investments [6].

Investment Rating - The report maintains a BUY rating for Xpeng Inc. with a target price of US$28.00 for ADR and HK$110.00 for H-shares, indicating an upside potential of 42.2% and 41.8% respectively from current prices [3][7]. Core Views - Xpeng's 1Q25 earnings exceeded expectations due to improved gross profit margin (GPM) and government subsidies, leading to an optimistic outlook for sales volume and profitability [1][7]. - The company is expected to achieve breakeven at the net level by 3Q25, supported by increased R&D investments and new model rollouts [1][7]. - The report anticipates a significant increase in sales volume and GPM for FY25, with a revised forecast of 460,000 units sold, reflecting a 20,000 unit increase from previous estimates [7][9]. Financial Summary - Revenue projections for FY25E are raised to RMB 86,862 million, representing a 112.6% year-over-year growth [2][9]. - Gross profit is expected to reach RMB 13,971 million in FY25E, with a gross margin of 16.1% [9][11]. - The net loss forecast for FY25E has been revised down to RMB 907.2 million, a significant improvement from previous estimates [9][11]. - For FY26E, net profit is projected at RMB 3,683 million, reflecting a positive trajectory in profitability [9][11]. Earnings Performance - In 1Q25, Xpeng reported a revenue of RMB 15,811 million, a 141.5% increase year-over-year, with a gross margin of 15.6% [8][11]. - The average selling price (ASP) for vehicles in 1Q25 was RMB 168,184, showing a decline of 44.0% compared to the previous year [8][11]. - The company’s net loss for 1Q25 was RMB 664 million, which was narrower than expected, indicating improving financial health [7][8]. Valuation Metrics - The report highlights a P/S ratio of 1.6 for FY25E, suggesting a favorable valuation compared to peers [2][9]. - The P/B ratio is projected to be 4.4 for FY25E, reflecting investor confidence in the company's growth potential [2][9]. - The report justifies a higher valuation based on Xpeng's leading AI capabilities and clearer profit growth path [7][9].

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 ...

Investment Rating - The report maintains a "BUY" rating for Naura Technology, indicating a potential return of over 15% over the next 12 months [19]. Core Insights - Naura Technology's new orders increased by approximately 25% year-over-year in 2024, driven by strong integrated circuit (IC) orders, with continued momentum into the first quarter of 2025 [1]. - The company is expanding its product portfolio through internal R&D and external acquisitions, including a planned acquisition of a 17.9% stake in Kingsemi, a photolithography coating equipment maker [1]. - Naura is positioned as a leading player in China's semiconductor equipment market, benefiting from the country's push for semiconductor localization amid tightening export restrictions [1][9]. - The target price remains unchanged at RMB 512, based on a price-to-earnings ratio of 36.8x for 2025 estimates, reflecting an 18.1% upside from the current price of RMB 433.66 [3][9]. Financial Summary - Revenue is projected to grow from RMB 22,079 million in FY23A to RMB 38,909 million in FY25E, representing a compound annual growth rate (CAGR) of 30.4% [2]. - Net profit is expected to increase from RMB 3,899.1 million in FY23A to RMB 7,426.9 million in FY25E, with a year-over-year growth of 32.1% [2]. - The gross margin is forecasted to improve from 41.1% in FY23A to 43.4% in FY25E, indicating enhanced operational efficiency [2]. Market Context - The semiconductor equipment capital expenditure in China is estimated to exceed US$50 billion in 2024, driven by strong demand amid geopolitical uncertainties [9]. - Naura anticipates a normalization of demand for overseas products, which may create more opportunities for local vendors [9]. - The company expects investment in domestic mature nodes to stabilize over the next 2-3 years, while advanced logic and memory segments are projected to drive future growth [9].

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 | ...