Investment Rating - Maintain BUY rating for Minth Group, indicating potential for over 15% return over the next 12 months [1][7][14] Core Views - Minth Group's 2H24 earnings showed mixed results with revenue falling short of expectations while gross profit margin (GPM) exceeded projections. Improved operational efficiency is evident through reduced net debt, lower capital expenditures (capex), and significantly higher free cash flow, which could support future margin enhancements and increased dividend payouts [1][7] - The company is well-positioned for revenue growth in FY25-27E, driven by rapid growth in battery housing revenue and the introduction of new products that are expected to generate substantial income. Battery housing margins are anticipated to improve further in FY25E as capex decreases [1][7] Financial Summary - Revenue is projected to grow from RMB 23,147 million in FY24A to RMB 26,186 million in FY25E, reflecting a year-on-year growth of 13.1% [2][11] - Net profit is expected to increase from RMB 2,319 million in FY24A to RMB 2,719 million in FY25E, representing a 17.2% year-on-year growth [2][11] - The earnings per share (EPS) is forecasted to rise from RMB 2.02 in FY24A to RMB 2.37 in FY25E [2][11] - The projected price-to-earnings (P/E) ratio is expected to decrease from 9.9x in FY24A to 8.5x in FY25E, indicating a more attractive valuation [2][11] Share Performance - The current market capitalization of Minth Group is approximately HK$ 24,982.9 million, with a target price set at HK$ 26.00, suggesting a potential upside of 20.9% from the current price of HK$ 21.50 [3][4] - The stock has shown strong performance, with a 1-month increase of 2.6% and a 6-month increase of 48.9% [5] Operational Efficiency - Free cash flow surged from RMB 131 million in FY23 to RMB 1,363 million in FY24, highlighting significant operational improvements [7] - The net gearing ratio is projected to decrease from 15.4% in FY24A to 6.4% in FY25E, indicating a stronger balance sheet [2][11]

2025 年 3 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 公司点评 全球市场观察 公司点评 快手（1024 HK，买入，目标价：80.0 港元）- 加速 AI 发展以驱动长期增长 快手公布 4Q24 业绩：总收入同比增长 9%至 354 亿元，经调整净利润同比增 长 8%至 47 亿元，均符合招银国际/市场一致预期。FY24 总营收/经调整净利 润分别同比增长 12%/72%。展望 FY25E，我们预测总营收将同比增长 12%， 经调整净利润率基本保持稳定，主因高毛利率业务收入占比提升及运营效率 提升基本会被 AI 相关投资增加所抵消。我们预期 FY25 AI 将逐渐开始产生可 观收入并赋能现有业务。考虑 AI 投资的增加，我们将 FY25-26 的盈利预测下 调至 201 亿元/237 亿元（前值：224 亿元/279 亿元）。我们将基于 SOTP 的 目标价下调至 80.0 港元（前值：85.6 港元）。维持"买入"评级。（链接） 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 ...

2025 年 3 月 25 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 比亚迪（1211 HK/002594 CH，买入，目标价：470 港元/440 元人民币) - 4Q24 高质量盈利为 2025 年盈利增长奠定基础 4Q24 业绩超预期，盈利质量高：比亚迪 4Q24 收入较我们先前预测高 6%。 尽管受到行业价格战的影响，公司剔除比亚迪电子业务后，平均售价连续两 个季度环比提升。4Q24 毛利率降至 17.0%，主要受到会计准则变更（将质保 金从销售费用调整至营业成本）的影响，还原可比口径，4Q24 毛利率应为 21.5%，较我们预期高 0.9 个百分点。4Q24 研发费用较我们预测高约 16% （2024 年研发投入 540 亿元，98%费用化），净利润环比增长 29%至 150 亿 元，较我们的预期高出 14%。 更全面的产品矩阵+出海+电池技术升级+自动驾驶追赶共筑 2025 增长动能： 我们认为公司 4Q24 扎实的业绩表现再次验证规模经济优势。我们预计比亚 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市 ...

2025 年 3 月 20 日 招银国际环球市场 | 市场策略 | 招财日报 ` 每日投资策略 行业及公司点评 全球市场观察 行业点评 中国重卡板块 - 货车以旧换新补贴涵盖国四和天然气卡车；潍柴成为主要受 惠者 事件: 中国交通运输部、发改委和财政部于 3 月 18 日联合发布了关于实施老 旧营运货车报废更新的通知。2025 年的补贴水平将与 2024 年大致相同。主 要变化包括：(1) 新补贴范围涵盖国三和国四货车的提前报废（去年仅限国三 及以下）；(2) 购买所有货车均可享受补贴（之前仅限柴油货车）。 我们的观点：新的补贴计划增强了我们对今年重卡销售的积极看法，主要由 于: (1) 根据我们的估计，国四重卡保有量规模占总重卡的 30%；(2) 最重要的 是，今年新购车的补贴范围将包括天然气货车，而去年仅包括柴油货车。我 们认为潍柴动力 (2338 HK / 000338 CH, 买入) 将成为主要受益者，因为公司 在天然气重卡发动机市场占有主导地位 (>60%)。我们给予持有评级的中国重 汽 (3808 HK) 也将受益。（链接） 公司点评 腾讯（700 HK；买入；目标价：625.0 港元）- 加大 ...

2025年3月20日 CMB国际全球市场 | 股票研究 | 公司更新 INT Medical（1501 HK） 稳健增长及利润率提升。 INT Medical的2024年营业收入同比增长13.2%至8.52亿元人民币，低于我们预 测的13%，这主要归因于其CDMO业务受到价值定价（VBP）的压力和激烈竞 争的影响。介入医疗设备中省级VBP覆盖范围的扩大促使制造商整合上游运营 以控制成本。得益于毛利率的改善，公司在2024年的可分配净利润同比增长22. 7%至1.92亿元人民币，可分配净利润率上升1.7个百分点。 显著的毛利率提升。 2024年，INT医疗的毛利率上升了5个百分点，达到63.1% ，主要得益于产能利用率提高和自动化水平的提升。上海和珠海的生产设施分 别在2023年中旬和晚些时候开始运营。这两个设施的持续产能扩张以及在VBP 之后销售量的增加降低了单位成本。此外，INT医疗实施了成本削减和效率提升 措施，包括工艺优化和原材料谈判。我们估计，2024年VBP产品的收入约占国 内收入的30%。我们认为VBP对毛利率的负面影响应该有限。随着自动化水平 的提升，我们预计INT医疗的毛利率将保持稳定。 海外 ...

20 Mar 2025 CMB International Global Markets | Equity Research | Company Update INT Medical (1501 HK) Solid growth with margin improvement INT Medical's 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and intensified competition. The expanding provincial VBP coverage in interventional medical devices drove manufacturers to integrate upstream operations to manage costs. Thanks to the improved gross margin, the Company's attributable ...

Dmall发布2024财年财务报告：总收入同比增长17%，达到186亿元人民币，符 合我们的预期；调整后净利润为2.98亿元人民币，较2023财年调整后净亏损27. 7亿元人民币有所改善，并超出我们的预期（调整后净亏损10.5亿元人民币）， 主要得益于零售核心服务云的强劲增长和运营效率的提升。展望未来，Dmall将 聚焦AI零售领域以捕捉新的增长机会。公司已推出多款AI代理产品，我们认为 其收入将在长期内逐步增长。对于2025财年预期，管理层预计总收入将同比增 长15-20%，并进一步扩大利润率。鉴于客户获取速度放缓，我们下调了2025-2 026财年的收入预测，但基于行业重估和AI零售的长期潜力，我们将目标价上调 至16.00港元，基于6.0倍2025财年预期市销率（此前为8.50港元，基于2.5倍20 25财年预期市销率）。维持买入评级。 2025年3月20日 CMB国际全球市场 | 股权研究 | 公司更新 大盟集团股份有限公司（2586 HK） 全年FY24实现盈亏平衡；专注于AI零售以推动长 期增长。 零售核心服务云计算解决方案的稳健增长。 2024财年，零售核心服务云解 决方案的营收同比增长39%至 ...

20 Mar 2025 CMB International Global Markets | Equity Research | Company Update Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 1,585 | 1,859 | 2,190 | 2,572 | 2,936 | | YoY growth (%) | 19.4 | 17.3 | 17.8 | 17.5 | 14.1 | | Adjusted net profit (RMB mn) | (233.3) | 29.8 | 134.4 | 337.8 | 517.5 | | YoY growth (%) | na | na | 351.0 | 151.4 | 53.2 | | EPS (Adjusted) (RMB cents) | (44.43) | 5.39 | 14.94 | 37.56 | 57.55 | | P/S (x ...

Market Overview - Global markets showed mixed performance, with the Hang Seng Index rising by 2.46% and the Hang Seng Technology Index increasing by 3.96% year-to-date [1][2] - European markets saw gains, particularly in Germany, where military stocks surged following a historic parliamentary decision to increase defense spending [3] - US markets declined, with the Nasdaq dropping nearly 2%, driven by losses in communication services and consumer discretionary sectors [3][4] Industry Insights Real Estate - The report recommends increasing allocation to quality real estate stocks, citing policy support from cities like Shenzhen and Suzhou easing housing purchase restrictions [5] - Strong sales data indicates a robust recovery, with new home transaction volume up 2% year-on-year and second-hand home transactions up 38% [5] - The report anticipates a 70% probability of positive impacts on the sector in Q2, driven by improved consumer sentiment and reduced concerns over financing issues [5] Technology - Tencent Music reported a 8% year-on-year revenue increase to 7.5 billion yuan, with a 45% rise in non-IFRS net profit, driven by improved gross margins and cost control [6] - Xiaomi's revenue and adjusted net profit grew by 49% and 69% respectively, with strong performance in IoT and electric vehicle segments [12] - XPeng Motors achieved a 59% quarter-on-quarter revenue increase, with expectations for continued growth driven by new model launches and international expansion [10][11] Healthcare - WuXi AppTec's revenue decreased by 2.73% to 39.2 billion yuan, but showed signs of improvement in Q4, with a 70.1% revenue growth in TIDES business [13][14] - The company anticipates a 10-15% revenue growth in 2025, supported by a significant increase in orders [14][15] Consumer Goods - Anta Sports is expected to see growth driven by its Saucony brand, which is projected to grow by 30-40% [16][17] - The company is implementing a direct-to-consumer (DTC) strategy, which is expected to enhance long-term growth prospects despite short-term sales impacts [17][18] Company Specifics Tencent Music - The company reported a 45% increase in non-IFRS net profit, driven by strong growth in online music services and improved operational efficiency [6] Xiaomi - The company raised its electric vehicle delivery target to 350,000 units for 2025, reflecting strong demand and growth potential in the EV market [12] XPeng Motors - The company expects to achieve quarterly breakeven by Q4 2025, with projected sales growth supported by new model launches [10][11] WuXi AppTec - The company plans to increase capital expenditures by 75-100% in 2025 to support growth in its TIDES business, which has seen significant order increases [14][15] Anta Sports - The company is focusing on expanding its Saucony brand and implementing a DTC strategy to enhance customer experience and drive sales growth [16][17]

年 3 月 18 日 招银国际环球市场 | 宏观研究 | 宏观视角 美国经济 零售显示消费放缓 美国 2 月零售增速小幅反弹但仍显著低于市场预期，上月增速也大幅下调。 耐用品、运动文娱商品和服装延续疲软，餐饮服务消费创 2023 年以来最大 跌幅，但网购和个人护理消费反弹。特朗普加征关税、驱逐非法移民和削减 政府支出将减少总需求，推升不确定性，抑制企业投资与家庭耐用消费，导 致经济下行。近期关税政策和远期减税政策将推升中期通胀不确定性。预计 美联储将在本周会议上保持利率不变，重申去通胀目标，但也关注经济下行 风险。点阵图可能维持年内降息两次的指引，同时联储可能进一步减少 QT 规模。鲍威尔可能保持中性观望的政策态度，不会做出因经济下行风险而降 息的承诺，因为他不愿为白宫激进的关税政策保驾护航。预计美联储 5 月、 6 月和 7 月可能继续暂停降息，9 月或 12 月降息 1-2 次。 刘泽晖 (852) 3761 8957 frankliu@cmbi.com.hk 叶丙南, Ph.D (852) 3761 8967 yebingnan@cmbi.com.hk (10) (5) 0 5 10 15 同比(%, ...