Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Views - The company recorded a revenue of 1.906 billion RMB in Q1 2025, representing a year-over-year increase of 29.8%, while net profit was 244 million RMB, down 5.5% year-over-year due to increased equity incentive payments [1]. - The retail business is experiencing strong growth, with a GMV of 845 million RMB in Q1 2025, up 70.9% year-over-year, leading to an upward revision of the revenue growth guidance for 2025 to 50% [3]. - The company is focusing on enhancing brand competitiveness and user engagement through differentiated products and improved member experiences, aiming to achieve the "2000 good stores" target by the end of 2025 [1][3]. Summary by Sections Financial Performance - For the full year 2024, the company expects revenue of 7.248 billion RMB, a year-over-year increase of 55.3%, and a net profit of 1.275 billion RMB, up 73% year-over-year [1]. - The adjusted net profit for Q1 2025 was 345 million RMB, reflecting a 32.3% year-over-year increase [1]. Business Segments - The hotel segment's revenue from franchise and direct-operated hotels in Q1 2025 was 1.032 billion RMB and 129 million RMB, respectively, with franchise revenue growing by 23.5% year-over-year [2]. - The retail segment's growth is driven by strong performance in pillow products and rapid sales of new bedding items, which are well-coordinated with the hotel business [1][3]. Market Position and Valuation - The company is positioned as a leader in the mid-to-high-end market, with a target price of 41.22 USD based on a 25x PE ratio for 2025 [4][8]. - The expected EPS for 2025 is 11.86 RMB, with a projected growth rate of 27.94% for the following years [6][18].

证券研究报告 科技 BAT CapEx：AI 加码趋势不变 华泰研究 2025 年 5 月 26 日│中国内地 行业周报（第二十一周） 本周观点 市场方面，上周通信（申万）指数下跌 2.31%，同期上证综指下跌 0.57%， 深证成指下跌 0.46%。BAT（百度、阿里、腾讯）1Q25 合计资本开支为 544 亿元，同比增长 105%，但环比下降 23%。我们认为，国内互联网厂商资 本开支环比下滑系英伟达 H20 禁售影响，长期资本开支增长趋势或不变， 随着国内 GPU 性能、制造工艺持续升级，未来国产 GPU 有望逐步补齐这 一需求缺口，建议关注国产算力及其配套产业链（光模块、AIDC、交换机、 铜连接等）。 周专题：BAT CapEx：AI 加码趋势不变 国内三大上市互联网厂商（百度、阿里、腾讯）近日发布 1Q25 业绩，BAT 1Q25 合计资本开支为 544 亿元，同比增长 105%，但环比下降 23%。分别 来看，百度/阿里/腾讯 1Q25 资本开支分别为 29/240/275 亿人民币，同比增 速分别为+42%/+136%/+91%，环比分别为+24%/-24%/-25%。我们认为， BAT 整体 ...

今日早参 2025 年 5 月 27 日 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 今日热点 策略：资金透视：平稳中的结构亮点 近期市场处于日历效应的缺失期，资金活跃度有所降低，但不乏部分方向存 在结构亮点：1）交易性资金热度回落，融资资金活跃度回落至 8.4%（1 月 中上旬水平），私募资金仓位稳定但调研数目回落；2）结构上亮点在于，公 募基金消费方向仓位回升、行业 ETF 对制造板块转为净流入、回购数额占流 通市值比重较高的行业为医药及交通运输，仍呈现较为分散状态；3）配置 型外资上期转为净流出，其中被动型外资是流出主力，当前全球配置型资金 对 A 股仓位仍处于去年 9 月以来相对低位。向后看，仍维持资金面偏平稳的 判断。 风险提示：1）估算持仓模型失效；2）数据统计口径有误。 研报发布日期：2025-05-26 研究员 何康 SAC:S0570520080004 SFC:BRB318 王伟光 SAC:S0570523040001 ...

证券研究报告 美国财政扩张超预期，金价或偏强 华泰研究 2025 年 5 月 25 日│中国内地 行业周报（第二十一周） 本周观点：美国财政扩张超预期，金价或延续偏强 上周美国众议院通过"美丽大法案"，该法案中的美国财政扩张再超市场预 期，叠加特朗普称建议对欧盟加征 50%关税，多重利多下，金价表现强势， 展望后市，市场对美国债务及关税扰动担忧仍在，我们预期金价短期或仍偏 强；工业金属方面，铜、铝需求在中美关税扰动缓和下表表现强势，但从中 期来看，下游需求或存在一定走弱预期，预期工业金属价格短期偏强，中期 或以震荡为主。 重点公司及动态 关税博弈、美国债务财政扩张扰动，黄金仍有上行空间，建议配置行业龙头 山金国际。 基础材料 子行业观点 1）基本金属：供需基本面短期偏强，中期价格或震荡；2）贵金属：美国 财政担忧或继续推动投资者去美元、配黄金。 风险提示：经济形势不及预期、政策调整、需求低迷、价格波动等。 | 有色金属 | 增持 (维持) | | --- | --- | | 基本金属及加工 | 增持 (维持) | | 研究员 | 李斌 | | SAC No. S0570517050001 | libin@ht ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 36.16 [6][7]. Core Viewpoints - The company, Ruipuhua, has established a comprehensive layout in pet medicine, including vaccines, supply chains, and hospitals, making it a rare investment target in the domestic pet medical sector [1][2]. - The domestic pet medical market is projected to grow significantly, with a market size of approximately RMB 841 billion by 2024, driven by factors such as pet aging and increasing consumer awareness [2][17]. - The company has shown strong performance in its main business areas, particularly in poultry vaccines and raw materials, leading to an upward revision of profit forecasts [3][4]. Summary by Sections Investment Rating - The report maintains a "Buy" rating for Ruipuhua with an updated target price of RMB 36.16, reflecting a positive outlook on the company's growth potential [6][4]. Company Overview - Ruipuhua is positioned as a leader in the domestic poultry vaccine market and is expanding its footprint in the pet medical sector through strategic acquisitions and product launches [11][36]. - The company has a comprehensive product range in pet medicine, including vaccines and health products, and has made significant investments in supply chain and hospital networks [36][37]. Financial Performance - The company is expected to achieve net profits of RMB 5.26 billion, RMB 6.18 billion, and RMB 7.12 billion for the years 2025, 2026, and 2027, respectively, reflecting significant growth [4][5]. - Revenue growth is anticipated to be driven by the poultry vaccine business and the rapid expansion of the pet medical segment, with a projected revenue of RMB 3.85 billion in 2025 [5][70]. Market Dynamics - The pet medical market is characterized by a fragmented competitive landscape, with opportunities for consolidation and growth as consumer demand increases [2][43]. - The aging pet population and the shift towards domestic products are expected to further enhance market growth, with a compound annual growth rate (CAGR) of approximately 16% for the pet medical sector from 2019 to 2024 [17][23].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 36.16 [6][7]. Core Viewpoints - The company has established a comprehensive layout in pet healthcare, including pet medications, vaccines, supply chains, and hospitals, making it a rare investment target in the domestic pet healthcare sector [1][2]. - The domestic pet healthcare market is expected to grow significantly, driven by factors such as the aging of pets, the increasing perception of pets as family members, and the shift towards domestic alternatives [1][2][23]. - The company has shown strong performance in its main business areas, particularly in poultry vaccines and raw materials, leading to an upward revision of profit forecasts [3][4]. Summary by Sections Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 36.16, up from the previous target of RMB 25.8 [6][4]. Company Overview - The company is a leader in poultry vaccines and has made significant strides in the pet healthcare sector, with a comprehensive strategy that includes the acquisition of a supply chain platform covering over 7,000 pet hospitals and 3,400 pet stores [2][11][36]. - The company has launched several innovative products, including the first domestic cat trivalent vaccine, enhancing its competitive edge in the market [36][39]. Financial Performance - The company is expected to achieve a net profit of RMB 5.26 billion, RMB 6.18 billion, and RMB 7.12 billion for the years 2025, 2026, and 2027, respectively, reflecting significant growth [4][5]. - Revenue is projected to grow from RMB 3.07 billion in 2024 to RMB 3.85 billion in 2025, with a year-on-year growth rate of 25.57% [5][70]. Market Dynamics - The domestic pet healthcare market is projected to reach approximately RMB 841 billion by 2024, making it the second-largest segment after pet food, with a compound annual growth rate (CAGR) of about 16% from 2019 to 2024 [2][17]. - The increasing number of pet owners and the rising spending per pet are expected to drive demand for pet healthcare services and products [17][23]. Strategic Initiatives - The company has implemented a large customer strategy that is yielding positive results, particularly in its poultry vaccine business, which is expected to continue its growth trajectory [3][60]. - The acquisition of a majority stake in a supply chain company is anticipated to enhance market penetration and improve distribution efficiency for pet healthcare products [36][37].

证券研究报告 同程旅行 (780 HK) 港股通 1Q25 业绩：仍处在利润率上行期 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 25 日│中国香港 | 互联网 | 同程公布 1Q25 业绩：收入 44 亿元，yoy+13.2%，基本符合 VA 一致预期 的 43 亿元（简称预期），调整后净利润 7.9 亿元，超预期 8%，主要来自于 精细化运营补贴下，产品毛利率超预期。公司持续深挖用户价值，1Q 平均 月付费用户 yoy+9.2%，并推进补贴优化和运营效率提升。4 月公司亦通过 收购万达酒店管理公司强化产业链协同，重点发展酒店管理业务作为第二增 长曲线。我们看好国内旅游的需求韧性，公司有望持续通过用户价值挖掘、 促进产业链整合获得长期收入增长和利润释放。维持"买入"评级 收入符合预期，旅游需求韧性下深挖用户价值 公司 1Q25 收入 44 亿元，yoy+13.2%，基本符合预期，拆分来看，核心 OTA 业务中，住宿/交通/其他业务相较预期分别-0.1%/+2.2%/+0.6%，各项业务 发展稳健且基本符合预期。度假业务因东南亚 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 47.00 [8] Core Insights - The company reported a Q1 revenue increase of 18.9% to RMB 4.43 billion, exceeding previous guidance of 15-18%, driven by domestic channel upgrades and inventory optimization [1] - Adjusted net profit decreased by 4.8% to RMB 590 million due to significant investments in direct stores and increased financial expenses [1] - The company is transitioning from an aggressive expansion strategy to a more refined operational approach, focusing on profitability stabilization and global business expansion [1][4] Revenue Performance - Domestic revenue for Miniso increased by 9.1%, with offline and online sales growing by 7.3% and 32.7% respectively [2] - Overseas revenue surged by 30.3%, with 95 new stores opened during the quarter, particularly in North America [2] - TopToy's revenue grew by 58.9% to RMB 340 million, with self-developed products accounting for over 40% of sales [2] Profitability Metrics - Gross margin improved by 0.8 percentage points to 44.2%, although it decreased by 2.8 percentage points quarter-on-quarter due to seasonal effects [3] - Selling and administrative expense ratios increased by 4.4 percentage points and 0.3 percentage points to 23.1% and 5.5% respectively, primarily due to investments in direct stores [3] - Adjusted net profit margin fell by 3.3 percentage points to 13.3% [3] Strategic Focus - The company is emphasizing "high-quality growth" by enhancing store competitiveness and optimizing inventory turnover [4] - In the domestic market, the focus is on same-store sales improvement, while overseas operations are concentrating on localization and efficiency [4] - The local procurement ratio in the U.S. has reached nearly 40% to mitigate tariff risks [4] Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025-2027 have been revised down by 7.1%, 9.0%, and 9.0% to RMB 2.99 billion, RMB 3.73 billion, and RMB 4.57 billion respectively [5] - The target price is based on a 2025 PE ratio of 18x, reflecting increased uncertainty in overseas expansion [5] - The company is expected to maintain a competitive PE ratio compared to peers, with a projected PE of 29x for comparable companies [5][19]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 47.00 [8] Core Views - The company reported a Q1 revenue increase of 18.9% to RMB 4.43 billion, exceeding previous guidance of 15-18%, driven by domestic channel upgrades and inventory optimization [1] - Adjusted net profit decreased by 4.8% to RMB 590 million due to rapid expansion of direct stores and increased financial expenses [1] - The company's strategy has shifted from aggressive expansion to refined operations, focusing on enhancing profitability and supporting global business expansion [1][4] Revenue Performance - Domestic revenue for Miniso increased by 9.1%, with offline and online sales growing by 7.3% and 32.7% respectively [2] - Overseas revenue grew by 30.3%, with 95 new stores opened during the quarter, particularly in North America [2] - TopToy's revenue surged by 58.9% to RMB 340 million, with self-developed products accounting for over 40% of sales [2] Profitability Metrics - Gross margin improved by 0.8 percentage points to 44.2%, although it decreased by 2.8 percentage points quarter-on-quarter due to seasonal effects [3] - Selling and administrative expense ratios increased by 4.4 percentage points and 0.3 percentage points to 23.1% and 5.5% respectively, primarily due to significant investments in direct stores [3] - Adjusted net profit margin fell by 3.3 percentage points to 13.3% [3] Strategic Focus - The company is pursuing a "high-quality growth" strategy, emphasizing same-store sales improvement and store competitiveness through upgrades and new openings [4] - In the overseas market, the focus is on localization and efficiency, with nearly 40% of U.S. procurement sourced locally to mitigate tariff risks [4] Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025-2027 have been reduced by 7.1%, 9.0%, and 9.0% to RMB 2.99 billion, RMB 3.73 billion, and RMB 4.57 billion respectively [5] - The target price is based on a 2025 PE ratio of 18x, reflecting increased uncertainty in overseas expansion [5]

证券研究报告 上周细分行业回顾 截至 5.24，上周全国水泥价格周环比-2.0%；水泥出货率 46.4%，周环比/ 同比-2.6%/-7.9pct；上周国内浮法玻璃均价 69 元/重量箱，周环比/同比 -1.2%/-22.6%，重点样本企业库存 5774 万重箱，周环比-0.9%，年同比 +7.6%，库存天数约 29.84 天，环比-0.28 天。截至 5.22，3.2mm/2.0mm 光伏玻璃主流订单价格 21.25/13.25 元/平米，周环比持-1.2%/-1.9%，行业 重点样本企业库存天数 28.49 天，环比+0.93%。截至 5.22，2400tex 缠绕 直接纱均价 3712 元/吨，周环比-0.6%，电子纱/电子布价格环比持平。 工业/基础材料 施工淡季价格回落，兼顾红利与景气 华泰研究 2025 年 5 月 26 日│中国内地 行业周报（第二十一周） 本周观点：施工淡季实物量回落，挖掘细分景气新产业 据国家统计局，25 年 1-4 月基建/地产投资同比+5.8%/-10.3%，较 1-3 月增 速持平/-0.4pct，水运、核建、管网改造等基建细分行业有望保持高景气。4 月一线城市新房/二 ...