Investment Rating - The report maintains a "Buy" rating for the company with a target price of $23.11 [6][4] Core Insights - The company reported Q1 2025 revenue of 1.923 billion RMB, slightly exceeding expectations, with a year-over-year growth of 12.9%. Adjusted net profit reached 692 million RMB, reflecting a significant year-over-year increase of 76.2% [1][2] - The demand for recruitment is gradually recovering, with a notable increase in blue-collar job seekers, which now account for over 45% of new users, contributing to a revenue share of over 39% [2][3] - The company has successfully reduced its expense ratio, achieving a gross margin of 83.8% and a profit margin of 36% in Q1 2025, indicating ongoing improvements in profitability [3][4] Revenue and Profit Forecast - The revenue forecast for FY25-FY27 has been slightly revised upwards to 8.18 billion RMB, 9.38 billion RMB, and 10.67 billion RMB respectively. The adjusted net profit estimates have also been increased to 3.32 billion RMB, 3.5 billion RMB, and 3.96 billion RMB for the same period [4][11] - The company expects Q2 2025 revenue to be between 2.05 billion RMB and 2.08 billion RMB, which aligns with market expectations [2][4] Financial Metrics - The company achieved a cash collection of 2.18 billion RMB in Q1 2025, reflecting a year-over-year increase of 6.3% [2] - The adjusted operating profit for Q1 2025 was 692 million RMB, with a profit margin of 36%, indicating better-than-expected profit release [3][4] - The report projects an adjusted operating profit of 3.07 billion RMB for the full year 2025 [3][4] Valuation - Based on a DCF valuation method, the target price is set at $23.11, reflecting a perpetual growth assumption of 3% and a WACC of 8.95% [4][11][13] - The company's market capitalization is approximately $7.904 billion, with a closing price of $17.90 as of May 21 [7][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $23.11 [6][4]. Core Insights - The company reported Q1 2025 revenue of 1.923 billion RMB, slightly exceeding the forecast of 1.91 billion RMB, with a year-over-year growth of 12.9%. Adjusted net profit reached 692 million RMB, surpassing the prediction of 617 million RMB, reflecting a year-over-year increase of 76.2% [1][2]. - The recruitment demand is gradually recovering, with the blue-collar segment accounting for over 45% of new users, contributing to an increase in revenue share to over 39% [2]. - The company has successfully reduced its expense ratio, with a gross margin of 83.8% and a significant decrease in sales expense ratio by 8.5 percentage points year-over-year [3]. Revenue and Profit Forecast - The revenue forecast for FY25-FY27 has been slightly revised upwards to 8.18 billion RMB, 9.38 billion RMB, and 10.67 billion RMB respectively, with adjusted net profit estimates increased to 3.32 billion RMB, 3.5 billion RMB, and 3.96 billion RMB [4][11]. - The company expects Q2 2025 revenue to be between 2.05 billion RMB and 2.08 billion RMB, indicating a year-over-year growth of 6.9% to 8.5% [2]. Financial Metrics - The company achieved an adjusted operating profit of 692 million RMB in Q1 2025, corresponding to a profit margin of 36%, which is better than expected [3]. - The report projects an adjusted operating profit of 3.07 billion RMB for the year 2025 [3][12]. Valuation - Based on the DCF valuation method, the target price is set at $23.11, reflecting a perpetual growth assumption of 3% and a WACC of 8.95% [4][13].

证券研究报告 银行 重视中国资产重估下港银机会 华泰研究 2025 年 5 月 23 日│中国香港 专题研究 重视中国资产重估下港银机会 中国资产吸引力提升，把握港银修复机会。中国经济修复预期逐步改善，人 民币或有升值动力，有望催化中国资产重估空间。香港为全球金融网络重要 节点，看好港股相对全球市场的收益表现。港银市值占比高+基本面韧性强+ 股息可托底，有望吸引增量资金。银行为港股市值占比第一大板块（截至 5/21 总市值占比 21%），估值位列港交所 31 个行业倒数第 4（PB MRQ 为 0.52 倍）。政策力度加码，关税壁垒降级，个股推荐：1）稳健大行+质优 区域行 H 股配置价值凸显，如农行 H、交行 H、招行 H、渝农 H、重庆 H。 2）重视股东回报的香港银行，如渣打集团、汇丰控股、中银香港。 历史复盘：人民币升值区间内港银表现较优 复盘 2016 年以来的两轮人民币升值周期，港银获得绝对+相对收益。分类 型看，香港银行与 AH 银行均受益于人民币升值带来的股价催化，但香港银 行与海外宏观关联较大，AH 银行则挂钩内地经济。16 年 12 月-18 年 3 月 离岸人民币升值 9%，港股银行录得 ...

1Q25 单票收入同比下降 7.8%；散件业务量同比增长 46% 今年以来，国内快递行业价格战激烈，行业低价值或亏损件量占比提升加剧 了行业竞争和挑战。公司下调单票价格抢占市场件量，以保障其件量规模和 市场份额的增长，同时保持其成本端和竞争对手的优势。1Q25 公司单票收 入 1.25 元，同比下降 7.8%；完成快递件量 85.4 亿件，同比增长 19.1%。 其中，公司在退货件市场深入拓展，持续与电商平台和企业客户合作，散件 业务量同比增长 46%。 1Q25 单票成本同比下降 0.4%，调整后单票净利同比下降 14.7% 受益于件量规模增长，1Q25 公司单票成本同比下降 0.4%至 0.94 元。其中， 干线运输/分拣单票成本分别为 0.41/0.27 元，同比下降 13.2%/10.4%；其 他单票成本为 0.25 元，同比上涨 60.7%，主因公司服务更高价值的企业客 户增长带动相应成本提升。整体，1Q25 公司调整后单票净利 0.26 元，同 比下降 14.7%，主因单票收入下降所致。 证券研究报告 中通快递-W (2057 HK/ZTO US) 港股通 市场份额为首要目标，短期盈利承压 | 华 ...

证券研究报告 小鹏汽车-W (9868 HK) 港股通 毛利率持续改善，看好新车周期 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 22 日│中国香港 | 乘用车 | 公司公布一季度业绩：收入 158 亿元，同环比+141%/-2%；归母净利润-6.6 亿元，亏损同环比收窄 7.0/6.7 亿元，符合我们预期（Q1 前瞻中预计亏损 5-10 亿元）。我们继续看好 M03 MAX、G7 等新车热销，有望带动 7~8 月 公司总月销超 4 万辆，规模效应提升下盈利继续改善，维持"买入"评级。 25Q1 毛利率 15.6%再创新高，内部降本增效成果显著 公司 25Q1 销售新车 9.4 万辆，同环比+331%/3%，带动季度营收创新高。 M03、P7+等热销下规模效应增强，25Q1 公司毛利率为 15.6%，同环比 +2.7/1.1pct，其中汽车毛利率 10.5%，同环比+5.0/0.5pct，连续七个季度改 善。单车 ASP/毛利分别为 15.3/1.6 万元，同比-40%/+15%，环比-5%/-0.5%， 环比下滑主要系产品结构 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported Q1 revenue of 15.8 billion RMB, with a year-on-year increase of 141% and a slight quarter-on-quarter decrease of 2%. The net profit attributable to the parent company was a loss of 660 million RMB, which is a narrowing of losses compared to previous quarters, aligning with expectations [1] - The gross margin for Q1 2025 reached a record high of 15.6%, reflecting significant internal cost reduction and efficiency improvements. The automotive gross margin was 10.5%, up 5.0 percentage points year-on-year [2] - The company has delivered over 30,000 vehicles for six consecutive months, with expectations for continued strong sales in the upcoming months due to the launch of new models [3] - The company is accelerating its expansion into overseas markets, with a cumulative export of 11,000 vehicles in the first four months of 2025, representing a year-on-year increase of 330% [4] - The revenue forecast for 2025-2027 is maintained at 85.6 billion RMB, 97.7 billion RMB, and 124.7 billion RMB respectively, with an upward adjustment of the target price to 119.99 HKD [5][12] Summary by Sections Financial Performance - Q1 2025 sales of new vehicles reached 94,000 units, a year-on-year increase of 331%. The company expects to deliver 102,000 to 108,000 vehicles in Q2 2025, setting a new delivery guidance high [2] - The company’s operating expenses have shown significant control, with SG&A and R&D expense ratios at 12% and 13% respectively, down 9 and 8 percentage points year-on-year [2] Product Development - The company plans to launch three new models between May and August, including the M03 MAX, P7 facelift, and G7, which are expected to replicate the success of previous models [3] Market Expansion - The company is focusing on expanding its overseas market presence, with expectations for doubling overseas sales in 2025 [4] Valuation and Estimates - The report employs a segmented valuation approach, maintaining a premium valuation for the sales business at 2.1x 2025E PS, compared to peers [5][12] - The target price has been raised to 119.99 HKD, reflecting the company's growth potential and market position [5][12]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 10.89 billion RMB for Q1 2025, representing a year-on-year growth of 9.4%. The net profit attributable to shareholders was 1.99 billion RMB, up 39.8% year-on-year, primarily due to the impact of asset impairment losses in the same period last year [1][2] - The company aims to increase its business volume and market share despite facing short-term pressure from price competition in the industry. The company is expected to leverage its position as an industry leader to capture market share by lowering per-package prices [1][4] - The company’s market share decreased by 0.4 percentage points to 18.9%, while the average revenue per package fell by 7.8% to 1.25 RMB due to intense price competition [1][2] Financial Performance Summary - In Q1 2025, the company achieved a total express package volume of 8.54 billion pieces, a year-on-year increase of 19.1%, slightly below the industry growth rate of 21.6% [1][2] - The adjusted net profit per package for Q1 2025 was 0.26 RMB, down 14.7% year-on-year, primarily due to the decline in per-package revenue [3] - The company’s total revenue for 2025 is projected to be 52.41 billion RMB, with a year-on-year growth rate of 18.35% [10] Profit Forecast and Valuation - The net profit forecast for 2025 has been revised down to 8.18 billion RMB, reflecting a 17% decrease from previous estimates due to the competitive pricing environment [4] - The target price has been adjusted to 160.1 HKD (20.5 USD), a 19% reduction from the previous target price of 197.6 HKD (25.4 USD) [4][6] - The company is valued at a PE ratio of 14.5x for 2025E, which is a discount compared to its historical average due to increased industry competition [4]

Investment Rating - The report maintains a "Buy" rating for Baidu Group with a target price of HKD 99.50 and USD 102.20 [7][28]. Core Insights - Baidu's total revenue for Q1 2025 reached RMB 32.5 billion, a year-on-year increase of 3.0%, driven by strong growth in AI cloud revenue [1]. - The proportion of AI cloud revenue in Baidu's core income increased by 6.5 percentage points year-on-year to 26.1%, while advertising revenue's share declined by 8.7 percentage points [1]. - The report emphasizes the need to monitor the sustainability of AI cloud revenue growth and the recovery pace of core advertising revenue [1]. Summary by Sections Financial Performance - Baidu's core revenue grew by 7.0% year-on-year to RMB 25.5 billion, primarily due to better-than-expected AI cloud revenue [2]. - Advertising revenue decreased by 6.1% year-on-year to RMB 16.0 billion, attributed to moderate demand from advertisers and the impact of AI search transformation [2]. - Non-advertising revenue increased by 39.6% year-on-year to RMB 9.5 billion, with AI cloud revenue growing by 42% year-on-year to RMB 6.7 billion [2]. Business Transformation - Management reported that 35% of Baidu's search results in April included AI-generated content, up from 22% in January, indicating a proactive approach to AI transformation [3]. - The Baidu app's monthly active users (MAU) reached 724 million in March 2025, a 7% year-on-year increase, suggesting improved user experience [3]. - The "LuoBo Kuaipao" autonomous driving service has expanded internationally, with orders reaching 1.4 million in Q1 2025, a 75% year-on-year increase [3]. Profitability Forecast and Valuation - The report adjusts Baidu's non-GAAP net profit forecasts for 2025, 2026, and 2027 down by 6.8%, 5.7%, and 3.6% to RMB 25.2 billion, RMB 28.5 billion, and RMB 30.9 billion respectively, mainly due to lower expectations for high-margin advertising revenue [4][24]. - The target price is based on a sum-of-the-parts (SOTP) valuation, reflecting a decrease from previous estimates due to the ongoing challenges in the advertising business [4][28]. Segment Valuation - The valuation for Baidu's core advertising business is set at USD 47.5 per ADS, based on a 5.0x 2025 PE, which is below the industry average of 13.9x [28]. - The AI cloud segment is valued at USD 46.2 per ADS, based on a 4.0x 2025 PS, reflecting strong revenue growth and improving profit margins [29].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.35 [8][9]. Core Insights - The company reported a significant improvement in profitability for FY25, with revenue of HKD 71.55 billion (down 1.4% year-on-year) and a net profit of HKD 405 million, marking a turnaround from a loss of HKD 1.605 billion in the previous year [1][5]. - The new management has focused on fine-tuning operations at frontline stores and implementing more efficient cost control measures, leading to a return to profitability [1][4]. - The company plans to continue its strategy of tailored store operations and aims for steady improvement in profitability through enhanced operational efficiency [1][4]. Revenue and Business Segments - The company's merchandise sales revenue was HKD 68.48 billion, also down 1.4% year-on-year, primarily due to a contraction in supply chain operations and the closure of underperforming stores. However, the average transaction value increased, resulting in a same-store sales growth of 0.6% [2]. - Rental income slightly decreased to HKD 3.03 billion, down 2.8% year-on-year, attributed to store closures and tenant restructuring, with an overall vacancy rate of approximately 4.7% [2]. - Membership fees generated revenue of HKD 40 million, reflecting a substantial year-on-year growth of 125% [2]. Profitability and Cost Control - The gross margin slightly declined by 0.6 percentage points to 24.1%, mainly due to the enhanced focus on cost-effective product strategies [3]. - Cost control measures were effective, with total expenses (excluding impairment impacts) decreasing by HKD 2.2 billion, driven by reductions in personnel costs and rent [3]. - The net profit margin improved by 2.8 percentage points to 0.6%, with adjusted net profit reaching HKD 690 million, corresponding to a profit margin of 1.0% [3]. Future Outlook and Strategy - The company’s future operational plans will focus on three main areas: enhancing efficiency through a "daily low price + community life center" model, continuing cost-saving measures, and expanding revenue sources through improved store formats and membership offerings [4]. - The medium-sized supermarket segment is expected to see same-store sales growth of 8%, with positive cash flow anticipated as the business model stabilizes [4]. Earnings Forecast and Valuation - The report maintains net profit forecasts of HKD 500 million for FY26 and HKD 660 million for FY27, with an introduction of an FY28 forecast of HKD 850 million [5]. - The average PE ratio for comparable companies is projected at 43x for FY25, with a target price adjustment of 9.6% down to HKD 2.35, while maintaining the "Buy" rating [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $18.50 [7][8]. Core Insights - The company reported 1Q25 revenue of 2.7 billion RMB, a year-over-year increase of 19%, exceeding consensus expectations by 1.8%. Adjusted net profit reached 1.4 billion RMB, up 84% year-over-year, surpassing expectations by 7.7% [1][2]. - The company is increasing investments in autonomous driving and AI, with an additional $125 million investment in its subsidiary, Zhijia Technology, expected to enhance long-term growth despite potential short-term profit impacts [1][3]. - The company anticipates 2Q25 revenue guidance of 3.06 to 3.12 billion RMB, slightly below the expected 3.1 billion RMB [1]. Revenue and Operational Metrics - The brokerage business remained stable year-over-year, while transaction services saw a significant increase of 58% year-over-year, driven by improved commission order penetration and rates [2]. - The fulfillment order volume increased by 23% year-over-year, with a fulfillment rate of 39.2%, reflecting effective operational strategies [2]. Profitability and Forecasts - The gross profit for 1Q25 was 2 billion RMB, a 62% increase year-over-year, with a gross margin of 74.1%, benefiting from a higher proportion of high-margin transaction service revenue [3]. - The company projects revenues of 12.5 billion RMB for 2025, with adjusted net profits of 5.34 billion RMB, reflecting slight adjustments due to the impact of Zhijia's consolidation and increased AI investments [4][12]. Valuation - The report assigns a 2025 PE ratio of 26x to the company, reflecting its leading position in China's digital freight market and the ongoing industry growth driven by increased online penetration [4][12]. - The average PE for comparable global freight companies is projected at 21.3x for 2025, indicating a premium valuation for the company [12].