Xin Lang Cai Jing·2026-03-09 07:24Group 1 - China Coal Australia (03668.HK) maintains a "Buy" rating with a target price of HKD 38, benefiting from rising natural gas prices due to Middle East geopolitical conflicts, which may drive coal prices up, enhancing profitability by 5% for every 1% increase in coal prices [1] - Aubo Holdings (00880.HK) holds a "Neutral" rating with a target price of HKD 2.20, facing short-term market share pressure and a 3% decline in EBITDA margin due to the closure of satellite entertainment venues, but is working on property upgrades to attract customers [1] - Neway Group (01686.HK) is upgraded to a "Buy" rating with a target price of HKD 8.58, as its MEGA IDC phase one has a 91% occupancy rate, and demand for AI reasoning and high-density deployment is significantly increasing [1] Group 2 - JD Group (09618.HK) receives a "Strong Buy" rating, with Q4 retail operating profit down only 2.5% year-on-year, better than expected, and a recovery in food delivery losses, alongside double-digit growth in daily necessities and 3P advertising revenue [2] - JD Logistics (02618.HK) maintains a "Buy" rating, with Q4 non-IFRS net profit up 5.7%, driven by significant internal revenue growth of 68% from instant delivery, and the privatization of Debon is expected to accelerate network integration and profitability recovery [2] Group 3 - China Tobacco Hong Kong (06055.HK) holds a "Buy" rating, with a projected 14.8% year-on-year growth in net profit for 2025, and a 6.2 percentage point increase in H2 cigarette export gross margin to 21.4%, attributed to channel expansion and product optimization [3] Group 4 - Bilibili-W (09626.HK) maintains a "Buy" rating, with Q4 DAU up 10% to 113 million, and advertising revenue increasing by 27%, driven by improved ad efficiency and AIGC tool applications, achieving annual profitability for the first time [4] Group 5 - Bosideng (03998.HK) holds a "Buy" rating, achieving mid-single-digit revenue growth despite a warm winter, with brand strength reinforced through designer series and successful international expansion [5] Group 6 - Swire Properties (01972.HK) maintains a "Buy" rating, with 67% completion of its HKD 100 billion investment plan, and a projected 9% CAGR for mainland IP rights area by 2032, showcasing strong financial health and stable dividend growth [6] Group 7 - Shangmei Co. (02145.HK) holds a "Buy" rating, with projected revenue growth of 34.0%-35.4% and net profit growth of 41.9%-44.4% for 2025, driven by strong sales of popular product lines and healthy channel structure [7]