交银国际每日晨报-20250319

Investment Ratings - The report maintains a "Neutral" rating for the company阅文集团 with a target price of HKD 28.00, indicating a potential upside of +2.6% [1] - The report assigns a "Buy" rating for 腾讯音乐 with an updated target price of USD 17.00, reflecting a potential upside of +12.7% [3] - The report also maintains a "Buy" rating for 百度, highlighting the value of its cloud services and AI developments [8] - 信也科技 is rated as "Buy" with a target price of USD 13.00, indicating a potential upside of +21.3% [9] - 钧达股份 is rated as "Buy" with a target price of RMB 72.79, suggesting a potential upside of +24.1% [11] - 宁德时代 is rated as "Buy" with a target price of RMB 314.11, indicating a potential upside of +22.7% [13] Core Insights - The online business of阅文集团 is expected to exceed market expectations in the second half of 2024, driven by growth in paid reading users, with projected revenue of RMB 39 billion, a year-on-year increase of +5% [1] - 腾讯音乐's quarterly profit exceeded expectations, with a revenue of RMB 74.6 billion and a music subscription revenue growth of +18% [3] - 百度's new AI models, 文心4.5 and X1, are expected to enhance its cloud service revenue, projected to grow by +20% in 2025 [8] - 信也科技's international business is expected to contribute significantly to revenue, with a target of 50% by 2030 [9] - 钧达股份 has seen a significant increase in overseas revenue, which now accounts for 24% of total revenue, with a high gross margin of 9.1% in the second half of the year [11] - 宁德时代 is expanding its production capacity globally, with a projected revenue of RMB 362 billion in 2024, despite a slight decline in overseas revenue [13] Summary by Relevant Sections 1. 阅文集团 - Rating: Neutral with a target price of HKD 28.00 [1] - Expected revenue for 2024: RMB 39 billion, +5% YoY [1] - Adjusted net profit forecast for 2025: RMB 1.4 billion [1] 2. 腾讯音乐 - Rating: Buy with a target price of USD 17.00 [3] - Quarterly revenue: RMB 74.6 billion, with music subscription revenue growth of +18% [3] - Adjusted net profit forecast for 2025: RMB 8.6 billion [3] 3. 百度 - Rating: Buy [8] - Projected cloud revenue growth: +20% in 2025 [8] - New AI models expected to enhance capabilities and reduce costs [8] 4. 信也科技 - Rating: Buy with a target price of USD 13.00 [9] - Projected revenue growth for 2025: 10-15% [9] - International business revenue target: 50% by 2030 [9] 5. 钧达股份 - Rating: Buy with a target price of RMB 72.79 [11] - Overseas revenue contribution: 24%, with a gross margin of 9.1% [11] - Adjusted profit forecast for 2025: down by 62.7% [11] 6. 宁德时代 - Rating: Buy with a target price of RMB 314.11 [13] - Projected revenue for 2024: RMB 362 billion, -10% YoY [13] - Global production capacity expansion with a focus on local supply in Europe [13]