招银国际每日投资策略-2025-03-26

Company Analysis - Kuaishou (1024 HK) reported a total revenue of 35.4 billion yuan for Q4 2024, representing a year-on-year growth of 9%, with adjusted net profit increasing by 8% to 4.7 billion yuan, aligning with market expectations [2] - For FY24, total revenue and adjusted net profit are projected to grow by 12% and 72% respectively [2] - The forecast for FY25 indicates a 12% increase in total revenue, with stable adjusted net profit margins, driven by a higher proportion of high-margin business income and improved operational efficiency, although offset by increased AI-related investments [2] - The target price for Kuaishou has been adjusted down to 80.0 HKD from a previous 85.6 HKD, maintaining a "Buy" rating [2] Market Performance - The Hang Seng Index closed at 23,344, down 2.35% for the day but up 36.94% year-to-date [3] - The Hang Seng Tech Index fell by 3.82% in a single day, reflecting a year-to-date increase of 46.58% [3] - The performance of major global indices showed mixed results, with the S&P 500 and Nasdaq gaining 0.16% and 0.46% respectively, while the DAX in Germany rose by 1.13% [3] Sector Insights - Sunny Optical Technology (2382 HK) is expected to see revenue and net profit growth of 21% and 146% respectively in 2024, benefiting from strong growth across all business segments and improved product mix [6] - The company is focusing on expanding into automotive, XR, and robotics sectors, which are anticipated to drive profit growth in 2025 and 2026 [6] - The target price for Sunny Optical has been slightly adjusted to 101.47 HKD from 102.89 HKD, reflecting a P/E ratio of 30.3 for 2025 [6] Financial Services - China Taiping (966 HK) reported a 36.2% increase in net profit to 8.43 billion HKD for 2024, although this was below market expectations due to increased tax provisions [11] - The company’s new business value (NBV) grew significantly, with a 90% increase to 14.27 billion HKD, driven by improved value rates [12] - The target price for China Taiping has been set at 15 HKD, indicating a potential upside of 29% based on current valuations [15]