国证国际港股晨报-20250521

Group 1: Market Overview - The report highlights a rebound in the Hong Kong stock market, driven by a decrease in the LPR (Loan Prime Rate) by 10 basis points for both 1-year and 5-year rates, marking the first policy rate cut since October of the previous year [2][4] - The Hang Seng Index opened higher and reached a peak increase of 376 points, closing at 22,681 points, up 348 points or 1.49% for the day [2] - The trading volume in the main board increased to HKD 205.7 billion, a rise of 11.4% compared to the previous day [2] Group 2: Sector Performance - All 12 Hang Seng Composite Industry Indices rose, with the healthcare, information technology, consumer discretionary, telecommunications, and consumer staples sectors leading the gains, increasing by 2.54% to 1.36% [3] - The real estate, industrial, conglomerate, and materials sectors lagged behind, with increases of less than 1% [3] Group 3: Company Insights - Xiaomi (1810.HK) announced a significant investment of at least HKD 50 billion in chip research and development over the next decade, with its first self-developed 3nm flagship chip, "玄戒 O1," now in mass production [4] - The company also plans to launch its first SUV model, "YU7," which has positively impacted its stock performance, with a 4.7% increase on the day and a cumulative rise of 9.3% over three days [4] Group 4: Company Analysis - Inspur Digital Enterprise (596.HK) - Inspur Digital Enterprise is a leading ERP service provider in China, benefiting from the national strategy of domestic innovation and the increasing trend of enterprises moving to cloud services [6] - The company's revenue has shown significant growth, increasing from HKD 2.557 billion in 2020 to HKD 8.694 billion in 2024, although total revenue for 2024 is projected to decline by 1.47% due to strategic reductions in IoT solutions [6][7] - The cloud service business has seen rapid revenue growth, reaching HKD 2.76 billion in 2024, a year-on-year increase of 38.1%, and has turned profitable with an operating profit margin of 4.8% [7] Group 5: Valuation and Rating - The report initiates coverage on Inspur Digital Enterprise with a "Buy" rating, citing its lower valuation compared to peers in the Hong Kong, A-share, and U.S. markets [8] - The projected net profits for 2025 and 2026 are HKD 527 million and HKD 680 million, representing year-on-year growth of 36.9% and 29.2%, respectively [8] - The target price for the stock is set at HKD 9.85, based on a forecasted PE of 20.0x for 2025 and 15.4x for 2026 [8]