国证国际港股晨报-20250522

Group 1: Market Overview - The report highlights a recent rally in the Hong Kong stock market, with the Hang Seng Index closing at 23,827 points, up 146 points or 0.62% from the previous day [2] - The trading volume in the main board increased by 5.1% to HKD 216.3 billion, indicating a recovery in market activity [2] - Despite a net inflow of capital from the Northbound trading, the amount decreased significantly by 77.5% to HKD 1.427 billion [2] Group 2: Industry Performance - Among the 12 Hang Seng Composite Industry indices, 11 sectors saw gains, with the materials, healthcare, energy, and consumer discretionary sectors leading the way, rising between 1.30% and 3.68% [2] - The only sector that declined was consumer staples, which fell by 0.37% [2] Group 3: Company Analysis - Xiaopeng Motors - Xiaopeng Motors reported a strong Q1 performance with total revenue of RMB 15.81 billion, a year-on-year increase of 141%, and a net loss reduced by 51% to RMB 660 million [4] - The company plans to launch five model upgrades in Q2 and two new models in Q3, indicating a robust growth momentum [4] - Xiaopeng Motors' ADR surged by 12.3% following the earnings announcement, reflecting positive market sentiment [4] Group 4: Company Analysis - Trip.com Group - Trip.com Group reported a steady Q1 performance with net revenue of RMB 13.9 billion, a year-on-year increase of 16%, meeting market expectations [6] - The accommodation booking segment grew by 23%, while transportation ticketing revenue increased by 8%, contributing significantly to overall revenue growth [6] - The company anticipates continued revenue growth in Q2, benefiting from a stable domestic market and expanding international operations [7] Group 5: Financial Forecast and Valuation - The report adjusts the revenue and profit forecasts for 2025, expecting a 15% year-on-year revenue growth, with accommodation bookings projected to grow by 16% and transportation bookings by 9% [8] - The target price for Trip.com Group is set at HKD 591 (9961.HK) / USD 76 (TCOM.US), corresponding to a 20x price-to-earnings ratio for 2025, maintaining a "Buy" rating [8] - The company has repurchased USD 84 million worth of shares year-to-date, with plans for further buybacks in the Hong Kong market [8]