JOYY(US:YY) BOCOM International·2025-05-28 03:08Group 1: Meituan (3690 HK) - The report maintains a "Buy" rating for Meituan, with a target price adjusted to HKD 165.00, indicating a potential upside of 27.5% from the closing price of HKD 129.40 [1] - In Q1 2025, Meituan's revenue grew by 18% year-on-year, with core business and new business revenues increasing by 18% and 19% respectively. The adjusted operating profit margin for the core business improved by 3.2 percentage points to 21% [1][2] - The report anticipates that increased competition in the food delivery sector may impact revenue and profit growth in Q2 2025, projecting a revenue growth of 4% for food delivery and 30% for flash purchase services [2] Group 2: Huya Group (YY US) - The report maintains a "Buy" rating for Huya Group, with a target price of USD 60.00, suggesting a potential upside of 29.9% from the closing price of USD 46.19 [3] - In Q1 2025, Huya's revenue was USD 490 million, a year-on-year decline of 12%. Live streaming revenue decreased by 20%, while non-live streaming revenue increased by 25%, raising its revenue share to 25% [3] - The report expects Huya's BIGO live streaming segment to stabilize and recover in Q2 2025, with advertising revenue anticipated to accelerate in growth [3] Group 3: China Power (2380 HK) - The report maintains a "Buy" rating for China Power, with an increased target price of HKD 3.77, reflecting an 18.2% potential upside from the closing price of HKD 3.19 [6] - For the first four months of 2025, China Power's total electricity generation increased slightly by 0.3% year-on-year, with wind and solar power generation rising by 32.1% and 13.6% respectively [6] - The report notes that the domestic coal prices have dropped over 7% since the end of March 2025, leading to an expected improvement in the fire power price differential for the first half of the year [6]