国证国际港股晨报-20250528

Group 1: Market Overview - The Hong Kong stock market showed a slight rebound with the Hang Seng Index rising by 0.43%, the Hang Seng China Enterprises Index increasing by 0.38%, and the Hang Seng Tech Index up by 0.48% [2] - The total market turnover was HKD 203.268 billion, with short selling amounting to HKD 37.559 billion, representing 20.71% of the total turnover, indicating a significant increase compared to mid-May levels [2] - Northbound capital saw a net inflow of HKD 11.975 billion, reversing the outflow trend observed in the previous days [2] Group 2: Sector Performance - Various sectors such as tobacco, aviation, beer, tea, sports goods, film, food, and holiday concepts experienced general increases, with notable gains in stocks like Mixue Group and Simoer International [4] - The pharmaceutical sector, including internet healthcare and biopharmaceuticals, also saw significant upward movement, benefiting from upcoming events and favorable policies [4] - Conversely, the automotive dealership, lithium battery, and Tesla-related sectors faced declines, with concerns over a new price war impacting profit margins [4] Group 3: Company Analysis - Tmall (6110.HK) - Tmall reported a revenue decline of 6.6% year-on-year to HKD 27.01 billion, primarily due to weak offline consumption and reduced foot traffic [7] - The net profit attributable to shareholders fell by 41.9% to HKD 1.29 billion, with a more significant drop in profit than revenue due to high fixed costs leading to operational leverage [7] - Despite the challenges, the company maintained a strong cash flow, achieving a 20% increase in operating cash flow to HKD 3.8 billion [7] Group 4: Strategic Initiatives - Tmall is optimizing its store structure, reducing the number of direct-operated stores by 18.3% to 5,020, while focusing on improving operational efficiency [8] - The company is enhancing its brand partnerships, including collaborations with high-end running brands, to diversify its brand matrix [8] - The investment outlook remains positive, with expectations of a gradual recovery in retail consumption and a projected EPS of HKD 0.21/0.22/0.23 for FY26/27/28, maintaining a target price of HKD 3.6 [8]