Hesai(US:HSAI) Tianfeng Securities·2025-06-03 06:23Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within six months [27] - The industry investment rating is "Outperform," suggesting an expected industry index increase of over 5% within the same timeframe [27] Core Insights - Southbound capital continues to flow into Hong Kong, with a net purchase of 25.8 billion yuan in the past week, totaling 610.7 billion yuan year-to-date, which is 82% of the total net purchase for 2024 [1] - The report highlights the low valuation of internet companies, with projected P/E ratios for 2025 for major players like Alibaba at 12, Tencent at 17, and Meituan at 14 [1] - The recent passing of the "Hong Kong Stablecoin Ordinance" marks a significant step for Hong Kong in the digital asset space, aiming to promote financial innovation while maintaining stability [3][7] Summary by Sections Market Overview - The Hang Seng Index closed at 23,289.77 points, down approximately 1.32% for the week [10] - The report notes that several indices will undergo significant adjustments, with companies like Blukoo and Miexue Group being added to the Hang Seng Composite Index on June 9 [3] Company Performance - Meituan reported Q1 2025 revenue of 86.6 billion yuan, up 18.1% year-on-year, with adjusted net profit increasing by 46.2% [8] - Xiaomi's Q1 2025 revenue reached 111.3 billion yuan, a 47.4% increase, with significant growth in its electric vehicle and AI sectors [9] - The report emphasizes the strong performance of companies like Kuaishou and Pinduoduo, with Kuaishou's projected P/E for 2025 at 9 [20] Investment Opportunities - The report suggests focusing on high-growth sectors such as the IP economy, with companies like Pop Mart and Bilibili showing strong potential due to their diverse IP reserves [2] - The automotive sector is highlighted, with companies like Xpeng and Li Auto expected to benefit from new model launches and improved sales performance [2][4] - The report recommends monitoring the performance of laser radar companies like Hesai Technology, which are poised to benefit from the increasing penetration of intelligent driving technologies [2][4]