交银国际每日晨报-20250627

Group 1: Company Overview - The first quarter operating performance of Tmall International (6110 HK) met expectations, with total sales in retail and wholesale businesses declining in the mid-single digits year-on-year, continuing the trend from the previous quarter [1] - The company maintains guidance for flat profit for the full year, with a downward revision of 22% in net profit forecasts for FY2026-27 due to a lack of recovery momentum in the sports goods market and ongoing promotional environment [1][2] - The target price has been adjusted down to HKD 2.98, corresponding to a 13x FY2026 P/E ratio, while maintaining a neutral rating [1] Group 2: Industry Insights - The offline customer traffic remains weak, with a double-digit decline continuing from the previous quarter, while online channels performed better, increasing the direct online sales proportion to 40% in Q1 [2] - The promotional atmosphere in the industry remains strong, with expectations of slow sales recovery in the coming quarters and a downward adjustment of revenue forecasts for FY2026-27 by 6-8% to RMB 25.86 billion and RMB 26.72 billion respectively [2] - In the renewable energy sector, significant increases in new installations were observed in May, with solar and wind power installations rising by 388% and 801% year-on-year, respectively [3] - The cumulative new installation capacity for wind and solar energy in the first five months of the year reached 47% and 73% of expectations, respectively, with a forecast for wind power installations to peak in December [3]