Group 1: Pinduoduo (PDD US) - 2Q profit exceeded expectations mainly due to interest income and better-than-expected marketing expenses. Advertising revenue grew by 13% year-on-year, in line with expectations, while commission income slowed due to the contraction of full-service business and reduced growth in merchant support programs [1] - Despite maintaining support for merchants and user investments in the second half of the year, the impact of merchant support programs and national subsidies is expected to improve marginally. The overseas business disruptions are also anticipated to be less severe than in 2Q [1] - Based on the better-than-expected 2Q performance, the profit forecast for 2025 has been raised by 4%, and the valuation has been adjusted to 2026, with the target price increased from $135 to $150, corresponding to an 11x P/E ratio for 2026 [1] Group 2: Yadea Group Holdings (1585 HK) - In 1H25, two-wheeler sales returned to normal rhythm, and gross margin reached a record high. Revenue for 1H25 was CNY 19.19 billion, up 33.1% year-on-year, aligning with market expectations [4] - The sales volume of electric bicycles and scooters increased to 8.794 million units, surpassing the same period in 2024. The gross margin improved by 1.6 percentage points to 19.6%, setting a historical high [5] - The new national standard will be implemented on September 1, 2025, marking the start of a new industry cycle. Revenue forecasts for 2025-27 have been raised by 2%-4%, and net profit estimates have been adjusted upward by 1%-2% [5] Group 3: Deqi Pharmaceutical (6996 HK) - CLDN18.2 ADC data further confirms its potential as a best-in-class treatment, with larger sample clinical data showing improved response rates. The drug has received breakthrough therapy designation in mainland China for treating CLDN18.2 positive, HER2 negative gastric cancer [8] - The management maintains a forecast for global peak sales exceeding $5 billion, with ongoing development plans for various indications [8][9] - The target price has been raised to HKD 8.80, reflecting a nearly 30% increase in long-term sales forecasts for ATG022 [9] Group 4: Rongchang Biopharmaceutical (9995 HK) - In 1H25, the company reported a revenue increase of 47.6% to CNY 1.09 billion, with a gross margin improvement of 7.3 percentage points to 84.4%. The loss in 2Q was narrowed compared to previous periods [10] - The management expects product sales to grow by over 30% for the full year, aiming for breakeven in 2026 and profitability in 2027 [10][11] - The target price has been raised to HKD 103, reflecting the strong growth trajectory and potential of core assets [11] Group 5: Sunshine Power (300274 CH) - The company reported 2Q25 revenue and profit of CNY 24.5 billion and CNY 3.91 billion, respectively, with year-on-year growth of 33% and 37%, significantly exceeding market expectations [16] - The improvement in the US tariff situation since May has positively impacted the company's outlook, particularly for energy storage demand [16][17] - The target price has been raised to CNY 119, indicating a potential upside of 16% [17] Group 6: Junda Co., Ltd. (002865 CH) - The company reported a loss of CNY 158 million in 2Q25, slightly exceeding the forecasted median loss, with a gross margin of -2.1% [18] - Recent government initiatives to regulate the photovoltaic industry signal increased certainty in supply-side reforms, which may benefit the company [18] - The target price has been raised to CNY 57.70, reflecting improved market conditions and valuation [18]
交银国际每日晨报-20250827