国证国际港股晨报-20250829

Group 1: Market Overview - The Hong Kong stock market continues to adjust, with the Hang Seng Index down 0.81%, the Hang Seng China Enterprises Index down 1.15%, and the Hang Seng Tech Index down 0.94% [2] - The total market turnover increased to HKD 3915.88 billion, with short-selling amount rising to HKD 643.55 billion, accounting for 17.761% of the total turnover [2] - Southbound capital flow remains relatively high, with a net outflow of HKD 20.441 billion [2] Group 2: Sector Performance - Most sectors performed weakly, with consumer-related stocks experiencing declines, such as Simoer International down 6.56% and Xpeng Motors down 8.22% [3][4] - Pharmaceutical stocks also faced pressure, with WuXi AppTec down 12.95% and i-Mab down 7.91% [4] - In contrast, chip stocks saw a rally, driven by continuous catalysts in the sector, with companies like Horizon Robotics up 14.74% and SMIC up 10.76% [5] Group 3: Company Analysis - Lianyi Technology - Lianyi Technology reported a revenue of RMB 3.75 billion for H1 2025, a year-on-year decline of 9.3%, with a gross margin drop from 70.9% to 56.0% [7] - The company recorded a net loss of RMB 3.8 billion, an increase of 57.7% year-on-year, primarily due to increased impairment provisions [7] - A share buyback plan was announced, with a commitment to use no less than USD 8 million (approximately HKD 6.23 billion) for repurchases over the next 12 months, representing about 11% of total share capital [7][11] Group 4: Business Segments - The core enterprise cloud segment generated RMB 2.48 billion in revenue, accounting for 66.3% of total revenue, with significant growth in multi-polar flow cloud services [8] - The financial institution cloud segment saw a revenue increase of 13.5%, driven by the growth of ABS cloud services [9] - Cross-border cloud business revenue grew by 20.3%, reflecting the effectiveness of the "GoEarly" and "GoDeep" strategies [9] Group 5: Future Outlook - The company aims to focus on three core strategies: "AI + industrial finance," strategic acquisitions, and digital assets, which are expected to drive profit recovery [12] - The company has a strong cash position, with RMB 5.16 billion in cash and equivalents as of June 30, 2025, providing a safety net for future operations [13] - Revenue projections for 2025 and 2026 are set at RMB 9.6 billion and RMB 11.1 billion, respectively, with a target price adjustment to HKD 3.45 [13]