Goldman Sachs·2025-12-01 16:03Investment Ratings - Meituan: Buy with a 12-month target price of HK$120 [9] - Kweichow Moutai: Buy with a 12-month target price of Rmb1,691 [18] - Foxconn Industrial Internet: Buy with a 12-month target price of Rmb92.90 [15] - Mitac: Buy with a 12-month target price of NT137 [17] Core Insights - Meituan reported narrower-than-expected losses for Q3 2025, but the market reacted negatively due to anticipated substantial food delivery losses in Q4 [9] - Kweichow Moutai's management expressed optimism about the industry's recovery and noted a positive sales momentum since August [18] - Foxconn Industrial Internet is expected to benefit from the rising trend of ASIC AI servers, with significant revenue growth projected [15] - Mitac showcased its AI server capabilities and is expected to see substantial revenue contributions from this segment in the coming years [17] Summary by Sections Meituan - The company is reframing its bull/bear narratives, focusing on the sustainability of its business moats and the duration of suppressed food delivery user engagement [9] - Adjusted net profit/loss estimates for FY25E-FY27E have been cut, reflecting a cautious outlook [9] Kweichow Moutai - The company has moderated its spirits shipments to align with market demand, resulting in positive sales recovery [18] - An interim dividend payout of Rmb30 billion and a share buyback plan of Rmb1.5-3 billion were approved [18] Foxconn Industrial Internet - The company is positioned to secure a leading market position in AI servers, with a projected 30% contribution to AI server shipments by 2026 [15] - Expected net income growth at a 37% CAGR from 2025-2028 [15] Mitac - The company is capitalizing on the trend of diversifying chipset platforms in AI servers, with strong revenue growth anticipated [17] - Revenue from AI servers is expected to reach 16% in 2026, increasing to 35% by 2028 [17]