Investment Rating - The investment rating for Tencent Holdings is "Outperform the Market" (maintained) [2][6][20] Core Views - For Q1 2025, Tencent is expected to achieve revenue of 176.5 billion yuan, representing a year-on-year growth of 11%. The growth is driven by strong performance in gaming, advertising, and a slight recovery in financial technology [4][7][8] - The gaming segment is projected to generate 56.1 billion yuan, with a year-on-year increase of 17%. The domestic gaming revenue is expected to grow by 18%, supported by stable performance from established games and the success of new titles [4][12][18] - Advertising revenue is anticipated to reach 31.3 billion yuan, reflecting an 18% year-on-year growth, driven by the release of advertising inventory and advancements in advertising technology [4][16] - Financial technology and enterprise services are expected to generate 55 billion yuan, with a 5% year-on-year increase, primarily from payment services [5][17] Summary by Sections Revenue Forecast - Total revenue for Q1 2025 is projected at 176.5 billion yuan, an 11% increase from the previous year. The breakdown includes: - Value-added services: 87.8 billion yuan, up 12% - Online games: 56.1 billion yuan, up 17% - Advertising: 31.3 billion yuan, up 18% - Financial technology and enterprise services: 55 billion yuan, up 5% [9][10][19] Profitability - Non-IFRS net profit is expected to be 60.9 billion yuan, a 21% increase year-on-year, with a net profit margin of 34.5% [5][8][9] Growth Drivers - The growth in gaming is attributed to the solid performance of established titles like "Peacekeeper Elite" and the rising popularity of new games such as "Delta Action," which has surpassed 12 million daily active users [4][18] - Advertising growth is supported by the steady increase in video traffic and the opening of more ad slots, with current ad loading rates at 4% [4][16] - Financial technology growth is linked to the recovery in offline consumption and increased demand for cloud services, with expectations for accelerated growth in Q2 2025 [5][17] Long-term Outlook - The report highlights significant long-term growth potential in areas such as WeChat e-commerce and AI-driven applications, which are not fully reflected in current profit forecasts. Adjusted net profit estimates for 2025-2027 are 251.5 billion, 282.6 billion, and 312.6 billion yuan, respectively [6][20]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][77]. Core Insights - The company achieved a core net profit growth of 20% year-on-year, with a dividend payout ratio of 100% [8]. - In 2024, the company reported a revenue of 17 billion yuan, a year-on-year increase of 15%, and a core net profit of 3.5 billion yuan, reflecting a core net profit margin of 20.6%, up by 0.8 percentage points [8]. - The company focuses on shareholder returns, with a total dividend of 1.536 yuan per share for 2024, which includes a special dividend of 0.614 yuan [8]. Revenue and Profitability - The company's commercial segment revenue reached 6.3 billion yuan in 2024, growing by 21% year-on-year, with shopping center revenue at 4.2 billion yuan, up 30% [28]. - The gross margin for the commercial segment was 72.6%, an increase of 0.7 percentage points year-on-year [28]. - The property management segment generated 10.7 billion yuan in revenue, a 12% increase, with a gross margin of 17.0%, down by 0.5 percentage points [59]. Business Structure - The commercial segment accounted for 37% of total revenue and 67% of gross profit, showing an increase of 2 percentage points and 3 percentage points respectively compared to the previous year [8]. - The core business of property services and community value-added services continues to dominate, with a revenue and gross profit share of 92% and 85% respectively [59]. Financial Forecast - The company maintains its profit forecast, expecting net profits of 4.08 billion yuan and 4.56 billion yuan for 2025 and 2026 respectively, with corresponding earnings per share of 1.79 yuan and 2.00 yuan [77]. - The projected price-to-earnings (PE) ratios for 2025 and 2026 are 18.8 and 16.8 respectively [77]. Efficiency and Management - The company improved its management efficiency, with a combined management and sales expense ratio of 7.4%, down by 0.9 percentage points year-on-year [8]. - The asset turnover rate for 2024 was 60%, an increase of 5 percentage points year-on-year, and the weighted return on equity (ROE) was 22%, up by 2 percentage points [8].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to experience a significant rebound in sales due to a new product cycle, with projected sales reaching over 450,000 units in 2025, up from 191,000 units in 2024, marking a substantial year-on-year increase [1]. - Cost control measures and internal reforms are anticipated to enhance profitability, with gross margins expected to improve from below 10% to between 10-15% by 2025 [1][2]. - The company is pioneering low-cost intelligent driving solutions, aiming to capture a significant market share in the mainstream segment priced under 200,000 yuan [3]. Summary by Sections 1. Introduction - The report emphasizes the potential for domestic car manufacturers to increase market share and brand recognition through revenue and profit expansion, driven by product cycles and competitive capabilities [11]. 2. Smart Innovation and Brand Growth - The company has undergone significant management changes to optimize its structure and enhance operational efficiency, with a focus on smart technology and user-centric design [15][18]. - Gross margins are gradually improving, with a notable increase in delivery volumes and revenue growth observed in 2024 [21][23]. 3. Strong Product Cycle and Cost-Effective Intelligent Driving - A robust new product cycle is set to commence, with the launch of multiple new models, including the MONA M03 and P7+, which are expected to significantly boost sales [14][36]. - The company is implementing cost reduction and efficiency measures, including a partnership with Volkswagen to enhance technology and reduce costs [2][14]. - The introduction of low-cost intelligent driving technology is expected to reshape the brand's image and expand its market reach [3][40]. 4. Business Expansion and Market Strategy - The company is actively expanding its overseas market presence, with a focus on increasing export sales and exploring new business avenues such as flying cars and robotics [4][4]. - The report outlines a strategic plan to launch over 30 new models in the next three years, enhancing the product matrix and catering to diverse consumer needs [36][40]. 5. Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are set at 94.58 billion, 147.63 billion, and 170.01 billion yuan, respectively, with expected net profits turning positive by the end of 2025 [4][5]. - The report highlights the company's commitment to maintaining high levels of R&D investment to sustain its competitive edge in intelligent driving technology [28].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (0700.HK) [1][28] Core Insights - The core business continues to show strong growth, with operational leverage being released [1] - The report anticipates a revenue of 1,778 billion RMB for Q1 2025, representing a year-over-year increase of 11% [7][27] - The expected non-IFRS net profit for Q1 2025 is 617 billion RMB, reflecting a 23% year-over-year growth [7][27] Financial Forecasts - Revenue projections for 2025-2027 are 7,243 billion RMB, 7,891 billion RMB, and 8,604 billion RMB respectively [27][28] - Non-IFRS net profit estimates for the same period are 2,554 billion RMB, 2,891 billion RMB, and 3,235 billion RMB respectively [27][28] - The report predicts a non-IFRS EPS of 28 RMB, 31 RMB, and 35 RMB for 2025, 2026, and 2027 respectively [27][28] Business Segment Performance Gaming - Expected revenue growth of 18% year-over-year for Q1 2025, with domestic and overseas growth rates of 19% and 17% respectively [8][12] - Strong performance from long-standing games during the Spring Festival period [11][12] Marketing Services - Anticipated revenue growth of 20% year-over-year for Q1 2025, driven by strong performance in video accounts, mini-programs, and search ads [18][19] - AI continues to enhance marketing services, improving ad targeting and conversion rates [25] Financial Technology and Enterprise Services - Expected revenue growth of 5% year-over-year for Q1 2025, with improvements in payment services and healthy growth in wealth management and small loans [26] - Cloud business potential is expected to accelerate in Q2 2025 [26] Valuation and Target Price - The report assigns a target market value of 5.0 trillion RMB (5.4 trillion HKD) for Tencent Holdings, corresponding to a target price of 603 HKD [28][29]

事项： 证 券 研 究 报 告 汇通达网络（09878.HK）2024 年报点评 推荐（维持） 业绩短期承压，供应链升级不改长期趋势 目标价：13.3 港元 公司发布 2024 年财报，全年实现营业收入 600.6 亿元，同比减少 27.1%，实现 归母净利润 2.7 亿元，同比减少 39.8%。 评论： [ReportFinancialIndex] 主要财务指标 证券分析师：杨澜 邮箱：yanglan@hcyjs.com 执业编号：S0360524070008 证券分析师：姚婧 邮箱：yaojing@hcyjs.com 执业编号：S0360522090001 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 60,059 | 66,135 | 71,451 | 77,182 | | 同比增速(%) | 0.4% | 10.1% | 8.0% | 8.0% | | 归母净利润(百万) | 270 | 349 | 481 | 658 | | 同比增速(%) | -39.8% | 29.5% | 37 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.93 [4][6]. Core Insights - The company's operating profit for Q1 2025 increased by 0.2% year-on-year to HKD 430 million, which is significantly lower than the 30.8% growth seen in Q1 2024. The operating profit margin decreased by 0.6 percentage points to 20.7% [1][11]. - Total revenue for Q1 2025 grew by 3.0% year-on-year to HKD 2.09 billion, also lower than the 17.8% growth in Q1 2024. Revenue from Hong Kong and Macau increased by 9.8% to HKD 1.36 billion, accounting for 64.9% of total revenue [1][11]. - New contract signings for Q1 2025 rose by 0.6% year-on-year to HKD 3.72 billion, which is below the 4.9% growth in Q1 2024. The company secured several high-quality curtain wall projects [2][11]. Financial Summary - The company reported actual revenues of HKD 7.67 billion in 2022, with projections of HKD 9.55 billion for 2025 and HKD 11.33 billion for 2026, reflecting growth rates of 17.9% and 18.6% respectively [5][12]. - Shareholder net profit was HKD 422 million in 2022, expected to rise to HKD 727 million in 2025 and HKD 905 million in 2026, with growth rates of 11.7% and 24.5% respectively [5][12]. - The forecasted price-to-earnings ratio for FY25 is 4.4 times, indicating a low valuation compared to the target price [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company is developing a 720 billion parameter large-scale autonomous driving model, named "Xiaopeng World Base Model," which aims to significantly enhance the intelligence of AI vehicles and support various applications such as AI robots and flying cars [2][4][8]. - The company has established a robust AI infrastructure, including a computing cluster with a cloud capacity of 10 EFLOPS, which is crucial for building a "cloud model factory" [8][30]. - The company has achieved significant milestones in AI development, including the successful implementation of scaling laws in autonomous driving, demonstrating that larger models yield better performance [36][41]. Summary by Sections Company Overview - Xiaopeng Motors is focusing on AI-driven autonomous driving technology, with a significant investment in developing a large-scale model that is 35 times the parameter size of mainstream models [27][30]. AI Infrastructure - The company has built the first 10,000-car intelligent computing cluster in the domestic automotive industry, achieving a cloud computing capacity of 10 EFLOPS, with a high operational efficiency of over 90% [8][25]. - The data infrastructure has been self-developed to enhance data access efficiency, with video data for training the base model currently at 20 million clips, expected to increase to 200 million clips by the end of the year [30][20]. Technological Advancements - The company is leveraging a multi-modal model that incorporates visual understanding, chain reasoning, and action generation capabilities, which are essential for achieving L3 and L4 level autonomous driving [8][23]. - The company has initiated the training of the 72 billion parameter base model, focusing on reinforcement learning to enhance the model's performance and adaptability [45][50]. Market Position - The company is positioned to benefit from a new vehicle launch cycle in 2025, with multiple new models expected to drive sales growth [8][30]. - The anticipated revenue for 2025 is projected to be 99.1 billion, corresponding to a price-to-sales ratio of 1.4X, indicating a strong market outlook [8].

Investment Rating - The report maintains a "Buy" rating for XPeng Motors (9868.HK) [1] Core Insights - XPeng Motors aims to become a global AI automotive company, with significant growth expected from new product launches and international expansion. The company plans to release seven new or updated models in 2025, potentially doubling its delivery volume to over 380,000 units [7][13] - The company is focusing on the European market, projecting that overseas sales could account for over 50% of total sales in the next decade. By 2030, XPeng's revenue from Europe could reach between 398 billion to 520 billion RMB, depending on the export strategy [8] - XPeng's autonomous driving technology is among the top tier in the industry, with plans to achieve a takeover every 100 kilometers by 2025. The company has established a significant computing power center and has extensive testing mileage [9][10] - The report suggests that the Robotaxi market may not replace private car ownership, and XPeng will focus on manufacturing Robotaxi vehicles rather than operating them. Estimated cumulative revenue from Robotaxi could reach 19.7 billion RMB from 2025 to 2030 [11] - The global humanoid robot market is projected to reach 109.5 billion RMB by 2030, and XPeng is expected to capture a significant market share due to its experience in automotive manufacturing [12] Summary by Sections Basic Information - XPeng Motors is positioned to become a leader in AI-integrated smart vehicles, with a focus on electric vehicle (EV) sales and technology development [19][30] Automotive Business - The company anticipates a new product cycle in 2025, with a focus on high-value models like the G6 and MONA M03. The delivery volume is expected to increase significantly, with a target of over 380,000 units [7][35] - XPeng's new vehicle architecture, SEPA2.0, is designed to reduce development time and costs, enhancing production efficiency [38] Intelligent Driving - XPeng's autonomous driving capabilities are leading in the industry, with a focus on high-level autonomous features and significant data collection for model training [9][16] Robotaxi Business - The report indicates that the Robotaxi market will not replace private vehicle ownership, and XPeng will concentrate on the production of Robotaxi vehicles [11][17] Humanoid Robots - The humanoid robot market is expected to grow significantly, and XPeng is leveraging its automotive expertise to enter this space [12] Financial Analysis - Revenue projections for XPeng Motors are optimistic, with expected revenues of 789.13 billion RMB in 2025, reflecting a 93% year-on-year growth [13][14]

证券研究报告 | 公司点评 | 医疗美容 ❑ 24 年年报：业绩符合预期，未来 3 年高分红+股权激励彰显发展信心。 24 年业绩符合预期。24 年收入/净利润 25.7/2.5 亿元，同比+19.9%/+9.7%。 24 年 毛利率/净利率 46.3%/9.8%，同比+0.7pp/-0.9pp。销售/管理/研发费用率同比 +0.3pp/+0.2pp/-0.2pp。 公司承诺，自公告日起未来三个完整财年期间将不少于 50%的归母净利用于分 红，也将充分利用管理层股权激励计划，考核指标涵盖未来三年营业收入及利润 提升。 ❑ 基石业务内生稳健增长，医美新客拓展持续，女性特护超预期增长。 24 年收入拆分：生美及保健 56%+医美 36%+亚健康医疗服务 8%。 1） 生美及保健：基石业务内生稳健增长，加码身体护理与智能美养。 24 年收入 14.4 亿（+21%，括号内为同比，下同），毛利率 40.7%（+1.1pcts），具 体来看：①量为主要驱动，全年到店人次/活跃会员人数同增 19.5%/45%。②直营 /加盟收入同增 21%/21%，门店数量分别为 239/276 家。③公司于 24H2 收购奈瑞 儿，新 ...

Investment Rating - The report assigns a "Hold" rating with a target price of HKD 3.0 per share, indicating a potential upside of 14.5% from the current price of HKD 2.62 [5][16]. Core Views - The company's main brands are currently in a period of adjustment, and the effectiveness and sustainability of these changes need further observation. The company continues to be affected by external environmental factors [5][16]. - The first quarter of 2025 shows slight improvements in operations, although the overall performance remains under pressure due to external conditions [3][7]. Summary by Sections Financial Performance - In Q1 2025, the turnover rates for the main brands were 3.1, 2.6, and 2.6 times per day for Tai Er, Song Hotpot, and Jiu Mao Jiu respectively, showing year-on-year declines of -0.8, -0.4, and -0.4 times per day. Compared to Q4 2024, there were slight improvements [3][7]. - Same-store daily sales decreased year-on-year by -21.2%, -24.2%, and -18.6% for the respective brands, but the decline showed slight improvement compared to Q4 2024 [3][7]. - Average customer spending was RMB 72, RMB 100, and RMB 56 for the three brands, with year-on-year changes of -1.4%, -13.8%, and -1.8% respectively, indicating some stabilization [3][7]. Store Expansion and Strategy - The company is pursuing a cautious expansion strategy while closing underperforming stores. In Q1 2025, Tai Er opened 1 new store in Hong Kong and closed 26 underperforming stores, while Song Hotpot opened 3 and closed 2. Jiu Mao Jiu closed 2 stores without opening new ones [3][8]. - As of the end of Q1 2025, the total number of stores was 780, with Tai Er having 610, Song Hotpot 81, and Jiu Mao Jiu 69 [8]. Customer Experience Initiatives - Tai Er is focusing on enhancing customer experience by launching new products and a "Heartfelt Service Plan." In March 2025, a new "Fresh" store model was introduced to improve customer satisfaction and dining experience [4][15]. - Song Hotpot has upgraded its product offerings and dining environment to be more customer-friendly, enhancing customer loyalty through promotional activities [4][15]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be RMB 0.1, RMB 0.15, and RMB 0.24 respectively, with corresponding price-to-earnings (PE) ratios of 25.4, 16.7, and 10.1 [6][16].