Investment Rating - The report maintains an "OUTPERFORM" rating for Sichuan Kelun-Biotech with a target price of HK$519.20 [2][3]. Core Views - The company is expected to see robust growth driven by domestic commercialization and global collaborations, particularly in the ADC (Antibody-Drug Conjugate) sector [7][8]. - The drug Sac-TMT is anticipated to become a significant partner to Keytruda, with potential peak sales reaching USD 15-20 billion [8][13]. - The revenue forecasts for FY25-27 have been revised upwards, with expected revenues of RMB 20.6 billion, RMB 28.0 billion, and RMB 48.3 billion respectively [3][7]. Summary by Sections Financial Projections - Revenue for FY24 is projected at RMB 1.933 billion, increasing to RMB 2.056 billion in FY25, RMB 2.798 billion in FY26, and RMB 4.833 billion in FY27, reflecting growth rates of 25%, 6%, 36%, and 73% respectively [2][3]. - Net profit is expected to improve from a loss of RMB 267 million in FY24 to a profit of RMB 879 million by FY27 [2][3]. Product Pipeline and Market Position - The company has commercialized three products in China and has one product awaiting NDA approval, with over ten products in early clinical stages [7][8]. - The ADC platform is positioned as a leader in the domestic biopharmaceutical sector, with significant collaborations with Merck in the ADC field [7][8]. Clinical Development and Global Expansion - Sac-TMT has initiated 14 overseas clinical trials covering various cancers, with a potential patient population of 200,000 to 300,000 [8][20]. - The drug is expected to show strong sales growth in conjunction with Keytruda, particularly in lung cancer and breast cancer indications [8][13]. Competitive Landscape - Sac-TMT is positioned to become a best-in-class TROP2 ADC, with ongoing clinical trials expected to validate its efficacy against existing therapies [13][35]. - The report highlights the competitive advantages of Sac-TMT over other ADCs in the market, particularly in addressing unmet needs in NSCLC and breast cancer [24][35].

Investment Rating - The report maintains a "Buy" rating for the company, Xiaomi Group, with a target price of HKD 75.0, indicating a potential upside of 43% from the current price of HKD 52.55 [1][3][27]. Core Views - The short-term and long-term fundamentals of Xiaomi show growth potential, driven by strong demand in the new energy vehicle sector and ongoing investments in technology such as chips and AI [1][2]. - The company is expected to achieve a smartphone shipment of 175 million units in 2025, with high-end products supporting margin growth [1][3]. - The IoT segment is projected to grow nearly 50% due to the expansion of major appliances and overseas business [1][3]. - The internet business is anticipated to maintain stable revenue growth and high margins due to a growing user base [1][3]. - The automotive segment is expected to exceed the delivery target of 350,000 units, with scale effects and high-end models improving margins [1][3]. Financial Projections - Revenue is forecasted to grow from RMB 270.97 billion in 2023 to RMB 756.75 billion by 2027, with a compound annual growth rate (CAGR) of approximately 20% [3][12]. - Adjusted net profit is expected to increase significantly from RMB 19.27 billion in 2023 to RMB 71.50 billion in 2027, reflecting a CAGR of around 39% [3][12]. - The target price corresponds to a price-to-earnings (P/E) ratio of 29.9x, indicating room for valuation growth [2][13]. Segment Valuation - The report employs a sum-of-the-parts valuation method, assigning target P/E ratios of 23.0x for smartphones, 27.0x for IoT, and 20.0x for internet services, along with a target price-to-sales (P/S) ratio of 2.5x for electric vehicles [2][13]. - The total valuation for Xiaomi is estimated at HKD 75.0, based on projected revenues and net profits across its business segments [2][13].

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 9.6, indicating a potential upside of 16% from the current price of HKD 8.31 [2][3]. Core Insights - The company's performance in the first half of 2025 (1H25) is stable, with a revenue of RMB 350 million, representing a 17% year-over-year increase. The gross margin is reported at 70.1%, a decrease of 2.6 percentage points year-over-year. The net loss attributable to shareholders is RMB 69.88 million, narrowing by 2% compared to the same period last year [2][3]. - The heart valve business is evolving from a focus on aortic stenosis (AS) to multiple indications including aortic regurgitation (AR) and transcatheter edge-to-edge repair (TEER). The company has three core valve products nearing commercialization, expected to be approved in 2026, which will contribute to revenue growth starting in 2027 [2][3][12]. - The neurointerventional segment has experienced a slowdown in revenue growth due to the impact of centralized procurement, but is expected to achieve over 20% year-over-year growth as procurement volumes stabilize [2][3]. Financial Performance Summary - For 1H25, the company reported revenues of RMB 350 million, with a gross profit margin of 70.1%. The net loss attributable to shareholders was RMB 69.88 million, showing improvement from the previous year [2][3]. - Revenue projections for the upcoming years are as follows: RMB 748 million in 2025, RMB 939 million in 2026, and RMB 924 million in 2027, with year-over-year growth rates of 21.5%, 25.6%, and -1.6% respectively [3][9]. - The company anticipates a gradual increase in revenue from its core products, with significant contributions expected from new product launches in 2027 [2][3][12]. Product Pipeline Overview - The company has a robust pipeline with several products in various stages of development. Key products include TaurusTrio (AR TAVR), TaurusNXT (third-generation AS TAVR), and GeminiOne (TEER), all expected to receive regulatory approval in 2026 [2][12]. - The company is also preparing for international market entries, with submissions for FDA and CE certifications for its products underway [2][12][13].

Investment Rating - The report maintains a "Buy" rating for Xiaopeng Motors (XPEV.US/9868.HK) [2][8] - The target price for Xiaopeng Motors (XPEV.US) is raised to $27.4, representing a potential upside of 15% [2][4] - The target price for Xiaopeng Motors-W (9868.HK) is raised to HKD 106.9, representing a potential upside of 16% [5][8] Core Insights - Xiaopeng Motors is entering a new product strength cycle, with models like MONA, P7+, G6, G9, and G7 driving sales growth and margin improvement [8] - The company expects to achieve breakeven in Q4 2025, supported by strong sales and improving gross margins [8] - The guidance for Q3 2025 indicates a median sales volume of 115,500 vehicles, a year-on-year increase of 148% and a quarter-on-quarter increase of 12% [8] Financial Forecasts - Revenue projections for Xiaopeng Motors from 2023 to 2027 are as follows: - 2023: RMB 30,676 million - 2024: RMB 40,866 million (33% YoY growth) - 2025E: RMB 76,780 million (88% YoY growth) - 2026E: RMB 105,987 million (38% YoY growth) - 2027E: RMB 141,072 million (33% YoY growth) [3][12] - Gross margin is expected to improve from 1.5% in 2023 to 17.9% in 2027 [3][12] - Net loss is projected to decrease from RMB 10,376 million in 2023 to a profit of RMB 4,206 million by 2027 [3][12] Valuation Methodology - The report employs a sum-of-the-parts valuation method, assigning a sales multiple of 2.2x for automotive sales and 5.0x for services and other revenues, leading to a target price of $27.4 for Xiaopeng Motors [8][16] - The target price for Xiaopeng Motors-W is derived similarly, resulting in HKD 106.9 [8][16] Recent Performance - In Q2 2025, Xiaopeng Motors reported revenue of RMB 18,274 million, a 125% increase year-on-year, with a gross profit of RMB 3,167 million [11] - The gross margin for Q2 2025 was 17.3%, up from 14.0% in Q2 2024 [11] - Vehicle sales volume reached 103,181 units in Q2 2025, a 242% increase year-on-year [11]

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price for both the Hong Kong and A-share listings to HKD 27.0 and RMB 39.0 respectively [5][9]. Core Insights - The company reported a revenue of RMB 3.342 billion in Q2 2025, reflecting a year-on-year increase of 13.9% and a quarter-on-quarter increase of 7.9%, aligning closely with previous profit forecasts [1]. - The overall new order growth for the first half of 2025 continued at a rate of over 10% year-on-year, with the company maintaining its full-year revenue growth guidance of 10%-15% [4]. - The top 20 pharmaceutical companies showed strong revenue growth of 48% year-on-year in the first half of 2025, with expectations for continued growth in the second half [2]. Summary by Sections Financial Performance - In Q2 2025, the adjusted net profit attributable to the parent company was RMB 406 million, up 15.6% year-on-year and 16.3% quarter-on-quarter, slightly below expectations due to higher-than-expected losses from non-operating items [1]. - The gross margin for Q2 2025 was 33.7%, remaining stable year-on-year and quarter-on-quarter, while the adjusted net profit margin was 11.7%, showing a slight increase [1]. Revenue Breakdown - Laboratory services revenue grew by 15.2% year-on-year and 9.6% quarter-on-quarter, driven by strong growth in biological science services [3]. - CMC services revenue increased by 17.4% year-on-year and 0.5% quarter-on-quarter, primarily due to growth from top 20 pharmaceutical clients [3]. - Clinical research services revenue rose by 8.9% year-on-year and 10.0% quarter-on-quarter, although margins declined due to competitive pricing in the domestic market [3]. Market Outlook - The company expects continued revenue growth in the second half of 2025, although year-on-year growth may moderate due to a high base in the second half of 2024 [4]. - The report highlights that laboratory services and CMC will remain the main drivers of revenue growth, with profit margins expected to improve in the latter half of the year [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H2 2025 is expected to benefit from price increases, with a strong demand for PCBs supporting price rigidity. The net profit forecasts for 2025-2027 have been raised to HKD 24.5 billion, HKD 27.2 billion, and HKD 35.6 billion, representing year-on-year growth of 81.7%, 12.2%, and 30.8% respectively. The current market capitalization corresponds to a PE ratio of 15.6, 14.1, and 10.8 for 2025-2027 [4][5][6] Financial Summary and Valuation Indicators - Revenue for 2025 is projected at HKD 21.17 billion, with a year-on-year growth of 14.2%. The net profit for 2025 is expected to be HKD 2.45 billion, reflecting a significant year-on-year increase of 81.7%. The gross margin is anticipated to improve to 20.5% in 2025, with a net margin of 11.6% [7]

Investment Rating - The investment rating for Kingdee International (0268.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the analysis of market leadership and growth potential [1][2]. Core Insights - Kingdee has maintained a leading position in the low-code and no-code software market in China, with a market share of 15.7% for five consecutive years, indicating strong competitive advantages [1]. - The low-code and no-code software market in China is projected to grow significantly, reaching RMB 22.9 billion in the second half of 2024, with a year-on-year growth of 20.2% and an expected compound annual growth rate (CAGR) of 26.4% over the next five years [1]. - Kingdee's cloud subscription revenue has shown robust growth, increasing from approximately RMB 13.80 billion in 2024 to about RMB 16.84 billion in 2025, representing a year-on-year growth of approximately 22.1% [2]. - The company has integrated AI technologies into its SaaS products, with AI-related contract amounts exceeding RMB 1.5 billion during the reporting period, showcasing its commitment to innovation and market adaptation [2]. Financial Performance Summary - For the first half of 2025, Kingdee reported revenue of RMB 31.92 billion, a year-on-year increase of 11.24%, and a net profit attributable to shareholders of -RMB 0.98 billion, reflecting a reduction in losses by approximately 55.1% [2]. - The overall gross margin for the company was 65.63%, an increase of 2.38 percentage points compared to the previous year [2]. - The forecast for Kingdee's earnings per share (EPS) is projected to improve from -RMB 0.04 in 2024 to RMB 0.18 by 2027, indicating a positive trend in profitability [4]. Market Position and Growth Potential - Kingdee is recognized as a leader in various segments of the enterprise application market, including SaaS ERP and financial cloud solutions, having ranked first in multiple categories for 21 consecutive years [1]. - The company's strategic focus on AI and cloud subscription services positions it well for future growth, with expectations of steady and rapid growth in the digital enterprise solutions sector [2]. Financial Projections - Revenue projections for Kingdee are as follows: RMB 6.256 billion in 2024, RMB 7.131 billion in 2025, RMB 8.198 billion in 2026, and RMB 9.509 billion in 2027, reflecting a consistent growth trajectory [4]. - The net profit attributable to shareholders is expected to turn positive by 2025, with projections of RMB 97 million in 2025, RMB 341 million in 2026, and RMB 641 million in 2027 [4]. Conclusion - Kingdee International is positioned as a strong player in the digital solutions market, with significant growth potential driven by its leadership in low-code/no-code software and AI integration, alongside improving financial performance metrics [1][2][4].

[Table_Info1] 欧康维视生物─B(01477.HK) 化学制药/医药生物 [Table_Date] 发布时间：2025-08-26 [Table_Title] 证券研究报告 / 港股公司报告 营收持续高增，关注重磅管线进度 事件： [Table_Summary] 欧康维视生物发布 2025 半年报，报告期内公司实现营收 2.94 亿元（同 比+75.41%），年内溢利-1.32 亿元（同比收窄 12.57%），经调整净溢利- 1.08 亿元（同比增亏 7.18%）。 点评： 多因素毛利率短期波动，期间费用增速控制佳。2025 年上半年，公司① 毛利率 35.93%（-23.25pct）主要系 Alcon 相关产品许可权摊销、适利达 /适利佳业务模型变动等因素影响。②期间费用率：销售及营销开支率 39.79%（-25.78pct）、绝对值 1.17 亿元(+6.45%)，行政开支率 28.76%（- 25.58pct）、绝对值 0.85 亿元（-7.15%）；研发开支率 13.26%（-21.76pct）、 绝对值 0.39 亿元（-33.59%）。③净利率：年内溢利率-45.00%（+45.28p ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 346 million RMB in the first half of 2025, representing a year-on-year growth of 46.1% [1] - The gross profit reached 52 million RMB, with a gross margin of 15%, reflecting a 0.9 percentage point increase year-on-year [1] - The company reported a loss of 162 million RMB, which is an increase from the loss of 112 million RMB in the same period last year, primarily due to increased investments in advanced driver assistance and L4 autonomous driving technologies, with R&D expenditures rising by 50.2% year-on-year [1] Summary by Sections Intelligent Driving Solutions - Revenue from intelligent driving solutions was 241 million RMB, a year-on-year increase of 32.4%, accounting for 69.8% of total revenue [2] - The company is expected to benefit from the implementation of industry standards, with a significant increase in the number of projects for L2+ business [2] - The L4 business has made key commercial breakthroughs, including the launch of unmanned buses and logistics vehicles, with over 10 unmanned bus projects secured [2] Smart Cockpit Business - Revenue from smart cockpit solutions reached 61 million RMB, showing a remarkable year-on-year growth of 99.0%, and accounting for 17.6% of total revenue [3] - The company’s DMS (Driver Monitoring System) has achieved the highest level of ASPICE certification, which is expected to drive demand due to new regulations [3] Financial Forecast - Revenue projections for 2025-2027 are 1.01 billion RMB, 1.48 billion RMB, and 2.01 billion RMB, with growth rates of 54%, 47%, and 36% respectively [4] - The company is expected to continue benefiting from the ongoing trend of automotive intelligence and the increasing demand for high-performance SoCs in domain controllers [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [5]. Core Views - The company reported a 35% year-on-year increase in net profit for the first half of 2025, with revenue reaching 81.04 billion yuan, a 10.1% increase [1]. - The growth in performance is attributed to an increase in both sales volume and prices of aluminum products, alongside a decline in raw material costs [1]. - The domestic aluminum price showed resilience, increasing by 4.7% since the beginning of the year, with expectations for continued growth in aluminum consumption driven by sectors like new energy vehicles and construction [2]. - The company has announced a share buyback plan of at least 3 billion HKD, reflecting confidence in its long-term prospects [2]. - The report projects net profits for 2025-2027 to be 24.73 billion yuan, 26.60 billion yuan, and 28.71 billion yuan respectively, with corresponding P/E ratios of 8.8, 8.1, and 7.5 [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 81.04 billion yuan and a net profit of 12.36 billion yuan, marking increases of 10.1% and 35% year-on-year respectively [1]. - The sales volume for aluminum alloy products was approximately 2.906 million tons, up 2.4% year-on-year, while alumina sales volume reached 6.368 million tons, up 15.6% [1]. Market Outlook - The domestic aluminum consumption is expected to reach 54.35 million tons in 2025, with a year-on-year growth of 1.46% [2]. - Key growth areas include new energy vehicles, power transmission lines, and air conditioning, which are anticipated to support aluminum consumption [2]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 24.73 billion yuan, 26.60 billion yuan, and 28.71 billion yuan respectively, with growth rates of 10.53%, 7.57%, and 7.91% [4]. - The projected P/E ratios for the same years are 8.8, 8.1, and 7.5, reflecting the company's strong position in the aluminum industry [3][4].