Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9] Core Views - The company relies on a "3+3" strategy, balancing external mergers and internal growth, quickly entering high-growth sectors, and is expected to form three growth poles: high-voltage connectors for electric vehicles, AI optical modules, and consumer electronics acoustics. The recovery of the main business, along with the resonance of AI, new energy, and consumer electronics acoustics, combined with global capacity layout cost reduction, is expected to continuously release profits [2][6] Summary by Sections Company Overview - In Q1 2025, the company achieved revenue of 1,102.91 million USD, a year-on-year increase of 14.28%, while net profit from continuing operations was 6.24 million USD, a year-on-year decrease of 38.80% [6] Business Developments - The company showcased its CDFP SMT connectors and passive direct-connect copper cables at DesignCon 2025, achieving efficient signal transmission for PCI Express 6.0 and PCIe 7.0, which are suitable for modular architecture in data centers [9] - The company announced the launch of Smart Mobility in partnership with Saleh Suleiman Alrajhi & Sons, focusing on the EV charging market in Saudi Arabia, with the Voltaira charging station series already certified for the local market [9] - The company is optimizing its global capacity layout to respond to market changes and customer demands, enhancing manufacturing capabilities in emerging markets like Southeast Asia and India [9] Financial Projections - The company projects revenues of 4,915 million USD, 5,454 million USD, and 6,097 million USD for 2025, 2026, and 2027 respectively, with net profits of 177 million USD, 204 million USD, and 238 million USD for the same years [9]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a Q1 2025 revenue of $2.03 billion, a year-on-year increase of 1.3%, with a net profit of $75.76 million, down 24.2% year-on-year. The manufacturing segment generated $1.33 billion in revenue, up 5.9% year-on-year, while the retail segment saw revenue of $700 million, down 6.5% year-on-year [1][2][4] Summary by Sections Manufacturing Business - The manufacturing segment's revenue reached $1.33 billion in Q1 2025, with a shipment volume of 61.9 million pairs, reflecting a 5.3% increase year-on-year. The average selling price (ASP) was $20.00, down 2.5% year-on-year. Revenue in April 2025 increased by 10.5% year-on-year, supported by strong orders from key clients like Adidas and Asics [2][3] - The capacity utilization rate was 91% in Q1 2025, up 3 percentage points year-on-year. However, uneven capacity loading and rising labor costs pressured profit margins, leading to a gross margin of 17.7%, down 2.6 percentage points year-on-year [3] Retail Business - The retail segment reported revenue of $700 million in Q1 2025, a decrease of 6.5% year-on-year. The number of offline stores decreased to 3,437, with same-store sales down 13.9% due to weak foot traffic and store closures. Conversely, online retail revenue grew by 20% year-on-year, with live-streaming sales surging by 230% [4] - The gross margin for the retail segment was 32.7%, down 0.5 percentage points year-on-year, while the net profit margin was 2.7%, down 0.5 percentage points [4] Earnings Forecast and Valuation - The company is expected to achieve revenues of $8.5 billion, $9.0 billion, and $9.6 billion for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 3%, 6%, and 7%. The net profit is projected to be $410 million, $460 million, and $520 million for the same years, with corresponding growth rates of 5%, 13%, and 12% [5][11]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a Q1 2025 revenue of $2.03 billion, a year-on-year increase of 1.3%, with a net profit of $75.76 million, down 24.2% year-on-year. The manufacturing segment generated $1.33 billion in revenue, up 5.9% year-on-year, while the retail segment saw revenue of $700 million, down 6.5% year-on-year [1][2][4] Summary by Sections Manufacturing Business - The manufacturing segment's revenue reached $1.33 billion in Q1 2025, with a shipment volume of 61.9 million pairs, reflecting a 5.3% year-on-year increase. The average selling price (ASP) was $20.00, down 2.5% year-on-year. Revenue in April 2025 increased by 10.5% year-on-year, supported by strong orders from key clients like Adidas and Asics [2][3] - The capacity utilization rate was 91% in Q1 2025, up 3 percentage points year-on-year. However, uneven capacity loading and rising labor costs pressured profit margins, leading to a gross margin of 17.7%, down 2.6 percentage points year-on-year [3] Retail Business - The retail segment generated $700 million in revenue, down 6.5% year-on-year, primarily due to weak consumer demand in China and a decline in foot traffic. Online retail revenue, however, grew by 20% year-on-year, with live-streaming sales increasing by 230% [4] - The gross margin for the retail segment was 32.7%, down 0.5 percentage points year-on-year, while the net profit margin was 2.7%, down 0.5 percentage points [4] Earnings Forecast and Valuation - The company expects to achieve revenues of $8.5 billion, $9.0 billion, and $9.6 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3%, 6%, and 7%. The net profit is projected to be $410 million, $460 million, and $520 million for the same years, corresponding to growth rates of 5%, 13%, and 12% [5][11]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 18.50, indicating a potential upside of 51.1% from the current price of HKD 12.24 [1][4][10]. Core Insights - The company's Q1 performance met expectations, with a year-on-year revenue increase of 11% to RMB 47 billion. The adjusted net profit rose by 13% to RMB 750 million, maintaining a net profit margin of 1.6% [2][8]. - The report highlights a recovery in double-digit growth for external integrated supply chain services, driven by differentiated solutions and an increase in wallet share from major clients. The express delivery business also saw rapid growth in order volume, although some gains were offset by industry price declines [2][8]. - The financial forecasts for 2025 show a slight increase in revenue projections, with total revenue expected to reach RMB 202.2 billion, reflecting a 0.1% upward adjustment from previous estimates [3][13]. Financial Summary - Revenue projections for 2025E are set at RMB 202,203 million, with a slight increase from the previous forecast of RMB 202,057 million [3]. - The adjusted net profit for 2025E is projected at RMB 8,350 million, a minor increase from the prior estimate of RMB 8,336 million [3]. - The gross profit margin is expected to be 10.5% for 2025, slightly down from the previous forecast of 10.7% [3][14]. Performance Metrics - The company achieved a gross profit of RMB 21,323 million in 2025E, with a gross margin of 10.5% [13][14]. - The operating profit is projected to be RMB 7,527 million for 2025E, with an adjusted operating profit margin of 3.9% [13][14]. - The report indicates a stable financial position with total assets expected to reach RMB 128,286 million by the end of 2025 [13].

Investment Rating - The report maintains a "Buy" rating for the Hong Kong stock and a "Hold" rating for the A-share, with target prices set at HKD 11.7 and CNY 19.6 respectively [7][9][10]. Core Insights - The company's 1Q25 performance slightly exceeded expectations, with total revenue reaching CNY 381 million, representing a year-on-year increase of 129.9% and a quarter-on-quarter increase of 22.3% [7][10]. - The revenue from the drug Oubatinib was CNY 311 million, up 89.2% year-on-year and 1.2% quarter-on-quarter, leading to an upward revision of the annual revenue growth guidance for Oubatinib from 30% to 35% [7][10]. - The report highlights the strong sales growth of Oubatinib, driven by the increasing market share in the r/r CLL/SLL segment and the expansion of indications [7][10]. Financial Performance Summary - 1Q25 net profit attributable to shareholders was CNY 17.97 million, which is an improvement compared to previous losses, attributed to better-than-expected revenue and lower sales and administrative expenses [7][10]. - The gross margin for product sales improved to 88.4%, up from 85.3% in 1Q24 and 87% in 4Q24, indicating enhanced operational efficiency [7][10]. - The report projects significant revenue growth for the coming years, with expected revenues of CNY 1.45 billion in 2025, reflecting a 43.9% year-on-year increase [9][10]. Research and Development Progress - The company is advancing two TYK2 inhibitors, with ongoing clinical trials for ICP-332 and ICP-448, expected to yield important data in the coming years [7][10]. - Key upcoming catalysts include new indication approvals and significant data readouts for Oubatinib and other products [7][10]. Market Position and Valuation - The current market capitalization is approximately HKD 20.066 billion, with a recent average trading volume of HKD 121 million over the past three months [2][4]. - The stock has a 52-week price range of HKD 4.2 to HKD 11.0, indicating potential for growth based on the target price [2][4].

Investment Rating - The report does not explicitly state an investment rating for Samsonite, but it indicates a challenging environment for revenue and profit performance [1][9]. Core Insights - In 1Q25, Samsonite's net sales decreased by 4.5% year-on-year to $797 million, primarily due to weak demand in North America and China, along with a high base from the previous year [2][9]. - The company aims to maintain gross margin levels despite a 100 basis points decline to 59.4% in 1Q25, attributed to changes in geographic sales mix [2][9]. - Adjusted EBITDA fell by 20.9% year-on-year, leading to an adjusted EBITDA margin of 18.8%, down 280 basis points [2][9]. - Adjusted net income decreased by 40.3% year-on-year, driven by lower EBITDA, increased depreciation, net interest expenses, and a higher effective tax rate [2][9]. - The company reported a negative adjusted free cash flow of $41 million in 1Q25, reversing from a positive position due to EBITDA decline and increased net working capital [2][9]. Regional Performance - Sales in Asia and North America were weak, with Asia's revenue down 7% and North America's down 8% [3][10]. - Europe showed strong growth with a 4.4% increase in net sales, supported by positive growth across all core brands [3][10]. - Latin America’s sales remained flat, with a notable decline in Mexico offset by strong growth in Chile [3][10]. Channel Performance - The Direct-to-Consumer (DTC) channel accounted for 38.2% of revenue in 1Q25, with e-commerce contributing 10.6% and offline retail 27.5% [4][11]. - The offline retail business saw a decline of 2.6%, primarily due to reduced customer traffic, while wholesale business declined by 6.1% [4][11]. Tariff Policy and Mitigation Strategies - The U.S. tariff policy remains unclear, causing caution among consumers and wholesale customers [5][12]. - The company has reduced its sourcing from China to 14% and plans to further decrease this by year-end, employing various strategies to mitigate potential tariff impacts [5][12]. Future Guidance - Management expects 2Q25 net sales growth to be similar to 1Q25, with a mid-single-digit decline in net revenue on a constant currency basis [6][13]. - Long-term growth is anticipated to be supported by strong travel trends, despite short-term macroeconomic uncertainties affecting consumer demand [6][13].

Investment Rating - The investment rating for JD Logistics is maintained at "OUTPERFORM" [2][5]. Core Insights - JD Logistics reported Q1 2025 results with revenue of RMB 46.97 billion, reflecting a year-on-year growth of 11.5%, and a Non-IFRS net profit of RMB 0.751 billion, up 13.4% year-on-year [3][10]. - The company is expected to achieve total revenue of RMB 203.3 billion in 2025, representing an 11.2% increase, with a Non-IFRS net profit margin projected at 4.0% [5][11]. - The shift in valuation method from Price-to-Sales (PS) to Price-to-Earnings (PE) indicates the company's transition into a stable profitability phase [5][11]. Revenue and Profitability - For Q1 2025, JD Logistics' integrated supply chain customer revenue was RMB 23.2 billion, a 13.2% increase, driven by higher revenue from JD Group and a 13.1% increase in the number of integrated supply chain customers [3]. - The company's total revenue for Q1 2025 included RMB 32.27 billion from external customers, accounting for 69.4% of total revenue, with a 10.3% year-on-year growth [3][4]. - The gross profit margin for Q1 2025 was 7.2%, a decrease of 0.5 percentage points compared to the same period in 2024 [4]. Business Operations - JD Logistics has enhanced its express delivery capabilities through investments in air resources, land transport routes, and personnel, leading to significant growth in its express delivery business [4]. - The company launched its 10th dedicated freighter in January 2025, improving delivery efficiency and supporting growth in high-value services such as fresh produce delivery [4]. Financial Forecast - The forecast for JD Logistics includes a projected net profit of RMB 8.209 billion for 2025, with a target price set at HKD 19.79 based on a 15X PE valuation [5][11]. - The company aims to increase investments in 2025 to expand its customer base and enhance service quality [5].

Investment Rating - The report maintains a "Strong Buy" rating for JD Group with a target price of HKD 173 per share [4][6]. Core Insights - JD Group's Q1 2025 performance exceeded expectations, with total revenue reaching CNY 301.1 billion, a year-on-year increase of 15.8%, driven by strong growth in retail and user acquisition [2][6]. - The retail revenue was CNY 263.8 billion, up 16.3% year-on-year, with a notable increase in operating profit and non-GAAP net profit [2][6]. - The report highlights the rapid development of JD's food delivery business, which is expected to synergize with its core e-commerce operations in the long term [2][6]. Financial Performance - For the fiscal year 2023, JD Group's main revenue is projected at CNY 1,084.66 billion, with a year-on-year growth of 4% [4][10]. - Non-GAAP net profit for 2023 is estimated at CNY 35.2 billion, reflecting a 25% increase [4][10]. - The report anticipates a steady increase in revenue and profit, with projections for 2025 showing a revenue of CNY 1,309.18 billion and a non-GAAP net profit of CNY 46.576 billion [4][10]. User Growth and Market Position - JD Group experienced over 20% growth in active users during Q1 2025, attributed to improved user experience and the expansion of new business lines like JD Joy and food delivery [2][6]. - The report notes that the platform service revenue grew by 15.7% year-on-year, indicating a robust ecosystem development [2][6]. Profitability Metrics - The gross margin for Q1 2025 was reported at 15.9%, with an operating profit margin of 3.5%, both showing improvements compared to market expectations [2][6]. - The report projects that JD's retail operating profit will achieve double-digit growth year-on-year for 2025 [2][6]. Future Outlook - The report emphasizes the importance of monitoring the progress of JD's food delivery business and its long-term integration with the e-commerce sector [2][6]. - The anticipated financial performance for 2025-2027 includes non-GAAP net profits of CNY 46.6 billion, CNY 52.2 billion, and CNY 56.8 billion respectively, reflecting a solid growth trajectory [4][6].

Investment Rating - The investment rating for JD Logistics is maintained at "Outperform" [2][5]. Core Views - JD Logistics reported Q1 2025 results with revenue of RMB 46.97 billion, reflecting a year-on-year growth of 11.5%, and a Non-IFRS net profit of RMB 0.751 billion, up 13.4% year-on-year [3][10]. - The company is expected to achieve total revenue of RMB 203.3 billion in 2025, representing an 11.2% increase, with a Non-IFRS net profit margin projected at 4.0% [11]. Financial Performance Summary - Revenue projections for JD Logistics are as follows: - 2024: RMB 182.84 billion - 2025: RMB 203.28 billion (+11%) - 2026: RMB 225.67 billion (+11%) - 2027: RMB 248.56 billion (+10%) [4][8]. - Net profit forecasts are: - 2024: RMB 7.92 billion - 2025: RMB 8.21 billion (+4%) - 2026: RMB 11.11 billion (+35%) - 2027: RMB 13.23 billion (+19%) [4][8]. - The gross profit margin (GPM) is expected to improve from 10.2% in 2024 to 13.0% by 2027 [4][8]. Market Position and Strategy - JD Logistics has strengthened its integrated supply chain services, with revenue from integrated supply chain clients reaching RMB 23.2 billion, a 13.2% increase, driven by higher revenue from JD Group and a 13.1% increase in the number of integrated supply chain clients [3][4]. - The company is investing in enhancing service quality and expanding its customer base, with a focus on improving operational efficiency and inventory management [4][5]. Valuation - The target price for JD Logistics is set at HKD 19.79, based on a 15X PE valuation for FY25E [2][11].

Investment Rating - The report assigns a rating of "Outperform" for Samsonite, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [20]. Core Insights - Samsonite's 1Q25 revenue and profit performance were under pressure, with net sales declining 4.5% year-on-year to $797 million, primarily due to weak demand in North America and China, along with a high base from the previous year [2][9]. - The company aims to maintain gross margin levels despite challenges, with a gross margin of 59.4% in 1Q25, down 100 basis points year-on-year [2][9]. - Adjusted EBITDA decreased by 20.9% year-on-year, reflecting negative leverage effects from lower gross margins and sales, resulting in an adjusted EBITDA rate of 18.8% [2][9]. - Adjusted net income fell by 40.3% year-on-year, driven by the decline in adjusted EBITDA, increased depreciation, net interest expense, and a higher effective tax rate [2][9]. - The company reported a negative adjusted free cash flow of $41 million in 1Q25, attributed to the decline in EBITDA and an increase in net working capital [2][9]. Revenue Performance by Region - Sales in Asia and North America were weak, with Asia revenue down 7% year-on-year, and North America revenue declining 8% [3][10]. - European sales continued to show strong growth, with a 4.4% year-on-year increase, supported by positive growth across all core brands [3][10]. - Latin America sales remained flat year-on-year, with a notable decline in Mexico due to lower consumer confidence [3][10]. Channel Performance - The Direct-to-Consumer (DTC) channel performed well, accounting for 38.2% of revenue in 1Q25, with e-commerce contributing 10.6% and offline retail 27.5% [4][11]. - The offline retail business saw a decline of 2.6%, primarily due to reduced customer traffic, while wholesale business declined by 6.1% year-on-year [4][11]. Tariff Policy and Mitigation Strategies - The U.S. tariff policy remains unclear, causing caution among consumers and wholesale customers [5][12]. - The company has reduced its sourcing from China to 14% and plans to further decrease this by year-end, leveraging a diversified sourcing platform to mitigate potential tariff impacts [5][12]. Future Guidance - Management expects 2Q25 net sales growth to be similar to 1Q25, with net revenue guidance down mid-single digits on a constant currency basis [6][13]. - Long-term growth is anticipated to be supported by strong travel trends, despite short-term macroeconomic uncertainties affecting consumer demand [6][13].