Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 46.97 billion RMB in Q1 2025, representing a year-on-year growth of 11.5%. The net profit attributable to shareholders was 450 million RMB, up 89.1% year-on-year, slightly exceeding expectations [1] - The integrated supply chain business revenue grew by 13.2% year-on-year, accounting for 49.4% of total revenue, driven by increased income from JD Group and a rise in external customer numbers [3] - The company is expected to benefit from enhanced logistics capabilities and competitive products, as well as accelerated overseas expansion, which will continue to drive overall revenue and profit growth [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a Non-IFRS net profit of 750 million RMB, a year-on-year increase of 13.4%, with a gross margin of 7.2% [1][4] - The revenue from JD Group was 14.1% higher year-on-year, contributing 31.3% to total revenue, while external customer revenue grew by 10.3%, making up 68.7% of total revenue [2] Business Segments - The integrated supply chain business generated 23.2 billion RMB in revenue, up 13.2% year-on-year, while other businesses (express and freight) saw revenue of 23.77 billion RMB, growing by 9.8% [3] - The number of external integrated supply chain customers reached 63,061, reflecting a 13.1% increase year-on-year [2] Cost and Profitability - The company increased investments in logistics infrastructure and personnel, leading to a higher cost growth rate than revenue growth, resulting in a slight decline in gross margin [4] - The report anticipates that as business volume increases, economies of scale will improve margins in subsequent quarters [4] Future Outlook - The net profit forecast for 2025 has been slightly reduced by 3% to 6.9 billion RMB, with the target price adjusted down by 6% to 16.7 HKD [5] - The company is projected to achieve a revenue of 205.13 billion RMB in 2025, with a year-on-year growth of 12.19% [29]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 46.97 billion RMB in Q1 2025, representing a year-on-year growth of 11.5%, and a net profit attributable to shareholders of 450 million RMB, up 89.1% year-on-year [1] - The company is expected to benefit from its integrated supply chain logistics capabilities and accelerated overseas expansion, which will continue to drive revenue and profit growth [1] - The report slightly lowers the net profit forecast for 2025 by 3% due to increased resource investment leading to higher costs, adjusting the target price down by 6% to 16.7 HKD [5] Revenue Breakdown - Revenue from JD Group business in Q1 2025 was 14.7 billion RMB, a year-on-year increase of 14.1%, accounting for 31.3% of total revenue [2] - External customer business revenue was 32.27 billion RMB, growing 10.3% year-on-year, making up 68.7% of total revenue [2] - Integrated supply chain business revenue reached 23.2 billion RMB, up 13.2% year-on-year, representing 49.4% of total revenue [3] Profitability Metrics - The gross margin for Q1 2025 was 7.2%, down 0.5 percentage points year-on-year, primarily due to increased investments in logistics infrastructure and personnel [4] - The report anticipates an improvement in gross margin and Non-IFRS profit margin in Q2 2025 as business volume increases and economies of scale are realized [4] Financial Projections - Projected revenue for 2025 is 205.13 billion RMB, with a year-on-year growth of 12.19% [29] - The net profit attributable to shareholders is expected to reach 6.9 billion RMB in 2025, reflecting an 11.36% increase [29] - The report provides a PE ratio forecast of 10.92 for 2025, indicating a valuation aligned with comparable companies [29]

Investment Rating - The report assigns an "Accumulate" rating for Black Sesame Intelligence (02533.HK) as a first-time coverage [1]. Core Views - Black Sesame Intelligence is a leading supplier of automotive-grade intelligent vehicle computing chips and solutions, focusing on autonomous driving products and solutions. The company benefits from the expansion of the autonomous driving solution market driven by the trend of intelligent driving equality. Revenue projections for 2025-2027 are estimated at 792 million, 1.253 billion, and 1.942 billion CNY, with corresponding year-on-year growth rates of 66.9%, 58.3%, and 55.0% [6]. Summary by Sections Company Overview - Black Sesame Intelligence began with high-performance chips for autonomous driving and has expanded into cross-domain computing chips, opening new market opportunities [17]. - The founder holds significant control, and the management team possesses strong technical expertise [19]. Main Products - The company offers the Huashan and Wudang series of SoC hardware, focusing on autonomous driving and intelligent imaging solutions. The Huashan series includes the A1000 and A2000 chips, while the Wudang series targets cross-domain computing [25][27]. Financial Analysis - The autonomous driving products and solutions are the main revenue source, with a projected revenue of 4.38 billion CNY in 2024, accounting for 92.35% of total revenue. The company has seen rapid revenue growth due to the mass production of the Huashan A1000 chip [39][40]. - The overall gross margin is expected to improve due to the continuous enhancement of autonomous driving algorithms and the increasing adoption of SoC-based solutions [41]. Market Growth - The penetration of autonomous driving is expected to drive rapid growth in the autonomous driving SoC market, with global and Chinese ADAS application market sizes projected to grow at CAGRs of 27.5% and 28.6% from 2023 to 2028 [7][61]. - The commercial vehicle autonomous driving SoC market and intelligent road solutions are anticipated to have promising growth prospects due to increasing demand for safety features [63]. Competitive Position - Black Sesame Intelligence holds a 2.2% market share in the Chinese autonomous driving chip and solution market, ranking fifth, indicating significant room for growth compared to competitors like Mobileye and NVIDIA [68].

Investment Rating - The report assigns a "Buy" rating for Black Sesame Intelligence (02533.HK) as a first-time coverage [1]. Core Views - Black Sesame Intelligence is a leading supplier of automotive-grade intelligent vehicle computing chips and solutions, focusing on autonomous driving products and solutions. The company benefits from the expanding market for autonomous driving solutions driven by the trend of "intelligent driving equality" [5][6]. - Revenue projections for the company are estimated at 792 million, 1.253 billion, and 1.942 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 66.9%, 58.3%, and 55.0% [5][8]. Summary by Sections Company Overview - Black Sesame Intelligence began with high-performance chips for autonomous driving and has expanded into cross-domain computing chips, opening new market opportunities [16]. - The founder holds significant control over the company, and the management team possesses strong technical expertise [18][22]. Main Products - The company offers the Huashan and Wudang series of SoC hardware, focusing on autonomous driving and intelligent imaging solutions. The Huashan series includes the A1000 and A2000 chips, which support various levels of autonomous driving functions [25][26]. - The Wudang series, particularly the C1200 chip, is a pioneer in cross-domain computing, integrating multiple functionalities for smart vehicle control [26]. Financial Analysis - The autonomous driving products and solutions are the primary revenue source, with a projected revenue of 4.38 billion CNY in 2024, accounting for 92.35% of total revenue [38]. - The company has experienced rapid revenue growth due to the mass production of the Huashan A1000 series, with further growth expected from the Wudang C1200 and Huashan A2000 series [39][40]. Market Potential - The global and Chinese markets for ADAS applications are expected to grow significantly, with projected CAGRs of 27.5% and 28.6% from 2023 to 2028 [6][60]. - The company holds a 2.2% market share in the Chinese autonomous driving chip and solution market, ranking fifth, indicating substantial room for growth [67].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Insights - The company is rapidly leading the global LiDAR industry and aims to become a robotics technology platform company, focusing on providing high-quality solutions in the field of embodied intelligence [6][18]. - The company's LiDAR sales are experiencing non-linear high growth, with a projected total sales volume of approximately 544,000 units in 2024, representing a significant year-on-year increase of 109.6% [6][25]. - The company holds a leading market share of 26% in the global passenger vehicle LiDAR market in 2024, benefiting from the widespread application of advanced driver-assistance systems (ADAS) in the Chinese market [6][25][26]. Financial Data and Profit Forecast - The projected revenue for the company from 2025 to 2027 is estimated at 26.2 billion, 36.6 billion, and 47.0 billion RMB, respectively, with net profits expected to be -2.38 billion, 1.06 billion, and 3.20 billion RMB [5][7]. - The company is not yet profitable, and a price-to-sales (P/S) valuation method is used, with a target market value of approximately 19.4 billion RMB based on a P/S ratio of 7.4 for 2025 [7]. Market Dynamics - The report highlights two main drivers for growth: the end-to-end integration of LiDAR in vehicles and the strategic positioning as a robotics technology platform [6][8]. - The global passenger vehicle LiDAR market is expected to reach approximately 7 billion USD in 2025, with the Chinese market accounting for about 6.3 billion USD [6][8]. Product Development and Technology - The company has a comprehensive product matrix that includes mechanical, semi-solid, and solid-state LiDAR technologies, catering to various performance and application needs [6][41]. - The company is focusing on the development of incremental components for robotics, including solutions for robot vision and dexterous hands, with a projected demand for over 400,000 units of LiDAR products for lawnmowers by 2025 [6][9]. Competitive Landscape - The company has established partnerships with over 30 global automakers and Tier 1 suppliers, with more than 100 designated models, while also expanding its presence in overseas markets [6][29]. - The report notes that the company is well-positioned against competitors due to its strong design capabilities, software technology, and mass production capabilities [54].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported Q1 2025 revenue and net profit attributable to shareholders of $202.9 million and $7.6 million, respectively, showing a year-on-year growth of 1.3% and a decline of 24.2%, which was below market expectations [2] - The decline in net profit was primarily due to uneven capacity utilization across manufacturing plants, inefficiencies in production, and rising labor costs due to increased hiring and wage inflation [2] - The manufacturing ASP (Average Selling Price) turned positive after five consecutive quarters of decline, driven by a favorable order mix [3] - The retail business saw a further decline in revenue in April 2025, with a year-on-year decrease of 7.7% [4] - The company is positioned as a global leader in athletic shoe manufacturing, benefiting from a strong market share among top sports brands and a vertically integrated supply chain [5] Summary by Sections Financial Performance - Q1 2025 manufacturing revenue and net profit were $132.8 million and $6.4 million, respectively, with year-on-year changes of +5.9% and -24.6% [3] - The gross margin for Q1 2025 was 17.7%, a decrease of 2.6 percentage points year-on-year, attributed to uneven capacity utilization and rising labor costs [3] - The company forecasts revenue for 2025-2027 to be $8.69 billion, $9.09 billion, and $9.43 billion, respectively, with a downward adjustment in net profit estimates to $460 million, $520 million, and $560 million [5][7] Retail Business - The retail segment reported Q1 2025 revenue and net profit of $51.07 million and $1.38 million, respectively, reflecting a year-on-year decline of 5.4% and 20.7% [4] - The number of direct-operated stores decreased by 1.3% year-on-year to 3,437, with 11 stores closed compared to the end of 2024 [4] Investment Outlook - Short-term challenges include potential impacts from tariffs and inflation on consumer confidence, particularly affecting Q3 orders [5] - The company is expected to maintain low to mid-single-digit growth in orders for the year, supported by capacity expansion and positive price growth [5] - Long-term, the company has room for improvement in net profit margins compared to peers [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21 HKD, representing a potential upside of over 20% from the current price of 13.42 HKD [5][14]. Core Insights - The company is raising up to 210 million HKD through a placement of shares at 11.99 HKD each, which is a discount of approximately 6.91% from the last closing price [1]. - The funds raised will be used to enhance collaboration with leading companies in AI and e-commerce, aiming to expand technology revenue and improve AI research capabilities [1][4]. - The strategic partnerships with Jingtai Holdings and Jiaoge Friends Holdings are expected to leverage AI research and e-commerce strengths, respectively, to enhance the company's market position [3][4]. Financial Projections - Revenue forecasts for FY2025, FY2026, and FY2027 are projected at 1.111 billion HKD, 1.346 billion HKD, and 1.615 billion HKD, respectively, with net profit estimates of 498 million HKD, 653 million HKD, and 836 million HKD [4]. - The company’s total market capitalization is approximately 13.29 billion HKD, with a total share capital of 990.26 million shares [6]. - The company has a net asset value per share of 4.45 HKD and a debt-to-asset ratio of 61.18% [6].

Investment Rating - The report assigns a "Buy" rating to China Unicom (0762.HK) [4][6] Core Viewpoints - China Unicom is positioned as a leading integrated information service operator, with a focus on digital information services and cloud business as a second growth curve [1][3] - The company achieved revenue of 389.6 billion RMB in 2024, a year-on-year increase of 4.6%, and a net profit of 20.6 billion RMB, up 10.1% year-on-year [1][5] - The company has a robust dividend yield averaging over 6% over the past five years, indicating strong defensive attributes [4] Summary by Sections Company Overview - China Unicom was established in 1994 and operates in 31 provinces in China and several countries worldwide, ranking 279th in the 2024 Fortune Global 500 [1][13] Business Segments - The company focuses on two core business areas: "Connected Communication" and "Intelligent Computing" [2][3] - The Connected Communication segment generated revenue of 261.3 billion RMB in 2024, growing by 1.5% year-on-year, with mobile and broadband user numbers reaching 470 million [2][45] - The Intelligent Computing segment, which includes Unicom Cloud, generated revenue of 68.6 billion RMB in 2024, a 17.1% increase year-on-year, and is expected to become a key growth driver [2][3] Financial Performance - The company forecasts net profits of 21.7 billion RMB, 23.2 billion RMB, and 25.1 billion RMB for 2025, 2026, and 2027 respectively [4][5] - The average P/E ratios for 2025 and 2026 are projected at 12x and 11x, respectively, which are below the average for comparable companies [4] Industry Environment - The telecommunications industry in China is experiencing a slowdown, with overall revenue growth of 3.2% in 2024, but emerging businesses like cloud computing and big data are growing steadily [26][29] - New business revenue accounted for 25% of total telecommunications revenue in 2024, with cloud computing and big data revenues increasing by 13.2% and 69.2% respectively [29][40] Strategic Initiatives - China Unicom is enhancing its cloud capabilities through the integration of AI technologies, aiming to transform its business model from resource leasing to AI-enabled services [40][41] - The company has established over 300 integrated training and inference computing resource pools, with a total computing power exceeding 17 EFLOPS [47]

Investment Rating - The investment rating for the company is "Accumulate" [8][15]. Core Views - The company demonstrates significant growth potential, with its business in the robotic ecosystem and parking asset management achieving breakthroughs. In 2024, both segments drove high revenue growth and provided unexpected dividends to shareholders [4][8]. - The company is expected to continue focusing on "asset circulation + intelligent operation" in 2025, with anticipated earnings per share (EPS) of HKD 0.08, 0.10, and 0.12 for 2025 to 2027, respectively. A price-to-earnings (PE) ratio of 30X is applied for 2025, suggesting a target price of HKD 2.44 [8][9]. Financial Summary - Revenue for 2024 is projected at HKD 1.215 billion, a year-on-year increase of 37.5%. The revenue from asset operation is expected to be HKD 921 million, up 40%, while asset financing revenue is projected at HKD 294 million, a 30.7% increase. Gross profit is estimated at HKD 507 million, reflecting a 41% increase [7][8]. - The net profit attributable to the parent company is forecasted at HKD 410 million, a slight increase of 1.6% year-on-year, primarily due to a decline in dividend income from Shougang Resources and changes in the fair value of investment properties [8][9]. - The company maintains a strong cash reserve, with cash and cash equivalents expected to reach HKD 4.625 billion by 2025, supporting its business expansion [9]. Business Growth - The company is building a robust robotic ecosystem, planning to invest in 40 to 50 top robotic companies over the next 2 to 3 years to enhance product deployment and service offerings [8][9]. - In parking asset management, the company is expanding its "parking + charging" asset scale, with new projects at major transportation hubs, which is expected to drive dual growth in parking and charging revenues [8][9]. Dividend Policy - The total dividend payout for 2024 is projected to be approximately HKD 1.096 billion, exceeding market expectations, reflecting the company's confidence in its long-term investment value [8][9].

Investment Rating - The report assigns a "Buy" rating for the company [9]. Core Insights - The company has a solid industry leadership position, with a focus on product innovation and channel reform to drive growth. The financial performance shows a stable revenue increase and a rebound in profitability, supported by effective cost management and expansion into overseas markets [4][9]. Financial Summary - For FY2023, the company reported revenue of 23,586.33 million CNY, with a year-on-year growth of 2.87%. The net profit attributable to the parent company was 3,990.47 million CNY, reflecting an 18.36% increase from the previous year. The earnings per share (EPS) for FY2023 was 0.34 CNY, with a price-to-earnings (PE) ratio of 12.88 and a price-to-book (PB) ratio of 3.13 [2][4]. Business Performance - The company has shown a compound annual growth rate (CAGR) of 2.55% in revenue and 4.21% in net profit from FY2017 to FY2023. The gross profit margin for FY2023 was 46.60%, and the return on equity (ROE) was 25.73% [4][36]. Market Trends - The report highlights a shift towards health-oriented products, with significant growth in the health snack segment, which is expected to grow at a CAGR of 7.20%. The company is also expanding its presence in e-commerce and overseas markets, which are projected to contribute to future revenue growth [3][4]. Product and Channel Strategy - The company is focusing on product innovation, with a strong emphasis on health and wellness trends. It is also reforming its distribution channels to enhance efficiency and reach, including a significant push into e-commerce and international markets [3][4][9].