Investment Rating - The report maintains an "Outperform" rating for BeiGene with a target price of HK$182.35, while the current price is HK$141.00 [2][6]. Core Insights - In Q1 2025, BeiGene achieved revenue of USD1.12 billion, a year-on-year increase of 48.6%, with product revenue at USD1.11 billion. The net income attributable to shareholders was USD1.27 million, marking the first quarterly recurring business profit under US GAAP [3][13]. - The growth in overseas revenue, particularly from BRUKINSA, was a significant driver for the company's turnaround to profitability [4][14]. - The management has maintained its full-year revenue guidance of USD4.9 billion to USD5.3 billion, indicating confidence in future performance [3][13]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: USD5.01 billion in FY2025, and USD6.03 billion in FY2026, reflecting growth rates of 31% and 20% respectively [11]. - The net profit is expected to turn positive in FY2025 with a forecast of USD34 million, and further increase to USD390 million in FY2026, showing a significant recovery from previous losses [11]. - Gross profit margin (GPM) is projected to improve slightly from 84.7% in FY2025 to 85.0% in FY2026 [11]. Product Performance - BRUKINSA generated revenue of USD790 million in Q1 2025, a year-on-year increase of 62.1%. The U.S. sales reached USD563 million, while European sales were USD116 million, indicating strong international demand [4][14]. - The report highlights that BRUKINSA's terminal sales in hospitals increased by 9.2% quarter-on-quarter, suggesting continued growth potential [4][14]. Expense Management - The report notes continuous optimization of expense ratios, with a gross profit margin of 85.2% in Q1 2025, up by 1.9 percentage points year-on-year. R&D expenses were USD482 million, with a reduced R&D expense ratio of 43.1% [5][15]. - Operating profit improved to USD11.1 million in Q1 2025, compared to a loss of USD261 million in the same quarter of the previous year [5][15].

Core HCM 稳健增长，关注 AI+人力商业化前景 ——北森控股（9669.HK）FY25 业绩前瞻 2025 年 5 月 7 日 公司研究 | 指标 | FY2023 | FY2024 | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 751 | 855 | 943 | 1,043 | 1,150 | | 营业收入增长率 | 10.5% | 13.8% | 10.3% | 10.7% | 10.2% | | 经调整归母净利润（百万元） | -301 | -105 | -60 | 20 | 104 | | SPS（元） | 1.0 | 1.2 | 1.3 | 1.4 | 1.6 | | PS | 5.5 | 4.8 | 4.4 | 3.9 | 3.6 | 资料来源：公司公告，光大证券研究所预测 注：股价时间为 2025-5-6，汇率为 1 港币=0.9290 人民币。注：北森控股财 年时间为上年 4 月 1 日至该年 3 月 31 日，FY2025 为 2024-4-1 至 2025-3- ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 5.79, indicating a potential upside of 64% from the current price [3]. Core Insights - The company, Global New Materials International, is a leading player in the pearlescent materials sector, with a strong focus on international expansion through mergers and acquisitions [1][6]. - The company has demonstrated impressive revenue growth, with a projected compound annual growth rate (CAGR) of 30.2% from 2019 to 2024, increasing from CNY 441 million in 2019 to CNY 1.649 billion in 2024 [1][13]. - The company maintains a stable gross margin around 50%, expected to reach 53% in 2024, reflecting strong profitability [1][20]. Summary by Sections Section 1: Company Overview and Growth Strategy - Global New Materials International is recognized as a national high-tech enterprise specializing in the research, production, and sales of pearlescent materials and synthetic mica [6]. - The company has successfully completed acquisitions, including that of South Korea's CQV, enhancing its global market presence [1][9]. - The company’s revenue is expected to continue growing, with estimates of CNY 2.229 billion, CNY 2.900 billion, and CNY 3.631 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 35.2%, 30.1%, and 25.2% [3][13]. Section 2: Market Potential and Industry Dynamics - The global market for pearlescent materials was valued at CNY 23.5 billion in 2023, with a projected CAGR of 9.4% from 2023 to 2030, reaching CNY 44 billion by 2030 [2][50]. - Pearlescent materials are increasingly replacing traditional pigments due to their superior color and functionality, with diverse applications across various industries [2][28]. - The industry has high barriers to entry, with production processes being complex and requiring significant technical expertise, which helps maintain stable pricing and market share for leading companies [2][50]. Section 3: Research and Development Focus - The company places a strong emphasis on R&D, with expenditures increasing from CNY 23 million in 2019 to CNY 75 million in 2023, reflecting a CAGR of 34% [56]. - The company has developed a comprehensive product portfolio, with over 2,100 types of pearlescent materials, of which more than 50% are high-end products [61]. - Continuous innovation in product development and production processes is expected to drive future growth and maintain competitive advantages [56][62]. Section 4: Financial Projections and Valuation - The company’s net profit is projected to grow from CNY 242 million in 2024 to CNY 617 million by 2027, with corresponding growth rates of 33.4%, 39.0%, and 34.7% [3][15]. - The report estimates a reasonable price-to-earnings (PE) ratio of 20 for 2025, indicating strong valuation potential compared to peers [3]. - The company’s gross margin is expected to improve, reaching 53% in 2024, driven by cost reduction and efficiency improvements [20][21].

Investment Rating - The report initiates coverage with an "Outperform" rating for Mixue Group, assigning a target price of HK$565 based on a 39x P/E ratio for 2025, indicating an 11% upside potential from the current price of HK$510.50 [3][16][13] Core Insights - Mixue Group is the leading freshly-made beverage company in China, with a total of 46,479 stores globally as of the end of 2024, making it the largest in terms of store count [7][8] - The company holds a 20.2% market share in China's freshly-made tea market, which is twice that of the second-largest competitor, and is also the largest freshly-made tea brand in Southeast Asia [7][8] - The freshly-made beverage market in China reached RMB 517.5 billion in 2023, with a projected CAGR of 22.2% from 2023 to 2028, driven by the demand for value-for-money products [9][22] - Mixue's core products are priced between RMB 2 and RMB 8, making them highly competitive and appealing to cost-conscious consumers [9][39] - The company has established the largest and most digitized supply chain in the industry, ensuring high-quality and cost-effective product offerings [10][66] - Mixue has successfully created a super brand IP, "Snow King," which enhances consumer engagement and marketing efficiency, with branding expenses accounting for only 0.9% of revenue in 9M24 [11][11] - Revenue and net profit are expected to grow at CAGRs of 19% and 18% respectively from 2024 to 2027, primarily driven by the opening of new franchise stores [12][17] Financial Data and Earnings Forecast - The projected financial performance for Mixue Group is as follows: - Revenue (in million RMB): 20,302 in 2023, 24,829 in 2024, 29,973 in 2025E, 35,537 in 2026E, and 41,992 in 2027E, with growth rates of 50%, 22%, 21%, 19%, and 18% respectively [6] - Net Profit (in million RMB): 3,187 in 2023, 4,454 in 2024, 5,173 in 2025E, 6,183 in 2026E, and 7,369 in 2027E, with growth rates of 57%, 41%, 16%, 20%, and 19% respectively [6] - Earnings per Share (in RMB): 8.7 in 2023, 12.3 in 2024, 14.3 in 2025E, 17.1 in 2026E, and 20.4 in 2027E [6] Competitive Advantages - Mixue Group is the only company among the top five in the freshly-made beverage sector that focuses on the mass market, providing high-quality products at affordable prices [9][39] - The company has a simple product layout with high sales of evergreen products, including Freshly-Squeezed Lemonade, Fresh Ice Cream, and Bubble Tea, which together account for over 40% of revenue [63][63] - The extensive supply chain network allows Mixue to maintain quality and control costs effectively, enhancing its competitive edge in the market [66][69]

Investment Rating - The report assigns an "Accumulate" rating to the company [4][7]. Core Insights - AIA Group, a century-old life insurance giant, has demonstrated steady growth in performance, with a record high after-tax operating profit of $6.605 billion in 2024, reflecting a year-on-year increase of 6.3% [1]. - The company has a strong capital adequacy ratio of 257% in 2024, significantly exceeding regulatory requirements, indicating robust financial health [1][34]. - The new business value increased by 18% year-on-year to $4.712 billion, with a value rate of 54.5%, showcasing strong growth momentum [1]. Summary by Sections 1. A Century of AIA, A Model of Life Insurance - AIA Group is the largest independent listed life insurance group in the Asia-Pacific region, with operations in 18 markets [14]. - The company has a diversified ownership structure, with major shareholders being institutional investors, which supports effective management decision-making [20][22]. 2. High-Quality Agents and High-Value Products Build Competitive Advantage - The agent channel has been optimized, with a new business value growth of 15.2% in 2024, and a new business value rate of 67.6%, maintaining industry leadership [2]. - The company has established long-term strategic partnerships with leading banks in the Asia-Pacific region, enhancing its reach to high-value customers [2]. 3. Focus on the Asia-Pacific Market to Share Development Dividends - AIA's strategy in mainland China, known as "Split Reform Subsidiary," has accelerated market expansion, achieving a new business value rate of 56.1% in 2024, significantly above the industry average [3]. - The Hong Kong market has shown recovery, with a 23% year-on-year increase in new business value, regaining its top position in the group's regional contributions [3]. 4. Profit Forecast and Valuation - The company is expected to achieve insurance revenue of $20.841 billion, $22.436 billion, and $24.168 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of $7.112 billion, $7.701 billion, and $8.354 billion [4]. - The average PEV valuation since 2016 has been around 2.1x, higher than domestic insurance companies, indicating a strong market position [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][8]. Core Insights - The company achieved a revenue of 79.12 billion RMB in Q1 2025, reflecting a year-over-year (YOY) growth of 10.0%. The net profit attributable to shareholders was 5.49 billion RMB, with a YOY increase of 15.1% [5]. - The growth in emerging markets is robust, with overseas revenue increasing by 13% YOY. Notably, South Asia, Southeast Asia, and the Middle East and Africa markets saw revenue growth exceeding 30%, 20%, and 50%, respectively [5]. - Domestic sales benefited from national subsidy policies, with a 7.8% YOY growth in Q1 2025, particularly in high-end brands like the Casarte series, which grew over 20% [5]. - The gross margin slightly increased to 25.4%, up by 0.1 percentage points YOY, driven by digital transformation in procurement, R&D, and manufacturing [5]. - The company launched a core employee stock ownership plan to enhance employee motivation, with a target return on equity (ROE) of over 17.7% [5]. Financial Projections - The company forecasts net profits of 21.66 billion RMB, 23.73 billion RMB, and 26.29 billion RMB for 2025, 2026, and 2027, respectively, with YOY growth rates of 15.6%, 9.5%, and 10.8% [7]. - Earnings per share (EPS) are projected to be 2.31 RMB, 2.53 RMB, and 2.80 RMB for the same years, with corresponding growth rates of 14.27%, 9.54%, and 10.81% [7]. - The report indicates that the H-share price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are expected to be 9X, 8X, and 7.59X, respectively, suggesting that the stock is undervalued [5][7]. Market Position - The company has a diversified product portfolio, with refrigerators accounting for 29.3%, washing machines for 22.2%, and air conditioners for 17.2% of its revenue [5]. - The total market capitalization of the company is approximately 185.97 billion RMB, with a share price of 22.90 HKD as of May 6, 2025 [5].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4] Core Viewpoints - Tencent showcased 46 products at the SPARK 2025 game launch event, highlighting its comprehensive capabilities in development, publishing, and investment [1] - The report emphasizes Tencent's strong research and development capabilities, particularly in adapting popular PC game IPs into mobile formats, which is expected to yield ongoing benefits [1][2] - Tencent's investment in external companies is anticipated to enhance its IP portfolio and improve its capabilities in the overseas PC gaming market, contributing to long-term growth [1][2] Summary by Sections Product Development and Investment - Tencent's game publishing strategy has evolved to include a focus on investment, showcasing successful overseas ventures and a clear direction for future IP and PC game development [1] - The report notes that the Chinese mobile gaming market is expected to maintain a significant global share, with Tencent's investments likely to bolster its competitive edge in the PC gaming sector [1] User Engagement and Market Position - Tencent's gaming user engagement remains robust, with a reported 66.5% share of industry usage time, indicating a strong operational advantage [2] - The upcoming release of new titles is expected to mitigate growth pressures from high baseline comparisons in the latter half of 2025 [2] Financial Projections - The report projects Tencent's Non-IFRS net profit to reach 254.72 billion RMB in 2025, with a slight upward revision from previous estimates [2][10] - The target price for Tencent's stock has been adjusted to 605 HKD, reflecting confidence in its sustained performance across gaming and digital content sectors [2][4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][8]. Core Insights - The company achieved a revenue of RMB 79.12 billion in Q1 2025, representing a year-over-year (YOY) growth of 10.0%. The net profit attributable to shareholders was RMB 5.49 billion, with a YOY increase of 15.1% [5]. - Emerging markets are driving rapid growth, with overseas revenue increasing by 13% YOY. Notably, South Asia, Southeast Asia, and the Middle East and Africa saw revenue growth exceeding 30%, 20%, and 50%, respectively [5]. - Domestic sales benefited from national subsidy policies, with a YOY growth of 7.8%, particularly in high-end brands like the Casarte series, which grew over 20% [5]. - The gross margin slightly increased to 25.4%, up by 0.1 percentage points YOY, driven by digital transformation in procurement, R&D, and manufacturing [5]. - The company launched a core employee stock ownership plan to enhance employee motivation, covering a wide range of participants [5]. Financial Summary - The company forecasts net profits of RMB 21.66 billion, RMB 23.73 billion, and RMB 26.29 billion for 2025, 2026, and 2027, respectively, with YOY growth rates of 15.6%, 9.5%, and 10.8% [7]. - Earnings per share (EPS) are projected to be RMB 2.31, RMB 2.53, and RMB 2.80 for the same years, with corresponding growth rates of 14.27%, 9.54%, and 10.81% [7]. - The H-share price-to-earnings (P/E) ratios are expected to be 9X, 8X, and 8X for 2025, 2026, and 2027, indicating a low valuation [5][7]. - The dividend per share (DPS) is projected to be RMB 1.15, RMB 1.26, and RMB 0.98 for the next three years, with a dividend yield of approximately 4.59% [7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][12]. Core Insights - The company reported a total revenue of RMB 128.43 billion for Q1 2025, reflecting a year-over-year increase of 20.6%. The net profit attributable to the parent company was RMB 12.42 billion, up 38.0% year-over-year, slightly exceeding expectations due to government appliance subsidy policies and foreign exchange gains [10]. - The company's smart home business saw a revenue increase of 17.4% year-over-year, driven by the national appliance replacement policy and strong overseas sales growth. The commercial and industrial solutions segment grew by 25.3%, with the new energy and industrial technology segment experiencing a remarkable 45% growth [10]. - The report forecasts net profits for 2025, 2026, and 2027 to be RMB 44.46 billion, RMB 48.02 billion, and RMB 52.17 billion, respectively, with year-over-year growth rates of 15.4%, 8.0%, and 8.6% [10]. Company Overview - The company operates in the home appliance industry, with a current H-share price of HKD 74.45 and a target price of HKD 96 [3][2]. - Major shareholders include Midea Holding Co., Ltd., which holds 28.32% of the shares [3]. - The company has a market capitalization of approximately RMB 488.35 billion [3]. Financial Performance - The company’s earnings per share (EPS) for 2025 is projected to be RMB 5.80, with a price-to-earnings (P/E) ratio of 12X for H-shares [10]. - The dividend per share (DPS) is expected to be RMB 3.48 for 2025, yielding a dividend yield of 4.70% [10]. Sales and Profitability - The report notes a change in sales structure affecting gross margins, with a slight year-over-year decline in gross margin by approximately 1 percentage point due to accounting standard changes [10]. - Financial expenses decreased by 2.7 percentage points, primarily due to increased foreign exchange gains, impacting financial income by approximately RMB 2.8 billion [10].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 96 [2][6]. Core Insights - The company reported a total revenue of RMB 128.43 billion for Q1 2025, representing a year-over-year increase of 20.6%. The net profit attributable to the parent company was RMB 12.42 billion, up 38.0% year-over-year [10]. - The growth in the home appliance sector is driven by government subsidy policies and expansion into overseas markets. The smart home business saw a revenue increase of 17.4% year-over-year, while the commercial and industrial solutions segment grew by 25.3% [10]. - The company is expected to benefit from continued domestic sales growth due to appliance subsidy policies and ongoing international market expansion. The projected net profits for 2025-2027 are RMB 44.46 billion, RMB 48.02 billion, and RMB 52.17 billion, respectively, with year-over-year growth rates of 15.4%, 8.0%, and 8.6% [10]. Summary by Sections Company Basic Information - The company operates in the home appliance industry, with a current H-share price of HKD 74.45 and a market capitalization of RMB 488.35 billion [3]. - Major shareholder is Midea Holding Co., Ltd. with a 28.32% stake [3]. Recent Ratings - The last rating update was on March 18, 2025, with a closing price of HKD 80.2 and a "Buy" recommendation [4]. Financial Performance - The company’s net profit for 2023 is projected at RMB 33.72 billion, with an expected increase to RMB 38.54 billion in 2024 and RMB 44.46 billion in 2025 [9]. - The earnings per share (EPS) for 2025 is forecasted to be RMB 5.80, with a price-to-earnings (P/E) ratio of 12.77 for H-shares [9]. Revenue and Profit Forecast - The company’s total revenue is expected to reach RMB 454.4 billion in 2025, with a gross profit margin impacted by changes in sales structure [13]. - The financial forecast indicates a steady increase in operating income and net profit over the next few years, reflecting strong growth potential in both domestic and international markets [10][13].