Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (3668 HK) with an updated target price of HKD 39.00, reflecting a potential upside of 10.2% based on the current price of HKD 35.40 [4][6]. Core Views - The company's FY25 net profit attributable to shareholders decreased by 63.8% to AUD 44 million, primarily due to increased operating expenses and depreciation/amortization [1]. - Despite the profit decline, the average cash operating cost per ton of coal fell by 1.1% to AUD 92, nearing the lower end of the company's guidance [1]. - The average selling price of coal dropped by 17.0% to AUD 146 per ton, with thermal coal prices down 15.0% and metallurgical coal prices down 26.4% [1]. - The report anticipates a recovery in coal prices and sales volume in the long term, driven by increased energy demand from the AI industry [2]. - The company has set achievable operational guidance for FY26, including coal production of 36.5-40.5 million tons and cash operating costs of AUD 90-98 per ton [3]. Financial Summary - For FY25, total revenue decreased by 13.3% to AUD 594.9 million, while net profit fell significantly [5]. - The report projects a rebound in net profit for FY26 and FY27, with expected growth rates of 28.1% and 9.4%, respectively [4]. - Key financial metrics for FY26 include projected revenue of AUD 619.8 million and net profit of AUD 563 million, with earnings per share expected to rise to AUD 0.43 [5][15].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company is a leading player in the automotive motor sector, focusing on both automotive and industrial applications, and is expanding into the AIDC liquid cooling and robotics markets to drive future growth [3][16]. - The automotive micro-motor market is expected to grow significantly, with a projected global market size of approximately 160.2 billion yuan by 2032, reflecting a CAGR of 4% from 2026 to 2032 [2]. - The company has established a strong customer base, including major clients like Bosch, Continental, and Volkswagen, which enhances its market position and reduces the threat from new entrants [2][3]. Company Overview - The company has a global presence across four continents and twenty countries, achieved through strategic acquisitions and divestitures, focusing on core automotive and industrial products [3][19]. - The company has been in operation since 1959, initially in the toy industry, and has since expanded into the automotive sector, establishing a significant footprint in various international markets [16][19]. Financial Performance - The company’s revenue is projected to grow from 3.814 billion USD in 2024 to 4.265 billion USD in 2028, with a CAGR of 8.9% [5]. - The net profit attributable to the parent company is expected to increase from 229 million USD in 2024 to 328 million USD in 2028, reflecting a growth rate of 8.9% [5]. - The company’s gross margin is expected to improve from 22.3% in 2024 to 24.3% in 2028, indicating enhanced profitability [12][45]. Market Trends - The report highlights the accelerating penetration of electric and intelligent vehicles, which is driving the demand for micro-motors in various automotive applications [47]. - The AIDC liquid cooling market is projected to reach 16.2 billion USD by 2029, with a CAGR of 47%, indicating a significant growth opportunity for the company’s liquid cooling products [3][19]. Product Segmentation - The company’s automotive product portfolio includes electric power steering motors, electric parking brake motors, and various actuators, which are critical for modern vehicle functionalities [27]. - The industrial product segment includes components for heating and ventilation, power and gas metering, and electric bicycles, contributing to a diversified revenue stream [27]. Strategic Initiatives - The company is actively investing in robotics and AIDC liquid cooling technologies, positioning itself for future growth in these emerging markets [3][19]. - A joint venture with Shanghai Mechanical and Electrical Co. aims to develop high-performance robotic components, further enhancing the company’s capabilities in the robotics sector [3][16].

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a total sales volume of 206,000 units in February 2026, representing a year-on-year increase of 0.6% but a month-on-month decrease of 23.7%. Cumulative sales for January and February 2026 reached 476,000 units, up 1.0% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability [2][8]. - Geely's strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets. The company is set to accelerate its smart driving capabilities as part of its intelligent strategy [2][8]. Summary by Relevant Sections Sales Performance - In February 2026, Geely's sales included 155,000 units from the Geely brand, 27,000 units from Lynk & Co, and 24,000 units from Zeekr, with year-on-year changes of -10.8%, +58.7%, and +70.0% respectively. The export volume was 61,000 units, showing a significant year-on-year increase of 138.3% [8]. - The new energy vehicle sales reached 117,000 units in February, marking a year-on-year increase of 19.4%, with a new energy vehicle share of 57.0%, up 9.0 percentage points year-on-year [8]. Strategic Outlook - Geely aims for a total sales target of 3.45 million units in 2026, representing a year-on-year increase of 14%. The breakdown includes 2.75 million units from the Geely brand, 400,000 from Lynk & Co, and 300,000 from Zeekr [8]. - The company is focusing on brand strategy, with efforts in electrification and intelligence, supported by a strong new vehicle cycle that is expected to enhance profitability significantly [2][8].

Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi (3306.HK) with a target price of HKD 26.03, indicating a potential upside of 24.2% from the current price of HKD 20.96 [1][5][17]. Core Insights - For FY26H1, Jiangnan Buyi reported a revenue of HKD 3.376 billion, representing a year-on-year increase of 7.0%. The net profit reached HKD 676 million, up 11.9% year-on-year, exceeding expectations due to improved net profit margins [3][8]. - The company has slightly raised its full-year net profit guidance to approximately HKD 9.5 billion, corresponding to a net profit margin of about 16%, up from the previous estimate of 15% [4][15]. - Jiangnan Buyi plans to enhance its international brand presence and is in the early stages of forming an international team to support this initiative, which aligns with the demand for designer brands in international markets [4][15]. Financial Performance - The company achieved a gross profit of HKD 2.246 billion in FY26H1, with a gross margin of 66.5%, an increase of 1.4 percentage points year-on-year [3][8]. - The expected revenue for FY26 is projected at HKD 60.2 billion, with subsequent years forecasted at HKD 65.3 billion for FY27 and HKD 70.1 billion for FY28, reflecting year-on-year growth rates of 8.5% and 7.2% respectively [5][16]. - The expected net profit for FY26 is estimated at HKD 9.8 billion, with growth rates of 9.5%, 10.5%, and 9.2% for FY26, FY27, and FY28 respectively [5][16]. Brand and Channel Performance - Revenue from the mature brand JNBY was HKD 1.860 billion, up 5.7% year-on-year, while the emerging brands saw a significant increase of 22.4% [7][10]. - The gross margin for the JNBY brand was 69.4%, an increase of 1.8 percentage points year-on-year, indicating strong brand performance [10][11]. - The company has opened 46 new stores, bringing the total to 2,163, with a focus on expanding both mature and growth brands [12][14]. Operational Efficiency - Jiangnan Buyi has demonstrated effective inventory management, with inventory growth lower than revenue growth, and a healthy accounts receivable turnover of 9.2 days [12][13]. - Active membership has increased by 9% year-on-year, with a total of 590,000 active members contributing significantly to sales [13][14].

Investment Rating - The report maintains a "Buy" rating for Sino Land Company Limited (00083) [1] Core Insights - Sino Land's performance for the first half of the 2026 fiscal year met expectations, with core profit remaining stable at HKD 2.2 billion, primarily impacted by foreign exchange losses on US dollar deposits [1] - After accounting for contributions from associates and joint ventures, the group's profit before tax increased by 17% year-on-year to HKD 2.4 billion, driven by higher revenue from property development [1] - The target price has been raised from HKD 14.6 to HKD 15.2, reflecting an upward revision of earnings per share forecasts for the fiscal years 2026 to 2028 by 8%, 1%, and 1% respectively [1] Financial Performance - The profit margin for property development remained low at 7.2%, indicating high land acquisition costs from previous years [1] - The management's outlook on the market is increasingly positive, citing improved sentiment in the Hong Kong property market since the end of 2025, which supports gradual price increases for new projects [1] - The group recorded contract sales of HKD 6.4 billion in the first half of the fiscal year, with an additional HKD 1.5 billion recorded since then, leaving HKD 6.1 billion yet to be recognized [1] Future Expectations - Sino Land is expected to see an improvement in property development profit margins from 10% in fiscal year 2026 to 21% by fiscal year 2028 [1] - There is an anticipated recovery in retail tenant sales, while negative rental growth for office renewals may persist; however, opportunities are seen in shared workspaces and demand from small and medium enterprises [1]

Investment Rating - The report assigns an "Overweight" rating to MiniMax (00100) due to its unique combination of technical strength, multi-modal commercialization potential, and global scalability in the AI foundational model sector [1] Core Insights - The target price for MiniMax is set at HKD 1000, based on a projected 30x price-to-earnings ratio for 2030, discounted using a weighted average cost of capital of 15% [1] - MiniMax's Q4 2025 performance exceeded market consensus expectations, with a gross margin of 29.7%, an improvement from 23.3% in the first nine months of 2025 [1] - The company reported a rapid increase in token demand from 2026 onwards, with the daily token consumption of the M2 series text model growing sixfold from December of the previous year to February of this year, indicating strong API demand that supports the visibility of over 100% revenue growth for the current year [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a sales figure of $1.1 billion for Zebutinib in Q4, representing a year-over-year increase of 38% and a quarter-over-quarter increase of 10%. Sales in the U.S. reached $845 million, with a year-over-year increase of 37% and a quarter-over-quarter increase of 14% [1] - The gross margin improved by 4.7 percentage points year-over-year to 90.5%, while the general and administrative expense ratio decreased by 7.7 percentage points year-over-year. The non-GAAP net profit surged to $225 million year-over-year [1] - The company guides for revenue between $6.2 billion to $6.4 billion by 2026, with GAAP operating expenses projected at $4.7 billion to $4.9 billion, and a gross margin expected to remain high in the 80% range. The non-GAAP net profit is forecasted to be between $1.4 billion to $1.5 billion [1] Business Focus Areas - The company is focusing on four major areas: 1) Chronic Lymphocytic Leukemia (CLL): Sotoclisib is expected to be launched in Europe and the U.S. within the year, with BTKCDAC anticipated to submit for approval in the second half of 2026. The fixed-cycle therapy of Zebutinib and Sotoclisib has recently initiated a Phase III trial [2] 2) Other Hematological Malignancies: Leveraging Zebutinib, Sotoclisib, and CD19/CD20 targeted tri-antibodies, bispecific antibodies, and cell therapies to expand into other lymphomas, multiple myeloma (MM), and acute myeloid leukemia (AML) indications [2] 3) Solid Tumors: Focused on breast cancer, lung cancer, and gastrointestinal tumors. Recent success in PD-1 and HER2 bispecific antibody combined with chemotherapy in first-line HER2+ gastric cancer is expected to expand overseas application scenarios. CDK4, B7H4ADC, and GPC3/4-1BB bispecific antibodies are either in or will initiate registration studies within the next 12 months [2] 4) Inflammation/Immunology: Early data for BTKCDAC and IRAK4CDAC is expected to be read out in 2026 [2]

Investment Rating - The report assigns a "Neutral" rating to Goldwind Technology (02208) with an H-share target price raised from HKD 12 to HKD 14 [1] Core Insights - The profit forecast for Goldwind Technology from 2025 to 2027 is projected to range between 7% and 23%, primarily due to the absence of positive earnings surprises by the end of January, indicating that last year's net profit growth should be less than 50% [1] - Investor interest in China's commercial aerospace sector is rapidly increasing, driven by Blue Arrow Aerospace's IPO application expected by the end of 2025 [1] - Goldwind Technology holds a 4.14% stake in Blue Arrow Aerospace, leading to a reassessment of its asset value; however, the responses from various listed companies have been markedly different [1] - Since November 1, 2025, Goldwind Technology's market value has increased by over RMB 30 billion, yet the H-share price has remained flat, suggesting that the A-share price has driven the increase while H-share investors remain cautious [1]

Investment Rating - The report assigns a "Market Perform" rating to the company with a target price of HKD 10.6 [1] Core Insights - The company's performance for the first half of the fiscal year 2026 met expectations, with a basic profit of approximately HKD 2.22 billion, while basic earnings per share decreased by 6.3% year-on-year to HKD 0.24 due to an expanded share base [1] - The interim dividend remains unchanged at HKD 0.15, and the report anticipates that the option for scrip dividends may cease in the short term, with potential announcements for share buybacks and increased dividends during the final earnings report [1] - As of the end of last year, the company's net cash increased by HKD 1.9 billion to HKD 51.4 billion, primarily due to increased property sales receipts [1] - Interest income declined by 14% year-on-year, influenced by a drop in Hong Kong interbank offered rates [1] - The report highlights a strong momentum in the physical market with recorded sales of HKD 6.4 billion for the first half of fiscal year 2026 and HKD 1.5 billion in contract sales year-to-date [1] - It is expected that the profit margin for residential property development may have bottomed out, with unrecognized sales amounting to HKD 4.6 billion and anticipated higher profit margins from land acquired post-2023, estimated to reach high single digits [1]

Investment Rating - The investment rating for China Merchants Energy (中远海能) has been upgraded from "Neutral" to "Overweight" for A-shares, while maintaining an "Overweight" rating for H-shares [1] Core Insights - The report highlights three structural shocks (Iran, compliance-driven capacity tightening, and market consolidation) that have reshaped the profitability of Very Large Crude Carriers (VLCCs), positioning them at a higher level [1] - The report indicates that Venezuelan crude oil has shifted back to compliant trade channels, tightening the effective supply of mainstream oil tankers without increasing the total global capacity [1] - The escalation of tensions around the Strait of Hormuz and the Suez Canal on February 28 has shifted the freight market from reflecting geopolitical "risk premiums" to reflecting actual "logistics disruptions" [1] - Sinokor currently controls over 150 VLCCs, accounting for approximately 20% of the global VLCC capacity, which structurally reduces liquidity in the spot market and exacerbates the response of freight rates to demand shocks [1] Financial Projections - Under the base case scenario, the forecast for the TD3C benchmark freight rate average for the fiscal year 2026 has been raised from $90,000 per day to $115,000 per day [2] - Despite an increase in cost forecasts, the profit estimates for China Merchants Energy for the years 2025 to 2027 have been raised by 3%, 18%, and 13% respectively [2] - Year-to-date, the H-shares and A-shares of China Merchants Energy have risen by 114% and 94% respectively, reflecting the tightening of compliant capacity supply and geopolitical risks in the Middle East [2]