Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook Enterprises (659 HK) with a target price raised to HKD 10.60, indicating a potential upside of 20.5% from the current price of HKD 8.80 [3][8]. Core Insights - The company's diversified business model demonstrates resilience and financial stability, contributing to growth. The financial services segment has emerged as a key growth driver, with a significant increase in operating profit and new business value [5][6]. - Chow Tai Fook's half-year results for 2026 show a 15% year-on-year increase in attributable profit to HKD 1.334 billion, supported by a 5.9% rise in total revenue to HKD 12.827 billion, driven by strong performance in the insurance business [5][6]. - The company continues to optimize its business portfolio, focusing on potential growth areas while maintaining a cautious outlook on logistics and construction segments [5][6]. Financial Overview - Revenue projections for the fiscal years ending June 30 are as follows: HKD 26,422 million in 2024, HKD 24,285 million in 2025, HKD 25,280 million in 2026E, HKD 26,559 million in 2027E, and HKD 28,018 million in 2028E, with a forecasted growth rate of 4.1% in 2026 [2][10]. - Core profit estimates are projected at HKD 2,818 million for 2024, HKD 2,162 million for 2025, and HKD 2,442 million for 2026E, reflecting a gradual recovery [2][10]. - The company reported a net debt ratio improvement to 34% as of June 30, 2025, down from 37% the previous year, indicating enhanced liquidity and financial health [5][6]. Business Segment Performance - The financial services segment saw a robust operating profit increase of 19% year-on-year to HKD 729 million, with annualized premium income rising by 48% and new business value up by 39% [5][6]. - The logistics and construction segments faced challenges, with profits declining by 14% and 21% respectively, while the strategic investment segment reported a significant profit increase of 78% [5][6]. - The company declared an interim dividend of HKD 0.28 per share, a 3% increase year-on-year, reflecting its commitment to providing consistent returns to shareholders [5][6].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][5] Core Views - The report highlights that Xiaomi's smartphone shipments in Q4 2025 were approximately 37.8 million units, a year-on-year decline of 11.4%, with a market share of 11.2%, placing it among the top three globally [1] - Xiaomi's high-end product strategy is expected to mitigate the pressure from rising storage costs, with the Xiaomi 17 series achieving strong sales [1] - The automotive segment is projected to deliver over 410,000 units in 2025, with a target of 550,000 units for 2026, indicating a positive growth trajectory [2] - The report anticipates Xiaomi's revenue for 2025-2027 to be 457.8 billion, 541.8 billion, and 644.4 billion CNY respectively, with non-GAAP net profits of approximately 38.6 billion, 37 billion, and 45 billion CNY [3][4] Financial Summary - Revenue for 2023 is projected at 270.97 billion CNY, with a year-on-year growth rate of -3%, followed by 365.91 billion CNY in 2024, representing a 35% increase [4][12] - Non-GAAP net profit is expected to rise from 19.27 billion CNY in 2023 to 38.58 billion CNY in 2025, reflecting a growth rate of 42% [4][12] - The gross margin is forecasted to be 21.2% in 2023, slightly decreasing to 20.5% by 2027 [12][11] - The report projects a decline in smartphone gross margin to over 8% in Q4 2025 due to increased storage costs [1] Market Position - Xiaomi's market share in the Chinese smartphone market is 13.2%, ranking it among the top five [1] - The company is focusing on high-end market penetration, with the Xiaomi 17 Pro Max achieving significant sales within the premium segment [1] - The automotive and AI innovation sectors are expected to contribute positively to Xiaomi's profitability as delivery volumes increase [2]

Investment Rating - The investment rating for Geely Automobile is maintained as "Buy" with a target price of 23.54 HKD [3][6]. Core Insights - Geely's export sales continue to grow significantly, with a year-on-year increase of 138.3% in February and 129.4% for the cumulative sales in January-February [10]. - The company is focusing on high-end brand development and expanding its overseas market presence, which is expected to contribute significantly to its performance in 2026 [10]. - The forecasted net profit attributable to the parent company for 2025-2027 is projected to be 17.04 billion, 20.60 billion, and 24.32 billion CNY respectively, indicating a strong growth trajectory [3]. Financial Performance Summary - Revenue for 2023 is projected at 179.20 billion CNY, with a year-on-year growth of 21.1%, and is expected to reach 448.69 billion CNY by 2027 [5][11]. - Operating profit is forecasted to grow from 3.81 billion CNY in 2023 to 23.17 billion CNY in 2027, reflecting a significant increase in profitability [5][11]. - The net profit margin is expected to improve from 3.0% in 2023 to 5.4% in 2027, indicating enhanced operational efficiency [5][11]. - The earnings per share (EPS) is projected to increase from 0.49 CNY in 2023 to 2.23 CNY in 2027 [5][11].

Investment Rating - The report assigns a "Buy" rating for Trip.com Group (09961.HK) with a current price of 51.48 USD / 391.00 HKD and a fair value of 66.48 USD / 519.98 HKD [8] Core Insights - Trip.com Group's international business continues to show high growth, with a strong performance in Q4 2025, achieving a net operating revenue of 15.4 billion RMB, a year-on-year increase of 21%. The adjusted net profit was 3.5 billion RMB, up 15% year-on-year [8] - The company's core OTA platform GMV reached approximately 1.1 trillion RMB in 2025, with international OTA platform bookings growing by about 60% [8] - The report highlights the rapid growth of inbound tourism, with the company serving around 20 million inbound travelers in 2025, and emphasizes the potential of markets in the Asia-Pacific region and the Middle East [8] Financial Forecast - The forecast for Trip.com Group's main revenue from 2024 to 2028 is as follows: - 2024: 53,294 million RMB - 2025: 62,409 million RMB (growth rate: 19.7%) - 2026: 71,522 million RMB (growth rate: 17.1%) - 2027: 81,541 million RMB (growth rate: 14.6%) - 2028: 92,694 million RMB (growth rate: 14.0%) [2] - Non-GAAP net profit is projected to be: - 2026: 20,094 million RMB (down 36.9% year-on-year) - 2027: 22,986 million RMB (up 14.4% year-on-year) - 2028: 25,993 million RMB (up 13.1% year-on-year) [2] Business Segment Analysis - Revenue from accommodation bookings in Q4 2025 was 6.3 billion RMB, up 21% year-on-year, driven by international and outbound demand. Transportation ticketing revenue was 5.4 billion RMB, up 12% year-on-year, while vacation revenue was 1.1 billion RMB, also up 21% year-on-year [8] - The contribution of international business to total revenue and bookings has increased to approximately 40% in 2025, up from 35% in 2024 [8] Market Performance - The report notes that Trip.com Group's global strategy has entered a harvest phase in 2025, with significant growth in inbound tourism and a focus on expanding in the Asia-Pacific region and other emerging markets [8]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [3][6] Core Views - Geely's export sales continue to grow, and the brand's high-end positioning is gradually showing results [2] - The company is expected to achieve significant net profit growth, with forecasts of 17.04 billion, 20.60 billion, and 24.32 billion RMB for 2025, 2026, and 2027 respectively, maintaining a target price of 23.54 HKD [3] - The report highlights the strong competitive position of Geely's products, as evidenced by positive sales growth despite a challenging market environment [10] Financial Performance Summary - Revenue projections for 2023A to 2027E are as follows: 179.20 billion, 240.19 billion, 319.44 billion, 387.36 billion, and 448.69 billion RMB, with year-on-year growth rates of 21.1%, 34.0%, 33.0%, 21.3%, and 15.8% respectively [5][11] - Operating profit is projected to increase significantly, with figures of 3.81 billion, 7.64 billion, 16.06 billion, 19.62 billion, and 23.17 billion RMB for the same years, reflecting growth rates of 4.3%, 100.8%, 110.0%, 22.2%, and 18.1% [5][11] - Net profit attributable to the parent company is expected to grow from 5.31 billion RMB in 2023A to 24.32 billion RMB in 2027E, with growth rates of 0.9%, 213.3%, 2.5%, 20.9%, and 18.0% [5][11] - The earnings per share (EPS) are projected to rise from 0.49 RMB in 2023A to 2.23 RMB in 2027E [5][11] Sales and Market Position - In February 2026, Geely's total sales reached 206,200 units, a year-on-year increase of 0.6%, with cumulative sales for January and February at 476,300 units, up 1.0% year-on-year [10] - Geely's export volume in February was 60,900 units, a significant year-on-year increase of 138.3%, indicating successful overseas expansion [10] - The high-end brands, Zeekr and Lynk & Co, showed strong sales growth, with Zeekr's sales in February increasing by 70.0% year-on-year [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve revenue of USD 2.03 to 2.06 billion in 2025, representing a year-on-year increase of 34.6% to 36.6%, and a net profit of USD 54 to 64 million, reflecting a significant year-on-year growth of 243.9% to 307.6% [3] - In Q4, the company anticipates revenue of USD 560 to 590 million, which is a year-on-year increase of 23.7% to 30.3% and a quarter-on-quarter increase of 5.4% to 11.1% [3] - The adjusted net profit for Q4 is projected to be USD 76 to 86 million, with a substantial improvement from previous losses [3] - The growth in revenue is driven by the expanding mobile advertising market and the company's strong technological advantages [3] - The company has adjusted its profit forecasts for 2025 and 2027 upwards, while slightly lowering the 2026 forecast, indicating confidence in product expansion contributing to performance growth [3] Financial Summary and Valuation Metrics - Revenue projections for 2023A to 2027E are as follows: USD 1,054 million (2023A), USD 1,508 million (2024A), USD 2,050 million (2025E), USD 2,544 million (2026E), and USD 2,943 million (2027E) [5] - Net profit estimates are USD 22 million (2023A), USD 16 million (2024A), USD 62 million (2025E), USD 137 million (2026E), and USD 237 million (2027E) [5] - The projected P/E ratios are 120.3 (2023A), 166.7 (2024A), 42.3 (2025E), 19.2 (2026E), and 11.1 (2027E) [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant improvement in its financial performance for FY2026H1, with revenue reaching 37.221 billion RMB, a year-on-year increase of 11.2%, and a net profit of 2.212 billion RMB, reflecting a year-on-year growth of 225.1% [9] - The integration of pulp and paper production has shown notable benefits, with the company achieving a pulp production of 2.3 million tons in FY2026H1, a year-on-year increase of 77% [9] - The company is expected to see further growth in pulp production, reaching 2.5 million tons in FY2026H2, which will significantly contribute to profitability [9] Financial Data and Profit Forecast - Revenue projections for the company are as follows: FY2024 at 59.496 billion RMB, FY2025 at 63.241 billion RMB, FY2026E at 73.848 billion RMB, FY2027E at 80.604 billion RMB, and FY2028E at 85.725 billion RMB, with respective growth rates of 5%, 6%, 17%, 9%, and 6% [8] - The net profit attributable to ordinary shareholders is forecasted to be 0.751 billion RMB for FY2024, 1.767 billion RMB for FY2025, 3.789 billion RMB for FY2026E, 4.671 billion RMB for FY2027E, and 5.702 billion RMB for FY2028E, with growth rates of 131%, 135%, 114%, 23%, and 22% respectively [8] - The earnings per share are projected to be 0.16 RMB for FY2024, 0.38 RMB for FY2025, 0.81 RMB for FY2026E, 1.00 RMB for FY2027E, and 1.22 RMB for FY2028E [8] Market Position and Competitive Advantage - The company has a production capacity exceeding 20 million tons, which provides significant scale advantages and upward elasticity in the market [10] - The report highlights that the company is well-positioned to benefit from the gradual recovery in downstream demand and the easing of import paper impacts, with a focus on optimizing product structure and costs through integrated operations [10] - The company is expected to maintain a strong market position due to its raw material advantages and management capabilities, which will facilitate ongoing market consolidation [10]

Investment Rating - The report assigns an "Outperform" rating for the company [5][3]. Core Insights - The company is a leading player in the heavy truck industry and serves as a benchmark in the overseas market, with a strong historical background and advantages in international expansion [1][13]. - The heavy truck industry is experiencing a strong trend towards internationalization, while domestic demand shows cyclical characteristics [1][68]. - The company has a comprehensive product lineup in the heavy truck sector, including various energy forms and a robust sales network, particularly in overseas markets [2][95]. - The company's revenue and profit are on an upward trajectory, with significant growth expected in the coming years [3][33]. Financial Forecast - The company is projected to achieve revenues of 106.83 billion, 122.91 billion, and 132.83 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 12.4%, 15.1%, and 8.1% [3][4]. - Net profit attributable to the parent company is expected to be 6.55 billion, 7.96 billion, and 8.87 billion yuan for the same years, with year-on-year growth rates of 11.76%, 21.64%, and 11.42% [3][4]. - Earnings per share are forecasted to be 2.37, 2.88, and 3.21 yuan for 2025, 2026, and 2027, respectively [3][4]. Business Overview - The company focuses on heavy trucks, with a product range that includes various types of trucks and core components that are largely self-controlled [2][63]. - The company has established a strong presence in overseas markets, particularly in Africa, where it has a favorable brand effect and sales service network [2][65]. - The light truck segment is also expanding, with expected revenue growth in the coming years [2][95]. Market Trends - The heavy truck industry has shown cyclical sales patterns over the past 20 years, with current trends indicating an upward cycle [1][68]. - The competitive landscape is stable, with the market share of the top five manufacturers increasing, and the company has improved its market share significantly [72][68]. - The penetration rate of new energy trucks has risen to over 28%, indicating a shift in the market dynamics [80][68].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][5] Core Views - The report highlights that Xiaomi's smartphone shipments in Q4 2025 were approximately 37.8 million units, a year-on-year decline of 11.4%, with a market share of 11.2%, placing it among the top three globally [1] - Xiaomi's high-end product strategy is expected to mitigate the pressure from rising storage costs, with the Xiaomi 17 series achieving strong sales [1] - The automotive segment is projected to deliver over 410,000 units in 2025, with a target of 550,000 units for 2026, indicating a positive growth trajectory [2] - The report anticipates Xiaomi's revenue for 2025-2027 to be 457.8 billion, 541.8 billion, and 644.4 billion CNY respectively, with non-GAAP net profits of approximately 38.6 billion, 37 billion, and 45 billion CNY [3][4] Financial Summary - Revenue for 2023 is projected at 270.97 billion CNY, with a year-on-year growth rate of -3%, followed by 365.91 billion CNY in 2024, representing a 35% increase [4][12] - Non-GAAP net profit is expected to rise from 19.27 billion CNY in 2023 to 38.58 billion CNY in 2025, reflecting a growth rate of 42% [4][12] - The report forecasts a decline in smartphone gross margin to over 8% in Q4 2025 due to increased storage costs, despite an overall positive contribution from product structure optimization [1][3] Market Position - Xiaomi's market share in the Chinese smartphone market is reported at 13.2%, ranking it among the top five [1] - The company is recognized as a leader in the industry, with a strong focus on high-end product offerings, which is expected to enhance its competitive position in the long term [3]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [2][7] Core Views - The company achieved record high performance in 2025, with total revenue and other income reaching HKD 29.161 billion, a year-on-year increase of 30% [5] - The net profit attributable to shareholders was HKD 17.700 billion, up 36% year-on-year, driven by a significant increase in trading volume [5] - The average daily trading volume (ADT) in the Hong Kong stock market reached a historical high of HKD 2,498 billion, representing an 89.5% year-on-year increase [5] - The IPO market saw a remarkable turnaround, with 119 new listings and total fundraising of HKD 286.9 billion, a 226% increase year-on-year, reclaiming the top position globally [5] - The company is diversifying its asset strategy and enhancing global connectivity, including establishing a new subsidiary in Dubai [5][6] Financial Summary - Total market capitalization is HKD 519,052.42 million [4] - The stock price has seen a 52-week increase of 37.85% [4] - Revenue projections for 2025-2027 are HKD 31.960 billion, HKD 34.331 billion, and HKD 37.597 billion, respectively, with growth rates of 9.60%, 7.42%, and 9.51% [7][8] - Net profit projections for the same period are HKD 20.463 billion, HKD 22.043 billion, and HKD 24.357 billion, with growth rates of 15.61%, 7.72%, and 10.50% [7][8]