Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music (09899) [1] Core Insights - The first quarter gross margin optimization exceeded expectations, leading to a 6% and 9% upward adjustment in the adjusted net profit for the current and next year, reaching RMB 1.93 billion and RMB 2.2 billion respectively [1] - Based on SOTP valuation, the target price has been raised by 30%, from HKD 184 to HKD 240 [1] Revenue Projections - For 2025, the report anticipates continued robust momentum in online music membership subscriptions, projecting a 15% year-on-year increase in online music revenue and a 16% increase in membership subscription revenue [1] - Non-member business revenue is expected to grow by 11% year-on-year this year [1] - Social revenue is projected to remain stable in terms of profit [1]

Investment Rating - The report maintains a "Highly Confident to Outperform the Market" rating for Geely Automobile (00175) with a target price of HKD 23 [1] Core Viewpoints - The recent launch of the plug-in hybrid model (PHEV) Galaxy A7 is expected to drive strong sales growth and enhance profitability for Geely Automobile [1] - The actual price reduction in the current competitive landscape is milder than market expectations, approximately between RMB 1,000 to 2,000 [1] - The increasing penetration of the new GEA platform and the growing sales mix of new energy vehicles (NEV) are anticipated to improve per-vehicle profitability [1] - Geely Automobile is projected to have a robust product lineup in the fiscal year 2025 [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][31]. Core Views - The company achieved a significant year-on-year sales growth of 331% in Q1 2025, with a total sales volume of 94,000 vehicles [2][20]. - The revenue for Q1 2025 reached 15.81 billion yuan, representing a year-on-year increase of 141.5% [7]. - The launch of new models, including the MONA M03, is expected to drive sales further, with the new version receiving over 12,566 orders within the first hour of its release [3][27]. - The company maintains its profit forecast, projecting revenues of 88.5 billion, 118.1 billion, and 130.3 billion yuan for 2025, 2026, and 2027 respectively, while expecting net losses of 1.58 billion, 2.659 billion, and 4.682 billion yuan for the same years [31]. Financial Performance - In Q1 2025, the gross margin was 15.6%, an increase of 2.7 percentage points year-on-year, while the net margin was -4.2%, improving by 16.7 percentage points year-on-year [2][11]. - The automotive business gross margin was 10.5%, up 5.0 percentage points year-on-year, driven by increased sales and reduced costs [11]. - The service and other income gross margin was 66.4%, reflecting a year-on-year increase of 12.5% due to higher-margin technical service revenues [11]. Sales and Delivery Guidance - The company expects Q2 2025 vehicle deliveries to be between 102,000 and 108,000 units, representing a year-on-year increase of approximately 238% to 258% [20]. - Cumulative total deliveries from April to May 2025 reached 68,600 units, marking a year-on-year growth of 251% [2][20]. Model Launches and Market Strategy - The 2025 model of the X9 and the new version of the MONA M03 were launched, featuring advanced AI driving capabilities [3][24]. - The MONA M03 is positioned to penetrate the market for high-end intelligent driving vehicles priced under 200,000 yuan, enhancing the company's competitive edge [31].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.66 per share, indicating a potential upside of 32% from the current price of HKD 4.30 [6][11]. Core Views - The company reported a net loss of RMB 263.01 million in Q1 2025, with multiple negative factors already released, including operational losses and significant asset impairments. Support from TBEA Group and proactive measures like accounts receivable factoring are expected to help the company navigate through this challenging period [3][8]. - The supply-demand balance for polysilicon is improving slowly, with 2025 performance likely to remain under pressure due to high inventory levels and weak demand. However, the report notes that the downside for polysilicon prices is limited at this stage [4][9]. - The company's value is considered severely underestimated when accounting for its solar and wind power station construction and operational assets. The revenue composition for 2024 shows polysilicon contributing 37.4%, while wind and solar projects contribute 35.9% and 11.3%, respectively [5][10]. Summary by Sections Financial Performance - In FY2023, the company reported revenues of RMB 30,752 million, which is expected to decline to RMB 21,213 million in FY2024, and further to RMB 20,518 million in FY2025, reflecting a decrease of 18.1% and 31.0% respectively. A return to growth is anticipated in FY2026 with revenues projected at RMB 21,898 million [7][14]. - The net profit attributable to shareholders is forecasted to be negative in FY2024 and FY2025, with losses of RMB 3,905 million and RMB 875 million, respectively. A recovery is expected in FY2026 with a net profit of RMB 1,098 million [7][14]. Market Conditions - As of June 4, 2025, the average transaction prices for n-type and p-type polysilicon are reported at RMB 37,500 per ton and RMB 31,300 per ton, respectively. The industry is currently operating under a self-discipline framework, with production quotas limiting significant fluctuations in output [4][9]. Asset Valuation - The report emphasizes that the company's operational solar and wind power assets, totaling approximately 3.5 GW, significantly contribute to its overall value, which is not fully reflected in the current market price [5][10].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][31][35] Core Views - The company achieved a significant year-on-year sales growth of 331% in Q1 2025, with a total sales volume of 94,000 vehicles [2][20] - The launch of new models, including the MONA M03, is expected to drive sales further, with the new version receiving over 12,500 orders within the first hour of its release [3][27] - The company maintains its revenue forecast for 2025, projecting revenues of 88.5 billion yuan, with a continued upward trend in its operational cycle [3][31] Financial Performance - In Q1 2025, the company reported revenues of 15.81 billion yuan, a year-on-year increase of 141.5%, while net profit was -660 million yuan, an improvement from -1.37 billion yuan in the same period last year [1][7] - The gross margin for Q1 2025 was 15.6%, reflecting a year-on-year increase of 2.7 percentage points, while the net margin improved to -4.2% [2][11] - The company expects Q2 2025 vehicle deliveries to be between 102,000 and 108,000 units, representing a year-on-year increase of approximately 238% to 258% [2][20] Model Performance - The sales breakdown for Q1 2025 shows that the G6, G9, P7, X9, M03, and P7+ models sold 8,946, 3,560, 263, 2,407, 14,210, and 7,392 units respectively [22] - The new MONA M03 model is positioned to penetrate the market for high-level intelligent driving vehicles priced under 200,000 yuan, enhancing the company's competitive edge [3][31] Future Projections - The company forecasts revenues of 118.1 billion yuan in 2026 and 130.3 billion yuan in 2027, with expected net profits of -1.58 billion yuan in 2025, 2.66 billion yuan in 2026, and 4.68 billion yuan in 2027 [4][31]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][8]. Core Insights - The company is a leading brand in the fresh tea beverage sector, driven by product innovation and an efficient supply chain, which supports its high operational efficiency [5][8]. - The fresh beverage market in China is expected to grow significantly, with the market size projected to reach 1,163.4 billion yuan by 2028, increasing its share of the overall beverage market [7][24]. - The company holds a strong competitive position, ranking second in the fresh tea beverage market with a GMV of 19.2 billion yuan and a market share of 9.1% as of the end of 2023 [7][32]. Summary by Sections Market Performance - As of June 4, 2025, the closing price of the company's stock is 29.50 HKD, with a total market capitalization of approximately 70,156.48 million HKD [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 2023: 7,675.67 million yuan, 2024: 8,791.36 million yuan, 2025E: 10,967.55 million yuan, 2026E: 12,926.70 million yuan, 2027E: 14,761.33 million yuan, with respective growth rates of 38.07%, 14.54%, 24.75%, 17.86%, and 14.19% [6][56]. - The net profit attributable to the parent company is forecasted to be 1,079.63 million yuan in 2023, increasing to 2,635.01 million yuan by 2027, with growth rates of 194.48%, 36.95%, 30.19%, 18.87%, and 15.17% [6][56]. - The company is expected to maintain a high return on equity (ROE), projected at 185.19% in 2023, declining to 29.65% by 2027 [6][56]. Industry Trends - The fresh beverage market in China is experiencing rapid growth, with the current market size at 517.5 billion yuan, accounting for 36.3% of the beverage market, and expected to grow to 1,163.4 billion yuan by 2028 [7][24]. - The company has a robust product development capability, focusing on fruit tea, milk tea, and coffee, with continuous product innovation [10][47]. - The supply chain efficiency is enhanced by a network of 22 warehouses, with 76% of stores located within 150 kilometers of a warehouse, ensuring timely deliveries [51][53]. Competitive Position - The company is well-positioned in the competitive landscape of the fresh tea beverage market, with a solid ecological foundation and a significant number of stores [7][32]. - The report identifies comparable companies in the same sector, such as Mixue Group and Tehai International, to benchmark the company's valuation [8][56].

证券研究报告 交通运输 | 航运港口 港股|首次覆盖报告 hyzqdatemark 2025 年 06 月 05 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 | | 日 | 06 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 25.25 | | | | | 一年内最高/最低（港 | | | 25.80/15.70 | | | | | | 元） | | | | | | | | | 总市值（百万港元） | | | | 68, ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for Q1 2025 was 32.61 billion yuan, representing a year-over-year increase of 10.9%, with an adjusted net profit of 4.58 billion yuan, up 4.4% year-over-year. The gross margin was 54.6%, a decrease of 0.3 percentage points year-over-year but an increase of 0.5 percentage points quarter-over-quarter [4][5] - The Daily Active Users (DAU) reached a historical high of 408 million, growing 3.6% year-over-year, while Monthly Active Users (MAU) were 712 million, up 2.1% year-over-year. The average daily usage time per user was 133.8 minutes, with total usage time increasing by 5.9% year-over-year [4][5] - The company's e-commerce business saw a Gross Merchandise Volume (GMV) of 332.3 billion yuan in Q1 2025, reflecting a year-over-year growth of 15.4%. The number of active buyers reached 135 million, with significant growth from small and medium-sized businesses [5] - Online marketing revenue was 18 billion yuan, an increase of 8.0% year-over-year, driven mainly by external circulation. The local life sector saw marketing consumption grow over 50% year-over-year [6] - The company launched the 2.0 version of its AI application, which includes multi-modal editing capabilities, enhancing user engagement and marketing efficiency [7] - Revenue projections for 2025-2027 are estimated at 142.21 billion yuan, 154.96 billion yuan, and 168.18 billion yuan respectively, with adjusted net profits expected to be 20.16 billion yuan, 23.66 billion yuan, and 27.28 billion yuan [8][9] Financial Summary - For the fiscal year 2024, total revenue is projected at 126.90 billion yuan, with a year-over-year growth of 12%. The NON-GAAP net profit is expected to be 17.72 billion yuan, reflecting a significant increase of 72% [11] - The company’s gross margin is expected to improve gradually, reaching 57.1% by 2027, while the net profit margin is projected to increase to 14.8% [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported Q1 2025 revenue of 326.1 billion RMB, a year-over-year increase of 10.9%, and an adjusted net profit of 45.8 billion RMB, up 4.4% year-over-year. The gross margin was 54.6%, a decrease of 0.3 percentage points year-over-year but an increase of 0.5 percentage points quarter-over-quarter [4][5] - Daily Active Users (DAU) reached a record high of 408 million, growing 3.6% year-over-year, while Monthly Active Users (MAU) reached 712 million, up 2.1% year-over-year. The average daily usage time per user was 133.8 minutes, with total usage time increasing by 5.9% year-over-year [4][5] - The company's e-commerce segment saw a Gross Merchandise Volume (GMV) of 332.3 billion RMB in Q1 2025, representing a year-over-year growth of 15.4%. The number of active buyers reached 135 million, with significant growth from small and medium-sized businesses [5] - Online marketing revenue was 18 billion RMB, an increase of 8.0% year-over-year, driven primarily by external circulation. The local life sector saw marketing spending grow over 50% year-over-year [6] - The company launched the 2.0 version of its AI tool, which includes multi-modal visual language capabilities, enhancing user engagement and marketing efficiency [7] - Revenue projections for 2025-2027 are 1,422.1 billion RMB, 1,549.6 billion RMB, and 1,681.9 billion RMB, respectively, with adjusted net profits expected to be 201.6 billion RMB, 236.6 billion RMB, and 272.8 billion RMB [8][9] Financial Summary - For 2025, the company expects total revenue of 142.2 billion RMB, a 12% increase from 2024, and a NON-GAAP net profit of 20.2 billion RMB, reflecting a 14% increase [11] - The projected earnings per share (EPS) for 2025 is 4.70 RMB, with a price-to-earnings (P/E) ratio of 10.14 [11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 21.89 per share, indicating a potential upside of 55% from the current price of HKD 14.12 [4][7][16]. Core Insights - The company is advancing its CD47xCD20 bispecific antibody, IMM0306, which shows promising results in clinical trials for autoimmune diseases, particularly systemic lupus erythematosus (SLE) [8][4]. - The IMM2510, a PD-L1xVEGF bispecific antibody, has demonstrated an objective response rate (ORR) of 23% in previously treated non-small cell lung cancer (NSCLC) patients, with expectations for further data release in late 2025 [10][11]. - The safety and efficacy of the CD47 fusion protein, IMM01, are highlighted, showing an ORR of 69.7% in relapsed/refractory classical Hodgkin lymphoma when combined with PD-1 antibodies [13][14]. Summary by Sections Clinical Development - IMM0306 is currently in Phase Ib trials for autoimmune diseases, with 10 patients enrolled in SLE trials and positive response rates expected to be reported in June [8]. - The company is the first globally to enter clinical trials with a CD47xCD20 bispecific antibody, which has shown an ORR of 88.2% and a complete response (CR) of 52.9% when used with lenalidomide for refractory follicular lymphoma [8]. Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at RMB 2.01 billion, RMB 1.22 billion, and RMB 3.12 billion, respectively, with net losses expected to decrease over the same period [4][16]. - The report anticipates a significant increase in revenue, with a year-on-year growth of 18912% in 2024 and 171.1% in 2025 [5][18]. Market Position - The company is positioned as a leader in the development of CD47 fusion proteins, with a competitive landscape that includes only a few other players in the CD47 target research [16]. - The report notes a growing interest in bispecific antibodies within the autoimmune sector, with significant business development (BD) opportunities anticipated due to the scarcity of innovative biological drugs in this field [8][16].