Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 16.70 [1][5]. Core Insights - The company reported a revenue growth of 14.1% year-on-year to HKD 98.53 billion in 1H25, with a net profit of HKD 2.58 billion, reflecting a 13.9% increase, slightly above expectations [1][5]. - The growth in revenue and profit is primarily driven by an increase in JD Retail revenue, the addition of JD's food delivery business, and strong growth in external customer business [1][2]. - The company has accelerated its international business expansion, launching a self-operated express service in Saudi Arabia and establishing logistics networks in multiple countries [4][5]. Revenue Breakdown - In 1H25, revenue from JD Group increased by 22.9% year-on-year to HKD 32.46 billion, accounting for 32.9% of total revenue, while external customer revenue rose by 10.2% to HKD 66.07 billion, making up 67.1% of total revenue [2]. - The integrated supply chain business generated HKD 50.11 billion in revenue, up 19.9% year-on-year, with external supply chain customer revenue increasing by 14.7% [2]. Profitability Analysis - The company's gross margin and Non-IFRS profit margin for 1H25 were 9.0% and 3.4%, respectively, both showing a decline compared to the previous year [3]. - The decrease in profit margins is attributed to increased investments in logistics infrastructure and personnel, which are expected to improve profitability in the long term as business volume increases [3]. Future Projections - Revenue forecasts for 2025-2027 have been slightly raised by 2.6% to HKD 210.41 billion, HKD 231.95 billion, and HKD 254.25 billion, respectively [5]. - Net profit forecasts remain unchanged at HKD 6.90 billion, HKD 8.10 billion, and HKD 9.38 billion for the same period [5].

证券研究报告 港股通 网易云音乐 (9899 HK) 盈利超预期，经营杠杆持续释放 2025 年 8 月 15 日│中国香港 互联网 | 华泰研究 | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 8 月 | 15 日│中国香港 | 互联网 | 目标价(港币): | 360.42 | | | | | 夏路路 | 研究员 | SAC No. S0570523100002 SFC No. BTP154 +(852) 3658 6000 詹博 研究员 zhanbo@htsc.com SAC No. S0570523110002 SFC No. BUS698 郑裕佳 研究员 SAC No. S0570524070002 SFC No. BTB676 zhengyujia@htsc.com +(86) 10 6321 1166 基本数据 | 目标价 (港币) | 360.42 | | --- | --- | | 收盘价 (港币 截至 8 月 14 日) | 270.20 | | 市值 (港币百万) | 58,849 | | 6 个月 ...

Investment Rating - The investment rating for the company is "Buy" [6][1]. Core Views - The company reported a revenue of HKD 22.09 billion for 1H25, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was HKD 43.48 billion, reflecting a slight increase of 0.9% year-on-year. The interim dividend declared was HKD 18.39 billion, representing 42.3% of the net profit attributable to shareholders, with a corresponding DPS of HKD 0.73 [1][2][4]. - The company is expected to see an increase in profit due to the anticipated adjustment in return rates for several assets in 2025/26, which will enhance earnings stability [3][4]. Summary by Sections Financial Performance - The UK business contributed a profit of HKD 22.23 billion in 1H25, up 19.2% year-on-year, driven by the robust operation of regulated assets and a strong GBP exchange rate. The contribution from the Australian business was HKD 7.93 billion, down 8.2% year-on-year, primarily due to contract expirations and declining market electricity prices. The Canadian business reported a profit of HKD 2.75 billion, down 8.6% year-on-year, due to reduced generation and pricing at gas plants [2][4]. Regulatory Environment - Several regulated assets that entered the previous regulatory period during the low-interest rate environment of 2020/21 are expected to enter a new regulatory period in 2025/26, which is anticipated to lead to an increase in allowed return rates, supporting future earnings growth [3][4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of HKD 81.2 billion, HKD 87.9 billion, and HKD 92.9 billion respectively. The corresponding EPS for 2025 is projected at HKD 3.22. The target price is set at HKD 64.62, based on a price-to-book ratio of 1.32x for 2025 [4][10].

Investment Rating - The report maintains a "Buy" rating for the company [6][22]. Core Insights - The company's revenue for Q2 2025 reached 356.7 billion RMB, representing a year-on-year growth of 22.4%, exceeding both consensus expectations and previous forecasts [1][11]. - Non-GAAP net profit for Q2 2025 was 7.4 billion RMB, a decline of 48.9% year-on-year, but still better than expected [1][11]. - The retail segment's operational profit exceeded expectations, contributing significantly to the overall performance [1][4]. Revenue and Profitability - The total revenue for JD's retail segment in Q2 2025 was 310.1 billion RMB, with a year-on-year increase of 20.6% [2][21]. - The operating profit for the retail segment was 13.9 billion RMB, reflecting a year-on-year growth of 37.9% [2][11]. - The number of active buyers in the retail segment grew by over 40% year-on-year, marking the seventh consecutive quarter of double-digit growth [2][21]. Business Development and Strategy - The report highlights the rapid development of JD's food delivery business, with peak daily orders exceeding 25 million during Q2 2025 [3][21]. - Management aims to enhance the synergy between the food delivery and retail businesses, focusing on improving core system capabilities and optimizing order algorithms [3][21]. - The company is expected to enter an efficiency optimization phase for its delivery business starting Q3 2025, influenced by the overall growth in order volume [1][3]. Financial Forecasts and Valuation - The report revises the non-GAAP net profit forecasts for 2025-2027 upwards by 25.7%, 9.8%, and 7.1% to 278 billion RMB, 455 billion RMB, and 590 billion RMB respectively [4][19]. - The target price based on SOTP valuation is set at 46.35 USD per ADS and 181.94 HKD per ordinary share, reflecting an increase from previous estimates [4][22]. - The company is currently trading at adjusted PE ratios of 13.3x, 8.1x, and 6.3x for 2025-2027 [4][22].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 16.00, up from the previous HKD 15.30, reflecting a 4.4% increase [1][5]. Core Insights - The company reported a 1QFY26 revenue of USD 18.83 billion, representing a year-over-year increase of 22.0%, exceeding Bloomberg consensus estimates by 7.2%. The Non-HKFRS net profit attributable to shareholders was USD 389 million, also up 22.0% year-over-year, driven by strong demand from global mixed AI developments [1][5]. - The gross margin for 1QFY26 was 14.7%, a decline of 1.9 percentage points year-over-year, primarily due to the suspension of H20 shipments in the infrastructure segment and changes in product mix [1]. Summary by Segment IDG (Intelligent Devices Group) - IDG revenue grew by 18.0% year-over-year in 1QFY26, with operating profit increasing by 15.0% year-over-year. The global PC market share reached a record high of 24.6%, with AI PC penetration exceeding 30% [2]. - The PC business revenue increased by 20.0% year-over-year, maintaining a leading position in the Windows AI PC sector [2]. ISG (Infrastructure Solutions Group) - ISG revenue rose by 36.0% year-over-year in 1QFY26, driven by continued capital expenditures from global CSP customers in AI and traditional servers. However, the segment recorded an operating loss of USD 85.52 million due to the suspension of H20 shipments and increased R&D investments [3]. - Future improvements in revenue and profitability are expected with the launch of new products and the resumption of H20 sales [3]. SSG (Solution Services Group) - SSG revenue increased by 20.0% year-over-year in 1QFY26, marking the 17th consecutive quarter of growth. The segment's revenue from support services and AI solutions showed strong performance, particularly in manufacturing and supply chain sectors [4]. - The overall contribution of these services to SSG's total revenue increased by 3 percentage points to 58% [4]. Financial Projections - The company expects revenue growth of 0.7%, 2.3%, and 3.8% for FY2025, FY2026, and FY2027, respectively. Non-HKFRS net profits are projected to be USD 1.69 billion, USD 1.89 billion, and USD 2.12 billion for FY2026, FY2027, and FY2028, reflecting year-over-year growth rates of 17.6%, 11.3%, and 12.4% [5][9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a net profit of 166.0 billion, 196.8 billion, and 240.0 billion for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11.51, 9.71, and 7.97 [4]. Core Views - The overall performance of the company meets expectations, with a significant increase in new car sales and revenue. The company sold 704,000 new cars in Q2, achieving a revenue of 77.79 billion, which represents a year-on-year increase of 41.5% [1][2]. - Despite a loss in the Zeekr segment, other divisions showed robust performance, indicating the company's resilience in a competitive market. The gross margin for Q2 was 17.1%, with a year-on-year increase of 0.6 percentage points [2][3]. - The company is expected to benefit from a strong new car cycle, with several new models set to launch, enhancing its growth potential in both electric and fuel vehicle segments [3][4]. Summary by Sections Financial Performance - In Q2, the company reported a total revenue of 77.79 billion, with a gross margin of 17.1% and a net profit of 3.16 billion, reflecting a year-on-year increase of 74.7% [1][2]. - The average selling price (ASP) per vehicle in Q2 was 111,000, showing a slight decrease of 3.5% compared to the previous quarter [1]. Cost and Expenses - The company’s sales, administrative, and R&D expense ratios for Q2 were 6.1%, 1.9%, and 5.1% respectively, indicating a slight increase in sales expenses [1]. Future Outlook - The company is positioned well for future growth, with strong new car launches anticipated, including the Galaxy A7 and Zeekr 9X, which are expected to drive sales and profitability [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][8]. Core Insights - The company reported a revenue of 3.48 billion CNY for H1 2025, reflecting a year-on-year growth of 18.5%. The net profit attributable to shareholders was 740 million CNY, also up by 18.5% year-on-year [1]. - The performance of different product segments showed mixed results, with noodle products declining by 3.2%, while vegetable products grew by 44.3%. The overall sales in offline channels increased by 21.5%, while online sales saw a decrease of 3.8% [2]. - The company is focusing on optimizing its supply chain and improving production efficiency, achieving a total capacity utilization rate of 79%, which is a 12.5% increase year-on-year [3]. Financial Performance - The gross margin and net margin for H1 2025 were 47.2% and 21.1%, respectively, showing a decrease of 2.6 percentage points and 0.1 percentage points year-on-year [3]. - The company has adjusted its profit forecasts for 2025-2027, increasing the net profit estimates by 10%, 8%, and 5% respectively, projecting net profits of 1.43 billion CNY, 1.73 billion CNY, and 2.07 billion CNY for those years [4]. - The report highlights a significant increase in overseas revenue, with growth exceeding 50%, and anticipates that overseas sales will surpass 100 million CNY for the year [2]. Product and Channel Analysis - The company is benefiting from the introduction of new flavors and product forms, particularly in the konjac product line, which is expected to drive continued sales growth [3]. - The report notes that traditional channels are improving efficiency while new channels are rapidly developing, contributing to overall sales growth [3]. Regional Performance - Revenue growth varied by region, with the highest growth in overseas markets at 54.4%, followed by South China at 34.6% and East China at 22.9% [2].

Investment Rating - The investment rating for the company is "Buy" with a target price set at a significant premium to the current price [6][4]. Core Views - The company reported a substantial increase in net profit attributable to shareholders, reaching 340 million USD in the first half of 2025, representing a year-on-year growth of 1511%. This growth was driven by strong production increases from the Las Bambas, Khoemacau, and Kinsevere copper mines, alongside rising prices for copper, gold, silver, and zinc [1][4]. - The company has maintained its production guidance for the year, with copper and zinc production achieving 49.6% and 45% of their respective annual targets by mid-2025 [2]. - Cost reductions and operational efficiencies exceeded expectations, with C1 costs for Las Bambas and Khoemacau being lower than previously anticipated, contributing to improved margins [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 340 million USD, a significant increase from the previous year, primarily due to increased production and higher metal prices [1]. - The balance sheet has shown continuous improvement, with net debt and leverage ratios reaching historical lows since the acquisition of Las Bambas [1]. Production and Operations - Copper and zinc production for the first half of 2025 was reported at 259,000 tons and 108,000 tons, respectively, with copper production increasing by 64% year-on-year [2]. - The Las Bambas mine produced 211,000 tons of copper, reflecting a 67% increase year-on-year, while Khoemacau and Kinsevere also showed significant production growth [2]. Cost Management - The C1 costs for Las Bambas and Khoemacau were reported at 1.06 USD/lb and 2.05 USD/lb, respectively, both lower than previous guidance, indicating effective cost management strategies [3]. - The company has benefited from improved recovery rates and higher prices for by-products, which have contributed to the overall cost reduction [3]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 610 million USD, 820 million USD, and 870 million USD, respectively, reflecting a year-on-year growth of 275%, 35%, and 5% [4]. - The expected earnings per share (EPS) for the same period are projected to be 0.05 USD, 0.07 USD, and 0.07 USD, with corresponding price-to-earnings (PE) ratios of 11.7, 8.6, and 8.2 times [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a total revenue of 150.285 billion RMB in the first half of 2025, representing a year-on-year growth of 27%, while the net profit attributable to shareholders was 9.29 billion RMB, a decline of 14% year-on-year [7] - The gross margin slightly decreased to 16.4%, down by 0.3 percentage points year-on-year, while the expense ratios for sales, management, and R&D also saw reductions [7] - The company experienced growth in both new energy and fuel vehicle sales, with total sales reaching 1.409 million units, a year-on-year increase of 47%, and a market share of 10.4%, up by 2.4 percentage points [7] - The sales target for the year has been raised to 3 million units, with new energy vehicle sales reaching 725,000 units, a 126% increase year-on-year [7] - The company is expected to achieve net profits of 15.008 billion RMB, 17.846 billion RMB, and 20.954 billion RMB for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11.99, 10.08, and 8.59 [7] Financial Performance Summary - Revenue projections for the company are as follows: 179.204 billion RMB in 2023, 240.194 billion RMB in 2024, 337.158 billion RMB in 2025, 396.259 billion RMB in 2026, and 447.102 billion RMB in 2027, with growth rates of 21.11%, 34.03%, 40.37%, 17.53%, and 12.83% respectively [6] - The net profit attributable to shareholders is projected to be 5.308 billion RMB in 2023, 16.632 billion RMB in 2024, 15.008 billion RMB in 2025, 17.846 billion RMB in 2026, and 20.954 billion RMB in 2027, with growth rates of 0.91%, 213.32%, -9.77%, 18.91%, and 17.42% respectively [6] - The company's earnings per share (EPS) are expected to be 0.51 RMB in 2023, 1.64 RMB in 2024, 1.49 RMB in 2025, 1.77 RMB in 2026, and 2.08 RMB in 2027 [6]

Investment Rating - The report initiates coverage on Geekplus (2590 HK) with a "Buy" rating and a target price of HKD 26.7, representing a potential upside of 42.3% from the current price of HKD 18.76 [1][3]. Core Insights - Geekplus is positioned as a rising star in the global AMR (Autonomous Mobile Robot) market for warehouse automation, with a unique presence in the Hong Kong market. The company has over 800 end customers across 40 countries, with an expected overseas revenue contribution of 72% in 2024 [1]. - The AMR solutions market is projected to grow significantly, with the market size expected to increase from RMB 39 billion in 2024 to RMB 162 billion by 2029, driven by an increase in AMR penetration from 8% to 20% of total warehouse automation solutions revenue [7]. - Geekplus holds a 9% market share in warehouse fulfillment revenue, ranking first globally, attributed to its modular design solutions that integrate easily into existing customer systems, minimizing operational disruptions [7]. - The report highlights the cost-saving and efficiency improvements experienced by Geekplus customers, exemplified by YesAsia, which saved approximately USD 10 million in costs and improved order accuracy to 99.99% after implementing Geekplus AMR solutions [7]. Financial Summary - The forecasted revenue for Geekplus is expected to grow from RMB 2,143 million in FY23A to RMB 5,788 million by FY27E, reflecting a compound annual growth rate (CAGR) of 34% from 2024 to 2027 [2][8]. - Adjusted net profit is projected to turn positive starting in FY26E, with estimates of RMB 112 million in FY25E and RMB 673.5 million in FY27E [2][8]. - The company is expected to achieve a gross margin improvement from 17.7% in FY22A to 39.0% by FY27E, indicating enhanced profitability [9].