Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [3]. Core Views - The company is positioned as a rare growth-oriented electrolytic aluminum enterprise, with a focus on integrated production of alumina and electrolytic aluminum. It is expanding its capacity in Saudi Arabia, which is expected to be a significant growth driver [6][7]. - The company has a strong domestic production base with a total capacity of 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina, with a self-sufficiency rate exceeding 100% for alumina [6][21]. - The report highlights the company's competitive advantage in energy costs due to its location in Inner Mongolia, where it has access to abundant coal resources and is transitioning to green energy sources [6][16]. Summary by Sections 1. Domestic Integrated Layout and Overseas Expansion - The company has established a comprehensive alumina and electrolytic aluminum production layout, with significant investments planned for a 500,000-ton aluminum project in Saudi Arabia [13][21]. - The company aims to enhance its green energy usage by developing wind and solar power projects in Inner Mongolia, which will further reduce energy costs [13][16]. 2. Financial Performance - The company's revenue is projected to grow from RMB 15.16 billion in 2024 to RMB 18.95 billion in 2027, with a notable increase in net profit from RMB 2.06 billion to RMB 4.73 billion during the same period [2]. - The report indicates a strong upward trend in overall performance, with a projected net profit growth rate of 104.9% in 2024 [23]. 3. Industry Overview - The report notes that the electrolytic aluminum market is characterized by a tight supply-demand balance, with limited new capacity expected to come online in the near term [43][48]. - The domestic aluminum industry is nearing its capacity ceiling, with a projected net increase of only 65,000 tons in 2025, indicating limited supply elasticity [48][51]. 4. Company-Specific Insights - The company is recognized as a unique growth-oriented player in the electrolytic aluminum sector, with a focus on expanding its production capacity both domestically and internationally [6][21]. - The report emphasizes the company's strategic advantage in energy costs and its robust production capabilities, which are expected to support its growth trajectory [6][16].

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2]. Core Insights - Tencent's "Friend Praise" social discount activity on WeChat aims to enhance user engagement and drive e-commerce transactions by leveraging social relationships, offering up to 45% subsidies to users [2]. - Tencent's gaming revenue from overseas markets has surpassed that of Electronic Arts (EA), with a decentralized empowerment model that allows studios creative autonomy, contributing to a more resilient gaming ecosystem [3]. - Tencent Cloud's native API has seen explosive growth, with daily calls exceeding 10 billion and over 1 million developers served, marking a shift from resource selling to capability services [4]. - Tencent's first digital therapy product has entered clinical application, showcasing the integration of gaming technology into healthcare and establishing a commercial closed loop for future digital therapy products [5]. Summary by Sections E-commerce - The launch of "Friend Praise" on WeChat targets private domain conversion, allowing users to invite friends to like products for exclusive discounts, thus enhancing product exposure and conversion rates [2]. Gaming - Elon Musk's endorsement of Tencent's gaming strategy highlights its success in overseas markets, where its revenue has outpaced EA, emphasizing a non-interfering investment approach that fosters creativity [3]. Cloud Services - Tencent Cloud's API usage has surpassed 10 billion daily calls, indicating its robust architecture and the transition to providing standardized API services for developers, facilitating digital transformation [4]. Healthcare - The introduction of Tencent's digital therapy product in clinical settings represents a significant advancement in applying gaming technology to medical interventions, establishing a precedent for future digital health solutions [5].

威胜控股（3393 HK） | 2025 年 12 月 17 日 香港股市 | 工业 | 电气设备 威胜控股（3393 HK） AIDC 客户支持料超想象，估值升级缺口再现扩大 公司拜访：上调升目标价，重申"买入"评级 今年 6 月中我们首次覆盖后，公司股价至今已经上涨 124.5%。虽然如此，近日我们拜访 公司后，认为股价仍具充裕上行空间。AIDC(人工智能数据中心)客户对公司的智能配电服 务需求料高于预期，FY26 相关新增订单有望大幅增长。公司的发展基础也因此进一步由 传统工业板块扩展至先进科技板块，支持更高估值。 我们分别调升 FY25-27 股东净利润预测 1.2%、1.6%、2.1%(见图表 1)，并将目标价由 17.40 港元上调至 21.75 港元，对应 16.0 倍 FY26 目标市盈率及 30.4%上行空间。如明年首季公 司被纳入港股通，公司估值届时将更有效反映。我们重申"买入" 评级。 明年 AIDC 客户新增订单料大幅增长 在 AI 行业发展下，AIDC 耗电需求支持公司的智能配电业务增长。我们预计 FY25 相关新 增订单约 23 亿元(人民币，下同)，其中 10 亿元订单今年交付。 ...

Investment Rating - The investment rating for Tencent Holdings is "Outperform the Market" (maintained) [1][7]. Core Views - Tencent's overseas cloud and gaming businesses are positioned as dual growth engines, with AI empowerment creating new growth opportunities. The company is focusing on infrastructure expansion and local service differentiation to enhance its competitive edge in the global market [3][8][21]. Summary by Sections Overseas Cloud Business - Tencent is adopting an "infrastructure-first" strategy, rapidly expanding its global data center footprint, currently covering 22 regions worldwide. The company has successfully migrated key clients like GoTo in Indonesia and Charoen Pokphand Group in Thailand, demonstrating its ability to penetrate the market with high cost-effectiveness and optimized architecture [3][6][9]. - The company plans significant investments in overseas cloud infrastructure, including $150 million in the Middle East and $500 million in Indonesia for new data centers [6]. Overseas Gaming Business - Tencent's overseas gaming revenue is projected to reach 75.7 billion yuan in 2025, representing a year-on-year growth of 31%. This growth is attributed to the maturation of Tencent's industrial capabilities and the long-term benefits of recent acquisitions [4][11]. - The company is increasingly collaborating with game development teams, enhancing its Game as a Service (GaaS) capabilities by leveraging domestic industrial efficiency alongside overseas creative strengths [4][16]. AI Empowerment in Gaming - AI tools are being utilized by 95% of employees in Tencent's Photon Studio, significantly improving game production efficiency. AI applications are enhancing user retention through features like AI teammates and coaches [5][17]. - Tencent is making strides in AI-native gaming, developing technologies that allow for real-time scene generation and improved gameplay experiences, although challenges remain in character behavior and coherence [18]. Financial Forecasts - The adjusted net profit forecasts for Tencent are 262.6 billion yuan, 301.3 billion yuan, and 345.4 billion yuan for the years 2025, 2026, and 2027, respectively [21][22].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of HKD 12.60, corresponding to a 27x P/E for 2026 [4][15][17]. Core Insights - The company has achieved rapid expansion from Southeast Asia to a global logistics operator covering 13 countries, leveraging a highly flexible regional agency model [4][18]. - Southeast Asia serves as the profit foundation, while improvements in profitability are observed in China, with emerging markets expected to form a second growth engine [4][18]. - The company has successfully entered new markets in the Middle East and Latin America, enhancing its global network [4][19]. Financial Summary - Total revenue is projected to grow from USD 8.849 billion in 2023 to USD 17.405 billion by 2027, with annual growth rates of 22%, 16%, 18%, 18%, and 22% respectively [3][14]. - Gross profit is expected to increase from USD 473 million in 2023 to USD 1.923 billion in 2027 [3]. - The company anticipates a return to profitability with net income projected to rise from a loss of USD 1.101 billion in 2023 to a profit of USD 864 million by 2027 [3][13]. Revenue Forecast - Revenue from Southeast Asia is expected to grow significantly, reaching USD 8.283 billion by 2027, with a CAGR of 34% from 2025 to 2027 [14][13]. - Revenue from China is projected to stabilize, with a slight increase to USD 7.109 billion by 2027 [14][13]. - New market revenues are anticipated to grow rapidly, reaching USD 1.958 billion by 2027, reflecting a strong CAGR of 43% [14][13]. Profitability Metrics - The company is expected to achieve a gross margin improvement, with gross margins projected to rise from 5.34% in 2023 to 11.05% in 2027 [3][14]. - Net profit margins are forecasted to improve significantly, with net profit margins expected to reach 4.96% by 2027 [3][14]. Valuation Methodology - The report utilizes both P/E and P/B valuation methods, ultimately favoring the P/E method due to its reflection of the company's brand value and operational efficiency [15][17]. - The target price of HKD 12.60 is based on a 27x P/E for 2026, while a P/B valuation suggests a lower target price of HKD 10.64 [17].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The partnership between Disney and OpenAI marks a new paradigm of "IP + AI," indicating a shift in Hollywood's approach to AI-generated content [7] - The collaboration includes IP licensing, a $1 billion equity investment from Disney in OpenAI, and the application of OpenAI's technology to enhance Disney's creative processes and develop new products for Disney+ [7] - The company is expected to benefit directly from this partnership, particularly through the increase in user-generated content (UGC) on Disney+ [7] Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are estimated at HK$29.9 billion, HK$35.7 billion, and HK$43.0 billion respectively, with corresponding P/S ratios of 4.6, 3.7, and 3.1 [2] - Adjusted profits for the same period are forecasted to be HK$2.1 billion, HK$3.3 billion, and HK$4.2 billion, leading to P/E ratios of 51, 34, and 26 [2] - The company’s revenue for 2024 is projected at HK$2.401 billion, with a growth rate of 20.01%, and net profit is expected to reach HK$143 million, reflecting a significant increase of 1925.62% [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][6][51] Core Insights - As of the end of November, the company's PE ratio stands at 30.30x, which is at the 18th percentile historically since 2016, indicating a certain level of investment value [2][6][51] - The report anticipates that with the continued enhancement of the mutual market access policies in Hong Kong's capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuations [2][6][51] - Projected revenues and other income for the company from 2025 to 2027 are expected to be 29.7 billion, 32.1 billion, and 34.6 billion HKD, respectively, with net profits attributable to shareholders expected to be 17 billion, 17.8 billion, and 19.5 billion HKD, corresponding to PE valuations of 30.0, 28.7, and 26.2 times [2][6][51] Market Environment - The Hong Kong stock market has shown an upward trend, supported by domestic policy drivers, with the Hang Seng Index and Hang Seng Tech Index increasing by 28.9% and 25.3% respectively compared to the end of 2024 [11][16] - The average daily trading (ADT) for the Hong Kong stock exchange was 230.7 billion HKD in November, reflecting a year-on-year increase of 42.8% despite a month-on-month decrease of 16.1% [16][11] - The IPO scale in Hong Kong saw significant growth in November, with 11 new stocks listed, raising a total of 41.8 billion HKD, marking a 363% year-on-year increase [30][31] Business Segments - In the cash market, the average daily trading volume for Northbound trading was 243.2 billion HKD, while Southbound trading was 97.9 billion HKD, with both showing year-on-year increases despite month-on-month declines [16][11] - The derivatives market experienced a decrease in trading volume, with futures ADV at 637,000 contracts and options ADV at 1,014,000 contracts in November, reflecting a month-on-month decline [20][11] - The LME daily trading volume increased to 807,000 contracts in November, showing a year-on-year growth of 10.6% [26][11] Economic Context - The domestic economic environment is showing signs of recovery, with the manufacturing PMI for November at 49.20%, indicating a slight improvement [44][46] - The Federal Reserve's recent interest rate cuts have enhanced liquidity in overseas markets, with expectations for further rate reductions in 2026 [46][44]

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 [5]. Core Insights - The company is implementing differentiated pricing adjustments across various product groups to optimize its business structure and enhance operational quality and value creation [2][3]. - The issuance of HKD 1 billion convertible bonds at a coupon rate of 4.25% aims to strengthen the company's capital structure and support global market expansion and product development [4]. - The integration of SUSONITY is showing initial synergies, with improvements in organizational governance and cross-regional collaboration, enhancing operational efficiency [3]. Financial Projections - Revenue is projected to grow significantly, with estimates of HKD 1,056 million in 2023, increasing to HKD 6,702 million by 2027, reflecting a compound annual growth rate (CAGR) of 73.36% from 2025 to 2026 [10]. - Net profit is expected to rise from HKD 182 million in 2023 to HKD 864 million in 2027, with a notable growth rate of 161.40% in 2026 [10]. - The report adjusts the net profit forecasts for 2026 and 2027 to HKD 661 million and HKD 864 million, respectively, reflecting the positive impact of acquisitions and operational synergies [5]. Market Position and Strategy - The differentiated pricing strategy is designed to align product value with market demand, focusing on high-value-added businesses, with price adjustments ranging from 3% to 30% based on product characteristics [3]. - The company is actively pursuing global expansion through acquisitions, specifically targeting the surface materials business of Merck in Germany, to establish itself as a leader in the pearlescent pigment market [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The report highlights that the company's high-end strategy and the integration of its ecosystem across vehicles and home appliances provide stronger resilience compared to previous storage cycles [4] - The company has reported slightly better-than-expected earnings for Q3 2025, with revenue of 113.1 billion RMB, a year-on-year increase of 22% [6] - Adjusted net profit for Q3 2025 reached 11.3 billion RMB, up 81% year-on-year [6] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 271 billion RMB - 2024: 366 billion RMB - 2025E: 476 billion RMB - 2026E: 565 billion RMB - 2027E: 679 billion RMB - Year-on-year growth rates are projected at -3% for 2023, 35% for 2024, 30% for 2025, 19% for 2026, and 20% for 2027 [5] - Adjusted net profit forecasts are: - 2025E: 43.5 billion RMB - 2026E: 44.5 billion RMB - 2027E: 58.4 billion RMB - Corresponding year-on-year growth rates for net profit are 59% for 2025, 2% for 2026, and 31% for 2027 [5][6] Business Segment Performance - Smartphone segment: - Q3 2025 revenue of 460 billion RMB, with an average selling price (ASP) of 1,063 RMB per unit [6] - The company aims to ship 170 million units in 2025, with a slight adjustment in forecasts due to market conditions [6] - IoT segment: - Q3 2025 revenue of 27.6 billion RMB, with a gross margin of 23.9% [6] - The company anticipates a revenue growth rate of 29% for 2025 [6] - Internet services: - Q3 2025 revenue of 9.4 billion RMB, with a gross margin of 76.9% [6] - Electric vehicle (EV) segment: - Q3 2025 revenue of 29 billion RMB, with a gross margin of 25.5% and a delivery target of 400,000 units for 2025 [6]

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 16 Dec 2025 环球富盛理财有限公司 大明国际 Da Ming International Holdings (1090.HK) 中国金属加工龙头，25H1 业绩扭亏为盈 China's leading metal processing company & Turns losses in to profit in 25H1 最新动态 ➢ 25H1 归母净利润扭亏。25H1，公司实现营收 211.98 亿元，同比下降 7.0%；实现毛利 5.54 亿元，同比增长 7.6%；实现归 母净利润为 757.90 万元（扭亏）。25H1，集团营收当中 204.73 亿元来自于加工业务，7.25 亿元来自于制造业务。25H1， 集团录得约 2280 万元纯利，同比增加约 141.6%。25H1，集团不锈钢加工业务的销售量约 99.60 万吨，增幅约为 3.1%；加 工量为 152.20 万吨，减幅约为 0.2%；集团碳钢加工业务的销售量约 239.10 万吨，增幅约为 ...