Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported a net profit of RMB 15.813 billion for Q3 2025, representing a year-on-year increase of 91.5%, driven by improved underwriting performance and significant investment gains [1]. - The combined operating ratio (COR) for the first three quarters was 96.1%, a decrease of 2.1 percentage points year-on-year, indicating enhanced underwriting profitability [1]. - The total investment income for the first three quarters reached RMB 35.9 billion, a year-on-year increase of 33.0%, with an annualized total investment return of 5.4% [4]. Summary by Sections Underwriting Performance - The company has improved its underwriting management, leading to a decrease in the car insurance COR to 94.8%, down 2.0 percentage points year-on-year, and a 65% increase in underwriting profit to RMB 11.729 billion [2]. - Non-car insurance COR decreased to 98.0%, down 2.5 percentage points year-on-year, with underwriting profit turning positive at RMB 3.136 billion [3]. Investment Performance - The investment performance saw a significant increase, with Q3 2025 investment income reaching RMB 15.041 billion, up 60.2% year-on-year [4]. - The company has increased its allocation to high-quality equity assets, with equity assets accounting for 13.8% of the portfolio as of the first half of 2025 [4]. Profit Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been raised to RMB 2.09, RMB 2.32, and RMB 2.52 respectively, reflecting adjustments of +8.1%, +8.4%, and +8.7% [5]. - The target price based on discounted cash flow (DCF) valuation has been increased to HKD 23.20 from HKD 21.00 [5].

Investment Rating - The report maintains a rating of "Buy" for the company [2][11]. Core Insights - The company's net profit for the first three quarters of 2025 increased by 50.5% year-on-year, driven by improvements in underwriting profit and investment income, with a continued improvement in the Combined Operating Ratio (COR) [3][11]. - The report projects a target price of HKD 22.82 for 2025, based on a price-to-book (P/B) ratio of 1.6 times [11]. Financial Summary - Insurance service revenue is expected to grow from RMB 457,203 million in 2023 to RMB 559,006 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 5% [5]. - Net profit is forecasted to rise from RMB 24,585 million in 2023 to RMB 56,609 million in 2027, with a significant increase of 47.9% in 2025 [5]. - The P/E ratio is projected to decrease from 15.64 in 2023 to 6.79 in 2027, indicating improved valuation metrics over time [5]. Underwriting and Investment Performance - The company's insurance premium income for the first three quarters of 2025 increased by 3.5% year-on-year, with motor insurance premiums up by 3.1% and non-motor insurance premiums up by 3.8% [11]. - The COR improved by 2.1 percentage points to 96.1% in the same period, attributed to reduced catastrophe claims and enhanced cost control measures [11]. - The total investment return for the first three quarters of 2025 was 5.4%, an increase of 0.8 percentage points year-on-year, driven by a favorable capital market and optimized asset allocation [11].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (1876.HK) [4] Core Views - Budweiser APAC reported Q3 2025 revenue of $1.555 billion, with a year-on-year decline of 8.4% [1] - Normalized EBITDA for the same period was $438 million, down 6.9% year-on-year, while normalized net profit attributable to shareholders was $204 million, a decrease of 9.3% [1] - The company is focusing on high-end and super high-end segments to leverage competitive advantages despite a weak beer demand in the Chinese market [4] Summary by Sections Overall Performance - Q3 2025 sales volume was 2.2512 million kiloliters, reflecting a year-on-year decline of 8.6% [1] - Revenue per hectoliter increased by 0.1% year-on-year, with a gross margin of 51.4%, showing a slight increase [1] Regional Performance - Western Asia-Pacific region saw revenue and normalized EBITDA decline by 12.0% and 11.9% year-on-year, respectively, with sales volume down 9.9% [2] - The Indian market performed well with double-digit revenue growth, positively impacting EBITDA [2] - Eastern Asia-Pacific region experienced revenue and normalized EBITDA growth of 3.9% and 8.7% year-on-year, respectively, despite a slight decline in sales volume [2] China Market Insights - In Q3 2025, revenue and normalized EBITDA in China fell by 15.1% and 17.9% year-on-year, respectively, with sales volume down 11.4% [3] - The decline was attributed to inventory management and weak on-the-go channel performance [3] - The company is focusing on optimizing channel inventory and enhancing contributions from non-on-the-go channels [3] Financial Forecasts - The report revises down the net profit forecasts for 2025-2027 to $589 million, $682 million, and $733 million, representing reductions of 15%, 7%, and 6% respectively [4] - The current stock price corresponds to a PE ratio of 23x for 2025, 20x for 2026, and 19x for 2027 [4]

Investment Rating - The report maintains a "Buy" rating for China Hongqiao [5] Core Views - The performance of Shandong Hongqiao in Q3 2025 was impressive, with revenue reaching 116.93 billion yuan, a year-on-year increase of 6%, and net profit of 19.37 billion yuan, up 23% year-on-year [1] - The profitability of electrolytic aluminum has rapidly improved, with the average price in Q3 2025 at 20,711 yuan per ton, a 6% increase year-on-year [1] - The company plans to transfer electrolytic aluminum capacity from Shandong to Yunnan, with a total of 44.8 million tons, 24.1 million tons, and 83.1 million tons scheduled for 2025 to 2027 [2] - The company issued 300 million USD of convertible bonds due in 2030, with an initial conversion price of 20.88 HKD per share [2] - The report projects net profits for 2025-2027 to be 24 billion, 25.5 billion, and 27.1 billion yuan respectively, with corresponding P/E ratios of 11.9, 11.2, and 10.5 [3] Financial Summary - Revenue for 2025 is estimated at 163.76 billion yuan, with a growth rate of 4.9% year-on-year [4] - The net profit for 2025 is projected to be 24.03 billion yuan, reflecting a year-on-year growth of 7.4% [4] - The latest diluted EPS for 2025 is expected to be 2.52 yuan per share [4] - The return on equity (ROE) for 2025 is estimated at 18.2% [4] - The company’s total assets are projected to reach 256.68 billion yuan by 2025 [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a price of 14.6 RMB per share over the next six months [3][5]. Core Insights - The company reported a revenue of 4.727 billion RMB for Q3 2025, showing a year-on-year increase of 0.95% and a quarter-on-quarter increase of 142.5% in net profit attributable to shareholders, indicating resilience in performance despite industry downturns [1]. - Cost control measures exceeded expectations, with a gross margin of approximately 15.9% in Q3 2025, benefiting from a decrease in raw material prices and enhanced expense management [1][2]. - The company has proactively reduced production during the industry downturn, currently operating at a capacity of 16,400 tons per day after cold repairs on three photovoltaic glass furnaces [2]. - The establishment of large furnaces and self-supply of silica sand is expected to create long-term cost advantages, with plans for further expansion in Indonesia to meet regional demand [2]. - The report anticipates a potential recovery in the photovoltaic glass market, with expected net profits of 0.676 billion RMB, 1.133 billion RMB, and 1.784 billion RMB for 2025, 2026, and 2027 respectively [3]. Financial Summary - For 2025, the company is projected to have a revenue of 15.72 billion RMB, with a net profit of 0.676 billion RMB, reflecting a significant decline from previous years due to market conditions [4]. - The projected price-to-book ratios for 2025, 2026, and 2027 are 1.21, 1.15, and 1.07 respectively, indicating a gradual improvement in valuation metrics [3][4]. - The company’s total assets are expected to grow from 42.92 billion RMB in 2024 to 62.497 billion RMB by 2027, showcasing a strong asset base for future operations [4][12].

Investment Rating - The report maintains a "Buy" rating for Pop Mart (9992.HK) [5][12] Core Views - The company reported a significant revenue growth of 245-250% year-on-year for Q3 2025, with China revenue increasing by 185-190% and overseas revenue by 365-370% [5][10] - The upcoming Q4 is expected to be a strong sales season due to events like Halloween, Black Friday, and Christmas, which will drive demand for gifts and trendy toys [10][11] - The company is expanding its international presence and new product lines, aiming for overseas revenue to exceed 50% of total revenue by 2025 [11][12] Summary by Sections Company Overview - The company is expected to accelerate growth, with Q2 2025 revenue growth estimated at 241% and Q3 2025 at 245-250% [7][10] - In China, Q3 2025 revenue growth is projected at 185-190%, with online sales growing by 300-305% [8][9] International Market Performance - Overseas revenue growth for Q3 2025 is expected to be 365-370%, with a slight deceleration compared to previous quarters [8][9] - Specific regional growth includes Asia-Pacific at 170-175%, the Americas at 1265-1270%, and Europe at 735-740% [9] Future Outlook - The company plans to open 100 stores overseas in 2025, with a focus on the U.S. and European markets [11] - New product categories are being introduced, and the company aims to maintain a streamlined SKU strategy [11] Financial Projections - Revenue growth rates are projected at 172% for 2025, 38% for 2026, and 36% for 2027, with net profit growth rates of 251%, 42%, and 39% respectively [12][15] - Earnings per share (EPS) are expected to be 8.16, 11.59, and 16.16 CNY for 2025, 2026, and 2027 [12][15]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned to benefit from dual drivers: the upgrade cycle of major North American clients and the new AI hardware cycle [8] - The company’s growth prospects are supported by traditional business upgrades and new market opportunities in AI hardware [8] Summary by Sections Company Overview - The company operates across five major segments: acoustics, electromagnetic actuation, optics, sensors, and automotive [5] - Recent product showcases include high-energy density speakers and innovative coaxial speaker products [5][6] Acoustics and Electromagnetic Actuation - The company presented a self-developed micro motor solution, enhancing performance metrics significantly [6] - The new vibration motor for the vivo X300 Pro shows improvements in steady-state and transient vibration [6] Optical and Thermal Management - The company achieved breakthroughs in WLG technology, improving yield and capacity [6] - Thermal management solutions are aligned with the demands of high-end devices [6] Market Dynamics - The upgrade cycle for North American clients, particularly the iPhone 17 series, is expected to boost core component orders [7] - The company is positioned as a key supplier for various components, benefiting from increased demand [7] AI Hardware Opportunities - The company is strategically entering the AI hardware market, aligning its technology with the needs of AI edge devices [8] - Collaborations with major brands for AI-related products are underway, setting the stage for future growth [8] Financial Projections - The report forecasts net profits for 2025 at 2.406 billion RMB, with a growth trajectory supported by improving optical business profitability and diversified market opportunities [8][10]

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901.HK) [1] Core Insights - The company reported better-than-expected revenue growth in FY26Q1, with a year-on-year increase of 6.1%, surpassing previous guidance of 2%-5% [7] - The overseas business showed significant improvement, with a 25% revenue growth in the low-age study abroad segment, indicating a shift in demand rather than a decline [7] - K12 business is expected to accelerate, with anticipated growth rates of approximately 20% for K9 and double-digit growth for high school, validating the strategy of prioritizing product quality [7] - The company announced a shareholder return plan totaling approximately $490 million, which is over 130% of FY25 net profit, indicating strong profit visibility and cash flow [7] - Non-GAAP operating profit margin improved to 22.0%, with expectations for further expansion in Q2, driven by better resource utilization and cost control [7] Financial Projections - Total revenue is projected to grow from $4.9 billion in FY2025 to $6.3 billion in FY2028, with year-on-year growth rates of 13.6%, 9.96%, 10.00%, and 7.02% respectively [1][9] - Net profit attributable to shareholders is expected to increase from $371.72 million in FY2025 to $591.14 million in FY2028, with growth rates of 20.07%, 32.32%, 10.40%, and 8.87% respectively [1][9] - The current stock price corresponds to a PE ratio of 17, 15, and 14 times for FY2026, FY2027, and FY2028 respectively based on Non-GAAP metrics [1][9]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][10]. Core Insights - The company has demonstrated strong operational performance with double-digit growth in both revenue and profit, driven by its long-term strategic direction and high-quality development [6]. - The company achieved a revenue of approximately 53.663 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 16.08%, and a net profit attributable to shareholders of approximately 2.843 billion yuan, up 19.91% [5]. - In Q3 2025, the company reported revenue of about 20.702 billion yuan, a year-on-year growth of 19.25%, and a net profit of approximately 1.700 billion yuan, reflecting a 12.62% increase [5]. Summary by Sections Business Performance - The company continues to strengthen its position in the supply chain of smartphones and computers, leading to rapid profit growth. It has solidified its market leadership in glass, ceramics, and metal components, preparing for the mass production of several flagship smartphones [6]. - The introduction of ultra-thin laminated car windows into the production systems of leading domestic automotive companies is expected to be a continuous growth driver for the company [6]. - The company has made breakthroughs in core processes for smart glasses and wearables, achieving large-scale production for AI glasses and is set to benefit from the rapid growth of the industry [7]. - The scale effects of embodied intelligence products are gradually becoming apparent, with significant progress in partnerships with leading domestic and international companies [7]. Financial Forecast - The company is projected to achieve revenues of 87.979 billion yuan, 105.970 billion yuan, and 122.700 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 5.070 billion yuan, 6.737 billion yuan, and 8.023 billion yuan [8]. - The expected P/E ratios for the years 2025, 2026, and 2027 are 26.1x, 19.6x, and 16.5x, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 8.40, reflecting a 7.8% potential upside from the current price of HKD 7.79 [10]. Core Insights - The company's revenue for the first three quarters of 2025 increased by 7.7% year-on-year to RMB 19.35 billion, while net profit rose by 12.9% to RMB 770 million, driven by strong performance in clean energy products [1]. - The clean energy segment saw a remarkable revenue growth of 19% year-on-year, contributing RMB 15 billion, with a significant 52% increase in offshore clean energy revenue [1]. - The chemical and liquid food segments experienced a decline in revenue, with the chemical segment's revenue dropping by 48% year-on-year in Q3, primarily due to trade uncertainties [1]. - New orders in the clean energy sector have shown improvement, with a 10.9% year-on-year increase in backlog orders, largely driven by a 23.6% growth in clean energy orders [1][2]. - The report suggests that the company's profit structure is expected to stabilize further by 2026, despite ongoing challenges in the chemical and liquid food segments [1]. Summary by Sections Revenue and Profit Performance - For the first three quarters of 2025, the company reported a revenue of RMB 19.35 billion, a 7.7% increase year-on-year, and a net profit of RMB 770 million, up 12.9% [1]. - The clean energy business contributed significantly, with a revenue increase of 19% to RMB 15 billion, and a quarterly revenue growth of 14.6% in Q3 [1]. Segment Analysis - The chemical segment's revenue in Q3 fell by 48% year-on-year, while the liquid food segment's revenue decreased by 14% year-on-year, indicating a reduced impact on overall company performance [1]. - The combined revenue share of the chemical and liquid food segments has decreased to 23%, reflecting a diminishing influence on the company's overall earnings [1]. Order and Backlog Trends - The total new orders signed in the first three quarters decreased by 5% year-on-year to RMB 19.6 billion, showing significant improvement compared to a 35% decline in the first half of the year [1][2]. - The backlog of orders increased by 10.9% year-on-year to RMB 30.76 billion, with clean energy orders making up approximately 73% of the backlog [1][2].