Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in Q3 performance, with revenue reaching 76.85 million yuan (up 5% year-on-year and quarter-on-quarter), and a net profit of 4.70 million yuan (turning profitable year-on-year and up 115% quarter-on-quarter) [4] - The growth in revenue is driven by an increase in advertising revenue, which reached 25.70 million yuan (up 23% year-on-year and 5% quarter-on-quarter), and an increase in value-added services [4] - The company is optimistic about the ongoing commercialization and growth in gaming, projecting net profits of 10.24 million yuan, 20.86 million yuan, and 28.50 million yuan for 2025-2027, respectively [4] Financial Summary - For 2025, the estimated revenue is 30,277 million yuan, with a year-on-year growth of 12.8% [6] - The estimated net profit for 2025 is 1,024 million yuan, reflecting a significant year-on-year increase of 176% [6] - The gross margin is projected to reach 36.7% in 2025, up from 24.2% in 2023 [6] User Engagement and Community Growth - The company achieved a record high in user engagement, with Daily Active Users (DAU) at 117 million (up 10% year-on-year) and Monthly Active Users (MAU) at 376 million (up 8% year-on-year) [5] - The average daily usage time reached 112 minutes, indicating strong user retention and engagement [5] - The number of paying users exceeded 35 million, with a year-on-year increase of 17% [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is initiating the "Back to A" process to diversify its financing channels, which will support long-term development. The company plans to issue up to 800 million shares in RMB and list them on the Shenzhen Stock Exchange, aiming to enhance its H+A dual-platform layout [7][8] - The company has shown a significant improvement in free cash flow, which turned positive in 2024, and has increased its dividend payout ratio to 42% [7][8] - The report highlights the company's strategic focus on rational capital expenditure and careful expansion into overseas high-quality projects, ensuring sustainable growth [7][8] Financial Summary - Total revenue (in million HKD) is projected to decline from 32,495 in 2023 to 28,089 in 2027, with a year-on-year decrease of 13.92% in 2023 and a gradual decline thereafter [1] - Net profit attributable to the parent company (in million HKD) is forecasted to decrease from 4,429 in 2023 to 4,036 in 2027, with a notable drop of 23.75% in 2024, followed by a recovery in subsequent years [1] - The earnings per share (EPS) is expected to rise from 0.72 in 2023 to 0.66 in 2027, reflecting a gradual improvement in profitability [1] Capital Expenditure and Cash Flow - The company has controlled capital expenditure, with a projected decrease to 40 billion RMB in 2025, while free cash flow is expected to exceed 10 billion HKD [7][8] - The report indicates that the company received government subsidies of 2.064 billion RMB in July-August 2025, which is significantly higher than the previous year's amount [7][8] Valuation Metrics - The current price-to-earnings (P/E) ratio is 8.5x for 2025, with a price-to-book (P/B) ratio of 0.59x, indicating potential undervaluation compared to industry peers [1][7] - The report suggests that the company's A-share valuation is likely to be higher than its H-share valuation, with historical premiums observed in similar companies [7][8]

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent Holdings continues to demonstrate high growth, with Q3 2025 revenue reaching 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. The net profit attributable to shareholders was 63.1 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [4] - The company is expected to maintain strong growth driven by the deepening application of AI and the performance of both new and existing games. The projected net profits for 2025-2027 are 226.4 billion yuan, 256.2 billion yuan, and 288.7 billion yuan respectively, with corresponding PE ratios of 23.7, 20.9, and 18.6 times [4][5] Financial Summary and Valuation Metrics - Revenue for 2023 is projected at 609.02 billion yuan, with a year-on-year growth of 9.8%. By 2025, revenue is expected to reach 752.39 billion yuan, reflecting a 14% increase [6] - Net profit for 2023 is estimated at 115.22 billion yuan, with a significant year-on-year growth of 68.4% expected in 2024, leading to a net profit of 194.07 billion yuan [6] - The gross margin is projected to improve to 56.4% by 2025, up from 48.1% in 2023, indicating enhanced profitability [6]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨福莱特玻璃（06865.HK） [Table_Title] Q3 利润同环比大幅增长，海外销售占比持续提 升 报告要点 [Table_Summary] 福莱特发布 2025 年三季报，2025 前三季度公司实现收入 124.64 亿元，同比下降 14.66%；归 母净利 6.38 亿元，同比下降 50.79%；其中，2025Q3 实现收入 47.27 亿元，同比增长 20.95%， 环比增长 29.22%；归母净利 3.76 亿元，同比扭亏，环比增长 142.93%，超出市场预期。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490525060004 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 福莱特玻璃（06865.HK） cjzqdt11111 [Table_Title ...

研究报告 Research Report 17 Nov 2025 安踏体育 ANTA SPORTS (2020 HK) 近况更新：随着天气转冷运动鞋服流水压力明显缓解，2026 年行业增长或加速 Recent Updates: Update: Sportswear and Footwear Sell-Through Pressure Eases as Weather Cools; Industry Growth Could Accelerate in 2026 [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$82.10 目标价 HK$103.00 HTI ESG 0.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$230.47bn / US$29.66bn 日交易额 (3 个月均值) US$135.10mn 发行股票数目 2,807mn 自由流通股 (% ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has demonstrated strong growth in advertising revenue, with a year-on-year increase of 23% in Q3 2025, reaching 25.7 billion yuan [8] - The adjusted net profit for Q3 2025 was 7.86 billion yuan, reflecting a significant year-on-year increase of 233% [6] - The company's monthly active users (MAU) grew by 8% year-on-year to 376 million, while daily active users (DAU) increased by 9% to 117 million, indicating strong user engagement [6] Financial Performance - In Q3 2025, the company achieved total revenue of 76.9 billion yuan, marking a 5% increase both year-on-year and quarter-on-quarter [6] - The gross profit margin improved to 36.7%, up 1.7 percentage points year-on-year [6] - The company reported a net profit of 4.69 billion yuan, a turnaround from a loss of 0.88 billion yuan in the same period last year [6] Business Segments - Mobile gaming revenue in Q3 2025 was 15.11 billion yuan, down 17% year-on-year, primarily due to a high base from the previous year [7] - The advertising segment's revenue growth was driven by strong performance in sectors such as gaming, e-commerce, and automotive, with AI-related advertising revenue increasing by nearly 90% [8] - Live streaming and value-added services generated 30.23 billion yuan in revenue, a 7% year-on-year increase, with paid user numbers reaching 35 million [9] Future Projections - The company is projected to achieve revenues of 30.16 billion yuan in 2025, with a corresponding adjusted net profit of 2.5 billion yuan [11] - The target market capitalization for 2026 is estimated at 109.1 billion yuan, with a target price of 259 yuan per share [11]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings, with a target price based on adjusted PE ratios of 21X for 2025, 18X for 2026, and 16X for 2027 [5]. Core Insights - Tencent's overall performance in Q3 2025 exceeded expectations, with a revenue growth of 15% year-on-year and a gross profit increase of 22%, driven primarily by strong growth in gaming and advertising revenues [1][2]. - The company's strategic investments in AI are beginning to yield results, enhancing efficiency across various business scenarios, including targeted advertising and user engagement in gaming [2]. - The report highlights the robust performance of Tencent's value-added services, particularly in overseas gaming, which saw a 43% year-on-year revenue increase [3]. Summary by Sections Overall Performance - In Q3 2025, Tencent's revenue reached 750.2 billion RMB, with Non-IFRS net profit also increasing by 18% year-on-year, surpassing Bloomberg consensus estimates [1][5]. Value-Added Services - Revenue from value-added services grew by 16% to 959 billion RMB, with domestic game revenue contributing significantly, particularly from long-standing titles like "Honor of Kings" and "Peacekeeper Elite" [3]. Marketing Services - Marketing services revenue rose by 21% to 362 billion RMB, driven by increased user engagement and improvements in advertising effectiveness due to AI [4]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue increased by 10% to 582 billion RMB, with notable growth in cloud services and commercial payment activities [5]. Financial Forecast - The report projects revenues of 750.2 billion RMB for 2025, 835.3 billion RMB for 2026, and 915.5 billion RMB for 2027, with corresponding Non-IFRS net profits of 260.3 billion RMB, 300.7 billion RMB, and 335.3 billion RMB respectively [6].

Investment Rating - The report initiates coverage with an "Outperform" rating, targeting a price of HKD 247.6, indicating a potential upside of 59.9% from the current price of HKD 154.90 [2][3][22]. Core Insights - Hesai Group is positioned as a global leader in LiDAR technology, with a strong market share in the ADAS sector, holding 46% of the market as of August 2025, which is 1.5 times that of the second-ranked competitor [3][7][13]. - The company is expected to benefit significantly from the adoption of Level 3 (L3) autonomous driving regulations, which will likely increase both volume and pricing for its products [5][24]. - The company has established partnerships with leading autonomous vehicle and robotics firms across North America, Asia, and Europe, indicating a robust growth trajectory in both the ADAS and robotics sectors [3][8][13]. Financial Performance - For 2025, the company forecasts revenues of RMB 3.037 billion, with a projected growth rate of 46% year-over-year [2][14][22]. - In Q3 2025, the company reported revenues of RMB 800 million, a 47.5% increase year-over-year, and achieved a GAAP net profit of RMB 260 million, surpassing its full-year profit target ahead of schedule [4][23]. - The total LiDAR shipments for 2025 are expected to reach 1.6 million units, with 610,000 units anticipated in Q4 2025 [22][23]. Market Position and Growth Potential - The company has launched the world's longest-range automotive-grade LiDAR, the ETX, which is expected to play a crucial role in the L3 market [5][24]. - The anticipated increase in the number of LiDAR units per vehicle for L3 models (3 to 6 units) presents significant market expansion opportunities, with each unit valued between USD 500 and 1,000 [5][24]. - The report highlights that Hesai's product mix, including the cost-effective ATX, is expected to contribute to revenue growth despite a projected decline in average selling price (ASP) by 8% quarter-over-quarter in Q4 2025 [3][14][22].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [46] Core Insights - Tencent's Q3 2025 revenue reached 192.9 billion RMB, a year-over-year increase of 15% and a quarter-over-quarter increase of 5% [9][17] - The company's operating profit was 63.6 billion RMB, up 19% year-over-year and 6% quarter-over-quarter [9][17] - Net profit attributable to shareholders was 63.1 billion RMB, also reflecting a 19% year-over-year increase and a 13% quarter-over-quarter increase [9][17] - Non-IFRS operating profit and net profit both grew by 18% year-over-year, reaching 72.6 billion RMB and 70.6 billion RMB respectively [9][17] Summary by Sections 1. Operational Data - WeChat's monthly active users (MAU) reached 1.414 billion, growing 2.3% year-over-year and 0.2% quarter-over-quarter [10] - QQ's smart terminal MAU continued to decline year-over-year [10] - Paid value-added service accounts reached 265 million, stable compared to the previous year [10] 2. Overall Performance - Gross margin improved to 56.4%, up 3.28 percentage points year-over-year [21] - Non-IFRS operating profit and net profit both increased by 18% year-over-year [17][21] 3. Value-Added Services - Game revenue grew by 23% year-over-year, with domestic and international markets increasing by 15% and 43% respectively [29] - Tencent Video maintained a leading position with 114 million video subscribers [29] - Online music service revenue increased by 27.2% year-over-year to 6.97 billion RMB [29] 4. Marketing Services - Marketing services revenue grew by 21% year-over-year to 36.2 billion RMB [38] - AI applications enhanced advertising click-through and conversion rates [38] 5. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 10% year-over-year to 58.2 billion RMB [41] - The average payment transaction amount increased, and the business maintained the lowest bad debt ratio in the industry [41] 6. Profit Forecast and Investment Rating - Revenue forecasts for 2025-2027 are 753.9 billion, 847.4 billion, and 931.4 billion RMB respectively [42] - Non-IFRS net profit forecasts for the same period are 260 billion, 298.9 billion, and 338.1 billion RMB [42] - The target market value for Tencent in 2025 is set at 6.6 trillion RMB, corresponding to a target price of 791 HKD [42]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 13.33 per share, based on a 45x PE valuation for 2026, corresponding to a market capitalization of RMB 555 billion [3][5]. Core Insights - The company is expected to benefit from the rapid iteration of AI features and creative functionalities, enhancing its global influence and brand effect, particularly in lifestyle applications [8]. - The company has introduced 51 new features in its flagship app, with 96% of these being AI-related, indicating a strong focus on innovation and user engagement [8]. - The collaboration with Alibaba is anticipated to enhance the company's product capabilities in the e-commerce sector, leveraging its image processing strengths [8]. Financial Projections - Adjusted net profit forecasts for the company from 2025 to 2027 are RMB 610 million, RMB 936 million, and RMB 1.314 billion, respectively, with significant growth rates [3]. - Revenue projections for the same period are RMB 3.902 billion, RMB 4.859 billion, and RMB 5.995 billion, reflecting a compound annual growth rate [3][11]. - The gross margin is expected to improve from 61.4% in 2023 to 75.8% in 2027, indicating enhanced operational efficiency [11]. Market Performance - The company's stock price as of November 14, 2025, was HKD 8.38, with a 52-week high of HKD 12.5 and a low of HKD 2.6, suggesting volatility in market performance [5]. - The report highlights the company's relative performance against the Hang Seng Index, showing a significant increase of 181.26% over the past year [6].