Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's net profit attributable to shareholders increased by 13.2% year-on-year, driven by stable water business and cost reduction efforts [7] - The water resources segment showed steady performance, with revenue from the Dongshen water supply project increasing, and overall water supply revenue up by 2.6% [7] - The report adjusts the net profit forecasts for 2025-2027 upwards due to better-than-expected cost reduction and efficiency improvements, projecting net profits of HKD 45.36 billion, HKD 46.49 billion, and HKD 47.41 billion respectively [7] Financial Performance Summary - For Q1-Q3 2025, the company reported total revenue of HKD 14.281 billion, a year-on-year increase of 1.3%, and a pre-tax profit of HKD 6.241 billion, up by 9.5% [7] - The water resources business generated revenue of HKD 5.242 billion, with a pre-tax profit contribution of HKD 3.596 billion [7] - The property segment, specifically the Yuehai Tianhe City, saw a pre-tax profit increase of 11.3% to HKD 767 million [7] Earnings Forecast and Valuation - The earnings per share (EPS) is projected to be HKD 0.69 for 2025, with a price-to-earnings (P/E) ratio of 10.29 [1][8] - The report anticipates a dividend payout ratio of 65% for 2025, resulting in a forecasted dividend yield of 6.3% [7]

交银国际研究 公司更新 | 新能源 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 10 月 28 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 10.82 | 港元 12.05↑ | +11.4% | | | 福莱特玻璃 (6865 HK) | | | | | | 下游囤货导致 3Q 业绩大增，但库存快速反弹下良好势头或难持续 个股评级 中性↓ 1 年股价表现 资料来源 : FactSet 10/24 2/25 6/25 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 6865 HK 恒生指数 股份资料 | 52周高位 (港元) | 15.84 | | --- | --- | | 52周低位 (港元) | 7.75 | | 市值 (百万港元) | 39,032.46 | | 日均成交量 (百万) | 6.28 | | 年初至今变化 (%) | (0.92) | | 200天平均价 (港元) | 9.96 | | 资料来源 : FactSet | | 文昊, CPA bob.wen@bocom ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports Products Limited (2020 HK) with a target price adjusted to HKD 110.90, reflecting a potential upside of 26.3% from the closing price of HKD 87.80 [2][5][9]. Core Insights - The third quarter performance showed weak revenue growth, leading management to lower the full-year guidance and adjust profit forecasts downwards. The main brand, Anta, is expected to see low single-digit growth, while FILA and other brands maintain mid-single-digit and over 40% growth expectations respectively [3][9]. - Revenue forecasts for 2025-2027 have been reduced by 1-3% due to a slowdown in industry recovery and increased competition, resulting in a 5-10% decrease in net profit projections for the same period [9][10]. - Despite short-term pressures, the long-term growth potential of the multi-brand strategy and operational resilience in a complex environment are viewed positively [9][10]. Financial Overview - Revenue projections (in million RMB) for the years ending December 31 are as follows: - 2023: 62,356 - 2024: 70,826 - 2025E: 78,080 - 2026E: 85,159 - 2027E: 91,473 - Year-on-year growth rates are expected to decline from 16.2% in 2023 to 7.4% in 2027 [4][21]. - Net profit projections (in million RMB) are as follows: - 2023: 10,236 - 2024: 15,596 - 2025E: 13,320 - 2026E: 14,804 - 2027E: 15,927 - The expected earnings per share (in RMB) are projected to be 3.57 in 2023, increasing to 5.50 by 2027 [4][21]. Brand Performance - Anta brand revenue growth is expected to be low single-digit, with inventory turnover slightly above five months. The company is optimizing its channels, having completed around 100 store renovations [9][10]. - FILA's revenue growth has slowed to low single digits, with inventory turnover increasing to about six months due to preparations for the Double Eleven shopping festival [9][10]. - Other brands, such as Descente and KOLON, continue to show strong growth, with respective revenue increases of approximately 30% and 70% in the third quarter [9][10].

Investment Rating - The report maintains a "Hold" rating for Ping An Good Doctor (1833.HK) with a target price of HKD 14.0, indicating a potential downside of 5% from the current price of HKD 14.8 [2][4]. Core Insights - The company has shown steady revenue and net profit growth in Q3 2025, with an expected annual revenue growth of approximately 15% and a net profit margin of around 5% [2][8]. - The recent stock price correction has brought the shares into a relatively reasonable range, supporting the "Hold" rating [2]. - The new management team is expected to accelerate collaboration with the group and explore new business models, enhancing the company's long-term growth potential [8]. Financial Performance Summary - For 2023, the company reported a revenue of RMB 4,674 million, with a projected increase to RMB 5,525 million in 2025, reflecting a year-on-year growth of 14.9% [3][9]. - The net profit is expected to turn positive in 2024, reaching RMB 81 million, and further increasing to RMB 247 million in 2025 [3][9]. - The adjusted net profit for Q3 2025 was RMB 51.39 million, with an adjusted net profit margin of 4.2% [8]. Business Segment Performance - The F&B segment and B2B health services have shown robust growth, with a 21.5% increase in revenue for the first nine months of 2025 [8]. - The number of users in home care services has increased by 41% compared to the end of 2024, indicating strong demand in this area [8]. Management Changes - The appointment of new executives with extensive consulting experience is anticipated to drive the company's strategic initiatives and operational efficiency [8].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810.HK) with a target price adjusted to HKD 65.7 [7][13]. Core Insights - The automotive delivery volume is steadily increasing, indicating potential profitability at the operational level. The report anticipates that Xiaomi's automotive deliveries will approach 109,000 units in Q3, with an expected automotive sales revenue of approximately RMB 29.2 billion [3][11]. - The smartphone segment is facing pressure on gross margins due to rising storage costs, but the upcoming Xiaomi 17 series is expected to shift towards higher-end models, which may mitigate these impacts in Q4 [3][11]. - The Internet of Things (IoT) segment is projected to show stable revenue and gross profit contributions, with expected revenue growth of 6% year-on-year in Q3 [11]. Financial Summary - Total revenue projections for Xiaomi Group are as follows: RMB 270.971 billion in 2023, RMB 365.932 billion in 2024, RMB 482.278 billion in 2025E, RMB 634.727 billion in 2026E, and RMB 750.562 billion in 2027E, reflecting a growth rate of 35.0% in 2024 and 31.8% in 2025E [5][16]. - Adjusted net profit forecasts are RMB 19.273 billion for 2023, RMB 27.235 billion for 2024, RMB 43.629 billion for 2025E, RMB 67.894 billion for 2026E, and RMB 83.319 billion for 2027E, with a significant growth of 126.3% in 2023 [5][16]. - The gross profit margin is expected to be 21.2% in 2023, slightly decreasing to 20.9% in 2024, and then improving to 22.6% by 2025E [5][16]. Revenue Breakdown - Smartphone revenue is projected to decline slightly in the short term, with a year-on-year decrease of 5.8% expected in 2023, but a recovery is anticipated in subsequent years [14]. - IoT revenue is expected to grow steadily, with projections of RMB 134.976 billion by 2025E, reflecting a year-on-year growth of 29.7% [14]. - Automotive revenue is projected to reach RMB 106.647 billion by 2025E, with a significant year-on-year growth of 225.6% [14]. Valuation Metrics - The report assigns a price-to-earnings (PE) ratio of 30x for Xiaomi's core business (smartphones, IoT, and internet services) for FY2025, reflecting a premium due to the synergy across hardware and AI potential [13][18]. - The automotive business is valued at a price-to-sales (PS) ratio of 2.5x for FY2025, based on Xiaomi's established supply chain management capabilities and brand strength [13][18].

Investment Rating - The investment rating for the company is "Buy" [3] - The previous rating was also "Buy" [3] - The current price is 7.69 HKD [3] Core Insights - The company has launched the iRC100 controller, marking a significant technological advancement in the robotics sector [1] - The end-to-end urban auxiliary driving system has been introduced to enhance performance in complex scenarios [2] - The 5G smart factory has commenced operations, with an annual production capacity of 3.5 million units, integrating AI and 5G technology [2] Financial Projections - Total revenue is projected to be 1,789.22 million HKD in 2025, with a year-on-year growth rate of 43% [2][6] - The expected net profit for 2025 is -156.61 million HKD, showing a significant improvement from previous years [6] - Earnings per share (EPS) is forecasted to be -0.61 HKD in 2025, improving from -1.12 HKD in 2024 [6] Key Financial Metrics - Revenue growth rates are expected to be 43% in 2025, 57% in 2026, and 31% in 2027 [6] - The company is expected to achieve a gross margin of 17% in 2025, increasing to 19% in subsequent years [7] - The net profit margin is projected to improve from -16% in 2023 to 3% by 2027 [7]

Investment Rating - The report assigns a "Buy" rating to the company [5]. Core Views - The company has shown a solid recovery in operations, with revenue and net profit for H1 2025 reaching 25.6 billion and 7.6 billion CNY, respectively, reflecting year-on-year growth of 16% and 22% [10][2]. - The company is expected to maintain its leadership in the beverage industry due to strong R&D capabilities, brand recognition, and refined channel management, with revenue projections for 2025-2027 at 50.5 billion, 57 billion, and 63.3 billion CNY, respectively [37][2]. Summary by Sections Performance Overview - The company achieved revenue of 25.6 billion CNY in H1 2025, a 16% increase year-on-year, while net profit rose to 7.6 billion CNY, up 22% [10][2]. - The growth was supported by increased marketing expenditures and improved public sentiment, leading to a recovery in sales [10][2]. Revenue Breakdown - In H1 2025, revenue from tea, water, functional foods, and juice drinks was 10.1 billion, 9.4 billion, 2.9 billion, and 2.6 billion CNY, respectively, with year-on-year growth rates of 20%, 11%, 14%, and 21% [12][10]. - The company has successfully expanded its tea beverage segment, particularly with the launch of new products and promotional activities [12][10]. Profitability Analysis - The company's gross margin and net margin for H1 2025 were 60.32% and 29.75%, respectively, reflecting improvements due to lower raw material costs and reduced advertising and logistics expenses [19][2]. - Compared to 2018, the gross margin and net margin have increased by 6.98 and 12.16 percentage points, respectively, indicating a sustained improvement in profitability [19][2]. Future Projections - Revenue is projected to grow at a compound annual growth rate (CAGR) of 14% for revenue and 20% for net profit from 2017 to 2024 [10][2]. - The company anticipates continued growth in its water and tea beverage segments, with expected revenue growth rates of 13% and 23% for 2025-2027 [37][35]. Competitive Positioning - The company is positioned as a leader in the beverage industry, benefiting from established brand recognition and channel barriers [37][2]. - The report highlights the company's strong market presence and competitive advantages in product innovation and marketing strategies [29][2].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Insights - The company is experiencing stable growth in its core business, particularly in the battery box segment, having secured significant orders from major clients such as Changan and Anhui Volkswagen for 2024. The company has also successfully expanded its market share in Europe, North America, and Japan [1]. - The company is actively developing smart exterior components, focusing on integrated solutions for intelligent front and rear systems and smart door systems, which are essential for advanced autonomous driving applications [2]. - A strategic partnership has been established with Zhiyuan Robotics to collaborate on various technologies, including smart exteriors, electronic skin, and humanoid robot components, enhancing the company's innovation capabilities in robotics [3]. Financial Summary - The company’s revenue is projected to grow from 23.15 billion yuan in 2024 to 33.24 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.78% [5]. - The net profit attributable to the parent company is expected to increase from 2.32 billion yuan in 2024 to 3.81 billion yuan in 2027, with a CAGR of about 19.61% [5]. - Earnings per share (EPS) are forecasted to rise from 2.02 yuan in 2024 to 3.24 yuan in 2027 [5]. Market Performance - The company has shown strong absolute returns over the past year, with a 12-month return of 146% compared to the Hang Seng Index [9]. - The stock has a current market capitalization of approximately 41.32 billion HKD [7].

Group 1: Netflix (NFLX) - Investment Rating: Buy with a target price of 1,319.00 USD, representing a 20.5% upside from the current price of 1,094.69 USD [3][13] - Core Viewpoint: Short-term tax issues and industry consolidation do not alter the long-term growth logic of Netflix, as global users continue to shift towards streaming, with cable TV market share declining [8][9] - 2025 Q3 Performance Summary: Revenue grew 17% year-on-year to 11.51 billion USD, with a diluted EPS increase of 9% to 5.87 USD. Free cash flow rose 21% to 2.66 billion USD [11][12] Group 2: 伟仕佳杰 (856) - Investment Rating: Buy with a target price of 14.8 HKD, indicating a 47.6% upside from the current price of 10.03 HKD [4][18] - Core Viewpoint: The company is deeply engaged in the Asian ICT distribution market, with rapid growth in cloud and AI businesses, projecting a 28% increase in cloud revenue for 2024 [17][18] - Financial Performance: The company has maintained a consistent revenue growth rate of 24% since its listing, with a return on equity (ROE) above 10% for 23 consecutive years [20][22] Group 3: Uranium Industry - Core Viewpoint: The uranium sector is entering a new development cycle driven by increased demand, midstream capacity constraints, and a decrease in secondary supply [34][35] - Investment Opportunities: Companies like Cameco (CCJ) are well-positioned to benefit from the supply-demand imbalance, with a target price of 101 USD and a buy rating [37] - Market Dynamics: The nuclear energy sector contributes significantly to global electricity generation, with uranium demand expected to rise due to geopolitical factors and energy transition policies [35][36]

Investment Rating - The investment rating for the company is "Strong Buy" with an expectation that the stock will outperform the market by over 20% within the next six months [11]. Core Insights - The company reported a steady retail performance in Q3 2025, with the Anta brand and FILA brand achieving low single-digit positive growth year-on-year. Other brands (excluding those added after January 1, 2024) saw retail sales growth of 40-50% year-on-year [3][6]. - The report maintains the previous profit forecasts, expecting net profits for 2025-2027 to be 13.41 billion yuan, 15.05 billion yuan, and 17.28 billion yuan respectively, with a year-on-year change of -14.0%, +12.2%, and +14.9% [6][9]. - The current stock price corresponds to a PE ratio of 16.8 for 2025, reinforcing the "Strong Buy" rating [6]. Financial Summary - **Revenue Projections**: Expected revenues for 2024, 2025, 2026, and 2027 are 70.83 billion yuan, 80.92 billion yuan, 91.79 billion yuan, and 104.65 billion yuan respectively, with year-on-year growth rates of 13.6%, 14.2%, 13.4%, and 14.0% [5][9]. - **Net Profit**: Projected net profits for the same years are 15.60 billion yuan, 13.41 billion yuan, 15.05 billion yuan, and 17.28 billion yuan, with growth rates of 52.4%, -14.0%, 12.2%, and 14.9% [5][9]. - **Gross Margin**: Expected gross margins are 62.2% for 2024, increasing to 63.5% by 2026 and remaining stable thereafter [10]. - **Debt Ratios**: The company’s debt-to-asset ratio is projected to decrease from 40.7% in 2024 to 32.7% by 2027, indicating improving financial stability [10]. Market Position - The company is expected to benefit from the growing sports and outdoor apparel market, with an expanding brand matrix likely to enhance market share [6].