Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The report highlights the successful launch of the TapTap PC version, which is expected to expand growth opportunities for the company. The PC version has already launched over a hundred top games and operates on a no-revenue-sharing model, which could significantly enhance TapTap's growth potential [4][5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion, 1.592 billion, and 1.757 billion CNY respectively, with corresponding EPS of 2.6, 3.2, and 3.6 CNY. The current stock price corresponds to P/E ratios of 17.9, 14.4, and 13.1 times for the respective years, indicating a positive outlook driven by new games and TapTap [4][7] Financial Summary and Valuation Metrics - The company reported a revenue of 3.389 billion CNY in 2023, with a projected increase to 6.148 billion CNY in 2025, reflecting a year-over-year growth of 22.7% [7] - The net profit is expected to turn positive in 2024, reaching 812 million CNY, and further increasing to 1.286 billion CNY in 2025, marking a significant recovery from a loss of 554 million CNY in 2023 [7] - The gross margin is projected to improve from 61.0% in 2023 to 70.1% in 2025, while the net margin is expected to rise from -16.3% in 2023 to 20.9% in 2025 [7]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][16]. Core Insights - The company is a pioneer in the cross-border payment industry in China, benefiting from the expansion of cross-border e-commerce [4][18]. - The company has obtained 65 global payment licenses, enabling it to provide a wide range of digital payment services [4][18]. - The projected revenue growth for the company is robust, with expected revenues of RMB 1,315 million in 2024, increasing to RMB 2,577 million by 2027, reflecting a compound annual growth rate (CAGR) of 22% [3][44]. - The company is expected to experience significant fluctuations in profits due to a one-time large investment gain in 2025, with net profits projected to be RMB 1,485 million in 2025, followed by losses in 2026 and a small profit in 2027 [3][10]. Financial Summary - Revenue projections for the company are as follows: RMB 1,315 million in 2024, RMB 1,652 million in 2025, RMB 2,089 million in 2026, and RMB 2,577 million in 2027, with growth rates of 28%, 26%, 26%, and 23% respectively [3][9]. - The net profit is expected to be negative RMB 168 million in 2024, positive RMB 1,485 million in 2025, negative RMB 73 million in 2026, and positive RMB 27 million in 2027 [3][10]. - The earnings per share (EPS) are projected to be -0.16 in 2024, 1.38 in 2025, -0.07 in 2026, and 0.03 in 2027 [3][10]. Business Overview - The company has established a global payment network, serving over 590,000 clients with a total transaction payment volume (TPV) of RMB 3.3 trillion in 2024 [4][25]. - The company’s digital payment services include both global and domestic payment solutions, with global payments accounting for approximately 60% of total revenue [25][30]. - The company is expanding its value-added services, which are expected to grow significantly, with revenue growth rates projected at 50%, 35%, and 30% for 2025, 2026, and 2027 respectively [8][9]. Market Potential - The cross-border e-commerce and export trade markets in China are expected to continue expanding, with the total export value projected to reach nearly RMB 47 trillion by 2027 [46]. - The demand for cross-border payment solutions is increasing as traditional foreign trade embraces digitalization and online operations [46][52]. - The cross-border payment service market in China is projected to grow from RMB 4.6 trillion in 2022 to RMB 14.1 trillion by 2027, with a CAGR of 25.2% [52][56].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to benefit from the continuous upgrade of product specifications and the growth of IoT modules, which may lead to better-than-expected performance [1][2]. - In June, the company's smartphone camera module shipments showed a year-on-year growth for the first time in the first half of 2025, driven by the launch of Huawei's flagship model [1]. - The company is focusing on high-end products, which is expected to significantly enhance the average selling price (ASP) and gross margin [1][4]. Summary by Sections Smartphone Camera Modules - In June, the company shipped 32.648 million smartphone camera modules, with a month-on-month increase of 0.8% and a year-on-year increase of 1.5% [1]. - For the first half of 2025, the total shipment was 183.866 million units, a year-on-year decrease of 14.8% due to a focus on high-end products [1]. - The proportion of shipments for modules with 32MP and above reached 53.4%, an increase of 5.5 percentage points year-on-year [1]. Other Camera Modules - The company saw a significant year-on-year increase of 99.3% in shipments of other camera modules in June, totaling 1.7 million units [2]. - The growth is attributed to the booming global market for consumer drones and handheld imaging devices [2]. - The company has a broad layout in optical products for drones and handheld devices, including camera modules and visual modules [2]. Fingerprint Recognition Modules - In June, the company shipped 13.9 million fingerprint recognition modules, with a year-on-year increase of 7.3% [3]. - The ultrasonic fingerprint recognition modules saw a remarkable year-on-year increase of 851.9% [3]. - The total shipment for the first half of 2025 was 94.357 million units, a year-on-year increase of 59.7% [3]. Financial Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been raised by 20%, 31%, and 40% to RMB 724 million, RMB 934 million, and RMB 1.171 billion respectively [4]. - The company is expected to benefit from the growth in IoT shipments and the improvement in product specifications across its product lines [4]. - Revenue projections for 2025 are set at RMB 19.706 billion, with a growth rate of 22% [5].

上 市 公 司 机械设备 2025 年 07 月 09 日 越疆 (02432) ——协作机器人+具身智能，双轮驱动！ 报告原因：首次覆盖 买入（首次评级） 2025 年 07 月 08 日 | 收盘价（港币） | 55.85 | | --- | --- | | 恒生中国企业指数 | 8708.66 | | 52 周最高/最低（港币） | 83.80/18.42 | | H 股市值（亿港币） | 225.74 | | 流通 H 股（百万股） | 358.04 | | 汇率（人民币/港币） | 1.0974 | 一年内股价与基准指数对比走势： -5% 495% HSCEI 越疆 资料来源：Bloomberg 相关研究 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@sws ...

Investment Rating - The report suggests a positive outlook for the company, recommending active attention to its developments [4]. Core Insights - The company is actively investing in multiple leading robotics enterprises, aiming to create a comprehensive service provider across the entire industry chain [1][4]. - The investment portfolio includes key assets in robotics, with a reported return exceeding 3 times as of June 2025 [2]. - The company is facilitating the acceleration of robotics applications through strategic partnerships and ecosystem development, enhancing the integration of robotics technology into urban and public services [3]. - A global first "robotics comprehensive experience store" is being established to provide full-cycle services to robotics companies, supporting their market expansion [4]. Summary by Sections Investment Activities - The company has made additional investments in several robotics firms, including Xinhai Map and others, following previous investments [1]. - The investment portfolio encompasses high-quality companies across various advanced fields such as embodied intelligence, industrial robotics, medical robotics, and low-altitude aircraft [2]. Industry Collaboration - The company has signed agreements with over 50 robotics firms to promote applications in key areas like smart healthcare and urban operations, which will help in the practical deployment of robotics technologies [3]. Service Development - The establishment of the "robotics comprehensive experience store" aims to provide diverse support for robotics companies, including sales representation and supply chain assistance, facilitating their entry into broader markets [4].

Investment Rating - The report initiates coverage with a "Buy" rating for Sunshine Insurance Group [6] Core Views - Sunshine Insurance Group is experiencing high-quality growth driven by both life and property insurance segments, with premium income accelerating and investment returns stabilizing. The company is implementing a "New Sunshine Strategy" to enhance business collaboration and optimize its workforce structure [1][2][3] Summary by Sections 1. Company Overview - Sunshine Insurance Group is a leading private insurance group in China, established in 2005, offering a comprehensive range of insurance and asset management services [11] - The company has a balanced development strategy between life and property insurance, focusing on risk management and cost control to ensure stable underwriting profits [11] 2. Life Insurance Segment - Sunshine Life is positioned as a strong player in the market, with total premiums reaching 804.5 billion RMB in 2024, a year-on-year increase of 7.8% [2] - The company is optimizing its distribution channels, with a significant focus on traditional life insurance products, which now account for 86.4% of total premiums [55] - The new business value (NBV) and new business margin (NBVM) are showing positive trends, indicating a robust growth trajectory [2][43] 3. Property Insurance Segment - Sunshine Property Insurance is focusing on enhancing the quality of auto insurance while rapidly growing its non-auto insurance business, achieving a premium income of 478.2 billion RMB in 2024, up 8.1% year-on-year [2] - The company is leveraging technology to improve operational efficiency, with a claims automation rate exceeding 70% [2] 4. Asset Management - As of the end of 2024, Sunshine Insurance's investment assets reached 5,485.8 billion RMB, with a focus on fixed-income investments, which constitute 72.3% of the portfolio [3][32] - The total investment income for 2024 was 198.5 billion RMB, reflecting a year-on-year growth of 35.8% [3][32] 5. Financial Performance and Forecast - The total revenue for 2024 was 90.27 billion RMB, a 15.4% increase from the previous year, with net profit rebounding to 5.449 billion RMB, up 45.8% [19][5] - Forecasts for total revenue from 2025 to 2027 are projected at 93.62 billion RMB, 97.08 billion RMB, and 100.62 billion RMB, respectively, with net profits expected to grow steadily [5][3]

Investment Rating - The report initiates coverage with a "Buy" rating for CHAGEE [4][12][15] Core Views - CHAGEE is positioned as the largest premium freshly-made tea drinks brand in China, with a mission to inherit and innovate Chinese tea culture [7][31] - The company has achieved a remarkable terminal retail sales growth of 2387% from 2022 to 2024, making it the fastest-growing freshly-made tea brand with over 1,000 stores in China [7][30] - CHAGEE focuses on brand building and aims to create a global modern tea brand, differentiating itself from competitors by concentrating on tea products rather than diversifying into other beverage categories [8][9] Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: 46.4 billion RMB in 2023, 124.06 billion RMB in 2024, 150.51 billion RMB in 2025, 180.10 billion RMB in 2026, and 210.82 billion RMB in 2027, with year-on-year growth rates of 844%, 167%, 21%, 20%, and 17% respectively [6][15] - Net profit forecasts for the same period are: 7.25 billion RMB in 2023, 23.84 billion RMB in 2024, 28.05 billion RMB in 2025, 33.36 billion RMB in 2026, and 39.34 billion RMB in 2027, with growth rates of 229%, 18%, 19%, and 18% respectively [6][15] - The company is expected to open 1,200 new stores in 2025, with a total store count of 7,640, representing a 19% increase [11][15] Market Position and Competitive Advantage - CHAGEE holds a market share of approximately 20.3% in the premium freshly-made tea segment, ranking first among high-end tea brands in China [30] - The company has pioneered the "whole-leaf milk tea" category, which has become a significant contributor to its sales, accounting for 91% of its GMV in 2024 [9][44] - CHAGEE's innovative "tea tech" enhances standardization and efficiency, allowing for rapid service and consistent product quality across its stores [10][11] Expansion Strategy - The company plans to accelerate overseas store openings, with a focus on markets like Malaysia and the United States, while maintaining a strong domestic presence [11][17] - CHAGEE employs a franchise model for most of its stores, with 97% of its domestic stores being franchises, which enhances its risk resilience [38][41] Product Innovation - CHAGEE emphasizes health-conscious product offerings, eliminating artificial additives and introducing features like a "health calculator" for transparency [57][58] - The company continuously expands its product line, recently launching new items such as "Tea Espresso" and "Tea Latte" to attract diverse consumer segments [9][63]

Investment Rating - The investment rating for China Feihe (06186.HK) has been downgraded to "Recommended" due to lower-than-expected performance [2][7]. Core Views - The company is expected to achieve revenue of 9.1-9.3 billion with a year-on-year decline of 7.9%-9.9% and a net profit of 1-1.2 billion, reflecting a year-on-year decline of 36%-47% for the first half of 2025 [2][7]. - The company plans to invest no less than 1 billion in share buybacks and expects to distribute dividends of no less than 2 billion in 2025, down from 2.72 billion in the same period last year [2][7]. - The company anticipates low single-digit growth for the full year, with a projected revenue increase of 10%-15% in the second half of 2025 [7]. Financial Summary - Total revenue (million) for 2024 is projected at 20,749, with a slight increase to 20,766 in 2025, and further growth to 22,054 in 2026 [4]. - The net profit (million) is expected to decline from 3,570 in 2024 to 3,025 in 2025, before recovering to 3,602 in 2026 [4]. - Earnings per share (CNY) are forecasted to decrease from 0.39 in 2024 to 0.33 in 2025, with a gradual increase to 0.40 in 2026 [4]. Market Performance - The target price for the stock is set at 5.1 HKD, with the current price at 4.58 HKD [4][7]. - The company maintains a market capitalization of 41.5 billion HKD and a total share capital of 9.067 billion shares [5][7]. Industry Outlook - The company is expected to benefit from a recovery in newborn population growth and the implementation of fertility subsidies, which may improve industry conditions over the next 2-3 years [7]. - The company is positioned as a leading brand in the infant formula market, with a strong channel foundation and plans to launch higher-end products in the second half of 2025 [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The retail performance is in line with expectations, with a year-on-year decline in retail sales volume. As of May 31, 2025, the company's direct store gross sales area decreased by 1.3% quarter-on-quarter and 12.3% year-on-year [2][6]. - The company is expected to gradually stabilize after a period of store closures, with a forecast of continued net store closures but at a reduced rate [8]. - The outdoor brand matrix is expanding, with the main brand Nike expected to show improvement. New brands like Norrøna will be introduced through single-brand stores and online channels, which is anticipated to enhance overall performance [8]. - The company is currently at the bottom of its operational cycle, with revenue under pressure and weak gross margin recovery. The profit margin recovery for FY2026 is primarily dependent on cost control, with a cautious outlook for net profit remaining flat [8]. - The forecasted net profit for FY2026/2027 is 1.32 billion and 1.42 billion respectively, corresponding to P/E ratios of 13 and 12 times, with an expected dividend yield of approximately 8% for FY2026 [8][10]. Summary by Sections Retail Performance - The retail performance for FY2026Q1 shows a year-on-year decline in sales volume, which aligns with expectations. The gross sales area for direct stores has decreased by 12.3% year-on-year [2][6]. Store Operations - The company is expected to continue experiencing net store closures, but the rate of closures is anticipated to slow down, leading to a gradual stabilization in operations [8]. Brand Development - The expansion of the outdoor brand matrix is underway, with Nike's performance expected to improve, contributing positively to the company's overall results [8]. Financial Outlook - The company is projected to achieve net profits of 1.32 billion and 1.42 billion for FY2026 and FY2027, respectively, with a P/E ratio of 13 and 12 times, and an estimated dividend yield of around 8% for FY2026 [8][10].

Investment Rating - The report assigns an "Outperform" rating to the company [4][6]. Core Insights - The company is the leading brand in the mid-range ready-to-drink tea segment, achieving a store count of 9,914 by the end of 2024, making it the largest in its category [1][16]. - The mid-range ready-to-drink tea market is projected to reach approximately RMB 161.5 billion in 2025, with a CAGR of 20.8% from 2024 to 2028, indicating strong growth potential [2]. - The company has a robust growth strategy focusing on store expansion and improving same-store sales, with expectations of net store additions of 2,100, 2,350, and 2,450 in 2025, 2026, and 2027 respectively [3][4]. Summary by Sections Company Overview - Founded in 2010, the company has expanded rapidly across China, with a significant presence in 17 provinces and a focus on franchise operations [1][16]. - The company went public on February 12, 2025, marking a significant milestone as the first Zhejiang tea company to list [1][16]. Market Analysis - The mid-range tea segment is characterized by intense competition, with the company holding the largest market share as of 2023, followed closely by other brands [2][14]. - The report emphasizes the importance of supply chain management and product innovation to maintain competitive advantage in a crowded market [2][15]. Growth Drivers - The company’s growth is driven by a dual strategy of expanding its store network and enhancing the average sales per store, with a projected average GMV of RMB 2.34 million per mature franchise store [3][4]. - The company aims to reach a store count of 27,000 by 2030 under a neutral scenario, with revenue and profit projections of RMB 29.3 billion and RMB 5.3 billion respectively [3][4]. Financial Projections - Revenue is expected to grow from RMB 87.9 billion in 2024 to RMB 113.3 billion in 2025, reflecting a growth rate of 28.9% [5][36]. - Adjusted net profit is projected to increase from RMB 15.4 billion in 2024 to RMB 20.1 billion in 2025, representing a growth of 30.1% [5][36]. Investment Recommendation - The report suggests a target PE ratio of 32-35x for 2025, with a market capitalization range of RMB 64.2 billion to RMB 70.2 billion, indicating a potential upside from the current share price [4][6].