Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The supply of aircraft is slightly improving, with Boeing and Airbus delivering a total of 320 aircraft in 2Q25, up from 266 in 1Q25. The company delivered 13 aircraft in 2Q25, an increase from 11 in 1Q25, but sold 14 aircraft, resulting in a decrease in owned aircraft to 441 [1][2][3] - The company expects a core ROE of 10.6% for 2025, roughly in line with 10.5% in 2024, indicating stable performance despite potential challenges in the debt market due to fluctuating U.S. Treasury rates [1][4] Summary by Sections Supply Chain Improvement - The report highlights that the recovery of aircraft manufacturers' capacity is crucial for the company's performance. The increase in aircraft deliveries is expected to positively impact leasing rates and ROE if the trend continues [2] Fleet Management - In 2Q25, the company executed 75 transactions, including the delivery of 13 aircraft and the sale of 14 aircraft, leading to a net decrease in owned aircraft. The average age of sold aircraft was 10.4 years, which is higher than the overall fleet average of 5 years. The company maintains a strong order book with 351 aircraft on order [3] Financial Projections - The company forecasts a net profit of USD 702.62 million for 2025, with a slight decrease from 2024. The target price is set at HKD 82, based on a 1.06x 2025E PB ratio [5][10]

Investment Rating - The report maintains an investment rating of "Buy" for the company [1]. Core Views - The company is expected to benefit significantly from the rapid expansion of e-commerce in Southeast Asia, with a projected market share increase from 28.6% in 2024 to 30% in 2025 [5][6]. - The Southeast Asian e-commerce retail market is forecasted to grow from $189.8 billion in 2023 to $373.6 billion in 2027, with a compound annual growth rate (CAGR) of 18.5% [5]. - The company is projected to achieve substantial profit growth, with net profit estimates for 2025, 2026, and 2027 revised upward by 5%, 6%, and 3% respectively, reaching $360.6 million, $690.5 million, and $898.7 million [8]. - The report highlights the company's competitive advantages, including cost reductions through scale effects and the ability to integrate logistics across various e-commerce platforms [6]. Financial Projections - Revenue projections for the company are as follows: $10,259 million in 2024, $12,484 million in 2025, $14,693 million in 2026, and $16,979 million in 2027, reflecting growth rates of 15.93%, 21.69%, 17.70%, and 15.56% respectively [4]. - The company's earnings per share (EPS) are expected to increase from $0.01 in 2024 to $0.10 in 2027 [4]. - The return on equity (ROE) is projected to rise from 3.61% in 2024 to 20.80% in 2027 [4]. Market Position - The company has established itself as the largest express delivery service provider in Southeast Asia, benefiting from significant market share and cost advantages [5][6]. - The report indicates that the company’s total parcel volume in Southeast Asia increased by 65.9% year-on-year in the second quarter, reaching 1.69 billion parcels [10]. Valuation - The target price for the company's stock has been raised by 44% to HKD 10.80, based on a price-to-earnings (PE) ratio of 19.0x for the years 2025-2027, reflecting the company's higher-than-industry growth prospects [8].

证券研究报告 京东集团-SW (9618 HK/JD US) 2Q25 前瞻：电商主站增长稳健，外卖 投入加码影响短期利润 华泰研究 更新报告 2025 年 7 月 11 日│中国香港/美国 互联网 得益于以旧换新政策对带电品类销售的持续带动，我们预计 2Q25 京东零售 业绩将表现稳健，板块收入及利润均将延续双位数增长，但外卖等新业务的 投入预计将对集团利润释放造成一定压力。我们预计 2Q25 京东外卖投入量 级为百亿元人民币，预计集团 2Q25 调整后净利润 43.6 亿元，同比下滑 70.0%。考虑到外卖新用户与京东主站带电品类消费者的画像或有一定差异 性，因而我们预计外卖业务对京东电商业务的协同与交叉销售潜力或仍需一 定时间逐步释放，建议持续关注用户留存效果及协同进展。维持"买入"。 2Q25 前瞻：预计收入延续双位数稳健增长 我们预计京东集团 2Q25 总收入同增 15.6 %至 3,370 亿元（1Q25：+15.8% yoy），收入增速在以旧换新行动助力下或延续双位数表现。我们预计京东 零售分部收入同比增长 16.5 %至 2,995 亿元，反映出带电品类在以旧换新 政策帮助下的稳健增长与日百品 ...

Investment Rating - The report maintains a "Strong Buy" rating for JD Group [2][5]. Core Views - JD Group is expected to achieve a total revenue growth of 15.5% year-on-year in Q2 2025, with Non-GAAP net profit estimated at approximately 4.5 billion yuan [1][5]. - The retail revenue is projected to grow by 15% year-on-year, with GMV and revenue maintaining double-digit growth rates [5]. - The company is increasing investments in its new takeaway business, which is expected to impact short-term profits but will enhance long-term growth and synergy with its core business [1][5]. Financial Data and Valuation - For the fiscal year 2023, the main revenue is projected at 1,084,662 million yuan, with a year-on-year growth of 4% [2]. - Non-GAAP net profit is expected to be 35,200 million yuan in 2023, reflecting a 25% year-on-year increase [2]. - The estimated earnings per share (EPS) for 2023 is 8.34 yuan, with a price-to-earnings (P/E) ratio of 9.5 [2][9]. - The target valuation for the stock is set between 133 and 167 HKD, with the current stock price at 125.3 HKD [2][5]. Business Performance - The report anticipates that the retail operating profit margin will remain stable year-on-year, despite increased investment in the takeaway business [5]. - The takeaway business has shown rapid growth, with peak order volumes exceeding 25 million and significant market share in quality takeaway services [5]. - The company is focusing on enhancing the synergy between its takeaway and e-commerce operations, with cross-selling trends improving in recent months [5]. Key Financial Ratios - The return on equity (ROE) is reported at 17.7% [3]. - The asset-liability ratio stands at 54.5% [3]. - The projected net profit margin for 2023 is 2.2% [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [6][18]. Core Insights - The company has issued a positive profit forecast for the first half of 2025, expecting a year-on-year increase of no less than 30% in net profit attributable to shareholders, driven by strong sales of high refractive index and functional products, as well as favorable product mix enhancing average selling prices [2][6]. - The traditional business is undergoing structural upgrades, with continuous improvement in profitability. The company is one of the few in China capable of producing 1.74 high refractive index lenses, benefiting from strong ties with upstream suppliers and significant technical barriers [4][6]. - The XR business is poised for growth, with ongoing collaborations with leading global tech and consumer electronics companies, preparing for potential mass production of AR or AI glasses [5][6]. Financial Performance and Projections - The company expects revenue growth rates of 19%, 18%, and 18% for 2025, 2026, and 2027 respectively, with net profit growth rates of 29%, 22%, and 21% for the same years [6][8]. - The projected earnings per share (EPS) are expected to increase from 0.89 in 2025 to 1.71 in 2027, reflecting a strong upward trend in profitability [8][12]. - The company’s main revenue for 2025 is estimated at 2,457 million RMB, with a net profit of 555 million RMB, indicating a robust growth trajectory [8][11].

Investment Rating - The report maintains a "Recommendation" rating for J&T Express (01519.HK) [1] Core Views - J&T Express reported a significant year-on-year increase of 66% in parcel volume in Southeast Asia for Q2, with an average daily volume of 18.5 million parcels [1][3] - The overall average daily parcel volume for the group reached 81.2 million, reflecting a year-on-year growth of 23.5% [1] - The company is expected to benefit from the strong growth of e-commerce platforms like TikTok in Southeast Asia, which is projected to reach a GMV of $128.4 billion by 2024 [1][2] - J&T Express has maintained its position as the leading express operator in Southeast Asia, with a market share of 28.6% in 2024, up 3.2 percentage points from 2023 [2][3] Summary by Sections Company Performance - In Q2, J&T Express's daily average parcel volume in Southeast Asia was 18.5 million, a 66% increase year-on-year, while the daily average volume in China reached 61.7 million, growing by 14.7% [1] - For the first half of the year, the total daily average parcel volume for the group was 76.9 million, up 26% year-on-year, with Southeast Asia showing a 57% increase [1] Market Dynamics - TikTok's e-commerce growth in Southeast Asia has been robust, with its GMV increasing from $4.4 billion in 2022 to $16.3 billion in 2023, and projected to reach $22.6 billion in 2024 [2] - J&T Express is positioned to benefit from the increasing parcel volumes driven by e-commerce growth, despite competition from platforms like Shopee and Lazada [2] Financial Projections - The target price for J&T Express is set at HKD 11.16, with the current price at HKD 8.39, indicating a potential upside of 33% [4] - Revenue projections for J&T Express are expected to grow from $10.26 billion in 2024 to $15.52 billion in 2027, with a compound annual growth rate of 15.9% [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Viewpoints - The company expects a year-on-year increase of no less than 30% in net profit attributable to shareholders for the first half of 2025, driven by strong sales growth of high refractive index and functional products, leading to an increase in average selling prices [1]. - The company is one of the few manufacturers capable of producing resin lenses with a refractive index of 1.74, and its C2M model effectively ensures the delivery efficiency of customized glasses [1]. - The company plans to invest approximately $4 million to build an automated resin lens production line in Japan, aimed at enhancing its production capacity for high-end customized lenses and improving supply chain resilience [2]. - The new production line is expected to increase annual production capacity by 20% compared to existing facilities and will help mitigate risks associated with trade tensions between China and the U.S. [2]. - The company is actively engaging with leading global technology and consumer electronics firms in its XR (Extended Reality) business, preparing for potential mass production of AR and AI glasses [3]. - The establishment of a national-level R&D center will further strengthen the company's innovation capabilities and project management [3]. Summary by Sections Financial Performance - The company forecasts a net profit of no less than 271 million yuan for the first half of 2025, reflecting a robust growth trajectory [1]. - Revised profit forecasts for 2025-2027 are 560 million, 670 million, and 790 million yuan, respectively, with corresponding P/E ratios of 31X, 26X, and 22X [4]. Production and Supply Chain - The new Japanese production line is expected to enhance the company's ability to respond to customer needs in the Asia-Pacific region and improve overall production cost efficiency [2]. - The diversified production base is anticipated to strengthen the company's resilience against geopolitical uncertainties and currency fluctuations [2]. Research and Development - The company is committed to continuous investment in R&D, focusing on innovative products with varying refractive indices and functionalities [3]. - The establishment of an XR R&D center is part of the company's strategy to enhance its technological capabilities and foster collaboration with industry leaders [3].

Investment Rating - The report maintains a "Strong Buy" rating for 康耐特光学 (02276.HK) with an expected target price of 54.5 HKD, compared to the current price of 39.90 HKD [2][4]. Core Insights - Meta has acquired approximately 3% of Essilor's shares for about 30 billion euros (approximately 252 billion RMB), indicating a focus on smart glasses and the importance of lens manufacturers in the supply chain [2]. - The report highlights the strong performance of 康耐特光学 in the first half of the year, with a projected net profit growth of over 30% year-on-year, driven by the sales increase of high-refractive index and functional products [8]. - The company is actively cultivating a second growth curve in smart glasses, collaborating with leading 3C companies, and is expected to benefit from a global market expansion [8]. Financial Summary - Projected total revenue for 康耐特光学 is expected to grow from 2,061 million RMB in 2024 to 3,554 million RMB in 2027, with a compound annual growth rate (CAGR) of 19.2% [4]. - The net profit attributable to the parent company is forecasted to increase from 428 million RMB in 2024 to 862 million RMB in 2027, reflecting a CAGR of 24.1% [4]. - Earnings per share (EPS) is projected to rise from 1.00 RMB in 2024 to 1.80 RMB in 2027, with a corresponding decrease in price-to-earnings (P/E) ratio from 36.2 to 20.2 [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The report provides an in-depth analysis of the company's sustainable growth logic in the "at-home dining" market, addressing three key questions: how the scale of 10,000 stores translates into competitive barriers, how to capture opportunities in a fragmented market, and how supply chain and channel innovations create differentiated advantages [8] - The company has established a leading position with a store count of 10,150, optimizing its cost structure through a vertical supply chain [8][11] - The "at-home dining" market is experiencing rapid growth, with a projected CAGR of 20.7% from 2022 to 2027, indicating significant opportunities in lower-tier markets [8][31] - The company employs a strategy of explosive products, membership ecosystems, and channel innovations to build a competitive moat [8] Market Data - As of July 9, 2025, the company's current price is HKD 3.39, with a market capitalization of approximately HKD 8,999 million [5] - The company has a retail market share of 3.0% in the "at-home dining" segment, ranking first in China [38] Financial Performance - The company achieved a revenue of RMB 64.70 billion in 2024, with a year-on-year growth of 6.17% [16] - The projected revenues for 2025, 2026, and 2027 are RMB 71.83 billion, RMB 80.36 billion, and RMB 90.80 billion, respectively [9] - The net profit for 2024 was RMB 2.31 billion, with forecasts of RMB 3.40 billion, RMB 3.96 billion, and RMB 4.63 billion for the following years [9] Competitive Advantages - The company has optimized its product offerings and channels, with a focus on explosive products and a robust membership system, resulting in a registered membership of 41.3 million by the end of 2024 [8][58] - The company has established six production facilities to enhance its supply chain capabilities, which helps in cost optimization and product quality [50][52] Growth Strategy - The company plans to add 10,000 new stores over the next five years, focusing on expanding into lower-tier markets [57] - The establishment of a new production base in Hainan is expected to enhance supply chain efficiency and support the company's growth objectives [57]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Views - The company benefits from the shipbuilding cycle and maintains a high dividend payout ratio, which creates a competitive moat [6][7]. - The core business is well-positioned within the shipping industry, with significant contributions from the paint business and stable financial returns from cash reserves [6][7]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 3,342 million HKD in 2023, 3,627 million HKD in 2024, 3,333 million HKD in 2025, 3,461 million HKD in 2026, and 3,632 million HKD in 2027, with growth rates of -16%, 9%, -8%, 4%, and 5% respectively [5]. - Net profit attributable to shareholders is forecasted to be 594 million HKD in 2023, 709 million HKD in 2024, 741 million HKD in 2025, 762 million HKD in 2026, and 802 million HKD in 2027, with growth rates of 71%, 19%, 4%, 3%, and 5% respectively [5]. - Earnings per share are expected to increase from 0.40 HKD in 2023 to 0.55 HKD in 2027 [5]. Business Overview - The company is part of the COSCO Shipping Group and operates across the shipping service industry, including paint production, ship trading agency, insurance consulting, and supply of ship equipment and parts [6][19]. - The paint business is expected to see revenue and cost improvements, contributing positively to overall performance [6][31]. - The insurance and agency businesses are stable revenue sources, benefiting from the shipbuilding renewal cycle [6][42]. Strategic Initiatives - The company is proactively entering the green methanol market, aligning with global shipping decarbonization trends [6][67]. - A joint venture for green methanol production is expected to commence operations in 2026, with an annual capacity of 200,000 tons [6][67]. Dividend Policy - The company has maintained a high dividend payout ratio, with a projected dividend yield of approximately 9% in 2025 [6][7].