Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown improvement in profitability and is expected to benefit from industry differentiation, leading to a positive outlook for future performance [4]. - The report highlights that the company achieved a revenue of 11.1% year-on-year growth in Q3 2025, with an adjusted net profit increase of 5% [4]. - The report anticipates continued improvement in Q4 performance due to the positive effects of industry-wide price increases and a focus on reducing competition [4]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 38,419 million - 2024: 44,281 million - 2025E: 48,669 million - 2026E: 54,593 million - 2027E: 61,181 million - Year-on-year growth rates for revenue are projected at 9% for 2023, 15% for 2024, 10% for 2025, 12% for 2026, and 12% for 2027 [4]. - Adjusted net profit forecasts are as follows: - 2025E: 95.40 billion - 2026E: 101.49 billion - 2027E: 113.99 billion - The adjusted net profit growth rates are projected at -6% for 2025, 6% for 2026, and 12% for 2027 [4]. - The report notes a significant increase in business volume, with Q3 2025 achieving 95.73 billion items, a 9.8% year-on-year growth [4]. Market Position and Competitive Landscape - The report indicates that the express delivery industry is experiencing a decline in growth rates, with varying performance among competitors [4]. - The company is expected to regain market share and profitability as the industry landscape evolves, supported by its strong asset base and scale advantages [4]. - The report emphasizes the company's ability to maintain a competitive edge through continuous investment and operational efficiency improvements [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a 5% growth in adjusted net profit for Q3 2025, with total revenue reaching 11.86 billion yuan, a year-on-year increase of 11.1% [5][8] - The express delivery industry is experiencing stable growth, with the company maintaining its market share and achieving a volume of 9.6 billion parcels in Q3, a 9.8% increase year-on-year [6] - The company aims to balance service quality, business scale, and profitability, with projected net profits of 9.28 billion yuan, 10.09 billion yuan, and 10.91 billion yuan for 2025-2027, representing year-on-year growth rates of 5.3%, 8.7%, and 8.1% respectively [8] Financial Performance Summary - For Q3 2025, the company's operating costs were 8.91 billion yuan, a year-on-year increase of 21.4%, while gross profit was 2.96 billion yuan, down 11.4% year-on-year [7] - The company's earnings per share (EPS) for 2025 is projected to be 11.54 yuan, with a price-to-earnings (P/E) ratio of 11.75 [10][11] - The company’s total revenue for 2025 is estimated at 48.94 billion yuan, reflecting a growth rate of 10.53% [10]

Investment Rating - The report maintains a "Buy" rating for ZTO Express (02057) [2] Core Views - The company reported a Q3 2025 revenue of 11.865 billion yuan, a year-on-year increase of 11.1%, and an adjusted net profit of 2.506 billion yuan, up 5% year-on-year, aligning with expectations [7] - The report highlights that the company's volume and profit both increased in Q3, driven by industry-wide efforts to reduce competition and improve pricing, suggesting continued improvement in Q4 [7] - The report notes a downward trend in the express delivery industry's growth rate, with ZTO Express expected to gain market share and improve profitability amid increasing industry differentiation [7] - The profit forecast for ZTO Express has been raised, with adjusted net profit estimates for 2025-2027 now at 9.54 billion, 10.15 billion, and 11.40 billion yuan respectively, reflecting a year-on-year growth of -6%, 6%, and 12% [7] Financial Data and Profit Forecast - Revenue projections for ZTO Express are as follows: - 2023: 38.419 billion yuan - 2024: 44.281 billion yuan - 2025E: 48.669 billion yuan - 2026E: 54.593 billion yuan - 2027E: 61.181 billion yuan - Adjusted net profit forecasts are: - 2023: 9.006 billion yuan - 2024: 10.150 billion yuan - 2025E: 9.540 billion yuan - 2026E: 10.149 billion yuan - 2027E: 11.399 billion yuan - The report indicates a net asset return rate of 14.52% for 2023, projected to decline to 13.33% in 2024, before gradually increasing to 15.27% by 2027 [6][7]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][9]. Core Insights - Despite a 32% decline from its peak due to short-term concerns over appliance subsidies and cost pressures, the report suggests this presents a good buying opportunity. The long-term investment thesis remains intact, supported by Chairman Lei Jun's significant stock buyback, the automotive business achieving profitability, and strong quarterly performance [7][9]. - The company is positioned as a dual leader in the electric vehicle and consumer electronics sectors, with a current price corresponding to a 2027 P/E ratio of only 15 times, making it attractive for investment [7][9]. Financial Summary - For the fiscal year ending December 31, 2023, the company is projected to achieve a net profit of RMB 17,475 million, with a year-on-year growth of 606%. This is expected to increase to RMB 42,320 million by 2025, reflecting a 79% growth [8][12]. - The earnings per share (EPS) is forecasted to rise from RMB 0.7 in 2023 to RMB 1.63 in 2025, indicating a 600% increase year-on-year [8][12]. - The company's revenue is expected to grow from RMB 270,970 million in 2023 to RMB 495,673 million in 2025, representing a significant increase [12]. Business Segmentation - The product mix is heavily weighted towards mobile and IoT products, accounting for 91% of total revenue, while the automotive segment contributes 9% [3]. - In Q3 2025, the company reported a revenue of RMB 1,131 billion, a year-on-year increase of 22.3%, with a net profit of RMB 122.7 million, reflecting a 129% increase year-on-year [9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a strong same-store revenue growth of 28% year-on-year in Q3 2025, with total revenue reaching 5.8 billion yuan, exceeding the company's guidance of 25-28% [7] - The overseas segment showed significant growth, with overseas revenue increasing by 28.6% year-on-year, and the company plans to slow down the opening of new stores to focus on quality [7] - The TOP TOY division experienced remarkable growth, with revenue increasing by 111.5% year-on-year in Q3 2025 [7] - The company expects Q4 2025 revenue growth to be in the range of 25-30%, with same-store growth in both China and the U.S. projected to accelerate [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 11,473 million yuan, 2024A: 16,994 million yuan, 2025E: 21,305 million yuan, 2026E: 25,961 million yuan, and 2027E: 30,963 million yuan, with year-on-year growth rates of 13.76%, 48.12%, 25.37%, 21.85%, and 19.27% respectively [1] - The adjusted net profit for 2025 is projected to be 2,901 million yuan, with a year-on-year growth of 6.61% [1] - The company's EPS is expected to be 1.83 yuan in 2025, with a P/E ratio of 18.58 based on the latest diluted earnings [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][6]. Core Insights - The company achieved a revenue of 43.7 billion RMB in the first three quarters of 2025, representing a year-over-year increase of 134%, and recorded a net profit of 183 million RMB, marking a turnaround from losses [6]. - The company aims to sell 1 million vehicles in 2026, which would represent a growth of 50-60% compared to 2025 [6]. - The company has been included in the Hang Seng Tech Index, effective December 8, which is expected to positively impact its stock price [6]. Company Overview - The company operates in the automotive industry, with a current H-share price of 50.00 HKD as of November 24, 2025, and a target price of 65 HKD [2][3]. - The company has a market capitalization of 34.76 billion RMB and a total share count of approximately 1.42 billion [3]. - Major shareholder is Chen Ailing, holding 27.07% of the shares [3]. Financial Performance - The company reported a significant increase in vehicle deliveries, with 174,000 units delivered in Q3 2025, a year-over-year increase of 102% [6]. - The gross margin improved to 14.5% in Q3, up 6.4 percentage points year-over-year, attributed to economies of scale and cost reduction measures [6]. - The company expects net profits of 688 million RMB, 3.8 billion RMB, and 8.3 billion RMB for the years 2025, 2026, and 2027, respectively [8]. Future Projections - The company plans to expand its product lineup in 2026, introducing new models in the luxury and compact segments, targeting price ranges of 10-30 million RMB [6]. - The flagship SUV model, D19, is set to launch in the first half of 2026, with a price range of 250,000 to 300,000 RMB [6]. - The company anticipates a significant increase in sales volume, with a target of over 600,000 vehicles for 2025, having already achieved 500,000 units by mid-November [6].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a revenue of 28.4 billion yuan in Q3 2025, representing an 8.2% year-on-year increase, with a gross profit of 18.2 billion yuan, up 10.3% year-on-year, and a net profit attributable to shareholders of 8.6 billion yuan, which is a 31.8% increase year-on-year [1][2]. - The company has a strong cash position with net cash of 153.2 billion yuan and operating cash flow of 12.9 billion yuan in Q3 2025, reflecting a 21.7% year-on-year growth [1]. - The classic games segment performed well, contributing to a revenue of 23.3 billion yuan in Q3 2025, a year-on-year increase of 11.8%, driven by self-developed games and several agency games [6][8]. - The company has a rich pipeline of upcoming games, including titles that have already gained traction in both domestic and international markets [6][8]. - The report anticipates that the company's net profit attributable to shareholders will reach 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for the years 2025, 2026, and 2027, respectively [6][8]. Financial Data and Valuation - The total revenue forecast for the company is projected to grow from 103.5 billion yuan in 2023 to 130.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7% [2][9]. - The net profit is expected to grow from 29.4 billion yuan in 2023 to 42.5 billion yuan in 2027, reflecting a CAGR of around 10% [2][9]. - The report highlights a decrease in the price-to-earnings (PE) ratio from 20.6 in 2023 to 14.2 in 2027, indicating an attractive valuation over the forecast period [2][9]. Shareholder Information - The company has a total share capital of 3.168 billion shares, with a market capitalization of 67.35 billion Hong Kong dollars [3][6]. - The major shareholder, Shining Globe International Limited, holds a 45.17% stake in the company [3].

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024.HK) [5][3][10] Core Insights - Kuaishou-W's Q3 2025 performance shows steady improvement in profitability, with revenue reaching 35.554 billion yuan (YoY +14%), operating profit at 4.676 billion yuan (YoY +76%), and net profit at 4.488 billion yuan (YoY +37%) [1][5] - The average daily active users (DAU) for Kuaishou in Q3 2025 was 416 million (YoY +2.1%), and the average monthly active users (MAU) reached 731 million (YoY +2.4%) [1] - The company has launched the Keling 2.5 Turbo model, which ranked first in global generative video models, contributing over 300 million yuan in revenue in Q3 2025 [2] - Kuaishou's core business revenue, primarily from online marketing services and e-commerce, grew by 19.2% YoY, with online marketing service revenue at 20.1 billion yuan (YoY +14%) [2] Financial Projections - Revenue projections for Kuaishou from 2025 to 2027 are 143.103 billion yuan, 157.436 billion yuan, and 171.330 billion yuan, reflecting growth rates of 12.8%, 10.0%, and 8.8% respectively [3][4] - Adjusted net profit estimates for the same period are 17.720 billion yuan, 20.869 billion yuan, and 23.616 billion yuan, with growth rates of 15.6%, 17.8%, and 13.2% respectively [4][3] - The report indicates an expected EPS of 4.10 yuan in 2025, with a P/E ratio of 15.2 [4][3]

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (09888.HK) [1] Core Views - Baidu's AI infrastructure capabilities are leading, and the company is expected to see significant commercialization opportunities in its AI business [1][8] - The company's AI cloud business is experiencing rapid growth, driven by strong demand for AI solutions and the advantages of its full-stack AI capabilities [7][8] - Baidu's AI native marketing services are increasingly penetrating traditional advertising, contributing to revenue growth [7][8] - The autonomous driving business is accelerating its globalization, which is anticipated to become a new growth curve for the company [7][8] Financial Forecasts - Total revenue projections for Baidu are as follows: - 2023: 134,598 million - 2024: 133,125 million - 2025: 129,495 million - 2026: 136,140 million - 2027: 142,409 million - Year-on-year growth rates for total revenue are expected to be 8.83% in 2023, -1.09% in 2024, -2.73% in 2025, 5.13% in 2026, and 4.60% in 2027 [1][9] - Net profit attributable to the parent company is forecasted as follows: - 2023: 20,315 million - 2024: 23,760 million - 2025: 21,391 million - 2026: 18,840 million - 2027: 21,682 million - Year-on-year growth rates for net profit are projected at 168.75% in 2023, 16.96% in 2024, -9.97% in 2025, -11.93% in 2026, and 15.08% in 2027 [1][9] - Non-GAAP net profit estimates are as follows: - 2023: 28,747 million - 2024: 27,002 million - 2025: 19,430 million - 2026: 21,714 million - 2027: 24,742 million - Year-on-year growth rates for Non-GAAP net profit are expected to be 39.01% in 2023, -6.07% in 2024, -28.04% in 2025, 11.76% in 2026, and 13.95% in 2027 [1][9] Market Data - The closing price of Baidu's stock is 111.80 HKD, with a market capitalization of approximately 226,525.83 million HKD [5][6] - The price-to-earnings (P/E) ratio is projected to be 13.92 for the current year and 11.91 for the next year [1][9]

Investment Rating - The report upgrades the investment rating of ZTO Express to "Buy" [6] Core Views - In Q3 2025, ZTO Express achieved a revenue of RMB 11.86 billion, a year-on-year increase of 11.1%, with an adjusted net profit of RMB 2.51 billion, reflecting a 5.0% increase year-on-year [1][2] - The growth in express delivery revenue was driven by a 9.8% increase in package volume and a 1.7% increase in average price per package [1] - The company anticipates a total package volume for 2025 to be between 38.2 billion and 38.7 billion, representing a year-on-year growth of 12.3% to 13.8% [2] Summary by Sections Q3 2025 Performance - Adjusted net profit increased by 5.0% year-on-year to RMB 2.51 billion, with a revenue of RMB 11.86 billion [1] - The express delivery business generated RMB 11.02 billion in revenue, up 11.6% year-on-year, supported by a 9.8% increase in package volume [1][2] Operational Data - The company completed 9.57 billion express deliveries in Q3 2025, a 9.8% increase year-on-year, capturing a market share of 19.4% [2] - The number of collection and delivery points exceeded 31,000, with approximately 10,000 owned vehicles [2] Revenue and Cost Analysis - The core revenue per package was RMB 1.22, an increase of RMB 0.02 year-on-year, with cost efficiencies leading to a reduction in sorting and transportation costs [3] - The adjusted net profit per package was RMB 0.26, slightly down from RMB 0.27 in Q3 2024, but improved by RMB 0.05 from Q2 2025 [3] Profit Forecast - ZTO Express is expected to focus on network stability and competitive advantages, with projected net profits for 2025-2027 at RMB 9.62 billion, RMB 11.02 billion, and RMB 12.08 billion respectively [4]