万国黄金集团（3939.HK）事件点评报告 紫金赋能，世界级金矿开发加速 2025 年 05 月 12 日 ➢ 事件：公司公告有关选矿技术服务及扩建可行性研究合同的关联交易。公司 于 2024 年 10 月 31 日与紫金矿冶订立所罗门群岛的金岭矿选矿技术服务合同， 合同金额 1.69 百万元人民币；公司于 2025 年 5 月 1 日与紫金工程订立金岭矿 新建 1000 万吨/年的扩建可行性研究合同，扩建可行性研究包括设计主要生产 设施如採选工程、尾矿池、低品位矿石破碎、堆浸垫、吸收等，以及相关的供水、 供电、厂区道路、实验室及生活辅助设施等，以达到产能 1300 万吨/年，产品为 金锭（金品位 80%）及浮选金精矿（金品位 25 克/吨）。紫金矿冶和紫金工程均 为紫金矿业所控制实体。 ➢ 紫金矿业持有上市公司 17.57%权益，赋能金岭扩建。2024 年 9 月 23 日 公司发布公告，万国黄金集团向紫金矿业在香港的全资子公司金山(香港)国际矿 业有限公司以 8.33 港元增发 1.66 亿股，增发总额 13.79 亿港币，由此紫金矿业 成为公司重要股东，持股比例次于董事长高明清。此次增发资金 50%用于 ...

万国黄金集团（3939.HK）事件点评报告 紫金赋能，世界级金矿开发加速 2025 年 05 月 12 日 ➢ 事件：公司公告有关选矿技术服务及扩建可行性研究合同的关联交易。公司 于 2024 年 10 月 31 日与紫金矿冶订立所罗门群岛的金岭矿选矿技术服务合同， 合同金额 1.69 百万元人民币；公司于 2025 年 5 月 1 日与紫金工程订立金岭矿 新建 1000 万吨/年的扩建可行性研究合同，扩建可行性研究包括设计主要生产 设施如採选工程、尾矿池、低品位矿石破碎、堆浸垫、吸收等，以及相关的供水、 供电、厂区道路、实验室及生活辅助设施等，以达到产能 1300 万吨/年，产品为 金锭（金品位 80%）及浮选金精矿（金品位 25 克/吨）。紫金矿冶和紫金工程均 为紫金矿业所控制实体。 ➢ 投资建议：公司未来成长空间广阔，随着公司采矿恢复正常，选矿逐步改善， 当前产能爬坡预计提速，同时未来还有进一步扩产，叠加金价景气，看好公司后 续黄金产量持续增长，迎来量价齐升。考虑到金价持续超预期，我们上修了公司 的盈利，我们预计公司 2025-2027 年分别实现归母净利润 12.63/15.94/19.45 亿元，E ...

证券研究报告·海外公司深度·药品及生物科技(HS) 晶泰控股（02228.HK） AI for Science 稀缺标的，颠覆研发范式打开 巨大市场空间 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 174.42 | 266.43 | 426.13 | 682.64 | 1,095.22 | | 同比(%) | 30.06 | 52.75 | 59.94 | 60.19 | 60.44 | | 归母净利润（百万元） | (1,914.38) | (1,516.61) | (441.60) | (196.29) | 42.31 | | 同比(%) | (33.08) | 20.78 | 70.88 | 55.55 | 121.56 | | EPS-最新摊薄（元/股） | (0.48) | (0.38) | (0.11) | (0.05) | 0.01 | | P/E（现价&最新摊薄） | (9.72) | (12 ...

Investment Rating - Maintain BUY with a target price revised up to HK$37.50, reflecting a 15.6% upside from the current price of HK$32.45 [3][6] Core Insights - Hua Hong Semi reported 1Q25 revenue of US$541 million, up 17.6% YoY, driven by a 42% increase in wafer shipments, although ASP pressure continues [1] - The gross profit margin (GPM) for 1Q25 was 9.2%, showing improvement from 6.4% in 1Q24, but below consensus estimates by 1.3 percentage points [1] - Management guided 2Q revenue to be between US$550 million and US$570 million, indicating a 17% YoY growth and a 3% QoQ increase [1] - The company is expected to benefit from increased domestic demand for chip fabrication amid ongoing geopolitical tensions, which may accelerate semiconductor localization in China [6] Financial Performance Summary - FY25 revenue is projected to grow by 15.6% YoY to US$2,317 million, with a GPM of 10.6% [2][6] - Net profit for FY25 is estimated at US$24 million, a significant decline from US$58 million in FY24 [2][6] - The company’s GPM is expected to recover slowly due to ASP pressures and increased depreciation costs from new fab ramp-ups [6] Share Performance and Market Data - The market capitalization of Hua Hong Semi is HK$42,477.1 million, with an average turnover of HK$1,748.7 million over the last three months [3] - The stock has shown a 1-month performance of 10.0% and a 6-month performance of 41.7% [5] Shareholding Structure - Major shareholders include Shanghai Hua Hong with 26.4% and XINXIN HK Capital with 13.0% [4]

Investment Rating - The report maintains a BUY rating for FIT Hon Teng with a new target price of HK$3.48, reflecting a potential upside of 69.8% from the current price of HK$2.05 [3][17]. Core Insights - FIT Hon Teng's 1Q25 revenue grew by 14% year-over-year, but net profit declined by 38% year-over-year, primarily due to lower gross profit margin (GPM) and foreign exchange headwinds [1][9]. - The management has lowered the 2025 guidance for smartphone sales by 15% year-over-year and for system products by 5% to 5% year-over-year, citing macroeconomic uncertainties and the impact of US tariffs [1][9]. - Despite near-term challenges, the report remains optimistic about the demand for AI server products, the ramp-up of AirPods production in India, and progress in automotive mergers and acquisitions in 2025 [1][9]. Financial Performance Summary - For FY25E, revenue is projected at US$5,132 million, reflecting a 15.3% year-over-year growth, while net profit is expected to reach US$225.5 million, a 46.1% increase year-over-year [2][16]. - The report indicates a decrease in earnings per share (EPS) estimates for FY25-26E by 10-18% due to the 1Q25 results and revised guidance [1][17]. - The gross profit margin is expected to improve to 20.5% in FY25E, with operating profit margin projected at 7.8% [16][24]. Segment Performance - In 1Q25, smartphone and system product revenues declined by 6% and 4% year-over-year, respectively, while networking, computing, and automotive segments showed strong growth of 46%, 13%, and 89% year-over-year [9][14]. - The management anticipates a revenue decline of 15% year-over-year for smartphone/system products in 2Q25, while networking/mobility is expected to grow by 15% year-over-year [9][14]. Valuation Metrics - The stock is currently trading at a price-to-earnings (P/E) ratio of 8.3x for FY25E and 6.3x for FY26E, which is considered attractive compared to industry peers [3][18]. - The report highlights that the new target price of HK$3.48 is based on a P/E of 14.1x for FY25E, indicating a favorable valuation outlook [17][18].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of 76.88 HKD, indicating an expected return of over 20% within the next six months [6][5]. Core Insights - Xiaomi's smartphone shipments in China have returned to the top position, with a total of 13.3 million units shipped in Q1 2025, representing a 40% year-on-year growth and capturing a 19% market share [1]. - The AIoT segment is expected to see a revenue increase of 52% year-on-year to 30.93 billion CNY in Q1 2025, with a gross margin projected to rise to 24.1% [2]. - The YU7 model is anticipated to launch between June and July 2025, with multiple range options, potentially replicating the sales success of the SU7 model [2]. - Xiaomi's automotive production capacity is set to expand, with the Beijing factory expected to start operations mid-year, contributing to a total capacity of 300,000 vehicles [3]. - The report projects Xiaomi's total revenue for 2025 and 2026 to be 471.8 billion CNY and 679.7 billion CNY respectively, with net profit estimates adjusted to 42.9 billion CNY and 85.5 billion CNY [4]. Summary by Sections Smartphone Business - Xiaomi's smartphone business is expected to grow by 8% year-on-year in Q1 2025, reaching 50.42 billion CNY with a gross margin of 12.5% [1]. AIoT Segment - The AIoT segment is projected to grow significantly, with a revenue forecast of 30.93 billion CNY in Q1 2025 and a gross margin increase to 24.1% [2]. Automotive Business - The SU7 model's delivery reached 76,000 units in Q1 2025, generating an estimated revenue of 18.8 billion CNY with a gross margin of 22.5% [3]. - The forecast for total automotive shipments in 2025 has been raised to 400,000 units [3]. Financial Projections - The report revises total revenue forecasts for 2025 and 2026 to 471.8 billion CNY and 679.7 billion CNY, respectively, with adjusted net profit estimates of 42.9 billion CNY and 85.5 billion CNY [4][5].

证券研究报告 | 公司研究报告 金融 | 投行与证券经纪 | 恒生指数 | 22,867.74 | | --- | --- | | 恒生科技指数 | 5,180.25 | | 纳斯达克综合指 | 17,928.92 | | 标普 指数 500 | 5,659.91 | | 基本数据 | | | 收盘价（港元） | 0.052 | | 52 周最高/最低(港元) | 0.058/0.011 | 总市值（亿港元） 10.65 流通市值（亿港元） 10.65 股价相对走势 涨跌幅% 1m 3m 12m 绝对表现 44.44 271.43 108.00 相对表现 30.83 244.86 88.37 TMT 首席分析师 Chan Kwok Keung SFC 持牌号：BUL892 winson.chan@usmarthk.com 事件点评 中达集团控股(0139.HK) 2025 年05 月10日 中达集团控股深化 AIGC 赛道布局，战略投资 GIBO 迎来关键催化剂 | 证券分析师 | | --- | | 首席分析师 TMT | | Chan Kwok Keung | | SFC 持牌号：BUL892 | | w ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [4]. Core Insights - The company experienced a year-on-year revenue growth of 14% in Q1 2025, reaching $1.103 billion, but net profit declined by 38% to $6.24 million, primarily due to adverse currency fluctuations [1]. - The revenue from the automotive and network businesses showed significant growth, while smartphone revenue decreased. The company has adjusted its revenue growth guidance for smartphone and system terminal products downward for the full year 2025 [1][2]. - The company aims to increase the revenue contribution from its three main business areas—5G AIoT, EV, and Audio—from 33% in 2024 to 40% by 2025 [2]. Summary by Sections Q1 2025 Performance - Revenue for Q1 2025 was $1.103 billion, a 14% increase year-on-year, while net profit was $6.24 million, a 38% decrease year-on-year, with a net profit margin of 0.56% [1]. - Revenue breakdown: smartphone (-6%), network infrastructure (+46%), computers and consumer electronics (+13%), electric vehicles (+89%), and system terminal products (-4%) [1]. Business Growth Areas - The network infrastructure segment is expected to maintain double-digit growth (>15%) in Q2 2025, driven by demand for AI servers and platform upgrades [2]. - The automotive business is also projected to grow at a double-digit rate (>15%) in Q2 2025, aided by localization efforts to mitigate tariff impacts [2]. Acoustic and Consumer Electronics - The acoustic production line's yield exceeded expectations, and a new production line in India is expected to be operational by 2025 [3]. - Smartphone revenue accounted for 17% of total revenue in Q1 2025, with a decline in average selling price (ASP) attributed to an increase in low-end models [3]. Financial Forecasts - The net profit forecasts for 2025-2027 have been revised down to $224 million, $292 million, and $341 million, respectively, reflecting a decrease of 8%, 10%, and 13% from previous estimates [4]. - The projected revenue for 2025 is $5.046 billion, with a growth rate of 13.4% [5].

投资逻辑 行业格局角度：在以"国补+新国标"带动下的国内两轮车行业成 长发展周期中，优质头部企业份额提升是本轮周期更重要的竞争 着力点。我们预测 25 年行业总销量将恢复增长，短期以雅迪、爱 玛为首的龙头企业份额依托高性价比的产品力呈现、产业链成本 优势有望加速提升，CR10 以外的长尾企业份额呈萎缩趋势。 以产品力突破为抓手，国内渠道端店效向上提振是重点指标。 1）产品力：①三电为基础：纵向产业链布局保证三电系统后续迭 代，钠电产品尝试突破已取得初步成果；②智能化：追赶新势力、 边际突破，节奏和进度较传统两轮车企表现更优，且实现从解锁/ 防盗基础智能向安全智能系统的跃迁，立足大众化需求的基础上 带动中期 ASP 的向上提升。 2）渠道角度：多系列的多款式推新满足大众多细分群体提升店效， 终端网点 4 万家背景下，围绕冠能、摩登、飞越等系列加速推新满 足细分人群升级需求。根据线上数据，公司 24 年在 3000 元以上 价格带产品布局有明显的发力倾斜，3000-4000 元/4000-5000 元 产品销额占比+15.2/22.5pct，腰部价格带布局仍有空间。 出海是中长期的第二成长曲线，优秀商业模式保证分 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's performance is expected to improve as impairment impacts have bottomed out, with potential growth in the coal machinery and oil and gas sectors [1] - The company reported a 42.9% year-on-year decrease in net profit for 2024, primarily due to goodwill impairment in oil and gas equipment and inventory impairment in real estate [2] - The revenue structure has changed significantly, with a notable decline in profitability due to one-time impairments and reduced profitability in oil and gas equipment [3] Summary by Sections Domestic and International Development - Domestic demand has shown fluctuations, but there is significant potential for diversified development both domestically and internationally. The mining equipment sector is expected to benefit from increased industry concentration, while the logistics equipment sector is gaining overseas orders [1] - The company has expanded into emerging fields, including robotics and new energy equipment, which are expected to provide ongoing growth momentum [1] Financial Performance - For 2024, the company achieved a revenue of 21.9 billion yuan, an 8% increase year-on-year, with overseas revenue growing by 28.4% to 8.17 billion yuan. However, net profit decreased to 1.1 billion yuan, a 42.9% decline [2] - The gross margin for 2024 was reported at 22.4%, down 4.4 percentage points year-on-year, while the net margin was 4.9%, down 4.2 percentage points [3] Profitability Forecast - The company is expected to see a recovery in performance starting in 2025, with projected revenues of 24.2 billion yuan, 29.5 billion yuan, and 33.9 billion yuan for 2025, 2026, and 2027 respectively, reflecting a CAGR of 18% [4] - The forecasted net profits for the same years are 2.19 billion yuan, 2.65 billion yuan, and 2.99 billion yuan, with a CAGR of 17% [4]