Investment Rating - The investment rating for Jiangnan Buyi (03306.HK) is "Outperform the Market" (maintained) [1] Core Views - Jiangnan Buyi demonstrated resilient growth in the first half of 2025, achieving revenue of 3.156 billion HKD, a year-on-year increase of 5.0%, showcasing operational resilience amid a challenging consumer environment [2][4] - The company maintains a high profitability level with a net profit of 604 million HKD, reflecting a year-on-year growth of 5.5% and a net profit margin of 19.1% [2][4] - The online channel outperformed, with revenue growth of 11.9% to 680 million HKD, contributing to 21.5% of total revenue, and an improved gross margin of 68.4% [3][4] Summary by Sections Financial Performance - For the first half of 2025, Jiangnan Buyi's revenue reached 3.156 billion HKD, with a gross margin of 65.1%, slightly down by 0.1 percentage points [2] - Operating cash flow was 823 million HKD, despite a year-on-year decline of 22.2% due to increased inventory, maintaining a solid net cash ratio of 1.36 [2][4] Channel Performance - Online revenue increased by 11.9% to 680 million HKD, while offline revenue grew by 3.5% to 2.55 billion HKD, with self-operated channels experiencing a decline of 7.7% [3] - The main brand, JNBY, accounted for 55.8% of total revenue, growing by 3.6%, while emerging brands saw significant growth of 147.3% [3] Profitability and Valuation - The company has a target price range of 17.5 to 19.2 HKD, corresponding to a FY2025 PE ratio of 9.5 to 10.5 times [4] - Profit forecasts for FY2025-2027 are adjusted to 889 million, 960 million, and 1.022 billion HKD, reflecting year-on-year growth rates of 5.2%, 8.1%, and 6.2% respectively [4][5]

Investment Rating - The investment rating for the company is maintained, with a target price of 6 HKD [7]. Core Insights - The company reported a revenue growth of 6.3% year-on-year to 2.75 billion RMB for 2024, while net profit decreased by 16.5% to 805 million RMB due to a reduction in the sale of completed power stations [2][4]. - The company plans to prepare for a secondary listing on the Singapore Exchange to enhance overseas business development and broaden potential financing channels [3][4]. - The company emphasizes shareholder returns with a dividend payout ratio of 32% and a dividend yield of 7% [2][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 reached 2.75 billion RMB, reflecting a 6.3% increase compared to the previous year [2]. - The net profit for 2024 was 805 million RMB, down 16.5% year-on-year, attributed to a significant decrease in the sale of completed power stations [2][4]. - The company maintained a dividend of 0.035 HKD per share, consistent with the previous year, resulting in a dividend yield of 7% [2][4]. Operational Highlights - The company’s installed capacity for renewable energy generation is expected to reach 1 GW in 2025, with a total installed capacity of 4.6 GW by the end of 2024, an increase of 565 MW year-on-year [2]. - The company faced challenges in its power generation business, including a decline in utilization hours for wind and solar projects, with wind power curtailment rates at 9.5% and solar at 18.5% [3]. - Despite these challenges, the company’s equity power generation increased by 25% year-on-year to 7,515 GWh, and revenue from equity power generation rose by 11.4% to 2.52 billion RMB [3]. Strategic Initiatives - The company is preparing for a secondary listing on the Singapore Exchange, aiming to expand its financing options and investor base while enhancing its overseas project acquisition efforts [3][4]. - The company’s capital expenditure for 2024 is projected at 4 billion RMB, with ongoing projects totaling 1,996 MW [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 22.0, indicating a potential upside of 23% from the current price [1][4][8]. Core Insights - The company has launched the "Qianli Haohan" intelligent driving system, which is expected to enhance product sales and reshape valuation through its multiple AI-driven initiatives [1][4]. - February sales saw a year-on-year increase of 83.9%, with total sales reaching 205,000 vehicles, while cumulative sales for January and February rose by 45.2% [2]. - The company has completed a comprehensive AI-driven layout, including smart architecture, intelligent cockpit, smart energy solutions, and the establishment of a "Smart Car Computing Power Alliance" [3]. Summary by Sections Sales Performance - In February, the company sold 205,000 vehicles, marking an 83.9% year-on-year increase and a 23.2% decrease month-on-month. Cumulative sales for January and February reached 472,000 vehicles, up 45.2% year-on-year [2]. AI and Intelligent Driving Initiatives - The "Qianli Haohan" system features five levels of performance planning, with advanced capabilities such as highway NOA and urban commuting NOA. The system aims to promote intelligent driving technology and safety equity [4]. - The company has developed a self-research AI Drive model and integrated various AI technologies into its manufacturing and operational processes [3]. Financial Projections - The report projects sales revenue to grow from RMB 147.965 billion in FY2022 to RMB 288.745 billion in FY2025, with a compound annual growth rate (CAGR) of 34% from FY2023 to FY2025 [5][12]. - Net profit is expected to increase significantly, with projections of RMB 15.779 billion in FY2024 and RMB 13.774 billion in FY2025, reflecting a 197% growth in FY2024 [5][12]. Market Position and Valuation - The company is positioned as a leader in the Chinese automotive industry, with a market capitalization of approximately HKD 1,803.49 million and a significant shareholder structure led by Li Shufu [8][9]. - The report highlights a strong relative performance over the past year, with a 111.96% absolute return [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 174.20 HKD / 160.69 CNY [3][6]. Core Views - The new games "燕云十六声" and "七日世界" are expected to drive revenue growth for the company. The forecasted net profit for the years 2024 to 2026 is 297 billion, 326 billion, and 348 billion CNY respectively, adjusted from previous estimates due to changes in game launch schedules and sales expense rates [3][9]. Financial Summary - The company's revenue for 2022 was 96,496 million CNY, with a year-on-year growth of 10.15%. The projected revenue for 2024 is 105,295 million CNY, reflecting a modest growth of 1.77% [4][15]. - The operating profit for 2022 was 19,629 million CNY, with a significant year-on-year increase of 19.56%. The forecast for 2024 is 29,584 million CNY, indicating a growth of 6.77% [4][15]. - The net profit attributable to the parent company for 2022 was 20,338 million CNY, showing a year-on-year growth of 20.65%. The projected net profit for 2024 is 29,698 million CNY, with a minimal growth of 0.96% [4][15]. - The earnings per share (EPS) for 2022 was 5.89 CNY, expected to rise to 8.60 CNY in 2024 [4][15]. - The gross margin for 2022 was 54.68%, projected to improve to 62.50% in 2024 [4][15]. - The net margin for 2022 was 21.08%, expected to be 28.20% in 2024 [4][15]. - The return on equity (ROE) for 2022 was 20.33%, projected to decrease to 22.59% in 2024 [4][15]. - The price-to-earnings (P/E) ratio is expected to decrease from 25 in 2024 to 17 in 2025 and further to 15 in 2026 [4][15].

Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music (09899.HK) with a target price of HKD 167.81, equivalent to RMB 154.80 [4][9]. Core Views - The company is expected to benefit from the continuous optimization of its music library and the strengthening of its online music operations, leading to an increase in monthly active users (MAU) [4]. - The introduction of well-known Korean music labels and the promotion of original music are anticipated to enhance online music revenue, with projected net profits for 2024, 2025, and 2026 being RMB 1.56 billion, RMB 1.72 billion, and RMB 2.18 billion respectively [4]. - The report highlights a strategic shift towards core music business, with a reduction in social entertainment revenue due to a more cautious operational approach [4]. Financial Summary - Revenue for 2022 was RMB 8.995 billion, with a projected decline to RMB 7.867 billion in 2023, followed by a slight recovery to RMB 8.015 billion in 2024 [6][12]. - The company reported a net profit of RMB 734 million in 2023, with expectations of RMB 1.562 billion in 2024, reflecting a significant year-on-year growth of 112.7% [6][12]. - Gross margin is expected to improve from 26.7% in 2023 to 33.7% in 2024, driven by increased online music revenue and cost optimization measures [6][12]. Revenue Breakdown - Online music revenue is projected to reach RMB 28 billion in 2024, representing a year-on-year growth of 20%, primarily due to enhanced membership services and content offerings [9]. - Social entertainment revenue is expected to decline to RMB 11 billion in 2024, down 33% year-on-year, as the company focuses on its core music business [9]. Valuation Metrics - The report uses a comparable company analysis, suggesting an average adjusted P/E ratio of 20 times for 2025, which supports the target price of HKD 167.81 [4][10]. - The projected earnings per share (EPS) for 2024 is RMB 7.21, increasing to RMB 10.06 by 2026 [6][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 167.81 (CNY 154.80) based on a 20x adjusted P/E for comparable companies in 2025 [4][9]. Core Insights - The company is expected to benefit from the continuous optimization of its music library and the strengthening of its original music promotion, leading to an increase in online music MAU (Monthly Active Users) [4]. - The forecasted net profit for the company is projected to be CNY 1.56 billion, CNY 1.72 billion, and CNY 2.18 billion for the years 2024, 2025, and 2026 respectively, reflecting a significant increase from previous estimates due to better-than-expected music library additions [4][9]. Financial Performance Summary - **Revenue**: The company's revenue for 2022 was CNY 8.995 billion, with a projected decline to CNY 7.867 billion in 2023, followed by a slight recovery to CNY 8.015 billion in 2024, and further growth to CNY 8.262 billion in 2025 and CNY 9.158 billion in 2026 [6][12]. - **Net Profit**: The net profit for 2022 was a loss of CNY 221 million, with a turnaround to a profit of CNY 734 million in 2023, and projected profits of CNY 1.562 billion, CNY 1.716 billion, and CNY 2.179 billion for 2024, 2025, and 2026 respectively [6][12]. - **Earnings Per Share (EPS)**: EPS is expected to improve from a loss of CNY 1.02 in 2022 to CNY 3.39 in 2023, and further to CNY 7.21, CNY 7.92, and CNY 10.06 in the following years [6][12]. - **Gross Margin**: The gross margin is projected to increase from 14.4% in 2022 to 26.7% in 2023, reaching 33.7% in 2024 and continuing to rise to 38.5% by 2026 [6][12]. - **Net Margin**: The net margin is expected to shift from -2.5% in 2022 to 9.3% in 2023, with further improvements to 19.5%, 20.8%, and 23.8% in the subsequent years [6][12]. Market Performance - The company's stock performance over the past year shows a significant increase, with a 71.01% rise in December and a 31% increase over the past month [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 174.20 HKD / 160.69 CNY [3][6]. Core Views - The launch of new games such as "燕云十六声" and "七日世界" is expected to drive revenue growth for the company. The forecasted net profit for the years 2024 to 2026 is 297 billion, 326 billion, and 348 billion CNY respectively, reflecting adjustments in game launch schedules and sales expense rates [3][8]. Financial Summary - The company's revenue for 2022 was 96,496 million CNY, with a year-on-year growth of 10.15%. The projected revenue for 2024 is 105,295 million CNY, with a growth rate of 1.77% [4][15]. - The operating profit for 2022 was 19,629 million CNY, with a year-on-year growth of 19.56%. The projected operating profit for 2024 is 29,584 million CNY, with a growth rate of 6.77% [4][15]. - The net profit attributable to the parent company for 2022 was 20,338 million CNY, with a year-on-year growth of 20.65%. The projected net profit for 2024 is 29,698 million CNY, with a growth rate of 0.96% [4][15]. - The earnings per share (EPS) for 2022 was 5.89 CNY, projected to be 8.60 CNY in 2024 [4][15]. - The gross margin for 2022 was 54.68%, expected to increase to 62.50% in 2024 [4][15]. - The net margin for 2022 was 21.08%, projected to be 28.20% in 2024 [4][15]. - The return on equity (ROE) for 2022 was 20.33%, expected to decrease to 22.59% in 2024 [4][15]. - The price-to-earnings (P/E) ratio for 2024 is projected to be 17 [4][15].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.78, indicating a potential upside of 58% from the current price of HKD 0.495 [6][12]. Core Views - The company's revenue for 2024 is projected to be RMB 2.752 billion, reflecting a year-on-year growth of 6.31%, while net profit is expected to decline by 16.46% to RMB 805 million due to factors such as falling electricity prices and power restrictions [3][9]. - The company has a robust project reserve, planning to add 1GW of new capacity in 2025 with a capital expenditure of RMB 4 billion. As of the end of 2024, the company has accumulated over 10.75GW of wind and solar resources in China [4][10]. - The company is actively repurchasing shares to stabilize dividends, with a projected dividend payout ratio of 30%-33% and a dynamic PE ratio of approximately 3.8 times, indicating undervaluation [5][11]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve a revenue of RMB 27.52 billion, a 6.31% increase from the previous year, while net profit is forecasted to decrease to RMB 8.05 billion, a decline of 16.46% [3][9]. - The basic earnings per share for 2024 is projected at RMB 0.1006, with a proposed final dividend of HKD 0.035 per share, increasing the payout ratio from 27% in 2023 to 32% [3][9]. Project Development - The company secured 1,399MW of new wind and solar projects globally in 2024, with 720MW in China and 679MW in other countries. The total wind and solar resource reserve in China exceeds 10.75GW [4][10]. - The company plans to commission 1GW of new capacity in 2025, with 50% expected to come online in the first half of the year, primarily from projects delayed from the previous year [4][10]. Valuation and Share Buyback - The company repurchased 8.97 million shares at a price between HKD 0.470 and HKD 0.480, totaling HKD 4.2596 million. The buyback is expected to be more aggressive in 2025 compared to 2024 [5][11]. - The company is currently trading at a dynamic PE of about 3.8 times and a PB of approximately 0.4 times, with a dividend yield of around 8.08%, indicating a high margin of safety [5][11].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company is a leading global connector supplier with a strong focus on technology development and a diversified business model that includes AI server interconnect solutions, which are expected to drive future growth [1][4]. - The company's revenue and net profit have shown significant recovery, with a projected increase in profitability driven by its strategic positioning in the AI server interconnect market [2][4]. Summary by Sections Company Overview - The company, established in 2013, operates in various sectors including communication, computing, and automotive, focusing on mobile and wireless device production, connector manufacturing, and sales [1][11]. - It has a strong technical team with extensive experience in the connector field, maintaining a leading position in interconnect technology [1][31]. Financial Performance - For the first three quarters of 2024, the company reported revenue of $3.241 billion, a year-on-year increase of 9.90%, and a net profit of $101 million, up 119.57% year-on-year [2][19]. - The company's revenue fluctuated from 2019 to 2023, with a notable recovery in 2024, driven by improved product structure and increased demand for high-margin products [2][19]. Business Segments - The company is expanding its business across five key segments: network facilities, smartphones, computers and consumer electronics, electric vehicles, and system terminal products [3][37]. - The network facilities segment is focusing on copper and optical solutions, with a strategic push into AI server interconnects, while the smartphone segment remains a major revenue source despite competitive pressures [3][37]. - The electric vehicle segment has seen significant growth, particularly after acquisitions that enhanced the company's technological capabilities and market reach [3][70]. Future Outlook - The company is expected to benefit from its strategic layout in the AI server interconnect field, with projected net profits of $169 million, $237 million, and $313 million for 2024, 2025, and 2026 respectively [4][5]. - The report anticipates continued revenue growth driven by the increasing demand for high-performance interconnect solutions in data centers and AI applications [4][39].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenues between 4.96 billion and 5.04 billion HKD, representing a year-on-year increase of 46.3% to 48.7%. The net profit is anticipated to be between 860 million and 940 million HKD, a turnaround from a loss of 65 million HKD in 2023. This growth is driven by the strong performance of self-developed games and the continued success of the TapTap platform [4][5][6]. Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 5,026 million HKD, with a year-on-year growth of 48.3%. The net profit is expected to be 872 million HKD, marking a significant recovery from previous losses [7]. - The gross margin is forecasted to improve to 67.7% in 2024, with net margin reaching 17.4% [7]. - Earnings per share (EPS) for 2024 is estimated at 1.8 HKD, with a price-to-earnings (P/E) ratio of 16.6 times [7]. - The company’s net profit forecasts for 2024-2026 are adjusted to 872 million, 1.286 billion, and 1.592 billion HKD respectively, with corresponding EPS of 1.8, 2.6, and 3.2 HKD [4][7].