Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The company is expected to report a net profit increase of approximately 35% year-on-year for the first half of 2025, reaching around 12.36 billion yuan [1]. - The growth in performance is attributed to rising prices of aluminum alloy and alumina products, alongside an increase in sales volume [1]. - The average price of aluminum (A00) for H1 2025 is projected at 20,317 yuan/ton, a 2.6% increase year-on-year, while the average price of domestic alumina is expected to decline by 3.4% to 3,389.9 yuan/ton [1]. - The company has established a stable supply of bauxite resources through joint ventures in Guinea, with the West Mangu iron ore project expected to provide new profit growth starting in 2026 [2]. - The company has a comprehensive integrated layout in the aluminum industry, with a total alumina production capacity of 19.5 million tons and an electrolytic aluminum capacity of approximately 6.46 million tons [2]. - The company has announced a dividend of 1.02 HKD per share for 2025, with a cumulative dividend of 1.61 HKD per share for 2024, resulting in a dividend yield of 11% based on the stock price as of May 21, 2025 [2]. Financial Projections - The projected net profits for 2025-2027 are 23.37 billion yuan, 25.20 billion yuan, and 27.77 billion yuan respectively, with corresponding P/E ratios of 6.7, 6.2, and 5.6 [3][4]. - Revenue is expected to grow from 133.62 billion yuan in 2023 to 165.06 billion yuan in 2025, with a revenue growth rate of 5.69% in 2025 [4]. - The company's return on equity (ROE) is projected to be 18.9% in 2025, slightly decreasing in subsequent years [4].

Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of HKD 5.6 [1][4][7] Core Insights - Bosideng reported a revenue increase of 11.6% year-on-year to RMB 25.902 billion and a net profit increase of 14.3% to RMB 3.514 billion for FY25, with a high dividend payout ratio of 84.1% [1][2][4] - The company continues to focus on its main brand and product innovation to drive growth, with projected EPS for 2026-2028 at RMB 0.34, 0.38, and 0.42 respectively [1][4] Revenue and Profit Growth - For the fiscal year ending March 31, 2025, the group achieved a revenue of RMB 25.902 billion, up 11.6% year-on-year, and a net profit of RMB 3.514 billion, up 14.3% year-on-year, despite a slight decline in gross margin [2][5] - The main brand's revenue grew by 10.1% to RMB 18.481 billion, while the OEM business saw a significant increase of 26.4% to RMB 3.373 billion [2][3] Business Segment Performance - The down jacket business generated revenue of RMB 21.668 billion, with a gross margin decrease of 1.6 percentage points to 63.4% [2] - The women's wear segment faced challenges, with a revenue decline of 20.6% to RMB 0.651 billion and a gross margin drop of 4.3 percentage points to 63.2% [3] - The diversified business segment reported a revenue increase of 2.8% to RMB 0.209 billion, with the school uniform business growing by 3.0% [3] Financial Projections - The report forecasts revenue growth rates of 10.1% for FY26, 10.7% for FY27, and 10.2% for FY28, with net profit growth rates of 10.9%, 11.2%, and 11.1% respectively [5][10] - The projected gross margin is expected to stabilize around 57.3% for FY26 and beyond [5][11]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in the dual antibody sector, spearheading a new era in immuno-oncology with its innovative products, particularly AK104 and AK112, which are nearing commercialization [8][13]. - The revenue forecast indicates significant growth, with projected revenues of 3.672 billion, 5.342 billion, and 7.240 billion CNY for 2025, 2026, and 2027 respectively, reflecting a strong upward trajectory [1][24]. - The company has a robust cash reserve of 7.344 billion CNY, which supports ongoing research and development efforts [29]. Summary by Sections Company Overview - The company focuses on developing innovative antibody drugs and has established a comprehensive drug development platform, ACE, with over 20 product pipelines [13][14]. - It has successfully launched the world's first dual immune checkpoint inhibitor, AK104, for cervical cancer in June 2022, and is expanding its product offerings [13][14]. Financial Performance - The company reported total revenue of 2.124 billion CNY in 2024, with a significant increase in product sales revenue to approximately 2.002 billion CNY, marking a year-on-year growth of 24.88% [24][25]. - The gross profit margin remains high at 86.39%, indicating strong profitability relative to industry standards [25][28]. Product Pipeline - AK104 is the only approved PD-1/CTLA-4 dual antibody globally, with multiple indications approved and ongoing clinical trials for additional cancers [33][34]. - AK112 is also positioned to challenge existing therapies, with promising clinical trial results and a strong market potential [8][19]. Market Position and Future Outlook - The company is expected to achieve a market valuation of 160 billion HKD based on the anticipated revenues from its core products [8]. - The report projects a target price of 163.33 CNY per share, indicating a potential upside from the current market price [8].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a total of 34,611 vehicle deliveries in June 2025, representing a year-on-year increase of 224.4% and a month-on-month increase of 3.2% [2][4]. - Cumulative vehicle deliveries for Q2 2025 reached 103,000 units, marking a year-on-year increase of 241.6% [2][4]. - The company is expected to see steady sales growth due to a strong new vehicle cycle, with the launch of models like MONA M03 and P7+ [2][7]. - The company anticipates achieving a revenue of 99.1 billion yuan in 2025, corresponding to a price-to-sales ratio of 1.2X, with significant improvements in software revenue contributing to financial performance [7]. Summary by Sections Sales Performance - In June 2025, the company delivered 34,611 vehicles, with a year-on-year growth of 224.4% and a month-on-month growth of 3.2% [2][4]. - For Q2 2025, the total vehicle deliveries reached 103,000 units, achieving a new quarterly record with a year-on-year increase of 241.6% [2][7]. New Vehicle Cycle - The launch of new models such as G6, G9, and the upcoming G7 is expected to drive sales further, with G6 and G9 already performing well in domestic and international markets [7]. - The company has initiated a strong new vehicle cycle, with multiple new models set to be released in Q3 and Q4 2025 [7]. Profitability Outlook - The company is projected to achieve a turnaround in profitability by Q4 2025, with expectations of positive free cash flow for the year [7]. - The ongoing improvements in scale, platform, and technology cost reductions, along with the expansion of software revenue models, are expected to enhance future profitability [7].

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The acquisition of a 53.74% stake in Hebei Chuguang Automotive Parts Co., Ltd. marks a new chapter in the development of automotive perception technology, with the transaction valued at RMB 288 million [2][3] - The acquisition will enhance the company's core competitiveness in acoustic system solutions, integrating technology and resources to drive the upgrade of automotive intelligence [3][6] - The company is expected to achieve revenues of RMB 31.15 billion, RMB 34.95 billion, and RMB 39.20 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 2.44 billion, RMB 2.94 billion, and RMB 3.49 billion [7][9] Financial Projections - Revenue growth rates are projected at 34% for 2024, followed by 14% for 2025, and 12% for 2026 and 2027 [9][12] - The company's earnings per share (EPS) are forecasted to be RMB 1.53, RMB 2.04, RMB 2.46, and RMB 2.91 for the years 2024 to 2027 respectively [9][12] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 18x, 15x, and 12x respectively [7][12]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][14]. Core Viewpoints - The company is deepening its collaboration with the Ultraman IP, launching multiple new products and participating as a strategic partner in the "Light Journey: Looking Forward to Ultraman's 60th Anniversary" exhibition, showcasing over 100 BFC Ultraman building block works [1][2]. - The BFC community is thriving, with a well-structured creative competition system that includes online and offline events, enhancing player engagement and brand loyalty [2][3]. - The company has a diverse product range with over 80 Ultraman building block products covering more than 140 character images, catering to fans of all ages [3]. Financial Projections - The company forecasts revenues of 3.77 billion, 5.31 billion, and 7.01 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 960 million, 1.48 billion, and 2.08 billion yuan for the same years [4]. - Earnings per share (EPS) are projected to be 3.9 yuan, 6.0 yuan, and 8.4 yuan for 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 30x, 20x, and 14x [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][3]. Core Viewpoints - The company aims to become a leading global robotics technology platform, focusing on laser radar products and solutions for intelligent vehicles and robots [1][13]. - The laser radar market is expected to see significant growth, with projections indicating that the market for automotive laser radar could exceed 50 billion yuan by 2030, and the market for robotic laser radar could surpass 10 billion yuan [1][2]. Financial Summary - The company is projected to achieve revenues of approximately 1.65 billion yuan in 2024, representing a year-on-year growth of about 47% [1][26]. - The revenue breakdown for 2024 is expected to be 93% from products, 6% from solutions, and 1% from services [1][26]. - The adjusted net loss for 2024 is estimated at around 396 million yuan, showing a reduction in losses compared to previous years [1][26]. - The company anticipates laser radar shipments of approximately 544,200 units in 2024, with 519,800 units for ADAS and 24,400 units for robotics [1][31]. Industry Analysis - The laser radar industry is characterized by high barriers to entry and a stable oligopoly, with the company positioned as one of the industry leaders [2]. - The report highlights the potential for significant demand growth in the laser radar market, driven by advancements in technology and cost reductions [2][38]. - The competitive landscape is noted for its high concentration, indicating a stable oligopoly structure within the industry [2]. Product and Solution Overview - The company offers a range of laser radar products, including R, M, E, and EM series, as well as Active Camera and dexterous hands for robotics [1][19]. - Solutions provided include hand-eye coordination, intelligent mobility, and related toolchains, aimed at enhancing the functionality of robotic systems [1][19]. Future Projections - The company forecasts laser radar shipments to reach 780,000 units in 2025, 1.52 million units in 2026, and 2.26 million units in 2027 [2]. - Revenue projections for the company are estimated at 2 billion yuan in 2025, 3.1 billion yuan in 2026, and 3.9 billion yuan in 2027, with respective year-on-year growth rates of 23%, 52%, and 28% [2].

交银国际研究 公司更新 | 互联网 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 7 月 7 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 120.80 | 港元 | 165.00 | +36.6% | | | 美团 (3690 HK) | | | | | | | 外卖日单峰值突破 1 亿，运营能力仍有优势，维持买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 276,745 | 337,592 | 386,213 | 437,899 | 474,235 | | 同比增长 (%) | 25.8 | 22.0 | 14.4 | 13.4 | 8.3 | | 净利润 (百万人民币) | 23,253 | 43,772 | 43,485 | 58,982 | 66,969 | | 每股盈利 (人民币) | 3.71 | 7.00 | 7.01 | 9.51 ...

港股公司报告 | 首次覆盖报告 2）黄鸡业务：种源优势构筑核心支撑，产品结构顺应行业趋势。在种源方面，公司在黄鸡 育种领域构建了行业领先的研发体系和基因资源库，满足市场多元化的需求。目前公司已构 建包含 45 个品系的黄鸡种质矩阵。通过持续优化的产品矩阵，公司市占率实现跨越式增长， 2018-2024 年间公司黄鸡市场份额从 1.3%跃升至 2.6%，完成市占率翻倍突破。在产品方面， 顺应消费需求迭代引发的品类格局重构，重点发展中速鸡和慢速鸡产品。另外，面对当下黄 鸡屠宰后品质可视化标识体系缺失的困局，不断优化遗传改良技术，针对黄鸡冰鲜上市后体 重差异大、肤色不一致等影响消费者购买的痛点做出相应的育种改善，使其冰鲜上市的黄鸡 在体型、肤色等方面更加符合消费者购买的"审美观"，同时也有助于后续销售量的持续增长。 3）屠宰业务：纵向深化产业链，打造高端食品生态圈建设者。行业维度看，布局屠宰加工 是大势所趋，目前牧原、温氏、唐人神等各家生猪养殖企业纷纷加码屠宰业务，通过屠宰业 务打通养殖端到食品端的链路。公司自身维度看，公司拓展屠宰加工业务一方面是发挥上下 游一体化优势，在西南地区实现养殖与屠宰相匹配；另一方面，公 ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7] Core Views - Geely Automobile has raised its annual sales target by 10.7%, from 2.71 million to 3 million units, reflecting the company's confidence in its growth prospects [11] - The company's sales in June reached 236,000 units, a year-on-year increase of 42.1%, with electric vehicle sales growing by 85.5% [11] - The Galaxy series continues to show strong growth, with sales of 90,200 units in June, a year-on-year increase of 201.8% [11] - The report highlights that Geely's strategy is not merely about price cuts but is supported by technological advancements and strong cost control, which are expected to enhance profitability as scale effects are realized [11] Financial Forecasts and Investment Recommendations - Adjusted earnings per share (EPS) forecasts for 2025-2027 are 1.50, 1.76, and 2.13 RMB respectively, up from previous estimates of 1.36, 1.54, and 1.94 RMB [4] - The target price is set at 22.50 RMB, equivalent to 24.69 HKD, based on a price-to-earnings (PE) ratio of 15 times the average for comparable companies [4] - Revenue projections for 2023A to 2027E are 179,204 million, 240,194 million, 319,444 million, 381,363 million, and 442,685 million RMB, with year-on-year growth rates of 21.1%, 34.0%, 33.0%, 19.4%, and 16.1% respectively [6][12] - Operating profit is expected to grow significantly, with projections of 3,806 million, 7,644 million, 14,116 million, 16,739 million, and 20,314 million RMB for the same period [6][12] - The net profit attributable to the parent company is forecasted to be 5,308 million, 16,632 million, 15,121 million, 17,735 million, and 21,451 million RMB, with growth rates of 0.9%, 213.3%, -9.1%, 17.3%, and 21.0% respectively [6][12]