Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The company continues to focus on the "people, vehicles, and home" ecosystem, launching new products such as the YU7 SUV and the Xuanjie chips, which are expected to drive growth [7] - The YU7 SUV is positioned as a high-performance luxury vehicle with impressive specifications, including a maximum horsepower of 690 PS and a range of 835 km, which is the highest for mid-to-large electric SUVs [7] - The self-developed Xuanjie O1 chip marks Xiaomi as the fourth company globally to design a 3nm process mobile SoC, enhancing its product capabilities [7] - The company is expanding its high-end product offerings, with a 15.7% year-on-year increase in total smartphone shipments in 2024, and a 3% increase in the domestic high-end smartphone market share [7] Financial Projections - Total revenue is projected to grow from CNY 270.97 billion in 2023 to CNY 691.16 billion by 2027, with a compound annual growth rate (CAGR) of 13.62% [1] - Net profit attributable to shareholders is expected to increase significantly from CNY 17.48 billion in 2023 to CNY 59.31 billion in 2027, reflecting a CAGR of 26.93% [1] - The earnings per share (EPS) is forecasted to rise from CNY 0.67 in 2023 to CNY 2.29 in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 73.19 in 2023 to 21.56 in 2027, indicating improving valuation [1] Market Position - Xiaomi's market capitalization is approximately CNY 1,043.39 million, with a closing price of HKD 53.00 [5] - The company has a price-to-book (P/B) ratio of 6.47 and a debt-to-asset ratio of 53.07% [6] - The company aims to expand its retail presence internationally, planning to open around 10,000 new Xiaomi stores overseas in the next five years [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on steady progress and active advancement, with a strong emphasis on optimizing its operational model and expanding its store network [8] - The "Red Pomegranate" plan has shown positive results, with the company successfully incubating new brands and expanding its market presence [8] - The company is leveraging digital upgrades and supply chain optimization to enhance customer satisfaction and operational efficiency [8] Financial Projections - Total revenue is projected to grow from 41,622 million in 2023 to 47,244 million by 2027, with a compound annual growth rate (CAGR) of approximately 3.62% [1] - Net profit attributable to shareholders is expected to increase from 4,499 million in 2023 to 5,269 million by 2027, reflecting a CAGR of about 4.77% [1] - The earnings per share (EPS) is forecasted to rise from 0.81 in 2023 to 0.95 by 2027, indicating a steady growth trajectory [1] Operational Strategy - The company is implementing a bottom-up site selection mechanism and strict standards for franchisee entry, focusing on product, scene, and management optimization [8] - The company has initiated a franchise model with a rigorous selection process, ensuring quality and standardization across its outlets [8] - The company has launched multiple new restaurant brands under the "Red Pomegranate" initiative, aiming to create a second growth curve [8] Digital and Supply Chain Enhancements - The company is utilizing big data and AI technologies to improve customer feedback processing and enhance service quality [8] - The proprietary "HiHi System" app has achieved over 20,000 monthly clicks, indicating strong user engagement [8] - The deployment of over 50 AI robots across various operational areas is aimed at improving efficiency and customer service [8]

Investment Rating - The report assigns a "Buy" rating to Tongcheng Travel with a 12-month price target of HK$24.50, implying a potential upside of 19.5% from the current price of HK$20.50 [7][29]. Core Insights - Tongcheng Travel's 1Q25 earnings were in line with revenue expectations, with a margin beat. The management highlighted improving pricing trends in domestic hotel average daily rates (ADR) and airfare, expecting this momentum to continue due to resilient travel demand and a low base effect [2][3]. - The company is focusing on enhancing monetization through improved value-added services (VAS) sales, effective cross-selling between transportation and hotel products, and optimized subsidies, which could sustain high take rates of approximately 4% for transportation and 9.5% for accommodation in 2Q [2][3]. - Core OTA revenue is expected to slow down temporarily in 2Q with a year-over-year growth estimate of 13.4%, but is projected to return to high-teens growth in the second half of the year as the base effect normalizes [2][4]. Revenue and Earnings Estimates - Total revenue estimates for 2Q and 2025 remain unchanged at 9.9% and 12.1% year-over-year growth, respectively. The core OTA business is expected to maintain healthy growth at 13.4% for 2Q and 16.4% for FY25E [4][11]. - The adjusted net margin is projected to remain stable at 15.9% for 2Q and 17.2% for 2025E [4]. Business Updates - Gross merchandise volume (GMV) is estimated to have experienced negative year-over-year growth in 1Q due to weakness in domestic airfare, while domestic hotel GMV is expected to show healthy double-digit room night growth [3]. - Outbound air ticketing and hotel room nights saw robust growth of 40-50% year-over-year in 1Q, with management targeting to improve this mix to high-single digits by 4Q [3]. - The company currently manages 2,500 hotels, with over 1,400 in the pipeline, and expects the addition of Wanda Hotel Management to enhance its brand portfolio and profitability [3]. Valuation Metrics - The report indicates a DCF-based price target of HK$24.50, which implies a P/E ratio of 15x for 2025 and 13x for 2026 [5][12]. - The company is trading at a P/E of 13.3x for 2025, which is considered undemanding with a PEG ratio of 0.8x [2][5]. Financial Highlights - Revenue projections for Tongcheng Travel show significant growth from Rmb6,585 million in 2022 to an estimated Rmb19,447 million in 2025, with net earnings expected to rise from Rmb646 million in 2022 to Rmb3,364 million in 2025 [6]. - The adjusted diluted EPS is projected to increase from Rmb0.29 in 2022 to Rmb1.46 in 2025, with a dividend per share expected to grow from Rmb0.00 in 2022 to Rmb0.20 in 2025 [6][8].

研究报告 Research Report 25 May 2025 特海国际 Super Hi International Holding (9658 HK) 点评报告：一季度同店翻台率同比提升，经营利润率短期承压 Review Report: Q1 Same-store Turnover Rate Improves YoY, Operating Margins Under Short- Term Pressure [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$15.60 目标价 HK$19.10 HTI ESG 4.0-4.5-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$10.14bn / US$1.30bn 日交易额 (3 个月均值) US$2.39mn 发行股票数目 650.30mn 自由流通股 (%) 20% 1 年股价最高最低值 HK$23.35-HK ...

一脉阳光是行业领先的医学影像服务供应商。截至 2024 年末，一脉阳光已 运营 106 个影像中心，覆盖全国 16 个省，是中国唯一一家为整个医学影像 产业链提供全面医学影像服务及价值的平台运营商。一脉阳光形成了"医学 影像中心服务+影像解决方案服务＋一脉云服务"三部分业务的服务能力输 出。公司通过四类影像中心提供影像检查及诊断、运营管理服务，其中区域 共享型和旗舰型中心贡献主要收入。公司计划构建多层次、全周期的医学影 像生态服务体系，锚定不同客户的差异化需求，提供远程诊断支持、信息化 流程重构、影像技术中心标准化建设等轻量化影像服务包。2024 年公司组建 了海外事业部，开启国际化业务元年。公司在医学影像信息化上已前瞻布局， 2015 年开始研发一脉云平台，2024 年参股孵化的影禾医脉正式发布全球首 个全模态全流程医学影像基座大模型，2025 年"CT 胸部病变标注数据"正 式通过上海数据交易所合规审核并成功上架，打造医学影像 AI 的完整闭环。 风险提示：放射和超声检查收费降价风险；市场竞争加剧风险；政策风险； 扩张不及预期的风险；财务风险。 投资建议：一脉阳光是国内医学影像服务龙头，扩张步伐稳健。AI ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net operating revenue of 13.8 billion yuan in Q1 2025, representing a year-on-year growth of 16%, in line with Bloomberg consensus expectations. The adjusted EBITDA was 4.2 billion yuan, with an EBITDA margin of 30%. The Non-GAAP net profit was 4.2 billion yuan, showing a year-on-year increase of 3%, which is better than Bloomberg consensus expectations [7] - The international business continues to grow significantly, with outbound travel maintaining stable growth. The cross-border flight capacity has recovered to 83% of pre-pandemic levels, and hotel and flight bookings for outbound travel have exceeded 120% of the same period in 2019, outperforming the market by 30%-40% [7] - Domestic tourism demand remains strong, with inbound tourism also experiencing robust growth. In Q1, the number of inbound travelers increased by 40% year-on-year, with 75% coming from visa-free regions. The company's platform saw a nearly 100% year-on-year increase in inbound bookings, with hotel bookings in major visa-free countries in the Asia-Pacific region surging over 240% [7] - The company continues to focus on enhancing its international business through better product experiences and customer service, with a sales expense ratio of approximately 21% in Q1, which is better than expected [7] - The profit forecast for 2025-2027 has been adjusted, with the adjusted net profit for 2025, 2026, and 2027 projected at 17.6 billion, 19.7 billion, and 22 billion yuan respectively, corresponding to P/E ratios of 18, 16, and 15 times [7] Financial Summary - Total revenue for 2023 is projected at 44.51 billion yuan, with a year-on-year growth of 122.12%. For 2024, revenue is expected to reach 53.29 billion yuan, reflecting a growth of 19.73% [1] - The company's net profit attributable to shareholders for 2023 is estimated at 9.92 billion yuan, with a staggering year-on-year growth of 606.91%. The forecast for 2024 is 17.07 billion yuan, indicating a growth of 72.08% [1] - The latest diluted EPS for 2023 is projected at 13.90 yuan per share, with a P/E ratio of 32.27 times [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net operating revenue of 13.8 billion yuan in Q1 2025, representing a year-on-year growth of 16%, in line with Bloomberg consensus expectations. The adjusted EBITDA was 4.2 billion yuan, with an EBITDA margin of 30%. The Non-GAAP net profit was 4.2 billion yuan, showing a year-on-year increase of 3%, which is better than Bloomberg consensus expectations [7] - The international business continues to grow significantly, with outbound travel maintaining stable growth. The cross-border flight capacity has recovered to 83% of pre-pandemic levels, and hotel and flight bookings for outbound travel have exceeded 120% of the same period in 2019, outperforming the market by 30%-40% [7] - Domestic tourism demand remains strong, with inbound tourism also experiencing robust growth. In Q1, the number of inbound travelers increased by 40% year-on-year, with 75% coming from visa-free regions. The company's platform saw a nearly 100% year-on-year increase in inbound bookings, with hotel bookings in major visa-free countries in the Asia-Pacific region surging over 240% [7] - The company continues to focus on enhancing its international business through better product experiences and customer service, with a sales expense ratio of approximately 21% in Q1, which is better than expected [7] - The profit forecast for 2025-2027 has been adjusted, with the adjusted net profit for 2025, 2026, and 2027 projected at 17.6 billion, 19.7 billion, and 22 billion yuan respectively, corresponding to P/E ratios of 18, 16, and 15 times [7] Financial Summary - Total revenue for 2023 is projected at 44.51 billion yuan, with a year-on-year growth of 122.12%. For 2024, revenue is expected to reach 53.29 billion yuan, reflecting a growth of 19.73% [1] - The company's net profit attributable to shareholders for 2023 is estimated at 9.92 billion yuan, with a staggering year-on-year growth of 606.91%. The forecast for 2024 is 17.07 billion yuan, indicating a growth of 72.08% [1] - The latest diluted EPS for 2023 is projected at 13.90 yuan, with a P/E ratio of 32.27 times [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 12.24 based on a 17X PE for 2025 [1][7][5]. Core Viewpoints - The company is a leading social media player in China, focusing on overseas markets with a diverse product matrix that includes successful social products like MICO, YoHo, Blued, and high-growth products like TopTop and SUGO. The flagship gaming business has also made significant breakthroughs, and social e-commerce is rapidly growing, indicating a potential entry into a profitable cycle [1][17][19]. Summary by Sections Social Business - The company has established a robust product matrix in the social sector, with MICO and YoHo contributing to the revenue base. Newer products like SUGO have shown remarkable growth, with 2024 revenue increasing over 200% and average monthly revenue surpassing USD 10 million. TopTop also saw over 100% revenue growth in the same period [2][17][30]. Innovative Business - The innovative segment, which includes premium games and social e-commerce, achieved revenue of RMB 460 million in 2024, a year-on-year increase of 21.3%. The flagship game, "Alice's Dream: Merge Island," generated a total revenue of RMB 705 million, reflecting an 80.4% increase. The social e-commerce sector is also expanding rapidly, driven by customer demand and product diversification [3][19][32]. Market Perspective - The report highlights a divergence from market sentiment regarding the company's long-term growth potential. It argues that the company has developed effective methodologies for creating successful social products, with rapid growth in newer products like TopTop and SUGO expected to become pillar products. The company has established over 20 global operational centers, supporting its expansion strategy [4][20][21]. Financial Forecast and Valuation - The company’s revenue is projected to reach RMB 6.454 billion in 2025, with a compound annual growth rate (CAGR) of 44.89% for net profit from 2025 to 2027. The report adjusts the net profit forecast for 2025-2027 to RMB 949 million, RMB 1.225 billion, and RMB 1.461 billion, respectively, reflecting increases of 7.4%, 20%, and 23% [5][6][12].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][6] Core Views - The company achieved a revenue of 7 billion yuan in Q1 2025, representing a year-on-year growth of 24%, and an adjusted net profit of 360 million yuan, marking a turnaround from a net loss of 460 million yuan in the same period last year [1][5] - The gross profit reached 2.539 billion yuan, with a gross margin of 36.3%, an increase of 8 percentage points year-on-year, indicating a significant improvement in profitability [5][6] - The company’s operational cash flow was 1.302 billion yuan, reflecting strong cash generation capabilities [5] Revenue Breakdown - Value-added services revenue was 2.807 billion yuan, up 11% year-on-year, driven by growth in live streaming and membership services [5] - Advertising revenue reached 1.998 billion yuan, a 20% increase, primarily due to growth in performance-based advertising [5] - Mobile gaming revenue surged to 1.731 billion yuan, a remarkable 76% increase, attributed to the strong performance of the exclusive SLG game "Three Kingdoms: Strategize the World" [5] - Revenue from IP derivatives and other businesses was 467 million yuan, down 4% year-on-year [5] User Engagement and Content Strategy - The company reported daily active users of 107 million and monthly active users of 368 million, with an average daily usage time of 108 minutes [5] - The company successfully positioned itself as the exclusive bullet screen video partner for the Spring Festival Gala, attracting over 100 million viewers on New Year's Eve [5] - The company continues to focus on high-quality original content, with notable successes in various series and animations [5] Financial Projections - The company expects revenues to reach 30.856 billion yuan, 34.559 billion yuan, and 37.324 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding adjusted net profits of 1.965 billion yuan, 2.856 billion yuan, and 3.696 billion yuan [7][9] - The projected PE ratios for 2025, 2026, and 2027 are 28.9, 19.9, and 15.4, respectively, indicating a favorable valuation outlook [7][10]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.8, maintaining the "Increase" rating for the next six months [6]. Core Viewpoints - The company reported a revenue of RMB 27 billion for FY25, a year-on-year decrease of 7%, and a net profit of RMB 1.3 billion, down 42% year-on-year. The gross margin was 38%, a decline of 3.4 percentage points, and the net margin was 4.8%, down 2.8 percentage points [1]. - The decline in revenue performance was attributed to weak consumer demand and pressure on offline foot traffic, leading to increased promotional efforts and a decrease in profit margins [1]. - The company has a strong cash flow position, with cash and cash equivalents amounting to RMB 2.6 billion, a year-on-year increase of 32%. Despite a 43.5% decline in pre-tax profit, the net cash generated from operating activities grew by 20% to RMB 3.8 billion [2]. - The total number of stores operated by the company decreased by 18.3% to 5,020, with a focus on improving retail service capabilities and store efficiency [3]. - The company is expanding its brand matrix by introducing the high-end running brand SOAR Running to the Chinese market and enhancing its collaboration with the Canadian outdoor brand norda [4]. Summary by Sections Financial Performance - FY25 revenue was RMB 27 billion, down 7% year-on-year, with a net profit of RMB 1.3 billion, down 42% year-on-year. The gross margin was 38%, down 3.4 percentage points, and the net margin was 4.8%, down 2.8 percentage points [1]. Cash Flow and Dividends - Cash and cash equivalents at the fiscal year-end were RMB 2.6 billion, up 32% year-on-year. Operating cash flow increased by 20% to RMB 3.8 billion despite a 43.5% decline in pre-tax profit. The annual dividend payout ratio was 135% [2]. Store Operations - The company operated 5,020 stores at the fiscal year-end, a decrease of 18.3% year-on-year. The focus is on enhancing retail service capabilities and improving store efficiency through stricter store opening and renovation criteria [3]. Brand Strategy - The company is introducing SOAR Running to the Chinese market and deepening its partnership with norda, aiming to capture opportunities in the outdoor segment through a comprehensive brand strategy [4]. Profit Forecast - The profit forecast has been adjusted, with expected revenues for FY26-28 at RMB 26.5 billion, RMB 27.3 billion, and RMB 28.6 billion, respectively. The expected net profits are RMB 1.3 billion, RMB 1.5 billion, and RMB 1.7 billion for the same periods [5].