Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 69.5, indicating a potential upside of 22.4% from the current price of HKD 56.80 [1][3]. Core Insights - The recent EDA export ban by the Trump administration is expected to accelerate the domestic replacement process for EDA tools in China, which could benefit companies like the report's subject, as they possess self-developed EDA capabilities [1][9]. - The company is positioned as a key beneficiary of the semiconductor domestic replacement trend, with its independent EDA capabilities allowing it to maintain robust revenue growth and high profit margins amid increasing geopolitical risks [9]. Financial Summary - Sales revenue is projected to grow from RMB 464 million in FY23A to RMB 1,284 million by FY27E, with a CAGR of approximately 27.6% [2][14]. - Net profit is expected to increase from RMB 109.2 million in FY23A to RMB 363.3 million in FY27E, reflecting a strong growth trajectory [2][14]. - The company’s P/E ratio is forecasted to decrease from 21.5 in FY23A to 8.6 in FY27E, suggesting an attractive valuation compared to the industry average of 64.0 [2][9]. Market Position - The company has developed a comprehensive EDA platform that integrates EDA tools, IP libraries, and design processes, significantly lowering the barriers to chip design [9]. - As of the end of 2024, the company has integrated over 600 IP modules, establishing a complete tool-IP-design framework [9]. Shareholder Structure - Major shareholders include CICCFT with 12.6% and Value Partners with 6.6% [5]. Stock Performance - The stock has shown strong performance with a 96.2% increase over the past three months [6].

Investment Rating - The investment rating for the company is set at ★★★☆☆ [4] Core Insights - The company operates a mobile app called "Che Lai Le," which utilizes big data analytics to provide real-time and accurate public transport arrival information, establishing a solid foundation for mobile advertising revenue [1] - As of December 31, 2024, "Che Lai Le" is the largest real-time public transport information platform in mainland China, covering 274 cities and boasting a cumulative user base of approximately 298.4 million [2] - The company generates revenue primarily through programmatic and brand advertising, with programmatic advertising revenue accounting for 74.6%, 85.5%, and 93.1% of total revenue in 2022, 2023, and 2024, respectively [2][3] Financial Summary - The company's revenue for the fiscal years ending December 31 is projected as follows: 1.35 billion RMB in 2022, 1.75 billion RMB in 2023, and 2.06 billion RMB in 2024 [4] - The company is expected to incur losses of -0.20 billion RMB in both 2022 and 2023, with an anticipated loss of -0.26 billion RMB in 2024 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 69.5, indicating a potential upside of 22.4% from the current price of HKD 56.80 [1][3]. Core Insights - The recent EDA export ban by the Trump administration is expected to accelerate the domestic replacement process in China's EDA market, which currently relies heavily on foreign suppliers [1][9]. - The company, 贝克微, is well-positioned to benefit from this trend due to its self-developed EDA platform, which mitigates the impact of export restrictions [9]. - The report highlights that 贝克微's vertical integration in the semiconductor design process provides a strategic advantage in a localized supply chain environment [9]. Financial Summary - Sales revenue is projected to grow from RMB 464 million in FY23A to RMB 1,284 million by FY27E, with a CAGR of approximately 27.6% [2][14]. - Net profit is expected to increase from RMB 109.2 million in FY23A to RMB 363.3 million in FY27E, reflecting a strong growth trajectory [2][14]. - The company's gross margin is forecasted to remain stable around 53% over the next five years [2][14]. Market Position - 贝克微's market capitalization is approximately HKD 3.408 billion, with a current share price of HKD 56.80, which is significantly higher than its 52-week low of HKD 23.05 [4][3]. - The company has a strong shareholder structure, with CICCFT holding 12.6% and 惠理集团 holding 6.6% [5]. - The stock has shown impressive performance, with a 96.2% return over the past three months [6]. Valuation Metrics - The company is currently valued at a P/E ratio of 14.4 for FY25E, which is attractive compared to the industry average of 64.0 [9][13]. - The PEG ratio stands at 0.48, indicating potential undervaluation relative to its growth prospects [9].

丨证券研究报告丨 港股研究丨公司点评丨特海国际（9658.HK） [Table_Title] 2025 年一季度业绩点评：汇兑亏损下降，同店 翻台率增长 报告要点 [Table_Summary] 2025 年一季度，公司实现营业收入 1.98 亿美元，同比增长 5.4%；实现扣非归母净利润 0.12 亿美元，受益于汇兑亏损下降，同比扭亏为盈。在餐饮出海浪潮下，特海国际以其独特的服务 形式、优越的品牌力、快速本土化的适应能力成为中餐出海品牌中的弄潮儿。在规模庞大且竞 争格局分散的国际餐饮市场中，特海国际具备广阔的发展空间。公司单店模型不断优化，新店 快速实现盈亏平衡，我们看好火锅行业在国际市场的发展空间以及公司未来的发展前景，预计 公司 2025-2027 年实现归母净利润 4406.37、5515.09、6340.58 万美元，维持"买入"评级。 分析师及联系人 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健轩 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 特海 ...

Investment Rating - The investment rating for Xiaomi Group is "Buy" and is maintained [7] Core Views - Xiaomi Group reported record high performance in Q1 2025, with revenue reaching 1112.93 billion yuan, a year-on-year increase of 47.4%. The net profit attributable to shareholders was 109.24 billion yuan, up 161.2% year-on-year, and the adjusted net profit was 106.76 billion yuan, reflecting a 64.5% increase year-on-year. The gross margin was 22.8%, an increase of 0.5 percentage points year-on-year, while the net profit margin attributable to shareholders was 9.8%, up 4.3 percentage points year-on-year [2][4] Summary by Sections Automotive Business - In Q1 2025, Xiaomi's automotive business generated revenue of 18.1 billion yuan, primarily driven by increased deliveries of the Xiaomi SU7. The SU7 series delivered 75,869 units, a quarter-on-quarter increase of 8.86%. The average selling price per vehicle was 238,600 yuan, up 2.01% quarter-on-quarter. The loss in this segment was 500 million yuan, significantly narrowed by 50.2% quarter-on-quarter. The gross margin for the automotive business was 23.2%, an increase of 2.72 percentage points quarter-on-quarter. The company expects to reach a profit inflection point in 2025 for its automotive business, contributing positively to Xiaomi's core performance [6] Smartphone Business - Xiaomi's smartphone business revenue in Q1 2025 was 50.6 billion yuan, a year-on-year increase of 8.9%, with a gross margin of 12.4%. Global smartphone sales reached 41.8 million units, a 3.0% year-on-year increase, marking the seventh consecutive quarter of growth. Xiaomi regained the top position in the Chinese market with a market share of 18.8%, a 40.0% year-on-year increase. The average selling price of Xiaomi smartphones was 1,210.5 yuan, up 5.7% year-on-year. High-end models accounted for 25% of total sales in China, up 3.3 percentage points year-on-year [6] IoT and Consumer Products - In Q1 2025, Xiaomi's IoT and consumer products business achieved revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points year-on-year. The revenue from smart home appliances more than doubled, indicating the initial success of the high-end strategy. Sales of major appliances saw significant growth, with air conditioning units sold exceeding 1.1 million, a year-on-year increase of over 65% [6]

2025 年 06 月 01 日 门店快速扩张，利润持续释放 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 基本数据 | 当前股价（港元） | 95.00 | | --- | --- | | 总市值（亿港元） | 124.3 | | 总股本（百万股） | 130.9 | | 流通股本（百万股） | 130.9 | | 52 周价格范围（港元） | 51.1-125.2 | | 日均成交额（百万港元） | 23.3 | 市场表现 资料来源：Wind，华鑫证券研究 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 达势股份 恒生指数 相关研究 —达势股份（1405.HK）公司动态研究报告 买入(首次) 投资要点 公司 2025 年计划新开 300 家门店，相关资本开支共计 5.7 亿 元，2025 年初至 3 月 14 日，公司已新开 82 家门店，另有 26 家门店在建，62 家门 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a pioneer in overseas social networking, leveraging a diverse product matrix to capture global opportunities [8]. - The report highlights the company's stable core business in social networking, with strong growth potential from late-stage products [8]. - The acquisition of BlueCity Brothers is noted as a strategic move to tap into the growing LGBTQ market, with the launch of the HeeSay brand aimed at expanding into Southeast Asia and Western markets [9]. - The company is also expanding its presence in the casual gaming sector, with a notable increase in revenue from its flagship game [10]. Company Overview - The company has a decade-long history of development, combining self-developed and acquired products to build a diverse product matrix [14][15]. - The business model is divided into two main segments: social business and innovative business, with social business contributing the majority of revenue [17]. Financial Performance - Revenue is projected to grow significantly, with estimates of 6.628 billion in 2025, 8.297 billion in 2026, and 10.274 billion in 2027 [6]. - The company expects a rebound in net profit, forecasting 980 million in 2025, 1.335 billion in 2026, and 1.774 billion in 2027 [6]. - The adjusted EBITDA is also anticipated to rise, with projections of 1.319 billion in 2025 and 1.739 billion in 2026 [6]. Market Position - The global social application market is experiencing rapid growth, with the company focusing on localized operations and a multi-modal product strategy to meet diverse user needs [36][41]. - The report indicates that the company has a strong understanding of local markets, which enhances its operational effectiveness [56]. Product Strategy - The company has developed a multi-product strategy that allows for rapid iteration and testing, reducing marginal costs and diversifying market risk [57]. - Key products include MICO, YoHo, TopTop, and SUGO, each targeting different social interaction needs [8][9]. Growth Potential - The report emphasizes the potential for significant growth in the LGBTQ social networking space, particularly through the HeeSay brand [9]. - The casual gaming segment is also highlighted as a promising area, with expectations for continued revenue growth from new game releases [10].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to enter a new product cycle for pure electric vehicles in the second half of 2025, coinciding with the launch of advanced intelligent driving features [3] - The first pure electric SUV, the Li Auto i8, is set to be released in July, followed by another new model, the i6, in September [3] - The company has established 2,355 supercharging stations as of May 29, with plans to exceed 2,500 by the i8 launch and reach over 4,000 by the end of 2025 [3] - The L series of vehicles will feature significant upgrades, including the new 2025 models equipped with advanced AI and hardware for intelligent driving [3] Financial Forecasts - The company's revenue projections for 2025 to 2027 have been adjusted to 143.64 billion, 223.30 billion, and 236.15 billion RMB, reflecting a year-on-year change of -0.6%, +55.5%, and +5.8% respectively [4] - The net profit forecasts for the same period have been revised to 8.16 billion, 13.66 billion, and 15.41 billion RMB, with year-on-year growth rates of +1.6%, +67.4%, and +12.8% respectively [4] - Corresponding EPS for 2025 to 2027 is projected at 3.81, 6.38, and 7.20 RMB, with P/E ratios of 27, 16, and 14 [4]

Investment Rating - The investment rating for Meituan-W (3690.HK) is "Buy" and is maintained [8]. Core Views - In FY2025Q1, Meituan achieved revenue of 86.6 billion yuan, exceeding Bloomberg's consensus estimate of 85.4 billion yuan, with a year-on-year growth of 18.1%. Adjusted net profit totaled 10.95 billion yuan, surpassing the expected 9.73 billion yuan, reflecting a year-on-year increase of 46.2%. Both revenue and profit exceeded expectations [2][6]. - Looking ahead, while short-term subsidy competition may disrupt profitability, Meituan's strategic determination and organizational resilience are expected to build its core competitiveness. The company is well-positioned to leverage its comprehensive local service ecosystem, driven by a three-sided transaction network of users, merchants, and fulfillment, alongside its dual engines of instant retail and in-store travel services for growth. International expansion and AI empowerment are anticipated to unlock long-term potential [2][6]. Summary by Sections Overall Performance - Meituan's core local business generated revenue of 64.3 billion yuan in FY2025Q1, a year-on-year increase of 17.8%, with operating profit of 13.5 billion yuan, up 39.1%. New business revenue reached 22.2 billion yuan, growing 19.2%, with operating losses narrowing by 17.5% to 2.3 billion yuan [8]. Instant Retail Business - The food delivery segment showed steady growth, with daily order volume increasing compared to the previous quarter. The instant retail brand, Meituan Flash Purchase, launched in April, has over 30,000 flash warehouses and more than 500 million total transaction users. Flash purchase orders increased by 50% year-on-year, with significant growth in low-frequency non-instant categories [8]. In-store Travel Business - The in-store travel segment has substantial growth potential, with a 25% year-on-year increase in active merchants. New initiatives like "Anxin Study" have been introduced, connecting over 20,000 educational institutions nationwide. The company continues to invest in ecosystem development to enhance user engagement and consumption frequency across various categories [8]. New Business and International Expansion - Meituan's new business, Meituan Preferred, is improving operational efficiency, with expectations of narrowing losses. The overseas business, Keeta, has launched in nine major cities in Saudi Arabia and is expanding into Brazil, focusing on food delivery to build a high-frequency traffic network [8]. Investment Recommendations and Profit Forecast - The report anticipates that in Q2, competition from JD and Ele.me will intensify, leading to a slowdown in core local business revenue growth and a decline in operating profit margins. However, the report maintains a positive long-term outlook for Meituan's comprehensive local service ecosystem and projects overall revenues of 390.4 billion, 437.7 billion, and 483.9 billion yuan for 2025, 2026, and 2027, respectively, with adjusted net profits of 47.8 billion, 57.6 billion, and 69 billion yuan [2][8].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5][12]. Core Insights - The company is a leading one-stop solution brand for home dining in China, ranking first among all retailers. It focuses on hot pot and barbecue meal categories, providing diverse, high-quality, and cost-effective products through a franchise model, establishing a significant scale advantage with a community central kitchen concept. After experiencing operational fluctuations during the pandemic, the company has innovated its store model, implemented a best-selling product strategy, and strengthened its membership ecosystem, leading to a recovery in same-store sales and a return to growth. Looking ahead, the company is expected to achieve sustainable growth through "quality supply, cost-effectiveness, and food equity" [3][11][14]. Summary by Sections Company Overview - The company has expanded its sales network from B2B to B2C since its establishment in 2015, growing from 1,441 stores in early 2020 to 10,150 stores by the end of 2024, covering all provinces in China [27][28]. Industry Analysis - The home dining market in China has seen rapid growth, with a market size increasing from 3,248.2 billion RMB in 2018 to 5,615.6 billion RMB in 2022, reflecting a CAGR of 14.7%. The proportion of home dining meal products is expected to rise from 4.55% in 2022 to 13.22% by 2027 [11][49][54]. Competitive Advantages - The company offers a three-pronged competitive advantage through products, channels, and supply chain integration. Its products are generally priced 60%-80% lower than social dining channels and about 20% lower than supermarket retail channels. The average profit margin for franchisees is between 8%-10%, indicating a healthy and sustainable model [11][12][14]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 71.2 billion RMB, 82.4 billion RMB, and 95.2 billion RMB, with corresponding growth rates of 10.1%, 15.6%, and 15.6%. The gross margin is expected to improve slightly, reaching 22.4% by 2027. The core operating net profit is projected to grow at a compound annual growth rate of 20% over three years [12][16].