Investment Rating - The report maintains a BUY rating for Xpeng Inc. with a target price of US$28.00 for ADR and HK$110.00 for H-shares, indicating an upside potential of 42.2% and 41.8% respectively from current prices [3][7]. Core Views - Xpeng's 1Q25 earnings exceeded expectations due to improved gross profit margin (GPM) and government subsidies, leading to an optimistic outlook for sales volume and profitability [1][7]. - The company is expected to achieve breakeven at the net level by 3Q25, supported by increased R&D investments and new model rollouts [1][7]. - The report anticipates a significant increase in sales volume and GPM for FY25, with a revised forecast of 460,000 units sold, reflecting a 20,000 unit increase from previous estimates [7][9]. Financial Summary - Revenue projections for FY25E are raised to RMB 86,862 million, representing a 112.6% year-over-year growth [2][9]. - Gross profit is expected to reach RMB 13,971 million in FY25E, with a gross margin of 16.1% [9][11]. - The net loss forecast for FY25E has been revised down to RMB 907.2 million, a significant improvement from previous estimates [9][11]. - For FY26E, net profit is projected at RMB 3,683 million, reflecting a positive trajectory in profitability [9][11]. Earnings Performance - In 1Q25, Xpeng reported a revenue of RMB 15,811 million, a 141.5% increase year-over-year, with a gross margin of 15.6% [8][11]. - The average selling price (ASP) for vehicles in 1Q25 was RMB 168,184, showing a decline of 44.0% compared to the previous year [8][11]. - The company’s net loss for 1Q25 was RMB 664 million, which was narrower than expected, indicating improving financial health [7][8]. Valuation Metrics - The report highlights a P/S ratio of 1.6 for FY25E, suggesting a favorable valuation compared to peers [2][9]. - The P/B ratio is projected to be 4.4 for FY25E, reflecting investor confidence in the company's growth potential [2][9]. - The report justifies a higher valuation based on Xpeng's leading AI capabilities and clearer profit growth path [7][9].

Investment Rating - The report assigns a basic factor and valuation rating of ★★★☆☆ to the company [4] Core Insights - The company is the second-largest online insurance intermediary in mainland China, holding a market share of 2.9% in the overall life insurance intermediary market as of 2023 [2] - Online intermediaries dominate the life insurance intermediary market in mainland China, accounting for 89.1% of total premiums in 2023 [2] - The company collaborates with over 110 insurance companies, including more than 70% of life insurance companies in mainland China, generating revenue primarily from commissions based on the premiums of policies distributed through its platform [2][3] Financial Data Summary - Revenue for the fiscal year ending December 31: - 2022: 8.06 billion RMB - 2023: 16.34 billion RMB - 2024: 13.87 billion RMB - Shareholder profit (loss) for the same period: - 2022: 1.31 billion RMB - 2023: -3.56 billion RMB - 2024: -1.36 billion RMB [4]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company has signed an agreement with Pfizer to exclusively grant rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, receiving an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [3][4]. - SSGJ-707 shows best-in-class potential with promising clinical data in treating non-small cell lung cancer (NSCLC) and has received breakthrough therapy designation from the National Medical Products Administration [4]. - The company has a robust pipeline with 30 products in development, several of which are nearing market application, indicating a fruitful period ahead for its innovation pipeline [4]. Financial Projections - The company expects total revenue of RMB 182.44 billion, RMB 127.52 billion, and RMB 147.31 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 85.75 billion, RMB 34.13 billion, and RMB 41.02 billion [5][6]. - Earnings per share (EPS) are projected to be RMB 3.57, RMB 1.42, and RMB 1.71 for the years 2025, 2026, and 2027 respectively [6][9]. Business Development - The company is expanding its commercial footprint through partnerships, having secured four collaborations in 2024, which will enhance its product portfolio and revenue growth [5][4]. - Core products are expected to continue stable growth in 2024, with ongoing expansion into new indications and formulations [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company is experiencing short-term disruptions due to industry cycles but is focusing on high-quality expansion and internal improvements. The first quarter revenue met expectations, with hotel operating revenue around 22.5 billion RMB, a year-on-year increase of 14.3%, and total revenue of approximately 5.4 billion RMB, a year-on-year increase of 2.2% [1][11] - The company aims to maintain a balance between expansion and internal strengthening, with a focus on high-quality growth despite uncertainties in the environment [5][19] Summary by Sections Domestic Hotels - In Q1, domestic revenue was 4.481 billion RMB, up 5.5% year-on-year, with direct-operated hotels down 9.4% and franchise hotels up 21.1%. The overall RevPAR decreased by 3.9%, with same-store RevPAR down 8.3% [2][16] - The company opened 694 new hotels and closed 155, with a total of 11,564 hotels by the end of Q1. The target for new openings in 2025 is approximately 2,300 hotels [2][16] Overseas Hotels - Q1 overseas revenue was 918 million RMB, down 11.3%, with direct-operated revenue down 11.2%. The company is transitioning 10 direct-operated hotels to a light-asset franchise model, which has impacted short-term performance [3][17] - The adjusted EBITDA for overseas operations was -77 million RMB, indicating increased losses primarily due to the transition to a light-asset model and restructuring efforts [3][17] Future Outlook - The company expects Q2 revenue growth of 1-5%, with domestic growth of 3-7% and franchise revenue growth of 18-22%. The management anticipates a narrowing decline in RevPAR in Q2, aiming for at least flat or growth for the year [4][18] - The company continues to focus on brand upgrades, member direct sales, and light-asset strategies, with a significant portion of its hotels in lower-tier cities [4][18] Financial Projections - The adjusted net profit estimates for 2025-2027 are 4.66 billion, 5.37 billion, and 6.13 billion RMB, respectively, with a CAGR of 18%. The dynamic PE ratios are projected to be 17, 15, and 13 times for the respective years [5][19][6]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company has signed an agreement with Pfizer to exclusively grant rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, receiving an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [3][4]. - SSGJ-707 shows best-in-class potential with promising clinical data in non-small cell lung cancer (NSCLC), having received breakthrough therapy designation from the National Medical Products Administration [4]. - The company has a robust pipeline with 30 products in development, several of which are nearing market application, indicating a fruitful period ahead for innovation [4]. Financial Projections - The company expects total revenue of RMB 182.44 billion, RMB 127.52 billion, and RMB 147.31 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 85.75 billion, RMB 34.13 billion, and RMB 41.02 billion [5][6]. - Earnings per share (EPS) are projected to be RMB 3.57, RMB 1.42, and RMB 1.71 for the years 2025, 2026, and 2027 respectively [6][9]. Business Development - The company is expanding its commercial footprint through collaborations, having secured four partnerships in 2024, which will enhance its product portfolio and revenue growth [5][4]. - Core products are expected to continue stable growth in 2024, with ongoing expansion into new indications and formulations [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company is experiencing short-term disruptions due to industry cycles but is focusing on high-quality expansion and internal improvements. The first quarter revenue met expectations, with hotel operating revenue around 22.5 billion RMB, a year-on-year increase of 14.3%, and total revenue of approximately 5.4 billion RMB, a year-on-year increase of 2.2% [1][11] - The company aims for a revenue growth of 1-5% in Q2, with domestic segments expected to grow by 3-7% and franchise revenue by 18-22%. The management anticipates a narrowing decline in RevPAR in Q2, with a goal of at least maintaining or growing throughout the year [4][18] Summary by Sections Domestic Hotels - In Q1, domestic revenue was 4.481 billion RMB, up 5.5% year-on-year. Direct-operated hotels saw a decline of 9.4%, while franchise revenue increased by 21.1%. The overall RevPAR decreased by 3.9%, with same-store RevPAR down by 8.3% [2][16] - The company opened 694 new hotels and closed 155, with a total of 11,564 hotels by the end of Q1. The company plans to open approximately 2,300 new hotels throughout the year [2][16] Overseas Hotels - Q1 overseas revenue was 918 million RMB, down 11.3%. The decline was primarily due to the transition of 10 direct-operated hotels to a light-asset franchise model and the closure of one direct-operated hotel. The adjusted EBITDA for Q1 was -77 million RMB, indicating an increase in losses due to restructuring [3][17] Financial Forecasts - The company maintains adjusted net profit forecasts for 2025-2027 at 4.66 billion, 5.37 billion, and 6.13 billion RMB, respectively, with a three-year CAGR of 18%. The dynamic PE ratios are projected to be 17, 15, and 13 times for the respective years [5][19] - The company has a shareholder return plan of 2 billion USD over three years, which adds marginal appeal to the investment [5][19]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a total revenue of 27.01 billion, a year-on-year decrease of 6.6%, with a gross margin of 38.4%, down 3.4 percentage points due to inventory clearance and increased promotional efforts [1] - The company achieved a cash dividend ratio of 135%, significantly exceeding expectations, benefiting from proactive inventory management [2] - The company maintains strong partnerships with major brands like Nike and Adidas, with expectations for improvements in the new fiscal year following management changes at Nike [3][4] Financial Summary - For FY2025, the company expects revenue to decline by 6.64% to 27.01 billion, with a projected recovery starting in FY2026 with a revenue increase of 3.82% [5] - The forecasted net profit for FY2026 is expected to rise by 36.03% to 1.75 billion, with further growth projected in subsequent years [5] - The company’s cash flow from operations increased by 20% year-on-year to 3.76 billion, indicating healthy cash flow management [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which includes an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [6] - The company maintains its profit forecast, expecting net profits of 2.328 billion, 2.612 billion, and 2.938 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97, 1.09, and 1.23 CNY per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 7.836 billion CNY in 2023 to 10.078 billion CNY in 2025, reflecting a year-over-year growth rate of 14.1% and 10.7% respectively [9] - Net profit is expected to increase from 1.549 billion CNY in 2023 to 2.328 billion CNY in 2025, with a year-over-year growth of (19.1%) in 2023, followed by 34.9% in 2024 and 11.4% in 2025 [9] - The gross margin is projected to remain stable at around 84.2% from 2025 to 2027, while the net margin is expected to improve slightly from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is forecasted to increase from 0.8% in 2025 to 1.1% in 2027 [9] Pipeline and Product Development - The company’s core product SSGJ-707 has shown promising results in clinical trials for NSCLC, achieving excellent ORR and DCR, and has received breakthrough therapy designation from the National Medical Products Administration [7] - The company is advancing multiple clinical studies for SSGJ-707, including a Phase III trial for NSCLC and ongoing research for colorectal cancer and gynecological tumors [7] - The company’s existing products, including Tebentafusp and others, are expected to contribute positively to cash flow, with successful negotiations for new indications enhancing growth potential [7]

Investment Rating - The investment rating for the company is "Buy" [5][14]. Core Insights - In April 2025, the company delivered 35,045 vehicles, representing a year-on-year increase of 273% and a month-on-month increase of 6%. The projected sales for 2025, 2026, and 2027 are 524,000, 786,000, and 966,000 vehicles respectively, with corresponding revenues of 97.76 billion, 158.1 billion, and 197.07 billion yuan, indicating growth rates of 139.2%, 61.7%, and 24.7% [3][14]. - The launch of high-quality models is expected to mark a turning point in sales, while advancements in smart driving technology are anticipated to help reverse financial performance. Collaboration with Volkswagen is expected to leverage technological leadership to realize revenue [3][14]. Summary by Sections Sales Performance - In April 2025, the company achieved a delivery of 35,045 vehicles, with a year-on-year growth of 273% and a month-on-month growth of 6%. The MONA M03 model has accumulated over 100,000 deliveries in 8 months, and the P7+ model has reached 50,000 units in 5 months [11][12]. Product Development - The company is set to mass-produce the Turing chip in Q2, enhancing its smart driving capabilities. The XNGP AI-assisted driving system has achieved an 84% user penetration rate. The company is also developing a large-scale AI model with 720 billion parameters [12][14]. Global Expansion - The 2025 X9 model received significant acclaim, achieving 6,000 orders within 7 days of launch in mainland China. The company also secured over 1,500 orders in various Asia-Pacific regions, indicating strong overseas market performance [13][14]. Financial Projections - The company forecasts revenues of 97.76 billion, 158.1 billion, and 197.07 billion yuan for 2025, 2026, and 2027, with net profits projected at 120 million, 6 billion, and 9.42 billion yuan respectively [14][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which highlights the company's innovative capabilities and potential for value realization [6] - The company is expected to maintain its profit forecasts, with projected net profits of 2.328 billion, 2.612 billion, and 2.938 billion yuan for the years 2025 to 2027, respectively, and corresponding EPS of 0.97, 1.09, and 1.23 yuan per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025 to 2027, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - Revenue for 2023 was 7.836 billion yuan, with projections of 9.108 billion yuan for 2024 and 10.078 billion yuan for 2025, reflecting a year-over-year growth of 14.1%, 16.2%, and 10.7% respectively [9] - Net profit for 2023 was 1.549 billion yuan, with projections of 2.090 billion yuan for 2024 and 2.328 billion yuan for 2025, showing a year-over-year growth of (19.1)%, 34.9%, and 11.4% respectively [9] - The gross margin is expected to remain stable at around 84.2% from 2025 to 2027, while the net margin is projected to increase from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is projected to improve from 0.8% in 2025 to 1.1% in 2027 [9]