Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 45.45 for the next six months [4][6][18]. Core Insights - The company achieved a revenue of CNY 4.052 billion in 2024, representing a year-on-year growth of 90.80%, and a net profit attributable to shareholders of CNY 1.070 billion, up 277.24% year-on-year [2][4]. - The growth is attributed to the continuous increase in ADC project numbers, the steady advancement of group projects to later stages, and improvements in operational efficiency [2][3]. - The company signed 53 new comprehensive projects in 2024, with an unfulfilled order amounting to USD 991 million, reflecting a 71% increase [3]. Revenue and Profit Forecast - The company is projected to achieve revenues of CNY 5.589 billion, CNY 7.433 billion, and CNY 9.515 billion for the years 2025 to 2027, with year-on-year growth rates of 37.93%, 32.98%, and 28.02% respectively [12][20]. - The net profit attributable to shareholders is expected to be CNY 1.371 billion, CNY 1.696 billion, and CNY 2.076 billion for the same years, with growth rates of 28.09%, 23.76%, and 22.41% respectively [12][20]. Valuation Analysis - The report indicates that the company's current price-to-earnings (PE) ratio is 29.76, which is close to its historical average [14][18]. - The estimated earnings per share (EPS) for 2025 is projected to be CNY 1.14, corresponding to a PE of 37 times [4][18]. - The report highlights that the company is well-positioned to benefit from the growing demand for ADC drug development and the high outsourcing rate in the industry [17].

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [1] Core Insights - In Q1 2025, the company achieved revenue of $2.981 billion, a year-on-year increase of 1% (or 2% excluding foreign currency translation effects) [6] - Adjusted net profit reached $292 million, up 2% year-on-year (or 3% excluding foreign currency translation effects) [6] - Core operating profit margin improved to 13.4%, an increase of 0.8 percentage points year-on-year [6] - Same-store sales remained flat year-on-year, with a continued increase in transaction volume but a decrease in average ticket price [6] - The company opened a net of 247 new stores in Q1 2025, with a total of 16,642 restaurants at the end of the quarter [7] - The restaurant profit margin improved to 18.6%, up 1.0 percentage points year-on-year, benefiting from lower food and packaging costs [8] Revenue Performance - Revenue for 2025 is projected to grow at a rate of 4.6% to $11.821 billion, with net profit expected to reach $957 million [12] - The company plans to add 1,600 to 1,800 new stores in 2025, with a target of over 20,000 stores by 2026 [7] Financial Forecasts - The report forecasts EPS of $2.56, $2.77, and $2.96 for 2025, 2026, and 2027 respectively [10] - The current stock price corresponds to a PE ratio of 17x, 16x, and 15x for 2025, 2026, and 2027 respectively [10]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][7]. Core Views - Xiaomi is advancing its high-end and international strategies, with smartphone shipments reaching 41.8 million units globally in Q1 2025, a 3% year-on-year increase, capturing a 14% global market share [1]. - In the domestic market, Xiaomi regained the top position with a 19% market share, achieving a 40% year-on-year growth in shipments [1]. - The IoT business is expected to see significant revenue growth driven by high-end products and international expansion, with plans to establish 10,000 Xiaomi Home stores overseas by 2029 [1]. - The automotive segment shows promising growth, with the SU7 Ultra model receiving over 10,000 orders within three days of its launch [2]. - Xiaomi has also launched its first open-source inference model, "Xiaomi MiMo," which outperformed competitors in public tests, indicating a strong position in AI hardware technology [2]. Financial Summary - Revenue projections for 2025-2027 are estimated at CNY 488.6 billion, CNY 643.3 billion, and CNY 792.4 billion, representing year-on-year growth rates of 34%, 32%, and 23% respectively [3][5]. - Adjusted net profit for the consumer electronics segment is forecasted to be CNY 39 billion, CNY 49.6 billion, and CNY 59.1 billion for the same period, with growth rates of 17%, 27%, and 19% [3][5]. - The automotive segment is expected to contribute adjusted net profits of CNY 15 billion, CNY 100 billion, and CNY 173 billion from 2025 to 2027 [3]. - The report sets a target price of HKD 60 for Xiaomi Group based on a P/E ratio of 20x for 2026 estimates [3].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][7]. Core Views - Xiaomi's smartphone market share has returned to first place in China, with a global shipment of 41.8 million units in Q1 2025, representing a 3% year-on-year growth and a global market share of 14% [1]. - The company is advancing its IoT business with a focus on high-end products and international expansion, aiming to establish 10,000 Xiaomi Home stores overseas by 2029 [1]. - The automotive segment shows promising growth, with the SU7 Ultra model achieving over 10,000 orders within three days of its launch, and the company expects to meet or exceed its annual delivery target of 350,000 vehicles in 2025 [2]. - Xiaomi has launched its first open-source inference model, "Xiaomi MiMo," which outperformed competitors in public testing, indicating a strong potential for AI hardware integration in its products [2]. Financial Projections - Revenue projections for 2025-2027 are estimated at CNY 488.6 billion, CNY 643.3 billion, and CNY 792.4 billion, with year-on-year growth rates of 34%, 32%, and 23% respectively [3][5]. - Adjusted net profit for the consumer electronics segment is projected to be CNY 390 billion, CNY 496 billion, and CNY 591 billion for the same period, with growth rates of 17%, 27%, and 19% respectively [3][5]. - The automotive segment is expected to contribute adjusted net profits of CNY 15 billion, CNY 100 billion, and CNY 173 billion from 2025 to 2027 [3]. Key Financial Metrics - The report forecasts a non-GAAP EPS of CNY 1.6, CNY 2.4, and CNY 3.1 for 2025, 2026, and 2027 respectively [5][14]. - The price-to-earnings (P/E) ratio is projected to decrease from 29 in 2025 to 15 in 2027, indicating a potential increase in valuation as earnings grow [5][14]. - The gross margin is expected to improve from 21.9% in 2025 to 23.5% in 2027, reflecting enhanced profitability across segments [14].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved record high performance in Q1 2025, with total revenue of HKD 68.6 billion, a year-on-year increase of 31.8% and a quarter-on-quarter increase of 7.5%. The net profit attributable to shareholders was HKD 40.8 billion, up 37.3% year-on-year and 7.9% quarter-on-quarter [4][5] - The increase in revenue and profit is primarily driven by heightened trading activity in the Hong Kong stock market, supported by innovations in artificial intelligence and other developments [5] - The report anticipates that the return of Chinese concept stocks to Hong Kong could inject new trading volume into the market [7] Summary by Sections Financial Performance - In Q1 2025, the company's main business revenue reached HKD 63.2 billion, reflecting a year-on-year growth of 35.6% and a quarter-on-quarter growth of 5.0% [4] - The trading fees, system usage fees, and settlement fees totaled HKD 41.3 billion, accounting for 60.2% of total revenue, with a year-on-year increase of 58.7% [5] - Investment income netted HKD 13.3 billion, representing 19.4% of total revenue, with a slight year-on-year decrease of 0.7% but a quarter-on-quarter increase of 11.2% [5] Market Activity - The average daily trading volume for Hong Kong stock securities reached HKD 2,427 billion, a year-on-year increase of 144.2% [5] - The number of new listings in Q1 2025 was 17, a year-on-year increase of 41.7%, raising a total of HKD 187 billion, which is a 289.6% increase year-on-year [7] Future Outlook - The report maintains profit forecasts for 2025-2027 at HKD 150 billion, HKD 156 billion, and HKD 165 billion respectively, with a corresponding PE ratio of 29X, 28X, and 26X [7][9]

Investment Rating - The report maintains a "Buy" rating for Yum China [4] Core Views - In Q1 2025, same-store sales remained flat year-on-year, which is an improvement compared to the declining trend in the previous four quarters. This performance aligns with market expectations [4] - The restaurant profit margin expanded by 100 basis points year-on-year, and the operating profit margin increased by 80 basis points, slightly exceeding market expectations and management's guidance for the year [4] - The management attributes the company's ability to achieve stable performance in a complex consumer environment to strong management capabilities and flexible market responsiveness, allowing for quick operational adjustments [4] - The management has maintained its full-year guidance for 2025, expecting a low single-digit year-on-year growth in system-wide revenue and stable or slightly improved core operating profit margin [4] Financial Summary - For 2025, the projected revenue is 11,720 million RMB, reflecting a year-on-year growth of 3.7% [9] - The projected net profit attributable to shareholders for 2025 is 924 million RMB, with a year-on-year increase of 1.4% [9] - The price-to-earnings (PE) ratio for Hong Kong shares is projected at 18.9x for 2025, while for US shares, it is 19.1x [9] - The expected return on equity (ROE) for 2025 is 17.0% [9] Brand Performance - KFC's restaurant profit margin remained stable year-on-year, while Pizza Hut's restaurant profit margin showed slight improvement [4] - Pizza Hut's average ticket price decreased by 14% year-on-year in Q1 2025, but same-store traffic increased significantly by 17%, marking the fastest growth since Q3 2023 [4] - Kcoffee, which reached 1,000 stores by the end of Q1 2025, continues to grow strongly, with sales and cup volume increasing by 20% year-on-year [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company has signed a collaboration and licensing agreement with Sandoz AG for the development and commercialization of its product HLX13, a recombinant anti-CTLA-4 monoclonal antibody, in several regions including the US and Europe, with potential payments up to $191 million [1]. - Sandoz, a leader in biosimilars, is expected to enhance the commercialization of HLX13, which is the first CTLA-4 monoclonal antibody biosimilar to enter Phase III clinical trials globally [2]. - The company has established a strong global presence through multiple licensing agreements for its biosimilars, generating significant upfront payments totaling $64 million in 2025 alone [3]. - The company plans to present clinical data for its innovative drugs HLX43 and HLX22 at the 2025 ASCO conference, with HLX43 expected to become a key product and HLX22 potentially changing the standard treatment for HER2-positive gastric cancer [4]. Financial Projections - The company is projected to achieve total revenues of 5.873 billion, 5.970 billion, and 7.125 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 2.60%, 1.64%, and 19.36% [5]. - The net profit attributable to shareholders is expected to be 827 million, 797 million, and 1.122 billion yuan for the same years [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company's Q1 performance met expectations with revenue of $2.981 billion, a slight increase of 0.8% year-on-year, and a core operating profit of $405 million, which adjusted for currency effects, rose by 8% [2][5]. - Profitability continues to improve, with the overall restaurant profit margin at 18.6%, up by 1.0 percentage points, driven by higher gross margins and a decrease in the proportion of rental and operational costs [3]. - The company is expanding its new store formats, with KFC's same-store sales decline narrowing and a significant increase in order volume, while Pizza Hut is seeing a notable rise in single-store sales [4]. Financial Performance Summary - Q1 system sales for KFC increased by 3%, with same-store sales growth stabilizing and a 4% increase in order volume. The restaurant profit margin for KFC was 19.8%, benefiting from lower raw material costs and operational efficiencies [3]. - Pizza Hut's system sales also rose by 3%, with a 17% increase in order volume, although average transaction value decreased. The restaurant profit margin improved to 14.4% [4]. - The company forecasts a steady improvement in same-store sales growth driven by new product marketing and operational efficiency, with projected net profits of $940 million, $1.001 billion, and $1.051 billion for 2025E, 2026E, and 2027E respectively [5][10]. Valuation Metrics - The report projects a PE ratio of 17.2, 16.2, and 15.4 for 2025E, 2026E, and 2027E respectively, indicating a strong valuation outlook [5][10]. - The company is expected to return a total of $3 billion to shareholders over 2025E and 2026E, highlighting its strong dividend attributes [5].

证 券 研 究 报 告 ASMPT（00522.HK）2025Q1 业绩点评及业绩说明会纪要 25Q1 业绩符合预期，先进封装业务长期向好 会议地点：线上 事项： 2025 年 4 月 30 日，ASMPT（00522.HK）发布 2025 年一季报并召开业绩交流 会，2025 年 Q1 公司销售收入为 4.02 亿美元，同比-0.5%，环比-8.2%；毛利率 40.9%，同比-0.97pct，环比+3.71pct。 评论： 1. 业绩情况：2025 年 Q1 公司销售收入为 4.02 亿美元，同比-0.5%，环比-8.2%， 符合前期预测（为 3.7 亿美元至 4.3 亿美元之间）；毛利率 40.9%，环比上升 3.71pct，同比-0.97pct；新增订单总额 4.31 亿美元，环比+2.9%，主要因表面贴 装技术解决方案分部订单增加，半导体解决方案分部订单从 2024 年第四季度 高基数回落部分抵销增长；同比+4.8%。 2. 公司业绩展望：公司预计 2025 年第二季度销售收入介于 4.1-4.7 亿美元， 中位数同比+3.0%，环比+9.6%。分业务看，在半导体解决方案部门（SEMI） 的先进封装业 ...

Investment Rating - The report maintains a "Buy" rating for AIA Group Ltd. with a target price of HK$89, indicating a potential upside of 53.2% from the current price of HK$58.10 [4][29]. Core Insights - AIA Group reported a strong growth in Value of New Business (VONB) of 13% year-on-year (YoY) in Q1 2025, driven by a 3 percentage point increase in profit margin and a 7% growth in Annualized New Premium (ANP) [1][2]. - The VONB margin reached a record high of 57.5%, attributed to a gradual shift in product mix towards participating long-term savings [1][2]. - The company initiated a US$1.6 billion share buyback program, expected to be completed faster than initially planned, reflecting AIA's commitment to shareholder returns [1][2]. Summary by Sections VONB Growth - Group VONB increased by 13% YoY to US$1.5 billion in Q1 2025, with agency VONB growing by 21% to US$1.22 billion, accounting for 75% of the total [2][3]. - The cooperative VONB saw a decline of 2% to US$400 million due to increased competition in Hong Kong and regulatory tightening in China [2][3]. - Excluding China, bank insurance VONB grew by 21% YoY [2]. Financial Performance - The report projects a total shareholder return of 6.2% for FY2025, with a dividend yield of 3.3% and a buyback yield of 2.9% [1][3]. - The operating profit after tax (OPAT) is expected to grow at a compound annual growth rate (CAGR) of 11% from 2023 to 2026 [1][3]. Valuation Metrics - The stock is valued at a price-to-embedded value (P/EV) of 1.05 times and a price-to-book (P/B) ratio of 1.65 times for FY2025 [3][4]. - The report estimates a forward operating return on equity (ROE) of 15% over the next three years [3].