Investment Rating - The report does not explicitly state an investment rating for XPeng [1]. Core Views - XPeng has launched the "Intelligent Driving Insurance" priced at RMB 239 per year, offering a maximum coverage of RMB 1 million, which covers incidents occurring within five seconds after exiting smart driving mode [10][11]. - This insurance is a supplementary protection for intelligent driving features, not a replacement for mandatory or commercial auto insurance, and it reflects XPeng's confidence in its technology and commitment to user safety [12][13]. - The introduction of this insurance product is seen as a significant enhancement to current L2+ products, aimed at boosting consumer confidence and supporting sales conversion amid growing market demand for advanced assisted driving technologies [13]. Summary by Sections Event - On April 28, 2025, XPeng officially launched the "Intelligent Driving Insurance," which is available for all XPeng vehicle owners and covers both new and existing customers [10]. Commentary - The insurance service is jointly offered with five insurers, including PICC, and is available exclusively through XPeng's official partner channels [11]. - The coverage period for driving functions extends from activation until five seconds after deactivation, while for parking functions, it ends immediately upon deactivation [11]. Positioning - The insurance is positioned as a supplement to traditional auto insurance, specifically designed to cover scenarios that occur within five seconds after the system exits, marking an industry innovation [12]. - This initiative is expected to create a competitive advantage for XPeng in the intelligent driving market, similar to extended warranties for battery packs [13].

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (9888.HK) with a target price of 128.7 HKD, compared to the current price of 87.60 HKD [4]. Core Insights - Baidu Group's total revenue for Q1 2025 is expected to decline by 1.5% year-on-year to 31.04 billion RMB, while core revenue is projected to grow by 1.4% to 24.14 billion RMB. The core non-GAAP operating profit is anticipated to be 4.6 billion RMB, a decrease of 17.6% year-on-year, with an operating margin of 19.1% [1][2]. - The online marketing business is expected to face continued pressure, with a projected 6.0% decline in online marketing services revenue to 15.98 billion RMB in Q1 2025. However, improvements are anticipated in the first half of 2025 as macroeconomic conditions recover [1][2]. - Non-online marketing revenue is expected to grow significantly, driven by AI and cloud services, with a projected 20.1% year-on-year increase to 8.16 billion RMB in Q1 2025 [1][2]. Summary by Sections Online Marketing Business - The online marketing services revenue is projected to decline by 6.0% to 15.98 billion RMB in Q1 2025, primarily due to insufficient recovery in macroeconomic conditions and weak demand from advertisers [1]. - Baidu is focusing on enhancing AI content quality in search, which is expected to improve user experience and drive commercial growth in the medium term [1]. Non-Online Marketing Business - The non-online marketing business is expected to see a robust growth of 20.1% year-on-year, reaching 8.16 billion RMB in Q1 2025, driven by strong demand for AI-related cloud services [1][2]. - Baidu's cloud business is anticipated to maintain rapid growth, with significant bidding activity in the AI market, positioning it as a leader among domestic large model vendors [1][2]. Financial Forecasts - The report forecasts a decline in non-GAAP net profit for 2025 to 25.1 billion RMB, reflecting a decrease of 7.05% year-on-year. The target price remains at 128.7 HKD, with a valuation multiple of 10.0x PE for advertising and cloud services [2][3][4].

Investment Rating - The report assigns an IPO specific rating of 4.8 to the company, based on various criteria [5][7]. Core Insights - The company, Boleton, is a leading provider of electric engineering machinery in China, with significant revenue growth projected but still operating at a loss [1][3]. - The electric wide-body dump trucks and electric loaders are the primary revenue sources, with expected revenues of 3.7 billion and 2.2 billion RMB respectively in 2024 [1]. - The engineering machinery industry is experiencing rapid growth, with the market size for electric engineering machinery expected to increase significantly from 235 billion RMB in 2020 to 540 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 23.2% [2]. Company Overview - Boleton's revenue is projected to grow from 360 million RMB in 2022 to 640 million RMB in 2024, while net losses are expected to increase from 180 million RMB to 270 million RMB during the same period [1]. - The company ranks third and seventh in the market share for electric wide-body dump trucks and electric loaders, respectively, with market shares of 18.3% and 3.8% [1]. - Boleton has achieved a compound annual growth rate of 128.1% in electric wide-body dump truck shipments and 17.5% in electric loader shipments from 2022 to 2024 [1]. Industry Status and Outlook - The engineering machinery industry in China is projected to grow from 182.7 billion RMB in 2024 to 336.0 billion RMB by 2029, with a CAGR of 13.0% [2]. - The electric engineering machinery sector is becoming mainstream, with technology development reaching maturity [2]. Advantages and Opportunities - Boleton is recognized as a pioneer in the Chinese electric engineering machinery industry, being the first to receive national certification for its electric loaders [3]. - The company has developed proprietary technologies through advanced engineering methods, holding 131 authorized patents and 82 pending patent applications as of the end of 2024 [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrates strong performance growth with improved operational efficiency and increased cash reserves, leading to a higher dividend payout ratio [2][3] - The main business segments, property management and community value-added services, show steady growth, contributing to 86% of total revenue [2] - The company has optimized its managed projects, enhancing operational efficiency and improving gross profit margins [3] - The company is backed by China Overseas Development and China State Construction Group, providing a rich resource for property management projects [4] Summary by Relevant Sections Financial Performance - In 2024, the company is projected to achieve revenue of 14 billion HKD, a year-on-year increase of 7.5%, with a gross profit of 2.33 billion HKD, up 12.4%, and a net profit attributable to shareholders of 1.51 billion HKD, reflecting a 12.5% increase [1] - The company plans to distribute a total dividend of 0.18 HKD per share for the year, a 29% increase compared to the previous year [1] Operational Efficiency - By the end of 2024, the company will manage an area of 430 million square meters, with new contracts signed for 74.1 million square meters, 63.3% of which comes from third parties [3] - The company has exited 44.5 million square meters of loss-making projects, optimizing its business structure and enhancing operational efficiency [3] Cash Flow and Dividends - As of the end of 2024, the company has cash and bank balances of 5.8 billion HKD, an increase of 13.1% from the previous year [3] - The dividend payout ratio for 2024 is set at 36.3%, an increase of 4.5 percentage points year-on-year [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.68 billion HKD and 1.87 billion HKD, respectively, with a new forecast for 2027 set at 2.04 billion HKD [4] - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 10, 9, and 8 times, respectively, indicating strong valuation attractiveness [4]

Investment Rating - The report assigns a "Buy" rating to BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 26.8% from the current closing price of HKD 397.00 [1][10]. Core Insights - BYD's Q1 2025 performance was significantly boosted by strong export growth, with revenue reaching RMB 70.4 billion, a year-on-year increase of 36% [2]. - The company's net profit for Q1 2025 doubled year-on-year to RMB 9.2 billion, with a notable increase in vehicle sales, achieving 1 million units sold, a 60% increase year-on-year [2][7]. - The report highlights BYD's competitive advantage through vertical integration in its supply chain, which has helped maintain a gross margin of 24% despite being in a traditionally weaker sales season [2][7]. Financial Overview - Revenue projections for BYD are as follows: RMB 602.3 billion in 2023, RMB 777.1 billion in 2024, and RMB 977.2 billion in 2025, reflecting a year-on-year growth rate of 42.0%, 29.0%, and 25.8% respectively [6]. - Net profit is expected to grow from RMB 30.0 billion in 2023 to RMB 52.5 billion in 2025, with earnings per share projected to increase from RMB 13.33 to RMB 23.28 over the same period [6]. - The report anticipates that BYD's vehicle sales will reach 5.23 million units in 2025, representing a 23% year-on-year increase, driven by strong export performance and advancements in intelligent driving technology [7]. Market Position and Strategy - BYD is actively expanding its overseas presence, with plans to achieve 800,000 units in overseas sales by 2025, effectively doubling its export volume [7]. - The company is focusing on making advanced driving technology more accessible across its vehicle range, aiming for over 60% of its models to feature high-level autonomous driving systems by 2025 [7]. - The report emphasizes that BYD's strong export growth is expected to enhance its average selling price and gross margin, while its efforts in intelligent driving will solidify its market position in China [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Insights - In 2024, the company achieved a revenue of 1.346 billion (up 23.1%) and a net profit of 274 million (up 50.4%), driven by increased demand for orthopedic products and effective cost management [10][4]. - The company is focusing on expanding its overseas market presence and has seen significant growth in its international revenue, which reached 274 million (up 20.8%), accounting for 20.4% of total revenue [15][4]. - The company is leveraging its 3D printing technology and digital orthopedic solutions to create a comprehensive ecosystem, enhancing its competitive edge in the market [24][23]. Revenue and Profitability - The revenue from hip joint implants was 729 million (up 23.5%), and knee joint implants generated 405 million (up 30.1%) in 2024, indicating a strong recovery in surgical volumes [15][2]. - The gross profit margin for 2024 was 60.0%, with a net profit margin of 20.3%, reflecting effective cost control measures [20][3]. - The company has maintained a focus on research and development, with a R&D expense ratio of 10.3%, while also managing other expenses effectively [20][3]. Financial Forecasts - The company has slightly adjusted its profit forecasts for 2025-2026, now expecting net profits of 334 million, 404 million, and 484 million for 2025, 2026, and 2027 respectively, with growth rates of 21.9%, 20.8%, and 20.0% [4][5]. - The current price-to-earnings (PE) ratios are projected to be 19.2, 15.9, and 13.2 for 2025, 2026, and 2027 respectively, indicating a favorable valuation compared to historical performance [4][5]. Market Position and Strategy - The company is recognized as a leader in the orthopedic market, being the first in China to commercialize 3D printing technology for joint implants, which strengthens its market position [24][4]. - The strategic focus on digital orthopedic solutions and international expansion is expected to drive future growth, with the company successfully entering new markets [24][15].

投资要点 ❑ 泡泡玛特发布 25Q1 业务状况 25Q1 收入同增 165-170%，环比加速（24H2 收入同增 143%），中国收入同增 95- 100%（24H2 收入同增 70.4%），海外同增 475-480%（24H2 收入同增 438%） 证券研究报告 | 公司点评 | 文娱用品 泡泡玛特(09992) 报告日期：2025 年 04 月 28 日 新品火爆接力，业绩再超预期，加速迈向"世界的泡泡玛特" ——泡泡玛特 25Q1 业务点评 ❑ 国内外均加速，新品火爆接力，IP 全球势能强化 中国：25Q1 线下收入同增 85-90%，线上同增 140-145%，店效环比再提升，多品爆 火，哪吒 2 盲盒爆火后，LABUBU 航海王联名盲盒、LABUBU 象棋大冒险毛绒、 DIMOO 迪士尼联名毛绒等持续接力，多业态贡献增量（小野品牌店/饰品快闪店）。 海外：25Q1 收入同增 475-480%，其中：1）亚太收入同增 345-350%（24H2 同增 413%）,东南亚景气延续，以泰国为中心蔓延邻国，电商高增；2）美洲收入同增 895-900%（24H2 同增 649%），美国加速开店且位置更优，预 ...

Investment Rating - The report initiates coverage on WeLong Delicious with a "Buy" rating and a target price of HKD 19.96, based on a 32x PE for 2025 [7]. Core Viewpoints - The Chinese snack industry is characterized by a long-standing multi-category and weak brand presence, with spicy snacks showing stronger addiction and higher repurchase rates, effectively extending product life cycles. WeLong has successfully established itself as a national brand in spicy strips and is positioned to benefit from rapid category expansion as a pioneer in the konjac segment [1][17]. - The spicy snack segment is experiencing high growth and strong consumer loyalty, with the market size for spicy strips around RMB 10 billion and WeLong holding a 28% market share in 2023. The konjac segment is also thriving, with a projected market size of RMB 7 billion in 2024 and an annual growth rate exceeding 20% [2][18][19]. Industry Overview - The spicy snack market is expected to maintain a compound annual growth rate (CAGR) of 10.2% from 2024 to 2026, driven by the addictive nature of spicy foods. The konjac segment is anticipated to surpass the RMB 10 billion mark, with WeLong's market share projected at 42% in 2024 [2][19]. - The report highlights the increasing health consciousness among consumers, which is propelling the growth of the konjac category due to its unique taste and high cost-performance ratio [2][19]. Company Analysis - WeLong is building competitive barriers through its strong brand identity and innovative product development. The company has a mature research and development management system, allowing for modular reuse of technology and continuous product innovation [3][20]. - The company has successfully created a second growth curve, with revenue from vegetable products expected to exceed that from flavored noodle products in 2024. WeLong is also actively transforming its distribution channels to adapt to market demands, enhancing its presence in offline channels and embracing new channels such as snack wholesale and content e-commerce [3][21]. Future Growth Prospects - WeLong's growth strategy focuses on product innovation and channel diversification. The company aims to solidify its supply chain and enhance its reach through various distribution channels, including traditional and emerging platforms [21][22]. - The report emphasizes the potential for WeLong to benefit from the ongoing expansion of the spicy snack market and the increasing consumer preference for healthier snack options [17][22].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 57.27, based on a closing price of HKD 49.40 [6]. Core Insights - The report emphasizes that Leap Motor's success is driven by its commitment to self-research and development, leading to a strong product strategy that has helped the company stand out in the competitive market [2][15]. - Leap Motor achieved its first quarterly profit in Q4 2024, with a net profit of RMB 0.8 billion, marking it as the second profitable new energy vehicle manufacturer [3][46]. - The strategic partnership with Stellantis is highlighted as a significant advantage for Leap Motor's overseas expansion, providing unique resources and market access [4][46]. Summary by Sections 1. Self-Research and Product Strategy - Leap Motor has focused on self-research since its establishment in 2015, mastering a super-integrated technology architecture, which has been upgraded to LEAP 3.5 in 2025 [2][15]. - The company targets the mainstream passenger car market priced between RMB 100,000 and 200,000, with a projected total delivery of nearly 300,000 vehicles in 2024, ranking among the top three in new energy vehicle brands [2][21]. - Three key success factors are identified: efficient launch of range-extended models, continuous upgrades of existing models, and excellent cost control leading to competitive pricing [2][3][15]. 2. Profitability and Future Outlook - Leap Motor's revenue for 2024 reached RMB 32.16 billion, a year-on-year increase of 92%, with a gross margin of 8.4% [3][46]. - The company expects sustainable profitability due to a rich new vehicle planning and strong channel capabilities, which are anticipated to drive continuous sales growth [3][46]. - The report forecasts revenues of RMB 60.5 billion, RMB 80.5 billion, and RMB 106.8 billion for 2025, 2026, and 2027 respectively, with net profits projected to reach RMB 0.69 billion, RMB 22.52 billion, and RMB 43.92 billion in the same years [5][8]. 3. Overseas Business Development - The partnership with Stellantis, a major global automotive group, is expected to enhance Leap Motor's overseas business prospects significantly [4][46]. - The collaboration allows Leap Motor to leverage Stellantis's extensive dealer network and manufacturing resources, facilitating rapid market expansion in Europe and South America [4][46]. - The report suggests that local production could significantly improve profitability by reducing export costs and replicating successful domestic production practices [4][46].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is expected to experience significant revenue growth driven by its AI Agent initiatives, with projected revenues of 2.335 billion, 2.962 billion, and 3.684 billion CNY for 2025, 2026, and 2027 respectively [4]. - The company is recognized as a global leader in marketing and sales SaaS platforms, maintaining rapid growth and a strong market position [5][17]. - The marketing and sales SaaS market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 29.3% from 2022 to 2027, indicating a substantial opportunity for the company [6][50]. Summary by Sections 1. Company Overview - The company, founded in 2009, has launched key SaaS products including T Cloud for SMB clients and Zhenke for KA clients, serving over 200,000 enterprises across various industries [5][17]. - The company has a stable shareholding structure and an experienced management team, with the founders holding approximately 45.63% of the shares [41][42]. 2. Market Potential - The marketing and sales SaaS market in China is currently underpenetrated, with a projected market size increase from 206 billion CNY in 2022 to 745 billion CNY by 2027 [6][50]. - The company is the largest provider of marketing and sales SaaS solutions in China, with a market share of 2.6% in 2022 [55][56]. 3. AI Agent Integration - The company is embracing AI Agent technology, which is expected to revolutionize the SaaS industry by shifting value assessment from software usage to business outcomes [7][70]. - The AI Agent market in China is anticipated to reach 3.3 trillion CNY by 2028, highlighting the transformative potential of AI in marketing and sales [74][82]. 4. Financial Projections - The company's revenue is projected to grow from 1.232 billion CNY in 2023 to 2.334 billion CNY in 2025, with a year-over-year growth rate of 49.8% [9]. - The net profit is expected to improve from a loss of 0.33 billion CNY in 2025 to a profit of 3.21 billion CNY by 2027 [4][9].