Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [6][7]. Core Insights - The company reported Q1 2025 revenue of 15.81 billion RMB, a year-over-year increase of 141.5%, with a net loss of 660 million RMB, which is a reduction of 700 million RMB compared to the same period last year [7]. - The company is expected to achieve a significant sales scale expansion during the 2025-2026 product cycle, with projections indicating a return to profitability by Q4 2025 [7][9]. - The company is focusing on smart cockpit and advanced driving technologies, which are expected to enhance its competitive edge in the market [7]. Company Overview - The company operates in the automotive industry, with a current H-share price of 77.55 HKD as of May 21, 2025, and a market capitalization of 129.4 billion RMB [2]. - Major shareholder includes He Xiaopeng, holding 18.35% of shares [2]. - The company has seen a stock price increase of 153% over the past year [2]. Recent Performance - In Q1 2025, the company delivered 94,000 vehicles, marking a year-over-year increase of 331% [7]. - The gross margin for automotive products reached 10.5%, up 5 percentage points year-over-year [7]. - The company anticipates Q2 revenue to be between 17.5 billion and 18.7 billion RMB, with expected vehicle deliveries of 102,000 to 108,000 units [7]. Future Projections - The company forecasts a doubling of annual vehicle sales and aims to achieve breakeven by Q4 2025, with positive free cash flow expected for the year [7]. - Net profit projections for 2025, 2026, and 2027 are -1.81 billion, 840 million, and 5.83 billion RMB respectively, with corresponding EPS of -0.97, 0.44, and 3.1 RMB [9][11].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The flagship mine Las Bambas in Peru is the most important asset for the company, contributing significantly to copper production and revenue [1][14]. - The company is expected to exceed performance expectations due to a decrease in production costs and interest expenses, with a projected copper production of 515,000 tons in 2025, a 36.3% year-on-year increase [2][4]. - The company has a strong capability to manage community issues, which is crucial for mining operations in Peru, and this capability is expected to be replicated across other South American mines [3][61]. Summary by Sections Company Overview - Las Bambas accounts for 81.5%, 89.2%, and 79.8% of the company's total copper production from 2022 to 2024, with a projected production of 400,000 tons in 2025 [1][14]. - The mine's EBITDA contribution is significant, with 73.1%, 94.6%, and 76.6% from 2022 to 2024 [1][14]. Production and Cost Expectations - The company expects to achieve a production range of 350,000 to 400,000 tons in 2025, with C1 costs projected between $1.50 and $1.70 per pound [2][32]. - The C1 cost has already dropped to $1.26 per pound in Q1 2025, indicating a potential for further cost reduction [2][43]. Community Management - The company employs a management model termed "Las Bambas Heart," focusing on sustainable development and community engagement, which has proven effective in addressing local community issues [3][60]. - The report highlights that the market underestimates the company's ability to handle community-related challenges, which are common in the mining sector in Peru [3][61]. Financial Projections - The company’s net profit is projected to be $549 million, $694 million, and $703 million for 2025, 2026, and 2027, respectively, with corresponding EPS of $0.05, $0.06, and $0.06 [4][68]. - The company’s valuation metrics, such as P/E and P/B ratios, are significantly lower than industry averages, indicating potential for price appreciation [4][70]. Market Position - The company is positioned to benefit from rising copper prices, with a performance elasticity of nearly 30% for every 10% increase in copper prices [3][69]. - The report emphasizes that the company’s valuation is attractive compared to peers, with a significant upside potential as copper prices rise [3][69].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The flagship mine Las Bambas in Peru is the most important asset for the company, contributing significantly to copper production and revenue [1][14]. - The company is expected to exceed performance expectations due to a decrease in production costs and interest expenses, with a projected copper production of 515,000 tons in 2025, a 36.3% year-on-year increase [2][4]. - The company has a strong capability to manage community issues, which is crucial for mining operations in Peru, and this capability is expected to be replicated across other South American mines [3][61]. Summary by Sections Company Overview - Las Bambas copper mine is projected to account for 79.8% of the company's total copper production in 2024 and is expected to produce 400,000 tons in 2025, re-entering the top ten global copper mines [1][14]. - The mine's EBITDA contribution is significant, with projections showing it will account for 76.6% of total EBITDA in 2024 [1][14]. Production and Cost Projections - The company anticipates a C1 cost of $1.5-$1.7 per pound for 2025, with the first quarter of 2025 already showing a cost of $1.26 per pound, indicating a potential for further cost reductions [2][43]. - The debt of Las Bambas has decreased from a peak of $7 billion to $900 million, contributing to a lower overall debt ratio of 58.1% by the end of 2024 [2][46]. Community Management - The company employs a management model termed "Las Bambas Heart," focusing on sustainable development and community engagement, which has proven effective in addressing local community issues [3][60]. - The report emphasizes that the market underestimates the company's ability to handle community-related challenges, which are common in the mining sector in Peru [3][61]. Financial Forecasts - The company’s net profit forecasts for 2025-2027 are $549 million, $694 million, and $703 million, respectively, with corresponding EPS of $0.05, $0.06, and $0.06 [4][68]. - The company is valued lower than its peers, with a significant earnings elasticity of nearly 30% for every 10% increase in copper prices [3][69].

证券研究报告 黑芝麻智能 (2533 HK) 港股通 国产智能驾驶和机器人 AI 芯片先驱 | 华泰研究 | | 首次覆盖 | | --- | --- | --- | | 2025 年 5 月 | 22 日│中国香港 | 半导体 | 我们首次覆盖黑芝麻智能，给予目标价 24.04 港币，基于 16.8 倍 2025 年 P/S（基于可比公司均值），给予"买入"评级。公司是国内领先的智能驾驶 和机器人芯片产品及解决方案供应商，是全球为数不多的拥有从十几 TOPS 到千 TOPS 的端侧 AI 算力产品覆盖能力的公司。我们认为，公司有望受益 于：1）吉利、比亚迪等推动高阶智驾需求增长；2）机器人大模型发展对端 侧 AI 芯片需求潜力。看好公司 25 年车载芯片量产提速，并卡位机器人生态。 公司：黑芝麻智能是中国领先的自动驾驶计算及 AI 芯片企业 公司优势集中在自研核心 IP、高算力架构和车规级芯片量产能力。（1）基 于两大自研车规级 IP——NeuralIQ ISP 图像处理器和 DynamAI NN 神经网 络加速器，构建了高能效、低功耗的芯片平台，并拥有完整算法与工具链支 持。（2）拥有从十几 TOPS 到 ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [6][7]. Core Insights - The company reported Q1 2025 revenue of 15.81 billion RMB, a year-over-year increase of 141.5%, with a narrowed net loss of 660 million RMB compared to the previous year [7][9]. - The company is expected to enter a significant product cycle from 2025 to 2026, which is anticipated to drive rapid sales growth and a path to profitability [7][9]. - The company is focusing on smart cockpit and advanced driving technologies, positioning itself for differentiated competition in the automotive market [7][9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 77.55 HKD as of May 21, 2025, and a market capitalization of 129.4 billion RMB [2][3]. Recent Performance - Q1 2025 results exceeded expectations, with vehicle deliveries reaching 94,000 units, a 331% increase year-over-year [7][9]. - The gross margin for automotive products improved to 10.5%, up 5 percentage points year-over-year [7]. Future Projections - The company forecasts Q2 2025 revenue between 17.5 billion to 18.7 billion RMB, representing a year-over-year growth of 116% to 131% [7]. - Annual vehicle sales are expected to double, with a break-even point projected for Q4 2025 [7]. Product Strategy - The upcoming launch of the MONA M03 Max is expected to enhance competitive advantages by offering advanced AI features at a lower price point [9]. - The company is advancing its AI platform strategy, with significant investments in self-developed AI systems and chips [9]. Financial Forecasts - The net profit projections for 2025, 2026, and 2027 are -1.81 billion, 840 million, and 5.83 billion RMB, respectively, with corresponding EPS of -0.97, 0.44, and 3.1 RMB [7][11].

证券研究报告 高鑫零售 (6808 HK) 港股通 FY25 盈利改善明显，股东回报优化 华泰研究 年报点评 2025 年 5 月 22 日│中国香港 零售 高鑫零售发布 2025 财年（截止 3 月 31 日）业绩，营收 715.5 亿（yoy-1.4%）， 归母净利 4.1 亿元，扭亏为盈（去年同期亏损 16.05 亿），符合我们预期（4.0 亿元）。公司在新管理层带领下，回归一线门店精细化调整，并通过更高效 的费控实现扭亏为盈。25 财年宣派中期及末期股息共 0.34 港元/股，股息率 约达 16.6%，盈利转正后增强股东回馈。展望后续，公司计划继续推动一店 一策改造，精细化运营下盈利能力有望稳步改善，维持"增持"评级。 经营调改助力同店温和修复，稳步培育新业态 分业态看，1）商品销售收入 684.8 亿元，同降 1.4%，主因供应链业务收缩 及尾部门店关闭，但客单价的增长推动同店提升 0.6%，主要得益于高性价 比的产品策略及品控优化，推动每单件数增长。线上化持续渗透，25 财年 同店线上业务实现中单位数增长。2）租金收入 30.3 亿元，同比略降 2.8%， 主因尾部门店关店以及租户结构调整，全年空 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 99.50 and USD 102.20 [7][28]. Core Insights - The company's total revenue for Q1 2025 reached RMB 32.5 billion, a year-on-year increase of 3.0%, driven by strong growth in AI cloud revenue [1]. - The core revenue of the company increased by 7.0% year-on-year to RMB 25.5 billion, primarily due to better-than-expected AI cloud revenue [2]. - The management indicated that 35% of search results now include AI-generated content, reflecting a proactive approach to AI transformation [3]. Financial Performance - Non-GAAP net profit for Q1 2025 was RMB 6.5 billion, with a non-GAAP net profit margin of 19.9%, which is a decline of 2.3 percentage points year-on-year due to pressure on the higher-margin advertising business [1][2]. - AI cloud revenue grew by 42% year-on-year to RMB 6.7 billion, contributing to 26.1% of the company's core revenue, an increase of 6.5 percentage points year-on-year [1][2]. - The company adjusted its non-GAAP net profit forecasts for 2025, 2026, and 2027 to RMB 25.2 billion, RMB 28.5 billion, and RMB 30.9 billion, respectively, reflecting a downward revision primarily due to the advertising business [4][24]. Business Segments - The advertising revenue decreased by 6.1% year-on-year to RMB 16 billion, attributed to moderate demand from advertisers and the impact of AI search transformation [2]. - The company is actively exploring new search forms in the AI era, prioritizing multimodal content to meet changing user preferences [3]. - The autonomous driving business has expanded internationally, with significant growth in order volume, reaching 1.4 million orders in Q1 2025, a 75% increase year-on-year [3]. Valuation - The report provides a sum-of-the-parts (SOTP) valuation, with a target price of USD 102.20 and HKD 99.50, reflecting a decrease from previous estimates due to adjustments in the advertising business outlook [4][28]. - The core advertising business is valued at USD 47.5 per ADS based on a 5.0x 2025 PE, while the AI cloud business is valued at USD 46.2 per ADS based on a 4.0x 2025 PS [28][29].

Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Insights - The company reported Q1 2025 revenue of 7 billion RMB, slightly exceeding Bloomberg consensus by 1%, with a year-on-year growth of 24%. Adjusted net profit reached 360 million RMB, surpassing expectations by 47%, resulting in a profit margin of 5.2%. The net cash flow from operating activities was 1.3 billion RMB [2][4] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 22.53 billion RMB - 2024: 26.83 billion RMB - 2025E: 30.41 billion RMB - 2026E: 33.76 billion RMB - 2027E: 36.62 billion RMB - Year-on-year growth rates are projected at 2.9% for 2023, 19% for 2024, 13% for 2025E, 11% for 2026E, and 8% for 2027E [4][7] - Adjusted net profit forecasts are as follows: - 2023: -3.43 billion RMB - 2024: -0.02 billion RMB - 2025E: 2.05 billion RMB - 2026E: 2.95 billion RMB - 2027E: 3.51 billion RMB - Earnings per share are projected to be -8.29 RMB for 2023, -0.05 RMB for 2024, and 4.80 RMB for 2025E [4][7] Business Performance Highlights - The company achieved a record high in user engagement with a Q1 2025 Monthly Active Users (MAU) of 368 million, a year-on-year increase of 8%, and Daily Active Users (DAU) of 107 million, up 4% year-on-year. The average daily usage time per user was 108 minutes, an increase of 3 minutes year-on-year [6] - Game revenue for Q1 2025 was 1.7 billion RMB, showing a year-on-year growth of 76%, driven by the game "Three Kingdoms: Strategy of the World" [6] - Advertising revenue for Q1 2025 was 2 billion RMB, reflecting a year-on-year growth of 20%, with high-margin performance advertising revenue growing over 30% [6] - Value-added services revenue reached 2.8 billion RMB in Q1 2025, a year-on-year increase of 11%, with a membership count of 23.5 million, up 7% year-on-year [6] - The company effectively controlled expenses, resulting in a gross margin of 36.3% for Q1 2025, with total expenses increasing by only 4% year-on-year [6]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company achieved revenue of 7.003 billion yuan in Q1 2025, representing a year-over-year increase of 24%. Adjusted net profit attributable to shareholders was 362 million yuan, up 179% year-over-year, indicating improved operational conditions [6] - The game "Three Kingdoms: Strategy" is expected to contribute significantly to revenue growth in Q2 due to its anniversary season, with major updates and new heroes planned [7] - The company reported a daily active user (DAU) of 107 million, a year-over-year increase of 4.2%, and a monthly active user (MAU) of 370 million, indicating a stable growth in core users [8] - Revenue projections for 2025, 2026, and 2027 are 30.04 billion, 33.07 billion, and 36.26 billion yuan respectively, with adjusted net profits expected to be 1.82 billion, 2.81 billion, and 3.92 billion yuan [9] Financial Summary - Total revenue for 2024 is projected at 26.832 billion yuan, with a year-over-year growth of 19.1%. Adjusted net profit is expected to be -39 million yuan, showing a significant recovery in subsequent years [11] - The company’s earnings per share (EPS) is projected to improve from -0.09 yuan in 2024 to 9.18 yuan in 2027 [12] - The gross margin is expected to increase from 32.7% in 2024 to 39.1% in 2027, indicating enhanced profitability [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's game business is showing steady growth, with a diversified content strategy [1] - In Q1 2025, the company achieved revenue of 28.83 billion yuan, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [4] - The gross profit for Q1 2025 was 18.48 billion yuan, with a gross margin of 64.1%, an increase of 0.7 percentage points year-over-year [4] - The adjusted net profit for Q1 2025 was 11.24 billion yuan, reflecting a year-over-year increase of 32.0% and a net margin of 39.0%, up 7.3 percentage points year-over-year [4] Game Business Performance - The revenue from games and related services in Q1 was 24 billion yuan, a year-over-year increase of 12.1% [5] - Key titles contributing to revenue include "Identity V," which was a major income source, and several new games that performed well [5] - The company has a strong pipeline of new games, including "Destiny: Rising" and "Marvel: Secret Wars," enhancing its product matrix [5] AI and Education Strategy - The Youdao business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1 [6] - The integration of AI into educational products is aimed at enhancing the user experience and driving intelligent transformation across various sectors [6] Music and Content Ecosystem - The cloud music segment achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem development to enhance user engagement [7] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching the creator ecosystem [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan, respectively [8] - The adjusted net profit (Non-GAAP) for the same years is projected to be 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [8]