Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 31.4, indicating a potential upside of 20% from the current price of HKD 26.3 [4]. Core Insights - The company, Youjia Innovation, is a pioneer in progressive autonomous driving technology in China, focusing on a gradual development strategy from basic ADAS functions to full-stack self-developed autonomous driving solutions ranging from L0 to L4 [1][2]. - Youjia aims to become a global leader in the autonomous driving intelligent solutions industry, leveraging its expertise in algorithm development, software engineering, and hardware design [2]. - The company has established a strong customer base, including major automotive manufacturers such as SAIC, Chery, Dongfeng, Geely, Changan, and BYD, and has achieved significant milestones in production and certification [1][12]. Summary by Sections Company Overview - Youjia Innovation, founded in 2014 and headquartered in Shenzhen, has set up data and research centers in multiple cities across China. The company has developed a comprehensive product matrix covering L0 to L4 autonomous driving solutions [1][11]. - In 2023, Youjia ranked fourth among emerging technology companies in China based on revenue from L0 to L2+ solutions [1][22]. Business Lines - The company has strategically developed three main business lines: intelligent driving solutions, intelligent cockpit solutions, and vehicle-road collaboration [2][22]. - By the end of 2024, Youjia's intelligent driving solutions are expected to be in mass production for 67 models across 22 automotive manufacturers, with sales exceeding 900,000 units [2][12]. Financial Projections - Revenue projections for Youjia from 2025 to 2027 are estimated at RMB 1.03 billion, RMB 1.5 billion, and RMB 2.1 billion, respectively, with year-on-year growth rates of 56.6%, 46.4%, and 40.0% [2][39]. - The company is expected to achieve a net profit of RMB 0.9 billion by 2027, indicating a turnaround from previous losses [2][39]. Industry Context - The autonomous driving solutions market in China is projected to grow significantly, with a market size of RMB 1.75 trillion in 2023, expected to reach RMB 4.31 trillion by 2028, reflecting a compound annual growth rate (CAGR) of 19.8% [42]. - The global market for intelligent driving solutions is also expanding, with a projected growth from RMB 589.9 billion in 2023 to RMB 1.33 trillion by 2028, at a CAGR of 17.7% [42].

Investment Rating - The report gives a "Buy" rating for the company, Beike-W (2423.HK), with a current stock price of HKD 49.55 [1]. Core Views - Beike is a leading integrated online and offline real estate transaction service platform, with a strong foundation in real estate brokerage and a strategic focus on three wings: home decoration, rental services, and Beihome [6][11]. - The company is expected to achieve a total transaction volume of CNY 3.3 trillion in 2024, with net revenue reaching CNY 934.6 billion, marking a historical high [6][21]. - The company emphasizes shareholder returns, with a significant cash reserve and a share buyback plan in place [28]. Summary by Sections 1. Leading Integrated Real Estate Transaction and Service Platform - Beike began operations in 2001 and has expanded its services to include second-hand and new home transactions, home decoration, and rental services [11]. - The company has established a "one body, three wings" strategy, with a projected total transaction volume of CNY 3.3 trillion in 2024 [6][11]. 2. Real Estate Brokerage: Strong Leadership and Operational Advantages - Beike holds a dominant position in the real estate brokerage industry, with a total transaction volume of CNY 3.3 trillion in 2024, significantly ahead of competitors [51]. - The company has implemented the "True Source" standard and the ACN network, enhancing service quality and operational efficiency [54]. 3. Three Wings Business: Home Decoration, Rental, and Beihome Potential - The home decoration segment is rapidly growing, with a projected transaction volume of CNY 169 billion in 2024, reflecting a CAGR of 329.7% from 2021 to 2024 [6]. - The rental business has expanded significantly, with managed properties increasing from 70,000 in 2022 to 420,000 in 2024 [6]. 4. Profit Forecast and Investment Recommendations - The report forecasts EPS of CNY 1.58, CNY 1.83, and CNY 2.11 for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28.7, 24.8, and 21.5 [7]. - The company is expected to maintain a stable commission rate in the new home market, while the second-hand home commission rate may face pressure [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1]. Core Views - The company is entering a fast development phase, being the only platform for overseas uranium resource development under China General Nuclear Power Group, with significant revenue growth following acquisitions [2]. - The company benefits from strong internal demand for nuclear power and has a cost advantage due to its mining operations, with projected sales volumes increasing significantly in the coming years [2]. - The uranium market is expected to remain tight due to geopolitical conflicts and recovering nuclear power demand, with a forecasted supply growth of approximately 8.51% in 2024 and 6.03% in 2025 [2]. - Revenue projections for 2025, 2026, and 2027 are estimated at 84.46 billion, 96.48 billion, and 99.72 billion HKD respectively, with corresponding net profits of 6.20 billion, 9.22 billion, and 10.53 billion HKD [2]. Summary by Sections Section 1: Company Overview - The company was established in 2001 and is the sole platform for overseas uranium resource development under China General Nuclear Power Group, with significant acquisitions enhancing its market position [6]. - The company is controlled by the State-owned Assets Supervision and Administration Commission, with a majority stake held by China General Nuclear Power Group [11]. Section 2: Uranium Industry - The uranium industry is characterized by a tight supply-demand balance, with long-term demand expected to outstrip supply due to increasing nuclear power installations and geopolitical factors [33][47]. - The company is well-positioned to benefit from the expected recovery in nuclear power demand, with significant growth in uranium prices anticipated [40][44]. Section 3: Profit Forecast - The company is projected to achieve substantial revenue and profit growth over the next three years, with a corresponding increase in earnings per share [49]. - The forecasted earnings reflect a strong recovery in uranium prices and increased production volumes from the company's mining operations [49].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is entering a fast development phase, being the only platform for overseas uranium resource development under China General Nuclear Power Group, with significant revenue growth following acquisitions [2][7] - The company benefits from rich resources and significant cost advantages due to strong internal nuclear power demand and flexible pricing under new agreements [2][18] - The uranium market is expected to remain tight due to nuclear power recovery and geopolitical conflicts, with supply growth projected at 8.51% in 2024 and 6.03% in 2025 [2][40] - Revenue projections for 2025, 2026, and 2027 are HKD 84.46 billion, HKD 96.48 billion, and HKD 99.72 billion respectively, with net profits expected to grow significantly [2][49] Summary by Sections Company Overview - The company was established in 2001 and is the only platform for overseas uranium resource development under China General Nuclear Power Group, with significant acquisitions enhancing its operational capacity [7][12] - The company is controlled by the State-owned Assets Supervision and Administration Commission, with a majority stake held by China General Nuclear Power Group [12] Uranium Industry - The uranium industry is characterized by a tight supply-demand balance, with long-term demand expected to outstrip supply due to increasing nuclear power installations and geopolitical factors [34][47] - The recovery of uranium prices is anticipated as long-term contracts stabilize and demand from nuclear power generation increases [40][47] Financial Projections - The company is projected to achieve revenues of HKD 84.46 billion, HKD 96.48 billion, and HKD 99.72 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 6.20 billion, HKD 9.22 billion, and HKD 10.53 billion [2][49] - The earnings per share (EPS) are expected to be HKD 0.08, HKD 0.12, and HKD 0.14 for the same years [49]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company is expected to continue its growth momentum in Q2 2025, driven by the launch of 9 new products in May, including popular IPs like Conan and Transformers [1]. - The introduction of the Minions product line enhances user engagement and brand image through interactive features and a 5-month exhibition tour across 6 cities [2]. - The company's global strategy is advancing, with participation in the CCXP Mexico event, showcasing various well-known IPs and aiming to penetrate the Latin American market [3]. - The BFC creation competition has gained significant traction, with nearly 8,000 events held across 120 cities, indicating increased community engagement and brand loyalty [4]. - Profit forecasts for 2025-2027 are projected at 960 million, 1.48 billion, and 2.08 billion yuan, with corresponding PE ratios of 50, 32, and 23 [5]. Summary by Sections New Product Launches - In May, the company launched 9 new products, indicating a strong pipeline and potential for continued growth in Q2 [1]. User Engagement and Brand Image - The Minions product line features 6 popular characters with enhanced interactive designs and a nationwide exhibition to boost user engagement [2]. Global Expansion - The company showcased its products at a major Latin American cultural event, reinforcing its commitment to global market penetration [3]. Community Engagement - The BFC creation competition has seen a significant increase in participation, enhancing community vitality and brand stickiness [4]. Financial Projections - The company maintains its profit forecasts for the next three years, indicating confidence in its growth trajectory [5].

研究报告 Research Report 9 Jun 2025 信达生物 Innovent Biologics (1801 HK) 2025 ASCO 数据超预期，创新潜力不断兑现 2025 ASCO Data Beats Expectations, Validating Sustained Innovation Execution [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$73.15 目标价 HK$90.10 HTI ESG 3.6-1.4-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$120.81bn / US$15.40bn 日交易额 (3 个月均值) US$146.21mn 发行股票数目 1,652mn 自由流通股 (%) 93% 1 年股价最高最低值 HK$74.25-HK$30.00 注：现价 HK$73.15 为 2025 年 06 月 06 ...

Investment Rating - The report assigns an "Overweight" rating to Pop Mart International Group with a price target of HK$302.00, indicating a 17% upside from the current price of HK$258.80 [7]. Core Insights - Pop Mart's IP versatility and operational skills are expected to drive enduring growth, with sales projected to increase from US$3.6 billion in 2025 to US$6 billion in 2027, making it one of the fastest-growing global consumer brands [2][37]. - The market has likely priced in Pop Mart's growth for 2025, but there is potential for long-term scale that remains unaccounted for [3][42]. - The company's earnings estimates have been upgraded, with EPS projections increasing by 6% for 2025, 15% for 2026, and 21% for 2027, reflecting a clearer growth path in North America and Europe [4]. Summary by Sections Market Position and Growth Potential - Pop Mart's exponential growth in North America and Europe has exceeded expectations, driven by strong social media engagement and consumer enthusiasm [2][9]. - The total market for IP products is estimated to be significantly larger than the current figures, with Pop Mart expected to capture a 6-7% share among its peers by 2027 [44][45]. Financial Performance and Projections - The report projects Pop Mart's revenue to rise from US$0.9 billion in 2023 to US$6.0 billion in 2027, indicating a rapid growth trajectory [37]. - The company's net income is expected to reach Rmb7.3 billion, Rmb10.4 billion, and Rmb13.2 billion for 2025, 2026, and 2027, respectively, which is significantly higher than consensus estimates [58]. Competitive Landscape - Pop Mart is more vertically integrated than its peers, owning its IPs and operating a direct-to-consumer model, which enhances its profitability [48]. - The report highlights that Pop Mart's operational model allows for a higher operating profit margin compared to traditional licensing models used by competitors like Disney and Sanrio [48][84]. New Initiatives and Diversification - Pop Mart is expanding into new business areas such as theme parks (Pop Land) and fashion jewelry (POPOP), which are expected to contribute significantly to revenue in the long term [64][70]. - The company plans to leverage its IPs in these new ventures, aiming to create a comprehensive ecosystem that enhances brand visibility and consumer engagement [69][75].

[Table_Industry] 运输设备业 净利率同比提升，关注纯电新车周期 理想汽车-W(2015) ——理想汽车 2025 年一季度业绩点评 股票研究 /[Table_Date] 2025.06.09 2025-06-09 [Table_Invest] 评级： 增持 [Table_CurPrice] 当前价格(港元)： 110.00 本报告导读： 理想汽车 25Q1 营收 259 亿元，同比+1%；归母净利润 6.5 亿元，同比+9%。我们看 好公司 AI 能力+纯电新车周期，维持"优于大市"评级。 投资要点： | [Table_Finance] 财务摘要（百万人民币） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 45287 | 123851 | 144460 | 168455 | 223371 | 267144 | | (+/-)% | 68% | 173% | 17% | 17% | 33% | 20% | | 毛利润 | 8790 | 2 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Innovent Biologics with a target price of HK$90.10, up from a previous target of HK$62.50 [2][10]. Core Insights - Innovent Biologics showcased its strong oncology R&D capabilities at the 2025 ASCO Annual Meeting, with eight studies selected for oral presentation, highlighting the efficacy and safety of IBI363 and IBI343 in various cancer types [3][15][16]. - The data presented for IBI363 in advanced non-small cell lung cancer (NSCLC) and colorectal cancer (CRC) indicates its potential as a backbone therapy for next-generation immuno-oncology treatments, demonstrating robust tumor responses and long-term survival benefits [4][16]. Financial Summary - Revenue projections for Innovent Biologics are set at RMB 11.86 billion for 2025, with a growth rate of 26% compared to the previous year, and expected to reach RMB 18.17 billion by 2027 [10][13]. - The company is projected to turn profitable in 2025, with a net profit of RMB 384 million, and further growth to RMB 1.77 billion by 2027 [10][13]. Clinical Data Highlights - IBI363 monotherapy showed a median progression-free survival (mPFS) of 9.3 months in advanced NSCLC, outperforming standard therapies [5][19]. - In MSS-type colorectal cancer patients, IBI363 demonstrated a median overall survival (mOS) of 16.1 months, significantly longer than the typical 9-10 months seen with current therapies [8][20]. - The efficacy of IBI363 in treating acral and mucosal melanoma was also notable, achieving a confirmed objective response rate (ORR) of 23.3% in a historically difficult-to-treat population [22].

上 市 公 司 2025 年 06 月 09 日 光大环境 (00257) ——垃圾焚烧龙头迎现金流拐点，分红提升可期 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 06 日 | | --- | --- | | 收盘价（港币） | 3.81 | | 恒生中国企业指数 | 8629.75 | | 52 周最高/最低（港币） | 4.14/3.20 | | H 股市值（亿港币） | 234.05 | | 流通 H 股（百万股） | 6,142.98 | | 汇率（人民币/港币） | 1.0920 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg -11% 9% 29% 49% 06/06 07/06 08/06 09/06 10/06 11/06 12/06 01/06 02/06 03/06 04/06 05/06 06/06 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 研究支持 莫龙庭 A0230523080005 molt@sw ...