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 significant growth in Q1 2025, with revenue reaching 72.495 billion RMB, a year-on-year increase of 24.5%, and a net profit of 5.67 billion RMB, up 264% year-on-year, exceeding expectations [7][9]. - The company is accelerating its electric vehicle transformation, with a notable increase in sales of its new energy vehicle brands, which accounted for 48.2% of total sales in Q1, up 18 percentage points year-on-year [9]. - The company is pursuing a strategic integration of its automotive business, including a proposed privatization of its brand Zeekr, which is expected to enhance operational efficiency and reduce costs [9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 19.24 HKD and a market capitalization of approximately 135.241 billion RMB [2]. Recent Performance - In Q1 2025, the company sold 703,800 vehicles, a 48% increase year-on-year, with new energy vehicle sales rising by 135% [9]. - The overall gross margin for Q1 was 15.8%, reflecting a slight improvement [9]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 13.2 billion RMB, 17.6 billion RMB, and 21.8 billion RMB, respectively, with year-on-year growth rates of 44%, 30%, and 24% [7][9]. - The earnings per share (EPS) for the same years are forecasted to be 1.35 RMB, 1.75 RMB, and 2.2 RMB, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [7][9].

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 significant growth in Q1 2025, with revenue reaching 72.495 billion RMB, a year-on-year increase of 24.5%, and a net profit of 5.67 billion RMB, up 264% year-on-year, exceeding expectations [7][9]. - The company is accelerating its electric vehicle transformation, with a notable increase in sales of its new energy vehicle brands, which accounted for 48.2% of total sales in Q1, up 18 percentage points year-on-year [9]. - The company is pursuing a strategic integration of its automotive business, including a plan to privatize its brand Zeekr, which is expected to enhance operational efficiency and reduce costs [9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 19.24 HKD and a market capitalization of approximately 135.241 billion RMB [2]. Recent Performance - In Q1 2025, the company sold 703,800 vehicles, a 48% increase year-on-year, with new energy vehicle sales rising by 135% [9]. - The overall gross margin for Q1 was 15.8%, reflecting a slight improvement [9]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 13.2 billion RMB, 17.6 billion RMB, and 21.8 billion RMB, respectively, with year-on-year growth rates of 44%, 30%, and 24% [7][9]. - The earnings per share (EPS) for the same years are forecasted at 1.35 RMB, 1.75 RMB, and 2.2 RMB, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [7][9]. Strategic Initiatives - The company is focusing on integrating its automotive operations to improve quality and efficiency, with an anticipated overall benefit exceeding 5% post-integration [9].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4][43] Core Insights - The company achieved revenue of 1800.2 billion RMB in Q1 2025, a year-on-year increase of 12.9%, exceeding Bloomberg consensus estimates of 1756.0 billion RMB [2][14] - Non-IFRS net profit reached 613.3 billion RMB, up 22.0% year-on-year, also surpassing Bloomberg consensus of 596.8 billion RMB [2][14] - AI is significantly contributing to the gaming and advertising sectors, enhancing product differentiation and user engagement [3][24] Revenue and Profitability - Total revenue is projected to grow from 609,015 million RMB in 2023 to 854,621 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 9.18% [4] - Non-IFRS net profit is expected to increase from 157,688 million RMB in 2023 to 298,384 million RMB in 2027, reflecting a strong growth trajectory [4] - The company’s overall gross margin improved to 56% in Q1 2025, driven by growth in high-margin revenue sources such as domestic games and advertising [33][36] Business Segments Performance - The gaming segment reported revenue of 595 billion RMB in Q1 2025, a 23.7% increase year-on-year, with strong performance in both domestic and international markets [20][21] - Social network revenue rose to 326 billion RMB, up 6.9% year-on-year, supported by growth in mobile game virtual goods and paid memberships [22] - Advertising revenue reached 319 billion RMB, a 20.4% increase year-on-year, benefiting from enhanced user engagement and AI-driven optimizations [24] - Financial technology and enterprise services revenue was 549 billion RMB, a 5.0% increase year-on-year, although slightly below expectations [28] Future Outlook - The report forecasts adjusted net profits of 2441 billion RMB, 2693 billion RMB, and 2984 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 16, and 14 times [4][43] - The company is expected to maintain strong business barriers and continue to grow its ecosystem, including video accounts, mini-programs, and fintech services [4][43]

丨证券研究报告丨 港股研究丨公司点评丨李宁（2331.HK） [Table_Title] 流水符合预期，维持业绩指引 报告要点 [Table_Summary] 李宁发布 2025Q1 运营数据，Q1 全渠道流水低单位数增长，直营渠道低单下滑，批发渠道低 单增长，电商渠道低双位数增长，零售表现符合预期。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 李宁（2331.HK） cjzqdt11111 [Table_Title2] 流水符合预期，维持业绩指引 [Table_Summary2] 事件描述 李宁发布 2025Q1 运营数据，Q1 全渠道流水低单位数增长，直营渠道低单下滑，批发渠道低 单增长，电商渠道低双位数增长，零售表现符合预期。 事件评论 丨证券研究报告丨 2025-05-20 2024-10-31 •《业绩表现超预期，追求盈利稳定》2024-08-21 风险提示 港股研究丨公司点评 [Table_ ...

Investment Rating - The report assigns a "Buy" rating with a target price of 660 HKD, indicating a potential upside of 28.4% from the last closing price of 514 HKD [5][49]. Core Insights - The company has demonstrated strong revenue growth driven by AI capabilities enhancing various business segments, including effective advertising and gaming [2][4]. - The first quarter of 2025 saw revenue reach 180 billion RMB, a year-on-year increase of 13% and a quarter-on-quarter increase of 4% [2][8]. - Non-GAAP operating profit was 69.3 billion RMB, reflecting an 18% year-on-year growth and an 11% quarter-on-quarter growth [2][8]. - The company is focusing on AI applications to improve operational efficiency and enhance advertising effectiveness, with significant investments in R&D and capital expenditures [4][12]. Summary by Sections Financial Performance - In Q1 2025, the company recorded a revenue of 180 billion RMB, with a year-on-year growth of 13% and a quarter-on-quarter growth of 4% [2][8]. - Non-GAAP net profit attributable to the parent company was 61.3 billion RMB, marking a 22% year-on-year increase [2][8]. - R&D investment increased by 21% year-on-year to 18.91 billion RMB, while capital expenditure rose by 91% to 27.48 billion RMB, focusing on computing infrastructure and large model development [2][12]. Gaming Business - The value-added services revenue reached 92 billion RMB in Q1 2025, a 17% year-on-year increase, with domestic game revenue growing by 24% [3][9]. - Key titles like "Honor of Kings" and "Peacekeeper Elite" continue to drive growth, alongside new games contributing significantly [3][9]. Marketing Services - Marketing services revenue was 31.9 billion RMB in Q1 2025, reflecting a 20% year-on-year increase, driven by the expansion of new traffic scenarios and advertising inventory [4][10]. - The integration of AI in advertising has improved efficiency and effectiveness, with video account advertising revenue increasing by over 60% [10][32]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue reached 55 billion RMB, a 5% year-on-year increase, supported by a recovery in wealth management and consumer loans [4][11]. - The introduction of large language models has enhanced service intelligence in financial technology [11]. Shareholder Returns - The company plans to distribute dividends of 41 billion HKD and repurchase at least 80 billion HKD, maintaining a strong balance between business growth and shareholder returns [13].

Investment Rating - The report maintains a "Buy" rating with a target price of 660 HKD, indicating a potential upside of 28.4% from the last closing price [5][44]. Core Insights - The company reported Q1 2025 revenue of 180 billion RMB, exceeding market expectations, driven by AI capabilities enhancing various business segments [2][8]. - Non-GAAP operating profit reached 69.3 billion RMB, a year-on-year increase of 18%, while the core business's Non-GAAP net profit was 61.3 billion RMB, up 22% year-on-year [2][8]. - Significant growth in R&D investment, which rose by 21% to 18.91 billion RMB, and capital expenditure increased by 91% to 27.48 billion RMB, focusing on computing infrastructure and large model development [2][12]. Summary by Sections Revenue Performance - Q1 2025 revenue was 1800 billion RMB, a 13% year-on-year increase and a 4% quarter-on-quarter increase [2][8]. - Value-added services revenue reached 920 billion RMB, growing 17% year-on-year, with social network revenue at 330 billion RMB, up 7% [3][8]. Gaming Sector - Domestic gaming revenue was 340 billion RMB, a 24% year-on-year increase, driven by popular titles like "Honor of Kings" and "Peacekeeper Elite" [3][9]. - International gaming revenue was 167 billion RMB, up 23% year-on-year, with stable performance from long-term products [3][9]. Marketing Services - Marketing services revenue reached 319 billion RMB, a 20% year-on-year increase, primarily due to the expansion of new traffic scenarios and the release of advertising inventory [4][10]. - The integration of AI in advertising has improved efficiency and effectiveness, although the current growth still relies heavily on ecosystem and operational capabilities [4][30]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue was 550 billion RMB, a 5% year-on-year increase, supported by a recovery in wealth management and payment services [4][11]. - The introduction of large models in financial services has enhanced service intelligence and user engagement [4][11]. Profitability and Margins - The gross margin for Q1 2025 was 56%, a 20% year-on-year increase, driven by high-margin revenue growth in domestic gaming and marketing services [12]. - The value-added services gross margin was 60%, up 22% year-on-year, reflecting the contribution from high-margin domestic games [12]. Shareholder Returns - The company plans to distribute 41 billion HKD in dividends and repurchase at least 80 billion HKD, maintaining a strong balance between business growth and shareholder returns [13].

More positive on FY25E after 1Q25 beat Maintain BUY. Leapmotor's 1Q25 net loss of RMB130mn beat our prior forecasts on higher average selling price (ASP) and GPM, as well as unexpected contribution from the strategic cooperation. We believe its cost reduction efforts, driven by its undervalued in-house R&D capabilities, have started to be reflected by its 1Q25 GPM and could be even more apparent after all the models are shifted to the Leap 3.5 architecture in mid-2025. We raise our FY25E sales volume foreca ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.5 HKD, indicating a potential upside of 49% from the current price of 4.4 HKD [7]. Core Views - Short-term performance fluctuations do not alter the long-term value of the company, with projected net profits for 2025-2027 expected to be 1.0 billion, 1.76 billion, and 2.6 billion RMB, reflecting a year-on-year change of -32%, +76%, and +48% respectively [4][5]. - The decline in urea prices significantly impacted the company's performance, with a 30% year-on-year drop in net profit for Q1 2025, despite a slight increase in revenue [2][3]. Revenue and Profit Analysis - In Q1 2025, the company achieved revenue of 5.85 billion RMB, a year-on-year increase of 1.7%, while net profit was 200 million RMB, down 30% year-on-year [2][3]. - Urea revenue was 1.54 billion RMB with a sales volume of 965,000 tons, maintaining year-on-year sales but with a price drop of 23% to 1,592 RMB/ton [3]. - Compound fertilizer revenue reached 1.56 billion RMB with a sales volume of 600,000 tons, showing a 14% increase in sales volume but a 4% price decline [3]. - Methanol revenue was 800 million RMB, with a sales volume of 354,000 tons, reflecting a 22% increase in sales volume and a 4% price increase [3]. Market Demand and Export Policy - The report anticipates a total demand for urea in China of 69 million tons in 2025, with agricultural demand at 43 million tons (3% growth) and industrial demand at 22 million tons (5% growth) [4]. - The export policy for urea has shifted from comprehensive restrictions to a more structured control, allowing for a total export quota of 4.25 million tons in 2025, which is expected to alleviate domestic supply issues [4].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4] Core Views - The company has exceeded revenue and profit expectations, with Q1 2025 revenue reaching 1800.2 billion yuan, a year-on-year increase of 12.9%, surpassing Bloomberg's consensus estimate of 1756.0 billion yuan. Non-IFRS net profit was 613.3 billion yuan, up 22.0% year-on-year, also exceeding expectations [2][14] - AI is making substantial contributions to the gaming and advertising industries, enhancing product differentiation and driving revenue growth [3][4] Summary by Sections Revenue and Profit Performance - Q1 2025 revenue was 1800.2 billion yuan, up 12.9% year-on-year, exceeding expectations [2][14] - Non-IFRS net profit for Q1 2025 was 613.3 billion yuan, reflecting a year-on-year increase of 22.0%, also above consensus estimates [2][14] Gaming Business - Online gaming revenue reached 595 billion yuan in Q1 2025, a 23.7% year-on-year increase, surpassing expectations [20] - Domestic gaming revenue was 429 billion yuan, up 24.3% year-on-year, while international gaming revenue was 166 billion yuan, up 22.1% year-on-year [21] Advertising Revenue - Advertising revenue for Q1 2025 was 319 billion yuan, a 20.4% year-on-year increase, exceeding expectations [24] - The growth in advertising revenue is attributed to increased user engagement, AI upgrades, and optimization of the WeChat ecosystem [24] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue was 549 billion yuan in Q1 2025, a 5.0% year-on-year increase, slightly below expectations [28] - The growth in financial technology is driven by consumer loan services and wealth management services [28] Profitability Metrics - Overall gross margin for Q1 2025 was 56%, up 3 percentage points year-on-year, driven by high-margin revenue sources [33] - The gross margin for value-added services was 60%, reflecting growth in both domestic and international gaming revenue [33] Future Earnings Forecast - The report forecasts adjusted net profits of 2441 billion yuan, 2693 billion yuan, and 2984 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 16, and 14 times [4][43]

证券研究报告 Q1 业绩超预期，毛利率再创新高 零跑汽车 (9863 HK) 港股通 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 5 月 | 20 日│中国香港 | 乘用车 | 公司公布一季度业绩：25Q1 实现营收 100.2 亿元（yoy+187.1%、qoq -25.6%），归母净利-1.3 亿元（24Q1/24Q4 分别为-10.1/+0.8 亿）。Q1 业绩 超出我们预期（Q1 前瞻中预计 Q1 亏损 5-10 亿），主要系 Q1 销量高增推 动营收同比+187.1%，且 Q1 毛利率达 14.9%再创新高。25 年公司将迎全 球化新车周期，叠加渠道端提前布局和下沉，LEAP3.5 架构进一步集成降 本，以及战略合作也将逐渐贡献收入，我们预计公司 25-27 年营收将保持高 速增长且毛利率持续提升，25 年有望实现全年盈利。维持买入评级。 Q1 销量高增推动营收同比+187.1%，毛利率 14.9%创历史新高 1）营收角度：①25Q1 公司汽车交付 87552 辆，同比+162.1%，强力推动 营收同比高增。②产品结构优化：25Q1 价格更高的 C ...