Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 65.0 [6][8]. Core Insights - The company has launched several new products, including the Yu7 vehicle and the O1 and T1 chips, with the O1 chip's performance exceeding expectations, indicating a successful R&D investment in the chip sector [6][8]. - The company's "human-vehicle-home" ecosystem strategy is showing positive results, with automotive sales expected to be a significant growth driver in the future [6][8]. - The company achieved record high earnings in Q4 2024, with a revenue of RMB 365.9 billion, a 35% year-on-year increase, and a net profit of RMB 23.7 billion, also up 35% year-on-year [8]. Summary by Sections Company Basic Information - The company operates in the electronics industry, with an H-share price of HKD 53.20 as of May 22, 2025, and a market capitalization of RMB 51.27 billion [2]. - The stock has seen a significant increase of 174% over the past month and 19.8% over the past year [2]. Financial Projections - The company is projected to achieve a net profit of RMB 39.32 billion in 2025, representing a 66% year-on-year growth, with EPS expected to be RMB 1.57 [7][8]. - Revenue is forecasted to grow from RMB 270.97 billion in 2023 to RMB 495.67 billion in 2025, with a corresponding increase in gross profit [7][8]. Product Performance - The O1 chip features a ten-core SOC with superior performance metrics compared to competitors, indicating the company's advancements in chip technology [8]. - The Yu7 vehicle boasts a range of 835 km and a 0-100 km/h acceleration time of 5.88 seconds, positioning it competitively in the SUV market [8]. Investment Recommendations - Due to the strong performance in the home appliance sector, the annual profit forecast has been raised by 18%, with expected net profits of RMB 39.3 billion, RMB 48.2 billion, and RMB 60.3 billion for 2025, 2026, and 2027 respectively [8]. - The target price corresponds to a P/E ratio of 32x for 2025, indicating a favorable investment opportunity [8].

Investment Rating - The report assigns a "Buy" rating for Alibaba Group [7][8]. Core Insights - Alibaba's FY25 Q4 revenue reached RMB 236.45 billion, a year-on-year increase of 7%, slightly below market expectations of RMB 237.91 billion. The net profit attributable to ordinary shareholders was RMB 12.382 billion, showing a significant year-on-year growth of 279% [8]. - The report highlights strong growth in the Taobao Group's revenue, which increased by 12% year-on-year to RMB 71.077 billion in FY25 Q4, driven by an increase in commission rates and a growing 88VIP membership base [11]. - The cloud intelligence business faced pressure, with revenue of RMB 30.127 billion in FY25 Q4, a year-on-year increase of 18%, but slightly below market expectations due to prior R&D expenses and depreciation [11]. - The report anticipates continued high investment in AI and cloud computing, with expected capital expenditures exceeding RMB 380 billion over the next three years [11]. Summary by Sections Company Overview - Alibaba operates in the commerce and retail industry, with a market capitalization of HK$ 175.28 billion and a share price of HK$ 119.10 as of May 25, 2022 [2]. Financial Performance - FY25 Q4 net profit was RMB 119.73 billion, a year-on-year increase of 1203%, attributed to changes in equity investments and operational profit growth [8]. - The report projects net profits for FY2026-2028 to be RMB 141.8 billion, RMB 153 billion, and RMB 164.7 billion, respectively, with year-on-year growth rates of 9.0%, 7.9%, and 7.7% [11]. Market Position - The report notes that the Taobao Group and international business segments maintain high growth rates, while the local life group continues to face challenges due to competition in the food delivery sector [11].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit is expected to grow significantly due to the recovery of Blizzard games and the anticipated launch of new mobile games such as "Marvel Secret Wars" and "Destiny Stars" [3] - The profit forecast for the company from 2025 to 2027 is adjusted to 36 billion, 38.1 billion, and 41.5 billion CNY respectively, reflecting an increase in gross margin and investment income while reducing the sales expense ratio [3] Financial Summary - The company's revenue for 2023 is projected at 103.468 billion CNY, with a year-on-year growth of 7.23% [4] - Operating profit for 2023 is estimated at 27.709 billion CNY, showing a significant year-on-year increase of 41.17% [4] - The net profit attributable to the parent company for 2023 is forecasted at 29.417 billion CNY, representing a year-on-year growth of 44.64% [4] - The earnings per share (EPS) for 2023 is expected to be 9.29 CNY [4] - The gross margin is projected to be 60.95% for 2023, with a gradual increase to 64.59% by 2027 [4] - The net margin is expected to be 28.43% in 2023, with a slight increase to 31.00% by 2027 [4] Revenue Breakdown - Total revenue from games and related value-added services is expected to reach 240.5 billion CNY in Q1 2025, with a year-on-year growth of 12.1% [9] - Mobile game revenue is projected at 153.6 billion CNY in Q1 2025, showing a year-on-year decrease of 4.4% but a quarter-on-quarter increase of 14.5% [9] - PC game revenue is expected to be 80.9 billion CNY in Q1 2025, reflecting a substantial year-on-year growth of 85% [9] Valuation - The target price for the company's stock is set at 210.13 HKD, equivalent to 193.03 CNY, based on a sum-of-the-parts (SOTP) valuation method [3][11] - The company is valued at a price-to-earnings (P/E) ratio of 18 for 2025, decreasing to 13 by 2027 [4][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][4] Core Views - In Q1 2025, the company achieved revenue of 10.89 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 1.99 billion yuan, up 39.8% year-on-year. The adjusted net profit was 2.26 billion yuan, reflecting a 1.6% year-on-year growth. Given the company's leading position in the industry and robust profitability, the "Buy" rating is maintained [4][16][12] - The company focused on market share growth, with a Q1 express delivery volume of 8.54 billion pieces, representing a year-on-year increase of 19.1%, capturing a market share of 18.9% [13][12] - The company expects a business volume growth rate of 20%-24% for 2025, with a projected package volume of approximately 40.8-42.2 billion pieces [15][12] Financial Performance - The company's revenue for 2025 is projected to be 50.22 billion yuan, with growth rates of 13.40%, 12.07%, and 10.46% for the years 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is expected to be 9.53 billion yuan in 2025, with year-on-year growth rates of 8.14%, 16.49%, and 9.96% for the following years [16][17] - The company's earnings per share (EPS) are projected to be 11.85 yuan for 2025, increasing to 15.18 yuan by 2027 [17][16] Cost and Profitability - In Q1 2025, the company's core express delivery cost per piece remained stable at 0.94 yuan, with a transportation cost decrease of 0.06 yuan to 0.41 yuan, a decline of 12.8% [14][12] - The adjusted net profit per piece was 0.26 yuan, down 14.7% year-on-year [14][12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong performance in community engagement and gaming, leading to continuous improvement in profitability [1] - The Q1 2025 financial results indicate a significant year-over-year revenue growth of 24%, reaching 7.003 billion RMB, and a turnaround in net profit, achieving 362 million RMB compared to a loss of 512 million RMB in the same period last year [5][6] Summary by Relevant Sections Operating Performance - In Q1 2025, the platform's user traffic, engagement, and payment rates have all increased, with MAU growing by 8% to 368 million and DAU increasing by 5% to 107 million. The average daily usage time rose from 105 minutes to 108 minutes, and ARPU improved from 17 RMB to 19 RMB [6] Key Financial Metrics - The company reported Q1 2025 revenue of 7.003 billion RMB, with mobile gaming revenue at 1.731 billion RMB (YoY +76%), live streaming and value-added services at 2.807 billion RMB (YoY +11%), advertising revenue at 1.998 billion RMB (YoY +20%), and IP derivatives and other businesses at 467 million RMB (YoY -4%) [7][8] - Gross margin stood at 36%, an increase of 8 percentage points year-over-year, with continuous optimization in expense ratios [7] Mobile Gaming Business - The exclusive game "Three Kingdoms: Strategy" has performed exceptionally well, driving mobile gaming revenue up by 76% to 1.731 billion RMB in Q1 2025. The game is expected to maintain its appeal with upcoming updates [8] Live Streaming and Value-Added Services - Revenue from live streaming and value-added services grew by 11% year-over-year to 2.807 billion RMB, with a record high of 32 million monthly paying users [8] Advertising Business - Advertising revenue increased by 20% year-over-year to 1.998 billion RMB, with a significant rise in the number of advertisers. AI-driven advertising solutions have contributed to this growth, particularly in the gaming and e-commerce sectors [10] Financial Forecasts - The company is projected to achieve revenues of 30.505 billion RMB in 2025, with a non-GAAP net profit of 2 billion RMB. The target price for 2025 is set at 168 RMB, maintaining a "Buy" rating [12][14]

证券研究报告 | 2025年05月23日 滔搏（06110.HK） 优于大市 全年收入下滑 6.6%，加码全域零售与细分赛道 收入与净利润下滑符合预期，现金流充裕支撑高派息。受消费需求疲软及线 下客流下滑影响，2025 财年收入同比下降 6.6%至 270.1 亿元。分商业模式 看：零售渠道收入 230.3 亿元，同比下降 6.8%；批发渠道收入 37.9 亿元， 同比下降 5.8%。分品牌看：主力品牌（耐克、阿迪达斯）收入 233.1 亿元， 同比下降 6.1%；其他品牌收入 35.0 亿元，同比下降 9.9%。 利润方面，因促销力度加大及负经营杠杆影响，归母净利润同比下滑 41.9% 至 12.9 亿元。其中，毛利率同比下降 3.4 个百分点至 38.4%，主因促销折扣 加深、线上低毛利渠道占比提升及存货减值拨备增加；费用率小幅上升 0.3 个百分点至 33.1%；净利率同比下降 2.8 个百分点至 4.8%。 现金方面，经营现金流净额同比+20%至 37.6 亿元，自由现金流/净利润达 2.6 倍，体现高效现金创收能力，其中存货周转天数为 134.9 天，同比下降 1.2 天，较中期下降 13.4 天； ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - In Q1 2025, the company achieved an operating revenue of 10.89 billion yuan, a year-on-year increase of 9.4%, and an adjusted net profit of 2.26 billion yuan, up 1.6% year-on-year. The core express service revenue was 10.12 billion yuan, reflecting a 9.8% increase, driven by a 19.1% growth in package volume and a 7.8% decrease in package price [2] - The company reiterated its package volume guidance for 2025 to be between 40.8 billion and 42.2 billion pieces, representing a year-on-year growth of 20% to 24% [5] - The company is focusing on enhancing cost efficiency amid intense industry price competition, with a single ticket revenue of 1.25 yuan, down 0.11 yuan year-on-year, and a single ticket transportation cost of 0.41 yuan, down 0.06 yuan year-on-year [6] Financial Summary - For 2025, the company is projected to have an operating revenue of 50.17 billion yuan, with an adjusted net profit of 9.64 billion yuan, reflecting a decrease of 5% compared to 2024. The earnings per share (EPS) is expected to be 11.39 yuan, with a price-to-earnings (P/E) ratio of 11.04 [9] - The company reported a net cash flow from operating activities of 2.36 billion yuan in Q1 2025, with capital expenditures of 1.97 billion yuan [3]

商贸零售/专业连锁Ⅱ 滔搏（06110.HK） 2025 年 05 月 23 日 投资评级：买入（维持） | 日期 | 2025/5/22 | | --- | --- | | 当前股价(港元) | 3.090 | | 一年最高最低(港元) | 5.820/2.110 | | 总市值(亿港元) | 191.62 | | 流通市值(亿港元) | 191.62 | | 总股本(亿股) | 62.01 | | 流通港股(亿股) | 62.01 | | 近 3 个月换手率(%) | 30.28 | 股价走势图 数据来源：聚源 -72% -48% -24% 0% 24% 48% 2024-05 2024-09 2025-01 滔搏 恒生指数 相关研究报告 《Q3 流水中单下降、折扣加深，静待 库存改善后轻装上阵 —港股公司信 息更新报告》-2024.12.17 《FY2025H1 折扣及负经营杠杆致利 润承压，控费能力优异—港股公司信 息更新报告》-2024.10.28 《弱需求下经营负杠杆、折扣加深致 盈利预警，坚定高分红—港股公司信 息更新报告》-2024.9.11 FY2025 全年派息率 135%，加码跑步及户外 ...

证券研究报告 | 2025年05月23日 现金方面，经营现金流净额同比+20%至 37.6 亿元，自由现金流/净利润达 2.6 倍，体现高效现金创收能力，其中存货周转天数为 134.9 天，同比下降 1.2 天，较中期下降 13.4 天；维持高派息率 135%（同期：100.9%），自 2019 年 上市以来累计派息率 104.2%，股息率行业领先。 半年度方面，下半年收入降幅收窄（上下半年分别下滑 7.9%/5.4%），利润 跌幅增大（上下半年分别下滑 34.7%/52.9%），主要因上下半年的核心利润 率降幅接近，而其他收入占比在下半年降幅加大，所得税率部分抵消影响。 门店结构优化，会员运营与全域零售能力提升，加码户外赛道。截至 2025 年 2 月末，直营门店净减少 1,124 家至 5,020 家（同比-18.3%），总销售面 积同比-12.4%，但单店销售面积同比+7.2%，反映"优中选优"策略下门店 效率提升。累计用户数达 8,600 万（环比+6%，同比+13%），会员贡献销售 额占比 93.2%；复购会员贡献 70%消费额，高价值会员占比中单位数，但贡 献近 40%销售额，用户粘性凸显。直营线 ...

商贸零售/专业连锁Ⅱ 滔搏（06110.HK） 2025 年 05 月 23 日 《弱需求下经营负杠杆、折扣加深致 盈利预警，坚定高分红—港股公司信 息更新报告》-2024.9.11 投资评级：买入（维持） FY2025 全年派息率 135%，加码跑步及户外赛道 | 日期 | 2025/5/22 | | --- | --- | | 当前股价(港元) | 3.090 | | 一年最高最低(港元) | 5.820/2.110 | | 总市值(亿港元) | 191.62 | | 流通市值(亿港元) | 191.62 | | 总股本(亿股) | 62.01 | | 流通港股(亿股) | 62.01 | | 近 3 个月换手率(%) | 30.28 | ——港股公司信息更新报告 股价走势图 数据来源：聚源 -72% -48% -24% 0% 24% 48% 2024-05 2024-09 2025-01 滔搏 恒生指数 相关研究报告 《Q3 流水中单下降、折扣加深，静待 库存改善后轻装上阵 —港股公司信 息更新报告》-2024.12.17 《FY2025H1 折扣及负经营杠杆致利 润承压，控费能力优异—港股公司信 息更 ...