Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of 71.65 HKD, based on a 32x PE valuation for 2026 [3][6]. Core Insights - The report highlights strong performance in automotive deliveries and sales of the Xiaomi 17 series, with a notable increase in monthly deliveries exceeding 40,000 units in September 2025 [2][9]. - The company is expected to see significant growth in earnings per share, projected at 1.63, 2.06, and 2.60 CNY for 2025, 2026, and 2027 respectively [3][10]. - Revenue forecasts show a recovery with expected growth rates of 35% in 2024 and 31% in 2025, followed by 24% growth in 2026 and 2027 [5][10]. Financial Summary - Revenue (in million CNY) is projected to grow from 270,970 in 2023 to 735,676 in 2027, with a compound annual growth rate (CAGR) of approximately 24% [5]. - Operating profit is expected to increase significantly from 20,009 million CNY in 2023 to 74,753 million CNY in 2027, reflecting a growth rate of 610% in 2024 [5]. - Net profit attributable to the parent company is forecasted to rise from 17,475 million CNY in 2023 to 67,848 million CNY in 2027, with a growth rate of 606% in 2024 [5]. - The gross margin is expected to improve from 21.7% in 2023 to 24.0% in 2027, while the net margin is projected to increase from 6.4% to 9.2% over the same period [5].

Investment Rating - The report maintains a "Buy" rating for the stock, expecting a relative increase of over 20% compared to the benchmark index within six months [14]. Core Insights - The report highlights a global exclusive collaboration and licensing agreement between the company and F. Hoffmann-La Roche Ltd for the self-developed long-acting dual antibody QX031N, which targets TSLP and IL-33, potentially offering new treatment options for respiratory diseases like COPD and asthma [4][5]. - The agreement includes an upfront payment of $75 million and up to $995 million in milestone payments, reflecting the company's innovative capabilities and the market potential of the self-immune field [5][6]. - The company is recognized as a leader in domestic self-immune innovative drugs, with a mature pipeline entering a monetization phase and ongoing collaborations with global giants to expand market reach [8]. Company Overview - Latest closing price: HKD 25.26 - Total shares: 2.27 billion, with a market capitalization of HKD 57 billion - 52-week high/low: HKD 36.50 / HKD 5.95 - Debt-to-asset ratio: 80.94% - Price-to-earnings ratio: -27.3 [3]. Financial Projections - Expected revenue growth rates for 2025-2027 are 123%, 98%, and -33%, respectively, with EPS projected at -0.72, 0.48, and -0.72 CNY per share [8][10]. - The company anticipates a significant increase in operating income, with projections of HKD 354 million in 2025 and HKD 703 million in 2026, before a decline to HKD 473 million in 2027 [10][11].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [5] Core Insights - Anta Sports' two main brands are performing steadily, while new brands continue to show high growth momentum [10] - The company has adjusted its revenue guidance for the Anta brand down to low single-digit growth due to a weak retail environment [10] - The multi-brand matrix of the company is seen as a rare resource with significant growth potential in the long term [10] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 623.6 billion RMB - FY2024: 708.3 billion RMB - FY2025E: 789.1 billion RMB - FY2026E: 858.1 billion RMB - FY2027E: 923.0 billion RMB - Net profit forecasts show a significant increase in FY2023 with 102.4 billion RMB, peaking at 159.2 billion RMB in FY2027 [9][20] - The gross margin is expected to improve slightly from 62.6% in FY2023 to 63.9% in FY2027 [9] Brand Performance - Anta and FILA brands showed low single-digit growth in Q3 2025, while other brands experienced a growth rate of 45-50% [10] - FILA's growth was impacted by delayed sales of autumn and winter products, but it is expected to maintain mid-single-digit growth for the year [10] - Other brands like Descente and Maia Active are showing strong growth, with Descente growing approximately 30% and Maia Active around 45% [10] Market Expansion - Anta Sports is expanding its overseas market with a target of reaching 1,000 stores in Southeast Asia within three years [10] - The company is focusing on brand building and market cultivation in strategic markets like Europe and the US [10] Profitability and Cost Management - The company emphasizes quality over quantity in its operations, maintaining a profit margin target of 20-25% for the Anta brand and around 25% for FILA [10] - The report indicates a slight decrease in profit forecasts for 2025-2027 due to the current weak retail environment [10]

Investment Rating - The report maintains a "Strong Buy" rating for Anta Sports [10][11]. Core Insights - Anta's main brand and FILA experienced low single-digit revenue growth in Q3 2025, while other brands saw a significant increase of 45%-50% [1][2]. - The company has adjusted its revenue guidance for the main brand to low single-digit growth for the year, while maintaining the forecast for other brands [10]. - The net profit forecast for 2025-2027 is adjusted to CNY 13.13 billion, CNY 14.77 billion, and CNY 16.46 billion, reflecting year-on-year growth rates of -16%, 12%, and 11% respectively [10]. Revenue Performance - Anta's main brand revenue showed low single-digit growth, with offline sales growing at a low single-digit rate and online sales at a higher single-digit rate [2]. - FILA's revenue also grew at a low single-digit rate, with online sales performing better [3]. - Other brands, including Descente, KOLON, and MAIA, reported substantial revenue growth rates of 30%, 70%, and 45% respectively [4][5][6]. Channel and Market Expansion - The company is exploring new retail formats and optimizing operational efficiency, including the expansion of outdoor segments and increasing coverage in key business districts [10]. - Anta has announced a three-year plan to open 1,000 stores in Southeast Asia and is expanding its presence in the U.S. and European markets [2]. Financial Projections - The projected total revenue for Anta Sports for 2025-2027 is CNY 78.06 billion, CNY 86.73 billion, and CNY 95.55 billion, with year-on-year growth rates of 10%, 11%, and 10% respectively [10][11]. - The earnings per share (EPS) for 2025 is estimated at CNY 4.64, with a price-to-earnings (PE) ratio of 16.5 for 2025 and 15 for 2026 [10][11]. Key Financial Metrics - The report indicates a return on equity (ROE) of 24.5% and a debt-to-asset ratio of 41% [6]. - The company's market capitalization is approximately CNY 235.9 billion [6].

Investment Rating - The report maintains a "Buy" rating for the company [8][6]. Core Views - The company has shown stable revenue growth driven by a solid wealth management performance and a recovery in credit demand in the UK [2][4]. - The net interest margin has stabilized and is expected to improve, leading to an upward revision of the net interest income guidance for 2025 from $42 billion to $43 billion [3][6]. - The company has increased its return on tangible equity (ROTE) guidance for 2025 to above 15% [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's revenue increased by 4.8% year-on-year, and pre-tax profit rose by 4.5% [1]. - Non-interest income grew by 17.2% year-on-year, with wealth management business revenue increasing by 24.9% [4]. - The company attracted new investment assets worth $73 billion, with $42 billion coming from Asia [4]. Asset Quality - As of September, the non-performing loan (NPL) ratio was 2.50%, with a provision coverage ratio of 42% [5]. - The company expects credit costs to remain around 0.40% for 2025, with ongoing pressure in the Hong Kong commercial real estate sector [5]. Market Position and Valuation - The company is projected to achieve a target price of HKD 143.08 for 2026, corresponding to a price-to-book (PB) ratio of 1.50 times [6][8]. - The forecasted net profit for 2025-2027 is $22.86 billion, $23.49 billion, and $25.80 billion respectively, reflecting a growth of 6.9%, 3.3%, and 6.5% [6].

证券研究报告 港股通 中银香港 (2388 HK) 息差边际企稳增强经营韧性 华泰研究 季报点评 投资评级(维持): 买入 目标价(港币): 45.59 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 蒲葭依 研究员 SAC No. S0570525090001 SFC No. BVL774 李润凌* 联系人 SAC No. S0570123090022 lirunling@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 10 月 28 日) | 38.48 | | --- | --- | | 市值 (港币百万) | 406,841 | | 6 个月平均日成交额 (港币百万) | 564.05 | | 52 周价格范围 (港币) | 23.75-39.24 | 股价走势图 (9) 9 27 44 62 Oct-24 Feb-25 Jun-25 Oct-25 (%) 中银香港 恒生指数 资料来源：S&P 经营预测指标与估值 | 会计年度 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company reported a net revenue of $1.523 billion for FY26Q1, representing a year-on-year increase of 6.1%, exceeding previous guidance [2][3]. - The company expects FY26Q2 net revenue to be between $1.132 billion and $1.163 billion, reflecting a year-on-year growth of 9%-12% [3]. - A three-year shareholder return plan has been initiated, with at least 50% of the previous fiscal year's net profit allocated for shareholder returns, including a cash dividend of $190 million and a $300 million share buyback plan [3]. Revenue and Profitability - The core business showed steady growth, with the overseas examination preparation business growing by 1.0% and domestic examination preparation for adults and college students increasing by 14.4% [2]. - Non-GAAP operating profit for FY26Q1 was $336 million, up 11.3% year-on-year, with an operating profit margin of 22.0%, an increase of 1.0 percentage points [3]. Financial Forecasts - The company has adjusted its net profit forecasts for FY26 to FY28 downwards by 8%, now projecting $442 million, $514 million, and $582 million respectively [4]. - Corresponding EPS for FY26 to FY28 is expected to be $0.28, $0.33, and $0.37, with current P/E ratios of 22x, 19x, and 16x respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 2025 performance was slightly below expectations due to external factors such as weather, but the multi-brand strategy remains a cornerstone for long-term growth [4][6] - The company has shown stable growth in its main brand and FILA, while other brands have experienced significant growth, particularly in the outdoor segment [6] - The company is expanding its offline presence with new store formats, which are expected to drive future growth [6] - The multi-brand strategy is central to the company's operations, with recent acquisitions and partnerships aimed at enhancing market presence [6] - The establishment of a sneaker design program in collaboration with universities aims to foster innovation and talent in the industry [6] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 62,356 million RMB (2023), 70,826 million RMB (2024), 78,015 million RMB (2025E), 86,289 million RMB (2026E), and 95,069 million RMB (2027E) [5][7] - The expected growth rates for revenue are 16.23% (2023), 13.58% (2024), 10.15% (2025E), 10.61% (2026E), and 10.17% (2027E) [5] - The projected net profit for 2025 is 13,443 million RMB, with a year-on-year decrease of 13.81%, followed by growth of 14.96% in 2026 and 14.06% in 2027 [5][6] - The company's return on equity (ROE) is expected to be 17.90% in 2025, decreasing from 25.27% in 2024 [5][7] - The price-to-earnings (P/E) ratio is projected to be 16.82 in 2025, indicating a favorable valuation compared to historical levels [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][10]. Core Insights - The company reported a revenue of 7.52 billion yuan for the first half of 2025, reflecting a year-on-year growth of 4.8%. EBITDA increased by 23.3% to 2.75 billion yuan, and net profit attributable to shareholders rose by 27.0% to 1.89 billion yuan [4][5]. Company Overview - Latest closing price: HKD 13.14 - Total shares: 1.973 billion - Total market capitalization: HKD 29.023 billion - 52-week high/low: HKD 17.774 / HKD 9.309 - Debt-to-asset ratio: 46.96% - Price-to-earnings ratio: 8.3 [3]. Financial Performance - The intermediate products segment saw a revenue decline of 23.1% to 1.01 billion yuan, with a profit margin of 27.5%, down by 7.2 percentage points. The active pharmaceutical ingredients segment's revenue fell by 27.0% to 2.53 billion yuan, with a profit margin of 27.5%, down by 4.9 percentage points. The formulation segment's revenue increased by 6.1% to 2.54 billion yuan, with a profit margin of 6.1%, down by 4.0 percentage points. Licensing income was 1.43 billion yuan, primarily from the UBT251 licensing fee [5][6]. - The insulin formulation business showed significant growth, with revenue reaching 960 million yuan, a 74.5% increase. The second-generation insulin revenue was 460 million yuan, up 110.2%, while the revenue from glargine insulin and aspart insulin increased by 33.7% and 74.0%, respectively [6]. Research and Development - The company invested 550 million yuan in R&D, a 14.9% increase. The GLP-1/GIP/GCG triple-target new drug UBT251 has been licensed to Novo Nordisk, with ongoing clinical trials for weight loss and diabetes indications. The company expects to enter a harvest period starting in 2026, with six new products or indications anticipated for approval in 2026 and 2027 [7][8]. Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 13.42 billion yuan, 12.65 billion yuan, and 13.84 billion yuan, respectively, with year-on-year growth rates of -2.5%, -5.7%, and 9.4%. Net profit attributable to shareholders is forecasted at 2.36 billion yuan, 2.02 billion yuan, and 2.41 billion yuan for the same years, with corresponding growth rates of -11.4%, -14.2%, and 19.4% [12][8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [2][6]. Core Insights - The company reported a revenue of 29.39 billion RMB for the first three quarters of 2025, reflecting a year-over-year decline of 4.9%. However, the net profit attributable to the parent company was 2.52 billion RMB, showing a year-over-year increase of 25.5% [6]. - The company has faced challenges due to centralized drug procurement affecting revenue from generic drugs, but innovative products have continued to grow, with innovative drug revenue exceeding 6.7 billion RMB, a year-over-year increase of 18.1% [6]. - The gross margin for Q3 was 48.4%, a slight increase of 0.3 percentage points year-over-year, driven by a higher proportion of high-margin innovative drug products [6]. - The report anticipates net profits for 2025-2027 to be 3.32 billion RMB, 3.96 billion RMB, and 4.77 billion RMB, respectively, with year-over-year growth rates of 19.9%, 19.4%, and 20.4% [6][7]. Financial Summary - The company’s projected net profit for 2025 is 3.32 billion RMB, with an EPS of 1.24 RMB, and a corresponding H-share P/E ratio of 17.21 [7]. - Revenue is expected to reach 44.87 billion RMB in 2025, with a slight increase in operating profit to 5.04 billion RMB [9]. - The company’s cash flow from operating activities is projected to be 4.32 billion RMB in 2025, indicating a positive cash flow trend [10].