Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Views - Lenovo Group is expected to benefit from the development of AI, with all three major business segments showing comprehensive growth [1][7] - The company achieved a revenue of 69.08 billion USD for FY2025, representing a year-on-year increase of 21.4%, and a net profit of 1.38 billion USD, up 37.0% year-on-year [7] - The report anticipates continued growth in net profit, with projections for FY2026 and FY2027 being adjusted upwards to 1.60 billion USD and 1.76 billion USD respectively [1][7] Financial Performance Summary - **Revenue Forecasts**: - FY2024A: 56.90 billion USD - FY2025A: 69.08 billion USD - FY2026E: 74.18 billion USD - FY2027E: 79.56 billion USD - FY2028E: 84.26 billion USD - Year-on-year growth rates for FY2025A and FY2026E are 21.41% and 7.38% respectively [1][8] - **Net Profit Forecasts**: - FY2024A: 1.01 billion USD - FY2025A: 1.38 billion USD - FY2026E: 1.60 billion USD - FY2027E: 1.76 billion USD - FY2028E: 1.97 billion USD - Year-on-year growth rates for FY2025A and FY2026E are 37.01% and 15.23% respectively [1][8] - **Earnings Per Share (EPS)**: - FY2025A: 0.11 USD - FY2026E: 0.13 USD - FY2027E: 0.14 USD - FY2028E: 0.16 USD [1][8] - **Price-to-Earnings (P/E) Ratios**: - FY2025A: 10.70 - FY2026E: 9.28 - FY2027E: 8.42 - FY2028E: 7.53 [1][8] Business Segment Insights - **Intelligent Devices Group (IDG)**: - Revenue for the fourth fiscal quarter reached 11.81 billion USD, a year-on-year increase of 12.9% [7] - PC market share increased to 23.8%, with AIPC penetration expected to reach around 25% by 2025 [7] - **Infrastructure Solutions Group (ISG)**: - Revenue for the fourth fiscal quarter was 4.12 billion USD, up 62.6% year-on-year [7] - Continuous profitability over two quarters, driven by increased server orders [7] - **Solutions and Services Group (SSG)**: - Revenue for the fourth fiscal quarter was 2.15 billion USD, a year-on-year increase of 18.1% [7] - Significant growth in hybrid cloud service orders, with an 82% year-on-year increase [7]

证券研究报告 | 2025年05月26日 零跑汽车（09863.HK） 优于大市 2025Q1 营收超 100 亿,毛利率创历史新高 核心观点 公司研究·海外公司财报点评 资料来源：Wind、国信证券经济研究所整理 相关研究报告 | 《零跑汽车（09863.HK）-2024Q4 B10 | | 单季度扭亏为盈,新车型 | | --- | --- | --- | | 开启预售》 | | ——2025-03-14 | | 《零跑汽车（09863.HK）-深度报告：新品周期叠加渠道扩容， | | | | 国际合作护航全球战略》 | | ——2024-12-13 | | 《零跑汽车（09863.HK）-与 | | Stellantis 达成深度合作，三季报 | | 及 10 | 月销量表现优秀》 | ——2023-11-05 | | 《零跑汽车（09863.HK）-聚焦高性价比市场，核心技术全域自 | | | | 研》 | ——2023-08-31 | | 零跑汽车 2025 年第一季度收入同比增长，单季度亏损同比收窄。零跑汽车 2025Q1 营收 100.2 亿元，同比增长 187.1%，主要原因是：销量同比增长 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Viewpoints - The company is a leader in the AI for Science paradigm revolution, leveraging AI and robotics to reshape chemical research and development [1][13] - The AI for Science market is projected to grow into a multi-billion dollar industry, with significant potential for the company due to its unique capabilities and market positioning [2][35] - The company has established strategic partnerships with major pharmaceutical and material companies, enhancing its revenue growth prospects [3][5] Summary by Sections Company Overview - Founded in 2015 by three MIT physicists, the company has become a global leader in AI-driven chemical research, winning the Pfizer blind test competition in 2016 and assisting in the rapid development of COVID-19 treatments [1][13] - The company has over 500 scientists and technical experts and has raised significant capital from top-tier investors including Tencent, Sequoia, and SoftBank, with cash assets exceeding 6 billion HKD [1][3][27] Market Potential - The AI for Science market is expected to reach a size of approximately 1 trillion USD, with China being a fertile ground for the emergence of global leaders in this field [2][35] - The company is positioned to benefit from the increasing penetration of AI in the pharmaceutical industry, with 16 of the top 20 global pharmaceutical companies as clients [1][2] Financial Projections - Revenue is projected to grow significantly, with estimates of 422 million RMB in 2025, 684 million RMB in 2026, and 954 million RMB in 2027, reflecting a compound annual growth rate of 58.6% from 2025 to 2026 [4][3] - The company is expected to achieve profitability by 2027, with a net profit of 76 million RMB [4][3] Business Model - The company employs a unique business model that combines high-throughput experimentation with AI-driven data analysis, creating a feedback loop that enhances research efficiency [15][18] - The company has developed over 200 AI models that facilitate various aspects of drug discovery and materials research, significantly improving the speed and accuracy of these processes [18][34] Strategic Partnerships - The company has formed strategic collaborations with leading firms in both the pharmaceutical and materials sectors, which are expected to drive revenue growth and innovation [3][5] - Notable partnerships include agreements with major players like Pfizer and GCL-Poly, indicating strong market confidence in the company's capabilities [1][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.427 billion yuan in Q1 2025, representing a year-on-year increase of 18.89%, slightly above the company's guidance. However, the net profit attributable to the parent company was 416 million yuan, down 28.9% year-on-year, primarily due to increased short-term financing costs related to the acquisition of Yonghui Superstores [7] - The company's gross margin for Q1 2025 was 44.23%, up 0.82 percentage points year-on-year, while the adjusted net profit margin was 13.26%, down 3.3 percentage points year-on-year. This was mainly due to the higher revenue share from overseas direct sales, which typically has lower profit margins during the off-season [7] - Domestic MINISO revenue reached 2.49 billion yuan in Q1 2025, up 9.15% year-on-year, with a net reduction of 111 stores to 4,275 stores as the company focused on optimizing store structure and upgrading the brand [7] - Overseas revenue for MINISO was 1.592 billion yuan in Q1 2025, a year-on-year increase of 30.3%, with a net addition of 95 stores, bringing the total to 3,213 stores [7] - The TOP TOY brand achieved revenue of 340 million yuan in Q1 2025, up 58.9% year-on-year, with a net increase of 4 stores to 280 stores [7] - The company expects continued growth in both domestic and overseas markets, with adjustments made to profit forecasts for 2025-2027 [7] Financial Summary - Total revenue forecast for 2023A is 13.838 billion yuan, with a year-on-year growth of 39.42%. For 2024A, the forecast is 16.994 billion yuan, representing a 22.80% increase, and for 2025E, it is 20.664 billion yuan, a 21.59% increase [1] - The net profit attributable to the parent company for 2023A is forecasted at 2.253 billion yuan, with a year-on-year growth of 111.48%. For 2024A, it is 2.618 billion yuan, a 16.17% increase, and for 2025E, it is 2.544 billion yuan, a decrease of 2.81% [1] - The Non-IFRS net profit for 2023A is projected at 2.357 billion yuan, with a year-on-year growth of 109.65%. For 2024A, it is 2.721 billion yuan, a 15.44% increase, and for 2025E, it is 2.919 billion yuan, a 7.30% increase [1] - The latest diluted EPS for 2023A is 1.79 yuan per share, with a forecast of 2.09 yuan for 2024A and 2.04 yuan for 2025E [1] - The P/E ratio for the current price and latest diluted EPS is 18.51 for 2023A, 15.81 for 2024A, and 16.27 for 2025E [1]

2025 年 5 月 26 日 公司研究 25 财年继续保持高分红，未来聚焦经营效率提升 ——滔搏（6110.HK）2025 财年业绩点评 增持（维持） 当前价：2.80 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 62.01 | | 总市值(亿港元)： | 173.63 | | 一年最低/最高(港元)： | 2.11/5.48 | | 近 3 月换手率： | 54.4% | 股价相对走势 -80% -60% -40% -20% 0% 20% 40% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/0 ...

[Table_Info1] 京东方精电(00710.HK) 光学光电子/电子 [Table_Title] 证券研究报告 / 港股公司报告 凭技术与市场双轮驱动，领航车载显示赛道 ---京东方精电点评 [Table_Summary] 京东方精电有限公司，前身为精电国际有限公司，于 1978 年在香港成 立，并在 1991 年于香港交易所上市。2016 年，京东方集团战略入股， 成为其第一大股东，此后公司更名为京东方精电，迎来全新发展阶段。 公司核心业务聚焦于汽车显示器和工业显示器领域。 2024 年京东方精电业绩呈现出收益增长但利润承压的态势。该集团年度 取得收益 134.49 亿港元，同比大增 25%，成功突破百亿级人民币大关， 这主要得益于新能源汽车需求的显著增长，以及其在客户服务、质量把 控和产能提升方面的成果。从业务板块来看，汽车显示屏业务是绝对的 营收担当，收益达 126.6 亿港元，较 2023 年增加 30%，占集团总收益的 94%。这一方面是因为国内新能源汽车渗透率超 50%，带动大尺寸（8 吋 及以上）及高端显示技术（如 LTPS/OXIDE）需求攀升；工业显示屏业 务则表现欠佳，收入为 7. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 47.00 [8] Core Insights - The company reported a Q1 revenue increase of 18.9% to RMB 4.43 billion, exceeding previous guidance of 15-18%, driven by domestic channel upgrades and inventory optimization [1] - Adjusted net profit decreased by 4.8% to RMB 590 million due to significant investments in direct stores and increased financial expenses [1] - The company is transitioning from an aggressive expansion strategy to a more refined operational approach, focusing on profitability stabilization and global business expansion [1][4] Revenue Performance - Domestic revenue for Miniso increased by 9.1%, with offline and online sales growing by 7.3% and 32.7% respectively [2] - Overseas revenue surged by 30.3%, with 95 new stores opened during the quarter, particularly in North America [2] - TopToy's revenue grew by 58.9% to RMB 340 million, with self-developed products accounting for over 40% of sales [2] Profitability Metrics - Gross margin improved by 0.8 percentage points to 44.2%, although it decreased by 2.8 percentage points quarter-on-quarter due to seasonal effects [3] - Selling and administrative expense ratios increased by 4.4 percentage points and 0.3 percentage points to 23.1% and 5.5% respectively, primarily due to investments in direct stores [3] - Adjusted net profit margin fell by 3.3 percentage points to 13.3% [3] Strategic Focus - The company is emphasizing "high-quality growth" by enhancing store competitiveness and optimizing inventory turnover [4] - In the domestic market, the focus is on same-store sales improvement, while overseas operations are concentrating on localization and efficiency [4] - The local procurement ratio in the U.S. has reached nearly 40% to mitigate tariff risks [4] Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025-2027 have been revised down by 7.1%, 9.0%, and 9.0% to RMB 2.99 billion, RMB 3.73 billion, and RMB 4.57 billion respectively [5] - The target price is based on a 2025 PE ratio of 18x, reflecting increased uncertainty in overseas expansion [5] - The company is expected to maintain a competitive PE ratio compared to peers, with a projected PE of 29x for comparable companies [5][19]

证券研究报告 同程旅行 (780 HK) 港股通 1Q25 业绩：仍处在利润率上行期 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 25 日│中国香港 | 互联网 | 同程公布 1Q25 业绩：收入 44 亿元，yoy+13.2%，基本符合 VA 一致预期 的 43 亿元（简称预期），调整后净利润 7.9 亿元，超预期 8%，主要来自于 精细化运营补贴下，产品毛利率超预期。公司持续深挖用户价值，1Q 平均 月付费用户 yoy+9.2%，并推进补贴优化和运营效率提升。4 月公司亦通过 收购万达酒店管理公司强化产业链协同，重点发展酒店管理业务作为第二增 长曲线。我们看好国内旅游的需求韧性，公司有望持续通过用户价值挖掘、 促进产业链整合获得长期收入增长和利润释放。维持"买入"评级 收入符合预期，旅游需求韧性下深挖用户价值 公司 1Q25 收入 44 亿元，yoy+13.2%，基本符合预期，拆分来看，核心 OTA 业务中，住宿/交通/其他业务相较预期分别-0.1%/+2.2%/+0.6%，各项业务 发展稳健且基本符合预期。度假业务因东南亚 ...

2025Q1 业绩公告点评：核心业务高速增长， 利润率显著提升 证券研究报告·海外公司点评·旅游及消闲设施(HS) 同程旅行（00780.HK） 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,896 | 17,341 | 19,805 | 22,486 | 25,418 | | 同比(%) | 80.67 | 45.77 | 14.21 | 13.54 | 13.04 | | 归母净利润（百万元） | 1,554 | 1,974 | 2,504 | 3,006 | 3,516 | | 同比(%) | 1,164.41 | 27.04 | 26.80 | 20.05 | 16.99 | | EPS-最新摊薄（元/股） | 0.67 | 0.85 | 1.07 | 1.29 | 1.51 | | P/E（现价&最新摊薄） | 28.28 | 22.26 | 17.56 | 14.62 | 12.50 | [T ...

证券研究报告·海外公司点评·软件服务(HS) 百度集团-SW（09888.HK） 2025Q1 业绩点评：短期 AI 改造生态影响广 告收入，云业务趋势向好 买入（维持） | [盈利预测与估值 Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 134,598 | 133,125 | 134,638 | 141,814 | 148,539 | | 同比（%） | 8.83 | (1.09) | 1.14 | 5.33 | 4.74 | | 归母净利润（百万元） | 20,315 | 23,760 | 22,112 | 22,114 | 23,990 | | 同比（%） | 168.75 | 16.96 | (6.93) | 0.01 | 8.48 | | Non-GAAP 净利润（百万元） | 28,747 | 27,002 | 23,046 | 24,364 | 26,373 | | 同比（%） | 39.01 | (6.07) | (14.65) ...