Investment Rating - The report maintains a "Strong Buy" rating for JD Group [3] Core Views - JD Group's Q3 2025 performance exceeded expectations with revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, and retail revenue of 250.6 billion yuan, up 11.4% year-on-year. Retail operating profit reached 14.8 billion yuan, a 27.7% increase year-on-year [1][5] - The report highlights the robust growth in the daily necessities category and the rapid expansion of third-party service revenue, while the electric category faced growth pressure due to high base effects from government subsidies [1][5] - The report expresses optimism about JD's strong self-operated supply chain and its ability to maintain a solid competitive edge in the long term [1][5] Financial Performance Summary - Q3 2025 Non-GAAP net profit was 5.8 billion yuan, down 56% year-on-year, but better than the expected decline of 70% [1][5] - The report projects that JD's retail revenue and profit will continue to grow at double-digit rates year-on-year for the full year [1][5] - The report anticipates that JD's Non-GAAP net profits for 2025, 2026, and 2027 will be 31.8 billion yuan, 36.8 billion yuan, and 55.6 billion yuan, respectively [5][6] Business Segment Insights - The report notes that JD's food delivery business is steadily developing, with losses narrowing quarter-on-quarter, and highlights the potential for further loss reduction in the future [1][5] - The report emphasizes the importance of user engagement and conversion rates from the food delivery segment, which are improving and contributing to overall growth [1][5] Valuation and Target Price - The target price for JD Group is set at 136.5 HKD per share, based on a 10x PE ratio for 2026 Non-GAAP net profit [3][5] - The current stock price is 124.4 HKD, indicating potential upside [3]

证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 双十一智能眼镜大卖，持续看好公司 XR 业 务进展 事项： ❖ 根据易观双 11 观察报告，截至 10 月 30 日，智能眼镜品类成交额同比暴涨 25 倍，强势跃居天猫 3C 数码趋势热门品类 TOP3。其中，公司作为镜片独供的 夸克 AI 眼镜 S1 在"双 11"预售期间，位列天猫智能眼镜品牌、智能眼镜店 铺、XR 品类榜销量第一，累计销量突破 5000 台。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,061 | 2,347 | 2,835 | 3,380 | | 同比增速(%) | 17.1% | 13.9% | 20.8% | 19.2% | | 归母净利润(百万元) | 428 | 564 | 696 | 869 | | 同比增速(%) | 31.0% | 31.7% | 23.3% | 25.0% | | 每股盈 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.21, up from a previous target of HKD 0.75 [5][7]. Core Insights - The company reported a revenue of HKD 4.947 billion for FY26H1, representing a year-on-year increase of 33%, primarily driven by strong growth in IP derivatives, particularly from Aliyu [1]. - The net profit attributable to the parent company reached HKD 520 million, a 54% increase year-on-year, attributed to the excellent performance of Aliyu and a reduction in investment losses [1]. - Adjusted EBITA was HKD 550 million, a decrease of 14%, but when excluding a one-time financial asset impairment reversal of HKD 160 million from the previous year, the adjusted EBITA showed a 14% increase [1]. Summary by Sections IP Derivative Business - The IP derivative business generated revenue of HKD 1.16 billion, a significant year-on-year increase of 105.31%. The segment's performance was impacted by a one-time loss due to the shutdown of Jinli Naju, but the IP licensing business saw rapid growth, benefiting from collaborations with various IP brands [2]. Ticketing and Live Entertainment - Revenue from the company's performance content and technology business was HKD 1.339 billion, up 14.54% year-on-year. The growth was driven by ticket sales, although the pace was moderated by limited supply of performance content and venue resources [3]. Film and Series Production - Revenue from film-related businesses declined to HKD 1.064 billion, down 15.22% year-on-year. However, the series production business saw a remarkable increase of 693.44%, with revenue reaching HKD 484 million, driven by investments in high-quality content [4]. Profit Forecast and Valuation - The profit forecast has been revised upwards, with expected net profits for FY26-FY28 projected at HKD 915 million, HKD 1.16 billion, and HKD 1.374 billion, respectively. The target valuation for FY26 is set at 36 times PE, reflecting the ongoing high growth in the derivative business [5].

数字化赋能"医检诊药"全链条，规模优势突出&AI 医疗加速产品化 [Table_CoverStock] —京东健康(6618.HK)公司深度报告 [Table_ReportDate] 2025 年 11 月 13 日 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 京东健康（6618.HK） 投资评级 买入 上次评级 | [Table_BaseData] 公司主要数据 | | | --- | --- | | 收盘价（港元） | 64.50 | | 52 周内股价波动区间 | 26.05-70.4 | | (港元) | | | 最近一月涨跌幅(％) | 4.96% | | 总股本(亿股) | 32.01 | | 流通 H 股比例(％) | 100 | | 总市值(亿港元) | 2,064.95 | | 资料来源： ifind | ，信达证券研发中心 | S1500523080002 S1500524030003 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 章钟涛 医药行业分析师 tangaijin@cindasc.com zhangzhong ...

Investment Rating - The report maintains a positive outlook for Samsonite, indicating a potential recovery in sales and profitability, with expectations for mid-single-digit revenue growth trajectory around 2026 [2][19]. Core Insights - In 3Q25, Samsonite's net sales declined by 1.3% year-on-year, a significant improvement from the 5.8% decline in 2Q25, driven by recovery in DTC and non-travel businesses [2][12]. - The gross margin for 3Q25 reached 59.6%, up 30 basis points from the previous year, indicating effective cost management despite tariff pressures [3][13]. - The company completed a core debt refinancing, enhancing liquidity and financial flexibility, with net debt at approximately $1.2 billion and a net leverage ratio of around 2x [4][14]. - DTC channel sales increased by 3.5% year-on-year, with e-commerce growing over 10%, reflecting a shift towards direct-to-consumer sales [5][15]. - TUMI brand showed strong performance with a 5.0% year-on-year revenue increase in 3Q25, contributing positively to the overall group revenue [6][16]. Summary by Sections Financial Performance - 3Q25 net sales were $1.1 billion, with a notable recovery in various regions, excluding North America, which remained under pressure [2][12]. - The company expects further sales improvement in 4Q25, supported by strong October sales and positive holiday season momentum [19]. Cost Management - Gross margin improvements were achieved through supplier collaboration and product optimization, with expectations for continued strong performance into 4Q25 [3][13]. - Operating expenses increased slightly due to prior expansions, with SG&A expenses at $339 million, up 5.1% year-on-year [3][13]. Debt and Liquidity - The company successfully restructured its core debt, extending maturity dates and reducing funding costs, which enhances financial resilience [4][14]. Sales Channels - The DTC channel's revenue share increased from 38.9% to 42%, indicating a strategic shift towards direct sales [5][15]. - The wholesale channel faced challenges, but growth in third-party e-commerce helped mitigate some of the declines [5][15]. Brand Performance - Samsonite brand revenue declined by 4.1% year-on-year, while TUMI and American Tourister showed signs of recovery, with TUMI achieving a 5.0% increase [6][16][18].

Investment Rating - Initiate with OUTPERFORM rating [2] Core Views - The company has a well-established product layout in air conditioning, with flexible capacity management effectively controlling risks [3] - The implementation of a new retail model in the Chinese market enhances channel efficiency [4] - The company is advancing its ODM and OBM strategies in overseas markets, with expectations for global market share growth [5] - The company is poised for steady revenue and profit growth due to strong domestic and international performance [6] Summary by Sections Section 1: Steady Revenue and Profit Growth - The company has over 30 years of experience in the air conditioning sector, achieving revenue of RMB 195.3 billion, RMB 248.3 billion, and RMB 297.6 billion from 2022 to 2024, with a compound annual growth rate (CAGR) of 23.4% [12] - In Q1 2025, the company reported revenue of RMB 93.52 billion and a net profit of RMB 9.25 billion, representing year-on-year growth of 27% and 23% respectively [12] Section 2: Comprehensive Product Layout and Efficient Channel Operations - The company has established four major manufacturing bases, with a capacity utilization rate of 91.3% for home air conditioners and 90.6% for central air conditioners as of 2024 [21] - The new retail model has effectively integrated online and offline channels, enhancing overall efficiency and enabling better management of retail prices [32] Section 3: Global Market Growth Potential - The global air conditioning market is expected to grow, with household and central air conditioning sales projected to reach 193 million and 69 million units respectively by 2024 [35] - The company has expanded its overseas presence to over 150 countries, with significant growth in both OBM and ODM revenues [28] Section 4: Profit Forecast and Valuation Comparison - The company plans to maintain a dividend payout ratio of no less than 75% from 2025 to 2027, with an expected dividend yield exceeding 10% in 2025 [7] - The projected EPS for 2025, 2026, and 2027 is RMB 1.96, RMB 2.14, and RMB 2.45 respectively, with corresponding year-on-year growth rates of 7%, 9%, and 14% [7][55]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 21.55 [7][5] Core Insights - The company has shown a significant reduction in losses, with a net loss of USD 266 million in the first three quarters of 2025, down from USD 1.25 billion in Q3 2024 [1] - CARVYKTI's sales are on a strong upward trend, with Q3 sales reaching USD 524 million, representing a 19% quarter-over-quarter increase and an 83% year-over-year increase [2][3] - The company aims to achieve USD 3 billion in revenue by 2035, with various business segments expected to grow at different rates [4] Summary by Sections Financial Performance - For the first three quarters of 2025, CARVYKTI generated sales of USD 1.332 billion, a 112% year-over-year increase, with Q3 sales alone at USD 524 million [1] - The company forecasts revenues of USD 973 million, USD 806 million, and USD 933 million for 2025, 2026, and 2027 respectively, with corresponding net profits of USD 11 million, USD 66 million, and USD 355 million [5][10] Business Growth and Strategy - The company is expanding its treatment indications with ongoing Phase III clinical trials for CARTITUDE-5 and CARTITUDE-6 [3] - The production capacity is expected to reach 10,000 cases annually by the end of 2025, with new facilities in Belgium and the U.S. coming online [3] Valuation and Market Position - The estimated market value of the company is HKD 470.93 billion, with a breakdown of HKD 259.49 billion for ongoing operations and HKD 211.45 billion for the equity in its joint venture [13][15] - The report highlights a price-to-sales (PS) ratio of 4.14x for 2026, reflecting a 20% discount to comparable companies [13]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.91 per share, indicating a potential upside of 22.8% from the current price of HKD 2.37 [6][22]. Core Insights - The company's main business showed steady growth in H1 2025, with a revenue increase of 9.2% year-on-year, reaching approximately RMB 4,658.1 million. The gross profit rose by 10.4% to RMB 799.8 million, and the profit attributable to shareholders surged by 53.8% to RMB 416.0 million [3][9]. - The clean energy equipment segment experienced significant growth, with revenues of RMB 3,738.2 million, accounting for 80.3% of total revenue, and a remarkable profit increase of 241.1% [3][12]. - The company has been included in the MSCI Global Small Cap Index, which is expected to enhance liquidity and attract more institutional investment [5][19]. Summary by Sections Financial Performance - In H1 2025, the clean energy equipment segment's revenue was RMB 3,738.2 million, up 11.3% year-on-year, with a profit of RMB 152.8 million, reflecting a 241.1% increase [3][12]. - The high-end intelligent manufacturing segment reported revenues of RMB 880.9 million, a slight increase of 1.1%, but faced a loss of RMB 37.7 million due to challenges in the PTG business and trade frictions [12][13]. - The industrial services segment saw a revenue decline of 8.3%, with a profit drop of 52.0% [12]. Business Growth Drivers - The demand for large-capacity engines remains strong, supported by AIDC initiatives, with sales increasing by 8% in H1 2025 [4][14]. - The company’s investment in Chongqing Hitachi Energy, which is a major transformer manufacturing base, yielded a profit of RMB 47.2 million, up 156.6% year-on-year, driven by infrastructure investments in emerging markets and AI-related projects [17][18]. - The company is expected to benefit from the ongoing Yajiang Hydropower Station project, which will create demand for its hydropower, large-capacity engines, and transmission equipment [18][19]. Future Projections - Revenue forecasts for FY2025 to FY2027 have been adjusted upwards to RMB 9,849.7 million (+10.43%), RMB 10,830.3 million (+9.95%), and RMB 11,912.6 million (+9.99%) respectively. Net profit projections are RMB 892 million (+106.8%), RMB 991.5 million (+11.16%), and RMB 1,135.4 million (+14.51%) [6][22]. - The report suggests a reasonable valuation based on an 11x PE ratio for 2025, supporting the target price of HKD 2.91 per share [6][22].

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - Short-term advertising business is under pressure due to AI search transformation, leading to a slight downward adjustment of the company's non-GAAP net profit forecast for 2025-2027 to 18.1 billion, 20.3 billion, and 22.9 billion RMB respectively, with corresponding year-on-year growth rates of -33.1%, +12.1%, and +13.1% [2] - AI is transitioning from intelligent emergence to effective emergence, with the launch of two new Kunlun chip products expected to enhance valuation [3] - The smart cloud is expected to drive growth in the short term, while the autonomous driving business model is anticipated to be validated, accelerating overseas market expansion [4] Financial Summary and Valuation Metrics - Revenue (million RMB): 2023A: 134,598; 2024A: 133,125; 2025E: 124,875; 2026E: 132,534; 2027E: 139,638 [5] - Adjusted net profit (million RMB): 2023A: 28,747; 2024A: 27,002; 2025E: 18,072; 2026E: 20,266; 2027E: 22,925 [5] - EPS (diluted, RMB): 2025E: 6.3; 2026E: 7.0; 2027E: 8.0 [5] - P/E ratios: 2025E: 18.4; 2026E: 16.4; 2027E: 14.5 [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's revenue growth has exceeded expectations, achieving its first quarterly profit [7]. - The gross profit margin has declined due to the high growth of the "XianZhi" platform, which has a lower margin but benefits from high standardization for rapid market penetration [7]. - The company continues to invest in R&D, with an increase in efficiency, while the number of benchmark clients and average revenue per user (ARPU) has consistently improved [7]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 4,204 million RMB - 2024: 5,261 million RMB - 2025E: 6,852 million RMB - 2026E: 8,819 million RMB - 2027E: 11,226 million RMB - The expected growth rates for revenue are 36.38% in 2023, 25.13% in 2024, and around 30% for 2025 [6][8]. - The company is projected to turn profitable in 2025, with a net profit of 55 million RMB, followed by significant growth in subsequent years [6][8].