Investment Rating - The report maintains a "Buy" rating for BYD [10] Core Views - The target price for BYD shares is adjusted to HKD 458.8, representing a potential upside of 20% for the Hong Kong stock and RMB 444.0 for the A-share, with a potential upside of 23% [2][6] - BYD's first-quarter performance sets a growth tone for 2025, with a projected sales volume of 5.5 million vehicles for the year, driven by significant advancements in smart driving technology [10] - The report anticipates a doubling of BYD's overseas sales this year, while single-vehicle profitability is expected to remain stable [10] Financial Forecasts - Revenue projections for BYD from 2023 to 2027 are as follows: - 2023: RMB 602,315 million - 2024: RMB 777,102 million - 2025E: RMB 892,238 million - 2026E: RMB 1,053,310 million - 2027E: RMB 1,186,221 million - Revenue growth rates are projected at 42% for 2023, 29% for 2024, and gradually decreasing to 13% by 2027 [3][11] - Net profit forecasts are: - 2023: RMB 30,041 million - 2024: RMB 40,254 million - 2025E: RMB 49,632 million - 2026E: RMB 60,562 million - 2027E: RMB 70,470 million - Net profit growth rates are expected to be 81% in 2023, 34% in 2024, and tapering to 16% by 2027 [3][11] Performance Analysis - In Q1 2025, BYD's revenue reached RMB 170,360 million, a 36% year-on-year increase, while net profit doubled to RMB 9,155 million [12] - The gross margin for Q1 2025 was reported at 20.1%, showing a decline of 1.8 percentage points year-on-year but an increase of 3.1 percentage points from the previous quarter [12] - The automotive sales volume in Q1 2025 was 1,000,804 units, reflecting a 60% year-on-year growth [12] Valuation Methodology - The report employs a sum-of-the-parts valuation method, assigning price-to-earnings ratios of 28.0x for the electric vehicle segment, 17.0x for mobile and electronic businesses, and 10.0x for other segments, leading to target prices of HKD 458.8 and RMB 444.0 [10][14]

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Fook, but it discusses expectations for gross profit margin and operating profit margin improvements, indicating a positive outlook for the company [1][9][11]. Core Insights - Chow Tai Fook's overall retail sales value (RSV) declined by 11.6% year-on-year in FY25Q4, with the Mainland market and Hong Kong, Macau, and other markets experiencing declines of 10.4% and 20.7% respectively, primarily due to macroeconomic factors and high gold prices affecting consumer sentiment [1][10]. - Despite the decline in same-store sales volume, the company successfully increased the RSV share of high-margin products through product mix optimization and flexible pricing adjustments, leading to an increase in same-store average selling price (ASP) [1][9][11]. - The ASP for gold jewelry in Mainland China rose to HK$6,400, a 14.3% increase from the previous year, while in Hong Kong and Macau, it increased to HK$8,600, a 14.7% rise [1][9]. Summary by Sections Retail Sales Performance - In FY25Q4, same-store RSV in the Mainland market decreased by 10.4%, with direct-managed and franchised stores seeing declines of 13.2% and 8.7% respectively. The Hong Kong and Macau markets recorded a 22.5% decline in same-store RSV [2][10]. - The high gold prices have suppressed consumer willingness to purchase gold jewelry, impacting sales of gram-weight products [2][10]. Product Strategy - The company accelerated the introduction of set-price products, achieving a 19% share of total RSV in FY2025, exceeding the initial target of 15%. This share is expected to rise to 20%-23% in FY2026 [3][11]. - The RSV share of set-price products in the gold jewelry category increased from 9.4% in FY24Q4 to 25.6% in FY25Q4, surpassing management expectations [3][11]. Store Network Optimization - Chow Tai Fook closed 896 stores in the Mainland market during FY2025, primarily underperforming locations, with a total of 6,423 stores globally as of FY25Q4 [5][12]. - The company opened two new image stores in Shanghai and Wuhan, achieving higher productivity levels compared to closed stores, with average monthly sales of approximately HK$1 million [5][12]. Collaborative Products - In March 2025, Chow Tai Fook launched a co-branded gold jewelry collection with Chiikawa, featuring nine designs that sold out quickly, indicating strong market demand for innovative products [6][13].

| [Table_DataInfo] 评级： | 买入 | 股票代码： | 9858 | | --- | --- | --- | --- | | 上次评级： | | 52 周最高价/最低价(港元)： | 2.54/1.06 | | 目标价格(港元)： | | 总市值(亿港元) | 87.98 | | 最新收盘价(港元)： | 2.26 | 自由流通市值(亿港元) | 87.98 | | | | 自由流通股数(百万) | 3,892.73 | [Table_Summary] 事件概述 公司 24FY 实现营业收入 201.0 亿元，同比+7.5%，实现股东应占亏损 6.91 亿元，去年同期为亏损 10.50 亿元。据此推算，公司 24H2 实现营业收入 100.5 亿元，同比+4.6%，实现股东应占亏损 3.6 亿元， 去年同期为亏损 0.58 亿元。 分析判断: ► 原料奶业务增长，反刍动物养殖解决方案业务承压 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 现金 EBITDA 表现亮眼，期待原奶周期反转 [Table_Title2] 优 ...

Investment Rating - The investment rating for Li Ning is "Buy" (maintained) [2][6] Core Views - The report indicates that Li Ning's Q1 performance met expectations, with low discount sales improving and strong growth in running and e-commerce segments. The company focuses on professional sports, increasing resource allocation and expanding new products to cater to niche markets and emerging sectors [6][7][9] Financial Summary and Valuation Metrics - For the fiscal year 2023, Li Ning reported a revenue of 27,598 million HKD, with a year-on-year growth of 7.0%. The projected revenue for 2025 is 28,742 million HKD, reflecting a minimal growth of 0.2% [10] - The net profit for 2023 was 3,187 million HKD, showing a decline of 21.6% year-on-year. The estimated net profit for 2025 is 2,459 million HKD, indicating a further decline of 18.4% [10] - The gross margin for 2023 was 48.4%, with a projected gross margin of 49.8% for 2025. The net margin is expected to decrease from 11.5% in 2023 to 8.6% in 2025 [10] - The price-to-earnings (P/E) ratio for 2025 is projected at 14.6, with a price-to-book (P/B) ratio of 1.4 [10] Operational Insights - In Q1 2025, Li Ning's total store count was 6,088, a decrease of 2% year-on-year. The company plans to close 10-20 direct stores and open 30-40 wholesale stores throughout the year [8] - The report highlights that the running category saw over 20% growth, driven by sponsorship of events and strong performance of new running shoe products [7][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next 6-12 months [4]. Core Views - The company achieved a revenue of 36.88 billion RMB in Q1 2025, a year-on-year increase of 1.10%, while gross profit decreased by 7.35% to 2.32 billion RMB, resulting in a gross margin of 6.3% [1][2]. - The decline in revenue from metal components is attributed to a decrease in high-end smartphone sales from major North American clients, despite a 1.5% increase in global smartphone shipments [2]. - The company is expected to enhance its market share with North American clients and improve efficiency through automation, while also expanding its AI-related product offerings [2]. - The growth in the electric vehicle market and advancements in intelligent driving technology are projected to drive significant revenue growth in the company's automotive business in 2025 [3]. Financial Summary - The company’s revenue is forecasted to grow from 129.96 billion RMB in 2023 to 194.50 billion RMB in 2025, with a net profit expected to rise from 4.04 billion RMB in 2023 to 5.30 billion RMB in 2025 [4][10]. - Earnings per share (EPS) is projected to increase from 1.79 RMB in 2023 to 2.35 RMB in 2025, reflecting a growth rate of 24.2% [4][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 17 in 2023 to 13 in 2025, indicating a potentially more attractive valuation as earnings grow [4].

Investment Rating - The report maintains a "Buy" rating for Li Ning [5][3] Core Views - Li Ning's adult revenue showed steady growth in Q1 2025, with e-commerce performance being particularly strong, while overall performance met expectations [1] - The company is focusing on optimizing its children's clothing product structure and enhancing brand promotion, which is expected to drive steady growth in the children's clothing segment [2] - The company is managing inventory effectively, with an estimated inventory-to-sales ratio of around 5, indicating a healthy and controllable level [2] - For 2025, the company expects revenue to remain flat year-on-year, while net profit attributable to the parent company is projected to decline by 17.5% [2] Financial Summary - Revenue projections for 2025-2027 are estimated at 24.86 billion, 26.66 billion, and 28.81 billion respectively, with a PE ratio of 15 times for 2025 [3] - Financial indicators for 2025 include: - Revenue: 28,919 million - Net profit: 2,486 million, a decline of 17.5% year-on-year - EPS: 0.96 - ROE: 9.1% [4][11] - The company’s revenue growth rates are projected at 0.8% for 2025, 6.5% for 2026, and 5.9% for 2027 [4][11]

业绩稳健增长，科技类收入贡献提升 证券研究报告 中国建筑国际 (3311 HK) 港股通 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国香港 | 建筑施工 | 公司发布一季度经营情况：25Q1 实现营收 239 亿元，同比+5.5%，经营溢 利及应占合营企业溢利 39.6 亿元，同比+10.8%。25Q1 新签合同额 505 亿 元，同比-29.1%，主要系 24Q1 签订香港新界西堆填区扩建计划重大项目， 权益合同额约 395 亿元，导致基数较高，23Q1-25Q1 两年订单复合增速 10.2%，维持稳健增长，维持"买入"评级。 科技带动类收入快速增长，订单剔除高基数重大项目影响稳健增长 分业务看，25Q1 公司科技带动类/投资带动类/建筑类/运营类分别实现营收 48/114/62/5 亿元，同比+22%/+5%/-9%/+11%，占比 20%/48%/26%/2%， +2.7/-0.4/-4.1/+0.1pct。25Q1 新签合同额 505 亿元，同比下滑 29.1%，若 剔除 24Q1 堆填区重大项目，同比增长 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - On April 28, 2025, the company launched the "Smart Assisted Driving Assurance Service" priced at 239 HKD per year, offering up to 1 million HKD in compensation, highlighting four key advantages: comprehensive coverage, wide insurance company participation, unlimited claims, and availability across all vehicle models [2][8]. - The company is expected to see steady sales growth due to the launch of new models such as MONA M03 and P7+, alongside improvements in its marketing system and channel transformation [2][8]. - The company anticipates a revenue of 150-157 billion HKD for Q1 2025, representing a year-on-year growth of 129.1%-139.8%, with Q4 2024 revenue reaching 161.1 billion HKD, marking its best quarterly performance [8]. - The company has a robust cash reserve of 419.6 billion HKD as of Q4 2024, reflecting a quarter-on-quarter increase of 17.4% [8]. - The company is positioned for a strong sales cycle in 2025, with multiple new models expected to launch, enhancing its revenue potential [8]. Summary by Sections Company Overview - The company has launched a unique service that allows users to enjoy benefits even 5 seconds after exiting the NGP, which is expected to significantly enhance user trust in its smart driving systems [2][8]. Financial Performance - The company reported a gross margin of 10.0% in Q4 2024, an increase of 5.9 percentage points year-on-year, achieving six consecutive quarters of growth [8]. - The projected revenue for the company in 2025 is 991 billion HKD, corresponding to a price-to-sales ratio of 1.4X [8]. Market Position - The company is leveraging its AI capabilities to maintain a competitive edge in the smart driving sector, with a monthly active user penetration rate of 86% for its XNGP urban driving feature as of March 2025 [8].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 70.24 per share based on a 7.0x PS valuation for 2025 [4]. Core Viewpoints - The company is positioned as a leading player in the marketing and sales SaaS sector in China, with a diverse product matrix and strong growth potential driven by AI technology and market dynamics [2][3][4]. - The company has demonstrated a robust revenue growth trajectory, with a projected CAGR of 31.1% from 2020 to 2024, and an expected revenue of HKD 23.66 billion in 2025 [4][62]. - The company’s AI+SaaS product offerings are expected to enhance customer payment willingness and drive revenue growth, supported by a growing number of large clients and an expanding sales team [9][40][41]. Summary by Sections Investment Logic - The diversification of traffic sources is leading to a trend towards holistic marketing, increasing the demand for marketing and sales tools. The rationalization of investment in the SaaS sector is clearing out smaller players, providing more space for leading domestic firms [2]. - The company has served over 200,000 enterprises and achieved a revenue of HKD 840 million in 2024, with a market share of approximately 2.4%, making it the industry leader [2][22]. Business Model and AI Strategy - The company’s product matrix and business model closely resemble that of HubSpot, which has achieved significant revenue growth in the U.S. market. The company aims to replicate this success in China [3][50]. - The company has launched several AI-driven products, including the Tforce marketing model and the AI-Agentforce platform, which are expected to enhance its service offerings and market competitiveness [9][35]. Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are HKD 23.66 billion, HKD 30.22 billion, and HKD 37.08 billion, respectively, with year-on-year growth rates of 51.78%, 27.75%, and 22.71% [4][76]. - The adjusted net profit is expected to turn positive in 2024, with projections of HKD 0.70 billion, HKD 1.12 billion, and HKD 2.24 billion for the following years [4][70]. Product and Marketing Dimensions - The company’s AI+SaaS product matrix is continuously expanding, with 311 functional modules by the end of 2024, significantly enhancing customer engagement and revenue per client [9][33]. - The company is actively expanding its client base, particularly among government and large state-owned enterprises, which is expected to contribute significantly to revenue growth [9][40]. Competitive Landscape - The marketing and sales SaaS market in China remains fragmented, but the report anticipates a consolidation towards leading players as competition intensifies [2][23]. - The company is well-positioned to capture a larger market share due to its comprehensive product offerings and strong financial backing for R&D [2][26].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In Q1 2025, the company achieved a revenue of 5.72 billion yuan, a year-on-year increase of 47.7%, and a net profit of 2.04 billion yuan, up 64.9% year-on-year, with an EPS of 0.38 yuan [7] - The brokerage income saw a significant increase of 56.3% year-on-year, contributing to 22.7% of total revenue, driven by a 70.3% increase in average daily trading volume [7] - The investment income, including fair value gains, reached 3.4 billion yuan, reflecting an 83.3% year-on-year growth, indicating strong performance in proprietary and derivative trading [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 35.446 billion yuan, with a decline of 5.22% year-on-year, while net profit is expected to be 6.156 billion yuan, down 18.97% year-on-year [1] - For 2025, net profit is forecasted to be 6.621 billion yuan, representing a growth of 16.28% [1] Business Segments - Brokerage business revenue increased significantly, while underwriting revenue decreased by 10.5% year-on-year [7] - Asset management revenue grew by 15.2% year-on-year, indicating a stable expansion in this segment [7] - Proprietary trading and derivatives business showed a robust increase, with investment income rising by 83.3% year-on-year [7] Market Position - The company maintains a leading position in the asset management industry, with a total asset management scale of 552 billion yuan, despite a slight year-on-year decline [7] - The company continues to strengthen its competitive barriers in investment banking and wealth management, benefiting from a recovering market environment [7]