Investment Rating - The investment rating for BYD is "Buy" (maintained) [1] Core Views - The report highlights that BYD's recent H-share placement of 1.3 billion shares at a price of HKD 335.2 per share is the largest equity refinancing project in the global automotive industry in the past decade, indicating strong confidence from global investors in the company's growth prospects [4] - The company is expected to see significant growth in net profit from 2024 to 2026, with projections of CNY 400.2 billion, CNY 531.8 billion (up 8.1%), and CNY 646.7 billion (up 8.1%) respectively, leading to a corresponding PE ratio of 24.0, 18.1, and 14.9 times [4] - BYD's overseas sales have shown remarkable growth, with a year-on-year increase of 83% in January and 188% in February 2025, indicating a strong expansion in international markets [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from CNY 602.3 billion in 2023 to CNY 1,016.9 billion in 2026, with a year-on-year growth rate of 12.9% [6] - The net profit attributable to the parent company is expected to increase from CNY 30.0 billion in 2023 to CNY 64.7 billion in 2026, reflecting a growth rate of 21.6% [6] - The gross margin is forecasted to improve from 20.2% in 2023 to 21.8% in 2026, while the net margin is expected to rise from 5.0% to 6.4% over the same period [6]

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC with a target price of HK$11.00, reflecting a potential upside of 27% from the current price of HK$8.66 [1][8]. Core Insights - The report indicates that Budweiser APAC's sales during the Chinese New Year were encouraging, with management stating that shipments to retailers matched last year's levels. The company is expected to achieve mid-single-digit volume growth in 2025, with a 3% increase in the Chinese market [6][13]. - A strategic shift has been announced, focusing on the "Core++" segment rather than ultra-premium products, aiming to enhance market share amidst a challenging macroeconomic environment [7][13]. - The company declared a dividend of $0.0566 per share, with a high payout ratio of 96%, which is expected to support long-term investor returns [7][8]. Financial Adjustments - The target price has been adjusted downwards from HK$11.60 to HK$11.00, while the earnings per share (EPS) estimates for 2025 and 2026 have been slightly increased by 0.7% and 1.9% respectively [2][8]. - Revenue forecasts for 2025 and 2026 have been raised by 2.0% and 3.2% respectively, reflecting better-than-expected recovery in beer sales in China [13][14]. - The normalized net profit for 2025 is projected at $887 million, with an adjusted net profit margin of 13.4% [10][14]. Market Performance - Budweiser APAC's stock has shown a 52-week range of HK$14.08 to HK$6.84, with a market capitalization of approximately $14.75 billion [1][8]. - The report highlights that the company's valuation is currently at a forward P/E of 21.1x for 2025, which is one standard deviation below the average of the past three years [15][17]. Strategic Focus - The management emphasizes that the strategic adjustment does not neglect high-end products but rather aims for a more comprehensive approach to current market conditions [7][8]. - The report suggests that the focus on the "Core++" segment will create significant synergies within Budweiser APAC's overall product portfolio [7][8].

Core Viewpoint - Anker's subsidiary, Soundcore, is rapidly growing, with projected global sales of 4.2 billion RMB and cumulative shipments of 85 million units in 2024, making it the global leader in wireless earphones [2] Group 1: Brand Strategy - Soundcore aims to enhance its brand power by targeting high-end markets, positioning itself against brands like JBL, Bose, and Sony, with a pricing strategy that is 10% lower than these competitors while maintaining higher quality standards [4][5] - The company has hired foreign designers from Japan, South Korea, and France to improve product aesthetics, moving away from the traditional bulky image that has been criticized [5] Group 2: Quality and Efficiency - Anker emphasizes extreme efficiency, with product development cycles as short as 3-4 months, which is notably fast within the industry [11] - The company focuses on high-quality production by sourcing cost-effective hardware and enhancing software quality, resulting in superior sound quality compared to competitors [8][9] Group 3: Market Performance - Soundcore's rapid growth is evident in its performance in Indonesia, where a single SKU of earphones sold over 1 million units, contributing significantly to revenue [13] - The smart audio segment, including Soundcore, has seen a revenue increase of over 30% year-on-year, highlighting the brand's strong market presence [13] Group 4: Supply Chain Dynamics - Anker's aggressive pricing strategy has led to tensions with suppliers, as the company maintains a firm stance against price increases despite pressures in the manufacturing sector [14] - The company's ability to compress manufacturing costs has created a competitive edge, distancing itself from other players in the industry [15] Group 5: Future Directions - Anker is increasing its investment in AI product development, establishing a project team in Beijing to compare self-developed technologies with overseas solutions, aiming to build core technological capabilities [18]

Investment Rating - The investment rating for Xiaomi Group-W (01810) is "Buy" with a target price yet to be specified [3]. Core Insights - The upcoming Ultra launch event is seen as a significant milestone in Xiaomi's five-year journey towards high-end product offerings, marking a cross-departmental collaboration between automotive and mobile sectors [1]. - The SU7 Ultra is expected to set new benchmarks in the automotive industry, showcasing impressive specifications such as a 0-100 km/h acceleration in 1.98 seconds and a top speed of 350 km/h, indicating Xiaomi's capability to compete in the high-end automotive market [1]. - The Ultra product line is anticipated to enhance Xiaomi's research and development momentum, driving core technology advancements across its product range [2]. Summary by Sections Company Overview - Xiaomi's total share capital is approximately 25,108.13 million shares, with a total market capitalization of around 1,333,241.63 million HKD [4]. - The net asset value per share is 7.88 HKD, and the debt-to-asset ratio stands at 49.33% [4]. Financial Projections - Revenue forecasts for Xiaomi from 2024 to 2026 are projected at 353.4 billion, 439.2 billion, and 512.4 billion HKD respectively, with electric vehicle and innovative business revenues expected to reach 29 billion, 72.3 billion, and 111.6 billion HKD [2]. - The adjusted net profit for the same period is estimated at 26.1 billion, 30.7 billion, and 36.1 billion HKD [2]. Product Strategy - The Ultra concept is expected to transition from mobile devices to the entire product line, enhancing sales of volume versions as the market shifts from growth to saturation [6]. - The SU7 Ultra is projected to exceed initial order expectations, with a target of 10,000 units, driven by its luxury features and performance capabilities [6].

Investment Rating - The investment rating for Xiaomi Group-W (01810) is "Buy" with a target price yet to be specified [3][11]. Core Viewpoints - The upcoming Ultra launch event is seen as a significant milestone in Xiaomi's five-year journey towards high-end product offerings, marking a cross-departmental collaboration between automotive and mobile sectors [1]. - The SU7 Ultra is expected to set new benchmarks in the automotive industry, showcasing impressive specifications such as a 0-100 km/h acceleration in 1.98 seconds and a top speed of 350 km/h, indicating Xiaomi's capability to compete in the high-end automotive market [1]. - The Ultra product line is anticipated to enhance Xiaomi's research and development momentum, driving core technologies down to more accessible product tiers [2]. Summary by Sections Company Overview - Xiaomi's total share capital is approximately 25,108.13 million shares, with a total market capitalization of around 1,333,241.63 million HKD [4]. - The net asset value per share is 7.88 HKD, and the debt-to-asset ratio stands at 49.33% [4]. Financial Projections - Revenue forecasts for Xiaomi from 2024 to 2026 are projected at 353.4 billion, 439.2 billion, and 512.4 billion HKD respectively, with electric vehicle and innovative business revenues expected to reach 29 billion, 72.3 billion, and 111.6 billion HKD [2]. - The adjusted net profit for the same period is estimated at 26.1 billion, 30.7 billion, and 36.1 billion HKD [2]. Product Strategy - The Ultra concept is expected to transition from mobile devices to the entire product line, enhancing sales of volume versions as the market shifts from growth to saturation [6]. - The SU7 Ultra is projected to exceed initial order expectations, with a target of 10,000 units, driven by its luxury features and performance capabilities [6].

Investment Rating - The report maintains an "Outperform" rating for Budweiser APAC [2] Core Insights - Budweiser APAC reported a revenue of USD 6.246 billion for 2024, a year-on-year decline of 7%. The net profit attributable to shareholders was USD 726 million, down 14.8% year-on-year. The company proposed a dividend increase from 5.29 cents per share in 2023 to 5.66 cents in 2024, totaling USD 750 million, with a payout ratio of 103.25% [7] - The report anticipates a recovery in demand in 2025, contingent on improved conditions in the restaurant and nightlife sectors, which could lead to a rebound in beer sales [7] - The company is focusing on expanding its high-end product offerings and increasing its distribution channels, with the number of cities served growing to 235 by the end of 2024 [7] Financial Data and Profit Forecast - Revenue projections for Budweiser APAC are as follows: - 2023: USD 6.856 billion - 2024: USD 6.246 billion - 2025E: USD 6.665 billion - 2026E: USD 6.971 billion - 2027E: USD 7.191 billion - Net profit forecasts are: - 2023: USD 852 million - 2024: USD 726 million - 2025E: USD 788 million - 2026E: USD 838 million - 2027E: USD 881 million - The report indicates a projected PE ratio of 19 for 2025, 18 for 2026, and 17 for 2027 [6][8]

赛力斯 20250225 摘要 • 赛力斯销量下滑影响股价，但预计 2025 年新车型 M8 发布将带来积极催 化，或于 3 月左右发布，提升市场关注度，当前或是较好的布局时机。 • 赛力斯积极布局机器人业务，成立子公司并注册"赛力斯机器人"商标， 表明公司在该领域稳步推进，作为重庆市支柱企业，发展确定性高，对公 司估值具有显著正向作用。 • 预计赛力斯 2025 年和 2026 年总销量分别为 49 万辆和 60 万辆，总收入 分别为 1,840 亿元和 2,080 亿元，对应归母净利润为 93 亿元和 118 亿元， 给予 2025 年 25 倍 PE，相较目前市值有 26%上涨空间。 • 赛力斯与华为深度合作，通过鸿蒙智行模式推出问界 M5 等畅销车型，加 速产品研发，降低成本，提高市场竞争优势，为公司高速成长奠定基础。 • 问界是赛力斯主销品牌，占比全年销量 78%，M9 和 M7 推动公司销售高 速增长，营业收入从 2023 年的 300 多亿元飙升至 2024 年前三季度的 1,068 亿元，同比增长五倍多，实现快速扭亏为盈。 • 赛力斯通过提高毛利率以及摊薄各项费用，实现了净利率提升至 3.8% ...