国际航空运输协会(IATA，简称"国际航协")发布全球航空业最新财务展望。尽管航空供应链瓶颈持续存 在，但行业盈利已趋于稳健。2026年全球航空公司预计实现总净利润410亿美元(2025年为395亿美元)， 创历史新高，但净利率仍维持在3.9%，与2025年持平。每位旅客平均净利润为7.90美元，低于2023年的 历史高点8.50美元，与2025年持平。 2026年行业营业利润预计为728亿美元(2025年为670亿美元)，营业利润率升至6.9%，2025年预计为 6.6%。 投入资本回报率(ROIC)预计为6.8%，与2025年持平，但仍低于加权平均资本成本(WACC)，预计2026年 为8.2%。 2026年行业总收入预计为1.054万亿美元，同比增长4.5%(2025年预计为1.008万亿美元)。 2026年客运票款收入预计将达到7,510亿美元，比2025年7,160亿美元增长4.8%，主要得益于收入客公里 (RPK)增长4.9%的驱动，客运收益率预计持平，由于新飞机供应持续紧张，载客率有望创83.8%的新 高。 辅营收入及其他收入预计增长5.5%，达到1,450亿元，总收入占比近14%，高于疫情前1 ...

Core Insights - Smart Powerr Corp. (NASDAQ:CREG) operates in the renewable energy sector, focusing on energy efficiency and sustainability, competing with companies like China Jo-Jo Drugstores, Inc. (CJJD), Recon Technology, Ltd. (RCON), Euro Tech Holdings Company Limited (CLWT), and SemiLEDs Corporation (LEDS) [1] Financial Metrics - CREG's Return on Invested Capital (ROIC) is -2.22%, which is significantly lower than its Weighted Average Cost of Capital (WACC) of 9.34%, indicating inefficiencies in capital utilization [2] - China Jo-Jo Drugstores, Inc. (CJJD) has a negative ROIC of -6.65% and Recon Technology, Ltd. (RCON) has -9.23%, both failing to cover their WACC [3] - Euro Tech Holdings Company Limited (CLWT) shows a ROIC of 2.12% against a WACC of 8.18%, resulting in a ROIC to WACC ratio of 0.26, indicating insufficient returns [3] - SemiLEDs Corporation (LEDS) has a negative ROIC of -20.38% compared to a WACC of 7.09%, leading to a ROIC to WACC ratio of -2.88, highlighting the challenges faced by most companies in this group [4]

Company Overview - Avadel Pharmaceuticals plc (NASDAQ:AVDL) focuses on developing and commercializing innovative medicines, primarily targeting sleep disorders with its lead product LUMRYZ for treating narcolepsy [1] Financial Performance - Avadel's Return on Invested Capital (ROIC) is 0.86%, which is significantly lower than its Weighted Average Cost of Capital (WACC) of 11.64%, indicating inefficiencies in capital utilization [2][6] - Comparative analysis shows that Eyenovia, Inc. has a ROIC of -82.43% against a WACC of 15.56%, Aquestive Therapeutics, Inc. has a ROIC of -69.51% with a WACC of 14.86%, and Clearside Biomedical, Inc. has a ROIC of -177.13% with a WACC of 17.30% [3][4] - Intra-Cellular Therapies, Inc. has a negative ROIC of -10.08% but a lower WACC of 5.90%, resulting in a relatively better ROIC to WACC ratio of -1.71 [4] Industry Context - The analysis indicates that all companies, including Avadel, struggle to generate returns that exceed their cost of capital, reflecting the inherent risks of the biopharmaceutical industry [5][6] - The industry requires substantial investments in research and development before achieving profitability, contributing to the challenges faced by these companies [5][6]

Core Viewpoint - UBS reports that Beijing Capital International Airport Company (00694) experienced a 2.6% year-on-year revenue growth to 2.8 billion RMB, with losses narrowing to 163 million RMB compared to a loss of 376 million RMB in the same period last year, although the performance fell short of the bank's and market expectations [1] Financial Performance - Revenue increased by 2.6% year-on-year to 2.8 billion RMB [1] - Losses narrowed to 163 million RMB from 376 million RMB in the previous year [1] Earnings Forecast - UBS revised its earnings per share (EPS) forecasts for 2025 to 2027 from 0.02 RMB, 0.08 RMB, and 0.13 RMB to -0.05 RMB, 0 RMB, and 0.04 RMB respectively [1] Target Price Adjustment - The target price was slightly adjusted from 3.1 HKD to 3.22 HKD due to a decrease in the weighted average cost of capital (WACC) [1] - UBS maintains a neutral rating on the stock [1]

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (00291) with a target price of HKD 34 [1] Core Insights - China Resources Beer achieved positive sales growth in April and May, consistent with the sales trend from January to May 2025, benefiting from favorable raw material factors that helped increase gross margin by over 1 percentage point [1] - The company is implementing "Three Precision" initiatives to further reduce operating costs [1] - The management anticipates pressure on the white liquor business revenue this year due to weak demand and high base effects, aiming to avoid losses and impairments [1] Sales Performance by Product - Heineken continues to perform strongly with sales growth exceeding 20% year-on-year - Super X's year-to-date sales have increased by approximately 10% year-on-year - Sales of Old Snow and Amstel have seen over 50% year-on-year growth - Snow Beer Pure Draft experienced a slight single-digit decline in sales year-on-year [1] Sales Performance by Region - The company highlighted strong sales momentum in Guangdong, particularly around the Shenzhen area - It is expected that East China and South China will become key drivers of sales growth in 2025 [1] Sales Performance by Channel - The management noted that demand in the ready-to-drink channel remains weak, although there was a slight improvement in some dining markets in East and South China in May - The company has gained some market share in the nightlife channel - The proportion of ready-to-drink channel sales remains stable, consistent with the end of 2024 levels, at approximately 38-39% [1] Capital Expenditure Plans - Due to strong Heineken sales, the company plans to expand Heineken production capacity in Fujian - In 2025, further investments are planned in maintenance, production line transformation, and the white liquor business - Future capital expenditures are expected to gradually decrease [2] Financial Assumptions - The report uses a discounted cash flow method with a weighted average cost of capital (WACC) of 11.3%, derived from a 3% risk-free rate and a 9.1% risk premium, and a terminal growth rate of 3% [2]

Core Viewpoint - Morgan Stanley reports that China Resources Beer (00291) achieved positive sales growth in April and May, consistent with the sales trend from January to May 2025, benefiting from favorable raw material factors that helped increase gross margin by over 1 percentage point. The company is focused on cost reduction through its "Three Precision" initiatives and maintains a "Buy" rating with a target price of HKD 34. Management anticipates pressure on liquor business revenue this year due to weak demand and high base effects, aiming to avoid losses and impairments [1][2]. Summary by Category Sales Performance - Heineken continues to show strong performance with sales growth exceeding 20% year-on-year - Super X's year-to-date sales have increased by approximately 10% - Sales of Old Snow and Amstel have surged by over 50% - Snowflake Pure Life sales have experienced a slight decline in single digits [2] Regional Insights - The company highlights strong sales momentum in Guangdong, particularly around Shenzhen - It is expected that East China and South China will be key drivers of sales growth in 2025 [2] Channel Performance - Management notes that demand in the ready-to-drink channel remains weak, although there was a slight improvement in some dining markets in East and South China in May - The company has gained some market share in the nightlife channel - The proportion of ready-to-drink channel sales remains stable, consistent with the end of 2024 levels, at approximately 38-39% [2] Capital Expenditure - Due to strong Heineken sales, the company plans to expand Heineken production capacity in Fujian - Continued investments are planned for maintenance, production line transformation, and liquor business in 2025 - Future capital expenditures are expected to gradually decrease, with a baseline scenario using discounted cash flow method assuming a weighted average cost of capital (WACC) of 11.3% and a terminal growth rate of 3% [2]