Core Insights - The company reported Q1 2025 revenue of 86.6 billion RMB, an 18% year-on-year increase, aligning with market expectations [1] - Adjusted net profit rose 46% year-on-year to 10.9 billion RMB, with a net profit margin of 13%, up 2.4 percentage points from the previous year [1] - Core business operating profit margin improved to 21%, exceeding expectations of 19%, while new business incurred an operating loss of 2.3 billion RMB, with a loss rate of 10% [1] Business Performance - Core business: Estimated daily orders for food delivery increased by 9-10% year-on-year, with average order value (AOV) experiencing a low single-digit decline due to increased contributions from "拼好饭" and "神枪手" [1] - Flash purchase daily orders reached nearly 11 million, a year-on-year increase of approximately 30%, with non-food categories like 3C, home appliances, and beauty products seeing over 60% growth [1] - In-store travel and accommodation gross transaction value (GTV) grew over 30% year-on-year, with stable operating profit margins [1] New Business Developments - New business segment showed a slight reduction in losses, with the pace of loss narrowing due to ongoing long-term capability building [1] - "Keeta" has rapidly grown to become the largest food delivery platform in Hong Kong and is expanding into Saudi Arabia, covering nine major cities, with plans to enter Brazil and invest $1 billion over the next five years [1] Market Outlook - Increased competition in the food delivery market is expected to lead to higher subsidies, potentially impacting revenue and profit growth in Q2 [2] - Forecasts suggest mid-single-digit year-on-year growth in food delivery order volume, while flash purchase order volume is expected to maintain slightly above 30% growth [2] - New business revenue growth is projected at 22%, with losses expected to widen to approximately 2.6 billion RMB due to overseas investments [2] Valuation - Despite the lower entry barriers in the food delivery market due to increased subsidies, operational and scheduling capabilities for merchants and riders will take time to improve [2] - The company is expected to maintain a leading market share, with a projected profit growth of about 7% in 2025, leading to a target price adjustment to 165 HKD, while maintaining a buy rating [2]

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 2024 年报及 2025 年一季报点评：25Q1 季报 迎来拐点，期待逐季改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,411 | 10,300 | 11,599 | 13,892 | 16,493 | | 同比（%） | 23.52 | (9.73) | 12.61 | 19.77 | 18.72 | | 归母净利润（百万元） | 1,974 | 1,262 | 1,587 | 2,139 | 2,654 | | 同比（%） | 19.21 | (36.08) | 25.75 | 34.82 | 24.07 | | EPS-最新摊薄（元/股） | 2.40 | 1.53 | 1.93 | 2.60 | 3.22 | | P/E（现价&最新摊薄） | 55.48 | 86.80 | 69.03 | 51.20 | 41.27 | [T ...