Core Viewpoint - ZTO Express (ZTO.US) shares fell over 1% pre-market, trading at $18.97, following a target price downgrade by Morgan Stanley from $24.6 to $23.8 while maintaining an "Overweight" rating [1] Summary by Relevant Categories Company Performance - Morgan Stanley adjusted its earnings estimates for ZTO Express for the years 2025 to 2027, reducing projections by 1%, 2%, and 2% respectively [1] Industry Trends - The downgrade in package volume forecasts is attributed to an anticipated slowdown in industry growth in the second half of 2025 [1] - An increase in average selling prices is noted as a result of anti-competitive practices [1] - Other one-time project impacts were also considered in the earnings estimate adjustments [1]

Group 1 - Morgan Stanley has lowered the target price for ZTO Express from $24.6 to $23.8 while maintaining an "Overweight" rating [1] - The earnings estimates for the years 2025 to 2027 have been reduced by 1%, 2%, and 2% respectively [1] - Key factors for the adjustments include a slowdown in industry growth in the second half of 2025 leading to a downward revision in package volume forecasts, an increase in average selling prices due to anti-involution, and the impact of other one-time items [1]

Core Viewpoint - Nomura has downgraded its profit forecasts for Haidilao from 2023 to 2027 by 7% to 10%, with a target price reduced to HKD 16.2 [1] Financial Performance - Nomura expects Haidilao's mid-term revenue to decline by 4.4% year-on-year to RMB 20.5 billion, primarily due to the impact on table turnover rates [1] - Despite improvements in average spending per order, restaurant operations are estimated to decrease by 6% year-on-year [1] - The growth in takeout and barbecue businesses may partially alleviate the decline [1] Profitability Metrics - The firm has lowered its profit margin forecasts, predicting a contraction in operating profit margin and adjusted net profit margin by 0.3% and 0.4% year-on-year, respectively [1] - Food cost ratio is expected to increase by 2.4% compared to the second half of last year [1] - Operating expense ratio is projected to rise by 0.4% year-on-year due to efforts to provide better value products [1] - Adjusted net profit is forecasted to decline by 8% year-on-year to RMB 1.8 billion [1] Long-term Outlook - The downgrade in net profit forecasts for the company from 2023 to 2027 reflects higher-than-expected operating costs [1] - The target price has been revised from HKD 20.2 to HKD 16.2, while maintaining a buy rating [1]