华尔街分析师将Lululemon Athletica(LULU.US)列为标普500指数中最值得买（300785）入的13只成分股 之一，但瑞银近日对其目标价作出调整。8月18日，瑞银将该股目标价从290美元下调至240美元，同时 维持中性评级。 不过，该行分析师特别强调，由于市场此前已对类似结果有所预期，此次调整预计不会对该公司第二季 度的市盈率产生显著影响。 尽管存在短期压力，华尔街整体仍对Lululemon保持乐观态度，多数分析师维持"买入"评级。当前，华 尔街对该股的一年平均目标价为283.78美元，较最新收盘价存在近43%的上涨空间，这一数据反映出机 构投资者对其长期价值的认可。 这一调整主要基于公司8月份销售势头疲软的现状，瑞银分析师在研究报告中指出，Lululemon第二季度 在美国市场的销售额仅实现1%的同比增长。此外，瑞银预计，受关税政策及成本上升影响，Lululemon 每股收益(EPS)将面临20美分的下调压力。 ...

Group 1 - Citigroup downgraded Trade Desk's rating from "Buy" to "Neutral" [1] - The target price for Trade Desk was reduced from $90 to $65 [1]

Core Viewpoint - UBS has raised the target price for China Merchants Port (00144) from HKD 16.9 to HKD 17.5, reflecting better-than-expected container volumes and a decrease in the weighted average cost of capital under the assumption of a risk-free interest rate [1] Group 1: Financial Forecasts - UBS has increased the net profit forecast for China Merchants Port for the years 2025 to 2027 by 1% to 3% [1] - The company is expected to see a 6% year-on-year increase in recurring net profit for the first half of the year, driven by healthy growth in container volumes and a 3-4% increase in port charges both domestically and internationally [1] Group 2: Profit Adjustments - Despite the expected growth in recurring net profit, UBS anticipates a 9% year-on-year decrease in the company's net profit for the first half of the year due to abnormal items, including a net change in the fair value of financial assets/liabilities amounting to HKD 298 million and a compensation of RMB 317 million from a shipping company related to investments in Togo last year [1]

Group 1 - UBS raised the target price for China Merchants Port (00144) from HKD 16.9 to HKD 17.5, reflecting better-than-expected container volumes and a decrease in the weighted average cost of capital under the assumption of a risk-free rate [1] - UBS expects China Merchants Port's recurring net profit for the first half of the year to increase by 6% year-on-year, driven by healthy growth in container volumes and a 3-4% increase in port charges both domestically and internationally [1] - Despite the positive outlook, UBS anticipates a 9% year-on-year decrease in the company's net profit for the first half due to abnormal items, including a net change in the fair value of financial assets/liabilities of HKD 298 million and compensation of RMB 317 million from a shipping company related to its investment in Togo last year [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]

Core Viewpoint - HSBC Global Research has raised the target price for China Molybdenum (01208.HK) by 18.5% to HKD 3.2, while downgrading the rating from Buy to Hold due to copper price downside risks and lack of dividends [1] Group 1: Target Price Adjustment - The target price for China Molybdenum has been increased from HKD 2.7 to HKD 3.2, reflecting a 18.5% rise [1] - The stock price has increased over 30% in the past month, indicating positive developments in the copper industry and improved profit outlook for the group [1] Group 2: Rating Change and Market Conditions - HSBC believes the current valuation of the stock is reasonable, leading to the downgrade of the rating from Buy to Hold [1] - Despite potential increases in copper prices, HSBC sees limited upside for the stock price, while downside risks are intensifying [1]

Core Viewpoint - Credit Lyonnais has lowered the target price for Meituan to HKD 185 due to profit margin pressures from competition in the food delivery sector and global expansion efforts [1] Financial Performance - Meituan's Q1 2025 performance exceeded expectations, with total revenue and adjusted EBITDA increasing by 18% and 62% year-on-year, reaching RMB 86.6 billion and RMB 11.2 billion, respectively, surpassing Credit Lyonnais's estimates by 1% and 12% [1] - The company anticipates a slowdown in core local commerce revenue growth and a year-on-year decline in profits for Q2 2025, as it prioritizes competitive responses and faces increased losses from new business ventures due to global expansion [1] Revenue and Profit Forecasts - Credit Lyonnais projects a 13% year-on-year increase in total revenue for Q2 2025, while adjusted EBITDA is expected to decline by 21% [1] - Core local commerce revenue is forecasted to grow by 10% year-on-year, with adjusted EBITDA anticipated to decrease by 12% [1] Adjustments to Profit Predictions - The firm has revised its adjusted net profit forecasts for Meituan downwards by 7% and 6% for the next two years, leading to a reduction in the target price from HKD 195 to HKD 185 [1]

Core Viewpoint - Nomura reports that Miniso's profitability is under greater pressure, leading to a 3% reduction in its target stock price from $23.2 to $22.5 while maintaining a buy rating [1] Financial Performance - Miniso's Q1 earnings fell short of expectations, with operating profit margin declining by 4 percentage points year-on-year [1] - The decline in profit margin is attributed to an increase in revenue contribution from lower-margin Direct-to-Consumer (DTC) business and a decrease in profit margin from DTC stores in the US and China [1] Future Outlook - Miniso maintains that revenue growth for 2025 is expected to outpace that of 2024, but will reassess this by the end of Q2 2025 [1] - The report indicates that adjusted earnings growth for 2025 is anticipated to exceed that of 2024, highlighting ongoing pressure on profitability [1] - Nomura emphasizes the need to closely monitor the trend of slower profit growth compared to revenue growth in the US, which has persisted for four consecutive quarters [1]

Group 1 - Bank of America downgraded ZTO Express's rating from "Buy" to "Neutral" due to disappointing first-quarter performance [1] - The target price for ZTO Express was reduced by 21% from $24 to $19 [1] - The report indicates limited future catalysts for the company due to intense price competition in the industry [1]

Group 1 - Citi has raised the target price for China Life Insurance to HKD 17.9, maintaining a "Buy" rating [1] - The earnings per share forecasts for China Life for fiscal years 2025 and 2026 have been lowered by 1% and 7% respectively, reflecting lower expected investment income [1] - The target price increase from HKD 17.7 to HKD 17.9 is based on better-than-expected performance for fiscal year 2024 [1]