中芯国际去年末季纯利按季增4.5%，较往常季节性好，亦较早前指引按季升介乎0%至2%为佳，亦优于市场 预测按季增1.3%，主要得益于晶圆出货量与混合平均售价两者小幅增长。毛利率19.2%，符合介乎18%至20%的 指引，但低于市场预期的20%。 瑞银表示，随着8吋晶片产能利用率超过100%、12英寸晶片接近满载运转，管理层预测今年资本支出将与 去年的81亿美元持平，今年底产能预计增加40kwpm/12英寸产能，以应对中国无晶圆厂企业持续强劲的国产化 需求，中芯国际亦将目标锁定在BCD晶片、内存及内存相关产品等供应紧张的领域，以进行扩张。管理层预测 今年首季销售持平，毛利率介于18%至20%，今年销售增长将高于业界平均水平。 中芯国际(00981):定价环境有利惟折旧压力增,维持"中性"评级 瑞银华宝 瑞银发布研报称，上调中芯国际(70.05,0.05,0.07%)(00981)2026至2029年营收预测4%，以反映更大的国 产化机会与更佳的供需态势；但下调盈利预测8%至18%，以反映更高的折旧负担。予目标价76港元，基于未来 12个月预测3.3倍股价净值比，长期股东权益报酬率11.3%计；维持"中性"评级。 ...

理想汽车-W(02015):L9焕新在即催化重估,重申"买入"评级 瑞银华宝 瑞银发布研报称，理想汽车-W(72.8,0.00,0.00%)(02015)目前估值水平具吸引力。理想现交易估值低于上 市以来逾95%的时间，且净现金占市值约三分之二，反映市场情绪相当悲观。随着L9发布在即，该行认为曙光 渐现。基于其风险回报吸引力高，瑞银重申予其"买入"评级。 理想汽车于上周五(6日)发布新一代L9，计划第二季度上市。旗舰版L9Livis定价55.98万元人民币。瑞银 相信，从现在至第二季度正式推出，市场情绪有望逐步改善，并有助提升投资者对其他车型更新计划的能见 度。旗舰SUVL9将于第二季度焕新上市，有望在2025年低基数上推动增长重新加速。尽管面临大宗商品成本上 涨挑战，但公司凭借高端定位与利润缓冲，预计比多数同业更具韧性。瑞银认为，现时是重新关注该股的合适 时机。 ...

民生银行(01988):上调评级至"买入",看好盈利拐点与估值重评 瑞银华宝 瑞银发布研报称，将民生银行(4.2,0.00,0.00%)（01988）评级由"中性"上调至"买入"，基于其估值 处于深度折让，2026年预测市账率仅0.22倍（相对中信银行(7.58,0.00,0.00%)（00998）为0.47倍）；以及受 益于营收改善及资产负债表风险已大规模释放，盈利很可能自2026年开始迎来拐点，目标价从5.43港元轻微下 调至5.3港元。 市场当前仍以盈利压力将持续存在的定价逻辑来看待民行，而瑞银分析认为其拨备风险可能已见顶。随着 盈利预计在2026年达到平衡，并自2027年起转为正增长，该行认为其估值重评潜力将超过近期的股本回报率疲 软。瑞银将民行2026至29年每股盈利预防上调5-6%，但同时因短期市场波动，轻微上调资金成本（CoE）至 11.5%。 ...

Investment Rating - The report maintains a "Buy" rating for China Aircraft Leasing Group (02588) [1] Core Insights - China Aircraft Leasing is benefiting from a renewed acceleration in asset growth and is entering a new cycle of rising Return on Equity (ROE), with an expected ROE of 11.7% in 2026 and 12.7% in 2027, up from 10.9% in 2025 [1] - The target price for the company has been raised from HKD 86.5 to HKD 96.9, indicating potential for re-rating as ROE improves [1] - The estimated profit for the previous year is approximately USD 720 million, with capital expenditures aligning with the forecast of USD 4 billion [1] Financial Projections - Leasing business revenue is projected to accelerate from a 1% growth in the first half of the previous year to a forecasted 5.5% growth in the second half [1] - The expected annual dividend is USD 0.36, with a payout ratio of 35%, although there is potential for a more generous dividend policy due to the company's improved capital structure [1]

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of Rmb60.10 [3][4][14]. Core Insights - The company reported strong performance for the fiscal year 2025, with net profit expected to be between Rmb600 million and Rmb660 million, representing a year-on-year growth of 52% to 67%, which aligns with market expectations [4]. - The fourth quarter net profit is projected to reach Rmb154 million to Rmb214 million, showing a significant year-on-year increase of 313% to 473% [4]. - The growth is attributed to accelerated shipments of data center products and a recovery in energy storage product deliveries, with management expecting an increase in orders related to the United States starting in 2026 [4]. - The company anticipates that revenue from its data center business will be approximately Rmb3 billion in 2025, with over 50% of sales coming from overseas [4]. - The management has secured new orders worth Rmb1 billion from a major client, with additional orders valued at Rmb300 million and Rmb100 million expected to be delivered in 2026 [4]. Financial Metrics - The company's market capitalization is Rmb31.2 billion (approximately US$4.48 billion) [3]. - The stock has a price-to-book ratio of 6.4 for the fiscal year ending December 2025 [3]. - The average daily trading volume is 15.43 million shares, with an average daily turnover of Rmb725 million [3]. - Earnings per share (EPS) estimates for the fiscal years are Rmb1.04 for 2025, Rmb1.55 for 2026, and Rmb2.14 for 2027 [3][4]. Valuation - The target price of Rmb60.10 is based on a discounted cash flow (DCF) valuation method [4]. - The report does not adjust the earnings per share (EPS) forecasts or the target price [4].

Investment Rating - The report maintains a "Buy" rating for Hansoh Pharmaceutical (03692) despite a year-to-date stock price increase of 53% [1] Core Insights - UBS believes that the stock price of Hansoh Pharmaceutical is still undervalued, raising the target price from HKD 24 to HKD 33.3 [1] - The positive outlook is driven by the company's R&D capabilities and revenue potential from collaboration projects, particularly the licensing agreements for BD HS-20094 and HS-10535 [1] - Earnings per share forecasts for Hansoh Pharmaceutical have been increased by 16.2%, 17.7%, and 21.3% for the years 2025 to 2027, with revenue forecasts adjusted upward by 6% to 12% [1] - The main growth drivers are expected to be Aumolertinib and BD, with projected sales for Aumolertinib reaching RMB 6 billion this year and potentially exceeding RMB 8 billion by 2029 [1]

Investment Rating - The report downgrades Genting (GENT) from Buy to Neutral, with a new price target of RM3.10, reflecting a 47% reduction from the previous target of RM5.90 [1][4][5]. Core Views - The growth momentum for Genting is expected to fade in 2025 due to a high base in Malaysia and a slow recovery in Las Vegas, which may limit dividend flows from Genting Malaysia (GENM) to Genting [1][11]. - The outlook in Singapore is improving, which may provide some downside support for Genting [1][11]. - The report forecasts flattish earnings for FY25, with a projected net profit of RM880 million and a diluted EPS of RM0.23, reflecting a 52% decrease from previous estimates [3][6][30]. Summary by Sections Financial Performance - Genting's revenue is projected to reach RM29.332 billion in FY25, with a slight increase to RM30.387 billion in FY26 [7][32]. - EBITDA for FY25 is revised down by 18% to RM8.664 billion, with expectations of moderate growth due to challenges in Malaysia and Las Vegas [3][22]. - The net earnings forecast for FY25 is RM880 million, a significant drop from previous estimates [6][22]. Valuation Metrics - Genting is currently trading at a 66% discount to its NAV, which aligns with its two-year average [1][26]. - The report assigns a 50% discount to Genting's NAV, slightly lower than its two-year average, reflecting the removal of regulatory overhangs [4][27]. Dividend Expectations - The expected dividend per share (DPS) for FY25 is RM0.11, implying a dividend yield of approximately 3.6% [30][31]. - The report indicates that the dividend yield is below the two-year average of 4.4%, reflecting rising uncertainty over dividend flows from GENM [26][30].

Investment Rating - The report maintains a Neutral rating for Genting Malaysia (GENM) with a price target cut from RM2.30 to RM1.89, reflecting an 18% decrease due to weaker growth expectations in Malaysia and the consolidation of Empire Resorts [1][4][5]. Core Views - The acquisition of Empire Resorts is expected to lead to higher losses for GENM starting in Q2 2025, with Empire's business trends remaining sluggish despite significant investments [2][3]. - The upcoming New York full-scale casino license opportunity presents uncertainty due to its high capital expenditure of US$4 billion and potential dilution from online gaming legalization [1][8]. - The dividend per share (DPS) is unlikely to increase in the near term as GENM may prioritize cash preservation for the license bidding process, with a projected DPS of RM0.10 for 2025 [3][28]. Financial Summary - The report projects a revenue increase to RM12.294 billion for 2025, with a year-on-year growth of 12.7% [21][33]. - Adjusted EBITDA is expected to reach RM3.153 billion in 2025, reflecting an 8.3% increase [21][33]. - Net profit estimates for 2025 have been cut by 7-9% due to higher depreciation and interest expenses associated with the Empire acquisition [21][22]. Valuation Metrics - GENM is currently trading at an EV/EBITDA multiple of 6.0x for 2025, which is 1 standard deviation below its two-year average [1][26]. - The dividend yield is projected at 5.3%, which is lower than the two-year average of approximately 6.3% [25][29]. - The report indicates a net debt to EBITDA ratio of 3.4x as of December 2024, suggesting limited room for dividend increases [3][5].

Investment Rating - The report maintains a "Buy" rating for the company Gu Ming (01364) [1] Core Insights - Gu Ming has achieved a same-store sales growth of approximately 10% this year, with store opening plans reaching 1,500 to 2,000, exceeding previous estimates [1] - UBS has raised the target price for Gu Ming from HKD 19.28 to HKD 31.15, corresponding to forecasted P/E ratios of 34x and 27x for 2025 and 2026 respectively [1] - The current valuation of Gu Ming is considered attractive at 1.3x dynamic P/E compared to the industry average of 1.9x [1] - The management has reiterated a long-term goal of reaching 30,000 stores by 2030, supporting an estimated annual store growth of about 20% [1] Financial Projections - UBS has increased the earnings per share forecast for Gu Ming for 2025 to 2027 by 6% to 11%, driven by a revenue forecast increase of 6% to 12%, reaching RMB 11.5 billion, RMB 14.1 billion, and RMB 17.2 billion respectively [2] - Same-store sales are expected to grow by 6% in 2025, supported by the introduction of coffee beverages [2]

Investment Rating - The report upgrades Aspeed Technology Inc to a Buy rating from Neutral, with a new price target of NT$5,000, up from NT$3,500 [4][6]. Core Insights - Aspeed's growth is expected to be driven by both AI and traditional servers, with significant increases in baseboard management controller (BMC) demand projected [12][9]. - The demand for BMCs from AI servers is forecasted to rise by 81% to 4.3 million units in 2025 and by 59% to 6.8 million units in 2026, representing 26% and 36% of total BMC shipments, respectively [12][19]. - Traditional server BMC shipments are estimated to reach approximately 94% of end market units in 2024 and 100% in 2025, aligning with a healthy run rate [21][2]. Summary by Sections Market Opportunity - Aspeed is positioned to benefit from a substantial increase in content per server, with BMC prices expected to rise from US$12-13 in 2024 to US$40-50 or higher by 2026, driven by new product launches [3][25]. - The introduction of I/O expanders and mini BMCs is anticipated to further enhance revenue potential [25][29]. Financial Projections - Revenue projections for 2025 and 2026 have been raised by 1% and 15% respectively, reflecting stronger BMC volume growth and content expansion [33]. - The report estimates revenues of NT$7,980 million for 2025 and NT$9,955 million for 2026, with net earnings expected to reach NT$3,344 million and NT$4,203 million respectively [5][33]. Valuation Metrics - The new price target of NT$5,000 is based on a 45x PE ratio for 2026, reflecting a stronger long-term earnings CAGR forecast of 25% [4][6]. - Aspeed's average PE from mid-2023 to now is noted to be 52x, indicating potential for re-rating as AI server demand expands [4][11]. Competitive Position - Aspeed is expected to maintain its dominant market share of over 70% in server BMCs due to product migration to newer platforms and an expanding product portfolio [9][21]. - The company has adopted a proactive strategy to build inventory for hyperscalers, which is expected to enhance customer relationships and streamline inventory management [23][21].