Investment Rating - The report assigns an "Accumulate" rating for Horizon Robotics (09660.HK) [4] Core Views - Horizon Robotics is a leading supplier of advanced driver assistance systems (ADAS) and high-level autonomous driving solutions, benefiting from the expansion of the smart driving solutions market driven by the trend of driving equality [4][5] - The company is expected to achieve revenues of 3.644 billion, 5.618 billion, and 8.190 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 52.9%, 54.2%, and 45.8% [4][18] - The current stock price of 7.48 HKD corresponds to price-to-sales ratios of 25, 16, and 11 for the years 2025, 2026, and 2027 respectively [4] Financial Summary and Valuation Indicators - Revenue (CNY million): 2023A: 1,552; 2024A: 2,384; 2025E: 3,644; 2026E: 5,618; 2027E: 8,190 [8] - Year-on-Year Growth (%): 2023A: 71.3; 2024A: 53.6; 2025E: 52.9; 2026E: 54.2; 2027E: 45.8 [8] - Net Profit (CNY million): 2023A: -6,739; 2024A: 2,347; 2025E: -1,634; 2026E: -945; 2027E: 75 [8] - Gross Margin (%): 2023A: 70.5; 2024A: 77.3; 2025E: 75.1; 2026E: 71.5; 2027E: 69.1 [8] - Net Margin (%): 2023A: -434.3; 2024A: 98.4; 2025E: -44.8; 2026E: -16.8; 2027E: 0.9 [8] - Return on Equity (ROE) (%): 2023A: -27.3; 2024A: 19.7; 2025E: -15.9; 2026E: -10.1; 2027E: 0.8 [8] - Earnings Per Share (EPS): 2023A: -2.5; 2024A: 0.2; 2025E: -0.1; 2026E: -0.1; 2027E: 0.0 [8] Market Position and Competitive Landscape - Horizon Robotics holds a dominant position in the Chinese OEM advanced driver assistance solutions market with a market share of 35.9% as of H1 2024 [5][6] - The company is accelerating its growth in the high-level autonomous driving market and aims to increase its market share with the launch of the HSD solution in 2025 [5][6] - The global and Chinese smart driving solutions market is projected to reach 1,017.2 billion and 407 billion CNY by 2030, with a CAGR of 49.2% and 49.4% respectively from 2023 to 2030 [5][6] Product and Technology Overview - The company offers a comprehensive range of products including hardware, algorithms, and solutions, with a focus on soft-hard integration [4][28] - The latest series of chips, the Journey 6 series, provides significant computational power, with the J6P chip offering 560 TOPS [6][28] - Horizon Robotics has developed a full-stack algorithm capability that meets the development requirements for both advanced driver assistance and high-level autonomous driving solutions [33][34]

Investment Rating - The investment rating for Geely Automobile is "Buy" [1] Core Views - The report expresses an optimistic outlook for Geely Automobile's performance in Q1 2025, driven by the launch of several key models, which supports a positive sales and operational performance forecast for the entire year [2] - The company's brand structure is considered reasonable and clear, with expectations for continued revenue and net profit growth as the "Smart Geely 2025" strategy is gradually implemented [7] - The report anticipates Geely's net profit for 2025-2027 to be 16.3 billion RMB, 18.2 billion RMB, and 23.7 billion RMB respectively, with corresponding EPS of 1.62 RMB, 1.81 RMB, and 2.35 RMB [7] Financial Summary - In Q1 2025, Geely's sales reached 704,000 units, a year-on-year increase of 48%, with revenue of 72.5 billion RMB, up 25% year-on-year, and a net profit of 5.67 billion RMB, reflecting a 264% increase year-on-year [7] - The company plans to launch 10 new energy models in 2025, with a sales target of 2.71 million units, including 1.5 million units from new energy vehicles [7] - The financial projections indicate a significant increase in revenue from 240.2 billion RMB in 2024 to 321.8 billion RMB in 2025, representing a growth rate of 34% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall performance in FY25Q4 showed a revenue of 236.5 billion yuan, a year-on-year increase of 7%, slightly below Bloomberg's expectations. Adjusted EBITDA and adjusted net profit reached 41.8 billion yuan (up 36%, margin of 18%) and 29.8 billion yuan (up 22%, margin of 13%), respectively, both exceeding Bloomberg's expectations by 1.3% and 1.6% [4][5] - The Taobao Group's revenue was 101.4 billion yuan (up 9%), exceeding Bloomberg's expectations by 3.6%, with adjusted EBITA of 41.7 billion yuan (up 8%). The international digital commerce group's revenue was 33.6 billion yuan (up 22%), below expectations by 4.0%, with adjusted EBITA of -3.6 billion yuan (up 12.5%) [5] - The cloud intelligence group's revenue was 30.1 billion yuan (up 18%), slightly above Bloomberg's expectations by 0.8%, with adjusted EBITA of 2.4 billion yuan (up 69%) [6] Summary by Sections Overall Performance - In FY25Q4, the company reported a revenue of 236.5 billion yuan, with adjusted EBITDA of 41.8 billion yuan and adjusted net profit of 29.8 billion yuan, both showing significant year-on-year growth [4][5] Segment Performance - Taobao Group: Revenue of 101.4 billion yuan (up 9%), adjusted EBITA of 41.7 billion yuan (up 8%) [5] - International Digital Commerce Group: Revenue of 33.6 billion yuan (up 22%), adjusted EBITA of -3.6 billion yuan [5] - Local Life Group: Revenue of 16.1 billion yuan (up 10%), adjusted EBITA of -2.3 billion yuan [5] - Cainiao Group: Revenue of 21.6 billion yuan (down 12%), adjusted EBITA of -0.6 billion yuan [5] - Cloud Intelligence Group: Revenue of 30.1 billion yuan (up 18%), adjusted EBITA of 2.4 billion yuan [6] - Entertainment Group: Revenue of 5.6 billion yuan (up 12%), adjusted EBITA of 0.04 billion yuan [5] Cloud Business Growth - The cloud business showed accelerated growth with a revenue of 30.1 billion yuan (up 18%), surpassing Bloomberg's expectations. The AI business has seen continuous triple-digit growth for seven consecutive quarters [6] Future Projections - Revenue projections for FY2026-2028 are 1,086.7 billion yuan, 1,200.6 billion yuan, and 1,315.7 billion yuan, reflecting year-on-year growth rates of 9.1%, 10.5%, and 9.6% respectively. Non-GAAP net profit is expected to be 169.3 billion yuan, 186.0 billion yuan, and 192.5 billion yuan for the same period [6][10]

港股研究丨公司深度丨蒙牛乳业（2319.HK） [Table_Title] 蒙牛乳业深度报告：峰回路转，再启山林 %% %% [Table_Summary] 随着原奶趋向供需平衡，价格竞争或放缓，公司产品升级延续，盈利能力有望保持提升。公司 的盈利能力历经调整，有望顺应供给侧改善的机会，价格竞争放缓的背景下获得修复，叠加公 司在中高端产品布局完善，鲜奶、奶酪等升级产品对整体盈利能力带来正向贡献，中期维度盈 利能力改善的路径较为清晰。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 39 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 %% %% research.95579.com 2 蒙牛乳业（2319.HK） cjzqdt11111 [Table_Title2] 蒙牛乳业深度报告：峰回路转，再启山林 [Table_Summary2] 蒙牛乳业是国内乳业龙头，背靠中粮集团，新品类、出海驱动全新增长 蒙牛乳业立足液态奶 ...

港股公司报告 | 首次覆盖报告 联邦制药（03933） 证券研究报告 UBT251 已授权给诺和诺德，动保/胰岛素稳健增长 联邦制药成立于 1990 年，于 2007 年在香港上市，主要从事药品的研发、 生产及销售。历经三十余年发展，联邦制药形成了拥有制剂、原料、生物、 动保四大业务板块；在研方面，聚焦代谢/自免领域，已完成大额授权。 减重：UBT251 已实现授权，司美格鲁肽仿制药已进入临床 UBT251 中国 Ib 期超重/肥胖适应症临床试验结果显示：给药第 12 周，最 高剂量组平均体重较基线下降 15.1%，安慰剂组较基线平均增加 1.5%，安 慰剂效应修正后体重下降 16.6%（15.1%+1.5%）；安全性方面，UBT251 的 安全性特征与其他肠促胰岛素类产品相似，最常见的不良事件为胃肠道反 应，且绝大多数为轻度至中度，12 周减重水平已超越礼来 Retatrutide 同 期的 10%-15%水平。3 月 24 日，联邦制药宣布将 UBT251 的海外权益授予 诺和诺德，获得 2 亿美元首付款和最高 18 亿美元的潜在里程碑付款，以 及可收取基于海外地区年度净销售额的分层销售提成。 胰岛素：集 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][7]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 72.495 billion RMB, a year-on-year increase of 24.5%, and a net profit of 5.67 billion RMB, up 264% year-on-year, exceeding expectations [7][9]. - The company is accelerating its electric vehicle transformation, with a notable increase in sales of its new energy vehicle brands, which accounted for 48.2% of total sales in Q1, up 18 percentage points year-on-year [9]. - The company is pursuing a strategic integration of its automotive business, including a proposed privatization of its brand Zeekr, which is expected to enhance operational efficiency and reduce costs [9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 19.24 HKD and a market capitalization of approximately 135.241 billion RMB [2]. Recent Performance - In Q1 2025, the company sold 703,800 vehicles, a 48% increase year-on-year, with new energy vehicle sales rising by 135% [9]. - The overall gross margin for Q1 was 15.8%, reflecting a slight improvement [9]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 13.2 billion RMB, 17.6 billion RMB, and 21.8 billion RMB, respectively, with year-on-year growth rates of 44%, 30%, and 24% [7][9]. - The earnings per share (EPS) for the same years are forecasted to be 1.35 RMB, 1.75 RMB, and 2.2 RMB, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [7][9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][7]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 72.495 billion RMB, a year-on-year increase of 24.5%, and a net profit of 5.67 billion RMB, up 264% year-on-year, exceeding expectations [7][9]. - The company is accelerating its electric vehicle transformation, with a notable increase in sales of its new energy vehicle brands, which accounted for 48.2% of total sales in Q1, up 18 percentage points year-on-year [9]. - The company is pursuing a strategic integration of its automotive business, including a plan to privatize its brand Zeekr, which is expected to enhance operational efficiency and reduce costs [9]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current H-share price of 19.24 HKD and a market capitalization of approximately 135.241 billion RMB [2]. Recent Performance - In Q1 2025, the company sold 703,800 vehicles, a 48% increase year-on-year, with new energy vehicle sales rising by 135% [9]. - The overall gross margin for Q1 was 15.8%, reflecting a slight improvement [9]. Financial Projections - Expected net profits for 2025, 2026, and 2027 are projected to be 13.2 billion RMB, 17.6 billion RMB, and 21.8 billion RMB, respectively, with year-on-year growth rates of 44%, 30%, and 24% [7][9]. - The earnings per share (EPS) for the same years are forecasted at 1.35 RMB, 1.75 RMB, and 2.2 RMB, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [7][9]. Strategic Initiatives - The company is focusing on integrating its automotive operations to improve quality and efficiency, with an anticipated overall benefit exceeding 5% post-integration [9].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4][43] Core Insights - The company achieved revenue of 1800.2 billion RMB in Q1 2025, a year-on-year increase of 12.9%, exceeding Bloomberg consensus estimates of 1756.0 billion RMB [2][14] - Non-IFRS net profit reached 613.3 billion RMB, up 22.0% year-on-year, also surpassing Bloomberg consensus of 596.8 billion RMB [2][14] - AI is significantly contributing to the gaming and advertising sectors, enhancing product differentiation and user engagement [3][24] Revenue and Profitability - Total revenue is projected to grow from 609,015 million RMB in 2023 to 854,621 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 9.18% [4] - Non-IFRS net profit is expected to increase from 157,688 million RMB in 2023 to 298,384 million RMB in 2027, reflecting a strong growth trajectory [4] - The company’s overall gross margin improved to 56% in Q1 2025, driven by growth in high-margin revenue sources such as domestic games and advertising [33][36] Business Segments Performance - The gaming segment reported revenue of 595 billion RMB in Q1 2025, a 23.7% increase year-on-year, with strong performance in both domestic and international markets [20][21] - Social network revenue rose to 326 billion RMB, up 6.9% year-on-year, supported by growth in mobile game virtual goods and paid memberships [22] - Advertising revenue reached 319 billion RMB, a 20.4% increase year-on-year, benefiting from enhanced user engagement and AI-driven optimizations [24] - Financial technology and enterprise services revenue was 549 billion RMB, a 5.0% increase year-on-year, although slightly below expectations [28] Future Outlook - The report forecasts adjusted net profits of 2441 billion RMB, 2693 billion RMB, and 2984 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 16, and 14 times [4][43] - The company is expected to maintain strong business barriers and continue to grow its ecosystem, including video accounts, mini-programs, and fintech services [4][43]

丨证券研究报告丨 港股研究丨公司点评丨李宁（2331.HK） [Table_Title] 流水符合预期，维持业绩指引 报告要点 [Table_Summary] 李宁发布 2025Q1 运营数据，Q1 全渠道流水低单位数增长，直营渠道低单下滑，批发渠道低 单增长，电商渠道低双位数增长，零售表现符合预期。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 李宁（2331.HK） cjzqdt11111 [Table_Title2] 流水符合预期，维持业绩指引 [Table_Summary2] 事件描述 李宁发布 2025Q1 运营数据，Q1 全渠道流水低单位数增长，直营渠道低单下滑，批发渠道低 单增长，电商渠道低双位数增长，零售表现符合预期。 事件评论 丨证券研究报告丨 2025-05-20 2024-10-31 •《业绩表现超预期，追求盈利稳定》2024-08-21 风险提示 港股研究丨公司点评 [Table_ ...

騰訊控股（700） 更新報告 AI 賦能落地初顯成效，AI 應用與商業化共振增長 2025Q1 及全年業績收入超出市場預期，AI 助力業務增長：得益於 AI 能力對 效果廣告、長青遊戲等業務的實質性賦能，以及視頻號、小程式等生態產品的 持續增長，2025Q1 公司錄得收入 1800 億元人民幣，同比增長 13%，環比增長 4%。Non-GAAP 經營盈利為 693 億，同比增長 18%，環比增長 11%。扣除股權激 勵費用、投資收益等項目後，體現核心業務的 Non-GAAP 歸母淨利潤為 613 億 元人民幣，同比增長 22%，環比增長 11%。一季度研發投入同比增長 21%，達到 189.1 億元；資本開支 274.8 億元，同比增長 91%，重點投向算力基礎設施、大 模型研發，強調高效利用率的同時佈局國產算力儲備。 Q1 長青遊戲煥發活力，新遊表現亮眼：2025Q1 增值服務收入錄得 920 億元人 民幣，同比增長 17%，其中社交網路收入為 330 億元人民幣，同比增長 7%，主 要受益于應用內遊戲、音樂訂閱與小遊戲平臺服務費的增長。2025Q1 國內遊戲 收入為 340 億元人民幣，同比增長 24%， ...