Investment Rating - The report maintains an "Outperform" rating for Pop Mart International [2][12] Core Views - The company's 1Q performance significantly exceeded expectations, with revenue growth of 165%-170% year-on-year, driven by strong domestic and overseas sales [3][12] - The company is focusing on brand enhancement and expanding its product offerings, including a new sub-brand for accessories [4][5] - The organizational structure has been upgraded to improve management efficiency and support global expansion [4][5] Financial Summary - Revenue projections for 2025-2027 are RMB 24.22 billion, RMB 33.53 billion, and RMB 42.35 billion, respectively, with year-on-year growth rates of 86%, 38%, and 26% [5][11] - Adjusted net profit estimates for the same period are RMB 7.01 billion, RMB 9.91 billion, and RMB 12.83 billion, reflecting growth rates of 106%, 41%, and 29% [5][11] - The gross profit margin is expected to improve from 66.8% in 2024 to 70.8% by 2027 [11] Market Performance - The current stock price is HK$175.90, with a target price set at HK$198.10, indicating a potential upside [2][12] - The company has shown strong absolute returns over the past year, with a 480.9% increase [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company, Blok, has established itself as a leader in the building block toy market, focusing on high-quality and reasonably priced products, and is experiencing rapid growth [1]. - The building block toy market is projected to grow at a CAGR of 15.0% from 2023 to 2028, significantly outpacing non-building block toys, with Blok holding a 30.3% market share in China [1][2]. Summary by Sections Company Overview - Founded in December 2014, Blok initially focused on large particle building toys before shifting to building block toys due to market limitations [11]. - The company has a stable shareholding structure, with the largest shareholder holding 50.9% [16]. Market Growth - The global toy market is expected to grow from 631.2 billion RMB in 2019 to 993.7 billion RMB by 2028, with the building block segment growing rapidly [39][40]. - The building block toy market reached 176.5 billion RMB in 2023, with a projected CAGR of 15.0% from 2023 to 2028 [47]. Competitive Advantage - Blok's competitive edge lies in its ability to offer low-priced, high-quality products with rapid iteration, similar to the successful strategies of other companies in the market [3]. - The company has a rich IP resource, including licenses for popular franchises, which enhances its product offerings and market appeal [3][4]. Financial Projections - Revenue is expected to grow significantly, with forecasts of 4.1 billion RMB in 2025, 5.5 billion RMB in 2026, and 7.4 billion RMB in 2027, reflecting growth rates of 83.5%, 34.7%, and 34.4% respectively [5]. - The net profit is projected to turn positive by 2027, with estimates of 2.1 billion RMB [5]. Investment Recommendation - The report suggests that Blok is in a rapid growth phase with strong channel expansion potential, particularly in school-side stores, and anticipates continued growth driven by expanding female customer segments and overseas market performance [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][86]. Core Views - The company is a leading resin lens manufacturer with a strong focus on R&D and a robust supply chain, which enhances its competitive edge. The partnership with GoerTek in the XR field is expected to drive growth and open new market opportunities [5][15][75]. Summary by Sections Company Overview - The company specializes in the R&D, production, and sales of resin lenses, with plans to establish overseas production bases starting in 2024. It has a concentrated shareholding structure and announced an equity incentive plan in November 2024, with profit growth targets for 2025-2027 set at no less than 21%/17%/15% [3][20]. Financial Performance - In 2024, the company achieved revenue of 2.061 billion yuan, a year-on-year increase of 17.1%, and a net profit of 428 million yuan, up 31% year-on-year. The revenue growth from 2018 to 2024 has a CAGR of 15.8%, while net profit has a CAGR of 32.7% [3][24][25]. Business Structure and Supply Chain - The company has built a strong supply chain through high R&D investment and stable raw material sourcing, maintaining over 30% procurement from Mitsui Chemicals. The business structure has been optimized, with a growing proportion of customized lenses, which accounted for 19.2% of revenue in 2024, up 2.8 percentage points from 2018 [4][49][63]. XR Business Development - The establishment of an XR R&D center and collaboration with GoerTek are expected to enhance the company's capabilities in the XR market. The company has signed supply framework agreements with multinational consumer electronics firms, indicating a positive outlook for XR product growth [5][75][76]. Earnings Forecast and Investment Advice - The company is projected to achieve revenue growth rates of 15%/14%/12% and net profit growth rates of 23%/19%/15% from 2025 to 2027. The report suggests that the company's strong ODM operations and increasing share of customized and functional lenses will support a rise in profitability [6][78][86].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a significant revenue growth of approximately 165% to 170% year-on-year for Q1 2025, surpassing expectations, with domestic revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [2][3]. - The company's strategy of "dual improvement in quality and efficiency" is validated by strong domestic performance, driven by innovative IP products and successful collaborations [3]. - The overseas market is experiencing explosive growth, particularly in the Americas and Europe, indicating effective strategic expansion [3][4]. Summary by Sections Performance Review - Q1 2025 revenue growth is reported at 165% to 170% year-on-year, with domestic revenue up by 95% to 100% and overseas revenue up by 475% to 480% [2]. Operational Analysis - Domestic market performance is strong, with offline revenue increasing by 85% to 90% and online revenue by 140% to 145%, driven by innovative marketing strategies [3]. - Overseas revenue growth is highlighted, with Asia-Pacific up by 345% to 350%, the Americas by 895% to 900%, and Europe by 600% to 605%, confirming the effectiveness of the company's strategic focus on these regions [3]. IP Development and Monetization - The company is enhancing its global organizational structure to support regional strategies, which is expected to facilitate mid-term growth [4]. - The establishment of a supply chain in Vietnam is anticipated to mitigate tariff impacts and strengthen the pricing power of IP products [4]. Profit Forecast and Valuation - The adjusted net profit forecasts for 2025, 2026, and 2027 are 6.36 billion, 8.59 billion, and 11.06 billion yuan respectively, with year-on-year growth rates of 86.8%, 35%, and 28.9% [5]. - The current price-to-earnings ratios are projected at 36x, 26x, and 20x for the respective years [5]. Financial Metrics - The company is expected to achieve a revenue of 23.06 billion yuan in 2025, with a growth rate of 76.86% [9]. - The adjusted net profit is projected to grow significantly, with a forecasted increase of 185.85% in 2024 [9].

Investment Rating - The report assigns a "Buy" rating for Great Wall Motors (02333) based on its robust growth potential and competitive positioning in both domestic and international markets [2][7]. Core Insights - Great Wall Motors is expected to achieve steady revenue and profit growth driven by its expansion in overseas markets and successful model upgrades domestically. The company has significantly increased its sales volume and revenue from international markets, particularly in regions like Russia and South America [6][16]. - The company is projected to have a total sales volume of 1.23 million vehicles in 2024, with revenues reaching 2022 billion yuan, primarily fueled by overseas market growth [6][16]. - The introduction of new models and upgrades, such as the Haval Dragon and Wei brand Blue Mountain, has strengthened the company's competitiveness in the domestic market, leading to increased sales and market share [47][62]. Financial Data and Profit Forecast - Revenue projections for Great Wall Motors are as follows: 2023 - 173.21 billion yuan, 2024 - 202.20 billion yuan, 2025E - 243.55 billion yuan, 2026E - 286.23 billion yuan, and 2027E - 328.88 billion yuan, with growth rates of 26%, 17%, 20%, 18%, and 15% respectively [5]. - The forecasted net profit attributable to shareholders is expected to be 7.02 billion yuan in 2023, 12.69 billion yuan in 2024, 15.68 billion yuan in 2025, 18.60 billion yuan in 2026, and 21.69 billion yuan in 2027, with significant growth rates particularly in 2024 and 2025 [5][6]. - The company aims to achieve a price-to-earnings ratio of 10 by 2025, indicating a potential upside of 69% from current levels [7]. Domestic and International Market Dynamics - The report highlights that Great Wall Motors has successfully penetrated various international markets, with significant sales growth in Russia, Australia, and Brazil. The company is expected to maintain a strong presence in these regions, with projected sales of 55,000 vehicles in 2025, a 21% increase year-on-year [6][44][46]. - In the domestic market, the successful upgrades of existing models have led to a resurgence in sales, with the Haval Dragon and Wei brand Blue Mountain models showing strong performance post-upgrade [47][62]. Competitive Positioning - Great Wall Motors is actively expanding its product lineup beyond SUVs and pickups to include sedans and MPVs, enhancing its competitive edge in the automotive market [7]. - The company is also focusing on optimizing its cost structure, with a projected decrease in expense ratios, which is expected to further enhance profitability [20][9].

证券研究报告 泡泡玛特 (9992 HK) 港股通 Q1 业绩再超预期，全球化组织架构升级 | 华泰研究 | | | 公告点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 23 日│中国香港 | 消费轻工 | 公司公布 1Q25 业务数据，营收同增 165%-170%，高于此前指引（同增 100%+），国内、海外收入分别同增 95%-100%/475%-480%，均超市场预 期（彭博 80%/450%）。尽管后续基数抬升，但我们认为 1）搪胶毛绒仍处 发展阶段早期，2）欧美客群快速破圈，店面扩容/店型调优/本地化等支撑店 效环比走强，线上渗透延伸触达范围；3）多元业务陆续贡献营收，市场尚 未充分预期。我们看好公司短期业绩及中长期成长前景，继续重点推荐。 毛绒、哪吒 2 等热门新品驱动下，Q1 国内收入、店效均高增 Q1 在哪吒 2 新品、Dimoo 搪胶毛绒、The Monsters x 海贼王等热门新品拉 动下，国内收入延续强劲成长。线下、线上收入同增 85%-90%/140%-145%。 展望后续，Q2 哪吒 2 爆品持续确认收入，Labubu 搪胶毛绒三代 ...

[Table_Date] 2025 年 04 月 22 日 [Table_Title] 从 IP 角度看蜜雪冰城情感壁垒 证券研究报告|港股公司动态研究报告 [Table_Title2] 蜜雪集团(2097.HK) [Table_Summary] 3 月 14 日，湖北经视"3·15 特别报道"曝光了一家宜昌的蜜 雪冰城门店使用隔夜柠檬和橙子切片制作饮品。与其他被 315 点名的品牌舆论走向不同，许多网友下场为蜜雪冰城辩护，自 发为其"公关"。为何同样被发现犯错，蜜雪冰城却能够得到消 费者如此宽容？我们认为这主要得益于：1）高效供应链带来的 极致性价比，柠檬水低至 4 元/杯，消费者对平价现制饮品的要 求更多为"解渴"（功能满足），对其他要求相对较低；2）情感 粘性，雪王 IP 积累的好感度以及代表的情怀和记忆为负面冲击 提供缓冲。本文将尝试分析蜜雪冰城是如果将"雪王"打造成 IP 界"顶流"，并实现品牌形象从"低价认知"到"情感认 同"的跃迁。 ► "雪王"IP 化打造，强化情感连接，提升营销效率 类似于泡泡玛特的 Molly 等形象 IP，雪王背后并没有预设的故 事线。自 2018 年雪王诞生以来，公司通 ...

Investment Rating - The report assigns a "Buy" rating to the company, predicting strong growth in core net profit and a favorable P/E ratio over the next few years [4][6][21]. Core Insights - The company, China Resources Vientiane Life, is a leading property management and commercial operation service provider in China, established in 2017 and part of the Fortune Global 500 company China Resources Group [6][15]. - The company has a dual-track development model focusing on commercial and property management, achieving significant revenue growth and maintaining a high dividend payout ratio [4][6][21]. - The projected core net profit for 2025-2027 is expected to be CNY 41.09 billion, CNY 48.01 billion, and CNY 54.81 billion, respectively, with corresponding P/E ratios of 18.88X, 16.16X, and 14.15X [4][21]. Financial Performance - In 2024, the company achieved a revenue of CNY 170.43 billion, representing a year-on-year growth of 15.41% [21]. - The revenue breakdown for 2024 shows that the commercial segment contributed CNY 62.74 billion (36.8%), while the property management segment accounted for CNY 107.15 billion (62.9%) [21][28]. - The company’s core net profit for 2024 was CNY 35.07 billion, with a dividend payout ratio of 100% [6][21]. Business Segments Commercial Management - The commercial management segment focuses on shopping centers and office buildings, with a revenue of CNY 62.74 billion in 2024, reflecting a growth of 21.45% [31][41]. - The shopping center segment generated CNY 42.09 billion in revenue, with operational services contributing CNY 29.2 billion [31][41]. - The office building segment achieved a revenue of CNY 20.65 billion, primarily from property management and operational services [31][41]. Property Management - The property management segment generated CNY 107.15 billion in revenue, with community space and urban space contributing CNY 88.94 billion and CNY 18.21 billion, respectively [28][31]. - The community space revenue includes residential management and value-added services, with the residential management segment alone generating CNY 66.60 billion [28][31]. Growth Strategy - The company has been expanding its managed projects, with a total of 122 operational projects and a managed area of 131.4 million square meters as of 2024 [60]. - The growth strategy includes both internal expansion through the parent company and external market development, with a significant increase in third-party projects [60][65]. - The company aims to maintain a high growth rate in managed area, with a CAGR of 19.97% from 2021 to 2024 [60][65].

证 券 研 究 报 告 李宁（02331.HK）2024 年报点评 强推（维持） 2024 年平稳收官，稳中求进蓄力长期 目标价：18.25 港元 事项： ❖ 公司公布 2024 年业绩。2024 年公司实现营收 286.8 亿元，同比+3.9%；归母 净利润 30.1 亿元，同比-5.5%，对应归母净利率 10.5%。同时，公司派发末期 股息 20.73 分人民币/股，连同中期股息，全年合计派发股息 58.48 分/股，对派 息比例为 50%，同比提升 5pcts。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,676 | 28,966 | 30,431 | 32,188 | | 同比增速(%) | 3.5% | 1.0% | 5.1% | 5.8% | | 归母净利润(百万) | 3,013 | 2,738 | 3,032 | 3,326 | | 同比增速(%) | -5.5% | -9.1% | 10.8% | 9 ...

2025 年 04 月 22 日 网易云音乐 (09899) ——年轻用户浓度高、竞争格局好的悦己内容平台 报告原因：强调原有的投资评级 上 市 公 司 传媒 买入（维持） | 市场数据： | 2025 年 04 月 17 日 | | --- | --- | | 收盘价（港币） | 156.40 | | 恒生中国企业指数 | 7897.44 | | 52 周最高/最低（港币） | 175.10/86.50 | | H 股市值（亿港币） | 339.86 | | 流通 H 股（百万股） | 217.30 | | 汇率（人民币/港币） | 1.0766 | 一年内股价与基准指数对比走势： -4 % 46% 96% HSCEI 网易云音乐 资料来源：Bloomberg 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 联系人 袁伟嘉 (8621)23297818× yuanwj@swsresearch.com 财务数据及盈利预测 投资要点： | | 2023 | 2024 | 2025E ...