April 17, 2025 06:27 PM GMT Kweichow Moutai Company Ltd. | Asia Pacific Risk Reward Update What's Changed | Kweichow Moutai Company Ltd. (600519.SS) | From | To | | --- | --- | --- | | Price Target | Rmb1,742.00 | Rmb1,810.00 | | Bull Case | Rmb2,177.00 | Rmb2,262.00 | | Base Case | Rmb1,742.00 | Rmb1,810.00 | | Bear Case | Rmb1,005.00 | Rmb1,045.00 | | Updated Components | | | | EPS | | | | Investment Thesis | | | | Bull Base Bear Scenarios | | | | Risks to Price Target / Rating | | | | Investment Drivers ...

April 17, 2025 08:00 AM GMT Zijin Mining Group | Asia Pacific M Update Risk Reward Update We mark to market the latest metal price changes. We adjust production volume based on 2025 guidance and company's new 3- year plan. We raise capex assumptions referencing the 2024 numbers and considering ongoing expansion. These moves lower our 2025 and 2026 EPS estimates by 3% and 2%, respectively, to Rmb1.53 and Rmb1.63, and we introduce our 2027 estimate of Rmb1.57. We lower our DCF-based price target to Rmb24.0. M ...

中国 证券研究 2025 年 4 月 17 日 华勤技术 - A 对 H20 受限的反应有些过度；由多元化业务布局支撑 的前景完好；重申"增持"评级 由于 H20 受到限制，华勤股价于 4 月 16 日下跌 9.5%（当日申万电子行 业指数下跌 0.6%）。我们的行业报告从不同角度探讨了相关影响。具体 对华勤而言，我们认为投资者的反应有些过度，并预计这一限制对公司 增长的影响有限，因为华勤及其人工智能服务器客户从 2024 年下半年起 就对 H20 可能的供应中断有了预期，并通过如下方式作了应对：1）增 加 H20 库存以支持生产（至少可以支持 2025 年上半年的生产）；2）对 国产 GPU 解决方案进行适配测试。加之智能手机和 PC 业务出货量强劲 增长（由市场份额增长推动）以及利润率改善，我们预计华勤 2025 年盈 利将同比增长 33%。我们认为此次股价下跌是一个良好的切入点，并重 申对华勤的"增持"评级，截至 2025 年 12 月的目标价为 95 元。 分析师声明及重要披露，包括非美国分析师披露，见第 3 页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识 ...

Flash | 17 Apr 2025 13:58:19 ET │ 12 pages Advanced Micro-Fabrication Eq (688012.SS) 2024 Results In-Line with Preliminary, Etcher Revenue Up 55% YoY CITI'S TAKE AMEC today (17 Apr) released its 2024 official results, with revenue and gross profit up 45% and 36% YoY in 2024, both of which are in line with its 2024 preliminary results. Despite strong gross profit growth, net profit dropped by 9% YoY to Rmb1.61bn in 2024, mainly due to lower investment incomes. GPM also contracted by 2.8pp YoY to 41.1% in 202 ...

14 April 2025 | 8:32AM CST HG Tech (000988.SZ): 1Q25 net profit beat; Rmb415mn at mid-point, +43% YoY; Buy HG Tech pre-announced 1Q25 net profit range of Rmb390mn-440mn, or Rmb415mn at mid-point (+43% YoY, +47% QoQ), 18.6% above GSe (see our 1Q25 Preview report). Heading into the print, the key investor concern has been on the poor optical transceiver profitability (for China market) and that it is unlikely to drive meaningful profit growth despite the strong revenue potential from China AI demand. The soli ...

Asia Pacific Equity Research 15 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. CATL Overweight 1Q25 a solid result; management sees strong demand despite US tariffs ▲ 1Q25 results were at the high end of JPMe. Management reaffirmed that order dem ...

Post Results Briefing Takeaway Key Takeaways April 14, 2025 03:19 PM GMT Zijin Mining Group | Asia Pacific 1Q25 recap: Zijin said higher management expenses YoY were due primarily to higher employee bonuses under good FY24 earnings. The gain from fair value is mainly from stock investments. Hedging policy: For smelting business, Zijin allows for 25% maximum net exposure for copper and zinc, and 50% net exposure for gold and silver. For mining business, the maximum hedging ratio is 8%. Zijin is slowing const ...

Investment Rating - The report maintains a "Buy" rating for Contemporary Amperex Technology (CATL) and raises the target price to CNY 331, implying an upside of approximately 48% from the closing price of CNY 224 on April 14, 2025 [6][26]. Core Insights - CATL reported a revenue growth of 6% year-on-year to CNY 84.7 billion in 1Q25, despite an 18% quarter-on-quarter decline, attributed to lower product ASPs and a longer revenue recognition cycle in the ESS segment [1][2]. - The company's gross profit margin improved by 1.2 percentage points year-on-year to 24.4%, driven by lower material costs and effective cost control measures [1]. - Earnings grew by 33% year-on-year to CNY 14 billion, with a net margin expansion of 3.3 percentage points to 16.5%, primarily due to an improved margin profile and higher investment income [1]. Summary by Sections Financial Performance - In 1Q25, CATL achieved a gross profit of CNY 20.7 billion, reflecting an 11% increase year-on-year, while operating income adjusted was CNY 11.8 billion, a 13% increase year-on-year [16]. - The company expects revenue for FY25 to reach CNY 423.6 billion, with a normalized net profit forecasted at CNY 64.5 billion, representing a 27.2% growth [5][17]. Market Position - CATL holds a 38% global market share in EV battery usage, with a 43% share in the European market, and anticipates further market share expansion in Europe due to product competitiveness and localized manufacturing [2]. - The German plant of CATL turned profitable in 1Q25, indicating successful operational strategies in the European market [2]. Future Outlook - The report projects a slight increase in FY25-27 earnings by 4.8-5.3%, reflecting a better margin profile and higher investment gains [4]. - The target price of CNY 331 is based on a 19x FY26F EPS of CNY 17.42, which is 1x standard deviation below the historical average forward P/E [4][18].

A c t i o n | 13 Apr 2025 18:44:11 ET │ 19 pages Huaming Power Equipment (002270.SZ) Moderate Net Profit Growth in 2025E with Strong Indirect Export CITI'S TAKE We keep our Buy rating on global top tap changer maker Huaming as (i) tap changer revenues will rise double digits from overseas and low single digit from domestics in 2025E; (ii) tap changer GP margin will be stable in 2025E with more sales from high margin products; and (iii) strong new orders from indirect exports in 2025E. Our 2025E net profit r ...

中金公司 从美国看美国（20250413）- 关税加剧股债波动、 特朗普关税政策在过去一周内经历了多次调整。首先，他暂停了部分国家的关 税 90 天，但提高了对中国的关税，随后又宣布对一些半导体和消费电子产品进 行豁免。这些变化使得美国有效关税税率从去年（2024 年）的 2.4%大幅上升到 25%，在暂停其他国家关税并增加中国关税后进一步提升至 30.8%。电子产品豁 免后，计算结果显示降至 28.4%左右。虽然有所下降，但幅度并不大。 对于美 国经济指标，包括通胀和增长的影响，半导体和电子产品豁免预计可降低美国 CPI 约 0.2 个百分点，即从之前预期推高 2.3 个百分点降至 2.1 个百分点。这 • 美国有效关税税率大幅上升，从 2024 年的 2.4%增至 25%，增加中国关税后 达 30.8%，电子产品豁免后降至 28.4%，但对通胀的宏观影响有限，预计降 低 CPI 约 0.2 个百分点。 • 受关税政策冲击，美国资本市场出现剧烈波动，股市暴涨暴跌，VIX 指数 一度接近 60，高收益债利差显著上升，融资难度和违约风险增加，国债收 益率出现异常提升。 • 企业对未来现金流预期不确定性增加，导致 ...