Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is expected to experience significant revenue growth driven by its AI Agent initiatives, with projected revenues of 2.335 billion, 2.962 billion, and 3.684 billion CNY for 2025, 2026, and 2027 respectively [4]. - The company is positioned as a leading player in the marketing and sales SaaS sector, with a strong growth trajectory and a competitive edge in the market [5][6]. Summary by Sections 1. Company Overview - The company, established in 2009, is a global leader in marketing and sales SaaS platforms, having launched key products like T Cloud and Zhenke, serving over 200,000 enterprises across various industries [5][17]. 2. Market Potential - The marketing and sales SaaS market in China is projected to grow from 206 billion CNY in 2022 to 745 billion CNY by 2027, with a compound annual growth rate (CAGR) of 29.3% [6][50]. - The company holds a market share of 2.6% in the marketing and sales SaaS sector, making it the largest provider in this space [55][56]. 3. AI Integration - The company is embracing AI Agent technology, which is expected to revolutionize the SaaS industry by shifting value assessment from software usage to business outcomes [7][70]. - AI Agent is anticipated to enhance the company's service offerings, with the market for AI Agents projected to reach 3.3 trillion CNY by 2028 [77][82]. 4. Financial Projections - Revenue is expected to grow significantly, with a forecasted increase from 1.232 billion CNY in 2023 to 2.334 billion CNY in 2025, reflecting a year-over-year growth of 49.8% [9]. - The company is projected to achieve profitability by 2026, with net profits expected to reach 147.9 million CNY [9]. 5. Competitive Advantages - The company benefits from a stable ownership structure and an experienced management team, which is crucial for navigating the competitive landscape [41][45]. - The T Cloud and Zhenke products are designed to enhance marketing efficiency and sales process management, respectively, catering to both SMB and KA markets [58][62].

Investment Rating - The report does not explicitly state an investment rating for XPeng [1]. Core Views - XPeng has launched the "Intelligent Driving Insurance" priced at RMB 239 per year, offering a maximum coverage of RMB 1 million, which covers incidents occurring within five seconds after exiting smart driving mode [10][11]. - This insurance is a supplementary protection for intelligent driving features, not a replacement for mandatory or commercial auto insurance, and it reflects XPeng's confidence in its technology and commitment to user safety [12][13]. - The introduction of this insurance product is seen as a significant enhancement to current L2+ products, aimed at boosting consumer confidence and supporting sales conversion amid growing market demand for advanced assisted driving technologies [13]. Summary by Sections Event - On April 28, 2025, XPeng officially launched the "Intelligent Driving Insurance," which is available for all XPeng vehicle owners and covers both new and existing customers [10]. Commentary - The insurance service is jointly offered with five insurers, including PICC, and is available exclusively through XPeng's official partner channels [11]. - The coverage period for driving functions extends from activation until five seconds after deactivation, while for parking functions, it ends immediately upon deactivation [11]. Positioning - The insurance is positioned as a supplement to traditional auto insurance, specifically designed to cover scenarios that occur within five seconds after the system exits, marking an industry innovation [12]. - This initiative is expected to create a competitive advantage for XPeng in the intelligent driving market, similar to extended warranties for battery packs [13].

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (9888.HK) with a target price of 128.7 HKD, compared to the current price of 87.60 HKD [4]. Core Insights - Baidu Group's total revenue for Q1 2025 is expected to decline by 1.5% year-on-year to 31.04 billion RMB, while core revenue is projected to grow by 1.4% to 24.14 billion RMB. The core non-GAAP operating profit is anticipated to be 4.6 billion RMB, a decrease of 17.6% year-on-year, with an operating margin of 19.1% [1][2]. - The online marketing business is expected to face continued pressure, with a projected 6.0% decline in online marketing services revenue to 15.98 billion RMB in Q1 2025. However, improvements are anticipated in the first half of 2025 as macroeconomic conditions recover [1][2]. - Non-online marketing revenue is expected to grow significantly, driven by AI and cloud services, with a projected 20.1% year-on-year increase to 8.16 billion RMB in Q1 2025 [1][2]. Summary by Sections Online Marketing Business - The online marketing services revenue is projected to decline by 6.0% to 15.98 billion RMB in Q1 2025, primarily due to insufficient recovery in macroeconomic conditions and weak demand from advertisers [1]. - Baidu is focusing on enhancing AI content quality in search, which is expected to improve user experience and drive commercial growth in the medium term [1]. Non-Online Marketing Business - The non-online marketing business is expected to see a robust growth of 20.1% year-on-year, reaching 8.16 billion RMB in Q1 2025, driven by strong demand for AI-related cloud services [1][2]. - Baidu's cloud business is anticipated to maintain rapid growth, with significant bidding activity in the AI market, positioning it as a leader among domestic large model vendors [1][2]. Financial Forecasts - The report forecasts a decline in non-GAAP net profit for 2025 to 25.1 billion RMB, reflecting a decrease of 7.05% year-on-year. The target price remains at 128.7 HKD, with a valuation multiple of 10.0x PE for advertising and cloud services [2][3][4].

Investment Rating - The report assigns an IPO specific rating of 4.8 to the company, based on various criteria [5][7]. Core Insights - The company, Boleton, is a leading provider of electric engineering machinery in China, with significant revenue growth projected but still operating at a loss [1][3]. - The electric wide-body dump trucks and electric loaders are the primary revenue sources, with expected revenues of 3.7 billion and 2.2 billion RMB respectively in 2024 [1]. - The engineering machinery industry is experiencing rapid growth, with the market size for electric engineering machinery expected to increase significantly from 235 billion RMB in 2020 to 540 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 23.2% [2]. Company Overview - Boleton's revenue is projected to grow from 360 million RMB in 2022 to 640 million RMB in 2024, while net losses are expected to increase from 180 million RMB to 270 million RMB during the same period [1]. - The company ranks third and seventh in the market share for electric wide-body dump trucks and electric loaders, respectively, with market shares of 18.3% and 3.8% [1]. - Boleton has achieved a compound annual growth rate of 128.1% in electric wide-body dump truck shipments and 17.5% in electric loader shipments from 2022 to 2024 [1]. Industry Status and Outlook - The engineering machinery industry in China is projected to grow from 182.7 billion RMB in 2024 to 336.0 billion RMB by 2029, with a CAGR of 13.0% [2]. - The electric engineering machinery sector is becoming mainstream, with technology development reaching maturity [2]. Advantages and Opportunities - Boleton is recognized as a pioneer in the Chinese electric engineering machinery industry, being the first to receive national certification for its electric loaders [3]. - The company has developed proprietary technologies through advanced engineering methods, holding 131 authorized patents and 82 pending patent applications as of the end of 2024 [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrates strong performance growth with improved operational efficiency and increased cash reserves, leading to a higher dividend payout ratio [2][3] - The main business segments, property management and community value-added services, show steady growth, contributing to 86% of total revenue [2] - The company has optimized its managed projects, enhancing operational efficiency and improving gross profit margins [3] - The company is backed by China Overseas Development and China State Construction Group, providing a rich resource for property management projects [4] Summary by Relevant Sections Financial Performance - In 2024, the company is projected to achieve revenue of 14 billion HKD, a year-on-year increase of 7.5%, with a gross profit of 2.33 billion HKD, up 12.4%, and a net profit attributable to shareholders of 1.51 billion HKD, reflecting a 12.5% increase [1] - The company plans to distribute a total dividend of 0.18 HKD per share for the year, a 29% increase compared to the previous year [1] Operational Efficiency - By the end of 2024, the company will manage an area of 430 million square meters, with new contracts signed for 74.1 million square meters, 63.3% of which comes from third parties [3] - The company has exited 44.5 million square meters of loss-making projects, optimizing its business structure and enhancing operational efficiency [3] Cash Flow and Dividends - As of the end of 2024, the company has cash and bank balances of 5.8 billion HKD, an increase of 13.1% from the previous year [3] - The dividend payout ratio for 2024 is set at 36.3%, an increase of 4.5 percentage points year-on-year [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.68 billion HKD and 1.87 billion HKD, respectively, with a new forecast for 2027 set at 2.04 billion HKD [4] - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 10, 9, and 8 times, respectively, indicating strong valuation attractiveness [4]

Investment Rating - The report assigns a "Buy" rating to BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 26.8% from the current closing price of HKD 397.00 [1][10]. Core Insights - BYD's Q1 2025 performance was significantly boosted by strong export growth, with revenue reaching RMB 70.4 billion, a year-on-year increase of 36% [2]. - The company's net profit for Q1 2025 doubled year-on-year to RMB 9.2 billion, with a notable increase in vehicle sales, achieving 1 million units sold, a 60% increase year-on-year [2][7]. - The report highlights BYD's competitive advantage through vertical integration in its supply chain, which has helped maintain a gross margin of 24% despite being in a traditionally weaker sales season [2][7]. Financial Overview - Revenue projections for BYD are as follows: RMB 602.3 billion in 2023, RMB 777.1 billion in 2024, and RMB 977.2 billion in 2025, reflecting a year-on-year growth rate of 42.0%, 29.0%, and 25.8% respectively [6]. - Net profit is expected to grow from RMB 30.0 billion in 2023 to RMB 52.5 billion in 2025, with earnings per share projected to increase from RMB 13.33 to RMB 23.28 over the same period [6]. - The report anticipates that BYD's vehicle sales will reach 5.23 million units in 2025, representing a 23% year-on-year increase, driven by strong export performance and advancements in intelligent driving technology [7]. Market Position and Strategy - BYD is actively expanding its overseas presence, with plans to achieve 800,000 units in overseas sales by 2025, effectively doubling its export volume [7]. - The company is focusing on making advanced driving technology more accessible across its vehicle range, aiming for over 60% of its models to feature high-level autonomous driving systems by 2025 [7]. - The report emphasizes that BYD's strong export growth is expected to enhance its average selling price and gross margin, while its efforts in intelligent driving will solidify its market position in China [7].

证券研究报告 | 2025年04月28日 爱康医疗（01789.HK） 优于大市 2024 年归母净利同比增长 50%，打造骨科数字生态闭环 2024 年公司实现收入 13.46 亿（+23.1%），归母净利润 2.74 亿（+50.4%）。 在集采推动下，人工关节行业进一步加速进口替代，公司产品的手术量需求 持续增长，并提升医院覆盖率，也使得带量内产品销售进一步增长。同时， 公司通过积极的市场开拓，以及在数字骨科全流程解决方案的带动下，海外 手术量提升，海外收入获得显著增长。业绩的强劲复苏主要是由于收入增长 以及费用管控。 髋膝关节进口替代成效显著，大力拓展海外市场。分品类来看，2024 年髋关 节植入物实现收入 7.29 亿（+23.5%），膝关节植入物实现收入 4.05 亿 （+30.1%），髋膝关节植入手术量呈现稳步复苏态势，进口替代进程成效显 著，高层级医院手术量贡献呈现持续增长趋势。脊柱和创伤类植入物实现收 入 1.27 亿（+3.3%），受政策影响，脊柱业务短期内维持稳定。得益于 3D 脊柱产品的独特优势，公司依靠合作研究与国家级和省级重点医院建立合 作，聚焦在头部医院开展业务。定制产品及服务实 ...

投资要点 ❑ 泡泡玛特发布 25Q1 业务状况 25Q1 收入同增 165-170%，环比加速（24H2 收入同增 143%），中国收入同增 95- 100%（24H2 收入同增 70.4%），海外同增 475-480%（24H2 收入同增 438%） 证券研究报告 | 公司点评 | 文娱用品 泡泡玛特(09992) 报告日期：2025 年 04 月 28 日 新品火爆接力，业绩再超预期，加速迈向"世界的泡泡玛特" ——泡泡玛特 25Q1 业务点评 ❑ 国内外均加速，新品火爆接力，IP 全球势能强化 中国：25Q1 线下收入同增 85-90%，线上同增 140-145%，店效环比再提升，多品爆 火，哪吒 2 盲盒爆火后，LABUBU 航海王联名盲盒、LABUBU 象棋大冒险毛绒、 DIMOO 迪士尼联名毛绒等持续接力，多业态贡献增量（小野品牌店/饰品快闪店）。 海外：25Q1 收入同增 475-480%，其中：1）亚太收入同增 345-350%（24H2 同增 413%）,东南亚景气延续，以泰国为中心蔓延邻国，电商高增；2）美洲收入同增 895-900%（24H2 同增 649%），美国加速开店且位置更优，预 ...

证券研究报告 卫龙美味 (9985 HK) 港股通 魔芋开启新纪元，辣味王者再启航 华泰研究 首次覆盖 2025 年 4 月 28 日│中国香港 食品 首次覆盖卫龙美味并给予"买入"，目标价 19.96 港元（基于 25 年 32xPE）。 中国零食行业在较长时间内呈现多品类、弱品牌的特点，辣味零食成瘾性更 强、复购率更高，有效延长产品生命周期。卫龙已成功打造国民辣条品牌形 象、领先优势明显，并作为魔芋赛道的先行者、有望率先享受品类高速扩张 的红利。卫龙根基稳固，品牌力构成竞争力的核心，并具备开创创新品类的 定力与能力，敢为人先、勇于求变，后续或仍将聚焦打造大单品+拥抱新渠 道，有望突破零食行业产品生命周期短、渠道结构多变两大痛点。 行业层面：辣条品类规模稳定，魔芋品类蓬勃发展 辣味零食赛道高景气、强粘性。1）辣条品类：据尼尔森，品类销售体量~100 亿，市场规模稳定，头部品牌显露，据马上赢，23 年卫龙市占率达 28%。 2）魔芋品类：公众健康意识崛起、独特的口感与高性价比之下，魔芋品类 蓬勃发展，中国 24 年魔芋食品出厂口径市场规模~70 亿（据盐津铺子公众 号），年增长 20%+，考虑魔芋的受众较辣条 ...

公司深度报告 | 零跑汽车 日期：2025 年 04 月 28 日 厚积薄发盈利转正，出海有望带来高成长 零跑汽车（9863.HK）深度报告 证券研究报告 ⚫ 核心观点 坚持全域自研自产，优秀产品战略助力公司突围。零跑汽车成立于 2015 年，自 成立之初便坚持全域自研、掌握了超级集成技术架构,并在 2025 年正式迭代至 LEAP3.5。目前零跑旗下的车型主要聚焦在 10-20 万主流的乘用车大市场，2024 年零跑汽车总交付量接近 30 万辆，在新势力品牌中稳居前三。我们认为，零跑 的成功本质上源于其全域自研的能力，并延伸出三大成功要素。其一：依托于 集成技术架构高效率的推出了 C 系列的增程版车型，丰富了消费者的选择；其 二：依托于 LEAP 架构的持续迭代升级和优秀的产品思维，老车型改款不仅能显 著增强性价比，还能解决消费者的痛点，助力 C11 和 C01 等车型持续焕发生机； 其三：依托于全域自研带来的优秀的成本管控能力，零跑的新车型均能做到相 较同级别车型更高的品价比，因此上市便能成为爆款，助力了公司的销量提升。 2024Q4 实现单季度盈利，未来盈利可持续性极强。伴随着销量的提升，零跑的 业绩表 ...