GMT EIGHT - Research - HK Stock

Morgan Stanley: LI AUTO (02015) Downgrades Second Quarter Guidance as Expected, Stock Performance Depends on i8 Launch.

It is expected by Daiwa that consumer demand will remain subdued after Xiaomi Group (01810) launches the YU7 and before the debut of the i series from Ideal Cars. Nevertheless, Daiwa believes that the impact of these factors should be temporary, and order momentum should gradually recover.

Guotai Haitong raises target price for Xiaomi-W (01810) to HKD 77.7. The YU7 order data brings a pleasant surprise.

AI glasses, as one of the next generation end-side AI entry points, are expected to connect Xiaomi's ecosystem of people, cars, and homes, with great strategic significance.

DBS: Lower target price of BUD APAC (01876) to 9.4 Hong Kong dollars, maintain "buy" rating.

Due to the low base number, sales trends are expected to gradually improve starting in the first quarter. The bank expects a narrower drop in sales volume of 6% in the second quarter in the Asia-Pacific region.

Morgan Stanley: Resignation of CHINA RES BEER (00291) chairman will not cause significant changes to company strategy, maintains "accumulate" rating.

Daiwa believes that the change in chairman of Run Beer will not lead to significant changes in the company's strategy, and the market may wait for clarification of the succession plan.

Zhongtai: Fulfillment forms suitable for Chinese soil, immediate retail potential may exceed expectations.

In China, with strong demand for convenience and significant cost advantages, instant retail is likely to become a mainstream retail model.

Morgan Stanley: Raises target price of Want Want China (00151) to 5.3 Hong Kong dollars, maintains "in line with market" rating.

This line reflects that the company's performance is better than expected, but the cost of bulk powdered milk will put pressure on profit margins.

Lyon: Resignation of CHINA RES BEER (00291) Chairman Affects Short-term Sentiment, Target Price at 30.4 Hong Kong Dollars

From the beginning of the year until now, the group's monthly sales still meet expectations, and its brand Heineken still has a double-digit year-on-year growth.

Citigroup: Raised Target Price of CHOW SANG SANG (01458) to HK$2.66 with "Buy" Rating.

Citibank expects Zhou Hei Duck (01458) to resume growth as planned, with improvements in same-store sales, channel optimization, and progress in new businesses.

Morgan Stanley: Lowering the revenue and profit forecasts for China Tourism Group Duty Free Corporation (01880) for the next two years, rating it as "in line with the market".

Taking into account the uncertainty of the macroeconomic outlook, the revenue forecasts for China Eastern Duty Free (01880) in 2025 and 2026 have been revised down by 10% and 9% respectively, with the profit forecasts for the same period also being reduced by 14%.

Citigroup: Lower PRADA (01913) target price to HKD 52.3, rating "Neutral"

The group's plan for 2025-26 includes increasing the store area of MIU MIU by 10-15% and Prada by 2-3%. The bank believes this will limit the potential for EBIT profit margin expansion.

Lyon: China Lit (00772) upgraded to "outperform" with a target price of HKD 34.

The demand for TV series IP remains strong. The bank has raised its profit forecast for the next two years for the Reading Group by 4%.

CICC raises Sinotrans Limited's target price to HKD 4.75 and maintains an "outperform" rating.

This line indicates that, considering the expected investment return, the decrease in income after deducting the sale of Lu Kai International's equity, and adjusting for tax effects, it is estimated that this transaction could increase China Merchants Shipping's net profit by 1.35 billion yuan.

Daiwa: Significantly raised NEXTEER (01316) target price to 6 Hong Kong dollars, maintaining "outperform" rating.

This upward adjustment of earnings per share forecast for the company in the next two years by 23% to 25% reflects stronger than expected expansion of the Chinese business and improvements in the outlook for mass production of Tesla's Cybercab.

Northeast: Emotion-driven consumption gives birth to the olfactory economy, reshaping the market's new landscape of Oriental fragrances.

The low penetration rate of perfumes in China is not a result of cultural and religious factors, but rather a phase phenomenon caused by different stages of economic development.

CICC International: Raises SINO BIOPHARM (01177) target price to 6 Hong Kong dollars, maintains "outperform" rating.

The bank believes that the ratio of R&D expenses to sales of the company has reached its peak, and will continue to increase gradually year by year in the future. The bank has raised its earnings forecast per share for the 2025 fiscal year by 3.9%.

BOCOM INTL: Raised target price for XIAOMI-W (01810) to 67 Hong Kong dollars, maintains "buy" rating.

The company believes that the release of AI glasses is expected to further strengthen its human-vehicle ecological closed-loop.

BOCOM INTL: BEIGENE (06160) driven by new technology platform, target price of 208.8 Hong Kong dollars, maintain "buy" rating.

The company stated that in the 2023/24 fiscal year, they will have 5/10 new molecules entering clinical trials, a significant increase compared to previous years. The rapid iteration of new technologies is expected to become a key driver of medium to long-term core value.

Goldman Sachs' Liu Jinjin: Valuation of Chinese stocks back to reasonable levels, the market will be driven by profit growth in the second half of the year.

He believes that, in the overall environment, private enterprises still have a relatively high competitive advantage.

CICC: Maintains "outperform" rating on BOSIDENG (03998) with a target price of HK$5.63.

In a volatile environment, the high growth of the OEM business reflects the company's active expansion of high quality new customers, the ability to quickly respond to orders, and the benefits brought by the expansion of overseas production capacity layout.

CICC: Lower target price of REGINA MIRACLE (02199) to HK$2.38, maintain "outperform" rating in the industry.

The company expects the close-fitting underwear sector to remain stable, with growth in sports products benefiting from the momentum of Bonding clothing, while consumer electronics will fluctuate due to inventory stocking rhythms.

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