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Gigi Cheuk ... (+3)
- Gigi Cheuk
- Joyce Chu
- Kate Luang
VSTECS Holdings (856 HK): 2025: Cloud computing segment continues to l...
Highlights VSTECS's 2025 revenue missed our forecast on slower growth in enterprise systems in 2H25 but net profit beat on lower finance expenses, higher other gains, and an increased share of associates’ profits. The company has been strategically focusing on developing comprehensive AI products and has launched VClaw, an enterprise-grade AI agent. Management guides a three-year earnings CAGR of 20% in 2026-28 and targets AI business revenue growth of 150%/120%/90% in 2026-28 respectively. ...
Johnny Yum Chung Man
- Johnny Yum Chung Man
Xiaomi Corp (1810 HK): Takeaways From SU7 Facelift Launch Event.
Xiaomi officially launched the SU7 facelift version and introduced upgrades in both performance, comfort, autonomous driving capabilities across its product line-up, with a key surprise in its pricing only increasing by Rmb4,000 across the board which is better than expected. The SU7 facelift received 15,000 units of non-refundable orders in the first 34 minutes after launch, which is on track but unlikely to cause excitement to the investors at this point. Maintain HOLD and keep target price at...
Gigi Cheuk ... (+3)
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Crystal International (2232 HK): 2025: Revenue Misses On Worker Effici...
Crystal’s 2025 revenue/net profit grew 6.9%/12.0% yoy respectively, 4% below our estimates due to a high base in 2H24 and worker efficiency challenges. For 2026, Crystal prioritises upskilling workers in 1H26 given robust demand and guides a stable gross margin amid tariff uncertainties. Management is positive on long-term wallet share gains and an annual 0.5ppt net margin expansion in the next three years. Maintain BUY with a lower target price of HK$7.84 based on 11.3x 2026F PE.
Greater China Research Team ... (+2)
- Greater China Research Team
- Tham Mun Hon
Chuangxin Industries Holdings (2788 HK): 2025: In Line; Aluminium Cost...
Chuangxin Industries reported 2025 earnings of Rmb2,730.8m (+32.8% yoy), supported by stronger aluminium prices and increased alumina external sales. Aluminium segment gross margin expanded to 30.2% (+3.3ppt yoy). Alumina revenue rose 138.8% yoy to Rmb4.42b on 2.55m tonnes sales, while margin declined to 4.6% as domestic alumina prices fell 20.6% yoy to Rmb3,236/tonne. Management expects blended electricity cost to decline to Rmb0.30-0.31/kWh in 2026, while the 500kt Saudi Phase 1 project is pro...
Gigi Cheuk ... (+3)
- Gigi Cheuk
- Joyce Chu
- Kate Luang
Horizon Robotics (9660 HK): 2025: Raising 2026-28 Revenue CAGR From 50...
Horizon’s 2025 revenue beat our forecast by 7% but adjusted net loss was 8% greater than expected on rising R&D costs. For 2026, management guides 35% hardware shipment growth to 5.4m units (400k HSD) and significant ASP growth from a higher AD mix of 55%. It will launch cockpit-driving in 2026 and J7 in 2027. Management raised its 2026-28 revenue CAGR guidance from 50% to 60% on a robust product pipeline. Maintain BUY. Lower target price to HK$8.45 (6.4x 2028 EV/Sales).
Greater China Research Team
- Greater China Research Team
Strategy - Alpha Picks: Greater China October Conviction List
As we continue to expect market volatility, we maintain exposure to names that have resilient earnings or are expected to enjoy an earnings growth recovery, such as Ausnutria Dairy (1717 HK), CSPC (1093 HK) and Dongfeng Motor (489 HK), and add PICC P&C (2328 HK) to our BUY list.
01093
CSPC PHARMACEUTICAL GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
SCNR SUNAC CHINA HOLDINGS LTD.
D4D DONGFENG MOTOR GROUP CO. LTD. CLASS H
02689 NINE DRAGONS PAPER HOLDINGS LTD.
6AH AUSNUTRIA DAIRY CORP LTD
2333 GREAT WALL MOTOR CO. LTD. CLASS H
700 HK TENCENT
2269 WUXI BIOLOGICS (CAYMAN) INC.
1600 CHINA TIAN LUN GAS HOLDINGS LTD
3618 CHONGQING RURAL COMMERCIAL BANK CO LTD
631 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD
Gary Kong Tsz Yeung ... (+2)
- Gary Kong Tsz Yeung
- Tham Mun Hon
China Strategy - The End Of Cycles?
The stronger-than-expected 1Q19 economic data and central bank backstop have fuelled optimism that cycles are a thing of the past. With animal spirits rekindled, our more cautious view since end-February has not played out well. Although we have not seen an improvement in risk-reward so far and further meaningful monetary easing will be needed to see a sustainable recovery, we are adjusting our strategy to include laggards and policy-supported sectors in our BUY list.
Gary Kong Tsz Yeung ... (+2)
- Gary Kong Tsz Yeung
- Tham Mun Hon
China Strategy: The end of cycles?
The stronger-than-expected 1Q19 economic data and central bank backstop has fuelled optimism that cycles are a thing of the past. With animal spirits rekindled, our more cautious view since end-February has not played out well. Although we have not seen an improvement in risk-reward so far and further meaningful monetary easing will be needed to see a sustainable recovery, we are adjusting our strategy to include laggards and policy-supported sectors into our BUY list.
Bella Lu Yifei ... (+15)
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Curtis Yeung
- Damon Shen
- Gigi Cheuk
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, February 27, 2026
Top Stories Sector Update | Automobile China's humanoid robotics sector is accelerating, with 2025 global shipments up 508%. Key players anticipate significant revenue contributions by 2031: CATL expects 3-7% from batteries; Minth and LeaderDrive project 5-12% and 45-65% respectively; Tuopu forecasts 15-25% from motion systems; and RoboSense targets 40-60% from LiDAR. We maintain a MARKET WEIGHT rating on the sector. Top BUY recommendations include CATL, Ganfeng Lithium, Minth (target price rais...
K3SD
BAIDU INC SPONSORED ADR CLASS A
00293 CATHAY PACIFIC AIRWAYS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
86 SUN HUNG KAI & CO LTD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
02577 INNOSCIENCE (SUZHOU) TECHNOLOGY HOLDING CO. LTD.
ONC@US@ BEONE MEDICINE INC
00293 CATHAY PACIFIC AIRWAYS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
86 SUN HUNG KAI & CO LTD
09961 CTRIP.COM INTERNATIONAL
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
02577 INNOSCIENCE (SUZHOU) TECHNOLOGY HOLDING CO. LTD.
ONC@US@ BEONE MEDICINE INC
Carol Dou Xiao Qin ... (+5)
- Carol Dou Xiao Qin
- Curtis Yeung
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, February 25, 2026
Top Stories Sector Update | Consumer The CNY consumption data exhibited accelerated growth momentum compared with the two Golden Weeks last year, which we view as early signs of a broader consumption recovery. We favour companies benefitting from: a) segments showing initial signals of recovery, such as restaurants; b) exposure to China’s structural consumption growth drivers, particularly in services and experiential consumption; c) potential policy tailwinds; and d) overseas growth. Our prefer...
Curtis Yeung ... (+3)
- Curtis Yeung
- Damon Shen
- Jieqi Liu
Greater China Daily: Tuesday, February 24, 2026
Top Stories Sector Update | Hong Kong Property Residential prices rebounded more strongly than expected in 4Q25 and ytd, supported by positive rental yield spread over mortgage rates and stabilising population trends in Hong Kong. However, the yield spread has narrowed and supply remains relatively high despite easing sequentially. We raise our 2026 price growth forecast to 7% and primary transaction estimate to 25,000 units. We downgrade SHKP to HOLD, keep Kerry Properties at BUY, and maintain ...
Curtis Yeung ... (+3)
- Curtis Yeung
- Greater China Research Team
- Tham Mun Hon
Greater China Daily: Monday, February 23, 2026
Top Stories Sector Update | Metals And Mining Gold is holding near US$5,000/oz, supported by geopolitical risk, sustained central bank buying and policy uncertainty, reinforcing a higher structural floor. Despite tempered rate-cut expectations, gold equities still price in lower long-term bullion assumptions, implying valuation upside amid volatility. Copper’s pullback appears cyclical, with LME inventory builds driven by Chinese New Year seasonality and a temporary import arbitrage closure. We ...
Curtis Yeung ... (+2)
- Curtis Yeung
- Greater China Research Team
Greater China Daily: Friday, February 13, 2026
Top Stories Sector Update | Automobile CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, Gee...
Jo Yee Ng ... (+9)
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Terence Chiu
- Tham Mun Hon
Greater China Daily: Tuesday, November 14, 2023
KEY HIGHLIGHTS Economics Money Supply A little less to cheer. Strategy Small-Mid Cap Biweekly Riding on the wave of AI PC; Thunder Software Technology is a beneficiary. Sector Internet 3Q23 results preview: Solid e-commerce ad growth to drive sector growth; potential positive surprise from online game grossing. Internet Muted growth acceleration from 11.11 campaign. Update Xtep International Holdings (1368 HK/BUY/HK$6.43/Target: HK$9.50) Revenue guidance revised down yet sales target mainta...