reports
- Johnny Yum Chung Man
Sunny Optical (2382 HK): 2025: Solid Beat; Guidance Much Better Than E...
Sunny Optical delivered a solid 2025 earnings beat, with adjusted net profit surging 37.8% yoy to Rmb3.7b, driven by strong margin recovery across its smartphone and vehicle segments. Overall gross margins reached 19.7%. The company provided upbeat 2026 guidance, targeting over 7% growth in both top-line and bottom line, supported by handset recovery and robust pan-IoT expansion. Maintain BUY and cut target price to HK$80.10 on a lower valuation multiple.
- Bella Lu Yifei
- Ken Lee
Ganfeng Lithium (1772 HK): 4Q25: Earnings Beat Expectations; Maintain ...
GFL’s 4Q25 GAAP net profit came in above estimates at Rmb1,587m (+185.1% qoq), and adjusted net profit turned positive at Rmb557m. Earnings will be driven by a recovery of lithium carbonate prices, ramp-up of upstream projects and battery sales. Maintain our 2026/27 net profit forecasts at Rmb3.21b/Rmb5.24b, and introduce our 2028 net profit forecast of Rmb5.35b. Maintain BUY with unchanged target prices of HK$90.00/Rmb80.00for H-share/A-share.
- Johnny Yum Chung Man
Estun Automation (002747 CH): 4Q25: Results in Line With Profit Guidan...
4Q25 net profit of Rmb16m met guidance, driven by a 4.0ppt yoy gross margin expansion to 33.0% and strict cost controls, despite revenue missing expectations due to weak overseas sales. For 2026, management targets Rmb6b in revenue, a 1.0-2.0ppt margin expansion, and 45,000 robot shipments, with growth coming from the automotive, electronic, and Li-ion battery sectors. Maintain HOLD with a Rmb21.20 target price as we continue to monitor the company’s execution.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Wednesday, April 1, 2026
Top Stories Economics | PMI March's PMI beat Bloomberg's consensus, with manufacturing PMI rebounding to 50.4 (+1.4pt mom) and non-manufacturing PMI returning to expansion at 50.1 (+0.6pt mom), as post-CNY activity resumed, though recovery diverged between services and construction industries. New export orders sub-index improved to 49.1 (+4.1pt mom) for manufacturing PMI and 48.8 (+4.1pt mom) for services PMI, pointing to genuine recovery in external demand. However, the purchase prices sub-in...
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002460 GANFENG LITHIUM CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
MNSO MINISO GROUP HOLDING ADS (N SHARES)
2209 YESASIA HOLDINGS LTD
9896 MINISO GROUP HOLDING LTD
002747 CH ESTUN AUTOMATION
- Malaysia Research Team
Malaysia Daily - Wednesday, April 1, 2026
Top Stories Sector Update | Banking BNM’s 2H25 Financial Stability report highlights continued improvements in banking system resilience and key financial metrics. Maintain OVERWEIGHT. Market Spotlight The FBMKLCI rebounded by 2.46pt (+0.15%) to close at 1,690.36 yesterday. US stocks were higher after the close on Tuesday, as gains in the technology, industrials and consumer services sectors led shares higher. Technical Analysis FBMKLCI, FCPO & FKLI Index Outlook Traders’ Corner Ancom Nylex ...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, April 1, 2026
Greater China Economics | PMI March's PMI beat Bloomberg's consensus, with manufacturing PMI rebounding to 50.4 (+1.4pt mom) and non-manufacturing PMI returning to expansion at 50.1 (+0.6pt mom), as post-CNY activity resumed, though recovery diverged between services and construction industries. New export orders sub-index improved to 49.1 (+4.1pt mom) for manufacturing PMI and 48.8 (+4.1pt mom) for services PMI, pointing to genuine recovery in external demand. However, the purchase prices sub-i...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
0168 TSINGTAO BREWERY CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BMRI BANK MANDIRI
TIDLOR TIDLOR HOLDINGS PCL
002747 CH ESTUN AUTOMATION
- Bella Lu Yifei
- Ken Lee
Yadea Group Holdings Ltd. (1585 HK): 2H25: Results Miss; Cut Target Pr...
2H25 net profit came in below estimates at Rmb1,263m (+429.4% yoy/-23.4% hoh) on sales volume and margins. Looking ahead, we expect Yadea’s earnings to be driven by the recovery of China’s electric two-wheeler market, product premiumisation, and exports. Trim our 2026-27 net profit forecasts by 11%/11% to Rmb3,205m/Rmb3,679m respectively and introduce 2028 net profit forecast of Rmb4,126m, implying 14% three-year CAGR. Maintain BUY; cut target price from HK$19.50 to HK$18.00, pegged to 15x 2026F...
- Johnny Yum Chung Man
BYD Electronic (285 HK): 4Q25: Significant Miss; 2026 A Transitional Y...
BYDE reported a significant 4Q25 earnings miss, with net profit declining 68.6% yoy to Rmb378m on a deteriorating product mix and market share losses in the higher-margin iPhone component business. Management guides for flattish 2026 revenue, positioning it as a transitional year before growth recovers in 2027 on improved AI server contributions and Apple business recovery. Downgrade to HOLD due to headwinds in 2026. Cut target price to HK$26.40.
- Bella Lu Yifei
- Ken Lee
BYD Company (1211 HK): 4Q25: Results In Line; Earnings To Recover From...
4Q25 net profit came in as expected at Rmb9,286m (-38.2% yoy/+18.7% qoq). We believe BYD’s earnings bottomed out in 4Q25-1Q26, and 2026-28 profit will be driven by new tech launches, overseas expansion and external battery sales. We raise our 2026-27 net profit forecasts by 58%/100% to Rmb45.41b/Rmb56.35b respectively, and introduce our 2028 net profit forecast of Rmb69.64b, implying a 29% three-year CAGR. Upgrade from SELL to BUY; lift target price from HK$81.00 to HK$130.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 31, 2026
Top Stories Company Results | BYD Company (1211 HK/BUY/HK$105.80/Target: HK$130.00) 4Q25 net profit came in as expected at Rmb9,286m (-38.2% yoy/+18.7% qoq). We believe BYD’s earnings bottomed out in 4Q25-1Q26, and 2026-28 profit will be driven by new tech launches, overseas expansion and external battery sales. We raise our 2026-27 net profit forecasts by 58%/100% to Rmb45.41b/Rmb56.35b respectively, and introduce our 2028 net profit forecast of Rmb69.64b, implying a 29% three-year CAGR. Upg...
01109 CHINA RESOURCES LAND LIMITED
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
000333 MIDEA GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
- Philip Wong
Duopharma Biotech (DBB MK) - Defensive Earnings, Bargain Valuations
Defensive Earnings, Bargain Valuations Highlights Supply chain is largely intact despite geopolitical uncertainties. Costs have risen but are highly manageable, further supported by healthy inventory levels. Wan Amir-Jeffery’s appointment provides familiarity and strategic continuity, while the award of the human insulin contract is expected to be announced in the near term. Maintain BUY and target price of RM1.62. Duopharma offers highly visible defensive earnings and bargain valuations.
- Malaysia Research Team
Malaysia Daily - Tuesday, March 31, 2026
Top Stories Company Update | Duopharma Biotech (DBB MK/BUY/RM1.25/Target: RM1.62) Duopharma’s supply chain is largely intact despite geopolitical uncertainties. Costs have risen but are highly manageable, further supported by healthy inventory levels. There is new management at the helm but Wan Amir-Jeffery is highly seasoned and provides familiarity and strategic continuity, while the award of the human insulin contract is expected to be announced in the near term. Maintain BUY and target price...
- Bella Lu Yifei
- Ken Lee
EVE Energy (300014 CH): 4Q25: Earnings Miss Estimates On Margins; Cut ...
4Q25 net profit came in below our estimates at Rmb1,319m (+71.7% yoy/+8.9% qoq) due to sales volume miss and margin erosion. Earnings will be driven by global capacity ramps in Malaysia, Hungary and China, together with new OEM and utility contracts. Considering the lower gross margin, we trim our 2026-27 net profit forecasts by 11%/19% to Rmb7.77b/Rmb10.18b respectively, and introduce our 2028 net profit forecast of Rmb11.29b. Maintain BUY and cut target price from Rmb90.00 to Rmb85.00.
- Bella Lu Yifei
- Ken Lee
Great Wall Motor (2333 HK): 4Q25: Results In Line; Earnings Recovery I...
4Q25 GAAP net profit came in as expected at Rmb1,230m (-45.6% yoy/-46.5% qoq) on margin erosion. Looking ahead, we expect GWM’s earnings to be driven by strong product pipelines, new tech launches and recovery of exports. We maintain our 2026-27 net profit forecasts of Rmb10.86b/Rmb13.53b respectively and introduce our 2028 net profit forecast of Rmb16.42b. Maintain BUY with an unchanged target price of HK$16.00, pegged to 11x 2026F PE.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Joyce Chu
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Monday, March 30, 2026
Top Stories Company Results | China Construction Bank (939 HK/BUY/HK$8.09/Target: HK$9.20) CCB’s 4Q25 earnings grew 2.2% yoy, thanks to a surge in other non-NII amid increased bond trading gain, fee income growth and cost control. NIM was largely stable and management expects smaller NIM compression in 2026. Asset quality was largely stable despite some pressure on mortgages. These results reaffirm CCB's continued fundamental improvement and its attractive dividend yield of 5.3% stands out as a...
XGH ENN ENERGY HOLDINGS LIMITED
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
RLF LONGFOR GROUP HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
06690 HAIER SMART HOME CO. LTD. CLASS H
02192 MEDLIVE TECHNOLOGY CO LTD
HUIZ HUIZE HOLDING LIMITED
- Audrey Celia
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, March 30, 2026
Greater China Company Results | China Construction Bank (939 HK/BUY/HK$8.09/Target: HK$9.20) CCB’s 4Q25 earnings grew 2.2% yoy, thanks to a surge in other non-NII amid increased bond trading gain, fee income growth and cost control. NIM was largely stable and management expects smaller NIM compression in 2026. Asset quality was largely stable despite some pressure on mortgages. These results reaffirm CCB's continued fundamental improvement and its attractive dividend yield of 5.3% stands out as ...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
AMRT SUMBER ALFARIA TRIJAYA TBK PT
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
CRC CENTRAL RETAIL CORP
06690 HAIER SMART HOME CO. LTD. CLASS H
02192 MEDLIVE TECHNOLOGY CO LTD
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
HUIZ HUIZE HOLDING LIMITED
- Malaysia Research Team
Malaysia Daily - Monday, March 30, 2026
Top Stories Sector Update | Property Rising costs are inevitable as the Iran conflict is prolonged, with our sensitivity analysis suggesting a 4-8% impact to earnings, assuming no cost pass-through. Maintain OVERWEIGHT on the sector’s palatable valuations at 0.9x forward P/B (+0.5SD above mean), supported by: a) robust industrial momentum; b) potential capital inflow to Singapore and Malaysia, especially after the onset of the Iran conflict; and c) asset monetisation catalysts through potential ...
- Bella Lu Yifei
- Ken Lee
Weichai Power (2338 HK): 4Q25: Earnings down 32% YOY, missing estimate...
Highlights 4Q25 net profit missed our estimate at Rmb2,053m (-31.6% yoy/-36.5% qoq) on margin squeeze, bringing 2025 net profit to Rmb10.93b (-4.1% yoy). Weichai is entering 2-3 years of muted transitional earnings growth, as the old businesses are stagnating but the fast-growing AI-related businesses are still too small to elevate earnings growth. We cut our 2026-27 net profit forecasts by 16%/21% to Rmb11.56b/ Rmb12.29b respectively, and introduce our 2028 forecast of Rmb13.10b. Mainta...
- Julia Pan Mengyao
Meituan (3690 HK): 4Q25: Earnings Miss; FD Loss To Halve qoq In 1Q26 A...
4Q25 earnings missed expectations. Total revenue increased 4% yoy to Rmb92b, in line with our and consensus estimates. Non-IFRS net loss totalled Rmb15b, with a net margin loss of 17%, missing consensus estimates. For 1Q26, Meituan expects core local commerce revenue growth to remain flattish or drop slightly, with losses projected to halve sequentially. Maintain SELL with a lower target price of HK$74.00.
- Bella Lu Yifei
- Ken Lee
Pony AI Inc (PONY US): 4Q25: Earnings In Line While Margins Miss.
Pony AI’s 4Q25 bottom line turned around to US$23m on investment gains. 2025 net loss narrowed to US$134m (-51.1% yoy), while adjusted net loss widened to US$174m (+31.5% yoy), in line with our forecasts. We expect earnings to be driven by fleet expansion, BOM cost reduction, and increasing operation efficiency. Raise our 2026-27 net loss forecasts to US$211m/US$163m respectively. We expect bottom line to turn around to US$108m in 2028. Maintain BUY; cut target price to US$24.30 for US stocks an...
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