GMT EIGHT - Research - HK Stock

CICC: Maintains OUTPERFORM rating on MININGLAMP-W (02718) with a target price of HK$293.

Looking ahead to 2026, management stated that Agentic Services is expected to expand beyond marketing and drive globalization, becoming a significant revenue contributor.

Bank of communications International: The shipment volume of 26-year-old humanoid Siasun Robot & Automation is expected to explode, with resources further concentrated towards leading players.

Essentially, humanoid robots and new energy vehicles share a high degree of homogeneity in their underlying technological architectures, both following the closed-loop logic of "perception-decision-execution" and the industrialization path of "concept release-prototype validation-small-batch trial production-mass production".

CICC: Maintains CHINA MER PORT (00144) Outperform Rating, Target Price of HK$16.5

In 2025, the company and other terminals achieved rapid growth. Looking ahead, the industry believes that with the growth of the overseas port hinterland economy and continued empowerment of operations by the company, the volume of overseas port business is expected to achieve long-term high growth.

CICC maintains a rating of outperform for Yuexiu Property (00123) with a target price of 5.9 Hong Kong dollars.

The company estimated that the stock of available resources exceeded 200 billion yuan. If the real estate market remains stable and the pace of sales accelerates, the company may be able to maintain annual sales of one trillion yuan.

"Token First Stock XUNCE (03317) receives institutional support! Maintains a buy rating, with the target price significantly raised from HKD 86 to HKD 245!

CITIC Securities International recently released a research report, maintaining a "buy" rating on Comba Telecom Systems Holdings Limited (03317), and significantly raising the target price from the previous 86.0 Hong Kong dollars to 245.0 Hong Kong dollars, an increase of approximately 185%.

CITIC SEC: Maintains a "buy" rating on NetDragon (00777), AI cost reduction taking effect, focusing on long-term development

CITIC Securities released a research report stating that it maintains a "buy" rating on NetDragon (00777), using the sum-of-the-parts valuation method to give the company a valuation of HK $7.17 billion in 2026, corresponding to a target price of HK $13.

CMB International: Lower SANY INT'L (00631) target price to 19.5 Hong Kong dollars, maintain "buy" rating.

During the performance conference call, the management mentioned that large mining trucks, microgrids, and lithium batteries are the main growth areas in the coming years.

CMB International: Raises target price of INNOSCIENCE (02577) to HK$75, maintains "buy" rating.

Profit improvement is mainly benefited from continuous expansion. By 2025, the monthly wafer capacity has reached 20,000 pieces, and both capacity utilization rate and yield have also increased simultaneously.

Bank of America Securities: The recovery of the domestic real estate market needs to rely on its own strength. Preferred stock: China Resources Land Limited (01109).

The line prefers China Resources Land (01109) because its investment properties have long-term growth potential, and is optimistic about the overseas development of China Overseas (00688) and Jianfa International Group (01908) benefiting from upgrade demand, believing that their profit visibility for the 2027 fiscal year is better.

Guotai Haitong: Maintains "buy" rating on XUNCE (03317) with potential to explore tokenized payment model to enhance business. Target price of HKD 242.36.

With the accelerated landing of large AI models in B-end enterprises, the demand for enterprise-level AI data governance is booming, and token consumption is exponentially increasing. The company is actively exploring token-based payment business models to accumulate momentum for future performance growth.

Furui: Raised target price of COSCO Shipping Energy Transportation (01138) to HKD 24.6, reiterated "buy" rating.

Furui stated that the conflict in the Middle East has led to significant security restrictions in the Strait of Hormuz, with over 70 VLCCs (accounting for approximately 8% of global VLCC capacity) temporarily trapped in the area.

UBS: Raises ZOOMLION (01157) target price to 8.95 Hong Kong dollars, with a "Neutral" rating.

The management expects domestic sales to experience a moderate recovery during the "13th Five-Year Plan" period.

BOCOM INTL: Hong Kong's stock market is expected to bottom out and stabilize in April, focusing on AI applications and intelligent driving.

Focus on the valuation layout which is still at historical low levels and a leading internet platform that continues to increase repurchase and cancellation efforts; pay attention to artificial intelligence (AI) applications and intelligent driving that have industry catalysis capabilities.

Citibank: LAOPU GOLD (06181) management team is confident in sales prospects, reiterates "buy" rating.

Citigroup reiterated its "buy" rating on the old stock and listed it as the preferred stock in the Chinese jewelry industry, with a target price of 1,162 Hong Kong dollars.

Lyon: Lowered target price for KINGSOFT (03888) to 29.1 Hong Kong dollars, the gaming business will face transformation this year.

The company has downwardly adjusted its revenue forecast for the next two years by 7%, as well as reducing its operating profit forecast by 21% and 16%, to reflect negative factors related to gaming.

Citigroup: Up UBTECH ROBOTICS (09880) Target Price to 190 Hong Kong Dollars, Rating "Buy"

The management believes that 2026 will be the year when Ubtech takes its humanoid robots into commercial transformation.

Lyon: Macau's gaming revenue in April increased by 11% year-on-year to 20.9 billion Macau dollars. Preferred stocks include GALAXY ENT (00027) and MGM CHINA (02282)

The top picks are Galaxy Entertainment (00027) and MGM China (02282), both given a "outperform" rating with target prices of HKD 49.5 and HKD 20.9 respectively.

Morgan Stanley: Quoting GEELY AUTO (00175), overseas sales growth and profit margin increase are core strategies, expecting overseas profit per vehicle in the first quarter to reach approximately 13,000 to 15,000 RMB.

This line indicates that Geely's core long-term strategy is to increase overseas sales volume and expand profit margins. Cost inflation is controllable, and there was no price war in the first quarter of 2026, which helps maintain profitability.

Citibank: Macau gambling revenue in March exceeded expectations, expecting gambling revenue of 21 billion Macau pesos in April.

The conservative forecast for Macau's gaming revenue in April is estimated to reach 21 billion Macau patacas, with a daily average gaming revenue of approximately 700 million Macau patacas, representing a year-on-year growth of 11%.

BOCI Research International: Lower CHINACOMSERVICE (00552) target price to HK$4.57, bullish on AI computing power infrastructure demand.

As of the end of the second half of last year, the company's free cash flow reached 8.42 billion yuan, a year-on-year increase of 14.1%, an improvement from the first half of the year, mainly due to an improvement in accounts receivable management.

Lyon: It is expected that the net interest margin of banks will decrease significantly within the year, supporting profit recovery. Overall, target prices are being raised.

Based on the positive signs of net interest spread and wealth management fee income in the fourth quarter of last year, the bank expects a significant narrowing of the net interest spread decline this year, and a stabilizing trend by quarters from the second half of the year.

Citigroup: lowers target price for CHINA LESSO (02128) to 6.2 Hong Kong dollars, concerned about the impact of soaring oil prices on gross profit margin.

The management expects that, due to the replenishment of raw materials, the gross profit margin in the first quarter of 2026 will remain flat compared to the second half of 2025, as demand momentum has been recovering in the three months before the conflict (from October last year to January this year), and overseas channel business will be the main driver of growth.

Lyon: HAIDILAO (06862) refocusing on developing sub-brand strategy is correct, maintaining "outperform the market" rating.

This line indicates that the easing competition of Haidilao should aid in the expansion of its stores; The estimated annual compound growth rate of store numbers from 2026 to 2028 is 2% to 3%.

Lyon: Raises target price of TCL ELECTRONICS (01070) to 16 Hong Kong dollars, rating "Outperform" against the market.

TCL Electronics (01070) subsidiary has established a joint venture with Sony, purchasing 100% of Sony Electronics shares for 75.4 billion yen, with TCL holding a 51% stake.

Goldman Sachs: Cloud and data centers are among the top sub-sectors in the Chinese internet industry. We recommend Alibaba (09988) and Kingsoft Cloud (03896).

Games and entertainment are listed as the third sub-industry, with core investment targets including Tencent Holdings (00700) and Bilibili-W (09626), as user time shifts further towards the entertainment sector and advertising revenue grows steadily.

Lyon: BYD Company Limited (01211) and Geely (00175) further increase their export volume, and the domestic automobile sales momentum is on the rise.

Domestic sales are also on the rise, especially in the mass market. The sales volume of major car companies reached 1.1 million units, only a 1% decrease compared to the previous year.

Bank of America Securities: Raises target price for BUSYMING (01768) to 500 Hong Kong dollars and reiterates "buy" rating.

The group's better outlook for store openings and the momentum in same-store sales growth will become short-term catalysts for revaluation.

Citigroup: Upgrades GEELY AUTO (00175) Target Price to 27 Hong Kong Dollars Rating "Buy"

Taking into account better sales mix and profit margin trends, the gross profit margin forecasts for the years 2026 to 2028 have been raised by 0.2 percentage points, while the net profit forecasts for each year have been raised by 3%, reaching 199 billion RMB, 228 billion RMB, and 260 billion RMB respectively.

BOCI Securities: Slightly lowers target price of Postal Savings Bank Of China (01658) to 6.62 Hong Kong dollars, maintains "buy" rating.

Postal Savings Bank of China's attributable net profit in the fourth quarter of 2025 increased by 1.7% compared to the same period last year, slightly faster than the growth of 1.2% in the third quarter. The bank believes that this growth was mainly driven by the increase in operating income, the slowing decline in net interest margin, and reduced operating expenses.

JP Morgan: Knowledge Atlas (02513) API demand strong, target price raised to 950 Hong Kong dollars.

Revenue from the API platform (ARR) skyrocketed to $250 million by the end of March this year, a 6.4-fold increase since the beginning of the year, and a 60-fold increase over the past 12 months.

JP Morgan: UBTECH ROBOTICS (09880) raises the shipment target of Walker S series humanoid robots from Siasun Robot & Automation, maintaining a "hold" rating.

The management is confident in further increasing the gross profit margin, with the goal of raising the group's gross profit margin to 43% to 44% (compared to 37.7% in the 2025 fiscal year), and expects to achieve a balance between revenue and expenditure earlier than the originally planned 2027 timeline.

CICC maintains an outperform rating on OCUMENSION-B (01477) with a target price of 10.16 Hong Kong dollars.

As of December 31, 2025, the company has 5 products in Phase III clinical trials, 3 real-world studies, and 1 in the commercialization registration stage.

CICC: Maintain CHINACOMSERVICE (00552) at outperform rating with a target price of HK$5.50.

In 2025, the company's full-year dividend per share is 0.2241 Chinese yuan, with a dividend payout ratio of 43%, an increase of 1 percentage point year-on-year, exceeding the bank's expectations.

CICC: Maintains outperform rating on Tiangong Int'l (00826), target price of 5.29 Hong Kong dollars.

In the second half of 2025, the company's net profit attributable to non-controlling interests was 137 million yuan, a quarter-on-quarter increase of 309%. The bank expects the company's main operating profit capability to continue to improve.

EB SECURITIES maintains a "buy" rating on PATEO (02889): High growth in 2025 performance realizes the globalization of AI cockpit leader.

On March 31, Guotai Junan Securities released its latest research report, maintaining a "buy" rating on Bote Car Alliance (02889). This is the second time since December 2025 that Guotai Junan Securities has covered and given a "buy" rating for the company, based on the company's latest operational progress and industry trends.

CICC: Maintains Sinotruk Jinan Truck (03808) Outperform rating, target price of 47.7 HKD.

The company is optimistic about the continued growth potential of the heavy-duty truck market in Asia and Africa and the long-term potential of the European market. As a leading player in the heavy-duty truck industry, the company is poised for increased growth opportunities.

CICC: Maintains YONGDA AUTO (03669) Outperform Rating with a target price of HK$1.90.

Looking ahead, the company adheres to a dual-drive strategy of new energy and luxury, optimizing channels, controlling costs strictly, and layouting battery recycling and digital efficiency improvement. The bank believes that there is a possibility of achieving a bottom rebound by relying on the increase in industry concentration.

EB SECURITIES: Shenzhou International (02313) performance is below expectations, with decreased profit forecasts. Valuation is currently at a low level, still recommend buying.

Considering the uncertainties in both domestic and international macroeconomic and retail environments, Guotai Junan Securities has lowered the company's profit forecast for 2026-2027 (by 16%/14% compared to previous forecast), added a profit forecast for 2028, and predicted the company's net profit attributable to shareholders for 2026-2028 to be 6 billion/6.78 billion/7.4 billion yuan, corresponding to earnings per share of 3.99/4.51/4.92 yuan for 2026-2028, with P/E ratios of 11/9/9 respectively. The valuation is low, and the recommendation for Shenzhou International remains as "buy".

EB Securities: The oil field development model is expected to open up growth space, maintaining a "buy" rating for ANTON OILFIELD (03337).

The company's light asset business is developing steadily, and the oil field development business model is expected to open up new growth opportunities. We maintain a "buy" rating.

EB SECURITIES: Fully introducing AI to drive performance beyond expectations, maintaining a "buy" rating for COWELL (01415).

Looking ahead to 2026, as AI accelerates its penetration from the cloud to the terminal side, terminal devices such as mobile phones and PCs will have higher requirements for image and perception capabilities. The company, as a core optical component supplier, will greatly benefit from this trend.

Macquarie raises target price for Ganfeng Lithium Group (01772) to HK$86 in response to increased lithium prices and profit forecasts.

The company plans to increase its capital injection into its subsidiary battery company in order to further expand its downstream battery business.

UBS: Upgrades Shanghai Pharmaceuticals Holding (02607) target price to HK$15.2, rating "buy"

The bank pointed out that, considering Shanghai Pharmaceuticals' positioning strategy, diversified business, and competitive advantage in rapidly growing businesses, the bank expects Shanghai Pharmaceuticals' growth during the "13th Five-Year Plan" period to outperform its pharmaceutical distribution peers.

UBS: Raises Goldwind Science & Technology (02208) target price to 26.9 Hong Kong dollars with a "buy" rating.

Jinfeng Technology's performance in the fourth quarter of last year was lower than expected due to impairment losses, but the outlook for the wind turbine business is still optimistic.

CICC: Lower China Tourism Group Duty Free Corporation (01880) to 95 Hong Kong dollars, maintaining "outperform" rating.

In 2025, the performance revenue decreased by 4.92% year-on-year to 53.694 billion yuan, and the net profit attributable to the parent company decreased by 15.96% year-on-year to 3.586 billion yuan. It is also believed that the performance in the last quarter of last year met market expectations.

UBS: It is expected that CKH Holdings (00001) may benefit from rising oil prices, while Taikoo A (00019) may be negatively affected.

This assumption assumes that the Middle East conflict will continue unresolved until the end of the third quarter of this year, with minimal oil tanker traffic through the Strait of Hormuz, and the average price of Brent crude oil for the year will be $132.5 per barrel.

BOCOM INTL: Lower target price for SHENZHOU INTL (02313) to HK$74.1, last year's performance falls short of expectations.

The company predicts that its production capacity in 2026 is expected to achieve a moderate growth, but it points out that the gross profit margin still faces uncertainty.

JP Morgan: Maintaining a "overweight" rating on MAO GEPING (01318) is seen as the top choice for the Chinese beauty and cosmetics sector.

Mao Geping's gross profit margin reached 84%, and the impact of rising raw material prices on profits is limited.

BOCOM INTL: Lower HANSOH PHARMA (03692) target price to HK$44.5, performance exceeded expectations last year.

Long-term, the company expects the sales of Amelie to maintain stable growth until 2030, sustaining the peak sales of 8 billion yuan.

Citigroup: Lower CHINA OVERSEAS (00688) target price to HK$14.2, maintains "buy" rating, leading the industry in various aspects.

The bank believes that the company's advantage lies in its scale and first-tier land reserve resources in core cities. At the same time, the company's strong balance sheet gives it the ability to undertake large-scale integrated projects in core cities.

BOCI Securities: Raised target price of China Construction Bank Corporation (00939) to HK$11.28 with a "Buy" rating.

By the fourth quarter of 2025, the asset quality of Construction Bank continued to improve, with the non-performing loan ratio decreasing to 1.31% as of the end of December, compared to 1.32% at the end of September 2025.

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