Hong Kong Stock Rating Summary: China Merchants Securities(Hong Kong)maintains Angelalign Technology's Buy rating

Caixin Media, April 1 (Newsroom Editor Tong Gu): The following are the latest ratings and price targets from various institutions for Hong Kong stocks:

China Merchants Securities (Hong Kong): Maintains a Buy rating for IASIA Angels; target price HK$91.89

China Merchants Securities (Hong Kong) released a research report on IASIA Angels (06699.HK), stating that the company’s FY25 performance was strong, with revenue up 37.8% year over year to $370 million, and attributable net profit up 134.7% year over year to $28 million, mainly benefiting from a doubling of overseas business growth and an improvement in domestic market share. Overseas revenue was up 102.5% year over year, case volume was up 82.1%, and ASP increased; domestic revenue was up 10.1%, and gross margin rose to 65%. Although IP litigation expenses may weigh on the short term, the company’s global expansion and product strength have continued to be validated. The target price is HK$91.89.

China Merchants Securities (Hong Kong): Maintains a Buy rating for BYD Electronic; target price HK$35.80

China Merchants Securities (Hong Kong) released a research report on BYD Electronic (00285.HK), stating that the company’s FY25 earnings were pressured by fluctuations in demand for phone components, but its automotive electronics and AI server business are growing strongly, and in 2026 it is expected to see three major growth drivers: Apple foldable screens, AI liquid cooling, and overseas automotive program lock-ins. Management guidance indicates that FY26 revenue will remain stable. It will focus on high-end and foldable smartphone models, intelligent upgrades for new-energy vehicles, and high-margin areas such as AI server liquid cooling. The target price is HK$35.80.

China Merchants Securities (Hong Kong): Maintains a Buy rating for China Resources Beverage; target price HK$11.09

China Merchants Securities (Hong Kong) released a research report on China Resources Beverage (02460.HK), stating that the company’s FY25 performance was under pressure primarily due to weak sales of packaged water and increased marketing spending. However, the effects of reform are becoming apparent: headcount streamlining at the headquarters and increased R&D investment have already been implemented, with administrative staff down 8% and R&D staff up 63%. From FY26, sales recovery is visible; February shipments have turned positive. Coupled with PET price lock-ins supporting costs, the company expects profits to bottom out and rebound. The target price is HK$11.09.

China Merchants Securities (Hong Kong): Maintains a Buy rating for J&T Express-W; target price HK$14.70

China Merchants Securities (Hong Kong) released a research report on J&T Express-W (01519.HK), stating that the company’s 2025 adjusted net profit surged 112% year over year. Its Southeast Asia market share reached 34.4%, maintaining the number one position. Cost per package declined 16% to $0.48. With China’s “anti-price war” environment highlighting earnings resilience, its new markets turned profitable for the first time. The global “cash cow + stabilizer + growth engine” structure has taken shape. Synergy with SF Express and deeper collaboration is expected to help reshape the valuation. The target price is HK$14.70.

China Merchants Securities (Hong Kong): Maintains a Buy rating for Zhenli New Energy; target price HK$18.00

China Merchants Securities (Hong Kong) released a research report on Zhenli New Energy (03677.HK), stating that the company’s 2H25 gross margin reached 18.7%, a record high. Expense ratios were significantly lower than expected, and operating efficiency was outstanding. Management raised its FY26 sales guidance to 33GWh (from 30GWh) and plans to expand capacity to 50GWh in FY27, improving order visibility. Although it faces pressure from higher raw material prices, tightly controlling costs and leveraging economies of scale can offset the impact. The target price is HK$18.00.

China Merchants Securities (Hong Kong): Maintains a Buy rating for GAC Group; target price HK$4.20

China Merchants Securities (Hong Kong) released a research report on GAC Group (02238.HK), stating that its FY25 performance met the pre-warning, with 4Q net losses narrowing. The key focus for 2026 is the first model GT7 from the Aistaland brand jointly built with Huawei, which is expected to be launched in June, and export volume expected to double to 250k units. Overseas gross margin is 10.7 percentage points higher than in China. An increase in the export mix is expected to support a recovery in overall gross margin. The target price is HK$4.20.

China Merchants Securities (Hong Kong): Maintains a Buy rating for InnoSparks; target price HK$75.00

China Merchants Securities (Hong Kong) released a research report on InnoSparks (02577.HK), stating that the company’s FY25 revenue increased 46.4%, with gross margin turning from negative to positive at 7.3%, achieving an operational inflection point. GaAs products are accelerating their penetration in AI data centers, humanoid robotics, and automotive applications, with revenue from data centers and automotive up 50%/more than 100%, respectively. Capacity continues to ramp up, and its target for 2028 is 80k wfpm. With technological leadership combined with expansion into new scenarios, the target price is HK$75.00.

China Merchants Securities (Hong Kong): Maintains a Buy rating for Sunny Optical Technology; target price HK$82.99

China Merchants Securities (Hong Kong) released a research report on Sunny Optical Technology (02382.HK), stating that the company’s net profit in 2H25 increased 85% year over year. The main reason exceeded expectations was investment gains. In 2026, the upward trend in smartphone ASP and share gains, together with expected 60% growth in IoT business revenue, will become the core drivers. Projects for automotive lenses and AR systems are expected to move into mass production in FY27. Although XR may face short-term pressure, the company’s technical barriers in high-end optics remain solid. The target price is HK$82.99.

China Merchants Securities (Hong Kong): Maintains a Buy rating for China Resources Vientiane Life; target price HK$52.42

China Merchants Securities (Hong Kong) released a research report on China Resources Vientiane Life (01209.HK), stating that the company’s 2025 core net profit increased 13.7% year over year, shopping mall retail sales increased 23.7% year over year, and NOI profit margin improved by 0.6 percentage points to 65.7%. Property management gross margin rose to 18.0% against the trend. The number of members in its premium membership business grew 36% year over year. The company proposed a goal to add 100 shopping malls during the “15th Five-Year Plan” period. The target price is HK$52.42.

China Merchants Securities (Hong Kong): Maintains a Strong Buy rating for United Pharmaceutical; target price not disclosed

China Merchants Securities (Hong Kong) released a research report on United Pharmaceutical (03933.HK), stating that its UBT251 GLP-1/GIP/GCG triple-target agonist received a $180 million upfront payment from Novo Nordisk. Clinical data show weight-loss efficacy is among the best in its class. In 2026, Phase III clinical trials in China will be initiated. Prices for traditional intermediates stabilized and resumed rising from the end of 2025. With improved industry supply and demand, the cycle is expected to bottom out and recover. The “Strong Buy” rating is maintained.

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