焦点板块及个股 | 快手；京东健康；网易；Mobileye；Avenue超市

中信证券财富管...08-19

快手 (1024 HK; 73.7港元; 目标价: 83港元) 业绩前瞻：可灵AI着眼全球我们预计快手2025年第二季度收入与盈利保持稳定增长，线上营销收入和调整后EBIT分别同比增长12%/15%至197亿元和50亿元，主要得益于GMV稳步增长及Kling AI全球影响力提升。我们预测GMV将同比增长13.5%，受货架电商扩张与“以旧换新”带动。Kling AI收入增长快于预期，预计二季度将达3...

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JD Health; NetEase; Mobileye; Avenue Supermarket","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MBLY":1,"NTES":1},"content_text":"快手 (1024 HK; 73.7港元; 目标价: 83港元) 业绩前瞻：可灵AI着眼全球我们预计快手2025年第二季度收入与盈利保持稳定增长，线上营销收入和调整后EBIT分别同比增长12%/15%至197亿元和50亿元，主要得益于GMV稳步增长及Kling AI全球影响力提升。我们预测GMV将同比增长13.5%，受货架电商扩张与“以旧换新”带动。Kling AI收入增长快于预期，预计二季度将达3亿元人民币，已凭借高质量AI视频、极具竞争力的定价吸引全球专业用户，成为新业绩驱动。整体而言，快手日活跃用户超3亿，月活超6亿，人均日使用时长约120分钟，在中国短视频双寡头市场中仍具有独特投资价值。京东健康 (6618 HK; 66.4港元; 目标价: 71港元) 中报超预期，看好医药电商AI医疗长期趋势公司发布 2025 年中期业绩公告，药品自营与广告业务快速增长驱动业绩超预 期。公司有望长期占据特新药线上首发第一站市场地位，下半年自营及平台业务有望保持较快增速，AI+医疗产品料将持续渗透更多 B 端、C 端场景，改善医药电商、医疗服务体验并提升转化率。我们看好行业层面医药健康品类线上化率提升与 AI 助力 C 端医疗应用提效的长期趋势。网易 (NTES US; 130.30美元; 目标价: 143美元) 关注手游下半年拐点公司2025年二季度业绩稳中向好，各项业务同比均处于增长或降幅收窄的状态，主要得益于《漫威争锋》、《燕云十六声》等新游戏获得玩家青睐、贡献良好；《梦幻西游》、《第五人格》等长青游戏持续运营更新、焕发活力；暴雪回归后更加注重游戏社区的本地化运营，带来了良好的玩家黏性和流水表现。展望未来，公司还有多款重磅游戏将要推出，拥有丰富的管线储备，随着公司越来越聚焦于国际化发行、多端发行，我们预计其海外收入亦将有所增加。公司游戏收入表现持续高景气，仍建议关注。Mobileye (MBLY US; 14.3美元；目标价：17.6美元) 高阶自驾有望成为未来增长驱动力Mobileye是ADAS行业的领导者，目前正在持续拓展高阶自驾解决方案业务。在ADAS领域，公司技术方案成熟，与国际车企合作稳定，目前部分地区政策强制要求新车加装ADAS，未来公司相关收入有望伴随ADAS渗透率的提升而提升。在高阶自动驾驶领域，根据公司IR Day，截至2024年12月，公司L2+/L3/L4产品订单量分别约200-300万/50万/1.2万套，公司预计2027年相关车型将开始大规模量产。在Robotaxi领域，公司已与大众/Uber、Lyft达成合作，除出售L4解决方案外，亦可持续收取许可费。我们看好公司在高阶自驾业务上的拓展，看好未来量产和平均销售价格提升下的业绩表现。Avenue超市 (DMART IS; 4,558印度卢比; 目标价: 6,408印度卢比) 在全球巨头中表现突出公司是印度最盈利的价值零售商之一，对比全球零售集团，其毛利率非常低 (只有Costco和Tesco的毛利率比她更低)，但营业利润率却非常高 (只有Walmex的营业利润率比她更高）。我们认为，这主要是由于其在运营成本方面保持了严格控制，而其运营成本在全球对比集团中是最低的。虽然部分较低的成本是由于印度的工资水平较低，但与印度本土零售同行相比，公司同样表现突出，其杂货业务的毛利率较低，但营业利润率却较高。公司仍处于发展的初期阶段，是我们在印度消费领域的首选之一。资料来源：相关公司、中信证券","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2560640158","isCrawlerRequest":true}