M N 2024 年 4 月 29日 招银国际环球市场 | 睿智投资 | 公司更新 联影医疗 (688271 CH) 高端市场持续拓展，国际化战略快速推进 目标价 160.39人民币 2023年公司实现营收114.1亿元，同比增长23.5%；归母净利润19.7亿元，同比增 (此前目标价 161.42人民币) 长19.2%，毛利率略微提升至48.5%（+0.1ppts），我们认为主要得益于中高端产品 潜在升幅 24.2% 和服务收入占比的提高，以及生产、物流等环节运营效率的提升。归母净利率下降 当前股价 129.10人民币 0.6 个百分点，主要是由于公司积极拓展海外业务并持续加大研发投入，销售费用率 中国医药 和研发费用率有所上升。1Q24，公司保持稳健增长，实现营业收入 23.5亿元，同比 武 煜, CFA 增长6.2%；归母净利润3.6亿元，同比增长10.2%。 (852) 3900 0842  设备销售稳步增长，中高端产品表现亮眼。2023 年公司设备销售收入 99.3 亿 jillwu@cmbi.com.hk 元，同比增长 21.1%，各产线收入和销量均实现增长。1）CT：2023 年产线收 王云逸 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.90, implying a potential upside of 25.9% from the current price of HKD 9.45 [2][6]. Core Insights - The first quarter performance of the company was below expectations, primarily due to a slight increase in the combined ratio (CoR) to 97.9% from 97.8% in FY23. The growth in automobile and non-automobile premiums slowed down to +1.9% and +5.0% year-on-year, respectively [1][7]. - Despite the weak performance in Q1, the report expresses confidence in the company's underwriting resilience, citing that catastrophe-related claims have been fully released in Q1 and expecting a recovery in monthly premium growth as seasonal effects dissipate [1][6]. - The report adjusts FY24-26E EPS forecasts down by 2%-6% due to ongoing impacts from asset allocation and market volatility, projecting EPS of RMB 1.32, 1.43, and 1.55 for FY24, FY25, and FY26, respectively [1][6]. Financial Performance Summary - The company's net profit for Q1 was RMB 5.87 billion, down 38.3% year-on-year, with underwriting profit declining by 49.1% to RMB 2.35 billion [1][7]. - Insurance service income increased by 5.9% year-on-year to RMB 113.84 billion, while insurance service expenses rose by 9.0% to RMB 105.59 billion [7][8]. - The investment income, including contributions from associates, decreased by 35.7% to RMB 2.15 billion, with a fair value loss of RMB 0.16 billion reported [7][8]. Premium Income and Combined Ratio - The total premium income for Q1 was RMB 173.98 billion, reflecting a year-on-year increase of 3.8% [8]. - The combined ratio for the automobile segment is projected to be 96.7% for FY24, while the non-automobile segment is expected to have a CoR of 98.9% [1][6]. Valuation Metrics - The stock is currently trading at 0.8 times FY24E price-to-book (P/B) ratio, with a dividend yield of 6.0% for FY24E [1][6]. - The report highlights the company's defensive performance, offering over 40% in dividends, and maintains optimism regarding its market leadership in property and casualty insurance [1][6].

Investment Rating - The report maintains a "BUY" rating for PICC P&C with a target price of HK$11.90, implying a 25.9% upside from the current price of HK$9.45 [3][18]. Core Insights - The first quarter of 2024 saw weaker-than-expected results, with the combined ratio (CoR) slightly increasing to 97.9% compared to 97.8% in FY23. Auto and non-auto premium growth dropped to +1.9% and +5.0% YoY, respectively [2]. - Underwriting profit decreased by 49.1% YoY to RMB2.4 billion, impacting net profit which fell by 38.3% YoY to RMB5.9 billion. The net investment yield was reported at 0.8%, lower than some life insurance peers [2][8]. - Despite the weak performance in Q1, the report expresses confidence in the insurer's underwriting resilience due to the full release of catastrophe-induced claims and a recovery in monthly premium growth as seasonal effects fade [2][8]. Summary by Sections Financial Performance - In 1Q24, insurance service revenue increased by 5.9% YoY to RMB113.8 billion, while insurance service expenses rose by 9.0% YoY to RMB105.6 billion. The underwriting result was RMB5.2 billion, down 29.0% YoY [8]. - The net investment result dropped by 53.8% YoY to RMB2.3 billion, with a fair value loss of RMB164 million compared to a gain of RMB1.2 billion in 1Q23 [8][15]. Premium Growth - Auto premium growth was reported at +1.9% YoY, significantly lower than the previous year's +6.5%. Non-auto premium growth was +5.0% YoY, down from +12.8% YoY in 1Q23 [2][9]. - Agriculture insurance premiums increased by 14.7% YoY in March, indicating potential recovery in non-auto segments [2]. Valuation Metrics - The stock is currently trading at 0.8x FY24E P/BV, with a projected dividend yield of 6.0% for FY24E [2][15]. - The report revises down FY24-26E EPS by 2%-6% due to investment volatilities, with expected EPS of RMB1.32, RMB1.43, and RMB1.55 for FY24, FY25, and FY26, respectively [2][15].

Investment Rating - The report maintains a "Buy" rating for EVA Holdings, indicating a potential return exceeding 15% over the next 12 months [1][28]. Core Insights - EVA Holdings is transitioning from a secondary parts supplier to a primary participant, which is expected to drive growth in the coming years. The company's automation business is projected to maintain stable gross margins due to growth in Weihai and recovery in Vietnam [1][32]. - The automotive parts revenue is expected to grow at a compound annual growth rate (CAGR) of 15% from FY24 to FY25, with management targeting HKD 2.2 billion in automotive parts revenue for FY24 [1][32]. - The report highlights the importance of partnerships with primary suppliers in the new hot forming business, which could enhance EVA's profitability and revenue per vehicle [1][32]. Financial Summary - Revenue for FY24E is projected at HKD 6.571 billion, with a year-on-year growth of 6.3%. Net profit is expected to reach HKD 285 million, reflecting a 20.3% increase [20][34]. - The gross profit margin (GPM) for automotive parts is anticipated to be 21.8% in FY24E, supported by increased capacity and reduced capital expenditures [32][34]. - EVA's net profit for the first half of FY24 is expected to grow by 15% year-on-year, reaching HKD 141 million, with an overall net profit forecast of HKD 285 million for FY24 [1][32]. Valuation - The target price for EVA Holdings is set at HKD 1.50, based on a sum-of-the-parts (SOTP) valuation. The automotive parts business is valued at HKD 0.50 per share, while the office automation business is valued at HKD 1.00 per share [32][34]. - The report notes that the valuation reflects a revised FY24E price-to-earnings (P/E) ratio of 13 times, up from 11 times previously [32][34].

Disclosures & Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analy ...

M N 6 May 2024 CMB International Global Markets | Equity Research | Company Update United Energy (467 HK) Expect volume growth to accelerate in 2024E Target Price HK$0.96 We believe the low volume growth in 2023 and the impairment of Iraq assets (Previous TP HK$1.45) have been gradually digested by the market. We slash our 2024E/25E earnings Up/Downside 50.0% forecast by 26%/28% due to lower oil & gas output and higher production cost Current Price HK$0.64 assumptions. On the positive side, we expect the co ...

Investment Rating - The report maintains a "BUY" rating for the company, with a new target price of HK$24.80, implying a 37.8% upside from the current price of HK$18.00 [4][6]. Core Insights - The company experienced a positive VNB growth of +30.7% YoY in 1Q24, outperforming peers such as China Life and Ping An [2]. - The net profit attributable to shareholders grew by +1.1% YoY to RMB 11.8 billion in 1Q24, marking a turnaround after three consecutive quarters of decline [2][9]. - The insurer's life underwriting focus has shifted back to agency distribution, with agency FYP increasing by +31.3% YoY [2][10]. - The bancassurance channel faced challenges, with FYP declining by -21.8% YoY, although this was an improvement from a -54.6% decline in the previous quarter [2][11]. - The report highlights the potential for margin expansion due to the ongoing Changhang Transformation initiated in 2022 [2][6]. Summary by Sections Financial Performance - The company's net profit for FY23 was RMB 27.9 billion, with an expected increase to RMB 32.2 billion in FY24 [3]. - The EPS is projected to rise from RMB 2.83 in FY23 to RMB 3.30 in FY24 [3][15]. - The company reported a total insurance revenue of RMB 266.2 billion in FY23, with an expected increase to RMB 281.6 billion in FY24 [14]. Valuation Metrics - The stock is currently trading at 0.29x FY24E P/EV and 0.61x FY24E P/BV, with the new target price implying 0.40x FY24E P/EV and 0.84x FY24E P/BV [6][7]. - The report indicates a conglomerate discount of 10% applied to the valuation [5]. Operational Metrics - The company's first-year premiums (FYP) for 1Q24 were RMB 32.8 billion, a slight increase of +0.4% YoY [2][11]. - The agency channel's FYRP and FYSP grew by +25.4% and +44.5% YoY, respectively, indicating a strong recovery in agency productivity [2][10]. - The combined ratio for P&C insurance improved slightly to 98.0% in 1Q24 from 98.4% in 1Q23 [12]. Investment Performance - The net investment results showed a decline of -26.1% YoY, primarily due to a drop in net interest income and a shift from a gain to a loss in investment income [2][9]. - The total investment assets increased by 4.2% YoY to RMB 2,344.8 billion [13]. Solvency Ratios - The core solvency ratio for CPIC Life was reported at 107.9% in 1Q24, down from 117.0% in 4Q23 [11]. - The comprehensive solvency ratio was 195.8% in 1Q24, reflecting a decrease from 209.8% in the previous quarter [11].

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Henlius Biotech (2696 HK) Strong product sales in 1Q  Strong sales maintained in 1Q24. Henlius Biotech (Henlius) recorded total Target Price HK$20.33 revenue of RMB1.349bn in 1Q24, up 35% YoY. Of this, HANQUYOU’s sales in (Previous TP HK$18.67) China was RMB671mn (+25% YoY, -4% QoQ), which accounted for 23% of our Up/Downside 21.2% previous FY24 estimate. In 1Q24, serplulimab (PD-1) experienced robust Current Price HK$16.78 ...

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Yum China (9987 HK) 2Q24E is tough but turnaround is still possible o The 1Q24 results of Yum China were satisfactory, however the catering industry Target Price HK$348.13 remain subdued and hence we have become more cautious about YUMC’s (Previous TP HK$384.17) 2Q24E outlook. But since the turnaround in 2H24E should still be intact, plus Up/Downside 18.3% the massive buyback and dividend payment, we continue to maintain BUY. ...

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Joinn Laboratories (6127 HK) Waiting longer for recovery to materialize Target Price HK$10.36 Joinn reported 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked (Previous TP HK$14.41) attributable net loss of RMB272mn, a significant downturn from an attributable Up/Downside 24.6% net profit of RMB188mn in 1Q23. The 1Q24 revenue accounted for 13.4% of Current Price HK$8.31 our full-year estimate, in line with its historical a ...