M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update WuXi AppTec (603259 CH) Steady 1Q performance amid challenging environment Target Price RMB53.23 WuXi AppTec reported 1Q24 revenue of RMB7,982mn, down 11.0% YoY, (Previous TP RMB67.53) attributable recurring net profit of RMB2,034mn, up 7.3% YoY, and attributable Up/Downside 21.9% adjusted non-IFRS net profit of RMB1,913mn, down 18.3% YoY. 1Q24 revenue Current Price RMB43.67 / adjusted Non-IFRS net income accounted for 20.4%/ ...

PMI 显示经济放缓但物价反弹 2024 年 5 月 6 日 200720082009201020112012201320142015201620172018201920202021202220232024 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|-------|------------------|-------|-------|-------|-------|-------|-------|-------|-------|---------------------------------------------------------------------------------|----------------------------------------------| | 图 1: | | 非制造业与制造业 | PMI | | | | | | | | 图 2: 产出指数 | | | 70 | | | | | | | | | | 75 | | | | 65 | ...

M N 30 Apr 2024 CMB International Global Markets | Equity Research | Company Update Weichai Power (000338 CH) 1Q24 net profit +40% YoY in line; solid growth outlook Target Price RMB20.40 While Weichai Power (Weichai)’s revenue growth of 6% YoY in 1Q24 is below (Previous TP RMB20.40) our expectation, net profit of RMB2.6bn (+40% YoY) accounted for 21.4% of our Up/Downside 15.0% full-year estimates (run rate in 1Q23: 20.5%), which is still in line with our Current Price RMB17.74 expectation. The earnings grow ...

Investment Rating - The report maintains a "BUY" rating for Weichai Power with a target price of HK$22.00, indicating a potential upside of 33.3% from the current price of HK$16.50 [4]. Core Insights - Weichai Power's net profit for 1Q24 increased by 40% year-on-year to RMB2.6 billion, driven by margin expansion in both its core business and KION Group [2]. - The revenue growth of 6% year-on-year to RMB56.4 billion in 1Q24 was below expectations, but the earnings growth was in line with forecasts [2]. - The company is positioned as a sector top pick due to its significant market share in natural gas engines and the expected structural growth from high-speed large-bore engines [2]. Financial Performance Summary - 1Q24 revenue was RMB56.4 billion, with a gross margin expansion of 3.4 percentage points year-on-year to 22.1% [2][6]. - Pre-tax profit surged by 58% year-on-year to RMB4.2 billion, with the core business and KION reporting growth rates of 45% and 93% respectively [2]. - Operating cash flow improved significantly to RMB1.6 billion in 1Q24, compared to an outflow of RMB471 million in 1Q23 [2]. KION Group Performance - KION, in which Weichai holds a 46.5% stake, reported an adjusted EBIT of EUR227 million in 1Q24, a 46% increase year-on-year, attributed to easing cost pressures [2][7]. - KION has set a full-year adjusted EBIT target of EUR790-940 million, reflecting a potential growth of 0-19% year-on-year [2][7]. Market Position and Sales - Weichai's multi-cylinder engine sales grew by 13% year-on-year to 206,000 units in 1Q24, outperforming the industry average, which saw a decline of approximately 1% [2][8]. - The company holds a market share of around 18% in the multi-cylinder engine segment, an increase of 2.3 percentage points year-on-year [2][8]. Earnings Forecast - Revenue projections for Weichai Power are as follows: FY24E at RMB236.3 billion, FY25E at RMB250.1 billion, and FY26E at RMB260.0 billion, with respective year-on-year growth rates of 10.4%, 5.8%, and 4.0% [3][13]. - Adjusted net profit estimates are RMB12.1 billion for FY24E, RMB13.1 billion for FY25E, and RMB13.8 billion for FY26E, reflecting growth rates of 34.4%, 7.7%, and 5.5% respectively [3][13].

Investment Rating - The report maintains a BUY rating for BYD with a target price of HK$262.00, indicating a potential upside of 21.1% from the current price of HK$216.40 [3][7]. Core Insights - Despite a net profit of RMB 4.6 billion in 1Q24 falling short of prior forecasts due to significant R&D spending of RMB 10.6 billion, BYD is still expected to meet the FY24E net profit forecast of RMB 33 billion [7]. - The report highlights that BYD's gross profit margin (GPM) in 1Q24 was better than expected, suggesting that price cuts implemented in February 2024 could be offset by cost reductions from suppliers [7]. - The forecast for FY24 sales volume growth of 20% remains achievable, supported by recent stimulus measures and overseas expansion [7]. Financial Summary - Revenue projections for FY24E are set at RMB 700,048 million, with expected growth to RMB 800,518 million in FY25E and RMB 884,971 million in FY26E [5][10]. - Net profit estimates for FY24E are RMB 33,109 million, increasing to RMB 40,173 million in FY25E and RMB 45,095 million in FY26E [5][10]. - The gross margin is projected to be 20.1% for FY24E, slightly decreasing to 19.5% in FY25E and 19.3% in FY26E [5][10]. Earnings and Valuation - The report indicates that BYD's earnings quality has not been prioritized in 1Q24, with expectations for more disciplined management of SG&A and R&D expenses in upcoming quarters [7]. - The net profit per vehicle in 1Q24 was RMB 7,300, which is lower than the previous quarter, reflecting the impact of price cuts on profitability [7]. - The report maintains FY24-25E net profit estimates largely unchanged while revising up both GPM and SG&A [7].

Investment Rating - The report maintains a "Buy" rating for BYD with a target price of HKD 262.00, reflecting a potential upside of 21.1% from the current price of HKD 216.40 [1][9]. Core Insights - Despite a lower-than-expected net profit of RMB 4.6 billion in Q1 2024, the automotive manufacturer is still projected to achieve a net profit of RMB 33.1 billion for FY24E. The gross profit margin (GPM) for Q1 2024 exceeded expectations, indicating resilience despite recent price cuts [9]. - The report anticipates a 20% sales growth for FY24, supported by recent stimulus measures and overseas expansion, which may help maintain the gross profit margin [9]. - The report suggests that BYD may need to exercise more discipline in SG&A and R&D expenses in the coming quarters to prioritize profitability [9]. Financial Summary - Revenue projections for FY24E are set at RMB 700,048 million, with a year-on-year growth of 16.2%. For FY25E and FY26E, revenues are expected to reach RMB 800,518 million and RMB 884,971 million, respectively [3][16]. - Net profit for FY24E is projected at RMB 33,109 million, reflecting a 10.2% increase from FY23. The net profit for FY25E and FY26E is expected to be RMB 40,173 million and RMB 45,095 million, respectively [3][16]. - The report indicates a gross profit margin of 20.1% for FY24E, with slight declines expected in subsequent years [3][16]. Cash Flow Analysis - Operating cash flow for FY24E is projected at RMB 115,522 million, with significant capital expenditures of RMB 98,955 million anticipated [5]. - The net cash position is expected to fluctuate, with cash at year-end projected to be RMB 99,000 million for FY24E, increasing to RMB 214,258 million by FY26E [5][24]. Profitability Metrics - The report highlights a gross profit margin of 20.1% for FY24E, with operating profit margin expected to be 6.0% [3][16]. - Return on equity (ROE) is projected to be 21.9% for FY24E, indicating strong profitability relative to shareholder equity [16][25].

Investment Rating - The report maintains a "Buy" rating for Weichai Power with a target price of HKD 22.00, indicating a potential upside of 33.3% from the current price of HKD 16.50 [2][3]. Core Insights - Weichai Power's Q1 2024 net profit increased by 40% year-on-year to RMB 2.6 billion, driven by core business growth and margin expansion, despite a 6% revenue growth that was below expectations [2]. - The company is expected to benefit from a significant price gap between natural gas and diesel, which is likely to drive demand for natural gas engines, with market share projected to exceed 60% [2]. - The sales volume of Weichai's engines outperformed the industry average, with a 13% year-on-year increase in multi-cylinder sales, reaching 206,000 units, while the industry average saw a decline of approximately 1% [2]. Financial Summary - Revenue for FY 2023 is projected at RMB 213.96 billion, with a year-on-year growth of 22.2%. For FY 2024, revenue is expected to reach RMB 236.29 billion, reflecting a growth of 10.4% [3][13]. - Adjusted net profit for FY 2024 is estimated at RMB 12.12 billion, with an EPS of RMB 1.39, representing a year-on-year growth of 34.4% [3][13]. - The company’s gross margin improved by 3.4 percentage points to 22.1% in Q1 2024, while the pre-tax profit surged by 58% to RMB 4.2 billion [2][6]. KION Group Performance - KION Group, in which Weichai holds a 46.5% stake, reported a 46% year-on-year increase in adjusted EBIT to EUR 22.7 million for Q1 2024, benefiting from alleviated cost pressures [2][8]. - KION has guided for an adjusted EBIT target for the full year of EUR 790 to 940 million, reflecting a year-on-year growth of 0% to 19% [2][8]. Market Position and Growth Drivers - The demand for Weichai's natural gas engines is expected to remain strong due to the ongoing construction of data centers, which will support the growth of high-speed large-caliber engines [2]. - The company’s market share in the multi-cylinder engine segment has increased by 2.3 percentage points to approximately 18% [2]. Valuation Metrics - The report highlights a price-to-earnings ratio (P/E) of 14.8 for FY 2023, projected to decrease to 11.0 for FY 2024, indicating a favorable valuation trend [3][13]. - The price-to-book ratio (P/B) is expected to decline from 1.7 in FY 2023 to 1.5 in FY 2024, suggesting an attractive investment opportunity [3][13].

M N 2024 年 4 月 30 日 招银国际环球市场 | 睿智投资 | 公司更新 迈瑞医疗 (300760 CH) 海内外持续高端突破，业绩增长稳健 海内 2023年公司实现营收349.3亿元，同比增长15.0%；归母净利润115.8亿元， 目标价 383.49人民币 同比增长20.6%，归母净利率提升至33.2%（+1.5ppts）。2024年一季度，公 (此前目标价 383.43人民币) 司保持稳健增长，实现营业收入93.7亿元，同比增长12.1%；归母净利润31.6 潜在升幅 26.9% 当前股价 302.11人民币 亿元，同比增长22.9%，归母净利率同比提升3.0个百分点至33.7%。  IVD 延续快速增长，生命信息与支持和影像产线有望复苏。2023 年，公司 中国医药 IVD 产线收入同比增长 21.1%。国内市场受益于常规诊疗活动的迅速恢复 武 煜, CFA 和大样本量客户的加速突破， IVD收入同比增长20%，其中试剂收入同比 (852) 3900 0842 增长超25%，带动板块毛利率提升至64.3%（+3.9ppts）。此外，借助21 jillwu@cmbi.com.hk 年开展的 ...

M N 2024 年 4 月 29 日 招银国际环球市场 | 睿智投资 | 公司更新 中际旭创 (300308 CH) 公司一季度业绩为全年发展夯实了基础 目标价 183.00人民币 中际旭创公布了 2023 财年和 2024 年一季度业绩，总体超出我们和市场的预 (此前目标价 136.00人民币) 期。公司2023 财年收入同比增长 11.2% 至 107 亿元人民币，净利润同比增长 潜在升幅 15.6% 77.6% 至 22 亿元人民币。一季度收入同比增长 163.6% 至 48 亿元人民币，净 当前股价 158.36人民币 利润同比大幅增长 303.8% 至 10 亿元人民币。公司出色的业绩主要得益于其高 中国半导体 速光模块（特别是 400G 和 800G）的强劲需求，占 2023 财年总收入 90%以 杨天薇, Ph.D 上。我们将中际旭创的目标价上调至 183 元人民币，对应 2024 年 30 倍预测市 (852) 3916 3716 盈率，并维持“买入”评级。 lilyyang@cmbi.com.hk 张元圣  400G 光模块出货量强劲，推动一季度收入增长；预计 800G 光模块出货量 ( ...

2024 年 4 月 29 日 CMB 国际全球市场 | 股票研究 | 公司更新 泰格迈德 (300347 CH) 第 1 季度有意义的需求复苏 目标价格 66.82 元 Tigermed 报告第 1 季度收入为 16.6 亿元人民币 ， 同比下降 8.0 ％ ， 可归属经常性净收入 （ 以前的 TP 为 68.57 元人民币 ） 为 3.03 亿元人民币 ， 同比下降 20.5 ％ ， 这主要是由于公允价值变动和投资变动的收益大 涨 / 跌 15.8% 幅减少 （ 第 1 季度为 800 万元人民币 ， 第 1 季度为 1.98 亿元人民币 ） 。 1 季度 24 收入 现价人民币 57.70 元中国医疗保健 / 可归属经常性净收入分别占我们 2024 年全年估计的 19.8% / 18.0%，与 COVID 前的平均水 平基本一致。如果不包括 COVID 疫苗相关收入，第 1 季度的收入将与第 1 季度持平。在持续 Jill Wu, CFA 的成本管理措施以及实验室服务的 MoM GPM 改进的推动下，第 1 季度的毛利率 （ GPM ） (852) 3900 0842 为 37.8 ％，季度环比显着提高 ...