Investment Rating - The report maintains a "BUY" rating for Proya Cosmetics with a target price revised to RMB135.57, reflecting a 35x 2024E P/E ratio [2][4]. Core Insights - Proya achieved impressive results during the 618 promotion event, ranking top on Tmall and second on Douyin in the cosmetic sector, with GMV growth of +70% on Tmall and +110% on Douyin year-over-year [2][3]. - The company's hero product strategy and increased discounts contributed significantly to its success, with the main skincare brand ranking first and second on Tmall and Douyin, respectively [2][3]. - The report raises 2024E and 2025E earnings estimates by approximately 20% due to the success in the 618 event and solid earnings in 4Q23 and 1Q24 [2][3]. Financial Summary - Revenue is projected to grow from RMB8,905 million in FY23A to RMB11,689 million in FY24E, representing a year-over-year growth of 31.3% [3][16]. - Net profit is expected to increase from RMB1,193.9 million in FY23A to RMB1,537.5 million in FY24E, reflecting a growth of 28.8% [3][16]. - The gross profit margin is anticipated to remain stable around 70.2% in FY24E, with a slight increase to 70.4% in FY25E [10][19]. Market Position - Proya's makeup brand made its debut in the top rankings on Tmall, achieving 80% YoY growth, while the hair care brand Off&Relax entered the top 10 with a 70% YoY increase in GMV [2][3]. - The company's market capitalization is reported at RMB31,853.5 million, with a current share price of RMB113.99, indicating an upside potential of 18.9% to the target price [4][5]. Earnings Estimates - The report revises the earnings estimates for FY24E and FY25E, with revenue estimates increased by approximately 20% to RMB11,689 million and RMB14,567 million, respectively [10][11]. - Net profit estimates for FY24E and FY25E are also raised to RMB1,537 million and RMB1,913 million, respectively, reflecting a growth of 28.8% and 24.4% [10][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 10.94, based on a FY24E P/E ratio of 15 times [2][7]. Core Insights - The company is well-positioned to benefit from the ongoing upgrade trends in large and high-end displays, with management projecting an 8% year-over-year sales growth, outperforming the industry average of 4% [2][3]. - The management anticipates over 200% year-over-year growth in high-end products (oxide/LTPS/OLED) contributing significantly to FY24E sales [2][3]. - The company’s system business is expected to achieve over 100% year-over-year growth in FY24E, with sales contributions exceeding 5% in FY24 and 5-10% in FY25 [2][3]. Financial Summary - Revenue is projected to grow from HKD 10,760 million in FY23A to HKD 11,699 million in FY24E, reflecting an 8.7% year-over-year increase [3][9]. - Net profit is expected to recover to HKD 573.5 million in FY24E, up from HKD 475.3 million in FY23A, indicating a 20.7% year-over-year growth [3][9]. - The company’s EBITDA is forecasted to increase from HKD 771 million in FY23A to HKD 865.7 million in FY24E, representing a 12.3% growth [3][9]. Operational Updates - The Chengdu factory is currently operating at full capacity, producing over 15 million units per month, with expectations for UTR to stabilize in the second half of FY24E [2][3]. - Management noted that the factory has not incurred new depreciation costs and is transitioning to smaller and urgent orders rather than experiencing a demand slowdown [2][3]. Market Position - The company is experiencing rapid growth in overseas demand for high-end products, which is expected to drive ASP increases and NPM recovery [2][3]. - The report highlights the company's leadership in automotive displays and its positive outlook on order wins and overseas expansion [7].

CMB 国际全球市场 | 股票研究 | 公司更新 Proya 化妆品 (603605 CH) 令人印象深刻的 618 , 彩妆品牌首次亮相 TOP 1 ; 保 持购买 Proya 在 618 促销活动中取得了令人印象深刻的成绩,GMV 在天猫 / 抖音化妆品行业排名 第一 / 第二,受到有效的英雄产品策略以及可能更多折扣的提振。天猫 / 抖音的 GMV 同比 增长达到 + 70% / + 110%,基本超过平台行业总量和国际同行。随着全行业回报率的提高 ,收入水平的增长可能会更低。Proya 化妆品 / 护发品牌在天猫的排名首次攀升至前 10 位 ,表明新品牌开发进展顺利。我们将 2024E / 25E 收益预期提高了约 20%,以反映 618 年 的成功和稳定的第四季度 / 第一季度收益。维持买入,TP 修正为 135.57 元,反映 2024E 市盈率的 35 倍。 令人印象深刻的 618 : 在天猫保留宝座 , 在抖音排名第二。根据第三方统计的数据, 在 618 购物节期间,Proya 的 GMV 在天猫保持冠军地位,在化妆品领域排名第二 ( 仅次于 Kas ),超过所有国际同行 ( 图 1 ) 。同比 ...

Investment Rating - Maintain BUY with a target price of HK$137.8, implying an upside of 83.7% from the current price of HK$75.00 [2][4]. Core Insights - Prudential Plc. announced a US$2 billion share buyback plan to be completed by mid-2026, alongside a projected annual dividend growth of 7%-9% for FY24E [2]. - The first tranche of US$700 million buyback will occur from June 24, 2024, to December 27, 2024, with an estimated reduction of approximately 78 million ordinary shares in FY24E [2]. - The company’s free surplus ratio remains strong at over 200%, with a free surplus of US$8.5 billion in 2023, indicating robust capital management [2][4]. - The buyback is expected to enhance liquidity for the Hong Kong-listed shares, which currently have a low floating share percentage of 6.73% [2]. - The insurer aims for a double-digit CAGR of gross operating free surplus generation, targeting over US$4.4 billion by 2027 [2][4]. Financial Performance Summary - Net profit is projected to increase from US$1.712 billion in FY23A to US$2.149 billion in FY24E, with operating EPS expected to rise from US$0.85 in FY23A to US$0.95 in FY24E [4][12]. - The Group's embedded value per share is forecasted to grow from US$16.4 in FY23A to US$18.4 in FY24E [4][12]. - The return on equity (ROE) is expected to improve from 9.8% in FY23A to 11.5% in FY24E [4][12]. Valuation Metrics - The stock is currently trading at a P/EV of 0.52x for FY24E, with a target P/EV of 0.95x [2][4]. - The projected dividend yield for FY24E is 2.3%, increasing to 2.5% in FY25E [4][12]. - The company’s net business profit (NBP) is anticipated to reach US$4.9-5.0 billion by FY27E, reflecting an 18% CAGR [2][4].

Group 1: Market Performance - The Hang Seng Index closed at 18,073, reflecting a year-to-date increase of 6.02%[17] - The Hang Seng Technology Index decreased by 2.89% year-to-date, closing at 3,655[17] - The S&P 500 Index increased by 14.66% year-to-date, closing at 5,469[17] Group 2: Company Insights - US internet and software companies showed mixed revenue growth in Q1 2024, with advertising and cloud services accelerating, while SaaS revenue slightly declined[3] - Nvidia's market capitalization surpassed $3.34 trillion, making it the most valuable company globally, despite a recent stock price pullback[16] - Sunyu Optical Technology raised its global smartphone shipment forecast by 1.7% to 1.17 billion units, with a year-on-year growth of 3.5% expected[40] Group 3: Investment Recommendations - Recommended stocks include Microsoft (MSFT US), Amazon (AMZN US), and ServiceNow (NOW US) due to their favorable positions in AI and profit margin expansion[3] - The target price for Sunyu Optical Technology is set at HKD 47.31, based on a valuation of 36x FY24E earnings[19] - Hongteng Precision is expected to benefit from strong growth in AI servers and iPhone sales, maintaining a buy rating with an attractive valuation of 14.3x FY24E earnings[32]

Investment Rating - The report maintains a "BUY" rating for Haidilao with a target price of HK$21.52, indicating a potential upside of 46.6% from the current price of HK$14.68 [5][7]. Core Views - The management change at Haidilao, with Yang Lijuan resigning as CEO and Gou Yiqun taking over, is viewed as neutral for the company's operations, which continue to improve [2][3]. - Haidilao's financial performance has exceeded expectations, with significant improvements in table turnover rates and successful completion of operational programs [3]. - The company is confident in achieving its FY24E target of single-digit percentage growth in new store openings, despite a slow expansion pace in the near term [7]. Financial Summary - Revenue is projected to grow from RMB 41,453 million in FY23A to RMB 47,018 million in FY24E, reflecting a year-on-year growth of 13.4% [4]. - Net profit is expected to increase from RMB 4,495.4 million in FY23A to RMB 4,996.6 million in FY24E, with a diluted EPS of RMB 0.89 for FY24E [4][8]. - The company’s P/E ratio is projected to decrease from 16.9x in FY23A to 15.3x in FY24E, indicating an attractive valuation for long-term investors [4][9]. Operational Insights - Haidilao has successfully reopened 50 to 100 previously closed stores, contributing to a remarkable table turnover rate of approximately 4.3 times in the first five months of 2024 [3]. - The introduction of new products and enhanced customer engagement strategies have positively impacted the brand's market presence and customer loyalty [3]. - The potential for new store openings is bolstered by the upcoming launch of franchising stores and the success of campus stores [3]. Market Position - Haidilao's market capitalization stands at HK$81,826.3 million, with significant shareholding by Mr. Zhang Yong (60.4%) and Mr. Shi Sean (9.4%) [4]. - The stock has shown a relative performance of -20.6% over the past month, indicating a potential buying opportunity for investors [4][5].

FIT Hon Teng ( 6088 香港 ) CMBI Corp Day 外卖 : FY24 / 25E 中 AI 服务器 , AI PC / 电话 和 AirPods 的多个增长动力 我们于 6 月 25 日在 CMBI 技术公司日主持了 FIT Ho Teg ( FIT ) 。在 6 月初 Comptex 和 WWDC 后上涨 50 % 之后,投资者对 1 ) 2025 年下半年 AI 服务器上涨,2 ) 越南 / 印度 AirPods 增加,3 ) 新的 EV 合资企业和机会,以及 4 ) AI PC / 电话周期表示强烈兴趣。管 理。在智能手机 / 网络领域,2Q24 版本 / GPM 指导有望实现上行潜力。总体而言,我们对 FIT 在 FY24 / 25E 的多个增长动力 ( AI 服务器连接器,AirPods,EV 业务 ) 持积极态度, 并预计 AI 服务器内容价值,一般服务器恢复和 AI PC / 智能手机的上升周期将进一步上升。 在审查 TP 的情况下保持买入。 | | | | | | | | | | |------------------------------------------ ...

Investment Rating - The report maintains a "Hold" rating for the company with a target price of HKD 47.31, reflecting a price-to-earnings ratio of 25.9 times FY25E earnings [8]. Core Insights - The company is expected to benefit from a high-end upgrade cycle driven by AI smartphones, ADAS mixed lenses, and AR Glass opportunities, indicating a positive outlook for growth [2][8]. - The management has raised global and China smartphone shipment forecasts for 2024 by 1.7% and 1.1%, respectively, suggesting a recovery in the smartphone market [2]. - The automotive segment is projected to maintain a gross profit margin (GPM) of over 40%, driven by growth in automotive modules [2]. - The XR business is anticipated to see diffraction waveguides become mainstream, positioning AR Glass as the next computing platform [2]. Financial Summary - Revenue is projected to increase from RMB 31,681 million in FY23A to RMB 36,545 million in FY24E, representing a year-over-year growth of 15.4% [6]. - Net profit is expected to recover from RMB 1,099.4 million in FY23A to RMB 1,351.2 million in FY24E, with a year-over-year growth of 22.9% [6]. - The company's earnings per share (EPS) is forecasted to rise from RMB 1.01 in FY23A to RMB 1.24 in FY24E [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 43.9x in FY23A to 35.7x in FY24E [6]. Market Position and Valuation - The company holds a leading position in the camera module (CCM) market in China, with a target P/E of 18x reflecting its advanced technology capabilities [8]. - The automotive lens business is assigned a P/E of 35x due to its high profitability and growth potential, with a CAGR of 25% from FY20 to FY23E [8]. - The smartphone lens segment is valued at a P/E of 25x, indicating confidence in its growth trajectory amid ongoing upgrades [8].

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng with the target price currently under review [2][9][10]. Core Insights - The company is expected to benefit from multiple growth drivers in FY24/25, including AI server connectors, AirPods production ramp-up, and new opportunities in the electric vehicle (EV) sector [2][9]. - Management has indicated that revenue and gross profit margin (GPM) guidance for Q2 2024 is on track, with potential upside in the smartphone and networking segments [2][9]. - The report highlights a positive outlook for the iPhone replacement cycle and potential order wins in AI server connectivity, which could significantly enhance revenue in the networking segment [2][9]. Revenue and Profit Forecasts - Revenue is projected to grow from US$4,196 million in FY23 to US$4,715 million in FY24, representing a year-over-year growth of 12.4% [3][12]. - Net profit is expected to increase from US$132 million in FY23 to US$200 million in FY24, reflecting a growth rate of 51.5% [3][12]. - The earnings per share (EPS) is forecasted to rise from 2.81 cents in FY23 to 3.73 cents in FY24 [3][12]. Growth Drivers - Key growth drivers identified for 2025 include AirPods, AI server connectors/cables, and the auto business, particularly through a new joint venture in the EV charger market [2][9]. - The company is expected to ramp up production in Vietnam and India for AirPods, with management anticipating six additional production lines in India by 2025 [2][9]. Valuation Metrics - The company is trading at a price-to-earnings (P/E) ratio of 14.3x for FY24 and 10.8x for FY25, which is considered attractive given the expected EPS growth of 51% and 33% for FY24 and FY25, respectively [2][9][10]. - The report notes that the valuation remains appealing compared to the anticipated recovery in the AI server and smartphone markets [2][9].

Investment Rating - The report maintains a HOLD rating for Sunny Optical with a target price of HK$47.31, implying a potential downside of 0.5% from the current price of HK$47.55 [3][13]. Core Insights - The report highlights positive expectations for Sunny Optical driven by high-end upgrades in the smartphone market, advancements in AI phone technology, and growth in automotive and XR (extended reality) segments [2][3]. - Management has raised the global and China smartphone shipment forecasts for 2024, indicating a recovery in the smartphone market [2]. - The automotive segment is expected to maintain a gross profit margin (GPM) of over 40% in 2024, with growth in auto modules contributing to profitability [2]. - The XR business is positioned to capitalize on the emerging AR glass market, which is anticipated to become the next computing platform [2]. Financial Summary - Revenue is projected to grow from RMB 31,681 million in FY23A to RMB 36,545 million in FY24E, reflecting a year-on-year growth of 15.4% [11][12]. - Net profit is expected to increase from RMB 1,099.4 million in FY23A to RMB 1,351.2 million in FY24E, representing a year-on-year growth of 22.9% [11][12]. - The report indicates a recovery in gross profit margin from 14.5% in FY23A to 14.1% in FY24E, with further improvements expected in subsequent years [12][20]. Segment Performance - In the smartphone segment, management anticipates an ASP (average selling price) and GPM recovery in 2024 due to high-end specification upgrades and improved product mix [2]. - The automotive segment is projected to see stable GPM at approximately 40% in 2024, with a focus on high-margin auto modules [2]. - The XR segment is expected to see significant investment in technologies such as diffractive waveguides, positioning Sunny Optical favorably in the AR/VR market [2].