Financial Performance - Revenue for the year ended December 31, 2024, was RMB 7,402.4 million, an increase of 0.3% compared to RMB 7,382.0 million in 2023[2] - Gross profit increased by RMB 255.3 million or 8.9%, reaching RMB 3,107.9 million, with a gross margin of 42.0%, up 3.4 percentage points from 38.6%[4] - EBITDA rose by RMB 133.3 million or 28.1%, totaling RMB 607.8 million[4] - Profit attributable to equity holders increased by RMB 61.6 million or 35.3%, amounting to RMB 236.0 million[4] - Basic earnings per share for equity holders was RMB 13.26, compared to RMB 9.70 in the previous year[5] - Total revenue from customer contracts for the year ended December 31, 2024, was RMB 7,402,439,000, a slight increase from RMB 7,382,007,000 in 2023, representing a growth of 0.27%[26] - The pre-tax profit for the year ended December 31, 2024, was RMB 312,515,000, up from RMB 201,801,000 in 2023, reflecting a significant increase of 54.9%[23] - The net profit for the year 2024 was RMB 247.2 million, an increase from RMB 168.9 million in 2023, contributing to the rise in net assets[81] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.06 per share, up from HKD 0.05 in 2023, representing a 20.0% increase[3] - The company paid dividends to equity holders amounting to RMB 80,637 thousand in 2024, compared to RMB 98,460 thousand in 2023, reflecting a decrease of 18.1%[9] - The company proposed a final dividend of HKD 0.06 per share for the fiscal year 2024, totaling RMB 98,594,000, compared to RMB 80,659,000 for the previous year[8] Assets and Liabilities - Total assets decreased to RMB 9,662.1 million from RMB 10,033.8 million in 2023[8] - Total liabilities decreased to RMB 3,878.7 million from RMB 4,284.6 million in 2023[8] - Non-current assets increased to RMB 5,264.2 million from RMB 4,952.9 million in 2023, driven by increases in property, plant, and equipment[7] - The total assets as of December 31, 2024, amounted to RMB 9,662,146,000, compared to RMB 10,033,758,000 in 2023, showing a decrease of 3.7%[23] - The total liabilities as of December 31, 2024, were RMB 3,878,667,000, down from RMB 4,284,562,000 in 2023, representing a decrease of 9.5%[23] Cash Flow and Investments - Cash and cash equivalents decreased to RMB 1,214.7 million from RMB 2,037.6 million in 2023[7] - Net cash flow from operating activities increased to RMB 299,374 thousand in 2024 from RMB 224,711 thousand in 2023, representing a growth of 33.2%[9] - Cash used in investing activities totaled RMB 899,165 thousand in 2024, up from RMB 740,917 thousand in 2023, indicating a 21.4% increase[9] - Cash flow from financing activities showed a net outflow of RMB 273,588 thousand in 2024, a significant decrease from a net inflow of RMB 682,453 thousand in 2023[9] - The company reported cash and cash equivalents totaling RMB 1,645.0 million in 2024, down from RMB 2,078.5 million in 2023, with RMB 1,361.1 million (82.7%) in RMB[1] Operational Efficiency - The company’s cash flow from operating activities showed a positive trend, indicating improved operational efficiency and cash generation capabilities[9] - The company achieved significant growth in online business, particularly in live streaming and distribution channels, which became key drivers for revenue growth[69] - The company’s gross profit margin for its own brand formula milk products improved, with the milk powder margin at 52.0% and goat milk powder at 54.3% in 2024[72] Market Performance and Strategy - The company’s self-branded formula goat milk powder maintained over 60% market share in the imported goat milk powder market in China for six consecutive years[46] - The company’s international business saw significant growth, maintaining the top position in global goat milk powder sales and revenue[46] - The company’s goat milk powder brand received endorsements from over 40 top hospital experts and more than 1,300 mother and baby influencers, reinforcing its market position[63] - The company’s marketing strategies included product placements in 14 popular dramas and innovative online advertising, driving brand awareness and customer conversion[67] - The company’s sales in the Middle East continued to show robust growth, particularly in Saudi Arabia, where consumer acceptance of goat milk formula has significantly increased[64] Research and Development - The company has applied for a total of 24 patents and has been granted 22, along with 220 trademark applications, of which 134 have been registered[51] - The company has established a comprehensive evaluation system for its R&D platform, enhancing its innovation capabilities and setting industry benchmarks[49] - The company aims to strengthen its global R&D system and increase investment in innovation to enhance overall competitiveness in the industry[56] Corporate Governance - The board of directors is committed to enhancing corporate governance standards to protect shareholder rights and improve corporate value[113] - The company has adopted the corporate governance code as per the listing rules and aims to comply with best practices[113] - The audit committee consists of three independent non-executive directors, ensuring compliance with relevant regulations[117] Future Outlook - The company plans to enhance its core competitive capabilities by optimizing its five-year strategic plan and advancing digital marketing efforts to improve operational efficiency[56] - The company is focused on maintaining strategic discipline and enhancing execution capabilities to navigate a competitive market environment in 2025[55] - The newborn population in China is projected to rebound to 9.54 million in 2024, a 3.7% increase from 2023, providing growth opportunities for the infant formula market[57]

Core Insights - The article highlights that Aoyou's Jia Bei Ai Te Platinum Crystal White Goat Milk Powder has been recognized as one of the "Top Ten Best Baby Formulas in China," reflecting its superior quality and safety standards [1][2] - Aoyou is committed to providing high-quality nutritional health options globally, focusing on scientific formulation and safety in product development [1] - The product is designed to enhance nutrient absorption in infants, utilizing natural small molecules and A2 protein from goat milk, catering to different age groups with diverse formula options [1] Company Overview - Aoyou has a strong research and development team and rigorous production management processes, ensuring quality from raw material selection to final product testing [1] - The brand has gained consumer trust due to its impeccable product quality and positive user feedback, symbolizing hope for families regarding their children's future [2] Industry Trends - There is a growing consumer awareness regarding food safety, leading parents to be more cautious in their choice of infant formula [2] - Aoyou is expected to continue leading industry trends and providing high-quality, safe, and healthy infant formula solutions, solidifying its position among the top ten in China [2]

在奶粉排行前10位的品牌中，澳优佳贝艾特铂晶悦白羊奶粉的另一大亮点是其"疏敏源"乳清蛋白技术。 通过权威检测，澳优佳贝艾特铂晶悦白羊奶粉中的过敏原蛋白减少了85%，尤其是αS1-酪蛋白含量仅为 5.6%，远低于牛奶的38%。这一特性使其成为了敏感体质宝宝的首选，可以帮助家长有效减少喂养过程 中的过敏风险。 此外，澳优佳贝艾特铂晶悦白羊奶粉乳源100%源自荷兰北纬52°自有牧场，采用纯正莎能奶山羊的奶 源，确保了产品的高品质和纯净度。其羊奶小分子与A2蛋白的结合，进一步提升了消化吸收率，让营 养摄入更加高效。 总而言之，奶粉排行前10位的品牌不仅需要过硬的品质，更需要科学的验证和消费者的信赖。而在奶粉 排行前10位的激烈竞争中，澳优佳贝艾特铂晶悦白羊奶粉凭借其科学配方、临床实证和优质奶源，成功 站稳了脚跟，赢得了市场的广泛认可。未来，澳优佳贝艾特将继续以创新为驱动，为更多家庭提供安 全、高效的婴幼儿营养解决方案，以其独特的技术和卓越的表现，为婴幼儿健康成长保驾护航。 近年来，随着消费者对婴幼儿奶粉品质要求的不断提升，奶粉市场的竞争也愈发激烈。在众多品牌中， 澳优佳贝艾特铂晶悦白羊奶粉凭借其卓越的科研实力和临床实 ...

Core Viewpoint - The article highlights the recognition of Aoyou's Jiabei Aite goat milk powder as one of the "Top Ten Trusted Imported Milk Powder Brands" due to its superior quality and scientific formulation. Group 1: Product Quality and Features - Aoyou's Jiabei Aite goat milk powder stands out in the competitive infant formula market, appealing to parents who prioritize product quality and functionality [1] - The product is based on rare goat milk, which has a unique small molecular structure that enhances digestibility, with an absorption rate of 95%, significantly higher than that of regular cow milk powder [3] - The formula includes innovative components such as OPO structured fat, probiotics, and prebiotics, which optimize calcium absorption, reduce constipation, and enhance gut health [4] Group 2: Nutritional Enhancements - Jiabei Aite goat milk powder has been upgraded to include 12.7μg/100g of vitamin D, nearly doubling the content compared to older standards, along with improved levels of vitamin C, folic acid, and taurine [4] - The DHA to ARA ratio of 1:1.38 closely resembles that of breast milk (1:1.35), providing balanced nutrition beneficial for brain development [4] - The low content of allergenic protein αs1-casein in goat milk significantly reduces allergy risks, making it an ideal choice for infants with cow milk allergies or sensitive constitutions [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue for 2024 is expected to be 7.619 billion yuan, representing a year-on-year growth of 3.2%, with domestic milk powder business being a drag on growth [1] - The net profit attributable to shareholders for 2024 is projected to be 275 million yuan, a significant increase of 57.9%, driven by a rebound in domestic milk powder prices and improved cost control in the second half of the year [1][4] - The company's goat milk powder business is expected to see high single-digit growth in revenue, benefiting from new product contributions and strong overseas performance [3] - The overall gross margin is anticipated to improve in 2024 due to stable milk powder prices and better management of sales discounts and product mix [4] Revenue and Profit Forecast - The milk powder business is expected to decline by 9% year-on-year in 2024, primarily due to a decrease in birth rates and market competition [2] - The goat milk powder segment is projected to grow significantly, with overseas sales expected to maintain over 50% growth [3] - The report forecasts a gross margin improvement due to price stabilization and effective cost management [4] Financial Metrics - The projected earnings per share (EPS) for 2024 is 0.15 yuan, with corresponding price-to-earnings (P/E) ratios of 12x for 2024, 9x for 2025, and 7x for 2026 [4] - The company is expected to achieve net profits of 351 million yuan and 441 million yuan in 2025 and 2026, respectively [4][12]

11月5日，第七届中国国际进口博览会（简称"进博会"）在国家会展中心（上海）再次开展。澳优连续 第七年在进博会"报到"。本届进博会，澳优首发首展6款产品。 △澳优现场展位图（食品及农产品展区2.2号馆2.2C4-01）。 坚持全球化发展，澳优七搭进博"快车" 澳优执行董事、总裁任志坚在接受媒体采访时表示：进博会是全球贸易市场的一个缩影，越办越好的进 博会彰显着中国更高水平对外开放的决心。随着我国对外开放的不断推进，如今越来越多的中国企业跻 身世界一流企业行列，越来越多的外资企业融入中国市场，这让澳优对公司全球化发展战略、对中国营 养健康食品产业未来发展充满了信心。澳优将坚定全球化发展路线不动摇，并始终牢记"走出去"过程中 的企业责任与担当，积极为中国乳业的全球地位提升贡献更大力量。 自成立以来，澳优以品质为基、创新为翼，始终坚持国际化发展路线，通过不断整合、集聚全球优势资 源与智慧，已完成在荷兰、澳大利亚等全球"黄金奶源地"的供应链及研发布局，在全球建立了11座工 厂，旗下产品畅销全球60多个国家及地区，实现从收奶、研发、生产到市场终端的全产业链全球化发 展。 连续举办7年的进博会，持续发挥国际采购、投资促进 ...

Revenue and Sales Performance - For the first half of 2024, the company recorded revenue of RMB 3,681.1 million, an increase of RMB 169.2 million or 4.8% compared to RMB 3,511.9 million in the same period of 2023[13]. - The company's core business, self-branded formula goat milk powder, achieved a revenue growth of 15.7% in China during the first half of 2024[13]. - The overseas business of self-branded goat milk powder saw a remarkable growth of 50.7% year-on-year, benefiting from increased market acceptance in the Middle East and successful entry into the U.S. market[13]. - The sales of self-branded goat milk powder reached RMB 1,808.4 million, up RMB 304.2 million or 20.2% year-on-year, accounting for 49.1% of the company's total revenue[14]. - Revenue from the company's own brand formula milk powder for the first half of 2024 was RMB 1,130.1 million, a decrease of RMB 131.5 million or 10.4% year-on-year, accounting for 30.7% of total revenue[20]. - Revenue from the company's own brand goat milk powder reached RMB 1,808.4 million, a year-on-year increase of 20.2%, driven by new product launches and strong growth in overseas markets, particularly in the Middle East and North America[35]. - Revenue from dairy products was RMB 3,535,723 thousand, while revenue from nutritional products was RMB 145,340 thousand for the six months ended June 30, 2024[141]. - Revenue from the Chinese market reached RMB 2,884,209 thousand, accounting for approximately 78.3% of total revenue, compared to RMB 2,808,761 thousand in the same period of 2023[143]. Profitability and Financial Performance - The company reported a profit attributable to equity holders of RMB 145.4 million for the first half of 2024, marking a rebound compared to the second half of 2023[13]. - The company's net profit attributable to equity holders was RMB 145.4 million, a decrease of RMB 39.2 million or 21.2% compared to the same period in 2023, mainly due to declining sales of infant formula cow milk powder[47]. - Gross profit for the first half of 2024 was RMB 1,597.7 million, an increase of RMB 124.3 million or 8.4% compared to the same period in 2023, with gross margin rising from 42.0% to 43.4%[40]. - Operating profit decreased to RMB 206,761 thousand from RMB 241,126 thousand, indicating a decline of 14.19% year-over-year[92]. - Basic and diluted earnings per share for the period were RMB 8.17, compared to RMB 10.25 in the previous year, a decline of 20.39%[92]. - The total expenses for the six months ended June 30, 2024, were RMB 3,495,666 thousand, an increase from RMB 3,333,883 thousand in the same period of 2023, reflecting a growth of approximately 4.9%[144]. Market Expansion and Product Development - The company is focused on sustainable value creation and aims to become the most trusted formula milk and nutrition health enterprise globally[9]. - The company is actively expanding its market presence through precise online marketing strategies and increasing offline sales channel coverage in the U.S. market[13]. - In the Chinese market, the company launched three new goat milk powder products in May 2024, addressing previous formula deficiencies and enhancing product offerings[16]. - The company plans to continue launching two additional new products in the second half of 2024 to further solidify its market position[16]. - The company aims to expand into new markets, including India, to capture a larger share of the global newborn market[17]. - The company launched five new products in the first half of 2024, focusing on various nutritional needs, including high-end organic and A2 protein milk powder[20]. Cost Management and Efficiency - The company implemented multiple cost control measures, enhancing supply chain efficiency and reducing overall inventory to improve product freshness[13]. - The gross margin of the Bioflag Nutrition Corporation Ltd. improved despite revenue pressure, indicating a strategic focus on quality and sustainable development[22]. - The company aims to enhance its market competitiveness through value chain design and cost optimization in its core brand operations[20]. - The company reported a decrease in inventory by RMB 170.3 million, attributed to improvements in global supply chain production planning and logistics[48]. Acquisitions and Strategic Partnerships - The company completed the acquisition of the remaining 50% stake in Amalthea Group B.V., enhancing its control over the goat milk supply chain and expanding its product offerings to include cheese[19]. - The company has committed to acquiring dairy-related assets valued at RMB 169,147,000, compared to RMB 198,789,000 in the previous period, a decrease of 15%[167]. - The company plans to acquire the remaining 50% equity of Amalthea Group for approximately €22,100,000 (equivalent to about RMB 169,147,000), which will be fully consolidated into the company's financial statements upon completion[177]. Financial Position and Assets - Total assets increased to RMB 10,190.6 million as of June 30, 2024, driven by increased receivables from overseas markets[48]. - As of June 30, 2024, total assets amounted to RMB 10,190,649 thousand, with segment assets of RMB 7,928,749 thousand for Dairy Products and RMB 464,826 thousand for Nutrition Products[132]. - The company's total liabilities increased to RMB 4,379,920 thousand from RMB 4,284,562 thousand in the previous period[100]. - The equity attributable to the company's equity holders was RMB 5,740,253 thousand, up from RMB 5,693,468 thousand at the end of 2023[100]. Employee and Management Information - The company has a total of 3,474 full-time employees as of June 30, 2024, down from 3,620 employees as of December 31, 2023, indicating a reduction of 4.0%[66]. - Total compensation paid to key management personnel for the six months ended June 30, 2024, was RMB 7,953,000, a decrease from RMB 18,881,000 in the same period of 2023, representing a decline of approximately 58.8%[176]. - The company has not granted any share options under the new share option plan as of June 30, 2024[76]. Taxation and Financial Risks - The effective tax rate decreased to 12.7% from 23.7% in the previous year, due to several business units turning profitable and utilizing prior year tax losses[45]. - The effective corporate income tax rate in mainland China is 25%, while certain subsidiaries benefit from a reduced rate of 15% as high-tech enterprises until June 30, 2024[149]. - The group faced various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the end of the reporting period[117].

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of HKD 2.7, indicating a potential upside of 44% from the current stock price of HKD 1.87 [4][10]. Core Insights - The company has shown a recovery in its goat milk powder segment, with revenue reaching HKD 1.81 billion in the first half of 2024, representing a year-on-year growth of 20.2% [2][10]. - The overall revenue for the first half of 2024 was HKD 3.68 billion, a 4.8% increase, while net profit decreased by 15.3% to HKD 150 million [1][2]. - The company expects net profits for 2024, 2025, and 2026 to be HKD 270 million, HKD 310 million, and HKD 320 million respectively, with corresponding EPS of HKD 0.16, HKD 0.19, and HKD 0.19 [1][2]. Revenue Breakdown - Goat milk powder revenue in the domestic market was HKD 1.51 billion, up 15.7% year-on-year, while overseas revenue reached HKD 290 million, a significant increase of 50% [2][10]. - Cow milk powder revenue faced challenges, declining by 10.4% to HKD 1.13 billion due to intensified competition and regulatory changes [2][10]. Margin Analysis - The gross margin for the first half of 2024 improved to 43.4%, up 1.4 percentage points year-on-year, driven by reduced discounts and a higher proportion of high-margin products [2][10]. - Goat milk powder's gross margin increased by 4 percentage points to 54.8%, while cow milk powder's gross margin slightly decreased to 53.1% [2][10]. Strategic Developments - The company completed the acquisition of the remaining 50% stake in the Dutch goat cheese company Amalthea for EUR 18.4 million, enhancing its supply chain for core goat milk powder products [2][10]. - The nutrition products segment reported a slight decline in revenue to HKD 145 million, but the newly restructured division showed strong growth [2][10]. Financial Projections - The report forecasts a recovery in net profit growth rates, projecting a 61.5% increase in 2024 and a 15% increase in 2025 [17]. - The company’s financial metrics indicate a projected PE ratio of 11.4 for 2024, decreasing to 9.9 by 2025 [3][17].

Financial Performance - Revenue for the six months ended June 30, 2024, increased by RMB 169.2 million or 4.8% to RMB 3,681.1 million compared to RMB 3,511.9 million in the same period of 2023[2] - Gross profit rose by RMB 124.3 million or 8.4%, resulting in a gross margin of 43.4%, up from 42.0% in the previous year[3] - EBITDA decreased by RMB 57.3 million or 15.8%, from RMB 363.7 million to RMB 306.4 million[2] - Profit attributable to equity holders of the company fell by RMB 39.2 million or 21.2%, from RMB 184.6 million to RMB 145.4 million[3] - The company reported a net profit for the period of RMB 149.3 million, down from RMB 176.1 million in the previous year[6] - Basic and diluted earnings per share decreased to RMB 8.17 from RMB 10.25[5] - Other comprehensive loss for the period was RMB 20.3 million, compared to a gain of RMB 170.2 million in the same period last year[6] - Total revenue for the six months ended June 30, 2024, reached RMB 3,681,063 thousand, an increase from RMB 3,511,917 thousand in the same period of 2023, representing a growth of approximately 4.8%[20] - The company reported a pre-tax profit of RMB 230,934 thousand for the six months ended June 30, 2024[22] - The company recorded impairment losses of RMB 19,364 thousand during the reporting period[22] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 10,190.6 million, an increase from RMB 10,033.8 million at the end of December 2023[7] - Current assets increased to RMB 5,344.6 million from RMB 5,080.9 million, driven by higher cash and cash equivalents[7] - Total liabilities as of June 30, 2024, were RMB 4,379.9 million, compared to RMB 4,284.6 million at the end of December 2023[8] - Non-current assets as of June 30, 2024, were valued at RMB 4,477,594 thousand, slightly down from RMB 4,586,775 thousand as of December 31, 2023[18] - Total assets increased to RMB 10,190.6 million, with accounts receivable rising by RMB 305.9 million due to increased overseas market revenue[62] - The total equity increased to RMB 5,740.3 million from RMB 5,693.5 million, representing a growth of 0.82%[67] - The debt-to-asset ratio was reported at 2.2% as of June 30, 2024, a decrease from 3.3% as of December 31, 2023, indicating improved debt management[67] Revenue Segmentation - Total revenue for the six months ended June 30, 2024, was RMB 3,681,063 thousand, with RMB 3,535,723 thousand from dairy products and RMB 145,340 thousand from nutritional products[16] - The revenue from the dairy products segment was RMB 3,532,835 thousand, while the nutrition segment contributed RMB 145,340 thousand, totaling RMB 3,678,175 thousand from goods and services sold[21] - The revenue from customer contracts for the six months ended June 30, 2024, was RMB 3,681,063 thousand, compared to RMB 3,511,917 thousand for the same period in 2023, indicating a growth of approximately 4.8%[20] - Revenue from the company's own goat milk powder reached RMB 1,808.4 million, a year-on-year increase of 20.2%, driven by reduced discounts in China and strong growth in overseas markets[51] - Revenue from the company's own cow milk powder decreased by 10.4% to RMB 1,130.1 million, attributed to a slowdown in the infant formula industry in mainland China and increased discounts[52] Operational Highlights - The company continues to focus on research and development in dairy and nutritional products, targeting global markets, particularly in China[10] - The company plans to launch two new products in the second half of 2024 to further expand its market position[37] - The company’s self-branded goat milk powder maintained a market share of over 60% in the imported infant goat milk powder market in China for six consecutive years[36] - The company’s supply chain capabilities have been enhanced, improving the production and transportation of new national standard products[37] - The company is enhancing its brand presence through partnerships with major media platforms and strategic alliances with channel partners to improve customer engagement[41] Expenses and Financial Management - Employee benefits expenses totaled RMB 673,779 thousand, a decrease from RMB 714,737 thousand in the previous year[23] - Sales and distribution expenses accounted for 29.9% of revenue in the first half of 2024, up from 27.4% in the same period of 2023, primarily due to increased advertising investments for new national standard products[56] - Administrative expenses decreased due to cost-saving measures implemented by the company[57] - Financial expenses increased to RMB 31.1 million, primarily due to increased bank loans for capital expenditures in the Netherlands[58] - The effective tax rate decreased to 12.7%, down 11.0 percentage points from 23.7% in the previous period[60] Strategic Initiatives - The company completed the acquisition of the remaining 50% stake in Amalthea Group B.V., strengthening its position as the leading global brand in goat milk products and enhancing its supply chain[39] - The company plans to focus on expanding into overseas markets, particularly India, to capture a larger share of the global newborn market[39] - The company is actively developing new customer relationships and enhancing existing customer sales through channel empowerment strategies in its nutrition business[42] - The integration of the brands Aiyisen and NC is expected to enhance operational efficiency and expand customer reach, resulting in a 34.7% year-on-year growth in downstream sales[43] - The company is committed to reducing carbon emissions and establishing a sustainable green supply chain as part of its corporate social responsibility strategy[47] Market Recognition and Awards - The company received the "2024 Baby Innovation Award" for its goat milk infant formula product, recognizing its strong market performance[38] - The launch of the Cabrit brand infant formula in the U.S. market in January 2024 marks a significant milestone, being the first goat milk infant formula to achieve three strict certifications under the Clean Label Project[46] Governance and Compliance - The company is currently seeking suitable candidates to fill the vacancies of independent non-executive directors and members of the audit, remuneration, and nomination committees due to a shortfall in the number of independent non-executive directors[77] - The audit committee is composed entirely of independent non-executive directors and is responsible for independent reviews of the group's financial reporting processes, internal controls, and risk management effectiveness[79] - The mid-term report detailing the company's performance for the mid-2024 period will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website[80]

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$1.95 目标价 HK$3.10 HTI ESG 2.7-3.8-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$3.47bn / US$0.44bn 日交易额 (3 个月均值) US$0.23mn 发行股票数目 1,780mn 自由流通股 (%) 17% 1 年股价最高最低值 HK$3.66-HK$1.92 注:现价 HK$1.95 为 2024 年 07 月 12 日收盘价 40 60 80 100 120 Price Return MSCI China Jul-23 Nov-23 Mar-24 Volume 资料来源: Factset 1mth 3mth 12mth 绝对值 -14.1% -15.2% -45.0% 绝对值(美元) -14.1% -14.9% -44.8% 相对 MSCI China -15.1% -24.3% -42.6% [ ...