Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 42.267 billion CNY for 2023, representing a year-on-year growth of 28.4%. The net profit attributable to shareholders was 12.079 billion CNY, a 42.4% increase compared to the previous year, exceeding market expectations. A dividend of 0.75 CNY per share was proposed, with a payout ratio of 69.8% [4] - The investment rating and valuation have been adjusted upwards for 2024-2025 due to the robust growth of the product matrix and continuous improvement in product and channel strength. The forecasted net profits for 2024-2026 are 13.9 billion CNY, 16.5 billion CNY, and 19.3 billion CNY, respectively, with year-on-year growth rates of 15%, 18%, and 17% [4] - The core bottled water business is expected to continue gaining market share due to multiple driving factors, including a differentiated positioning strategy and a focus on mid-to-large size packaging. The beverage business is anticipated to grow faster than the market average due to proactive positioning in the trends of sugar-free and premium consumption [4] Financial Data and Profit Forecast - The company achieved total revenue of 42.667 billion CNY in 2023, with a projected revenue of 50.183 billion CNY in 2024, reflecting an 18% year-on-year growth. The net profit for 2023 was 12.08 billion CNY, with forecasts of 13.948 billion CNY for 2024, indicating a 15% increase [5] - The earnings per share (EPS) for 2023 was 1.07 CNY, with projections of 1.24 CNY for 2024, and the return on equity (ROE) for 2023 was 42.28% [5] - The price-to-earnings (PE) ratios for 2024-2026 are projected to be 33x, 28x, and 24x, respectively, indicating a favorable valuation trend [4][5]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected price increase of 10-20% from the current level [4]. Core Insights - The company reported a revenue of CNY 2.744 billion for 2023, a year-on-year increase of 17.1%, and a net profit attributable to shareholders of CNY 116 million, reflecting a significant growth of 357.1% [2][3]. - The company plans to focus on enhancing store efficiency in 2024, with projected store counts of 4,036 and 4,346 for 2024 and 2025, respectively, down from previous estimates of 4,666 and 5,476 [2]. - The forecasted net profits for 2024-2026 are CNY 207 million, CNY 254 million, and CNY 308 million, representing year-on-year growth rates of 79%, 23%, and 21% respectively [2][3]. Financial Data and Profit Forecast - Revenue and profit forecasts for the company are as follows: - 2024E Revenue: CNY 3.137 billion, 14% growth - 2025E Revenue: CNY 3.511 billion, 12% growth - 2026E Revenue: CNY 3.871 billion, 10% growth - 2024E Net Profit: CNY 207 million, 79% growth - 2025E Net Profit: CNY 254 million, 23% growth - 2026E Net Profit: CNY 308 million, 21% growth [3][8]. Operational Highlights - The company has accelerated the expansion of its transportation hub stores, with a total of 3,816 stores at the end of the reporting period, including 1,720 self-operated and 2,096 franchised stores [2]. - The average revenue per self-operated store increased by 7.9% year-on-year, while franchised stores saw a decline of 2.5% [2]. - The company is diversifying its consumer reach through delivery services and e-commerce platforms, with a focus on late-night dining scenarios [2].

Investment Rating - The report maintains a "Buy" rating for New Oriental [1][2][3] Core Views - New Oriental's revenue for Q3 FY24 reached USD 1.207 billion, a year-on-year increase of 60.1%, driven primarily by the growth in non-academic after-school tutoring and overseas test preparation services [1][3] - The company is experiencing strong enrollment growth in non-academic AST, with a projected increase in revenue to USD 241 million for Q3 FY24, representing a 72.7% year-on-year growth [1][3] - The expansion of learning centers is accelerating, with the number of centers increasing to 911, a 27.9% year-on-year growth, and the company aims for a 30% annual growth rate in learning centers [1][3] - The overseas test preparation and consulting business is recovering rapidly, contributing an estimated USD 254 million in revenue for Q3 FY24, a 40.1% year-on-year increase [1][3] - The report projects significant growth potential for non-academic AST, estimating over 2 million enrollments in FY24, with a potential market share of only 6% even at a scale of 12 million enrollments [1][3] Financial Summary - Revenue projections for FY24, FY25, and FY26 are raised to USD 4.213 billion, USD 5.422 billion, and USD 7.044 billion respectively, compared to previous estimates of USD 4 billion, USD 5.22 billion, and USD 6.72 billion [2][3] - Non-GAAP net profit forecasts for FY24, FY25, and FY26 remain at USD 482 million, USD 664 million, and USD 869 million respectively [2][3] - The target price under SOTP valuation is set at USD 110.81, indicating a potential upside of 43.8% from the current price [1][3]

Investment Rating - The report maintains a "Buy" rating for New Higher Education Group [2][4][7] Core Views - New Higher Education Group reported a revenue of RMB 1.311 billion for the first half of FY24, representing a year-on-year increase of 13.8%, and a net profit attributable to the parent company of RMB 426 million, up 7.6% year-on-year, aligning with previous expectations [4][7] - The growth in revenue is primarily driven by increases in tuition and accommodation fees, with the average tuition fee reaching RMB 16,000, a 13% increase year-on-year [4][7] - The student structure has been optimized, with the proportion of undergraduate students increasing by 3.4 percentage points to 39.8% [4][7] - The gross profit margin for the first half of FY24 was 39.8%, a slight increase of 0.5 percentage points year-on-year, indicating stable profitability despite rising costs [4][7] - The company is expected to maintain a compound annual growth rate (CAGR) of 5.2% in average tuition fees from FY24 to FY26 [4][7] Financial Summary - Revenue for FY24E is projected at RMB 2.262 billion, with a year-on-year growth rate of 6.74% [5] - Net profit for FY24E is forecasted to be RMB 786 million, reflecting a year-on-year increase of 11.82% [5] - The company’s earnings per share (EPS) is expected to grow from RMB 0.51 in FY24E to RMB 0.64 in FY26E [5] - The price-to-earnings (P/E) ratio is projected to decrease from 4.15 in FY24E to 3.31 in FY26E, indicating potential undervaluation [5] Strategic Developments - The transition to for-profit status for private universities is being implemented, allowing institutions to set their own tuition fees based on market conditions [4][7] - The company is focusing on high-quality educational strategies and has increased investments in human resources and infrastructure, with labor costs rising by 11.4% and depreciation costs by 28.4% year-on-year [4][7]

Investment Rating - The report maintains an "Outperform" rating for Budweiser APAC, indicating an expected price increase of 10-20% in the next six months [2]. Core Insights - The company reported a revenue of USD 6.856 billion in 2023, reflecting a year-on-year growth of 11.1% on an organic basis, while net profit decreased by 7% to USD 852 million [4]. - The report highlights the strong growth potential in the high-end product segment in the Chinese market, driven by a structural upgrade, while the Korean market faces competitive pressures [4][5]. - The forecast for net profit from 2024 to 2026 is adjusted to USD 1.028 billion, USD 1.165 billion, and USD 1.293 billion, respectively, with expected growth rates of 21%, 13%, and 11% [4]. Financial Performance Summary - In 2023, Budweiser APAC achieved a beer sales volume of 9.2767 million tons, a 4.6% increase year-on-year, with revenue per ton rising to USD 739, up 6.2% [4]. - The EBITDA for 2023 was USD 2.023 billion, a 4.7% increase, with an EBITDA margin of 29.5%, slightly down by 0.3 percentage points [4]. - The company plans to continue expanding its distribution of high-end products, with a total of 220 cities in China and 63 cities for ultra-premium products by the end of 2023 [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong recovery in trading activities and improved investment income, leading to a significant increase in revenue and net profit in Q1 2024 [5] - The introduction of five capital market cooperation measures by the China Securities Regulatory Commission is expected to enhance liquidity in the Hong Kong stock market [5] - The report has revised profit forecasts upward due to improved trading conditions and supportive policies, projecting net profits of 12.2 billion, 13.4 billion, and 14.3 billion HKD for 2024-2026, respectively [5] Financial Performance Summary - Q1 2024 total revenue was 5.2 billion HKD, down 6% year-on-year but up 7% quarter-on-quarter; main revenue was 4.66 billion HKD, down 7% year-on-year but up 30% quarter-on-quarter [5] - Net profit for Q1 2024 was 2.97 billion HKD, down 13% year-on-year but up 14% quarter-on-quarter [5] - EBITDA margin was 72%, down 4 percentage points year-on-year but up 4 percentage points quarter-on-quarter [5] Revenue Breakdown - Revenue contributions from trading fees, settlement fees, and investment income accounted for nearly 80% of total revenue [5] - Q1 2024 revenue by segment: cash equities 1.88 billion HKD (-12% YoY), equity securities and derivatives 1.57 billion HKD (-15% YoY), commodities 670 million HKD (+33% YoY), data and connectivity 520 million HKD (+4% YoY) [5] Market Activity - The average daily trading volume (ADT) for Hong Kong stocks in Q1 2024 was 994 billion HKD, down 22% year-on-year but up 9% quarter-on-quarter [5] - Northbound capital inflow was 682 billion RMB, while southbound capital inflow was 1,331 billion HKD in Q1 2024 [10] IPO Market Overview - In Q1 2024, the company completed 12 IPOs, raising 4.8 billion HKD, a decrease of 28% year-on-year and 78% quarter-on-quarter [5] - The report highlights a potential recovery in the IPO market due to improved conditions and regulatory support for mainland companies seeking to list in Hong Kong [5]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected price increase of 10-20% [3][4]. Core Insights - The company's Q1 2024 sales performance met expectations, with the main brand (excluding Li Ning YOUNG) achieving low single-digit growth in retail revenue. Online sales grew by 20-30%, while offline channels saw a decline [3]. - The company is focusing on optimizing its channels and product offerings, particularly in the running shoe and fitness categories, which have shown strong growth. The basketball category is currently under adjustment [3]. - Inventory levels are healthy, with improvements in discount rates contributing to better average selling prices (ASP). The company expects continued improvement in discounts and stable ASP moving forward [3]. - Management maintains a conservative growth outlook for 2024, targeting mid-single-digit revenue growth and low double-digit profit margins, supported by new product launches and seasonal sales [3][4]. Financial Summary - The company forecasts revenue growth from 258 billion RMB in 2024 to 344 billion RMB by 2026, with a compound annual growth rate (CAGR) of approximately 9% [4][9]. - Net profit is projected to recover from 31.9 billion RMB in 2023 to 40.7 billion RMB in 2026, reflecting a gradual improvement in profitability [4][9]. - The gross margin is expected to remain stable around 48.4% to 49.2% over the forecast period, indicating effective cost management [4][9].

大家好欢迎参加商万红元策略把握资产荒外荒外易到港股的机会高峰红系列研究之八目前所有参会者均处于静音状态现在开始播报免责声明 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好的尊敬的各位投资者大家晚上好那我是声望海外策略董毅那就在刚刚的话呢在七点钟的时候我们同样在金门财经这个平台上举办了一场关于近期整个海外科技股加速下跌然后美股的一个波动放大怎么看以及说外移到整个的一个 海外中资股市场的一个简单的一个电话会各位投资者如果有兴趣的话呢待会可以来收听一下我们那场电话会的一个回放啊那我们先插播一条这个广告啊那今天的话呢来给各位投资者来汇报一下说我们对于整个的一个高股息资产在港股市场上的一个策略上的一个观点啊那今天呢非常 高兴的也请到了我们双眼朋友A股策略的资深高级分析师黄子涵老师待会由黄子涵老师来给各位来详细分析来详细解读一下我们对于整个也从A股投资的视角整个一个高股系列一个投资在港股市场上如何进行筛选如何进行 ...

Summary of the Conference Call Company and Industry Overview - The conference call discusses the financial performance of Mingxin Xuteng for the year 2023 and the first quarter of 2024, focusing on the automotive industry, particularly in the context of competition and product offerings [3][4]. Key Points and Arguments Financial Performance - The overall revenue for Q1 2024 showed a positive trend compared to Q4 2023, with a recovery in gross margin after a slight decline in Q4 due to year-end expenses [3][4]. - Q4 2023 gross margin was reported at 24.8%, reflecting a decrease of 3.39% from the previous quarter, primarily due to changes in product mix and increased competition [4][6]. - The gross margin for the first quarter of 2024 has stabilized and is showing an upward trend, reaching 26.5% [12][14]. Product Segmentation - The company reported that the revenue from genuine leather products was approximately 600 million, down from 560 million in 2022, indicating a decline in traditional vehicle orders [10][11]. - The lottery product segment saw significant growth, with revenue increasing from approximately 59 million in 2022 to 197 million in 2023, attributed to new energy vehicle clients [9][11]. - The gross margin for leather products was reported at 34.48%, while the gross margin for cut leather products was lower at 20.15%, impacting overall profitability [8][9]. Customer Structure and Market Dynamics - The top five customers in 2023 included FAW-Volkswagen (38%), SAIC-GM (17%), and several others, with new energy vehicle clients gaining a larger share [20][22]. - The customer structure is shifting, with traditional vehicle orders decreasing while new energy vehicle orders are increasing, leading to a more competitive landscape [20][22]. - The company anticipates that the revenue for 2024 will reach approximately 1.3 billion, with a quarterly estimate of around 354 million [36][38]. Cost Management and Profitability - The company is focusing on managing costs, with raw material prices showing a downward trend, which could positively impact gross margins in the future [14][38]. - R&D expenses are currently high at around 11% of revenue, but the company plans to reduce this to 6-8% in 2024 as new products are released [41][42]. International Expansion - The company is making significant progress in establishing a factory in Mexico, with all core equipment installed and trial production expected to start in April 2024 [42][43]. Other Important but Overlooked Content - The company highlighted the importance of adapting to the changing customer landscape, particularly with the rise of new energy vehicles, which require different supply chain strategies [12][14]. - There is a recognition of the volatility in profit margins due to external factors such as government subsidies and market competition, which could lead to fluctuations in quarterly profits [40][41]. - The company is also exploring new materials and production techniques to enhance product offerings and maintain competitive pricing [15][16].

Investment Rating - The report assigns a "Hold" rating to the company, indicating a limited expected price movement within a range of -10% to +10% over the next six months [1][11]. Core Insights - The company reported a total vehicle delivery of 160,038 units in 2023, representing a year-on-year increase of 30.7%. Revenue reached 55.62 billion RMB, up 12.9% year-on-year, while net loss expanded to 21.15 billion RMB, a 45.3% increase in losses compared to the previous year [5]. - The introduction of new models, including the flagship ET9 and the second brand Le Dao, is expected to enhance the product lineup and target the mid-range market, potentially boosting monthly sales to 20,000 units in 2024 [5]. - The company has made significant investments in charging infrastructure, with 3,767 charging stations and 21,912 charging piles established nationwide, leading to improved profitability in its battery swapping business [5]. Financial Performance and Forecast - The company’s revenue is projected to grow from 61.99 billion RMB in 2024 to 110.87 billion RMB by 2026, with a compound annual growth rate of approximately 22% [6][8]. - Net losses are expected to decrease from 18.25 billion RMB in 2024 to 9.72 billion RMB in 2026, indicating a potential improvement in financial performance over the forecast period [6][8]. - The report anticipates a decline in vehicle sales forecast for 2024 from 240,000 to 180,000 units due to increased competition and market pressures [5].