Investment Rating - The report maintains a "Buy" rating for FIT Hon Teng with a target price of HK$2.42 [1][2] - The target price is based on a 12.5x P/E ratio for 2024, reflecting the company's growth prospects and historical valuation levels [1] Core Views - FIT Hon Teng's Q1 2024 performance met expectations, with revenue increasing by 12.0% YoY to USD 965 million and gross margin improving by 4.5 percentage points to 20.3% [1] - The company's TWS business for a major North American customer is expected to see incremental growth in H2 2024 and accelerate in 2025 [1] - The first Airpods production line in Vietnam began shipments in Q1 2024, with the business expected to contribute 5%-7% of total revenue in 2024 [1] - The company plans to add 6 more production lines in India by 2025, leading to a surge in capacity and revenue growth [1] - Management expects double-digit revenue growth for 2024, with gross margin stabilizing around 20% and operating profit increasing significantly [1] - The company aims to reduce its three major operating expenses to below 13% by 2025 (from 14.4% in 2023) [1] - Revenue from electric vehicles, next-gen 5G AIoT, and acoustic businesses is expected to reach 30% in 2024 and 40% in 2025 [1] Financial Performance - Q1 2024 revenue breakdown: Smartphones (USD 202 million, -10.2% YoY), Network Infrastructure (USD 114 million, +8.6% YoY), PC & Consumer Electronics (USD 180 million, +5.9% YoY), Electric Vehicles (USD 116 million, +205.3% YoY), and System Terminal Products (USD 296 million, +6.9% YoY) [6] - Net profit for Q1 2024 was USD 10.2 million, compared to a net loss of USD 9.3 million in Q1 2023 [6] - Forecasted EPS for 2024-2026: USD 0.025, USD 0.034, and USD 0.042, respectively [1][5] Strategic Initiatives - The company's "3+3" strategy focuses on electric vehicles, 5G AIoT, and acoustic products, with electric vehicle business expected to be a strong growth driver [7] - The company is well-positioned to benefit from the AI-driven data center construction boom, with products like EDSFF connectors, MCIO, MXIO, and PCIE 6.0-compatible cables expected to drive growth in the network infrastructure segment [6] Market Opportunities - The company is targeting opportunities in the USD 1.7 billion server connector and cable market, with plans to mass-produce AI-related products in H2 2024 [6] - The Airpods business is expected to capture over 30% market share in the future [1]

h 股 c r 票 a e s e R 研 y 究 tiu [ CTa ob mle_ pT ait nle y] Report: FIT Hon Teng (06088 HK) Gin Yu 余劲同 q E (852)2509 2113 公司报告： 鸿腾精密 (06088 HK) gin.yu@gtjas.com.hk 13 May 2024 1[T Qab 2le 0_S 2u 4m m Ra ery s] ults Were in Line with Expectations; 3+3 Strategy to Bring Continuous Increment, "Buy" tr 公 o p e 司 R  We maintain the investment rating as "Buy" and set TP to HK$2.42. We y [RTaabtlien_gR:a nk] Buy 报 n a forecast 2024-2026 EPS to be US$0.025/ US$0.034/ US$0.042, Maintained 告 p m respectively. Consider ...

股 票 研 [Table_Title] Peter Shao 邵俊樨 Company Report: Longyuan Power (00916 HK) 究 (852) 2509 5464 公司报告： 龙源电力 (00916 HK) peter.shao@gtjas.com.hk 30 April 2024 风[Ta电ble短_S期um承mar压y] ；远期成长可期  维持“买入”：考虑到龙源电力（“公司”）的丰富项目储备和远期增长潜力， 公 我们维持其2024-2026年每股盈利预测分别为人民币0.95元/ 人民币1.13元/ [RTaabtlien_gR:a nk] Buy 司 人民币1.28元。基于7.5倍2024年市盈率，我们的目标价现为7.75港元。 Maintained 报  2024年第一季度业绩符合预期：公司公布2024年第一季度营收为人民币98.8 评级： 买入 (维持) 告 亿元，同比增长0.1%，股东净利为人民币23.9亿元，同比增长2.5%（基于中 国会计准则）。 [6T-a1b8lem_ PTrPic e目] 标价: HK$7.75  2024年第一季度业绩增长主要受益于投资收 ...

h 股 c r a 票 e s e 研 R y 究 tiu q [ FT la ab sle h_T Nitl oe] t e: BYD Electronic (00285 HK) 中文版 Gin Yu 余劲同 E (852) 2509 2113 快讯： 比亚迪电子 (00285 HK) Chinese version gin.yu@gtjas.com.hk 30 April 2024 2[T0ab2le4_年Sum第ma一ry]季度盈利符合市场预期；人工智能业务扩张超 市场预期 e  我们维持比亚迪电子（“公司”）38.70港元的目标价及“买入”的投资评级。由于我们预计比亚迪电子（“公司”） 快 to N 的主营业务线今年将保持增长，预计2024年净利润将同比增长超过30%，叠加人工智能将为公司带来的新机 讯 h s 遇，我们维持公司38.70港元的目标价及“买入”的投资评级。目标价相当于15.1倍/ 12.0倍/10.4倍的2024-2026 a lF 年市盈率。  比亚迪电子2024年第一季度盈利符合市场预期。得益于捷普工厂的收入贡献、安卓业务的复苏以及汽车电子 业务的进一步发展，2024年第一季度 ...

Investment Rating - The report maintains a "Buy" rating for China State Construction International (03311 HK) with a target price of HKD 15.00 [1][2]. Core Insights - In Q1 2024, the operating profit increased by 15.1% year-on-year to HKD 3.91 billion, with new contracts signed rising by 69.6% to HKD 80.09 billion [1]. - The company forecasts earnings per share of HKD 2.028, HKD 2.266, and HKD 2.503 for 2024, 2025, and 2026 respectively, maintaining a target price that corresponds to EV/EBITDA multiples of 7.2x, 7.1x, and 6.9x for the same years [1]. - The total value of contracts on hand as of March 31, 2024, was HKD 394.95 billion, reflecting a year-on-year increase of 24.0% [1]. Summary by Sections Financial Performance - Q1 2024 revenue reached HKD 24.17 billion, marking an 11.7% year-on-year increase [1]. - The operating profit for the same period was HKD 3.91 billion, up 15.1% year-on-year [1]. Contractual Developments - New contracts signed in Q1 2024 totaled HKD 80.09 billion, a significant increase of 69.6% year-on-year [1]. - The company, in partnership with Veolia Group, won the New Territories West Landfill Extension project, valued at HKD 61.1 billion, which is the largest single contract in the company's history [2]. Future Outlook - The company aims to secure new contracts worth no less than HKD 210 billion in 2024, representing an 11.7% year-on-year growth target [1].

Investment Rating - The investment rating for ZTE Corporation is "Buy" with a target price of HKD 23.80, which corresponds to a price-to-earnings ratio of 10.5x for 2024, 9.5x for 2025, and 8.2x for 2026 [1][5]. Core Insights - ZTE's Q1 2024 performance met expectations, with revenue of RMB 30.578 billion, a year-on-year increase of 4.9%. The gross margin decreased by 2.5 percentage points to 42.0%. Net profit attributable to shareholders rose by 3.7% to RMB 2.741 billion, while net profit excluding non-recurring items increased by 7.9% [1]. - The company is focusing on innovation and expansion based on connectivity, maintaining a leading position in wireless and fixed-line sectors, and is expected to excel in next-generation ICT technologies such as 5G-A, all-optical networks, and 6G [1]. - ZTE is poised to continue expanding in the intelligent computing sector, launching products such as intelligent servers, high-performance storage, and AI integration solutions, which are anticipated to drive growth in its computing business [1]. Summary by Sections Financial Performance - For Q1 2024, ZTE reported revenue of RMB 30.578 billion, a 4.9% increase year-on-year. The gross margin was 42.0%, down 2.5 percentage points. Net profit attributable to shareholders was RMB 2.741 billion, up 3.7% year-on-year, with a 7.9% increase in net profit after excluding non-recurring items [1]. Business Strategy - ZTE is leveraging its strong capabilities in chips, algorithms, and architecture to innovate and expand its market presence. The company aims to maintain its leadership in the ICT market through continuous research and development [1]. Product Development - The company is actively developing products in the intelligent computing space, including intelligent servers and high-performance data center switches, which are expected to enhance its competitive edge in the market [1].

h 股 c r 票 a e s e R 研 y [Table_Title] Ivan Wu 吴凱翔 究 tiu Company Report: Great Wall Motor (02333 HK) 中文版 q (852) 2509 2649 E 公司报告： 长城汽车 (02333 HK) Chinese version ivan.wu@gtjas.com.hk 3 May 2024 2[T0ab2le4_年Sum第ma一ry]季 度业绩亮眼，海外销量高增增强盈利能力，维持 “买入” 公 tr o p 司 报 e R y n  维 考持 虑“ 到买 长入 城”评 汽级 车，上 （调 “公目 司标价 ”）至 海1 外6.0 市0港 场元 与。 高20 端23 越年 野每 产股 品盈 表利 现预测 优符 异合 ，预 上期 调， [R Taabtlien_gR:a nk] MainB taiu ney d a p 2024-2025年每股盈利预测至人民币1.24元（+0.13））/人民币1.56元（+0.06） 告 m o 元，新增2026年每股盈利预测人民币1.83元，给予公司高于可比公司估值， 评级： 买入 ...

股价变动 1 M 1 个月 3 M 3 个月 1 Y 1 年 Abs. % 绝对变动 %(25.2) (28.4) (57.9) Rel. % to HS Index 相对恒指变动 %(30.6) (35.5) (46.5) Avg. Share price(HK$) 平均股价（港元） 0.9 1.2 1.9 Source: Bloomberg, Guotai Junan International. Equity Research Report 证 券 研 究 报 告 Change in Share Price [Table_PriceChange] Company Report 公 司 报 告 Equity Research 股 票 研 究 [Table_PageHeader] Central China New Life (09983 HK) Table_CompanyRatingDefinition] ]2raMthgiR_elbaT[ 个股评级标准 参考基准:香港恒生指数/纳斯达克综合指数 | --- | --- | |--------------------------------|------- ...

股 票 研 [Table_Title] Peter Shao 邵俊樨 Company Report: Datang Renewable (01798 HK) 中文版 究 (852) 2509 5464 公司报告： 大唐新能源 (01798 HK) Chinese version peter.shao@gtjas.com.hk 25 April 2024 审[T慎able的_S增um长mar前y] 景，持续改善的资产负债表  维持“买入”评级：鉴于大唐新能源更为审慎的扩张前景及新能源电价下调压力， 公 我们分别下调 2024-2025 年每股盈利 32.7%和 41.4%至人民币 0.348 元和 [RTaabtlien_gR:a nk] Buy 司 0.395元。我们给予2026年每股盈利预测人民币0.441元。基于6.0倍的2024 Maintained 报 年市盈率，我们的目标价下降至2.30港元（此前为3.10港元）。 评级： 买入 (维持) 告  虽然 2023 年盈利不及预期，但更为审慎的扩张令资产负债表有所改善。大唐 新能源于2023年录得股东利润人民币27.53亿元（同比下降21.9%），差 ...

Investment Rating - The report maintains a "Buy" rating for China Telecom (00728 HK) with a target price of HKD 5.00, corresponding to a price-to-earnings ratio of 12.7x/11.7x/10.8x for the years 2024-2026 [1]. Core Insights - China Telecom's service revenue and net profit for Q1 2024 were RMB 124.347 billion (up 5.0% year-on-year) and RMB 8.597 billion (up 7.7% year-on-year), respectively, aligning with market expectations [1]. - The company added 3.88 million mobile users and 2.06 million broadband users in Q1 2024, with mobile ARPU and broadband mixed ARPU increasing by 0.9% and 2.1% year-on-year, respectively [1]. - The report highlights a 10.6% year-on-year growth in industrial digitalization revenue due to ongoing investments in digitalization [1]. - Future dividends are expected to grow steadily, with a proposed increase in the payout ratio to over 75% over the next three years, leading to projected dividend yields of 6.5%, 7.2%, and 8.0% for 2024, 2025, and 2026, respectively [1]. Summary by Sections Financial Performance - Q1 2024 service revenue: RMB 124.347 billion (5.0% YoY growth) [1] - Q1 2024 net profit: RMB 8.597 billion (7.7% YoY growth) [1] - New mobile users: 3.88 million; new broadband users: 2.06 million [1] - Mobile ARPU growth: 0.9% YoY; broadband mixed ARPU growth: 2.1% YoY [1] Dividend Outlook - Proposed increase in payout ratio to over 75% starting in 2024 [1] - Projected dividend yields: 6.5% (2024), 7.2% (2025), 8.0% (2026) [1]