Equity Research 股 票 研 究 证 券 研 究 报 告 Change in Share Price [Table_PriceChange] 股价变动 1 M 1 个月 3 M 3 个月 1 Y 1 年 Abs. % 绝对变动 %8.9 13.8 (28.6) Rel. % to HS Index 相对恒指变动 %7.2 14.3 (15.6) Avg. Share price(HK$) 平均股价（港元） 2.7 2.6 2.9 Source: Bloomberg, Guotai Junan International. Company Report 公 司 报 告 Yuexiu Services (06626 HK) 越 秀 服 务 Equity Research Report 房 地 产 行 业 Property Sector [Table_Title] Company Report: Yuexiu Services (06626 HK) 中文版 Chunli Zhan 詹春立 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | - ...

h 股 c r a 票 e s e R 研 y [Table_Title] Gin Yu 余劲同 tiu Company Report: China Tower (00788 HK) 中文版 究 q (852)2509 2113 E 公司报告： 中国铁塔 (00788 HK) Chinese version gin.yu@gtjas.com.hk 19 March 2024 [Table_Summary] 2023年盈利稳定增长；折旧期结束打开股息增长空间，“买入” tr  我 我们 们维 预持 计中 20国 24铁 -2塔 0（ 26“ 财公 年司 每” 股） 收的 益目 分标 别价 为为 人1 民.20 币港 0.元 06， 5维 元持 投 人资 民评 币级 0.为 07“ 6元买 /入 人” 民。 公 o [RTaabtlien_gR:a nk] Buy p / e 司 R 币0.124元。由于大量铁塔的折旧年限将在2025年第四季度到期，将为利润释放 Maintained y 报 n a 提供充足的空间，我们预计2026年派息水平将大幅上升；因此，我们维持“买入” 评级： 买入 (维持) p 告 m ...

Investment Rating - The report maintains a "Buy" investment rating for China Unicom with a target price of HK$7.66 [2][3][7] Core Views - The company is expected to see steady earnings growth and strong dividends, with service revenue and net profit for 2023 reaching RMB 335.2 billion (up 5.0% YoY) and RMB 18.7 billion (up 11.8% YoY), respectively [2][7] - The report anticipates that the dividend payout ratio will continue to increase, projecting a payout ratio of approximately 60% in 2024, with further increases in 2025 and 2026 [2][7] - China Unicom is positioned to benefit significantly from the data services market, with its data services revenue growing by 32% YoY to RMB 5.3 billion in 2023 [2][8] Summary by Sections Financial Performance - For 2023, China Unicom's service revenue was RMB 335.2 billion, and net profit was RMB 18.7 billion, aligning with market expectations [2][7] - The projected earnings per share (EPS) for 2024-2026 are RMB 0.694, RMB 0.761, and RMB 0.827, respectively [2][7] - The company’s dividend per share (DPS) is expected to yield 6.0%, 7.1%, and 8.3% for 2024-2026 [7] Market Opportunities - The telecommunications sector has inherent advantages in data sourcing, with China Unicom expected to invest RMB 10 billion in computing power by 2024 [2][8] - The data services market is projected to grow significantly, with the market size expected to reach RMB 200 billion by 2030 [2][8] - China Unicom is the first telecom operator in China to implement centralized data operations, which positions it well to capitalize on the expanding data services market [2][8] Strategic Initiatives - The company plans to deepen its involvement in the data services market, leveraging its extensive data resources and operational experience to create vertical-specific data products and services [2][8] - The report identifies catalysts for growth, including increasing dividend rates and promoting commercial data-related businesses [2][8]

h 股 c r a 票 e s e R 研 y [Table_Title] Gary Wong 黄家玮 tiu Company Report: CSC Development (00830 HK) 中文版 究 q (852) 2509 2616 E 公司报告： 中国建筑兴业 (00830 HK) Chinese version gary.wong@gtjas.com.hk 19 March 2024 海[Ta外ble_市Su场mm及ary技] 术产品推动新增长  我们重申“买入”评级，并维持 3.10 港元的目标价。我们分别小幅下调中国建 [RTaabtlien_gR:a nk] Buy 公 tr 筑兴业2024/2025年每股盈利预测2.3%/ 2.8%至0.338港元/0.445港元，并 Maintained o p 给予0.541港元的2026年每股盈利预测。我们维持3.10港元的目标价，相当 司 e R 于7.7倍/ 6.0倍/ 4.8倍的2024/ 2025/ 2026年EV/EBITDA。 评级： 买入 (维持) 报 y n 告 a p m  2023年股东净利润同比增长37.6%至5.80亿 ...

Investment Rating - The investment rating for FIT Hon Teng is maintained as "Buy" with a target price (TP) set at HK$1.65 [3][7]. Core Insights - The FY23 results were in line with expectations, with operating revenue decreasing by 7.4% year-on-year to US$4,196 million and shareholders' net profit decreasing by 23.5% year-on-year to US$130 million [9][11]. - The company is implementing a "3+3" strategy focusing on the development of electric vehicles (EVs), 5G AIoT, and acoustics, which is expected to drive future growth [11][13]. - The revenue mix from EV Mobility, new Generation 5G AIoT, and Audio is projected to reach 30% in 2024 and 40% in 2025 [11][13]. Financial Performance - Forecasted EPS for FY24-FY26 is US$0.023, US$0.029, and US$0.035 respectively, with a 9.0x PER for 2024 [7][9]. - The gross profit margin increased by 2.3 percentage points year-on-year to 19.2% in FY23, while R&D expenses as a percentage of total revenue increased to 7.3% [9][22]. - The company expects revenue growth in the coming years, with total revenue projected to increase from US$4,196 million in FY23 to US$5,472 million by FY26 [22]. Business Strategy and Market Position - The acquisition of SWH, now FIT Voltaira, enhances the company's product offerings in the EV sector, positioning it to meet the growing demand for high-voltage connectors and wiring harnesses [13][11]. - The company aims to expand its customer base and production capabilities in the EV mobility sector, leveraging its global layout and partnerships through MIH [11][13]. - The audio business is also expected to benefit from the increasing demand for high-speed connections driven by AI server growth and data center construction [11][13].

hcraeseR 股 票 研 [Table_Title] Teddy Lin 林荣叶 ytiuqE Company Report: Autohome-S (02518 HK) 中文版 究 (852) 2509 5409 公司报告： 汽车之家-S (02518 HK) Chinese version rongye.lin@gtjas.com.hk 29 February 2024 赋[Ta能ble_汽Su车mm行ary业] 新零售生态，领航新能源持续发展之道 tropeR 公  我们维持“买入”的投资评级，并上调目标价至 67.08港元，相当于 14.5倍的 [RTaabtlien_gR:a nk] Buy 司 2024年市盈率。汽车之家2023年收入同比增长3.5%至人民币71.8亿元，股东 Maintained 净利润同比增长4%至人民币18.8亿元，符合我们此前的预期。公司在2023年 ynapmoC 报 底前共回购了价值 2 亿美元的股份。鉴于市场的不确定性，我们小幅下调 评级： 买入 (维持) 告 2024-2025年收入预测约2.7%，但因为运营支出的预期也有所下调，整体而言维 持净利润预期基本不 ...

h 股 c r a 票 e s e R 研 y [Table_Title] Kevin Guo 郭勇 tiu Company Report: Zhaojin Mining (01818 HK) 究 q (852) 2509 5317 E 公司报告： 招金矿业 (01818 HK) yong.guo@gtjas.com.hk 29 February 2024 [Table_Summary] Gold Price To Rise Again, Maintain "Buy" tr 公 o p  W due re tov is loe d eo rw En th Se eT sP mof Z tih oa no ji bn M i mni an ig t( at ih ne t“ hC eo m inp va en sty m”) t no H raK t$ in1 g2 .0 a6 e [RTaabtlien_gR:a nk] Buy 司 R e w P ti a , u t n e t t y Maintained 报 n "Buy". Our TP represents 36.0x 2023 PER and ...

h 股 c r a 票 e s e R 研 y [Table_Title] Teddy Lin 林荣叶 tiu Company Report: Autohome-S (02518 HK) 究 q (852) 2509 5409 E 公司报告： 汽车之家-S (02518 HK) rongye.lin@gtjas.com.hk 29 February 2024 E[Tmablpe_oSwumemrianryg] the New Retail Ecosystem in the Auto Industry, Navigating the Path to New Energy Sustainability tr 公 o p e 司 R  W HKe 6m 7a .0in 8t a ri en r" eB su eny" ni gn v 1e 4s .5tm e 2n 02t 4r Pat /i En .g ua tn od mre ev 'sis 2e 2o 3u r vta er ng ue et rop sr eic 3e 5t %o 报 y n a $ , p ti x A ho 0 re . [RTaabt ...

Investment Rating - The report maintains a "Buy" rating for Zhaojin Mining (01818 HK) with a revised target price of HK$12.06, down from HK$15.05 [1][2] - The target price implies a 36.0x P/E for 2023 and 22.1x P/E for 2024 [1] Core Investment Thesis - Gold prices are expected to rise in 2024, driven by potential Fed rate cuts, which historically benefit gold assets during monetary policy shifts [1][6][8] - Zhaojin Mining's net profit is forecasted to grow significantly in 2024-2025, supported by rising gold prices and declining production costs [1][6] - The company's gold production costs are expected to decrease due to expanded production scale, particularly with the new Haizhou mine expected to start operations in 2025 [6][14] Financial Performance and Projections - Zhaojin Mining's net profit is projected to increase from RMB 998 million in 2023F to RMB 1,620 million in 2024F and RMB 1,884 million in 2025F [4] - EPS is expected to grow from RMB 0.305 in 2023F to RMB 0.495 in 2024F and RMB 0.576 in 2025F [4] - Gross margin is forecasted to improve from 42.9% in 2023F to 48.1% in 2024F and 49.1% in 2025F [16] Production and Cost Analysis - Zhaojin Mining's gold production costs rose significantly from RMB 168.3/g in 2020 to over RMB 200.0/g in 2022 and RMB 214.67/g in H1 2023 due to production disruptions [6][13] - Production costs are expected to decline in 2024-2025 as production scales up, particularly with the Haizhou mine, which has a designed capacity of 15-20 tons of gold [6][14] Industry and Market Context - The gold market is expected to benefit from economic and geopolitical risks in 2024, with ongoing conflicts and economic instability supporting gold's role as a safe-haven asset [11][12] - The report highlights that gold prices historically perform well during Fed rate cut cycles, with three distinct phases of price increases observed in past cycles [8][9]