Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a significant revenue increase of 26.1% year-on-year in 2023, with total revenue reaching 173.21 billion RMB, driven by a 15% increase in vehicle sales and a higher average selling price due to an improved product mix and increased sales of new energy vehicles [1][5] - The company is expected to continue its rapid growth in 2024, with a projected revenue of 210 billion RMB or more, supported by expanding sales of new energy vehicles and exports [5][10] - The company has a rich lineup of new models for 2024, primarily focusing on new energy vehicles, which is anticipated to drive further sales growth [3][4] Summary by Sections Financial Performance - In 2023, the company reported a net profit attributable to shareholders of 7.02 billion RMB, a decline of 15.1% year-on-year, primarily due to high base effects from 2022 and increased investment in new energy vehicle business [1] - The company’s revenue for 2024 is forecasted to reach 210 billion RMB, with a net profit expected to rebound due to increased production and sales efficiency in the new energy vehicle segment [5][10] Sales Performance - In the first quarter of 2024, the company sold 275,300 vehicles, a year-on-year increase of 25.1%, with significant growth in the sales of the Tank brand, which saw a 103% increase [2][4] - The company’s new energy vehicle sales in the first quarter of 2024 reached 59,200 units, marking a remarkable year-on-year growth of 112.8% [2] Product Development - The company has a robust lineup of new models for 2024, including significant updates to existing models and new launches in the new energy vehicle category, which are expected to enhance its market position [3][4] - The majority of the new models being launched in 2024 will be new energy vehicles, reflecting the company's strategic focus on this segment [3]

Investment Rating - The investment rating for Geely Automobile is "Buy" [5] Core Insights - Geely Automobile achieved a significant revenue growth of 21.1% year-on-year in 2023, reaching 179.2 billion RMB, with a gross profit of 27.42 billion RMB, up 31.2% [2] - The company’s automobile sales reached 1.6865 million units in 2023, marking a 17.7% increase year-on-year, driven by a strong performance in new energy vehicles [2] - In early 2024, Geely's sales continued to rise, with January and February sales hitting historical highs, totaling 325,000 units, a 55% increase year-on-year [3] - The company plans to launch nearly 10 new energy models across its brands in 2024, aiming for a total sales target of 1.9 million units, with new energy vehicle sales expected to grow by 66% [4][8] Summary by Sections Financial Performance - In 2023, Geely's gross margin improved to 15.3%, an increase of 1.2 percentage points from the previous year, attributed to product mix improvement and cost reductions [2] - The net profit attributable to shareholders was 5.31 billion RMB, a slight increase of 0.9% year-on-year, impacted by increased distribution and sales expenses [2][8] - For 2024, revenue is projected to exceed 200 billion RMB, with a net profit forecast of around 7 billion RMB, reflecting a 35% growth [8] Sales and Market Position - The company’s new energy vehicle sales surged by 189% in the first two months of 2024, with a penetration rate of 30.6% [3] - Geely's product lineup is expected to remain competitive, with multiple new models set to launch, enhancing its market position [4][9] Valuation - As of March 20, 2024, Geely's stock price was 8.83 HKD, corresponding to a PE ratio of approximately 11.4 times, indicating a relatively low valuation [9] - The report suggests that the stock presents a favorable medium to long-term investment opportunity due to its current low valuation and strong growth prospects [9]

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of HKD 1.46, indicating a potential upside of 25.86% from the closing price of HKD 1.16 on March 12, 2024 [4]. Core Views - The company achieved a revenue of HKD 2.517 billion in 2023, representing a year-on-year increase of 8.7%, while the net profit attributable to shareholders was HKD 993 million, up 2.2% year-on-year [2][3]. - The increase in revenue was primarily driven by the contribution from solar power projects acquired in the past two years, which saw a 10.9% increase in electricity production [2]. - The company has a sufficient reserve of projects for acquisition, and the return on investment for new solar power projects is expected to improve due to a significant drop in photovoltaic module prices since Q2 2023 [2]. - The company received approximately HKD 527 million in renewable energy subsidies in 2023, a decline of about 75% from the previous year, with outstanding receivables for subsidies amounting to HKD 3.753 billion by the end of 2023 [2]. - The company’s financing costs are expected to improve as the borrowing structure is optimized and the U.S. dollar enters a potential rate-cutting cycle [2]. Financial Summary - The company’s revenue is projected to grow from HKD 2.517 billion in 2023 to HKD 3.481 billion by 2026, with a compound annual growth rate (CAGR) of approximately 10.81% [3]. - The net profit attributable to shareholders is expected to increase from HKD 993 million in 2023 to HKD 1.566 billion by 2026, reflecting a CAGR of about 11.12% [3]. - The earnings per share (EPS) is forecasted to rise from HKD 0.13 in 2023 to HKD 0.19 by 2026 [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 8.05 in 2024 to 6.17 in 2026, indicating a potentially undervalued stock [3].

公司点评 信义光能(0968.HK)： 毛利率大幅回升，领先优势凸显 香港 新能源 近日公司发布2023年度业绩，2023 年实现营业收入266.29 亿港元，同比增长 29.6%；股东应占溢利41.87亿港元，同 2024年03月06日 买入 比增长9.6%；每股基本盈利0.47港元，公司拟派发末期股息 目标价（HKD） 7.22 0.15港元，派息比例约31.9%。公司2023年业绩略超市场 预期。 收盘价 (05 Mar 24) 5.26 上升/下降 37.3% 2023年业绩略超市场预期。根据国家能源局的数据，2023年全国光伏发 恒生指数 16162.64 电新增并网容量约为216.88 GW，同比大幅增长 148.1%。在全国光伏装 总市值 (HKD亿) 468 机量强劲增长的带动下，公司实现主营业务收入266.29亿港元，同比增长 52周最高/最低 (HKD) 9.57/3.42 29.6%。公司两大业务分部中，太阳能玻璃销售收入同比增长33.3%至 资料来源: Wind，国信证券（香港）研究部整理 235.33亿港元， 毛利同比增长20.04%至50.34亿港元；太阳能发电场的 近一年股价涨跌 ...

Investment Rating - The investment rating for the company is "Buy" [6][9]. Core Views - The company achieved a significant revenue growth of 173.5% year-on-year in 2023, with total sales revenue reaching 123.85 billion RMB, and automotive sales revenue accounting for approximately 97.1% of total revenue [1][4]. - The company is expected to continue its high growth trajectory in 2024, aiming for annual sales of 800,000 vehicles, driven by the launch of new electric vehicle models [3][4]. - The company reported a net profit of 11.7 billion RMB in 2023, marking a turnaround from previous losses, primarily due to substantial interest income, investment gains, and government subsidies [1][4]. Summary by Sections Financial Performance - In 2023, the company recorded a gross profit of 27.5 billion RMB, with a gross margin of 22.2%, an increase of 2.8 percentage points from the previous year [1][4]. - The company’s vehicle sales volume reached 376,000 units in 2023, representing a year-on-year increase of 182.2% [1][4]. - Research and development expenses increased by 56.1% to 10.59 billion RMB, while selling, general, and administrative expenses rose by 72.4% to 9.77 billion RMB, indicating that expense growth was significantly lower than revenue growth [1][4]. Future Outlook - The company plans to launch several new electric vehicle models in 2024, including the flagship model MEGA and the L6 SUV, which is expected to contribute significantly to sales [3][4]. - The forecast for total revenue in 2024 is projected to exceed 200 billion RMB, with a net profit expected to reach around 16 billion RMB, reflecting a high growth rate compared to 2023 [4][9]. Valuation - As of February 27, 2024, the company's stock price was 175.5 HKD, corresponding to a projected PE ratio of approximately 21.5 times for 2024 [5][6].