Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - Shanghai Industrial Holdings (the company) has four core business segments: infrastructure and environmental protection, healthcare, real estate, and consumer products, which are stable and solid [1] - The company has shown a steady growth in revenue and net profit over the years, with a compound annual growth rate of 8.6% and 5.4% respectively [2] - The company is actively expanding its business through acquisitions and new projects, which are expected to contribute to future profitability [6] Business Overview - **Infrastructure and Environmental Protection**: This segment includes toll roads, bridges, water services, and clean energy. It accounted for 31.8% of total revenue and 64.2% of net profit in 2023 [1] - **Healthcare**: The company holds a 50% stake in Shanghai Shanshi Yangtze River Delta Ecological Development Co., which acquired a 40% stake in Shanghai Pharmaceuticals. This segment contributed 2.2% to net profit in 2023 [1] - **Real Estate**: This segment includes property development and management, contributing 58.4% to total revenue and 23.2% to net profit in 2023 [1] - **Consumer Products**: This segment includes Nanyang Tobacco and Yongfa Printing, contributing 9.8% to total revenue and 10.4% to net profit in 2023 [1] Financial Performance - In the fiscal year 2023, the company achieved revenue of 32.7 billion RMB, a year-on-year increase of 4.3%, and net profit of 3.61 billion RMB, up 42.5% year-on-year [2] - The company maintains a healthy financial structure with a debt-to-asset ratio of 56.8% and a stable dividend payout ratio around 40% [4] - The company has a cash balance of approximately 25 billion HKD, representing about 14% of total assets [4] Future Outlook - The company is expected to benefit from the recovery of its business post-pandemic, with significant growth in its real estate segment and new projects in wastewater treatment and tobacco production [6] - The diversified business model and strong cash flow provide resilience against economic cycles, with a projected dividend yield of 8% [6]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 3.25, indicating a potential upside of 15.6% from the current price of HKD 2.81 [1]. Core Insights - The company is expected to see a gradual increase in the proportion of innovative drugs, which will likely enhance revenue growth in the future. The innovative drug revenue grew by 13.3% year-on-year to HKD 9.89 billion, accounting for 37.8% of total revenue [1]. - The company’s adjusted net profit for 2023 is projected to increase by 1.5% to HKD 2.59 billion, despite a decline in net profit attributable to shareholders by 8.3% to HKD 2.33 billion [1]. - The company has a robust pipeline of innovative products, with several expected to launch in the coming years, which will contribute to revenue growth [1]. Financial Summary - For 2023, the company reported total revenue of HKD 26.2 billion, a slight increase of 0.7% year-on-year. The revenue breakdown includes oncology drugs (33.6%), liver disease (14.6%), respiratory (11.3%), and others [1][2]. - The gross margin decreased by 1.8 percentage points to 81.0%, while R&D expenses amounted to HKD 4.7 billion, representing 18% of total revenue [1]. - The company’s operating cash flow decreased by 3% year-on-year to HKD 6.07 billion, with cash reserves reaching HKD 21.1 billion, including net cash of HKD 9.27 billion [1]. Product Pipeline - The company’s innovative product pipeline includes several key drugs, with expected launches in 2024 and 2025, such as Bemarituzumab and TQB3616, which are anticipated to significantly impact revenue [1]. - The company’s subsidiary, invoX, has shown promising results with its FS222 product, indicating strong potential for future development [1]. Market Position - The company has a market capitalization of HKD 52.8 billion, with a P/E ratio of 20.7 for 2024, reflecting its growth potential in the pharmaceutical industry [1][2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 29.73, which is equivalent to 10.5 times the forecasted earnings per share for 2024 [4][5]. Core Insights - Despite intense industry competition, the company is expected to outperform the industry due to its stable pricing strategy, continuous product upgrades, and increased penetration of high-end products [4][5]. - The company reported a revenue growth of 5.1% to HKD 23.77 billion in 2023, driven by a 12.2% increase in tissue paper sales and a 17.7% growth in e-commerce channels [3][4]. - The gross profit margin decreased by 0.3 percentage points to 33.7% due to rising raw material costs and increased promotional expenses [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of HKD 2.80 billion, representing a 45.5% increase compared to the previous year [5][6]. - The operating profit rose by 38.6% to HKD 3.98 billion, with a decrease in operating expense ratio by 0.3 percentage points to 21.3% [3][5]. - The company maintained a robust balance sheet with net cash of approximately HKD 5.39 billion, an increase of HKD 0.86 billion from the previous year [3][4]. Business Segments - Tissue paper business grew by 12.2% to HKD 13.75 billion, benefiting from a nationwide sales network and strong growth in high-end products [4][5]. - Sanitary napkin sales increased by 0.4% to HKD 6.18 billion, with gross margin improving from 61.8% in the first half to 66% in the second half [4][5]. - The adult diaper segment saw a 4.3% growth to HKD 1.25 billion, with gross margin rising from 36% to 40% due to lower raw material prices [4][5]. Future Outlook - For 2024, the company anticipates low single-digit revenue growth in tissue paper, sanitary napkins, and adult diapers, despite ongoing competitive pressures in the personal care industry [4][5]. - The report highlights that the company’s stable pricing strategy and product upgrades are expected to help it outperform the industry amid challenging market conditions [4][5].

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of $317.60, representing a potential upside of 24.57% from the current closing price [12][14]. Core Insights - Coinbase Global, the largest cryptocurrency exchange in the U.S., reported Q1 2024 revenue of $1.64 billion, exceeding analyst expectations of $1.34 billion, and achieved a net profit of $1.18 billion, a significant turnaround from a loss of $78.9 million in the same period last year [12][20]. - The revenue is primarily derived from trading, subscription, and service fees, with trading revenue accounting for 65.8% of total revenue, driven by increased market volatility, rising cryptocurrency prices, and a growing user base [12][31]. - The approval of Bitcoin ETFs is highlighted as a significant milestone that could enhance liquidity, expand the user base, and increase market recognition for cryptocurrency exchanges [12][75]. Company Overview - Coinbase was founded in June 2012 and became the first publicly traded cryptocurrency exchange on NASDAQ on April 14, 2021 [12][20]. - The company has a diverse management team with extensive experience in the industry, which is crucial for maintaining its competitive edge [12][30][51]. Financial Analysis - Historical financial data shows a significant recovery, with projected total revenue for 2024 expected to reach $6.41 billion, a 106.28% increase from the previous year [12][15]. - The adjusted EBITDA for Q1 2024 was reported at $1.01 billion, marking a substantial improvement from the previous year's loss [12][20]. Revenue Composition - The revenue structure consists of trading fees (65.8%), subscription services (31.2%), and other income (3.0%), with notable year-over-year growth rates of 187% for trading fees and 41% for subscription services [12][31][53]. Market Position - Coinbase's market position is reinforced by its ability to attract significant institutional investors, with major shareholders including Vanguard Group (6.89%) and Susquehanna International Group (5.06%) [12][14][46]. - The cryptocurrency market is characterized by rapid growth, with Bitcoin and Ethereum dominating the market share, accounting for over 50% of the total cryptocurrency market capitalization [12][83].

Investment Rating - The report assigns a "Buy" rating to Coinbase with a target price of $317.60, representing a potential upside of 24.57% from the current closing price [1][6]. Core Insights - Coinbase, founded in June 2012, is the largest cryptocurrency exchange in the U.S. and the first publicly listed cryptocurrency exchange globally, having gone public on NASDAQ on April 14, 2021 [1][4]. - The company reported Q1 2024 total revenue of $1.64 billion, exceeding analyst expectations of $1.34 billion, and achieved a net profit of $1.18 billion, a significant turnaround from a loss of $78.9 million in the same period last year [1][4]. - Revenue is primarily derived from trading, subscription, and service income, with respective contributions of 65.8%, 31.2%, and 3.0% in Q1 2024 [1][30]. Summary by Sections Company Overview - Coinbase provides a range of services including storage, trading, investment, payment, and transfer of cryptocurrencies, and has expanded its operations internationally [4][34]. - The company has attracted significant institutional investment, indicating strong market recognition and confidence in its business model [11][28]. Revenue Composition - The revenue growth is attributed to increased market volatility, rising cryptocurrency prices, user base expansion, and the active Base ecosystem [1][45]. - The report highlights that trading revenue surged due to heightened trading activity driven by market conditions and user engagement [1][45]. Financial Analysis - The financial outlook for Coinbase shows a projected revenue of $6.41 billion for 2024, reflecting a year-over-year growth of 106.28% [7]. - The adjusted EBITDA for Q1 2024 was reported at $1.01 billion, marking a significant recovery from previous losses [1][7]. Market Dynamics - The approval of Bitcoin ETFs is seen as a pivotal milestone that enhances liquidity, broadens the user base, and increases market recognition for cryptocurrency exchanges [1][63]. - The competitive landscape is dominated by a few major exchanges, with Binance leading in global influence and trading volume [1][64]. Management Team - Coinbase's management team is noted for its extensive experience and industry insight, which has been crucial for navigating the competitive cryptocurrency market [28][41]. Future Outlook - The report anticipates continued growth for Coinbase as it aims to become a decentralized super application, offering a wide range of services including social, communication, and DeFi interfaces [27][34].

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第一上海研究部 公司評論 research@firstshanghai.co m.hk 2024年6月11日 星期二 【公司評論】 特斯拉（TSLA）：週報 李京霖 852-25321957 特斯拉 FSD v12.4.1開始向部分客戶推出 Jinglin.li@firstshanghai.com.hk 特斯拉已開始向部分客戶推出全自動駕駛 (FSD) 監督 v12.4.1，該版本的特色是 李倩 消除了方向盤監督，而是更多地依靠車艙攝像頭駕駛員監控系統來確認駕駛員的注 852-25321539 意力。馬斯克還表示新版本有大量變化，有理由改名為 v13；還表示未來版本（包 Chuck.li@firstshanghai.com.hk 括 12.5 和 12.6）最終可能會被認定為 v14 和 v15；同時表示，在某些已知的B 陳曉霞 UG得到修復之後，可以達到需要一年多駕駛時間才需要一次人工干預。 852-25321956 xx.chen@firstshanghai.com.hk 里程碑：德州超級工廠生產出第 5000 萬個 4680 電池 特斯拉德州超級工廠本周生產出了第 5000 萬個 4680 電池單元。此 ...

美團-W（3690） 更新報告 為美團未來的利潤貢獻將會得到進一步釋放，新業務的 ROI 逐步提升，結合目前 港股互聯網企業普遍估值在 10-15 倍區間，分別給予美團外賣和到店酒旅業務 24 年扣稅利潤的 23 倍和 15 倍 PE 估值，得出 135 港元目標價，維持買入評級。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|---------|---------|---------|---------|---------|-----------------|-----------|-------| | 盈利摘要 \n截至12月31日止财政年度 | 2022A | 2023A | 2024E | 2025E | 2026E | 股價表現 \n160 | | | | 总营业收入（人民币百万元） | 219,955 | 276,745 | 326,097 | 384,337 | 447,000 | 140 120 | | | | 变动(%) | 22.8% | 25.8 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.12 HKD, representing a potential upside of 58.3% from the current price of 5.13 HKD [2][5]. Core Insights - The company achieved record high performance in 2023 with total revenue of 20.28 billion RMB, a year-on-year increase of 30.5%, and a net profit of 1.93 billion RMB, up 15.9% [1]. - The first quarter of 2024 showed a decline in revenue to 5.13 billion RMB, down 5.7% year-on-year, primarily due to the coal industry's downturn affecting the mining equipment segment [1]. - The company continues to enhance its core product competitiveness and market share, particularly in the mining equipment and logistics equipment sectors [1]. Financial Performance Summary - In 2023, the mining equipment segment generated revenue of 11.8 billion RMB, a 19% increase, with significant growth in mining truck sales, which reached 4 billion RMB, up 38% [1]. - The logistics equipment segment reported revenue of 5.8 billion RMB, a 26% increase, with strong performance in overseas sales, which surged by 69% to 3.55 billion RMB [1]. - The report projects revenue for 2024 to be 26.85 billion RMB, with net profit expected to reach 2.19 billion RMB, reflecting continued growth [2][3]. Market Position and Strategy - The company has become the largest mining truck supplier in China, with a robust order backlog, including significant contracts with major port operators [1]. - The strategic focus on smart, international, and electric products is expected to drive long-term growth, supported by a stable port market [2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 31.91 CNY, indicating a potential upside of 17.9% from the current price of 27.06 CNY [2][4]. Core Views - The company's revenue and net profit for Q1 2024 were 32.46 billion CNY and 5.95 billion CNY, respectively, showing a year-on-year decline of 2.6% in revenue but a significant increase of 64.7% in net profit, driven by a one-time gain from asset disposal [1][2]. - The liquid milk business is under short-term pressure, while the milk powder segment is expected to accelerate growth due to improved market conditions and demographic factors [2]. - The company has maintained a high dividend payout ratio of 73.3% for the fiscal year 2023, with a consistent track record of over 70% for five consecutive years, alongside a share buyback plan to enhance shareholder returns [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported a gross margin of 35.8%, an increase of 2 percentage points year-on-year, and a net profit margin of 18.2%, up by 7.4 percentage points [1]. - The company expects net profits for 2024, 2025, and 2026 to be 13.55 billion CNY, 12.68 billion CNY, and 14.04 billion CNY, respectively [2][5]. Business Segments - The liquid milk segment is facing challenges due to fluctuating demand and high base effects from the previous year, but recovery is anticipated in the second half of the year [2]. - The milk powder business is projected to grow, supported by demographic trends and inventory clearance in the industry [2]. - The cheese segment is under pressure, while the ice cream business is expected to maintain stable growth due to market expansion efforts [2]. Shareholder Returns - The company has declared a cash dividend of 7.64 billion CNY for the fiscal year 2023, reflecting a commitment to returning value to shareholders [2]. - A share buyback plan of 1 to 2 billion CNY is also in place to further enhance shareholder value [2].