貝殼（2423.HK/BEKE.US） 更新報告 買入 2024年3月25日 23Q4 業績穩健，二賽道業務規模效率雙提升，積極回饋股東 羅凡環  2023Q4 經調整淨利潤同比增長 10.8%，全年經調整淨利潤 98 億元： 2023年第四季度公司總交易額為7356億元，同比增加13.7%。期內公司錄 852-25321962 得淨收入 202 億元，同比及環比分別增長 13.5%及 20.6%。期內毛利率為 25.5%，同比提升1.1個百分點，主要由於存量房業務的淨收入增加及鏈家 simon.luo@firstshanghai.com.hk 經紀人的固定薪酬成本減少，使得存量房業務的貢獻利潤率提高，以及門 店成本占淨收入的比例相比 2022 年同期有所降低。期內經營虧損為 1.73 主要資料 億元，主要由於 1）新房開發商壞賬計提；2）額外的業績激勵；3）經營 行業 居住服務 利潤率較低的家裝家居業務及租房業務收入占比增加。期內經調整淨利潤 為 17.1 億元，同比增長 10.8%。2023 年全年淨收入 778 億元，同比增加 股價 36.1港元/14.03美元 28.2%，調整後淨利潤98億元，同比 ...

6 特步国际（1368） 更新报告 买入 2024年03月25日 2023年全年业绩符合预期, 库存恢复到正常水平 王柏俊  2023 年全年业绩概况：公司收入同比增长 10.9%至 143.5 亿元(人民币,同下)，受益于所 有业务的增长， 尤其是内地业务。鞋类增长 5.3%, 服装类增长 20.6%。毛利率增加 852-25321915 1 .3pct到42.2%; 主要受益于功能产品的需求增长（其利润率较高）及时尚运动业务毛利 patrick.wong@firstshanghai.com.hk 率的明显提升。SG&A 费用率增加了 2.2 pct 至 34.2%,因为广告及推广费用和研发费用分 别 增加27.5%及33.1% (其比率分别提升1.8pct和0.5pct到13.7%和2.8%) 。经营利润 和归母净利润同比增长 7.9%及 11.8%至到 15.8 及 10.3 亿元, 归母净利润率为 7.2%；业 主要数据 绩符合预期。集团宣布派发末期股息每股 8 港仙，派息率为 50%。经营现金流同比增长 行业 服装纺织 119.5%到12.6亿元。库存金额减少21.6%到17.9亿元，恢复到正常水 ...

同仁堂国药（3613） 更新报告 买入 20 24年 3月22日 中国内地销售重新起航，2024有望恢复强劲增长 高小迪  经济复苏存在落差，中国内地销售明显减少：2023 年全年公司实现 852-25321960 收入15.25亿港元，同比下降11.9%。分地区看，香港地区销售收入9.2 xiaodi.gao@firstshanghai.com.hk 亿港元，增长 10.8%。海外地区收入 4.8 亿港元，同比增长 1.8%。中国 但玉翠 内地收入 1.3 亿港元，同比下降 70.2%。中国内地收入锐减的主要原因 852-25321956 是 2022 年底疫情放开，经销商大量进货灵芝孢子粉补充库存，导致高 基数。2023年实际经济复苏略有落差，经销商持续消化库存，导致进货 tracy.dan@firstshanghai.com.hk 需求锐减。公司2023年整体毛利率提升2.3pts，达68.7%。公司营销活 动重新展开，销售费用率提升至 15.2%，租金、银行手续费的同步上涨 主要数据 也导致行政费用率提升至 11.7%。费用率恢复至疫情前水平。公司 2023 年净利润5.9亿港元，下降4.6%，归母 ...

香港交易所（00388） 更新报告 买入 2024年3月19日 业绩符合预期，投资收益大幅上升，港股估值修复在即，流动性 有望增强 许尚青  业绩符合预期，ADT 承压：公司 2023 年全年实现收入及其他收益 +852-25321539 205.16 亿港元，相比去年同期同比提升 11.16%。归母净利润为 tim.xu@firstshanghai.com.hk 118.62 亿港元，同比提升 17.70%，归母净利润录得历史第二高，业绩 陈晓霞 符合预期，业绩的提升主要得益于保证金与结算所基金的投资收益净 852-25321956 额的大幅度增加。2023 年全年成交量依旧低迷，港股市场的平均每日 xx.chen@firstshanghai.com.hk 成交金额为 1050 亿港元，同比减少 16%，ADT 承压导致公司主营业务 收入下跌，2023 年全年公司主营业务收入为 154.45 亿元，同比下滑 8.79%。 投资收益大幅上升：分业务板块来看，公司 2023 年全年交易费及交 易系统使用费收入为 60.81 亿元，同比下滑 11.06%；结算及交收费收 入为 38.85 亿，同比下滑 10. ...

宏观经济评论 第一上海研究部 research@firstshanghai.com.hk | --- | --- | |-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for China Unicom with a target price of HKD 7.6, reflecting a focus on improving income quality and operational efficiency [2][4]. Core Insights - China Unicom is entering a phase of "quality improvement, efficiency enhancement, and shareholder return," with an emphasis on profit release rather than just revenue growth [2]. - The company has achieved a historical high in dividend payout ratio, reaching 55% [1]. - The report indicates that 2023 marks a turning point for 5G capital expenditures, with expectations of continued decline in capital spending and improvement in free cash flow [2]. Summary by Sections Financial Performance - For the year 2023, China Unicom reported total revenue of RMB 372.6 billion, a year-on-year increase of 5.0%, with service revenue also at RMB 335.2 billion, reflecting the same growth rate [1]. - EBITDA reached RMB 99.8 billion, showing a slight increase of 0.6% year-on-year, while net profit attributable to shareholders was RMB 18.7 billion, up 11.8% year-on-year [1][5]. - The company’s return on equity (ROE) improved to 5.4%, marking a recent high [1]. Capital Expenditure and Cash Flow - Capital expenditures for 2023 totaled RMB 73.9 billion, lower than the previous target of RMB 76.9 billion, with a planned reduction of 12% for 2024 [1]. - Free cash flow for the year was RMB 28.5 billion, representing an 8.3% increase year-on-year [1]. Business Segments - Traditional core business revenue was RMB 244.6 billion, growing by 3.1% year-on-year, accounting for three-quarters of the main business [1]. - The mobile user base reached 333 million, with a net addition of 10.6 million users, and a 5G package penetration rate of 78% [1]. - The digital business segment, particularly the industrial internet, generated RMB 75.3 billion in revenue, a 12.9% increase year-on-year, contributing significantly to new service revenue [1]. Dividend Policy - The total dividend for the year was RMB 0.3366 per share, a 22.8% increase year-on-year, significantly higher than the net profit growth rate [1]. - The report anticipates that the dividend payout ratio will gradually increase to 70% in the future [2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21, indicating a potential upside of 52% from the current price of HKD 13.8 [2][4]. Core Insights - The company achieved a net profit growth of 22.2% in 2023, with sales revenue reaching RMB 34.76 billion, a year-on-year increase of 11.9%. The annual sales volume of electric two-wheelers was 16.52 million units, marking an 18% growth and increasing market share to 30.2% [1][3]. - The company has significantly enhanced its core technology capabilities, investing RMB 1.19 billion in R&D in 2023. It continues to lead the market with its graphene lead-acid batteries and has introduced its first-generation sodium-ion battery [1]. - The company is implementing a channel upgrade strategy called "4728," which aims to improve the quality of channel operations through various measures, including retail pricing and product structure optimization [1]. - The overseas market is experiencing rapid growth, with plans to increase production capacity in Vietnam to 2 million units by 2025 and to establish 8-10 bases in South America over the next five years [1]. Financial Summary - For 2024-2026, the company is projected to achieve sales revenues of RMB 38.58 billion, RMB 42.01 billion, and RMB 45.73 billion, reflecting year-on-year growth rates of 11%, 8.9%, and 8.9% respectively. Net profits for the same period are expected to be RMB 3.23 billion, RMB 3.75 billion, and RMB 4.29 billion, with growth rates of 22.2%, 16.3%, and 14.1% respectively [1][3][4]. - The company’s PE ratio is projected to be 18 times for 2024, with a corresponding target price of HKD 21, indicating significant growth potential [1][2].

公司评论 第一上海研究部 research@firstshanghai.com.hk 2024年3月19日 星期二 【公司评论】 特斯拉（TSLA）：周报 李京霖 852-25321957 FSD Beta v12.3 开始大规模推送 Jinglin.li@firstshanghai.com.hk 3月16日凌晨， Teslascope 分享称，FSD Beta v12.3 正在向美国数千辆车推送， 李倩 其中包括美国每个州的 FSD 测试版客户和东海岸的一些车辆。这波 v12 部署中包 852-25321539 含的所有车辆的软件版本都是 2023.44.30.8 和 2023.44.30.14。但在加拿大，本 Chuck.li@firstshanghai.com.hk 次更新目前仍仅向特斯拉员工开放，此前Teslascope 预计新的 FSD Beta很快就 陈晓霞 会在加拿大推出。 852-25321956 xx.chen@firstshanghai.com.hk 欧洲、美国 Model Y 价格上涨 特斯拉欧洲计划于3 月 22 日在欧洲国家提高 Model Y 的价格，价格上涨约 2,0 行业 汽车 ...

Investment Rating - The report does not explicitly state an investment rating for the company [5]. Core Insights - Pinduoduo (PDD.US) is expected to report Q4 2023 revenue of 82.5 billion yuan, representing a year-on-year growth of 107%, with online marketing revenue of 43.5 billion yuan and transaction service revenue of 39 billion yuan [5]. - For the full year 2023, Pinduoduo's revenue is projected to be 241.3 billion yuan, a year-on-year increase of 85%, with online marketing revenue of 148.4 billion yuan and transaction service revenue of 92.9 billion yuan [5]. - The expected operating profit for Q4 2023 is 17.3 billion yuan, with a Non-GAAP operating profit of 19.7 billion yuan. The full year 2023 operating profit is anticipated to be 53.6 billion yuan, with a Non-GAAP operating profit of 60.9 billion yuan [5]. - The diluted earnings per share for Q4 2023 is expected to be 2.95 yuan, with annual earnings per share for 2023 projected at 9.24 yuan [5]. Financial Overview - The current stock price is 123.20 USD, with a market capitalization of 163.9 billion USD [5]. - The company has 1.329 billion shares outstanding, with a 52-week high of 152.99 USD and a low of 59.67 USD [5]. - The report highlights that Temu's global GMV for 2023 is approximately 16.5 billion USD, with the U.S. being the largest single market [5]. Industry Context - Temu has recently launched a semi-managed model, allowing suppliers to choose logistics service providers to ship products to overseas warehouses, which may enable exploration of higher-priced and larger items [5]. - The report notes that the U.S. House of Representatives has passed a bill related to TikTok, which could pose policy risks for e-commerce platforms like Temu in the context of the upcoming U.S. elections [5].

游戏改善确定性强；广告商业化进程明确；视频号电商初具规模 业绩会中，管理层应该会就明年游戏爆款新品做出新的展望。公司国内游戏收入 受到整个游戏行业流水水平恢复，Q4《王者荣耀》《英雄联盟手游》等环比有所 回暖。海外游戏持续贡献收入，预计海外游戏全年可以维持稳定增长。新游产品 方面，《元梦之星》数据有望在 24 年跑通并显现增量优势，有望成为未来现金牛 的重磅手游，拓宽强社交属性类派对游戏赛道。《DNF 手游》获得版号，后续有 望成为 DAU 爆款手游。 广告业务在视频号高速发展加上运营优化双重加持下将同比上升，主要源于广告 主的投放意愿提高和视频号等商业化程度加深。尤其是腾讯和阿里深化广告商业 化合作，加上 AI 技术赋能提高用户投放精准度。 李京霖 Jinglin.Li@firstshanghai.com.hk 行业 TMT 股价 285 港元 已发行股本 94.32 亿股 公司评论 第一上海研究部 research@firstshanghai.com.hk 【公司评论】 腾讯控股（700）：2023 年第四季度及全年财务一致预期 3 月 20 日，腾讯宣布将于 3 月 20 日发布 2023 年第四季度及 ...