Investment Rating - The report assigns a rating of NR (Not Rated) for Nameson (01982.HK) [2][4]. Core Insights - The company experienced a revenue decline of 4.9% year-on-year for the fiscal year 2023/24, totaling HKD 4,378.9 million. However, net profit increased by 140.5% year-on-year to HKD 380.7 million due to a rise in gross margin and a reduction in impairment from the Myanmar factory [9]. - The company is planning significant capital investments, approximately HKD 400 million, to expand its fabric production capacity by establishing a new factory expected to be completed by 2026, which will add 30 million pounds of capacity [2][4]. - The average selling price (ASP) of knitted products decreased significantly from HKD 125.6 to HKD 109.2 per unit, primarily due to a drop in ASP for cashmere products and raw material prices [2][4]. Financial Summary - Revenue for the fiscal years is as follows: HKD 3,848.6 million (2020/21), HKD 4,040.5 million (2021/22), HKD 4,602.3 million (2022/23), and HKD 4,378.9 million (2023/24) [6][9]. - Gross profit figures are HKD 701.4 million (2020/21), HKD 706.1 million (2021/22), HKD 745.5 million (2022/23), and HKD 774.2 million (2023/24) [6]. - The net profit for the fiscal years is as follows: HKD 298.4 million (2020/21), HKD 275.6 million (2021/22), HKD 158.3 million (2022/23), and HKD 380.7 million (2023/24) [6][9]. Market Position - Nameson has a market capitalization of HKD 1,664 million, with a P/E ratio of 4.6 and a P/B ratio of 0.7, indicating a relatively low valuation compared to peers [4]. - The company’s gross margin stands at 17.7%, and return on equity (ROE) is at 15.5%, reflecting a solid profitability position [4]. Expansion Plans - The company is actively pursuing expansion plans, including investments in personal protective equipment and capacity expansion in Vietnam, with projected expenditures of HKD 150 million and HKD 100 million for the fiscal years 2024/25 and 2025/26, respectively [2][4]. - The fabric business is expected to drive long-term growth, although it currently faces challenges with low utilization rates [2].

Investment Rating - The report assigns a "Strong Buy" rating, indicating an absolute upside of over 50% over the next 12 months [13]. Core Insights - Nameson (01982.HK) experienced a year-on-year decline of 4.9% in topline revenue for FY 2023/24, totaling HKD 4,378.9 million. Despite this, there was a 1.5 percentage point increase in gross margin [2][10]. - The company is facing challenges due to a shrinking market size for knitwear products and strong capital requirements for expansion plans, which are expected to lead to a higher gearing ratio and lower dividend payout ratio [3][10]. - The fabric market remains weak, contributing to losses in this business segment, although the company plans to invest approximately HKD 400 million to expand its fabric production capacity [10][15]. Financial Performance Summary - Revenue for the past four fiscal years is as follows: - FY 2020/21: HKD 3,848.6 million - FY 2021/22: HKD 4,040.5 million - FY 2022/23: HKD 4,602.3 million - FY 2023/24: HKD 4,378.9 million [26]. - Gross profit figures for the same period are: - FY 2020/21: HKD 701.4 million - FY 2021/22: HKD 706.1 million - FY 2022/23: HKD 745.5 million - FY 2023/24: HKD 774.2 million [26]. - Net profit showed significant growth, with FY 2023/24 reaching HKD 380.7 million, a year-on-year increase of 140.5% [26]. Market and Operational Insights - The company anticipates stable sales volume in FY 2024/25 based on the current order book, although there are concerns regarding potential adjustments in order placements by major customers [15]. - The average selling price (ASP) of knitwear products has decreased from HKD 125.6 per unit to HKD 109.2 per unit, primarily due to a drop in cashmere product prices and decreasing raw material costs [15]. - Nameson plans to incur additional investments of HKD 150 million and HKD 100 million for expanding production capacity in Vietnam in FY 2024/25 and FY 2025/26, respectively [15].

Investment Rating - The report does not provide a specific investment rating for Nam Hing Holdings (01982 HK) [2][15] Core Views - Nam Hing Holdings achieved a total revenue of HK$4 38 billion in FY2023 24, a year on year decrease of 4 9% However, net profit increased by 1 4x to HK$380 7 million due to a 1 5 percentage point increase in gross margin and reduced impairment losses from the Myanmar factory [2] - The company declared a final dividend of HK$0 035 per share, representing a dividend payout ratio of 81 9% for the full fiscal year [2] - Sales volume of knitted products rebounded in H2 FY2023 24, offsetting the impact of a decline in average selling price (ASP) The ASP of knitted products dropped significantly from HK$125 6 to HK$109 2 per piece, mainly due to a sharp decline in cashmere product prices and lower raw material costs [2] - The company expects stable sales in FY2024 25 but is cautious about future rush orders from major customers, which could lead to lower than expected sales volume and further pressure on ASPs [2] - Nam Hing Holdings has an aggressive expansion plan, with a current fabric production capacity of 30 million pounds per year The company plans to invest approximately HK$400 million to build a new fabric production facility, expected to be completed by 2026, adding an additional 30 million pounds of capacity However, the fabric business is not yet stable, with low capacity utilization and no breakeven achieved, which could pressure the company in the short term [2] - The company also plans to invest HK$150 million in FY2024 25 and HK$100 million in FY2025 26 to expand its Vietnam capacity to meet customer demand for production outside China [2] Financial Performance - Revenue for FY2023 24 was HK$4 38 billion, down 4 9% year on year [2] - Gross profit increased to HK$774 2 million, with a gross margin of 17 7%, up from 16 2% in FY2022 23 [2] - Net profit surged to HK$380 7 million, a 140 5% year on year increase [2] - Return on equity (ROE) improved to 15 0% in FY2023 24, up from 6 2% in the previous fiscal year [2] - The company's market capitalization is HK$1 7 billion, with a current share price of HK$0 730 [2] Industry Comparison - Nam Hing Holdings has a market capitalization of HK$1 66 billion, with a price to earnings (P E) ratio of 4 6x and a price to book (P B) ratio of 0 7x [5] - The company's revenue of HK$4 38 billion and gross margin of 17 7% are lower compared to peers such as Shenzhou International (02313 HK), which has a revenue of HK$27 6 billion and a gross margin of 24 3% [5] Expansion and Capital Requirements - The company's expansion plans, including the new fabric production facility and Vietnam capacity expansion, could lead to increased capital requirements and potentially higher debt levels or reduced dividend payout ratios [5]

| 研究報告 2024年6月11 日 中創新航 | 03931.HK 更新報告 壓力未見改善 敖曉風, Brian, CFA 高級分析師 評級 目標價 brianngo@westbullsec.com.hk 持有 HK$ 15.70 +852 3896 2965 市場份額回落: 2023財年，中創新航(03931.HK)錄得270.1億元人民幣總收入，按 香港上環德輔道中199號無限極廣場2701 – 2703室 年成長32.5%，其中佔總收入約八成的動力電銷售同比增長21.4%至222.5億元人 中創新航 (03931.HK) 民幣，儲能系統產品銷售的佔比亦進一步提升。根據中國動力電池產業創新聯盟的 評級 持有 (買入) 數據顯示，20203 年中創新航(03931.HK)動力電池裝車量按年成長逾七成至 目標價 HK$ 15.70 (HK$ 25.70) 32.9GWh，市場份額從2022年的6.5%增加至2023年的8.5%。按裝車量計算， 現價 HK$ 14.90 廣汽(02238.HK)、小鵬(09868.HK)及零跑(09863.HK)仍為集團的主要客戶。然而， 52-周波幅 HK$ 11.06 – ...

危险因素 19 业务概述 资料来源 ： 公司数据 ， 西牛证券 | 研究中心 14 7 13 50 38 42 25 24 24 8 7 9 2021 旗舰影像中心 2022 2023 区域协作成像中心 专业医疗联盟成像中心 运营管理影像中心 4 展览 : 区域协作影像中心之间的协作关系 The sharing of equipment, professionals and data Radiologists Rimag Imaging Rimag Imaging Center Center (People's Hospital Center) (Maternal and Child Health Hospital Center Rimag Imaging Rimag Imaging Center (Traditional Chines Center Platform (Mining Hospital Medicine Center) Hospital Center) Expert Resources Training Resource: AI Resource regional collaborative ...

◼ Indirect competition from other online games | RESEARCH 15 | RESEARCH Investment Thesis Growing potential for third-party medical imaging centers in China ◼ Insufficient resources for medical imaging in China According to Frost & Sullivan, the average CT, MRI and PET/CT units installed per million population in China were 33, 15 and 0.6 respectively, which were lower than the developed countries. When compared to China, i) the average CT units installed per million population in Japan and the US were 3.7x ...

江西一脈陽光 | 02522.HK 敖曉風, Brian, CFA +852 3896 2965 1 旗艦型影像中心 4 運營管理型影像中心 6 運營管理模塊 8 醫學影像技術 10 中國第三方醫學影像中心規模 12 第三方影像中心具成長空間 16 醫學影像中心數目預期進一步增加 17 財務報表 20 江西一脈陽光為中國一家的醫學影像專科醫療集團，主要提供醫學影像服務及解決方案。2023 年，集團取得 9.3 億元人民幣總收人，按年增長 18.4%。按業務分部劃分，來自於影像中心服 務的收入約 6.4 億元人民幣，影像解決方案服務、一脈雲服務則分別為集團帶來 2.8 億元人民 幣及 1,246.8 萬元人民幣的收入。 圖: 按客戶劃分之收入 江西一脈陽光旗下通過 i) 旗艦型影像中心、ii) 區域共享型影像中、iii) 專科醫聯體型影像中心 及 iv) 運營管理型影像中心運營影像中心業務。集團透過影像中心為患者及其他醫療保健消費 者提供影像檢查及診斷服務，包括核磁共振成像(MRI)、電腦斷層掃描(CT)、正電子斷層掃描 (PET)、X 光、超聲波、乳腺鉬靶等。同時，集團亦根據醫療機構的需求為其提供醫學影像服務 ...

Investment Rating - The report assigns a "Buy" rating to Pentamaster with a target price of HKD 1.10, reflecting a potential upside from the current price of HKD 0.74 [17]. Core Insights - The report highlights a significant revenue increase in the medical sector, which grew 3.1 times to MYR 78.5 million, accounting for 46.0% of total revenue in Q1 2024 [17]. - Despite a 11.9% decline in net profit to MYR 30.2 million due to decreased gross margins in the ATE segment and rising employee costs, the medical sector's strong contribution is expected to continue [17]. - The automotive sector remains weak, with order delays attributed to market headwinds, although long-term optimism for electric vehicle growth is noted [17]. - The report anticipates that the KGD testing personnel will generate revenue, potentially improving the automotive business segment [17]. Financial Summary - Revenue projections for Pentamaster are as follows: MYR 691.9 million in 2023, increasing to MYR 768.1 million in 2024, MYR 942.6 million in 2025, and MYR 1,027.3 million in 2026, reflecting a compound annual growth rate (CAGR) of 11.0% from 2023 to 2024 [4]. - Gross profit is expected to rise from MYR 209.6 million in 2023 to MYR 310.7 million in 2026, with gross margins remaining stable around 30% [4][17]. - Net profit is projected to grow from MYR 142.2 million in 2023 to MYR 196.7 million in 2026, with a notable increase of 24.2% in 2025 [4]. Market Comparison - Pentamaster's market capitalization is MYR 1.75 billion, with a P/E ratio of 7.5, which is significantly lower than the average P/E ratio of 83.1 for comparable companies [21]. - The report indicates that Pentamaster's revenue for 2023 is MYR 1,188.9 million, with a gross margin of 30.3% and a return on equity (ROE) of 16.7% [21].

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company experienced a revenue of 170 million Ringgit in Q1 2024, facing headwinds due to a decline in orders and increased costs [9][20]. - The medical segment showed significant growth, contributing 785.47 million Ringgit, which accounted for approximately 46.0% of total revenue [20]. - The report anticipates that the medical segment will be a major growth driver for the company in 2024, with expectations of increased contributions from single-use medical instruments as new factories come online [20]. Financial Summary - Total revenue projections for the company are as follows: 691.9 million Ringgit in 2023, increasing to 1,027.3 million Ringgit by 2026, reflecting a compound annual growth rate (CAGR) of 9.0% [5][20]. - Gross profit is expected to rise from 209.6 million Ringgit in 2024 to 310.7 million Ringgit in 2026, maintaining a gross margin around 30% [5][20]. - Net profit is projected to grow from 148.2 million Ringgit in 2024 to 196.7 million Ringgit in 2026, with a net profit margin of approximately 19.1% [5][20]. Market Comparison - The report highlights that the automotive market remains weak, impacting order volumes and profit margins for the company [21]. - The demand for single-use medical instruments is also noted to be insufficient, which may affect future revenue streams [21].

| RESEARCH 16 May, 2024 More patience is required for new drivers STOCK RATING BUY H F NGO, Brian, CFA brianngo@westbullsec.com.hk 2701 – 2703, 27/F, Infinitus Plaza, 199 Des Voeux Rd | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------------------------------------------------------|---------------------------------------------|----------------------------- ...