◼ 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 | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------------------------------------------------------|---------------------------------------------|----------------------------- ...

| RESEARCH 6 May, 2024 Nameson (01982.HK) Current Price HK$ 0.69 HKD, mn 2019/ Absolute 27.8% 38.0% 91.3% 63.3% TARGET PRICE HK$ - Expansion of cashmere yarn business: Nameson (01982.HK) entered into a JV agreement with its largest cashmere supplier, Hebei Yuteng, to engage in the manufacturing of cashmere yarn in Vietnam, the total production capacity per annum is designed to be 500 - 550 tonnes. Given the >80% utilization rate of cashmere yarn in Hebei, an increase in production capacity in Vietnam suppor ...

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Investment Rating - The report does not provide a specific investment rating for the company [2][8]. Core Insights - The company, Huaxian Optoelectronics (00334.HK), experienced a rebound in sales driven by the recovery in demand for mobile TFT LCD modules, with both sales and processing businesses recording positive growth in Q3 and Q4 of 2023 [39]. - In 2023, the company achieved a total revenue of 2.58 billion RMB, with a year-on-year decrease of 8.4% in the second half and 55.1% in the first half, primarily due to a rebound in sales volume in the latter half [3][12]. - The average selling price of TFT LCD modules increased significantly, reaching 85.9 RMB per unit in Q1 2024, supported by contributions from the tablet and smart home product segments [42][44]. Summary by Sections Revenue Performance - In 2023, the company reported total revenue of 2.58 billion RMB, with a significant drop in the first half but a recovery in the second half, particularly in non-bonded and bonded TFT LCD module sales [3][12]. - The sales volume for non-bonded TFT LCD modules reached approximately 4.1 million units in 2023, while bonded modules sold around 38.7 million units, showing a notable increase in the second half [3][12]. Product Segments - The tablet display module and other display modules saw a substantial increase in shipment volumes, with Q1 2024 shipments reaching 735,000 and 1,065,000 units, respectively, compared to the same period in 2023 [6]. - The company’s main customer base consists of mobile manufacturers, whose orders remained relatively stable during the previous year's industry downturn, contributing over half of the total revenue [15]. Financial Metrics - The gross profit margin for the second half of 2023 was 6.5%, a decline of approximately 1.4 percentage points from the first half, primarily due to changes in product mix [44]. - The company reported a net profit of 13.1 million RMB for the fiscal year 2023, reversing losses from the first half, attributed to effective cost control measures [21][44]. Market Outlook - The company is expected to maintain a low gross margin due to the anticipated increase in revenue contribution from lower-margin segments such as tablet and smart home products [44][22]. - The market for TFT LCD modules is highly mature, and while horizontal expansion may enhance profitability, the focus should be on long-term value drivers for sustainable investment [22].

Investment Rating - The report assigns a stock rating of NR (Not Rated) for CDOT (00334.HK) [27]. Core Insights - The company experienced a significant year-on-year revenue increase of 57.3% to RMB 931.7 million in 2024 Q1, driven by strong sales of tablet display modules and other display modules, which offset a decline in smartphone module sales [2]. - The gross margin for CDOT in FY 2023 dropped to 6.5%, primarily due to a change in product mix, which may continue to affect profitability [41]. - The company has seen a recovery in sales volume, particularly in the second half of 2023, with non-laminated and laminated module sales volumes reaching 4.1 million and 38.7 million respectively [7]. Summary by Relevant Sections Revenue and Profitability - CDOT reported RMB 2.6 billion in revenue for FY 2023, reflecting a year-on-year decline of 8.4% and a significant drop of 55.1% in the first half of 2023 [7]. - The company achieved a net profit of RMB 13.1 million and an operating profit of RMB 19.0 million in FY 2023, reversing from a loss in the first half of 2023 [20]. Sales Performance - The sales volume of tablet display modules and other display modules in 2024 Q1 reached 0.7 million and 1.1 million, representing increases of 22.7 times and 87.8 times compared to 2023 Q1 [11]. - The ASP (Average Selling Price) of non-laminated and laminated modules increased to RMB 28.5 and RMB 70.4 in 2023 Q4, marking a rebound from previous lows [15]. Market Dynamics - The order book from a major smartphone manufacturer remained stable, contributing significantly to revenue stability in 2024 Q1 [36]. - The company’s strategy includes leveraging support from CSOT to customize panel sizes, enhancing its ability to meet customer demands and expand into the tablet market [40]. Future Outlook - The report indicates that while there has been operational improvement, low gross margins remain a concern, limiting the company's ability to withstand market fluctuations [42]. - The company is expected to see further contributions from the tablet and smart home device segments, potentially driving ASP increases in 2024 [17][19].

| 研究報告 2024年4月5日 贏家時尚 | 03709.HK 更新報告 來年平穩發展，具備新的催化劑 敖曉風, Brian, CFA 高級分析師 評級 目標價 brianngo@westbullsec.com.hk 買入 HK$ 16.78 +852 3896 2965 贏家時尚(03709.HK)於 2023 年實現 69.1 億元人民幣總收入，毛利率微升至 香港上環德輔道中199號無限極廣場2701 – 2703室 75.3%，帶動集團淨利潤按年增長1.2x。集團同時宣布派發每股0.7港元股息， 贏家時尚 (03709.HK) 相當於~52%派息比率。 評級 (前評級) 買入 (買入) 目標價 (前目標價) HK$ 16.78 (HK$ 16.78) 資訊披露更為詳細: 我們對贏家時尚(03709.HK)提供更詳細營運資訊的做法感 現價 HK$ 13.10 到正面，按渠道劃分的毛利率及推廣開支的訊息披露分別有利於協助投資者理 52-周波幅 HK$ 9.50 – HK$ 15.48 解集團不同渠道的銷售策略及未來的品牌策略。此外，集團有意從2024年首 市值 (港元, 十億) HK$ 9.2 季度起公告 ...