Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.9, indicating a potential upside of 33% from the current price of HKD 3.68 [4][2][8]. Core Insights - The company reported a revenue of RMB 1.06 billion in 2023, representing a year-on-year growth of 16%. However, the net profit attributable to shareholders decreased by 18.9% to RMB 180 million due to increased administrative and financial expenses [1][2]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to RMB 310 million, RMB 400 million, and RMB 510 million, respectively, with corresponding EPS of HKD 0.25, HKD 0.32, and HKD 0.40 [1][2]. - The new production capacity from the second-phase factory, which commenced operations in February 2024, is expected to enhance market supply, particularly for high-end products [1][2]. Revenue Performance - In 2023, the company achieved a revenue of RMB 1.06 billion, with a comparable growth rate of 13% after excluding the impact of the CQV acquisition [1][2]. - The sales volume of pearlescent pigments reached 18,700 tons, a 4% increase year-on-year, with an average selling price of RMB 52,000 per ton, up 8.9% [1][2]. Cost and Profitability - The administrative expenses rose by 47% to RMB 188 million, while financial expenses increased by RMB 40 million to RMB 51 million, primarily due to the acquisition of CQV and the establishment of a new M&A team [1][2]. - The gross profit margin for 2023 was approximately 49.7%, with a net profit margin of 20% [3][14]. Future Growth Prospects - The company anticipates rapid growth in its Korean operations following the acquisition of CQV, which has alleviated raw material supply constraints and reduced costs [2][1]. - The second-phase factory is expected to contribute an additional 6,000 tons of pearlescent pigment production in 2024, enhancing the company's ability to meet market demand [1][2]. Valuation Analysis - The report employs both comparable company analysis and DCF methods for valuation, assigning a PE multiple of 20x based on expected high growth and market conditions [8][10]. - The estimated market value of the company is projected to be HKD 5.0 billion, corresponding to a target price of HKD 4.9, reflecting a 33% upside potential [8][10].

Table_Title Table_BaseInfo 2024 年 4 月 12 日 公司动态报告 中国电力（2380.HK） 证券研究报告 火电实现盈利，风光持续增长 新能源 中国电力2380.HK近期公布2023年经营业绩，业绩增速低于市场预期，派息比例 投资评级： Xx 未有 xx 提升至超 60%。业绩增速低于市场预期，主要受水电板块拖累，2023 年水电来水 大幅低于历史平均，板块出现亏损约8亿元，拖累整体业绩表现。煤炭价格下降， 目标价格： 未有 火电板块实现盈利，风电及光伏项目装机增长，利润增长，整体推动公司业绩增长。 现价(2024-4-11)： 3.25港元 预期 2024 年，公司自建新增风电光伏装机 7GW，2024 年底清洁能源装机占比超 78%。公司力争完成2025年底清洁能源装机占90%的目标。2024年，根据1-2月 来水情况表现，水电来水预期提升，新能源装机推动下预期发电量提升，我们认为 目前股价对应2024年预测PE7.4倍，股息率6.9%，估值有提升空间。 总市值(百万港元) 40,202.99 流通市值(百万港元) 40,202.99 报告摘要 总股本(百万股) 12,3 ...

2024 年 4 月 12 日 公司动态 奈雪的茶（2150.HK） 证券研究报告 食品饮料 开放加盟，门店加速扩张 投资评级： Xx 买入 xx 奈雪的茶2023年营业收入为51.6亿，同比增长20%，净利润为1120万元，去年同 期亏损4.75亿。公司在高线城市不断加密，直营门店数达1574家，净新增506家。 目标价格： 3.7 元 同时公司开放加盟，截止23年底已有81家，未来加盟门店将成为扩张的主要方式。 现价(2024-4-11)： 2.67港元 考虑公司扩张模式由直营转型加盟，我们下调了 24/25/26 年净利润分别至 1.3/2.2/2.7亿人民币，对应EPS为0.09/0.14/0.18港元。维持“买入”评级，下 调目标价至3.7港元，较当前股价有39%的上涨空间 总市值(百万港元) 4,647.99 报告摘要 流通市值(百万港元) 4,647.99 直营门店在高线城市持续加密。23年底公司直营门店总数达1574家，同比22年末 总股本(百万股) 1,715.13 净新增506家。其中，一线/新一线/二线/其他城市门店数各为542/552/328/152家， 流通股本(百万股) 1,715 ...

Table_BaseInfo 2024 年 3 月 22 日 公司动态分析 李宁（2331.HK） 证券研究报告 运动鞋服 聚焦渠道拓展优化，期待未来稳健增长 投资评级： Xx 买入 xx 事件：李宁公布 2023 年业绩，收入同比增长 7%，毛利率同比持平，扣非归母净利 润下滑25%，整体表现与市场预期大致相符。综合考虑，我们预测2024/2025/2026 目标价格： 28.3 港元 年EPS为1.30/1.45/1.59元，目标价28.3港元，维持“买入”评级。 现价(2024-3-21)： 21.25港元 报告摘要 收入保持增长态势，直营业务表现良好 2023年，李宁录得收入275.98亿元，同比 增长7.0%。按渠道分类，批发业务收入同比略增0.6%至126.28亿元，增速较低主 总市值(百万港元) 54,920.19 要是由于公司为解决窜货问题，减少部分发货订单所致；直营业务表现良好，收入 流通市值(百万港元) 54,920.19 同比增长29.6%至69.07亿元，门店战略性布局效果显著；电商由于基数原因，收入 总股本(百万股) 2,584.48 同比略增0.9%至75.31亿元。从全年零售流水 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|--------------------------------|----------------------------------------------------|-------------------------------|---------------|-----------------------|--------------------------------|--------------------------------------------------|-----------------------------|---------------| | 图 17 \n全口径 排名 | ： 50 \n公司名称 | 大房企全口径销售金额 \n2024 年 1-2 月 亿元 | \n2023 年 1-2 月 亿元 | 同比 增长 % | 图 18 \n权益 排名 | ： 50 \n公司名称 | 大房企权益销售金额 \n ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 1.82, indicating a potential upside of 43% from the current price of HKD 1.27 as of April 9, 2024 [1][18]. Core Insights - The company achieved a revenue of RMB 13.471 billion in 2023, representing a year-on-year increase of 4.9%. The gross profit reached RMB 1.595 billion, up 21.9%, and the net profit attributable to shareholders was RMB 535 million, an increase of 11.3% [18]. - The company is expanding its production capacity globally, with new battery assembly plants in Mexico and plans for a new starter battery production facility in Malaysia, expected to begin production by late 2024 or early 2025 [19]. - The gross margin improved to 14.4% in 2023, primarily due to better control over manufacturing costs and a significant reduction in transportation costs [19]. - The company is actively developing its overseas business, with overseas sales revenue reaching RMB 950 million, a substantial increase from RMB 480 million the previous year [19]. Financial Projections - Revenue is projected to grow to RMB 16.176 billion in 2024 and RMB 19.404 billion in 2025, with corresponding net profits of RMB 652 million and RMB 840 million [5][19]. - The earnings per share (EPS) are expected to be RMB 0.48 for 2024 and RMB 0.62 for 2025 [19]. - The company maintains a dividend yield of 8% based on the current stock price, with a proposed final dividend of HKD 0.07 per share [19]. Shareholder Structure - The major shareholders include 董李 with 74.5%, 睿思资本 with 6.0%, and RUAN David Ching Chi also holding 6.0%, with other shareholders making up the remaining 8.5% [2].

Table_BaseInfo 2024 年 04 月 10 日 公司动态分析 海昌海洋公园（2255.HK） 证券研究报告 旅游 23 年收入大幅增长，盈利能力改善 投资评级： x 未有 海昌海洋公园是以海洋主题为基础的中国领先的综合性文旅集团，在全国范围内拥 目标价格： 未有 有并运营7家以海昌为品牌、以海洋文化为主的大型主题公园。我们认为疫情后国 内文旅市场消费迅速反弹，海昌海洋公园的客流量明显增加，盈利能力得到显著恢 现价(2024-04-09) 0.7港元 复与提升，看好其未来成长空间。建议关注。 总市值(百万港元) 5,760.94 报告摘要 流通市值(百万港元) 5,760.94 23年收入大幅增长129%至18.2亿。23年收入人民币18.2亿元，同比增 总股本(百万股) 8,114.00 加129.1%，归母净亏损2.0亿元，同比减少85.9%，净利润大幅减亏。公 流通股本(百万股) 8,114.00 司收入大幅增长主要因为1）经营环境回复正常，以及不断提升的文旅产品 12个月低/高(港元) 0.7/1 平均成交(百万港元) 18.76 质量带来客流量的恢复及增加。2）IP战略的落地，提升游客 ...

Table_BaseInfo 2024 年 4 月 9 日 公司动态分析 网龙（777.HK） 证券研究报告 软件互联网 整体业绩保持稳定，教育业务未来可期 投资评级： Xx 买入 xx 事件：2023年公司收入71亿元，同比下降10%；归母净利润5.5亿元，同比 下降34%。游戏业务全年收入42亿元，同比提高7%，教育业务（MYND.AI）收 目标价格： 16.0 港元 入29亿元，同比下降26%。我们认为公司游戏业务2024年将保持增长态势， 现价(2024-4-9)： 11.06港元 而教育业务最差的时间已经过去，市场逐渐恢复常态，2023年或是业绩低点， 值得关注。 报告摘要 总市值(亿港元) 58.8 整体收入下滑，游戏基本盘保持稳健 公司2023年整体收入同比下降10%至71 流通市值(亿港元) 58.8 亿元，其中游戏业务同比增长7%至42亿元。游戏业务在本年度保持增长，国 总股本(亿股) 5.3 流通股本(亿股) 5.3 内及海外业务收入分别同比增长11%和5%（海外游戏收入占比15%）。得益于 12个月低/高(港元) 10.5/15 公司正确的游戏运营策略 - 通过高频更新提升游戏可玩性、满 ...

Table_BaseInfo 2024 年 4 月 9 日 公司动态 联易融科技-W（9959.HK） 证券研究报告 互联网与软件服务 行业底步期待反弹，提升派息与回购加强股东回报 投资评级： Xx 买入 xx 事件：联易融科技2023年全年资产处理规模同比增长24.2%至3220亿元，总收入 目标价格： 2.05 港元 8.7亿元，同比下降6.1%，主要在于客户和产品结构变化以及适应市场变化的灵 活定价策略影响了收入增长。期间受客户以及产品结构变动影响，毛利率同比大 现价(2024-4-8)： 1.50港元 幅下降23.1%至60.7%。受公司加大产品研发以及客户营销开支的影响，经调整净 亏损为2.86亿元，同比由盈利转亏。公司业务受房地产行业景气度影响仍然处于 总市值(百万港元) 3,427.5 低谷，但是自身净现金储备超过48亿元，抵御风险能力较强。此外，公司宣布了 流通市值（百万港元） 3,427.5 新的股东回报计划，拟派发每股0.1港元的特别股息，合计约2.3亿港元，并拟 总股本(百万股) 2,285.0 进行最高1亿美元的股份回购计划。 流通股本(百万股) 2,285.0 报告摘要 12个月低/ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 15.6, based on a 2024 P/E ratio of 18 times [1][3][5]. Core Insights - The company achieved a revenue of RMB 2.68 billion in 2023, representing a year-on-year growth of 31%. The gross margin improved by 1 percentage point to 72.9%, and the net profit attributable to shareholders increased by 42% to RMB 340 million, exceeding market expectations [2][3]. - The company's two main business segments, MaaS and BaaS, are driving growth. MaaS revenue grew by 17% to RMB 891 million, while BaaS revenue surged by 38% to RMB 1.79 billion, with financial cloud revenue increasing by 59% to RMB 1.185 billion [2][3]. - The company is investing in AI technology, having launched two large language models, which have improved operational efficiency and reduced costs associated with model training and iteration [2][3]. Financial Performance Summary - Revenue for 2023 was RMB 2,680.9 million, with a growth rate of 31%. The projected revenues for 2024, 2025, and 2026 are RMB 3,093.4 million, RMB 3,551.4 million, and RMB 4,060 million, respectively [4][9]. - The net profit attributable to shareholders for 2023 was RMB 340.5 million, with projections of RMB 375.7 million, RMB 436.4 million, and RMB 506.9 million for the following years [4][9]. - The gross margin is expected to stabilize around 72.5% for the next few years, while the net profit margin is projected to improve gradually [11][9]. Business Segment Analysis - MaaS business is characterized by stable growth, with a 14% increase in core customer numbers and a 3% rise in average revenue per core customer to RMB 3.495 million [2][3]. - BaaS business is emerging as a second growth curve, with a higher average revenue per customer compared to MaaS, indicating strong potential for future expansion [2][3]. Market Position and Strategy - The company is diversifying its customer base beyond financial and insurance sectors, with non-financial industry clients now accounting for approximately one-third of its customer portfolio [2][3]. - Continuous investment in AI research and development is expected to enhance product offerings and drive further business growth [2][3].