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].

Investment Rating - The investment rating for China Power (2380.HK) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on the company's performance and growth potential [4]. Core Views - China Power's 2023 operating performance was below market expectations, primarily due to significant losses in the hydropower segment, which reported a loss of approximately 800 million RMB due to lower water inflow [1][2]. - The coal-fired power segment turned profitable due to declining coal prices, while wind and solar projects continued to grow, contributing to overall profit increases [1][2]. - The company aims to increase its clean energy installed capacity to over 78% by the end of 2024, with a target of 90% by the end of the 14th Five-Year Plan [1][2]. Summary by Sections Financial Performance - In 2023, China Power's revenue increased by 1.3% to 44.26 billion RMB, with operating profit rising by 14.6% to 8.72 billion RMB and net profit attributable to shareholders growing by 7% to 2.66 billion RMB [2]. - The hydropower segment saw a 35% drop in electricity sales, leading to a historic loss of over 800 million RMB [2]. - The wind and solar segments contributed an additional profit of 1.89 billion RMB, while the coal-fired segment's profit increased by 2.71 billion RMB due to improved operational efficiency and lower fuel costs [2]. Clean Energy Development - By the end of 2023, the company's clean energy installed capacity reached 75.4%, a year-on-year increase of 10.5 percentage points, with a total installed capacity of 45 GW [2]. - The company plans to add approximately 7 GW of self-built clean energy capacity in 2024, further increasing the clean energy proportion [1][2]. Hydropower Outlook - The hydropower segment is expected to recover in 2024, with improved water inflow conditions observed in early 2024, leading to an anticipated increase in electricity sales by 84% [2]. - The company expects the hydropower segment to return to profitability in 2024 [2]. Coal-fired Power Segment - The coal-fired power segment achieved a profit of 1.32 billion RMB in 2023, with a 12.5% reduction in unit fuel costs to 285.5 RMB/MWh [2]. - The company anticipates continued profitability in the coal-fired segment due to effective cost control [2]. Energy Storage Business - The energy storage segment is rapidly growing, with 2023 revenues reaching 2.55 billion RMB, a year-on-year increase of 16.5% [3]. - The segment includes sales of storage equipment, integrated power station development, and capacity leasing services [3]. Investment Recommendation - The projected net profit for 2024 is approximately 5 billion RMB, with a price-to-earnings ratio of 7.4 times based on current stock prices [3]. - The dividend yield is estimated at 6.9%, indicating potential for stock price appreciation [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.7, indicating a potential upside of 39% from the current stock price of HKD 2.67 [4][12]. Core Insights - The company achieved a revenue of RMB 5.16 billion in 2023, representing a year-on-year growth of 20%, and a net profit of RMB 11.2 million, a significant recovery from a loss of RMB 475 million in the previous year [1][2]. - The company is accelerating its expansion through a franchise model, with 81 franchise stores opened by the end of 2023 and an expectation to significantly increase this number in 2024 [1][2]. - The average order value decreased to RMB 29.6 in 2023, reflecting the company's strategy to lower prices to adapt to changing consumer behavior and increase sales volume [1][2]. Financial Performance - The company reported a gross margin of 67.09% in 2023, with a slight decrease from previous years, while the operating profit margin improved from 11.9% in 2022 to 17.7% in 2023 due to cost control measures [2][19]. - The RTD (Ready-to-Drink) business segment saw a revenue increase of 70% in 2023, although it is still in the investment phase with a current operating loss of RMB 10 million [2][19]. - The forecasted net profits for 2024, 2025, and 2026 are RMB 130 million, RMB 220 million, and RMB 270 million respectively, with corresponding EPS of HKD 0.09, HKD 0.14, and HKD 0.18 [1][2][19]. Store Expansion and Strategy - By the end of 2023, the company had 1,574 direct-operated stores, with a net addition of 506 stores compared to the previous year, focusing on high-tier cities [1][2]. - The company plans to continue its expansion into lower-tier cities and overseas markets, having already opened a store in Thailand with strong customer traffic [1][2]. - The shift from a direct-operated model to a franchise model is expected to enhance the speed of store openings and market penetration [1][2]. Valuation Analysis - The report employs both comparable company analysis and DCF (Discounted Cash Flow) methods for valuation, concluding a target price of HKD 3.7 based on a 35x PE ratio for 2024 earnings [12][15]. - The DCF analysis estimates a reasonable market value of HKD 4.4, considering a WACC of 13% and growth rates of 5% in the short term and 2% in the long term [12][15].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|--------------------------------|----------------------------------------------------|-------------------------------|---------------|-----------------------|--------------------------------|--------------------------------------------------|-----------------------------|---------------| | 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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16 HKD [5][3]. Core Insights - The company successfully spun off its education business, which is now listed on the NYSE as MYND.AI, holding a 74.4% stake. The education business generated revenue of 2.9 billion RMB in 2023, accounting for 41% of total revenue, but saw a 26% year-on-year decline due to reduced government subsidies post-pandemic [2][3]. - The gaming business showed resilience with a revenue increase of 7% year-on-year to 4.2 billion RMB, supported by effective operational strategies and a strong performance from the core IP "Magic Domain," which grew 14% to 2.9 billion RMB [3][2]. - The company is increasing its investment in AI applications, with R&D spending rising by 13% year-on-year, particularly in gaming where AI-generated content usage reached 58% in Q4 2023 [2][3]. Financial Performance Summary - Total revenue for 2023 was 7.1 billion RMB, a 10% decline from the previous year, while net profit attributable to shareholders was 550 million RMB, down 34% year-on-year [4][3]. - The gaming segment's gross margin improved to 89%, up 2.6 percentage points, while the education segment's gross margin rose to 25%, an increase of 1.3 percentage points [2][3]. - The company forecasts a revenue recovery in 2024, projecting a 7.4% increase to 7.6 billion RMB, with net profit expected to rebound significantly by 91.2% to 1.04 billion RMB [4][3].

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 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 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 2.05, representing a potential upside of 20.6% from the recent closing price of HKD 1.50 [3]. Core Insights - The company experienced a 24.2% year-on-year increase in asset processing scale to HKD 322 billion, while total revenue decreased by 6.1% to HKD 870 million due to changes in customer and product structure and a flexible pricing strategy [1]. - The gross profit margin significantly declined by 23.1% to 60.7%, and the adjusted net loss was HKD 286 million, a shift from profit due to increased R&D and marketing expenses [1]. - The company announced a shareholder return plan, proposing a special dividend of HKD 0.1 per share, totaling approximately HKD 230 million, and a share buyback plan of up to USD 100 million [1][2]. Business Performance Summary - The multi-level circulation cloud and e-chain cloud services are in a rapid growth phase, with supply chain asset processing volumes increasing by 82.2% to HKD 136.8 billion and 18.7% to HKD 80.4 billion, respectively [2]. - The company added 235 new clients to its multi-level circulation cloud service, bringing the total to 558, with a high customer retention rate of 99% [2]. - Cross-border cloud business showed steady growth, processing supply chain assets worth HKD 12.6 billion, with revenue increasing by 1% to HKD 35.12 million [2]. - The asset securitization business faced challenges, with a 10.9% decline in AMS cloud processed assets to HKD 64.4 billion and a 15.7% drop in ABS cloud processed assets to HKD 27 billion [2]. Financial Overview - The company has a strong cash position with net cash reserves exceeding HKD 4.8 billion, indicating robust risk resilience [1][2]. - Despite the pressures on revenue and profitability in a complex macroeconomic environment, the company is expected to return to growth in 2024, supported by the shareholder return initiatives [2].

Table_Title Table_BaseInfo 2024 年 4 月 6 日 公司动态 海吉亚医疗（6078.HK） 证券研究报告 业绩稳健增长，医院网络向广度及深度拓展 医药 海吉亚作为民营肿瘤医院龙头，精细化管理和学科建设处于行业领先水平，业绩稳 投资评级： 买入 健增长，2023年净利润同比增加42.1%，收购三家优质医院标的、新建医院以及二 期项目的快速推进将进一步打开公司成长空间。 目标价格： 40 港元 报告摘要 现价(2024-04-05)： 28.35港元 业绩持续增长，剔除核酸影响净利润同比增长63.6%。 2023年公司实现营业收入40.8亿元，同比增长27.6%（剔除核酸同比增34.0%），实 总市值(百万港元) 17,903.71 95,217.68 现净利润6.9亿元，同比增长42.1%（剔除核酸同比增63.6%），实现经调整净利润 总股本(百万股) 631.52 247.45 7.1亿元，同比增长17.5%（剔除核酸同比增31.1%）。分业务板块来看，住院服务 12个月低/高(港元) 24.2/61.6 169.5/450 收入达25.4亿元，同比增长31.6%，主要是公司积 ...