Investment Rating - The report maintains a "Buy" rating for Great Wall Motors with a target price of HKD 16, indicating a potential upside of 74% from the current price of HKD 9.2 [1][2][4]. Core Insights - Great Wall Motors achieved a sales volume of 275,000 vehicles in Q1 2024, representing a year-on-year growth of 25.1%. Notably, overseas sales reached 93,000 vehicles, up 78.5%, accounting for 33.7% of total sales [1][2]. - The company is expected to export over 500,000 vehicles in 2024, driven by strong overseas demand and higher profitability from export models compared to domestic sales [1][2]. - The report highlights the significant growth in the new energy vehicle segment, with sales increasing by 112.8% in Q1 2024, contributing to 21.5% of total sales [2][4]. Financial Performance Summary - In 2023, Great Wall Motors reported a revenue of RMB 173.2 billion, a 26.1% increase year-on-year, while the net profit attributable to shareholders was RMB 7.02 billion, a decline of 15.1% [2][4]. - The company’s gross margin remained stable at 19%, with a projected revenue growth of 26% for 2024, reaching RMB 218.2 billion [3][4]. - The net profit is expected to rebound significantly in 2024, with a forecasted increase of 42% to RMB 9.94 billion [3][4]. Sales Performance by Brand - The Haval brand sold 158,000 vehicles in Q1 2024, up 25.5%, while the Tank brand saw a remarkable growth of 103.1% with sales of 49,000 vehicles [2][4]. - The report notes a decline in sales for the Ora brand by 15.5% and Great Wall pickups by 10.9%, indicating mixed performance across different brands [2][4]. Future Outlook - The report anticipates continued growth for Great Wall Motors, particularly with the upcoming launches of upgraded models such as the Xiaolong MAX and Tank 300Hi4-T, which are expected to enhance sales performance [2][4]. - The company is expanding its export operations into various regions, including Europe, ASEAN, Latin America, the Middle East, Australia, and South Africa, which is expected to further drive growth [1][2].

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].

Investment Rating - The report recommends关注中集安瑞科 (3899.HK) due to its strong performance and growth potential in the clean energy sector [2][3]. Core Insights - 中集安瑞科 reported a revenue of 23.63 billion yuan in 2023, a year-on-year increase of 20.5%, and a net profit of 1.11 billion yuan, up 5.6% year-on-year, aligning with market expectations [2]. - The clean energy segment, particularly the hydrogen energy business, continues to show robust growth, with new orders increasing by 31.5% to 26.64 billion yuan [2][3]. - The company has a strong order backlog of 22.85 billion yuan, reflecting a 29.8% year-on-year increase, indicating future revenue stability [2][3]. Summary by Sections Financial Performance - Revenue reached 23.63 billion yuan, up 20.5% year-on-year; net profit was 1.11 billion yuan, a 5.6% increase; earnings per share rose to 0.554 yuan, a 4.4% increase [2]. - The gross margin slightly decreased by 1.7% to 15.7% due to a decline in global container demand [2]. Clean Energy Segment - The clean energy segment's revenue was 1.49 billion yuan, a significant increase of 40.8% year-on-year, driven by the recovery in natural gas consumption [2][3]. - The waterborne business generated 2.2 billion yuan, a 74.1% increase, while the overseas land business achieved 2 billion yuan, a 30% increase [2][3]. Hydrogen Energy Business - The hydrogen energy sub-segment achieved a revenue of 700 million yuan, a 59% increase year-on-year, with new orders of 830 million yuan, up 36.7% [3]. - The company is actively involved in large-scale hydrogen energy projects and is a leader in hydrogen storage and transportation equipment [3]. Other Segments - 中集环科 successfully spun off and listed on the STAR Market, reporting a revenue of 4.41 billion yuan, down 15.8% due to normalized demand for standard containers [3]. - The liquid food segment reported a revenue of 4.29 billion yuan, an 18.6% increase, although its gross margin faced slight pressure [3].

Table_Title Table_BaseInfo 2024 年 3 月 29 日 公司动态 美丽田园医疗健康（2373.HK） 证券研究报告 收入利润再创新高，收购奈瑞儿巩固龙头地位 医美 2023年公司业绩再创新高，净利润翻一倍。2024年3月，公司收购中国美业第二名 投资评级： 买入 奈瑞儿，增厚公司业绩。我们认为，公司凭借成熟的“双美”模式和运营能力，不 断扩张门店网络，龙头地位稳固，故维持“买入”评级。 目标价格： 19.6 港元 报告摘要 现价(2024-3-28)： 15.46港元 收入及利润再创新高，净利润翻一倍。 2023年公司实现收入21.5亿元，同比增长31.2%，净利润为2.3亿元，同比增长 总市值(百万港元) 3,645.40 95,217.68 108.2%，经调整净利润为2.4亿元，同比增长53.2%，业绩强势的表现得益于公司品 总股本(百万股) 235.80 247.45 牌影响力、产品、服务竞争力及运营能力的提升。随着规模效应逐步显现，2023年 12个月低/高(港元) 9.4/31.9 169.5/450 经营费用率（销售、管理、研发费用总和）为34.1%，较2022年同 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 46.5 HKD, representing a potential upside of 61.2% from the current price of 28.85 HKD [1][2]. Core Insights - The company achieved a record high in total revenue for 2023, with a year-on-year growth of 21.2% to 129.96 billion RMB, driven by strong performance across its three main business segments: consumer electronics, new intelligent products, and new energy vehicles [2][4]. - The gross profit margin improved significantly, rising by 5.92 percentage points to 8.03%, while net profit attributable to shareholders surged by 117.6% to 4.04 billion RMB [2][4]. - The new energy vehicle segment saw remarkable growth, with revenue increasing by 52.2% to 14.1 billion RMB, marking the first time this segment surpassed 10 billion RMB [2][4]. - The acquisition of Jabil's production business for 14.29 billion RMB is expected to enhance the company's leadership in the smartphone components industry and improve profit margins [2][4]. - The company is increasing its investment in R&D, with spending rising by 18.9% to 4.72 billion RMB, and has established a strategic partnership with NVIDIA to enhance its AI product offerings [2][4]. Financial Summary - Total revenue for 2022 was 107.19 billion RMB, with a projected increase to 168.80 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 29.9% [1][4]. - The gross profit margin is expected to continue improving, reaching 9.2% by 2026 [1][4]. - Earnings per share (EPS) are projected to grow from 1.95 HKD in 2023 to 3.41 HKD by 2026, indicating a strong upward trend in profitability [1][4]. - The company’s total assets are forecasted to increase significantly, from 56.99 billion RMB in 2022 to 130.59 billion RMB by 2023 [4].

Investment Rating - The investment rating for China Resources Power (836.HK) is positive, suggesting investors should actively consider positioning in the stock [1][2]. Core Insights - China Resources Power reported a significant net profit increase of 56.2% year-on-year, aligning with market expectations. The total revenue remained stable at HKD 103.3 billion, while operating profit rose by 34.3% to HKD 18.2 billion [2]. - The company achieved a turnaround in its thermal power segment, contributing significantly to the overall profit growth. The segment's profit reached HKD 5.47 billion, with a revenue of HKD 80.1 billion [2]. - The company plans to accelerate renewable energy installations, targeting an additional 10GW in 2024 and aiming for a total of 40GW by the end of the 14th Five-Year Plan [1][2]. Financial Performance - In 2023, the company’s earnings per share (EPS) increased by 56.9% to HKD 2.29. The core business profit, excluding asset impairment losses, was HKD 13.3 billion, marking a 120% year-on-year growth [2]. - The company declared a total dividend payout ratio of 62% for its 20th anniversary, with a dividend yield of 7.5% [2]. - The operational installed capacity reached 77.3GW by the end of 2023, with thermal power accounting for 62.2% of the total capacity [2]. Future Outlook - For 2024, the company anticipates further improvement in the profitability of its thermal power segment, with a focus on long-term contracts and market coal procurement strategies [2]. - The capital expenditure for 2024 is projected at HKD 59.9 billion, a 34% increase from the previous year, primarily directed towards renewable energy projects [2]. - The stock is currently valued at a PE ratio of 6.0 times for 2024, with a forecasted net profit of HKD 14.4 billion, indicating potential for price appreciation [2].

Investment Rating - The investment rating for China Telecom is "Buy" with a target price of 5.50 HKD [3]. Core Insights - China Telecom reported stable growth in 2023, with total revenue reaching 513.6 billion RMB, a year-on-year increase of 7%. The net profit attributable to shareholders was 30.4 billion RMB, up 10% year-on-year. The company also announced a dividend of 0.2332 RMB per share, achieving a payout ratio of 70%, with plans to increase this to 75% over the next three years [1][2]. Summary by Sections Financial Performance - In 2023, the telecom service revenue was 465 billion RMB, marking a 7% increase and maintaining growth for 11 consecutive years. Mobile communication service revenue reached 195.7 billion RMB, growing by 2%. The mobile user base expanded to 408 million, with a net addition of 16.59 million users, leading the industry for six years [1]. - The average revenue per user (ARPU) for 2023 was 45.4 RMB, a slight increase of 0.4%. Fixed-line and smart home revenue was 123.1 billion RMB, up 4%, with broadband users reaching 190 million and an ARPU of 47.6 RMB, increasing by 3% [1][2]. Digital Transformation - The company's cloud revenue from Tianyi Cloud reached 97.2 billion RMB, a significant increase of 68% year-on-year, with international business revenue exceeding 13.7 billion RMB. The company is enhancing its cloud services with integrated computing platforms, maintaining its leading position in public cloud infrastructure [1][2]. Capital Expenditure and Network Expansion - In 2023, China Telecom's total capital expenditure was 98.8 billion RMB, with 34.8 billion RMB allocated to mobile networks and 35.5 billion RMB to industrial digitalization. The company added 220,000 5G base stations, achieving continuous coverage in towns and effective coverage in developed administrative villages [2]. - The company anticipates a capital expenditure of 96 billion RMB in 2024, a 3% decrease from the previous year, with a focus on mobile network and digitalization investments [2]. Dividend Policy - The company achieved a dividend payout ratio of 70% in 2023, fulfilling its profit distribution commitment made during its A-share issuance. Plans are in place to increase the payout ratio to over 75% within three years, enhancing shareholder returns [2][3].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816.HK) with a target price raised to HKD 2.78 [1][2][3] Core Views - The company's 2023 performance met expectations, with revenue of RMB 82.5 billion, a slight decrease of 0.33% year-on-year, and a net profit attributable to shareholders of RMB 10.7 billion, an increase of 7.64% year-on-year [1][2] - The report anticipates stable growth in earnings for 2024, driven by the completion of maintenance on the Taishan Unit 1 and the addition of the Fangchenggang Unit 4, which will enhance power generation capacity [1][2] - Financial expenses have decreased, and the debt structure has been optimized, with a debt-to-asset ratio of 60.2%, down 1.2% year-on-year [1][2] Financial Performance Summary - Revenue for 2023 was RMB 82.5 billion, with a growth rate of -0.33% compared to 2022 [2][8] - Net profit attributable to shareholders for 2023 was RMB 10.7 billion, reflecting a growth rate of 7.62% [2][8] - The company reported a gross margin of 35.97% for 2023, with an expected increase in gross margin to 36.19% in 2024 [2][8] Future Projections - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is RMB 11.5 billion, RMB 12.6 billion, and RMB 13.7 billion, respectively, with growth rates of 7.2%, 9.9%, and 8.5% [2][8] - The expected dividend per share for 2023 is RMB 0.094, with a payout ratio of 44.26%, which is an increase from the previous year [1][2] Project Pipeline - As of December 31, 2023, the company has 11 units under construction and a robust pipeline of future projects, indicating strong growth potential [1][2]

Table_BaseInfo 2024 年 4 月 2 日 公司动态分析 汇通达网络（9878.HK） 证券研究报告 软件与互联网 供应链效率提升，会员网络稳健扩张 投资评级： Xx 买入 xx 事件：汇通达网络公布2023年业绩，全年实现营收824.3亿元，同比增长0.4%， 目标价格： 42.7 港元 其中交易业务贡献收入同比增长0.5%至816.2亿元，服务业务收入同比下降 17.6%至6.5亿元。公司整体毛利率同比增加0.1pct至3.3%，净利润6.97亿， 现价(2024-3-29)： 30.65港元 同比增长25%，归母净利润4.48亿元，同比增长42%，盈利能力进一步增强； 经营活动所得现金流入净额4.7亿元，同比增长80.1%，实现连续五年正流入。 报告摘要 总市值(百万港元) 17,242.8 流通市值(百万港元) 5,525.2 供应链效率大幅提升 2023年公司总部供应链占比稳步提升至51%，通过持续推进 总股本(百万股) 562.6 以需定采、以销定进打造B2F反向供应链模型，持续优化二级品类，循环经济快 流通股本(百万股) 180.3 速发展，促使毛利率提升9%，周转效率提升8%， ...

2024 年 4 月 2 日 公司动态 蒙牛乳业（2319.HK） 证券研究报告 食品饮料 平稳收官，提高分红 投资评级： Xx 买入 xx 蒙牛2023年收入986亿/+6.5%，经营利润61亿/+6.3%，经营利润率同比提升0.4pct， 完成年初目标。净利润48.8亿/-5.7%。公司变更总裁，但是表明战略目标不变，同 目标价格： 27.2 元 时提高了派息率至40%。我们预期24/25/26年净利润分别为53.9/59/63亿人民币， 现价(2024-3-28)： 16.8港元 对应EPS为1.47/1.61/1.73港元。维持“买入”评级，目标价为27.2港元，较当 前股价有62%的上涨空间。 报告摘要 总市值(百万港元) 66,112.91 液态奶平稳增长，结构持续升级。23年液态奶收入820亿/+4.9%，经营利润61亿， 流通市值(百万港元) 66,112.91 利润率7.5%/+0.2pct。特仑苏份额持续提升，有机系列双位数增长，品类结构持续 总股本(百万股) 3,935.29 优化。常温酸奶仍然承压，乳饮料基本持平。低温酸奶实现逆势增长，继续蝉联市 流通股本(百万股) 3,935.29 ...