Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.04, indicating a potential upside of 18.5% from the current price of HKD 7.63 [1][2][8]. Core Insights - The company has achieved a record high in backlog orders, with total backlog reaching RMB 26.9 billion, a year-on-year increase of 42%. The clean energy segment's backlog alone is RMB 20 billion, up 71% year-on-year [1]. - In Q1 2024, the company's total revenue decreased by approximately 7% year-on-year to RMB 4.63 billion, primarily due to a significant decline in the chemical and liquid food segments, which saw revenue drops of 59% and 12% respectively. However, the clean energy segment showed strong growth, with revenue increasing by 21% year-on-year, driven by a 64% increase in overseas revenue [1][2]. - The clean energy segment continues to show robust order growth, with new orders in Q1 2024 doubling to RMB 6.2 billion. Notably, new orders for hydrogen products increased by 30% year-on-year to RMB 220 million [1][5]. Summary by Sections Financial Performance - Revenue projections for the company are as follows: RMB 23.63 billion in 2023, RMB 27.55 billion in 2024 (up 16.6% year-on-year), and RMB 31.79 billion in 2025 (up 15.4% year-on-year) [2][9]. - Net profit is expected to grow from RMB 1.11 billion in 2023 to RMB 1.36 billion in 2024, reflecting a year-on-year increase of 6.5% [2][9]. - The company’s earnings per share (EPS) is projected to be RMB 0.63 in 2023 and RMB 0.67 in 2024, with a growth rate of 6.5% [2][9]. Market Position - The report indicates that the market's concerns regarding the chemical and liquid food segments are largely reflected in current valuations, suggesting limited downside risk. The clean energy segment's outlook is more favorable than previously anticipated [1][2]. - The company is expected to deliver eight vessels in the clean energy segment this year, with some orders extending into 2027, providing a solid growth outlook for the next three years [1][2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 51.00, indicating a potential upside of 48.3% from the current closing price of HKD 34.40 [1][3][4]. Core Insights - The company's earnings performance is stable, with new business value exceeding expectations. In Q1 2024, the operating profit after tax (OPAT) decreased by 3% year-on-year, primarily due to declines in technology, property and casualty insurance, and asset management sectors. However, life and health insurance grew by 2.2%, and banking increased by 2.3%, partially offsetting the declines [1][2]. - The new business value saw a significant increase of 20.7% year-on-year, with the new business value rate rising to 22.8%, up by 6.5 percentage points, driven by a shift towards protection-type products and longer payment cycles [2][3]. - The comprehensive cost ratio for property and casualty insurance increased to 99.6%, reflecting a 0.9 percentage point rise year-on-year, while investment yields slightly declined [2][3]. Financial Performance Summary - In Q1 2024, the company's net profit attributable to shareholders was RMB 36,709 million, down 4.3% year-on-year, while OPAT was RMB 38,709 million, a decrease of 3.0% [8]. - The life and health insurance segment reported OPAT of RMB 27,288 million, a growth of 2.2% year-on-year, while the property insurance segment saw a decline of 14.3% [8]. - The asset management sector turned profitable compared to Q4 2023, with expectations of improved profitability moving forward [1][3]. Earnings Forecast Adjustments - The report projects an increase in new business value for 2024E to RMB 35,359 million, reflecting a 14.2% adjustment from previous estimates [8]. - The new business value rate is expected to rise to 23.6% for 2024E, indicating continued improvement in product structure and profitability [8][9]. - The forecast for net profit attributable to shareholders for 2024E is set at RMB 98,288 million, representing a 14.7% year-on-year growth [9].

交银国际研究 公司更新 医药 收盘价 目标价 潜在涨幅 2024年4月24日 港元10.84 港元27.75 +156.0% 金斯瑞生物 (1548 HK) 大适应症获批，Carvykti 快速放量可期；关注 2H 催化剂集中落地  Carvykti新增二线治疗MM适应症，关注初治MM临床进展。强生的1Q24 个股评级 报告显示，Carvykti录得1.57亿美元的销售，同比+118.1%。2024年4月， 买入 Carvykti相继在美国和欧洲获批用于治疗早期复发RRMM患者（2-4L）， 成为首款获批该适应症的BCMA CAR-T。产能方面，公司目标2025年底达 到1万剂，比利时厂房一期项目将在2024年底前投用于商业化生产，二期 1年股价表现 有望在2H25投入商业化生产。4月1日，传奇生物与诺华达成合作加强 1548 HK 恒生指数 Carvykti的全球生产与供应能力。我们预计，新适应症的获批将推动产品 20% 10% OOS显著降低、叠加新产能逐步释放，下半年起销售有望逐季快速爬坡。 0% -10% 此外，我们建议重点关注CARTITUDE-2试验中评价初治MM的E和F队列 -20% （传奇曾 ...

Investment Rating - The report assigns a "Buy" rating for New Oriental Education Technology (9901 HK) with a target price of HKD 89.00, indicating a potential upside of 25.5% from the current closing price of HKD 70.90 [1][7]. Core Insights - In Q3 FY2024, New Oriental's revenue reached USD 1.207 billion, a year-on-year increase of 60%, driven by growth in new educational businesses and self-operated sales from Dongfang Zhenxuan [1]. - Adjusted operating profit was USD 140 million with an operating margin of 12%, remaining stable year-on-year, while adjusted net profit was USD 105 million, below expectations due to expansion costs and discounts on self-operated products [1][2]. - The company has increased its teaching points to 911, with a management forecast of over 30% expansion for FY2024, up from the previous 20% [1][2]. Financial Performance Summary - Revenue for Q3 FY2024 was USD 1.207 billion, exceeding Bloomberg consensus estimates of USD 1.088 billion [1][4]. - The traditional business segments, including study abroad consulting and exam preparation, saw revenue growth of 53% and 26% respectively, contributing 22% to total revenue [1][4]. - New business revenue grew by 73%, contributing approximately 20% to total revenue, with non-academic training enrollment increasing by 63% to 355,000 students [1][4]. - The gross margin for the education business improved by 2.8 percentage points year-on-year, while the operating margin increased by 8 percentage points [1][2]. Financial Forecast and Valuation - For Q4 FY2024, revenue is expected to grow by 38% to USD 1.184 billion, with an anticipated operating margin decline of 3 percentage points to 6% due to increased investments in Dongfang Zhenxuan and seasonal business impacts [2][5]. - The report projects a revenue increase of 30% for FY2025, with continued optimization of profit margins [2][5]. - The target price adjustment reflects a valuation of 25 times the education business's earnings, with a projected profit growth rate of 48% for FY2025 [2][5].

交银国际研究 公司更新 教育 收盘价 目标价 潜在涨幅 2024年4月23日 美元6.49 美元9.10 +40.2% 高途 (GOTU US) 1 季度业绩预期上调，行业需求稳健  2024 年1 季度业绩预览：我们预计总收入同比增32%至9.37亿元（人民 个股评级 币，下同），对比此前公司指引的 9.08 亿元-9.28 亿元（同比增 8.4%- 买入 31.2%）。预计Non-GAAP净亏损约600万元（原预测为亏损2500万元）， 主要受益于续班周期后移，营销费用低于预期影响。 1年股价表现  预计教育服务收入增31%，其中K12增33%，大学生成人收入增26%。1） GOTU US K12业务：受到寒假需求持续拉动，及营销转化提升，K12业务收款及确 140% MSCI中国指数 120% 收口径增速均保持强劲，我们估算1季度K12收入增速33%，其中K9非学 100% 科翻倍增长。2）大学生成人：课程调整迅速，4季度收款已恢复正增长， 80% 60% 拉动确收口径增速超过25%。 40% 20% 0%  估算线下素养业务教学点超过25 个，对1 季度毛利率影响约2-3 个百分 -20% -4 ...

交银国际研究 消息快报 互联网 2024年4月24日 爱奇艺 (IQ US) 内容储备丰富，聚焦精品制作及 AI 提效，探索衍生及海外增长空间  4月23日我们受邀参加爱奇艺（IQ US）世界大会，CEO龚宇等管理层围绕 赵丽,CFA “同心协力，共创未来”主题，分享最新业务战略，并发布2024-2025年片 zhao.li@bocomgroup.com 单，包括超300+剧、综、电影、动漫等。 (86)1088009788-8054  管理层分享：1）将适度加大内容投入，尤其头部内容，内容定位将继续 谷馨瑜,CPA 聚焦高品质、多样性内容，向上打开创作天花板。微短剧相关切入将主要 connie.gu@bocomgroup.com 着眼于广告及内容分发。2）商业模式上，除会员、广告外，继续探索IP (86)1088009788-8045 衍生业务，如西安大唐不夜城线下文娱沉浸式乐园等。3）海外布局方面， 孙梦琪 以优质内容寻求文化出海，基于审慎本地化投入，持续推动海外业务增 mengqi.sun@bocomgroup.com 长。4）广泛应用生成式AI提升内容制作全产业链工业化水平，如将虚拟 (86)10 ...

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年4月23日 人民币93.99 人民币124.50↓ +32.5% 阳光电源 (300274 CH) 减值影响 2023 年 4 季度业绩，毛利率创新高推动 2024 年 1 季度超预期  减值影响2023年4季度业绩，毛利率创新高推动2024年1季度超预期： 个股评级 公司2023年营收/归母净利887/94.4亿元（人民币，下同），净利接近业 买入 绩预告（93-103亿元）下限，同比增长79%/162%，其中2023年4季度营 收/净利258/22.2亿元，同比增长43%/45%，计提减值14.5亿元。2024年 1季度实现营收/归母净利126/21.0亿元，同比增长0.3%/39%，净利高于 1年股价表现 我们预期5%，毛利率创出36.7%的单季新高，同比/环比提高8.7/8.0百分 点。去年销售/管理/研发/财务费用率7.2%/1.2%/3.4%/0%，同比-0.7/-0.3/- 300274 CH 深证成指 15% 0.8/+1.2个百分点。每股派息0.965元并转增0.4股，派息比率15%，同比 10% 提高6个百分点。 05 ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年4月23日 港元17.50 港元21.00 +20.0% 李宁 (2331 HK) 1 季度符合指引；但各品类表现分化  1季度业绩符合预期：李宁2024 年1季度零售额整体低个位数增长，对比 个股评级 公司指引的全年同比增长中个位数，符合预期，因1季度有高基数（渠道 中性 重开），而4季度将有低基数（公司大幅削减对经销商的订单以去库存）， 全年增长有可能前低后高。按渠道划分，线上销售在1季度出现良好复苏 1年股价表现 （超20%增长），受得物（同比翻倍，目前占线上销售额接近20%）及抖 音（双位数增长，占线上销售额的 20%）等新平台带动；而线下销售弱于 2331 HK 恒生指数 10% 预期（同比下降低个位数），因正价店（自营店和加盟店）同店销售下降 0% -10% 超过10%，而奥特莱斯店录得增长。线下折扣改善了低个位数百分比，渠 -20% -30% 道库存有改善（4.5 倍）。 -40% -50% -60%  销售指引可能保守，但利润率仍面临压力：管理层重申之前的全年财务指 -70% -80% 引，即收入同比增长中个位数，净利润率低 ...

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Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020 HK) with a target price of HKD 135.00, indicating a potential upside of 65.4% from the current price of HKD 81.60 [1][5]. Core Insights - Anta's sales growth in Q1 2024 was softer than expected, but a reacceleration is anticipated starting from Q2 as the high base effect diminishes. The sales growth for Anta brand was in the low single digits year-on-year, while FILA experienced high single-digit growth. Descente and Kolon brands showed a robust growth of 25-30% [1]. - The report highlights that the Chinese sportswear market is showing signs of differentiation, with lower-tier brands demonstrating resilience compared to international brands. Anta's performance is noted to be weaker than 361 Degrees but better than Nike and Adidas [1]. - The report emphasizes the importance of brand renewal for FILA, as its performance has been mixed, particularly in high-tier cities where consumer spending is soft. The need for continuous investment in brand innovation is highlighted [1]. Financial Summary - Revenue projections for Anta are as follows: - 2022: RMB 53,651 million - 2023: RMB 62,356 million (16.2% YoY growth) - 2024E: RMB 71,151 million (14.1% YoY growth) [2][6]. - Net profit estimates are: - 2022: RMB 7,590 million - 2023: RMB 10,236 million (30.8% YoY growth) - 2024E: RMB 13,571 million (36.2% YoY growth) [2][6]. - The report projects a compound annual growth rate (CAGR) of 22% for earnings per share from 2024 to 2026 [1]. Market Performance - Anta's stock has shown a year-to-date change of +7.72% and has a market capitalization of approximately HKD 229.41 billion [3][5]. - The stock's 52-week high and low are HKD 100.70 and HKD 64.15, respectively [3]. Brand Performance - Anta's brand performance in Q1 2024 showed a mixed picture, with the core brand experiencing high single-digit growth, while FILA's performance was affected by brand-specific issues and a decline in its fashion line [1][4]. - The report notes that the children's segment for Anta is expected to see a negative growth trend, while online sales remain strong with mid-single-digit growth [1][4]. Conclusion - The report concludes with a positive long-term outlook for Anta, driven by its strong brand positioning and execution capabilities, alongside its expansion into fast-growing segments like winter sports and outdoor markets [1].