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1日 港元3.02 港元4.80↑ +59.0% 中国生物制药 (1177 HK) 2023 业绩韧性强，研发成果加速兑现有望驱动增速复苏，上调目标价  2023内地业务利润较快增长，降本增效成果显著：2023收入增长0.7%至 个股评级 262亿元（人民币，下同），增速符合我们的预期；创新产品（包括生物 买入 类似药）收入增长13.3%至99亿元，占比从2022年的33%进一步提升至 38%。分治疗领域看，肿瘤领域全年收入下滑4.2%，但2H23在行业整治 中依旧录得 2%的增长；其余核心板块均保持稳定或录得正增长：肝病- 1年股价表现 0.4%、呼吸+1.4%、外科+9.0%、心脑血管+2.5%。全年持续经营业务的经调 1177 HK 恒生指数 整净利润增长1.5%，剔除F-star等海外业务的影响后，内地业务经调整净 10% 5% 利润增长13.3%。经营利润率持续微升0.2ppts至20.8%，得益于销售及管 0% -5% 理费用的有效管控（费用率-2.8ppts至42.2%），营销人员数量减少4%的 -10% -15% 同时、人 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 2.10, indicating a potential upside of 20.7% from the current price of HKD 1.74 [11]. Core Views - The company has shown impressive progress in wind and solar installations, with an expected dividend yield of 8.7%, the highest in its sub-industry [2][6]. - Despite a slight decline in profits due to asset impairment, the company’s net profit for 2023 increased by 7.4% year-on-year to RMB 3.06 billion, slightly below expectations [1][6]. - The management anticipates achieving its 2024 installation target of 12.5 GW, with a high probability of completing 2.7 GW of new wind and solar capacity by the end of 2024 [1][2]. Financial Summary - Revenue is projected to grow from RMB 20.03 billion in 2022 to RMB 26.59 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 13.5% [3][12]. - Net profit is expected to increase from RMB 2.95 billion in 2022 to RMB 4.77 billion in 2026, with a CAGR of around 30.1% [3][12]. - The company’s earnings per share (EPS) is forecasted to grow from RMB 0.35 in 2022 to RMB 0.57 in 2026, with a notable increase in the dividend payout ratio to 38% in 2023 [3][12]. Installation Capacity and Performance - The company aims to increase its total installed capacity from 13.71 GW in 2024 to 25.64 GW by 2026, with wind and solar accounting for a growing share of the total [7][8]. - The expected contribution from wind and solar power is projected to rise significantly, with wind and solar accounting for 62.7% of total power generation by 2024 [7][8]. Market Position - The company maintains a strong market position with a market capitalization of approximately HKD 4.92 billion and an average daily trading volume of 14.18 million shares [5][11]. - The report highlights that the company’s valuation remains attractive, with a price-to-earnings (P/E) ratio of 5.2 times for 2024, suggesting room for further valuation improvement [2][12].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HKD 35.79, indicating a potential upside of 47.0% from the current price of HKD 24.35 [1][9]. Core Insights - Haier Smart Home's 2023 performance met expectations, with revenue and net profit increasing by 7.3% and 12.8% year-on-year, reaching RMB 261.4 billion and RMB 16.6 billion, respectively. The company also exceeded market expectations with a dividend payout of RMB 0.8 per share, raising the payout ratio from 36% to 45% [1][2]. - The company has announced a shareholder return plan for 2024-2026, projecting a dividend payout ratio of 50% for 2025 and 2026, which has positively influenced the stock price [1][2]. - All business segments showed revenue and profit growth, with notable performance in the air conditioning sector, which saw a profit margin improvement of 1.3 percentage points year-on-year [1][6]. Financial Overview - In 2023, Haier Smart Home's revenue from major product categories included refrigerators (RMB 81.9 billion), kitchen appliances (RMB 41.7 billion), air conditioning (RMB 46.1 billion), washing machines (RMB 61.5 billion), and water appliances (RMB 15.3 billion), reflecting growth rates of 5%, 7%, 13%, 6%, and 9%, respectively [6][7]. - The company achieved a gross margin of 31.5% and an operating margin of 7.5% in 2023, with a net profit margin of 6.4%, indicating overall profitability improvements [6][10]. - The financial projections for 2024 estimate revenue growth of 8.4% to RMB 283.3 billion and net profit growth of 16.4% to RMB 19.3 billion, with an expected EPS of RMB 2.08 [5][10]. Strategic Initiatives - The high-end brand Casarte is expected to achieve double-digit growth in 2024, supported by product upgrades and an expanded presence in high-end retail locations [2][6]. - The company is focusing on enhancing production efficiency and cost management across all segments, which is anticipated to further improve profitability [1][2]. Market Position - Haier Smart Home is positioned to benefit from ongoing recovery in consumer spending and government policies promoting appliance upgrades, particularly in the refrigerator and washing machine segments [1][2]. - The company is optimistic about its overseas business performance, especially in the North American and European markets, where profitability is expected to improve [1][2].

Investment Rating - The report maintains a "Buy" rating for Rongchang Biopharmaceutical (9995 HK) with a target price of HKD 56.00, indicating a potential upside of 106.3% from the current price of HKD 27.15 [1][2][9]. Core Insights - FY23 product revenue showed strong performance with a total revenue of RMB 1.076 billion, representing a year-on-year increase of 40.2%. Product revenue specifically grew by 42.1% to RMB 1.049 billion. The company recorded a net loss of RMB 1.511 billion, which is an increase of 51.3% compared to the previous year [1][4]. - The company expects product sales to grow by over 50% in FY24, targeting more than RMB 1.57 billion in revenue, supported by a stable commercialization team and optimized training [1][2]. - Key R&D and regulatory approval focuses for 2024 include the domestic approval of Taitasip for RA in 2H24, submission of sNDA for MG by year-end, and ongoing Phase III trials for various indications [1][2]. Financial Summary - For FY24, revenue is projected to reach RMB 1.663 billion, with a growth rate of 54.5%. The net loss is expected to narrow to RMB 1.197 billion [4][10]. - The report adjusts sales forecasts for Taitasip and Vidisizumab to RMB 840 million and RMB 820 million respectively for FY24, with further projections for FY25 at RMB 1.25 billion and RMB 1.09 billion [2][7]. - The company’s cash balance at the end of FY23 was RMB 727 million, with bank credit facilities amounting to approximately RMB 4 billion [1][4]. Market Position - Rongchang Biopharmaceutical is positioned within the biotechnology sector, focusing on innovative therapies and has a significant market presence with a market capitalization of approximately HKD 25.37 billion [3][9]. - The report highlights the competitive landscape and the company's strategic focus on expanding its product pipeline and enhancing operational efficiency [1][2].

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月28日 港元30.65 港元30.00↓ -2.1% 汇通达网络 (9878 HK) 2024年业务健康度调整影响业绩增长；下调至中性  2023年受业务调整影响收入增长低于预期，利润低于预期9%。全年收入 个股评级 824亿元（人民币，下同），对比我们/彭博一致预期900亿元，同比基本 中性↓ 持平，其中交易业务持平，服务业务降18%。毛利率3.3%，同比基本持平 ，多数交易子品类毛利率提升，但被收入结构调整（毛利较低的消费电子 1年股价表现 占比上升）抵消。调整后归母净利润4.5亿元，同比增10%。 9878 HK 恒生指数  2023年业绩要点：1）交易业务：行业虽然较为分散，但除消电外其他多 10% 5% 数品类收入承压。消电（+19%）拉动板块收入，深化与头部品牌（苹果 0% 、联想等）合作；农资农机（-22%）上游价格波动，家电（-11%）/家居 -5% -10% （-6.3%）受行业周期及房地产市场影响较为疲软，交通（-6.5%）收缩低 -15% 毛利的零部件业务、聚焦新能源汽车，酒水（-32%）受白酒产销下降影响 -2 ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price of HKD 18.60, indicating a potential upside of 26.7% from the current price of HKD 14.68 [1][6]. Core Insights - Weichai Power's net profit for 2023 increased by 84% year-on-year to RMB 9 billion, aligning with the previously announced profit range of RMB 8.58 billion to RMB 9.32 billion [1]. - The company's revenue grew by 22.2% to RMB 213.96 billion, with an improved gross margin of 21.1%, up from 17.8% in 2022 [1][5]. - The fourth quarter of 2023 saw a net profit increase of 58% year-on-year to RMB 2.5 billion, driven by a 20% revenue growth to RMB 53.6 billion and a gross margin increase of 3.3 percentage points to 23.7% [1]. - The dividend payout ratio has risen to 50% for 2023, up from 40% in 2022, with a final dividend of RMB 0.293 per share [1]. Financial Overview - Revenue and Profit Forecasts: - 2022: Revenue of RMB 175.16 billion, Net Profit of RMB 4.91 billion - 2023: Revenue of RMB 213.96 billion, Net Profit of RMB 9.01 billion - 2024E: Revenue of RMB 235.46 billion, Net Profit of RMB 11.84 billion - 2025E: Revenue of RMB 252.95 billion, Net Profit of RMB 13.71 billion - 2026E: Revenue of RMB 269.54 billion, Net Profit of RMB 14.85 billion [4][7]. - Earnings Per Share (EPS) is projected to grow from RMB 1.05 in 2023 to RMB 1.38 in 2024E, reflecting a year-on-year growth of 31.3% [4][7]. - The price-to-earnings (P/E) ratio is expected to decrease from 12.9 in 2023 to 9.8 in 2024E, indicating improved valuation metrics [4][7]. Business Segment Performance - The engine business experienced a robust recovery with a revenue increase of 55% year-on-year to RMB 60.8 billion, and segment profit surged 1.7 times to RMB 7.7 billion [1]. - Forklift production and warehouse technology services saw a tenfold profit increase to RMB 4.9 billion, benefiting from a low base effect [1]. - The demand for natural gas engines is expected to remain strong, with Weichai holding nearly 70% market share in this segment [1]. Market Position and Outlook - The report anticipates continued growth in heavy-duty truck engine sales, supported by a replacement cycle and strong demand for natural gas trucks [1]. - The overseas business, particularly through Kion Group, is expected to recover, contributing positively to revenue and profit growth [1].

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3月28日 港元1.60 港元2.00↓ +25.0% 大唐新能源 (1798 HK) 自建项目执行力度仍有待提高，目前估值大致反映预期差  2023年盈利下跌幅度在预期之內，末期息同比上升40%。因2022年成本 个股评级 较低造成的高基数，大唐新能源 2023 年纯利同比下跌 24%至 22.4 亿元 买入 （人民币，下同），略低于我们预期3%。如扣除早前公告约2亿元的一 次性减值，核心利润同比仅下降4.8%。2023年经营利润略低于我们预期 3%，主要原因是除减值项以外的经营开支亦上升约30%。公司末期息大幅 1年股价表现 提升40% 至7分，派息比率提高10%至23%。 1798 HK 恒生指数 30%  在建项目充足，2024 年仍有望完成装机目标。公司去年新增 1.2 吉瓦装 20% 10% 机，风/光分别新增0.29/0.94吉瓦，略低于我们预期的1.5吉瓦，特别在 0% 风电装机的进展较预期慢。管理层仍预期2024年将新增超过2吉瓦装机。 -10% -20% 我们认为在公司在建项目1.8吉瓦的基础上仍有望完成。同时，管理层 ...

交银国际研究 公司更新 医药 收盘价 目标价 潜在涨幅 2024年3月27日 港元13.56 港元16.20↓ +19.5% 药明生物 (2269 HK) FY23 符合预期但 FY24 指引下调，外部不确定性仍较高，下调目标价 个股评级  FY23 业绩符合预期，核心业务强势增长，欧洲表现亮眼：2023 年收入 170.34亿元（+11.6% YoY；人民币，下同），符合我们预期及管理层此前 中性 指引；其中非新冠收入继续录得+37.7%的强劲增长。经调整净利润46.99 亿元（-4.6%），均符合我们预期。毛利率下滑 约4ppts，新增产能对毛利 率有6ppts的负面影响（去年海外产能整体亏损2亿美元），WPS运营效 1年股价表现 率提升带来2ppts正面影响。截至2023年末，综合项目数698个，其中 2269 HK 恒生指数 IND 前项目 339 个、临床 I 期/II 期/III 期项目 203/81/51 个、商业化项目 20% 10% 24个（vs. 2022年末17个），全年新增132个项目，创历史新高。未完 0% 成服务订单 133.98 亿美元（-1.0% YoY），未完成潜在里程碑付 ...

Investment Rating - The report assigns a "Neutral" rating to the company 福莱特玻璃 (6865 HK) with a target price of HKD 19.50, indicating a potential downside of 1.0% from the current closing price of HKD 19.70 [1][2][8]. Core Insights - The valuation recovery for 福莱特玻璃 has largely been completed, and short-term inventory reduction is expected to be challenging, leading to a downgrade to a neutral stance [1]. - The company's Q4 performance showed a slight decline in revenue and net profit compared to the previous quarter, with Q4 revenue at RMB 5.639 billion and net profit at RMB 791.8 million, reflecting a year-on-year growth of 32.8% and 28.0%, respectively [1][6]. - The company plans to distribute a dividend of RMB 0.38 per share, with an annual dividend of RMB 0.618, representing a payout ratio of 53%, up 30 percentage points year-on-year [1]. Financial Overview - For the fiscal year ending December 31, 2023, 福莱特玻璃 reported revenues of RMB 21.524 billion, a 39.2% increase year-on-year, and a net profit of RMB 2.760 billion, an 18.7% increase [4][9]. - The company’s core business, photovoltaic glass, saw a revenue increase of 44% year-on-year, with sales volume up by 50% despite a 4% decline in unit price [1][5]. - The projected financials for 2024E show revenues expected to reach RMB 23.844 billion, with a net profit forecast of RMB 3.532 billion, indicating a growth rate of 10.8% and 28.0%, respectively [4][9]. Production and Capacity - The company added only 1,200 tons of photovoltaic glass capacity last year, significantly below the 7,200 tons added in 2022 and the initial guidance of 6,000 tons, with total capacity at 20,600 tons by year-end [1]. - Plans for 2024 include an additional 9,600 tons of capacity, but delays in production ramp-up are anticipated, with no new domestic capacity approved as of now [1][5]. Market Dynamics - The photovoltaic glass market is expected to see a significant increase in supply in the second half of the year, driven by rapid inventory depletion and a recovery in profit margins, although the potential for continued high component production remains limited [1][6]. - The report notes that the industry has a substantial amount of capacity that is nearly complete, which could lead to oversupply conditions in the latter part of the year [1].

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 美元 1.91 美元 2.40↓ +25.7% 金融科技 2024 年 3 月 22 日 乐信集团 (LX US) 关注风控能力和资产质量改善趋势，下调目标价 4 季度盈利低于预期。公司 2023 年归母净利润为 10.66 亿元（人民币，下 同），同比增 30%，显著低于我们和市场预期（13.4 亿元），主要由于 4 季度公司针对所持有的江西裕民银行（注册资本20亿元，公司持股20%） 计提 3 亿元减值损失；Non-GAAP 净利润 14.85 亿元，同比增长 40%，略低 于市场一致预期 1.3%，主要由于资产质量波动，拨备费用显著增长。 2024 年促成贷款规模增速放缓，公司将更侧重业务质量。4 季度促成贷款 612 亿元，同比增长 9%，环比下降 3%，2023 年全年促成贷款 2500 亿元， 同比增长 21.9%，符合公司此前指引，公司预计 2024 年促成贷款规模不低 于 2023 年。 4 季度资产质量面临压力，但 2024 年风控能力改善值得期待。4 季度公司 90 天违约率 2.9%，高于同业，环比上升 0.23 个百分点。公司新 CRO ...