Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 33.85, indicating a potential upside of 30.2% from the current price of HKD 26.00 [1][2][8]. Core Insights - The company's performance in 2023 met expectations, with a notable recovery in profit margins driven by a high-end product mix and easing cost pressures. Sales increased by 5.1% year-on-year to RMB 23.768 billion, while net profit rose by 45.5% to RMB 2.801 billion [1][2]. - The report highlights that the sales growth rate slowed in the second half of 2023 due to intensified competition and promotional expense management, dropping from 9% in the first half to 1.3% in the second half. However, the gross margin improved significantly to 36.5% in the second half, up from 32.8% in the same period of 2022 [1][2][6]. - The high-end product lines, particularly in tissue and sanitary products, received positive feedback, contributing to the overall sales growth. The wet wipes segment saw a 10.5% increase, while the "Cloud Soft" series achieved a remarkable 26.6% growth [1][2][7]. Financial Performance Summary - For 2023, the company reported a revenue of RMB 23.768 billion, a 5.1% increase from 2022, with core business sales (tissues, sanitary napkins, diapers) growing by 8.0% to RMB 21.18 billion. The net profit for the year was RMB 2.801 billion, reflecting a 45.5% year-on-year increase [3][6]. - The gross margin for the year was stable, with a significant improvement in the second half, where the gross margin reached 36.5%, up 5.5 percentage points from the previous year [1][6]. - The company plans to increase marketing expenditures in the first half of 2024 to support sales growth, particularly in the tissue segment, which is expected to achieve low single-digit growth [2][3]. Future Outlook - The report anticipates low single-digit growth for core business in 2024, driven by the high-end product mix. Despite favorable raw material cost trends, increased market competition may pressure average selling prices [2][3]. - The company is expected to maintain a stable dividend payout, with a total dividend of RMB 1.4 per share for 2023, maintaining a payout ratio of 58% [1][3].

交银国际研究 公司更新 汽车 收盘价 目标价 潜在涨幅 2024年3月20日 港元8.83 港元12.50 +41.6% 吉利汽车 (175 HK) 销量增长和毛利率改善带动核心净利润超预期，维持买入  毛利率改善超预期，核心净利润较预期强劲。吉利 2023 年收入同比增 个股评级 21.1%至1,792 亿元（人民币，下同），净利润同比小幅增长 1%至 53 亿 买入 元，核心净利润59.6亿，较市场和我们预期高22/24%，主要是由于2023 下半年毛利率改善明显。2023下半年收入较上半年增长44.9%，销量增长 带来的规模效应明显，下半年毛利率 15.9%较上半年 14.4%环比改善。 1年股价表现 2023年毛利率15.3%较2022年同比改善1.2百分点。2023年吉利全品牌 175 HK 恒生指数 25% 有多款新车投放市场，导致销售/行政费用同比增长 43.8%/16.8%，两者占 20% 15% 收入比例环比上升0.8百分点至13.8%。2023年总销量同比增长17.7%至 10% 5% 168.7 万辆，其中新能源汽车销量同比增长 48.3%，出口销量也表现亮丽， 0% -5% 同比增长 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 11.50, indicating a potential upside of 109.4% from the current closing price of HKD 5.49 [1][12]. Core Insights - The company's performance in 2023 met expectations, with a revenue increase of 4.5% year-on-year to RMB 6.608 billion, while net profit decreased by 23.2% to RMB 715 million due to one-time losses from investments [1]. - The management has provided guidance for 2024, projecting a revenue growth of 10-15% and a 30% increase in operating net profit, with gross margin expected to recover to around 79% [1][2]. - The proportion of revenue from innovative drugs is expected to rise from 72% in 2023 to 80% by 2026, driven by the anticipated launch of five new products in the next two years [2]. - The company plans to enhance shareholder returns, proposing a dividend of RMB 0.16 per share, corresponding to a payout ratio of 59% [2]. Financial Summary - Revenue for 2023 was RMB 6.608 billion, with projections for 2024, 2025, and 2026 at RMB 7.783 billion, RMB 9.372 billion, and RMB 10.474 billion respectively, reflecting year-on-year growth rates of 17.8%, 20.4%, and 11.8% [5][13]. - The net profit for 2023 was RMB 715 million, with forecasts of RMB 1.013 billion for 2024, RMB 1.307 billion for 2025, and RMB 1.627 billion for 2026, indicating significant recovery and growth [5][13]. - The company’s gross margin is projected to improve, with estimates of 78.5% for 2024 and 79.0% for 2025 [8][13]. Research and Development Focus - Key R&D catalysts for 2024 include the completion of Phase III trials for several products, including a treatment for insomnia and a drug for triple-negative breast cancer [6]. - The company is focusing on differentiated products and unmet clinical needs, with plans to continue its development of innovative therapies [6].

Investment Rating - The report maintains a "Neutral" rating for the company with a target price of HKD 23.84, indicating a potential upside of 3.7% from the current price of HKD 23.00 [1][5]. Core Insights - The company's 2023 performance fell short of market expectations, with revenue increasing by 7.9% year-on-year to HKD 27.57 billion, primarily driven by moderate growth across various business lines. Core net profit remained relatively flat, rising by 0.8% to HKD 9.71 billion, but was 12% lower than Bloomberg consensus estimates. The net profit margin decreased by 2.5 percentage points to 35.2%, mainly due to a decline in development profit margin and increased net interest expenses [1][4]. - Property development profits declined, but sales performance was favorable post-policy adjustments. Property development revenue grew by 3.9% to HKD 15.21 billion, with approximately 96.5% generated from Hong Kong. The company plans to launch 13 residential projects in Hong Kong in 2024, totaling 181,000 square feet [1][4]. - Rental income remained stable, with total rental income increasing by 2.2% to HKD 6.88 billion. Future rental growth is expected from new projects, including The Henderson, which is set to complete in January 2024, and a large waterfront project in Central expected to be completed between 2027 and 2032 [1][4]. Financial Overview - For the fiscal year ending December 31, 2023, the company reported total revenue of HKD 27.57 billion, with a year-on-year growth of 7.9%. Core profit was HKD 9.71 billion, reflecting a slight increase of 0.8% [3][6]. - The company maintained a dividend of HKD 1.80 per share, with a core payout ratio of approximately 90% [1][4]. - The financial data indicates a projected revenue increase to HKD 34.53 billion in 2024, representing a growth rate of 25.2% [3][6].

| --- | --- | |-----------------------|------------------------------| | 交银国际研究 宏观策略 | | | | | | | 2024 年 3 月 21 日 | | 全球宏观 | | | | | 全球流动性风向标系列（十） 上调通胀、增长预测，维持降息立场—3 月美联储 FOMC 会议点评 2024 年 3 月 21 日，美联储 FOMC 会议上将基准利率维持在 5.25-5.50%区间不 变，连续第五次暂停加息，符合市场及我们的预期。面对近期连超预期的通 胀数据，以及持续走强的风险资产，美联储 3 月 FOMC 会议并没有预期般"鹰 派"。在调高经济增长、通胀水平预测下，美联储仍维持了降息 2-3 次的预 测，并弱化了通胀对降息的约束。但与此同时，提高了长期利率水平的预测， 意味着后续降息空间有所收窄，强化了利率更高更久的预期。 调高通胀以及 GDP 预测的情况下，降息立场依然没变，是此次会议 传递的最大"鸽派"信号 | --- | --- | --- | --- | |-------|------------------------- ...

交银国际研究 公司更新 电力 收盘价 目标价 潜在涨幅 2024年3月20日 港元17.92 港元22.70↑ +26.7% 华润电力 (836 HK) 装机进度在今年加快，股息率仍有吸引力，维持买入  一次性资产减值略高，常规派息比率持平。公司2023年盈利上升56%至110 个股评级 亿港元，比市场预期/我们的预期低6%/12%，主要受到一次性资产减值比 预期高约20亿港元所影响。不计及减值影响，公司核心盈利应达133亿港 买入 元。火电板块2023年下半年经营利润达39亿港元(上半年为16亿港元)，环 比明显改善，2023年燃料成本同比则下降12.6%。另外，撇除减值影响， 1年股价表现 再生能源板块的经营利润同比上升14%。新增装机方面，期内自建/并购的 风/光项目为6.5/1.2吉瓦(共7.7吉瓦)，高于我们预期的6.5吉瓦。公司末期息 836 HK 恒生指数 为0.587港元，全年常规派息比率维持40%。加上早前已宣布的上市20周年 20% 15% 特别股息0.5港元，全年派息比率为62%。 10% 5% 0%  装机进度加快推动盈利，负债率将在2024年达近年高位。管理层预期2024 -5% ...

交银国际研究 消息快报 英伟达 GTC 于当地时间 3 月 18 日如期举行。此次活动万众期待，18000 人 的场地座无虚席。虽然外界对本次活动发布的内容早有预期，我们通过总 结新硬件产品架构、软件服务模式和不同应用的前景，对生成式人工智能 后续的技术发展和应用的铺开保持积极态度。 AR/VR/MR、人形机器人、自动驾驶等各类应用纷至沓来：英伟达深化与 苹果的合作，NVDA Omniverse Cloud 将可以连接到苹果 Vision Pro。该服务 允许企业将 3D 应用中的交互式通用场景描述串流传输到 Apple Vision Pro 头显中，为数字孪生等应用服务。公司公布了 GR00T 项目，旨在为人形机 器人提供及一个基础模型。GR00T 硬件基于英伟达 Thor SoC 芯片，搭载 Blackwell 架构下 8 比特 800TFLOPS 算力。我们认为，人形机器人或是生成 式人工智能算法在人机互动模式方面一个新的平台。英伟达同时发布了下 一代车载计算芯片系统 DRIVE Thor，预计明年投产。公司宣布了与多家中 国车企的合作扩展，包括比亚迪、小鹏以及广汽埃安旗下的 Hyper 品牌。 童钰枫 ...

Investment Rating - The report maintains a **Buy** rating for Pinduoduo (PDD US) with a target price of **$180**, implying a potential upside of **36.2%** [12][16] Core Views - Pinduoduo's Q4 2023 revenue and profit exceeded expectations by **10%** and **53%** respectively, driven by strong growth in advertising and commission income [9] - The company's domestic e-commerce GMV grew by **32%** in Q4 2023, with advertising monetization rate increasing by **51 basis points** [9] - TEMU, Pinduoduo's international platform, achieved a GMV of **$8.1 billion** in Q4 2023, with a monetization rate of **42%**, and is expected to reach breakeven in mature markets by 2024 [9][17] - The report forecasts **62%** revenue growth and **54%** profit growth for Pinduoduo in 2024, driven by TEMU's expansion and improved monetization [10] Financial Performance - Pinduoduo's revenue for 2023 reached **RMB 247.6 billion**, a **89.7%** year-over-year increase, with non-GAAP net profit of **RMB 67.9 billion**, up **68.9%** [11] - The company's gross margin stood at **63%** in 2023, with an EBITDA margin of **23.8%** and a net margin of **24.2%** [6] - Operating cash flow for 2023 was **RMB 131.1 billion**, a significant increase from **RMB 48.5 billion** in 2022 [6] Future Outlook - Pinduoduo's domestic GMV and revenue are expected to grow by **20%** and **25%** respectively in 2024, supported by increased user engagement and advertising monetization [17] - TEMU's GMV is projected to grow by **183%** to **$46.5 billion** in 2024, with a reduced loss rate of **8%**, and the platform is expected to achieve overall profitability by 2025 [17] - The company's non-GAAP EPS is forecasted to grow from **RMB 46.36** in 2023 to **RMB 70.33** in 2024, representing a **51.7%** increase [11]

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20日 港元23.55 港元26.00↓ +10.4% 金山软件 (3888 HK) 4 季度游戏收入不及预期，WPS 将开启 AI 商业化，维持中性  4季度游戏收入不及预期：收入同比增9%至23.1亿元人民币，较我们预期低 个股评级 2%，主要因游戏收入低于预期。游戏收入同比持平，较预期低8%，WPS收入 中性 同比增18%，超预期4%。调整后经营利润同比增17%至7.9亿元，较我们预 期高6%，主要因毛利超预期，预计与端游/手游收入结构变化有关。调整后净 1年股价表现 利润同比增38%至5.6亿元，较预期高6%。2023年总收入增12%（游戏/WPS 分别增6%/17%），调整后净利润为20亿元，同比增33%。2023年度派息每 3888 HK 恒生指数 40% 股0.14港元（2022年为0.13港元），股息率0.59%。 30% 20% 10%  4季度业绩要点：我们认为游戏收入增速的变化主要与2022年4季度游戏收 0% 入高基数有关，《剑网3无界》开启测试，该游戏今年上线之前预计游戏收 -10% -20% 入表现稳定。W ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 10.00, indicating a potential upside of 56.0% from the current price of HKD 6.41 [1][2][7]. Core Insights - The company reported a revenue increase of 1.7% year-on-year to RMB 31.45 billion for 2023, which met expectations. The basic profit rose by 2.8% to RMB 6.28 billion. The fourth quarter of 2023 saw revenue and basic profit growth of 1.9% and 5.3%, respectively [1][2]. - The company expects to maintain double-digit growth in revenue and net profit for 2024, driven by new product sales and market access progress. The sales from new and next-generation products are projected to exceed RMB 3 billion [2][3]. - The company is positioned at a critical turning point with the clearing of procurement impacts, validated R&D platforms, and multiple innovative technologies nearing commercialization [2][3]. Financial Summary - For 2023, the company achieved a revenue of RMB 31,450 million, with a gross profit margin of 70.5%, down 1.4 percentage points from the previous year. The operating profit margin increased by 0.5 percentage points due to effective control of selling expenses [1][3]. - The forecast for 2024 estimates revenue of RMB 34,901 million, with a projected net profit of RMB 6,858 million, reflecting a decrease in profit estimates of 3% for 2024 and 4% for 2025 [2][5]. - The company’s earnings per share (EPS) for 2024 is projected at RMB 0.58, with a price-to-earnings (P/E) ratio of 10.2 times [3][5]. Product Pipeline and Market Access - The company anticipates the approval of over 50 new products or indications within the next five years, with key products expected to be approved in the U.S. in 2024 [2][3]. - Recent market access achievements include rapid hospital entry for new products such as Mingfule and Gumeitini, with approximately 1,600 hospitals reached by February 2024, and expectations to increase to 2,700 by the end of March [2][3].