Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of RMB 596,569.57 million for 2023, an increase of RMB 44,422.02 million or 8.05% year-on-year. The profit attributable to shareholders was RMB 9,053.76 million, up by RMB 528.10 million or 6.19% year-on-year [2][3] - The growth in revenue is primarily driven by the increase in income from pharmaceutical distribution, retail, and medical device distribution businesses [2] - The company has optimized its cost structure, with a decrease in expense ratios across key metrics, including a sales and management expense ratio of 4.38%, down by 0.13 percentage points year-on-year [2][3] Summary by Sections Financial Performance - For 2023, the company achieved a gross profit of RMB 48,512 million, with a gross margin reflecting its operational efficiency [5] - The company’s net asset return rate remained stable at around 13% [2] - The weighted average actual annual interest rate as of December 31, 2023, was 2.82% [2] Revenue Breakdown - Pharmaceutical distribution revenue was RMB 441,050.70 million, accounting for 73.93% of total revenue, with an increase of 8.47% year-on-year [2] - Medical device distribution revenue reached RMB 130,212.94 million, representing 21.83% of total revenue, growing by 7.75% year-on-year [2] - Retail revenue amounted to RMB 35,689.38 million, contributing 5.98% to total revenue, with an increase of 8.22% year-on-year [2] Business Expansion - The company has expanded its retail network, with a total of 12,109 pharmacies by the end of 2023, a net increase of 1,356 stores from the previous year [3] - The company is focusing on enhancing its supply chain services and has initiated new projects in nearly 30 provinces, with significant growth in specialized services [3] Future Projections - Revenue projections for 2024-2026 are RMB 645,315 million, RMB 703,162 million, and RMB 768,229 million, with expected growth rates of 8.17%, 8.96%, and 9.25% respectively [3] - The forecast for profit attributable to shareholders for the same period is RMB 9,857 million, RMB 10,760 million, and RMB 11,732 million, with corresponding basic earnings per share of RMB 3.16, RMB 3.45, and RMB 3.76 [3]

海 外 研 证券研究报告 究 ＃industryId＃ 水泥 ＃investSuggestion＃ ＃01313 .HK ＃华dy润Com建pa材ny＃科 技 港股通（沪/深） dyStockco ＃ 买入 ( i维nve持stS ） d e＃ 水 泥销量逆势＃提title＃升 ，骨料放量 uggesti on gC e＃ ha n ＃createTime1＃ 2024年 5月 6日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 事件：公司披露Q1业绩：营收同比下降5.6%至47.9亿元（单位人民币，下同）， 司 日期 20240506 归母净利润亏损2887万元。 跟 收盘价（港元） 1.37 踪 总股本（亿股） 70 点评：传统淡季&南方雨季频繁，水泥需求更弱，Q1行业基本处于亏损状态。 报 流通股本（亿股） 70 ——量：更注重份额保持，Q1公司出货量表现优于行业。全国水泥Q1产量同比 告 净资产（亿元） 487 -11.8%，公司水泥&熟料出货量同比+5.2%至1303万吨，广东出货量同比+9.1%， 总资产（亿元） 803 广西出货量同比基本持平。 每股净资产（元） 6.97 ...

海 外 研 证券研究报告 究 ＃industryId＃ 电解铝行业 ＃01378 .HK ＃中dy国Com宏pa桥ny＃ 港股通（沪/深） dyStockco ＃investSuggestion＃ ＃ 买入 ( i维nve持stS ） d e＃ 电解 铝盈 利维持高＃位tit，le＃业 绩弹性充分释放 uggesti on gC e＃ ha n ＃createTime1＃ 2024年 5月 5日 投资要点 公 ＃市m场a数rk据et Data＃ ＃summary＃ 事件：中国宏桥子公司山东宏桥新型材料有限公司发布 Q1 业绩：收入同比增长 司 日期 20240503 6.1%至347.6亿元，净利润同比增长6.3倍至43.4亿元。 跟 收盘价（港元） 11.20 点评：需求韧性超预期，拉动铝价持续上涨，以及受益于煤价&阳极&液碱成本下 踪 总股本（亿股） 95 行，电解铝吨盈利两端继续走阔，尤其是外购煤占比较高的宏桥，充分释放业绩弹 流通股本（亿股） 95 报 性。 净资产（亿元） 1063 告 ——量：24Q1运行产能保持稳定，我们估计产量环比持平。 总资产（亿元） 2003 每股净资产（元） 11.21 ...

Investment Rating - The report upgrades the investment rating to "Buy" [4] Core Views - The company is expected to report a significant increase in net profit for Q1 2024, estimated between $99.1 million and $101.6 million, representing a year-on-year growth of approximately 95% to 100% [5] - The recovery in orders and improved capacity utilization are anticipated to lead to a better-than-expected gross margin [5] - The company has reduced its manufacturing workforce by about 15% in 2023 while maintaining stable revenue for Q1 2024, indicating operational efficiency [5] - The projected revenue for the group for 2024, 2025, and 2026 is $8.397 billion, $8.922 billion, and $9.485 billion respectively, with year-on-year growth rates of 6.4%, 6.3%, and 6.3% [5] - The expected net profit for the same years is $419 million, $491 million, and $565 million, with year-on-year growth rates of 52.4%, 17.2%, and 15.2% respectively [5] Financial Summary - The company reported a revenue of $7.89 billion in 2023, with a projected increase to $8.397 billion in 2024, reflecting a growth of 6.4% [6] - The gross margin is expected to improve from 24.4% in 2023 to 25.6% in 2024 [6] - The return on equity (ROE) is projected to rise from 6.5% in 2023 to 9.8% in 2024 [6] - Earnings per share (EPS) are expected to increase from $0.17 in 2023 to $0.26 in 2024 [6]

海 外 研 证券研究报告 究 ＃industryId＃ 医药生物 2 02268 .HK ＃药dy明Com合pa联ny＃ ADC 赛道 风头正盛，＃ 公tit 司le＃ 一 站式服务高速发展 ＃ inv增estS持ugge（stion首＃ 次） ＃createTime1＃ 2024年 4月 26日 投资要点 ＃⚫ sumAmDarCy＃药 物市场高速发展，其研发需求火热，有望为 ADC 相关 CXO 公司带 新 市＃ 场re数lat据ed Report＃ 来高速增长动力。近年来，ADC药物在全球范围掀起研发热潮，并催生了许 股 日期 2024/04/25 多大额的授权及合作项目。目前，全球范围内的ADC项目大多还处于早期， 点 收盘价（港元） 18.98 正处于高速发展阶段，由于ADC药物开发难度较高，目前根据弗若斯特沙利 总股本（百万股） 1,197.6 评 文的资料，截至2022 年底，全球ADC发现、开发及制造外包率已达约70%， 流通股本（百万股） 1,197.6 超过整体生物制剂34%的外包率。在全球获批准的15款ADC药物中，有13 净资产（亿元） 54.5 款由外包服务提供商制造，其中大多数外包 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The report indicates that while the company's revenue and other income decreased year-on-year in Q1 2024, there was a quarter-on-quarter improvement. The performance in the derivatives and commodities markets, as well as the Shanghai-Hong Kong Stock Connect, remains resilient [7]. - The average daily trading volume in the cash market decreased year-on-year, but there was a significant increase in the derivatives and commodities markets, indicating strong growth potential [7]. Financial Highlights - For the fiscal year 2023, the company's revenue and other income were HKD 202.7 billion, with a year-on-year growth of 10.9%. The projected revenue for 2024 is HKD 211.0 billion, reflecting a growth of 4.1% [6][11]. - The net profit attributable to shareholders for 2023 was HKD 118.6 billion, with a year-on-year increase of 17.7%. The expected net profit for 2024 is HKD 120.4 billion, showing a modest growth of 1.5% [6][11]. - The return on equity (ROE) for 2023 was 23.5%, with projections of 23.2% for 2024 and 24.4% for 2026 [6][11]. - The company's earnings per share (EPS) for 2023 was HKD 9.37, with an expected increase to HKD 9.69 in 2024 [6][11]. Market Data - As of April 25, 2024, the closing price of the company's stock was HKD 246.8, with a total market capitalization of HKD 3,129 billion and total assets amounting to HKD 494.8 billion [3][6].

会议时间：2024年4月25日北京时间5:30am 参会领导: Kenneth Dorell - Director of IR; Mark Zuckerberg - CEO; Susan Li- CFO 会议链接：https://events.q4inc.com/attendee/618719599 声明：本材料仅为公开资料整理，不涉及分析师的研究观点和投资建议，记录或者翻 译可能产生误差，仅供参考，如有异议，请联系嗣除。 联系人：洪嘉骏/翁嘉源18688022640 财务指标(百万美元) 3615 看引 基管妆 27,908 28,822 27,714 32,165 28,645 31,999 34,146 40.11 2402365-390亿纪美先 核心营收 (Familyo App) 27.213 28.370 27.429 31.438 28.306 3.23 3.936 .4% 广告政入 2410 27.237 北美广香妆入 12.783 12,766 15,05 12.710 1.131 跃洲产告收入 6.364 6.360 6.904 6.269 5.707 5.835 5.717 5.893 ...

Summary of Conference Call Company Overview - The conference call discusses the performance of a semiconductor company, focusing on its various business segments and financial results for FY1Q24. Key Points Industry and Company Performance - **Automotive Business**: Sequential decline categorized as single-digit [2] - **Industrial Business**: Sequential decline categorized as single-digit [2] - **Personal Electronics**: Sequential decline categorized as teen [2] - **Communication Equipment**: Sequential decline of 25% [2] - **Enterprise Systems**: Sequential decline categorized as teen [2] - **Quarter-End Inventory**: $4.1 billion, an increase of $84 million sequentially, with days of inventory at 235 days, an increase of 16 days [2] Financial Performance - **Sales Revenue**: $3.661 billion, down 16% YoY and 10.2% QoQ, guidance of $3.45-3.75 billion, market expectation at $3.614 billion [3] - **Net Income**: $1.105 billion, down 34% YoY and 19.4% QoQ, market expectation at $978 million [3] - **Diluted EPS**: $1.20, down 35% YoY and 14.2% QoQ, guidance of $0.96-1.16 [3] Segment Performance - **Core Business**: Revenue of $2.836 billion, down 14% YoY and 9.1% QoQ, operating profit of $1.008 billion, down 36% YoY and 21.3% QoQ [4] - **Embedded Business**: Revenue of $0.652 billion, down 22% YoY and 13.3% QoQ, operating profit of $0.105 billion, down 22% YoY and 46.2% QoQ [4] - **Other Segments**: Revenue of $0.173 billion, down 33% YoY and 15.6% QoQ, operating profit of $0.173 billion, up 41% YoY and 198% QoQ [4] - **Capex**: $1.248 billion, up 27.1% YoY and 8.7% QoQ [4] Future Guidance - **FY2Q24 Guidance**: Revenue expected between $3.65-3.95 billion, market expectation at $3.746 billion; EPS expected between $1.05-1.25, market expectation at $1.15 [5] Strategic Insights - **Chip Act Funding**: The company submitted an application for funding under the chip act and is in discussions, but no updates are available [6] - **Investment Tax Credits**: Accumulated $1.5 billion, with $300 million expected in Q2 and $1 billion for the year [7] - **Inventory Management**: Adjustments made to factory loads in response to inventory increases; Q2 adjustments will depend on future demand [7] - **Pricing Environment**: Pricing is returning to pre-pandemic levels, with low-single-digit declines expected [8] Market Dynamics - **Customer Behavior**: Industrial customers are nearing the end of their inventory consumption cycles, but the company remains cautious [10] - **Competition in China**: The company acknowledges increased competition in the Chinese market but aims to maintain competitiveness [10][15] - **Automotive Market Trends**: The automotive sector is reassessing supply chain dependencies, particularly on Taiwan and mainland China [11] Cash Flow and Capital Allocation - **Free Cash Flow**: $940 million over the past 12 months, with $4.8 billion returned to shareholders [4][19] - **Debt Issuance**: Issued $3 billion in debt in Q1 to support liquidity and capital investments [4][14] R&D and Future Investments - **R&D Investments**: Continued investment in industrial and automotive sectors, with stable investments in personal electronics and communication [20] Additional Insights - **Long-term Growth**: The embedded business is expected to grow and generate free cash flow, despite short-term cyclical adjustments [17] - **Market Recovery**: Q2 is typically a strong seasonal quarter, with expectations for revenue growth despite complex market conditions [9][18]

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company focuses on four main business segments: health, happiness, wealth, and intelligent manufacturing. It has accelerated the exit from non-core assets and optimized its capital structure to better concentrate on its core businesses. Investors are advised to pay attention to the company [4][5] - The company achieved a revenue of RMB 198.2 billion in 2023, representing a year-on-year increase of 8.6%. The net profit attributable to shareholders was RMB 1.38 billion, with a significant year-on-year growth of RMB 2.21 billion [5][6] - The average financial cost slightly increased, with the average debt cost rising from 4.71% in 2022 to 5.60% in the reporting period. The total debt to total capital ratio decreased by 2.9 percentage points to 50.4% [5][6] - The overseas business showed strong momentum, with overseas revenue reaching RMB 89.2 billion, accounting for 45.0% of total revenue, and a year-on-year growth of 6.0% [5][6] Financial Summary - For the fiscal year 2023, the company reported the following key financial metrics: - Revenue: RMB 198.2 billion - Year-on-year growth: 8.9% - Net profit attributable to shareholders: RMB 1.38 billion - Year-on-year growth: 156.0% - Earnings per share: RMB 0.17 - Return on equity (ROE): 1.12% [4][12][13] - Forecasts for the next three years indicate continued growth in revenue and net profit, with expected revenues of RMB 223.6 billion in 2024 and RMB 251.6 billion in 2025, alongside net profits of RMB 3.75 billion and RMB 4.79 billion respectively [4][12][13]

Investment Rating - The report maintains a "Buy" rating for the company [3][8][11] Core Views - The company's performance is under short-term pressure due to weak gas sales, but the integrated energy and smart home businesses are expected to create a second growth curve [3][8] - The company achieved a revenue of 113.9 billion yuan in 2023, a year-on-year increase of 3.5%, while core profit decreased by 4.8% to 7.586 billion yuan [4][6] - The company plans to pay a dividend of 2.95 HKD per share, a 1.4% increase from the previous year, with a payout ratio of 40% of core profit [4][6] Summary by Sections Market Data - Closing price: 69.20 HKD - Total shares: 1,131 million - Total market capitalization: 78,280 million HKD - Net assets: 42,660 million yuan - Total assets: 103,131 million yuan - Net asset per share: 37.71 yuan [1] Financial Performance - Natural gas retail business gross profit was 60.49 billion yuan, down 6.1% year-on-year, with retail gas volume at 25.1 billion cubic meters, a decrease of 3.1% [6][8] - The wholesale gas business gross profit fell 60.0% to 10.95 billion yuan due to a decline in international gas prices [6][8] - The integrated energy business gross profit increased by 22.6% to 19.1 billion yuan, with sales volume reaching 347 billion kWh, a 56% increase [7][8] Business Segments - The engineering installation business faced challenges, with gross profit down 5.8% to 27.7 billion yuan [8] - The smart home business saw a gross profit increase of 21.1% to 25.2 billion yuan, with a projected growth of 20%-30% in 2024 [8] Capital Expenditure and Financial Health - Operating cash flow was 96.12 billion yuan, down 4.9%, while capital expenditure was 74.4 billion yuan, a decrease of 1.1% [8] - The net debt ratio was 25.3%, a decrease of 0.5 percentage points year-on-year, with cash on hand increasing by 20.3% to 96.89 billion yuan [8]