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 ...

海 外 研 证券研究报告 究 ＃industryId＃ 金融行业 ＃investSuggestion＃ ＃ ＃00388 .HK ＃香d港yCo交mp易any所＃ 港股通（沪、深） 买入 ( i维nve持stS ） dyStockco uggesti d e＃ 业 绩 季度 环比改善，＃ 互title＃ 联 互通力度持续加大 onC han ge＃ ＃createTime1＃ 2024年 04月 26日 公 投资要点 司 ＃市场ma数rk据et Data＃ ＃summary＃ ⚫ 我们的观点：2024Q1港交所收入及其他收益同比下跌，但季度环比提升。 日期 2024.04.25 跟 公司现货市场成交同比下滑，但衍生品及商品市场以及沪深港通表现强 收盘价（港元） 246.8 踪 韧，并积极推进互联互通。我们维持公司“买入”评级，建议投资者积 总股本（亿股） 12.7 极关注。 报 总市值（亿港元） 3,129 ⚫ 2024Q1收入及其他收益同比下跌，但季度环比提升。收入利润环比改善： 告 净资产（亿港元） 494.8 2024Q1，公司收入及其他收益为 52.01亿港元，较 2023Q1下跌6%，但 总资产（亿 ...

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 ...

会议时间：2024.4.24（北京时间) 回放链接： https://investor.ti.com/upcoming-events 联系人：洪嘉骏18310290355 注：以下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，记录和翻译 可能产生误差，仅供参考，如有异议，请联系嗣除。 经营表现 汽车业务：环比下跌 single; 工业业务：环比下跌 single; 个人电子业务：环比下跌teen; 通信设备业务：环比下跌25%； 企业系统业务：环比下跌teen; 季度末库存41亿美元，环比增加8400万美元，天数235天，环比增加16天 业绩表现 销售收入：36.61亿美元（YoY-16%，QoQ-10.2%），指引为34.5-37.5亿美元，市 场预期为36.14亿美元； 净利：11.05亿美元（YoY-34%，QoQ-19.4%），市场预期为9.78亿美元 摊薄EPS：1.2美元（YoY-35%，QoQ-14.2%），指引为0.96-1.16美元，市场预期 为1.07美元。 分部表现 模拟：收入28.36亿美元（YoY-14%，QoQ-9.1%），经营利润10.08亿美元（YoY 36%， Qo ...

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]

海 外 研 证券研究报告 究 ＃industryId＃ 金融行业 ＃ ＃ ＃00656 .HK ＃复d星yCo国mp际any ＃ 港股通（沪、深） 增持 ( 维持 ) dyStockco investSugges inve d e＃ 聚焦 核心主业，＃ 持title＃ 续 优化债务结构 tion＃ stS u gg es ＃createTime1＃ 2024年 04月 15日 tion 公 ＃市场ma数rk据et Data＃ Cha 投资要点 ＃summary＃ 司 日期 20n24g.0e4.12 ⚫ 我们的观点：深耕健康、快乐、富足、智造四大业务板块。近年来，公司 跟 收盘价（港元） ＃ 4.33 加快退出非核心资产，优化资金结构以更好地聚焦核心主业。我们维持公 总股本（亿股） 81.8 司“增持”评级，建议投资者关注。 踪 总市值（亿港元） 354.1 ⚫ 业务规模稳健增长，核心产业盈利能力显着提升：2023年，公司实现营业 报 流通市值（亿港元） 354.1 收入人民币1,982.0亿元，同比上升8.6%；归母净利润人民币13.8亿元， 告 净资产（亿元） 1,252 同比增长人民币 22.1 亿元。 ...