Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Insights - The company achieved a turnaround in 2023 with a net profit of $77.48 million, compared to a loss in the previous year, driven by a 19.4% increase in revenue to $590 million, primarily from strong sales of home products [3][6]. - The gross margin improved to 46.9%, up 17.9 percentage points year-on-year, benefiting from increased revenue and reduced international shipping and other costs [3][6]. - Non-Amazon channel revenue grew significantly by 61.2%, now accounting for 22.0% of total revenue, with a notable 150% increase in revenue from Walmart [3][6]. - The company plans to distribute a final dividend of 15.69 HKD per share, alongside an interim dividend of 5.39 HKD per share, resulting in an annual payout ratio of approximately 38.9% [3][6]. Financial Summary - For 2023, the company reported total revenue of $590 million, with a year-on-year growth of 19.4% [5][9]. - The projected revenues for 2024, 2025, and 2026 are $692 million, $820 million, and $946 million, respectively, with growth rates of 18.2%, 18.6%, and 15.3% [5][10]. - The net profit attributable to the parent company is expected to reach $91 million, $108 million, and $126 million for the years 2024, 2025, and 2026, reflecting year-on-year growth of 17.2%, 18.8%, and 17.1% [5][10]. - The company’s gross margin is projected to remain stable around 45% over the next few years [5][10]. Market Position and Product Development - The company holds the number one market share in key product categories, with Levoit air purifiers capturing approximately 28.6% of the U.S. market, and air humidifiers also leading with a 22.7% share [3][6]. - The company introduced over 10 new products in 2023 and plans to launch more than 10 additional products in 2024, enhancing its product portfolio [3][6]. - The company is focusing on expanding its presence in the Asia-Pacific and European markets, with significant revenue growth of 83.4% in Asia and 16.5% in Europe in 2023 [3][6].

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company has demonstrated steady revenue growth, with a reported revenue of 34.76 billion yuan in 2023, representing a year-on-year increase of 11.9%. The net profit attributable to shareholders reached 2.64 billion yuan, up 22.2% year-on-year [4][5]. - The company achieved a total sales volume of 16.52 million two-wheeled vehicles in 2023, marking a 17.9% increase, with a market share of 30.2% based on wholesale sales. Electric bicycles saw a significant increase in sales by 28.8%, while electric scooters experienced a slight decline of 1.5% [4]. - The average selling price of vehicles improved in the second half of 2023, with prices of approximately 2,075 yuan and 2,132 yuan in the first and second halves, respectively. This improvement is attributed to a better product mix, with the new product series gaining a 33.2% share in the second half [4]. - The company is actively pursuing vertical integration of its supply chain and has made strategic acquisitions to enhance its capabilities in key technologies, particularly in the battery and electronic control systems for electric two-wheelers [4]. - The company is expanding its overseas market presence, with plans to build multiple factories, including a facility in Vietnam with a production capacity of 2 million units expected to be operational by 2025. Additionally, the introduction of sodium-ion batteries is expected to enhance product offerings and drive sales growth [4]. Financial Summary - For 2023, the company reported total revenue of 34,763 million yuan and a net profit of 2,640 million yuan. Projections for 2024 to 2026 indicate revenues of 40,500 million yuan, 46,562 million yuan, and 53,640 million yuan, respectively, with corresponding net profits of 3,239 million yuan, 3,930 million yuan, and 4,711 million yuan [6][7]. - The gross margin is expected to improve from 16.9% in 2023 to 18.0% by 2026, reflecting the company's focus on product upgrades and cost management [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved record high delivery volumes and revenue in Q4 2023, with significant improvements in automotive gross margins and cash reserves [3] - The upcoming product cycle is expected to enhance sales and profitability, with a focus on the mid-to-high-end market segment [4] Summary by Sections Market Data - Closing price: HKD 37.90 - Total shares: 1,887 million - Net assets: CNY 36.91 billion - Total assets: CNY 71.49 billion - Net asset per share: CNY 16.07 [1] Financial Performance - Q4 2023 deliveries reached 60,158 units, a 50.4% increase quarter-on-quarter - Revenue for Q4 2023 was CNY 130.5 billion, up 53.0% quarter-on-quarter - Automotive sales revenue was CNY 122.3 billion, a 55.9% increase quarter-on-quarter - Automotive gross margin improved to 4.1%, up 10.2 percentage points quarter-on-quarter - Cash and cash equivalents totaled CNY 45.7 billion by the end of Q4 2023 [3] Sales Network Expansion - The company expanded its physical sales network to 500 stores, adding 105 stores since Q3 2023 - The self-operated charging network reached 1,108 charging stations by the end of Q4 2023 [3] Future Product Pipeline - The company has a pipeline of 30 new models over the next three years, starting with the X9 MPV launched in January 2024 - The X9 features advanced technology and competitive pricing, expected to drive sales growth - A new brand and A-class electric sedan, MONA, will be unveiled at the Beijing Auto Show in Q2 2024, with deliveries starting in Q3 2024 [4] Financial Projections - Projected automotive sales for 2024-2026 are 207,000, 328,000, and 453,000 units respectively - Expected revenues for the same period are CNY 51.65 billion, CNY 75.54 billion, and CNY 102.22 billion respectively [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company is focusing on granular silicon technology while gradually divesting its Xinjiang assets, which supports its overseas expansion strategy and enhances its carbon emission and ESG advantages. The low energy consumption and cost advantages of granular silicon are expected to help the company navigate through cycles. Product quality is improving, and as issues with turbidity are resolved, the price gap with N-type rod silicon products is expected to narrow. The company benefits from leading cost advantages in silane gas, which is expected to contribute to profit growth due to favorable downstream demand. The company is also advancing its perovskite technology and building GW-level production lines to expand long-term capacity. Additionally, the company announced a share buyback or dividend plan for 2024-2026 to reward investors. The projected net profits for 2024-2026 are expected to be 28.56 billion, 37.24 billion, and 48.62 billion RMB, representing year-on-year growth of 13.8%, 30.4%, and 30.5% respectively [2][3][4]. Summary by Sections Financial Performance - In 2023, the company's revenue decreased by 6.2% to 33.7 billion RMB, primarily due to a significant drop in silicon material and wafer prices, partially offset by increased silicon material shipments. Gross profit fell by 33.2% to 11.69 billion RMB, with a gross margin decline of 14.0 percentage points to 34.7% due to price drops. The company reported a net profit attributable to shareholders of 2.51 billion RMB, a year-on-year decrease of 84.3% [2][4][6]. Production Capacity and Cost Advantages - The company has expanded its granular silicon production capacity significantly, with nominal and actual capacities of 420,000 and 340,000 tons respectively by the end of 2023. The production volume of granular silicon increased by 346% year-on-year to 203,600 tons. The company has the lowest energy consumption in the industry at 13.8 kWh/kg-Si, providing a cost and carbon footprint advantage. The Baotou project is expected to further reduce costs by utilizing steam by-products for silicon material production [2][3][4][6]. Product Quality Improvement - The company has made significant improvements in product quality, with the proportion of granular silicon meeting stringent metal impurity standards increasing from 27% to 91% throughout 2023. The turbidity of products has also improved, with 93.1% of products having turbidity below 120 NTU by December 2023, up from 49.0% in July 2023. This ongoing optimization is expected to narrow the price gap with N-type rod silicon products [2][3][4][6]. Strategic Initiatives - The company is planning to establish granular silicon production capacity in Saudi Arabia as part of its overseas expansion strategy. The gradual divestment of Xinjiang assets is expected to mitigate risks associated with U.S. sanctions, potentially accelerating the company's international strategy. The silane gas business is also highlighted as a key area of focus due to its applications in photovoltaic cells, semiconductors, and other sectors, which are experiencing strong demand [2][3][4][6].

海 外 研 证券研究报告 究 ＃industryId＃ 纺织服装 ＃investSuggestion＃ ＃02331 .HK ＃李dy宁Com pany＃ 港股通（沪/深） dyStockco ＃ 买入 ( i维nve持stS ） d e＃ 渠道库存健＃康title＃， 稳中求进 uggesti on gC e＃ ha n ＃createTime1＃ 2024年 3月 23日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 事件：李宁发布23年业绩：收入同比+7.0%至276.0亿元，归母净利润同比-21.6% 司 日期 20240322 至 31.9 亿元。单看 H2，收入同比+1.4%至 135.8 亿元，归母净利润同比-43.1%至 跟 收盘价（港元） 20.45 10.7亿元。每股拟派发末期股息18.54分人民币，全年派息比率45%。 踪 总股本（亿股） 26 点评：电商疲弱&批发砍单拖累收入增长，下半年收入微增 1.4%至 135.8 亿元， 报 流通股本（亿股） 26 全年收入同比增长7.0%至276.0亿元。 净资产（亿元） 244 ~分渠道，直营增长强劲，开店&同店共同驱 ...

Investment Rating - The report assigns an "Add" rating for the company, marking the first coverage of the stock [2][3]. Core Views - The company reported a strong recovery in global travel demand, with a 27.9% year-on-year increase in revenue to $3.68 billion for 2023, and a 50.2% increase in adjusted EBITDA to $710 million [3]. - The company expects a comparable revenue growth of 10-12% for 2024, particularly optimistic about the consumption potential in China [3]. - The company is on a path of high-quality scale expansion, with a focus on brand marketing and cost control, aiming to maintain a gross margin close to 60% [3]. Summary by Sections Financial Performance - For 2023, the company achieved a total revenue of $3.68 billion, with a year-on-year growth of 27.9% [4]. - Adjusted EBITDA for 2023 was $710 million, reflecting a 50.2% increase year-on-year [3]. - The net profit attributable to shareholders for 2023 was $417 million, up 33.4% year-on-year [4]. Product and Brand Analysis - Revenue growth was balanced across travel and non-travel categories, with travel products accounting for 66% of total revenue and non-travel products 34% [3]. - High-end brand Tumi led the growth, with a year-on-year revenue increase of 36% [3]. Regional Performance - Asia outperformed other regions with a 62% year-on-year increase in comparable revenue, surpassing North America as the largest revenue contributor [3]. - Revenue contributions from Asia, North America, Europe, and Latin America were 39%, 34%, 21%, and 6%, respectively [3]. Channel Performance - Direct-to-Consumer (DTC) sales grew by 34% year-on-year, while wholesale sales increased by 27% [3]. - DTC accounted for 39% of total revenue, up 1.3 percentage points from the previous year [3]. Profitability and Cash Flow - The gross margin improved by 3.5 percentage points to 59.3%, reaching a historical high [3]. - Free cash flow for the year was $290 million, a 241% increase year-on-year, with net debt decreasing to $1.8 billion [3]. Future Projections - The company projects net profits of $484 million, $559 million, and $628 million for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.0%, 15.5%, and 12.4% [4][5].

海 外 研 证券研究报告 究 ＃industryId＃ 公用事业 01816.HK ＃中dy广Com核pa电ny＃力 港股通（沪、深） 买入（首次） ＃title＃ 稳健成长的核电运营龙头 ＃investSuggestion＃ ＃createTime1＃ 2024年 2月 5日 投资要点 跟 ＃市m场a数rk据et Data＃ ＃ summary＃ ⚫ 核能发电低碳稳定，占我国总发电量的比重低于全球水平，2021年政府工作报告提到 踪 日期 2024.2.5 “积极有序发展核电”。2022年中国核电发电量占全国比重4.7%，低于世界平均水平 收盘价（港元） 2.18 9.2%。2019-2021 年我国核准核电机组数量分别达到 4/4/5 台，2022-2023 年则分别 报 达到10台。中国核能协会预测，“十四五”期间我国核电机组有望维持每年6-8台的 总股本（百万股） 50,499 告 核准节奏。 总市值（亿港元） 1,091 ⚫ 中广核电力是集团旗下唯一核能发电平台，装机规模占中国内地过半份额。截至2023 年6月，中广核集团持有公司58.91%股权，实控人为国务院国资委。中广核集团承诺 净资产（亿元） ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that China Gold International's revenue for 2023 decreased by 58.4% to $459 million, with a significant drop in mining operating profit by 79.7% to $80.37 million, resulting in a net loss attributable to shareholders of $25.5 million [2][3] - The report notes that the Q4 revenue fell by 71.9% to $71.32 million, with mining operating profit showing a loss of $1.9 million and a net loss of $17.91 million attributable to shareholders [2] - The recovery of mining activities at the Jia Ma mine began in December 2023, contributing 180,000 pounds of copper production in Q4, while the Changshanhao gold mine is nearing the end of its operational life [2][3] - The report anticipates that in 2024, the Changshanhao mine will produce between 106,000 to 113,000 ounces of gold, and the Jia Ma mine is expected to yield 9.5 to 9.8 million pounds of copper and 42,000 to 45,000 ounces of gold [3] Financial Summary - For 2023, the company's revenue was $459 million, with a year-on-year decline of 58.4%. The projected revenues for 2024, 2025, and 2026 are $657 million, $1.085 billion, and $1.367 billion respectively, indicating a recovery trend [4][6] - The net profit attributable to shareholders for 2023 was a loss of $26 million, with forecasts of $58 million, $266 million, and $332 million for the years 2024, 2025, and 2026 respectively [4][6] - The gross margin for 2023 was 17.5%, expected to rise to 32.2% in 2024, and the net margin is projected to improve from -6.1% in 2023 to 13.6% in 2024 [4][8] Market Data - As of April 5, 2024, the closing price of the stock was HKD 49.45, with a total share capital of 400 million shares and a circulating share capital of 220 million shares [5]

Investment Rating - The investment rating for the company is "Buy" [2][11][12] Core Insights - The company's gas sales profitability has improved, with steady recovery in performance. In 2023, the company achieved revenue of HKD 101.3 billion, a year-on-year increase of 7.4%. The total segment performance reached HKD 13.08 billion, up 15.0% year-on-year, with net profit attributable to shareholders at HKD 5.22 billion, reflecting a 10.4% increase [4][10][11] - The gas sales volume showed robust growth, with revenue from gas sales reaching HKD 85.9 billion, a 9.5% increase year-on-year. Retail gas volume reached 38.78 billion cubic meters, up 8.1% year-on-year [8][10] - The company is focusing on integrated energy services, with a clear direction for development in distributed energy and distributed photovoltaic sectors. In 2023, revenue from integrated services grew by 27% to HKD 4.04 billion [9][10] - The cash flow situation is strong, with net operating cash flow increasing by 133% to HKD 10.16 billion in 2023. The company plans to distribute a dividend of HKD 1.1569 per share, a 10.2% increase year-on-year, with a payout ratio of 50.3% [10][11] Summary by Sections Financial Performance - In 2023, the company reported total revenue of HKD 101.3 billion, with a year-on-year growth of 7.4%. The net profit attributable to shareholders was HKD 5.22 billion, marking a 10.4% increase [4][7][10] - The company plans to achieve revenues of HKD 105.8 billion, HKD 111.3 billion, and HKD 119.4 billion in 2024, 2025, and 2026 respectively, with expected year-on-year growth rates of 4.5%, 5.2%, and 7.3% [3][11] Business Segments - The gas sales segment generated revenue of HKD 85.9 billion, with a segment profit of HKD 7.6 billion, reflecting a 29% year-on-year increase. The connection business saw a revenue decline of 11% to HKD 10.89 billion [7][8] - Integrated services revenue increased by 27% to HKD 4.04 billion, with a segment profit of HKD 1.37 billion, up 19% year-on-year [9][10] Cash Flow and Dividends - The company reported a net operating cash flow of HKD 10.16 billion, a 133% increase year-on-year. The cash and bank deposits at the end of 2023 were HKD 9.98 billion, up 55% year-on-year [10][11] - The dividend per share is set at HKD 1.1569, a 10.2% increase from the previous year, with a payout ratio of 50.3% [10][11]

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company's core business continues to expand in the market, maintaining industry leadership and improving profitability. Although the growth rate is expected to slow down, the company is projected to achieve steady growth in performance. The share buyback initiated on March 27 is expected to provide some support to the stock price. The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is estimated at 1.589 billion, 1.879 billion, and 2.179 billion yuan, respectively, representing year-on-year growth of 18.4%, 18.3%, and 16.0% [1][2]. Financial Performance Summary - In 2023, the company achieved revenue of 13.051 billion yuan, a year-on-year increase of 19.7%. The gross profit margin was 15.9%, remaining stable compared to the previous year. The net profit attributable to shareholders was 1.343 billion yuan, reflecting a year-on-year growth of 22.8%, slightly below expectations. The annual dividend per share was 0.14 HKD, corresponding to a payout ratio of 31% [3][4]. - The property management service revenue grew by 16.0% to 9.41 billion yuan in 2023. Excluding the impact of the cessation of additional management income from community isolation facilities, the core property management service revenue increased by 25.7%. The company improved operational efficiency, achieving a gross profit margin of 12.7% for property management services, up 2.1 percentage points year-on-year [3][4]. - The revenue from value-added services for residents reached 1.29 billion yuan, a significant year-on-year increase of 70.9%, primarily driven by new retail and community group purchases. However, the gross profit margin for these services declined by 12.3 percentage points to 26.1% due to the increased proportion of lower-margin businesses [4]. Market Expansion and Client Acquisition - The company has been actively deepening its client resources and expanding its business model. In 2023, the newly acquired external contract area was 1.09 million square meters, a year-on-year increase of 32.8%, with 61% being non-residential areas. By the end of 2023, the managed area reached approximately 4.02 million square meters, a year-on-year increase of 25.4%, with the proportion of non-residential areas increasing by 5.6 percentage points to 30.1% [4].