证券研究报告 ＃industryId＃ 消费行业 ＃02367.HK ＃巨dy子Com生pa物ny＃ 港股通（沪、深） ＃title＃ ＃investSuggestion＃ ＃ 持续扩充护肤品矩阵，注射产品即将上市 增持 维持 ( ） ＃createTime1＃ 2024年4月3日 投资要点 ＃市场ma数rk据etData＃ ＃ sum直ma销ry＃ 渠道收入快速增长：公司 2023 年收入 35.24 亿元人民币，同比增长 日期 2024.4.2 49.0%，其中DTC线上直销/电商平台线上直销/线下直销/经销商渠道收入 收盘价(港元) 43.85 分 别 为 21.55/1.78/0.89/11.04 亿 元 人 民 币 ， 占 比 分 别 为 总股本(亿股) 9.95 61.2%/5.0%/2.5%/31.3% ， 收 入 分 别 同 比 变 动 总市值(亿港元) 436 +77.5%/+42.7%/+39.6%/+14.6%，DTC线上直销渠道增速主要受益于精细化 总资产(亿元) 49.7 运营下天猫及抖音等渠道成长、精华类产销售等。录得毛利率83.6%，同比 净资产(亿元） 43.7 下降0.8个 ...

Investment Rating - The report maintains an "Add" rating for the company [1][2][10]. Core Insights - The company reported a revenue of 1.076 billion RMB in 2023, representing a year-on-year growth of 40.16%. However, it incurred a net loss of 1.511 billion RMB, compared to a loss of 999 million RMB in 2022 [2][6][10]. - Sales of the products Taitasip and Vidisizumab showed steady growth, with successful hospital drug access progress. Taitasip is advancing globally across multiple indications, while Vidisizumab is expanding its indications and showing potential in combination therapies [2][7][8]. - The company has a robust pipeline focused on differentiated antibodies and ADC drugs, with expectations for increased global market potential as indications progress [2][10]. Financial Summary - Revenue for 2023 was 1,076.13 million RMB, with projected revenues of 1,666.88 million RMB, 2,782.65 million RMB, and 3,929.19 million RMB for 2024, 2025, and 2026 respectively, indicating growth rates of 54.90%, 66.94%, and 41.20% [3][11]. - The net profit forecast for 2024-2026 is projected at -1,511.18 million RMB, -1,293.94 million RMB, and -719.15 million RMB, with EPS expected to improve from -2.38 RMB in 2024 to -0.26 RMB in 2026 [3][11]. - The gross margin for 2023 was reported at 77.43%, with a significant increase in R&D expenses to 1.306 billion RMB, reflecting a 33% year-on-year growth [10][11]. Market Data - As of April 2, 2024, the closing price was 27.65 HKD, with a total share capital of 544.33 million shares and a net asset value of 3,437.27 million RMB [4].

海 外 研 证券研究报告 究 ＃industryId＃ 食品饮料行业 ＃02319 .HK ＃蒙dy牛Com乳pa业ny＃ 港股通（沪、深） dyStockco ＃inve 买stSu 入ggest ion＃ ( i维nv＃ e持stS ） d e＃ 新消 费趋 势引领产＃品tit创le＃新 ，营收稳健增长 uggesti onC han ＃createTime1＃ 2024年 03月 28日 ge＃ 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 司 ⚫ 营收稳健增长。2023年，公司营收为986.24亿元，同比增长6.5%，增速 日期 2024.03.28 跟 同比+1.5pcts。其中液态奶营收820.71亿元，同比增长4.9%，占比83.2%， 收盘价（港元） 16.80 同比-1.3pcts。冰淇淋营收60.26亿元，同比增长6.6%，占比6.1%，同比 踪 总股本（亿股） 39.35 +0.01pcts。奶粉营收38.02亿元，同比减少1.6%，占比3.9%，同比-0.3pcts。 报 总市值（亿港元） 661.13 奶酪营收为43.57亿元，占比4.4%，同比+3.0pct ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable investment outlook based on current valuation and growth potential [6]. Core Insights - In 2023, the company achieved a record revenue of $4.207 billion, representing a year-on-year growth of 9.6%. The gross margin was 8.8%, a decrease of 0.8 percentage points compared to the previous year, with a net profit attributable to shareholders of $37 million [2][4]. - The company experienced strong revenue growth in the APAC region, with revenues of $2.26 billion, a 0.5% increase year-on-year, while North America saw a significant growth of 25.9% to $1.21 billion. The EMEASA region also grew by 17.2% to $730 million [2]. - The company secured new orders totaling $6.1 billion in 2023, with 41% coming from new clients and 81% from EPS (Electric Power Steering) business. The company aims to maintain a target order volume of $6 billion for 2024, supported by strong new order inflow and project launches [2][4]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are $4.431 billion, $4.697 billion, and $5.091 billion, respectively, with expected growth rates of 5.3%, 6.0%, and 8.4% [4]. - The net profit attributable to shareholders is forecasted to increase significantly from $123 million in 2024 to $206 million in 2026, reflecting growth rates of 234.6%, 29.0%, and 29.7% for the respective years [4]. - The gross margin is expected to improve to 10.6% in 2024 and reach 11.8% by 2026, indicating a positive trend in profitability [4].

海 外 研 证券研究报告 究 ＃industryId＃ 硬件科技 ＃investSuggestion＃ ＃ ＃ 01810.HK ＃小dy米Com集pa团ny＃ -W 港股通 买入 (维持） ＃title＃ 手机高端化奏效，新车预订表现强劲 ＃createTime1＃ 2024年4月 2日 公 投资要点 ＃marketData＃ 司 市场数据 ＃summary＃  23Q4概况：业绩延续复苏趋势，盈利能力改善。公司23Q4营收732亿元（人民币， 点 日期 2024/4/1 下同；YoY+10.9%,QoQ+3.3%），按分部拆分，公司智能手机业务23Q4收入442亿 评 收盘价（港元） 14.94 元（YoY+20.6%,QoQ+6.2%），IoT 与生活消费产品业务收入 203 亿元 总股本（百万股） 24,949 （YoY-5.1%,QoQ-1.6%），互联网业务收入79亿元（YoY+9.9%,QoQ+1.6%），调整 报 流通股本（百万股） 16,223 后净利润 49 亿元（YoY+236.1%，QoQ-18.0%）。公司 2023 年营收 2,710 亿元 告 （YoY-3.2%），调整后净利润 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][7]. Core Insights - Overall revenue growth has slowed, while high-end amino acid revenue growth has significantly increased. In 2023, the company's revenue was 28.01 billion yuan, a year-on-year increase of 1.9%, with a decline in growth rate of 25.6 percentage points. The food additives segment saw a revenue increase of 1.5% to 13.50 billion yuan, while the animal nutrition segment's revenue decreased by 7.1% to 8.90 billion yuan. The high-end amino acids segment experienced a remarkable growth of 64.2% to 1.97 billion yuan, with a growth rate increase of 79.4 percentage points [6][7]. Financial Performance Summary - Revenue and Profit Forecasts: - The company is expected to generate revenues of 28.44 billion yuan, 29.89 billion yuan, and 31.12 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 1.6%, 5.1%, and 4.1% [6][9]. - The forecasted net profit attributable to shareholders is 3.00 billion yuan, 3.33 billion yuan, and 3.70 billion yuan for the same years, with year-on-year changes of -4.7%, +11.2%, and +11.1% [6][9]. - Gross Margin Analysis: - The overall gross profit decreased by 13.4% to 6.25 billion yuan in 2023, with a gross margin of 22.3%, down 3.9 percentage points year-on-year. The gross margins for the food additives, animal nutrition, and other segments decreased to 16.0%, 17.1%, and 13.0%, respectively [7][9]. - Segment Performance: - The high-end amino acids and colloids segments saw gross margin improvements, reaching 39.6% and 59.1%, respectively, due to reduced contributions from lower-margin products in other segments [7][9].

海 外 研 证券研究报告 究 ＃industryId＃ 汽车 ＃investSuggestion＃ ＃09690 .HK ＃dy途Com虎pa-nWy＃ dyStockco ＃ de＃ 规 模效 应持续增强＃，tit盈le＃利 能力稳步提升， 买入 ( i上nve调stS ） uggesti 3 回购股份展示信心 onC han ge＃ ＃createTime1＃ 2024年 4月 2日 公 投资要点 司 ＃市场ma数rk据et Data＃ ＃summary＃ 跟 规模效应持续增强，盈利能力稳步提升。2023 年，途虎实现销售收入 136.01 亿 日期 2024.3.28 踪 元，同比增长 17.8%；实现毛利 33.59 亿元，同比增长 48.0%；毛利率达到 收盘价（港元） 15.34 24.7%，同比提升 5 个百分点。分业务类型来看，轮胎和底盘零部件业务收入同 报 总股本（百万股） 819 比增长 20.9%，毛利率同比提升 3.3 个百分点至 17.4%；汽车保养业务收入同比 告 净资产（亿元） 44.58 增长 22.5%，毛利率同比提升 2.8 个百分点至 32.4%。公司运营费用持续摊薄， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company's revenue growth has slowed down, primarily due to adjustments in price range and product structure, leading to pressure on both volume and price. However, the bottled beverage business is experiencing rapid growth and is expected to become a new breakthrough area for the company. Profitability is being enhanced through continued cost control at both store and headquarters levels, indicating potential for further improvement [4]. - For the fiscal year 2023, the company achieved a revenue of 5.16 billion RMB, representing a year-on-year growth of 20.3%. The net profit attributable to shareholders was 0.13 billion RMB, marking a return to profitability. The revenue from bottled beverages reached 0.27 billion RMB, showing a significant year-on-year increase of 69.8% [4]. - The company plans to slow down the opening of new direct-operated stores in 2024 while accelerating franchise store openings. As of the end of 2023, there were 1,574 direct-operated stores, with a net increase of 506 stores [4]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 5.87 billion RMB, 6.58 billion RMB, and 7.33 billion RMB, with year-on-year growth rates of 13.6%, 12.1%, and 11.4% respectively. The net profit attributable to shareholders is expected to be 0.65 billion RMB, 1.63 billion RMB, and 2.75 billion RMB for the same years, with net profit margins of 1.1%, 2.5%, and 3.8% respectively [4][5]. - The operating profit margin for 2023 was 9.7%, with an expected increase to 12.3% in 2024 [5]. - The average sales value per order in 2023 was 29.6 RMB, a decrease of 13.7% year-on-year, attributed to changes in product pricing and structure [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][17]. Core Insights - The company reported a revenue of 155.2 billion RMB in Q4 2023, representing a year-over-year increase of 7%. The Non-IFRS net profit reached 42.7 billion RMB, up 44% year-over-year. The gross margin improved to 50%, an increase of 7.3 percentage points year-over-year and 0.5 percentage points quarter-over-quarter, primarily due to a higher proportion of high-margin businesses [2][3][4]. Revenue Breakdown - Revenue from value-added services was 69.1 billion RMB, down 2% year-over-year, mainly due to declines in revenue from "Honor of Kings" and "Peacekeeper Elite," as well as decreases in music and game live streaming income. The online advertising business generated 29.8 billion RMB, up 21% year-over-year, driven by increased demand for video account advertising. The fintech and enterprise services revenue reached 54.4 billion RMB, up 15% year-over-year, benefiting from growth in commercial payments, wealth management, consumer loans, and video account sales service fees [3][4]. Profitability and Cost Management - The company's profit growth in Q4 was robust, attributed to a shift in revenue structure towards higher-quality income sources such as video account advertising and live streaming sales fees, while the proportion of low-margin businesses like music and game live streaming decreased. Additionally, reductions in content costs, fintech transaction costs, and bandwidth/server costs contributed to the improvement in gross margin. Despite marketing expenses reaching 11 billion RMB in Q4, a 79% year-over-year increase, net profit continued to show high-quality growth [4][6]. Financial Projections - The company is projected to achieve revenues of 668.3 billion RMB, 744.7 billion RMB, and 817.3 billion RMB for the years 2024, 2025, and 2026, respectively. The Non-IFRS net profits are expected to be 194.9 billion RMB, 218.0 billion RMB, and 241.1 billion RMB for the same years [4][6][8]. Key Financial Metrics - For 2023, the company reported total revenue of 609.0 billion RMB, with a year-over-year growth of 9.8%. The Non-IFRS net profit was 157.7 billion RMB, reflecting a 40.3% increase year-over-year. The gross margin for 2023 was 48.1%, with projections for 2024, 2025, and 2026 to be 52.7%, 54.7%, and 55.2%, respectively [6][8][16]. Market Position and Future Outlook - Although the company's gaming business is experiencing a temporary slowdown in growth, the long-term outlook remains positive due to a robust pipeline of new games and continuous expansion of profit margins. The advertising revenue is expected to recover due to improvements in video account and advertising technology, while the fintech business is anticipated to benefit from offline recovery and enhanced compliance capabilities [4][6].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][26]. Core Insights - The company's Q4 performance exceeded expectations with revenue of 73.7 billion RMB, a year-over-year increase of 22.6%, surpassing Bloomberg's consensus estimate of 72.7 billion RMB. The core local business revenue was 55.1 billion RMB, up 26.8% year-over-year, while new business revenue reached 18.6 billion RMB, growing 11.5% year-over-year [2]. - The gross margin improved to 33.9%, an increase of 5.8 percentage points year-over-year, due to a decrease in delivery-related costs for takeout and flash purchase orders. However, the sales expense ratio rose to 22.7%, up 4.8 percentage points year-over-year, driven by increased user incentives and advertising spending [2]. - Adjusted net profit for Q4 was 4.4 billion RMB, a significant increase of 427.6% year-over-year, resulting in an adjusted net profit margin of 5.9%, up 4.6 percentage points year-over-year. For the full year 2023, the company reported revenue of 276.7 billion RMB, a 25.8% increase year-over-year, and an adjusted net profit of 23.3 billion RMB, up 722.5% year-over-year [2]. Summary by Sections Market Data - Closing price (HKD): 96.80 - Total shares (billion): 6.235 - Net assets (billion RMB): 151.956 - Total assets (billion RMB): 293.030 - Net asset per share (RMB): 24.34 [1]. Business Performance - The company's instant delivery transactions reached 6.05 billion orders in Q4, a year-over-year increase of 25.2%. The average daily takeout orders were 57.42 million, up 24.8% year-over-year, with a solid growth in annual transaction users and high-frequency users [2]. - The in-store and travel business saw over 100% growth in transaction value for the year, with significant increases in annual transaction users and active merchants [2]. - The new business segment reported revenue of 18.6 billion RMB in Q4, with operating losses narrowing by 24.1% to 4.8 billion RMB. The company plans to adjust its strategy in 2024 to focus on user retention and reduce subsidies, aiming for a significant reduction in operating losses [2]. Financial Projections - For 2024, the company expects revenue to reach 320.5 billion RMB, with a year-over-year growth rate of 15.8%. Adjusted net profit is projected to be 32.2 billion RMB, reflecting a growth of 38.5% year-over-year [11][14].