海 外 研 证券研究报告 究 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ ＃03900 .HK ＃绿dy城Com中pa国ny＃ 港股通（沪、深） 买入 ( i维nve持stS ） dyStockco uggesti d e＃ 合预期，权＃ 益title＃ 业 绩符 提 升有望增厚利润 onC han ge ＃ ＃createTime1＃ 2024年 03月 28 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 公ma 司ry＃ 2 023 年业绩符合预期：2023 年，公司实现营收 1313.83 亿元，同比增 司 日期 2024.03.27 长3.3%；因地产行业下行及限价影响令售价低于预期，公司年内继续计提非 跟 收盘价（港元） 6.00 金融资产减值亏损约 13.91 亿元以及预期信用亏损模式下的减值亏损 2.3 亿 踪 总股本（亿股） 25.32 元；综合毛利率也同比下降 4.3 个百分点至 13.0%，其中物业销售毛利率同 总市值（亿港元） 152 比下降5个百分点至11.3%；归母净利润为31.18亿元，同比增长13.1%，主 报 要因汇兑亏损 ...

海 外 研 证券研究报告 究 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ ＃00119 .HK ＃保dy利Com置pa业ny＃集 团 港股通（沪、深） 买入 ( i维nve持stS ） dyStockco uggesti d e＃ 预期，土储＃ 、title＃ 业 绩超 融 资结构持续优化 onC han ge ＃ ＃createTime1＃ 2024年 03月 25日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 司 ⚫ 2023 年业绩超预期：，公司实现营收 409.32 亿元，同比下降 0.5%；毛利润 日期 2024.03.22 跟 83.60亿元，同比下降24.6%，对应毛利率为20.4%，同比下降6.5个百分点， 收盘价（港元） 1.44 主要因行业深度调整下整体利润率水平压缩；归母净利润 14.45 亿元，同比 踪 总股本（亿股） 38.21 增长77.0%；核心净利润17.61亿元，同比增长15.9%，主要因公司加强运营 报 总市值（亿港元） 55 和税筹管控，实现降本增效，公司业绩超预期。2023年公司派发末期股息每 告 净资产（亿元） ...

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (00175 HK) [2] Core Views - Geely Automobile's core profitability has significantly improved in 2023 due to product structure upgrades, cost control, and economies of scale [2] - The company achieved record-high sales of 1 687 million vehicles in 2023, with new energy vehicle sales growing 48 3% to 487 000 units and exports increasing 38 3% to 274 000 units [2] - Revenue increased by 21% YoY to RMB 179 2 billion in 2023, driven by product value enhancement and business diversification [2] - Net profit attributable to shareholders surged 51% YoY to RMB 5 308 billion in 2023, excluding one-time acquisition gains in 2022 [2] - Gross profit improved significantly, with total gross profit up 31% YoY to RMB 27 4 billion and gross margin increasing from 14 1% in 2022 to 15 3% in 2023 [2] - The company has strong cash reserves, with net cash increasing 46% YoY to RMB 28 4 billion in 2023 [2] 2024 Outlook - Geely Automobile aims to achieve total sales of 1 9 million units in 2024, representing a 13% YoY increase [2] - New energy vehicle sales target is set at 810 000 units, a 66% YoY increase, with new energy penetration rate expected to rise from 29% in 2023 to 42 6% in 2024 [2] - The company plans to launch 9 new energy models across its three brands in 2024 [2] - Geely Automobile is expected to continue its strong product cycle, with recent launches like Galaxy L7 and Lynk & Co 08 performing well, and new models like Zeekr 007 and Galaxy E8 expected to maintain momentum [2] Financial Projections - Revenue is projected to reach RMB 233 76 billion in 2024, with net profit attributable to shareholders expected to be RMB 6 579 billion [3] - The company's main brand is expected to continue contributing stable profits, while losses from Lynk & Co and Zeekr brands are expected to gradually decrease [3] - Sales are forecasted to reach 2 million units in 2024, with Geely main brand, Lynk & Co, and Zeekr expected to sell 1 423 million, 327 000, and 251 000 units respectively [3] Historical Performance - In 2023, Geely Automobile's actual revenue of RMB 179 2 billion exceeded the forecast of RMB 175 7 billion by 2% [6] - The company's gross margin of 15 3% in 2023 was slightly below the forecast of 16 2% [6] - Net profit attributable to shareholders in 2023 was RMB 5 308 billion, 5% below the forecast of RMB 5 601 billion [6]

海 外 研 证券研究报告 究 ＃industryId＃ 黄金 ＃ ＃01818 .HK ＃招dy金Com矿pa业ny＃ 港股通（沪/深） investS dyStockco ＃investSuggestion＃ uggesti d e＃ 买入 ( o维 nC持 ） 超额完 成生产任务，黄金仍处配置窗口期 han ge＃ ＃createTime1＃ 2024年 3月 25日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ 事s 件um ：m 招ar 金y＃ 矿 业发布 23年业绩：全年收入同比+6.8%至84.2亿元，归母净利润同 司 日期 20240325 比+70.8%至 6.9亿元。单独看 H2，收入同比+14%至 49.8亿元，归母净利润同比 跟 收盘价（港元） 9.62 +47.4%至4.3亿元。每股拟派发末期股息0.04元，全年派息比率约19%。 点评：23 年金价一路走高，人民币汇率差支撑沪金走势较国际金价更强，同时公 踪 总股本（亿股） 32.7 司紧抓生产，超额完成全年生产目标，产销两旺。全年克金成本继续增加，以及 报 流通股本（亿股） 26.1 全年多计提约 2.4 亿元减值，若剔除非 ...

海 外 研 证券研究报告 究 ＃industryId＃ 医药 ＃06699 .HK ＃时dy代Com天pa使ny＃ 港股通（沪/深） dyStockco d e＃ ＃title＃ ＃investSu无gge评stion级＃ ＃ 国际市场表现亮眼，全球化战略稳步推进 inve stS ugg esti ＃createTime1＃ 2024年 03月 27日 onChan ge＃ 公 投资要点 ＃市场ma数rk据et Data＃ 司 日期 2024/3/25 ＃ ⚫ sum 时ma 代ry＃ 天 使发布 2023年年度业绩公告，收入、案例数增长稳健。2023年公司 点 收盘价（元港币） 75.80 实现营业收入14.76亿元，同比增长16.2%；2023年隐形矫治达成案例总数 评 总股本（百万股） 169 约24.5万例，同比增长33.2%。 报 流通股本（百万股） 169 ⚫ 国内市场增长平稳，低线城市渗透率提升。2023年公司国内市场总收入13.3 净资产（百万元） 3,340 亿元，同比增长5.5%，在达成案例、收入及利润方面保持稳定增长，在中国 告 总资产（百万元） 4,757 内地市场占有率继续保持第一 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for investors [3][16]. Core Insights - The company has demonstrated strong growth in new business value, with a 33% year-on-year increase to $4.034 billion as of December 31, 2023. Notably, the new business value in mainland China grew by 20%, while Hong Kong saw an impressive 82% increase [3][16]. - The annualized new premium increased by 45% to $7.650 billion in 2023, driven by a shift towards long-term savings products and increased contributions from bank insurance in mainland China [3][16]. - The company's new business value margin decreased to 52.6% for the year but improved to 54.5% in the second half of 2023, reflecting operational enhancements [3][16]. Financial Metrics - Total assets for 2023 are reported at $286.32 billion, with total liabilities at $244.7 billion, resulting in a net asset value of $44.75 billion [1][10]. - The company’s operating profit after tax for 2023 was $6.213 billion, with a return on equity (ROE) of 9.0% [17][31]. - The intrinsic value increased by 7% to $76.083 billion, and the new business value is projected to grow to $4.87 billion in 2024, with a year-on-year growth rate of 20.8% [15][22].

Investment Rating - Maintain "Overweight" rating [2][5] Core Views - The company's 2023Q4 revenue reached RMB 47.2 billion, a YoY increase of 9.7% [2][5] - Internal integrated supply chain revenue growth benefited from increased revenue from JD Retail, driven by the reduction in free shipping thresholds [2][5] - External integrated supply chain revenue growth was driven by service diversification and increased customer stickiness, with average customer spending rising by 15.4% YoY [2][5] - Other customer revenue growth was driven by increased express and freight business volumes, with future growth expected from increased penetration on platforms like Douyin, Kuaishou, and Xiaohongshu [2][5] - Adjusted net profit for 2023Q4 was RMB 1.804 billion, a YoY increase of 79.6%, with an adjusted net profit margin of 3.8%, up 1.5 percentage points YoY and 1.8 percentage points QoQ [2][5] - The company is expected to maintain high single-digit revenue growth in 2024, with adjusted net profit margins improving to the range of 1.7%-2.0% [2][5] Financial Projections - Revenue for 2024-2026 is projected to be RMB 181.4 billion, RMB 195.9 billion, and RMB 210.2 billion, with growth rates of 8.9%, 8.0%, and 7.3% respectively [2][5] - Adjusted net profit for 2024-2026 is projected to be RMB 3.352 billion, RMB 3.987 billion, and RMB 5.003 billion, with adjusted net profit margins of 1.8%, 2.0%, and 2.4% respectively [2][5] - Gross margin is expected to improve from 7.6% in 2023 to 9.9% in 2026 [1][5] - ROE is projected to increase from 2.1% in 2023 to 4.2% in 2026 [1][5] Market Data - Closing price on 2024/3/13 was HKD 8.32, with a total market capitalization of HKD 55.1 billion [2] - Total equity attributable to the parent company was RMB 6.8 billion, with total assets of RMB 15.9 billion [2] - EPS for 2023-2026 is projected to be RMB 0.10, RMB 0.20, RMB 0.27, and RMB 0.36 respectively [1][5]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Viewpoints - The company achieved a revenue of HKD 2.517 billion in 2023, representing an 8.7% year-on-year growth, primarily driven by new project acquisitions contributing to power generation [3][4]. - The net profit attributable to shareholders for 2023 was HKD 993 million, reflecting a 2.2% increase year-on-year, with basic earnings per share at HKD 0.1256, a decrease of 5.6% [3][4]. - The company plans to distribute a final dividend of HKD 0.026 per share, totaling HKD 0.06 for the year [4][7]. - The company has a robust project reserve, having acquired four photovoltaic power station projects with a total approved capacity of 636.5 MW in 2023, bringing the total operational capacity to 3,650.5 MW by the end of 2023 [5][6]. - The company’s power generation increased by 10.9% year-on-year, with subsidy recoveries amounting to RMB 485 million in 2023 [7]. - High financing costs have impacted the company's performance, with financing costs rising by 34% to HKD 360 million in 2023, and the company aims to expand its financing channels in mainland China to reduce overall costs [7]. Financial Summary - Revenue projections for 2024-2026 are estimated at HKD 2.850 billion, HKD 3.183 billion, and HKD 3.517 billion, with year-on-year growth rates of 13.21%, 11.70%, and 10.47% respectively [3][7]. - Net profit projections for the same period are HKD 1.097 billion, HKD 1.205 billion, and HKD 1.345 billion, with growth rates of 10.50%, 9.86%, and 11.56% respectively [3][7]. - The net profit margin for 2023 was 39.45%, with a return on equity of 7.92% [3][7].

海 外 研 证券研究报告 究 ＃industryId＃ 房地产行业 ＃00960 .HK ＃龙dy湖Com集pa团ny＃ 港股通（沪、深） dyStockco d e＃ ＃ ＃investSuggestion＃ ＃title＃ 增持 ( i下nve调stS ） 销售下降符合预期，经营性业务贡献增强 uggesti onC han ge＃ ＃createTime1＃ 2024年 3 月 2 日 投资要点 跟 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 我ma 们ry 的＃观 点：公司保持项目如期交付，当前短债占比可控，销售规模下降和拿地节奏有所 踪 日期 2024.3.1 放缓，符合预期，公司战略重心一方面放在管控财务风险，另一方面积极培育多元化业务， 报 收盘价(港元) 9.77 经营性业务盈利贡献正在持续增强。受到行业销售规模下行影响，以及与行业毛利率整体 告 总股本(亿股) 67.67 下滑同步，我们预计公司 2023/2024/2025 年的营业收入为 1792/1497/1327 亿元，同比 -28.5%/-16.5%/-11.4%；核心净利润为117/113/114亿元，同比-48.1%/- ...

Investment Rating - The report maintains a "Buy" rating for the company, suggesting investors actively monitor it [1][2]. Core Views - The company's performance in 2023 is robust, with revenue and other income reaching HKD 20.516 billion, an 11% increase from 2022, second only to the record set in 2021 [1][2]. - Key developments in the Shanghai-Hong Kong Stock Connect include expanding the range of stock eligible for trading, optimizing the trading calendar, introducing block trading, and launching the HKEX Synapse platform driven by smart contracts [1][2]. - The company's investment income significantly improved, with net investment income of HKD 1.487 billion in 2023, compared to a loss of HKD 48 million in 2022 [1][2]. Financial Performance Summary - In 2023, the company's revenue and other income were HKD 20.516 billion, up 11% year-on-year, with major business revenue increasing by 3% [1][3]. - The EBITDA margin was 73%, up 1 percentage point year-on-year, and the profit attributable to shareholders was HKD 11.862 billion, an 18% increase year-on-year [1][3]. - The average daily trading volume in the Hong Kong market decreased by 16% to HKD 105 billion, while the Shanghai-Hong Kong Stock Connect showed resilience with average daily trading volumes of RMB 108.3 billion and HKD 31.1 billion for northbound and southbound trading, respectively [2][3]. Key Financial Metrics - Revenue and other income (billion HKD): 2023A: 202.7, 2024E: 215.3, 2025E: 229.0, 2026E: 244.2 [3]. - Net profit attributable to shareholders (billion HKD): 2023A: 118.6, 2024E: 124.0, 2025E: 132.1, 2026E: 141.1 [3]. - Return on Equity (ROE) (%): 2023A: 23.5, 2024E: 23.9, 2025E: 24.8, 2026E: 25.8 [3].