Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2]. Core Insights - The company reported a total revenue of 2,681 million RMB for 2023, reflecting a year-on-year growth of 30.5%. The net profit attributable to shareholders reached 340 million RMB, up 42.1% year-on-year, with adjusted net profit at 375 million RMB, a 27.6% increase [1][2]. - The company's main business remains robust, with a gross margin improvement of 0.8 percentage points to 72.9% compared to the previous year [1]. - The report highlights the strong performance of the company's various business segments, particularly the Model as a Service (MaaS) and Banking as a Service (BaaS) offerings, which have shown significant growth [1][2]. Summary by Relevant Sections Financial Performance - Total revenue for 2023 was 2,681 million RMB, with a year-on-year increase of 30.5% [2]. - Net profit attributable to shareholders was 340 million RMB, representing a 42.1% increase year-on-year [2]. - Adjusted net profit was 375 million RMB, up 27.6% year-on-year [2]. - The gross margin improved to 72.9%, an increase of 0.8 percentage points from the previous year [1]. Business Segments - **Model as a Service (MaaS)**: Generated revenue of 891 million RMB, a 17.3% increase year-on-year, accounting for 33.2% of total revenue. The core customer retention rate reached a historical high of 99% [1]. - **Banking as a Service (BaaS)**: Revenue was 1,185 million RMB, up 58.8% year-on-year, making up 44.2% of total revenue. The asset transaction scale nearly doubled to 53.13 billion RMB, a 93.3% increase [1]. - **Insurance Industry Cloud (BaaS)**: Revenue reached 605 million RMB, a 10.3% increase year-on-year, accounting for 22.6% of total revenue. New and renewal premium growth rates showed some slowdown but remained strong [1]. Future Outlook - The report anticipates continued growth in the MaaS and BaaS segments, driven by the increasing richness of product offerings and the ongoing development of generative AI applications [2]. - The company is expected to maintain a strong cash flow, allowing for further investment in technology and strategic initiatives [2].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company reported a revenue increase of 6.8% year-on-year to 8.42 billion RMB and a net profit increase of 70.8% to 690 million RMB for the year [4] - The company has exceeded its production targets and is well-positioned to benefit from rising gold prices due to anticipated interest rate cuts by the Federal Reserve [4] - The company's key project, the Haiyu gold mine, is expected to start production in 2025, with significant increases in gold output and net profit projected for the coming years [4] Market Data - Closing price as of March 25, 2024, is 9.62 HKD with a total share capital of 3.27 billion shares [3] - The company has a net asset value of 18.9 billion RMB and total assets of 46.9 billion RMB [3] Financial Highlights - For 2023, the company achieved a gold production cost increase, but managed to keep management and sales expenses stable [4] - The company plans to distribute a final dividend of 0.04 RMB per share, with a payout ratio of approximately 19% [4] - The projected compound annual growth rate (CAGR) for net profit from 2023 to 2027 is estimated at 64% [4][6] Future Projections - Expected revenues for 2024, 2025, and 2026 are 8.1 billion RMB, 10.83 billion RMB, and 13.31 billion RMB respectively, with significant growth rates anticipated [6] - The projected net profit for 2024, 2025, and 2026 is 1.28 billion RMB, 2.15 billion RMB, and 2.92 billion RMB respectively, indicating strong growth [6][8]

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 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]

Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company's performance in 2023 exceeded expectations, with revenue of 40,932 million yuan, a year-on-year decrease of 0.5%. The gross profit was 8,360 million yuan, down 24.6%, resulting in a gross margin of 20.4%, a decline of 6.5 percentage points. The net profit attributable to shareholders was 1,445 million yuan, a year-on-year increase of 77.0%, while the core net profit was 1,761 million yuan, up 15.9% [6][5]. - The company's land reserve structure continues to improve, with total equity land reserves of 11.52 million square meters as of the end of 2023. The proportion of reserves in the Yangtze River Delta and Greater Bay Area increased by 5 percentage points to 48%, while the proportion in first-tier cities rose by 4 percentage points to 26% [6][5]. - Contract sales showed steady growth, with a total sales amount of 53.6 billion yuan in 2023, a year-on-year increase of 7%. The company achieved a sales recovery rate of 100%, indicating good cash flow management [6][5]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 40,932 million yuan, with a projected revenue of 41,060 million yuan for 2024, indicating a slight growth of 0.3% [4][10]. - The core net profit is expected to decline to 1,517 million yuan in 2024, a decrease of 13.9% year-on-year, before slightly recovering to 1,520 million yuan in 2026 [5][9]. - The average financing cost decreased to 3.88% by the end of 2023, down 0.39 percentage points from the end of 2022, and the net debt ratio fell by 22.8 percentage points to 93.1% [4][6].

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]

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].

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].