海 外 研 证券研究报告 究 ＃industryId＃ 硬件科技 ＃inve 买stSu 入ggestion＃ (维＃ 持） ＃ 01810.HK ＃小dy米Com集pa团ny＃ -W 港股通 ＃title＃ 公司跟踪： 小米 表现强劲，电动车首度亮相 14 ＃createTime1＃ 公 2024年3月 6日 司 投资要点 ＃市场ma数rk据etData＃ 点 ＃summary＃ 评 日期 2024/3/6  智能手机业务：小米14发布，中国市场表现强劲。根据Canalys报告，23Q4 收盘价（港元） 13.04 小米集团全球智能手机出货量4160万台（YoY+25%），份额13%（YoY+2pcts）。 报 总股本（百万股） 25,106 季度内，小米集团于10月底发布小米14、小米14Pro和小米HyperOS系统， 告 根据BCI数据，公司11月中国市场月度激活量同比增长44.1%，份额重回国 流通股本（百万股） 16,379 产品牌第一，4,000元人民币以上价格段市场份额14.4%（YoY+12pcts），12 净资产（百万人民币） 160,063 月公司的中国市场月度激活量同比增长25.8% ...

证券研究报告 ＃industryId＃ 造纸 公 司 跟 踪 报 告 | --- | --- | |----------------------------|--------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 20240306 | | 收盘价（港元） | 3.46 | | 总股本（亿股） | 47 | | 流通股本（亿股） | 47 | | 净资产（亿元） | 499 | | 总资产（亿元） | 1,423 | | 每股净资产（元） | 11.81 | | 数据来源： Wind | ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 海外原材料研究 分析师：韩亦佳 SFC：BOT963 SAC：S0190517080003 hanyij@xyzq.com.cn ＃investSuggestion＃ 增持 ( ＃ investS uggesti onChan ge＃ 首次 ） ＃ dyStockco de＃ 02689.HK ＃玖龙纸业 dyCompany＃ 港股通（沪/深） 盈利修复，成本控制 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 8.06 [2][4] Core Views - The company's profitability improved significantly in H2 2023, driven by policy support for property delivery and cost reductions [6] - Revenue grew 4.1% YoY to HKD 26.8 billion in 2023, with net profit increasing 4.6% YoY to HKD 5.37 billion [6] - H2 2023 revenue rose 17.2% YoY to HKD 14.18 billion, with net profit surging 76.6% YoY to HKD 3.22 billion [6] - The company declared a dividend of 63 HK cents per share, representing a payout ratio of 49% [6] Financial Performance - Float glass revenue in H2 2023 reached HKD 9.45 billion, up 17.8% QoQ and 28.4% YoY [6] - Automotive glass revenue declined 1.6% YoY to HKD 5.98 billion in 2023, with gross margin dropping 2.4ppt to 47.9% [6] - Building glass revenue grew 8.9% YoY to HKD 3.35 billion in 2023, though gross margin fell 5.8ppt to 33.4% [6] - The company reduced sales and administrative expenses by HKD 50 million and HKD 13 million respectively in 2023 [6] Industry Outlook - Short-term demand remains resilient due to property completion needs, while low raw material costs support profitability [6] - The company is expanding overseas capacity in Malaysia and Indonesia, while acquiring domestic competitors to strengthen its market position [6] - Revenue is forecast to decline 0.2% in 2024 to HKD 26.75 billion, with net profit expected to grow 8.9% to HKD 5.84 billion [6] Valuation - The stock trades at 5.7x 2024E P/E and 0.86x P/B, with a potential dividend yield of 8.5% [6] - EPS is projected to be HKD 1.41 in 2024, up from HKD 1.29 in 2023 [5][8]

证券研究报告 ＃industryId＃ 新能源行业 ＃investSuggestion＃ ＃00968.HK ＃信dy义Com光pa能ny＃ 买入 （维持） ＃ ＃title＃ 利润超预期，长期空间可期 ＃createTime1＃ 2024 年3 月2日 ＃市场ma数rk据etData＃ 投资要点 日期 2023/3/1 ＃su我mm们a的ry观＃点：信义光能2023H2光伏玻璃毛利率环比大幅提升，利润超预期；公司光伏玻璃产 收盘价（港元） 4.91 能如期扩充，成本优势突出，有望继续通过放量驱动利润增长。我们预计公司2024-2026年归 总股本（亿股） 89.0 母净利润分别为52.5、65.7、78.3亿港元，分别同比+25.3%、+25.3%、+19.2%；对应2024年3 月1日收盘价的PE各为8.3x、6.7x、5.6x；维持公司“买入”评级，建议投资者关注。 总市值（亿港元） 437.1  2023H2利润超预期：2023年，公司营收、毛利、归母净利润各为266.3、70.9、41.9亿港元， 归母净资产（亿港元） 319.7 分别同比+29.6%、+15.1%、+9.6%；其中2023H2 ...

证券研究报告 ＃industryId＃ 化工行业 ＃investSuggestion＃ ＃ ＃00189.HK ＃东dy岳Com集pa团ny＃ 增持 （首次） 关注制冷＃ 剂t旺itle季＃ 行情催化 ＃createTime1＃ ＃市场ma数rk据etData＃ 2024 年2月 28 日 日期 2024/2/28 投资要点 收盘价（港元） 6.91 ＃sum我mar们y＃的观点：东岳集团是中国氟硅行业龙头，公司股权结构优化，制冷剂 总股本（亿股） 22.5 业务边际改善，高分子材料业务长期空间可期。我们预计公司2023-2025 年归母净利润分别为5.7、13.0、15.4亿元（人民币，下同），分别同比-85.2%、 流通股本（亿股） 22.5 +127.4%、+18.6%，对应2024年2月28日收盘市值的PE倍数分别为24.8x、 归母净资产（亿元） 145.7 10.9x、9.2x；首次评级覆盖给予公司“增持”评级，建议投资者关注。 总资产（亿元） 233.0  氟硅行业龙头。东岳集团是中国氟硅行业龙头，氟化工（氢氟酸+制冷剂+ 每股归母净资产（元） 6.47 含氟高分子材料）和硅化工（单体+中间 ...

海 外 研 证券研究报告 究 ＃industryId＃ 海外 TMT ＃inve 增stSu 持ggestion＃ (维＃ ＃ 00992.HK ＃联dy想Com集pa团ny＃ 港股通 持） ＃title＃ 业绩点评： FY2024 Q3 业绩持续改善， 战略布局可期 AI ＃createTime1＃ 公 2024年2月 26日 司 投资要点 点 ＃市场ma数rk据etData＃ ＃ sum 公ma 司ry＃ FY24Q3业绩持续改善：公司FY24Q3实现总营收157.21亿美元（YoY+3%， 日期 2024-2-23 QoQ+9%），毛利润为26.01亿美元（YoY持平，QoQ+3%），毛利率为16.5%（YoY-0.6pct， 评 QoQ-1.0pcts），归母净利润3.37亿美元（YoY-23%，QoQ+35%）。 收盘价（港元） 8.55 报 总股本（百万股） 12,405  智能设备业务：公司智能设备业务 FY24Q3 收入 123.62 亿美元（YoY+6.9%， 告 QoQ+7.4%），运营利润9.11亿美元（YoY+7.4%，QoQ+7.6%），运营利润率7.4% 流通股本（百万股） 1 ...

海 外 研 证券研究报告 究 ＃industryId＃ 海外社服行业 ＃09987 .HK ＃百dy胜Com中pa 国ny＃ 港股通（沪、深） dyStockco ＃inve 买stSu 入ggest ion＃ i维nv＃ d e＃ ( e持stS ） 2 3Q 4 业 绩好于预＃期title，＃ 长期目标不动摇 uggesti onC han ＃createTime1＃ ge＃ 2024年 2月 23 日 公 投资要点 司 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 维m 持ar “y 买＃入 ”评级：长期来看，公司的业绩增长具备韧性。公司的长期规划包括：2023年~2026年系统 日期 2024.2.22 销售实现高单位数~双位数增长、加入回购等因素EPS实现10%+增长。截至2026年开店达到2万家， 跟 对应总门店数2023~2026年CAGR为11%。3年间通过派息回购向股东返还30亿美元现金回报。公 收盘价（港元） 328.40 踪 司较强的品牌力、店铺组合的持续优化、成本结构的不断调整为长期目标的达成提供动力。短期来看， 总股本（亿股） 4.04 2023Q1的店效、业绩基数较高，我们预 ...

Investment Rating - The investment rating for the company is "Add" [2] Core Views - The company aims for an average tangible equity return of approximately 15% in 2024, with a projected net interest income of at least $41 billion for the banking business in 2024. The target payout ratio for 2024 is maintained at 50%, and the company has announced a share buyback of up to $2 billion [2][3] Financial Performance Summary - For the fiscal year 2023, the total operating income reached $66.1 billion, representing a year-on-year growth of 30.5%. The attributable net profit for ordinary shareholders was $22.4 billion, with a year-on-year increase of 56.4% [2][3] - The net interest margin improved to 1.66%, an increase of 24 basis points year-on-year. The company’s pre-tax profit rose by $13.8 billion to $30.3 billion, while the post-tax profit increased by $8.3 billion to $24.6 billion [3] - The average tangible equity return increased from 10.0% in 2022 to 14.6% in 2023. The liquidity coverage ratio stood at 136%, total capital ratio at 20.0%, and leverage ratio at 5.6% [3] 2024 Outlook - The company maintains a cautious outlook for loan growth in the first half of 2024 but expects a mid-single-digit percentage increase in customer loans year-on-year in the medium to long term. The anticipated credit loss provisions are expected to average around 40 basis points of total loans [3][2] - The company targets a cost increase of approximately 5% for 2024, excluding the impact of the sale of the French retail banking business and the planned sale of the Canadian banking business [3]

海 外 研 证券研究报告 究 保险 ＃investSuggestion＃ ＃ ＃ 02328.HK ＃中dy国Com财pa险n y＃ 港股通（沪/深） investSug 买入 （维ges持tion）Ch 业精于勤＃t ，itle 行＃ 成于思 ange＃ ＃createTime1＃ 2024年2月 22日 公 投资要点 司 ＃市场ma数rk据etData＃ ＃summary＃  基本情况：中国财险作为综合实力强劲的大型国有保险公司，保费规模居全 深 数据日期 2024-02-21 球财险市场前列，不仅具备财险公司独特的经营特质，还拥有深厚的经营护 收盘价（港元） 10.06 度 城河。近年来，面对利率持续下行压力，相比其他以寿险业务为主的上市险 总股本（百万股） 22,243 企，中国财险负债久期短+成本低、杠杆及ROE波动较小、偿二代二期规则 研 流通股本（百万股） 6,899 下偿付能力更优、受资本约束更小等优势逐步显现。此外，公司近年来坚持 究 净资产（百万港元） 250,077 改革创新，推动保费规模稳健增长的同时全面降本增效，承保盈利能力持续 报 精进；加之较高的分红水平和较好的股息表现，公司长 ...

Investment Rating - The report does not provide a specific investment rating for the company [2]. Core Insights - The company plans to acquire a 55.7% stake in ThaiNamthip for approximately HKD 94.701 billion and will sell about 30% of its interests in Cambodian and Vietnamese Coca-Cola bottling operations for approximately USD 2.711 billion (around HKD 21.15 billion) [4][6]. - The acquisition aims to form a strategic bottling alliance in Northern ASEAN, which includes Thailand, Laos, Cambodia, and Vietnam, enhancing the company's beverage business expansion in Southeast Asia [4][6]. - Southeast Asia is expected to be a significant growth driver for the company's beverage business, with beverage revenue contributing 59.1% to total income in H1 2023 [4][6]. - The company has a remaining buyback capacity of approximately HKD 54.4 billion, which is expected to provide support for the stock price [4][9]. - The company maintains a strong cash position and a sustainable dividend policy, emphasizing shareholder returns through its buyback plan [4][11]. Summary by Sections Market Data - Closing price (A shares) is HKD 63.20, total shares outstanding are 856.82 million, and total market capitalization is HKD 542 billion [2]. Financial Performance - For H1 2023, the company reported operating revenue of HKD 51.544 billion, with a year-on-year growth of 15.0% [5]. - The recurring net profit attributable to shareholders was HKD 4.879 billion, showing a significant increase of 283.6% year-on-year [5]. - The net profit margin for H1 2023 was 9.5%, indicating improved profitability [5]. Share Buyback Program - The company announced a buyback program of HKD 60 billion, representing about 9% of its total market capitalization as of the announcement date [4][9]. - As of February 16, 2024, the company had repurchased approximately HKD 5.6 billion worth of shares, with an average daily buyback amounting to 16.2% of the trading volume for A shares and 21.8% for B shares [9][11].