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 ...

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% ...

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 ...

Investment Rating - The report assigns an "Accumulate" rating to Dongyue Group, suggesting investors pay attention to the stock [1][2]. Core Views - Dongyue Group is a leader in China's fluorosilicon industry, with optimized shareholding structure, improving refrigerant business margins, and promising long-term potential in polymer materials [1]. - The company is expected to achieve net profits attributable to shareholders of RMB 570 million, RMB 1.3 billion, and RMB 1.54 billion for the years 2023, 2024, and 2025, respectively, reflecting year-on-year changes of -85.2%, +127.4%, and +18.6% [1][4]. - The report highlights the integrated advantages of the fluorochemical and silicon chemical industries, with significant contributions from polymer materials, refrigerants, and organosilicon products [1]. Summary by Sections Industry Overview - Dongyue Group is positioned as a leader in the fluorosilicon industry, with a revenue structure comprising 31.6% from polymer materials, 20.2% from refrigerants, and 34.8% from organosilicon products as of H1 2023 [1]. Refrigerant Business - The issuance of production quotas for third-generation refrigerants in January 2024 is expected to improve supply-demand dynamics and drive price increases, benefiting Dongyue Group's profitability [1]. - The production quotas for second-generation refrigerants R22 and R142b are set at 53,574 tons and 1,882 tons, respectively, while third-generation refrigerants have a total quota of 74,556 tons [1]. Polymer Materials - Dongyue's polymer materials include various products such as PTFE and PVDF, with significant production capacities and self-sufficiency in raw materials [1]. - The report notes that while PVDF prices have seen a decline due to oversupply, the long-term outlook for polymer materials remains positive [1]. Shareholding Structure - The report mentions a planned buyback of 23.12% of shares held by Xinhua Group, which will result in the founder becoming the largest shareholder with a 25.22% stake [1].

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company's FY24 Q3 performance shows continuous improvement, with total revenue of $15.721 billion (YoY +3%, QoQ +9%), gross profit of $2.601 billion (YoY flat, QoQ +3%), and a net profit of $337 million (YoY -23%, QoQ +35%) [2] - The smart device segment generated revenue of $12.362 billion (YoY +6.9%, QoQ +7.4%), with an operating profit of $911 million and a market share of 24.0% [2] - The infrastructure solutions segment reported revenue of $2.473 billion (YoY -13.4%, QoQ +23.5%), with a net operating loss of $38 million [2] - The solutions services segment achieved revenue of $2.021 billion (YoY +10.1%, QoQ +5.4%), with an operating profit of $412 million [2] - The company expects revenue growth driven by AI and new product launches, particularly in the PC and server segments [2] Summary by Sections Financial Performance - FY24 Q3 total revenue: $15.721 billion, gross profit: $2.601 billion, net profit: $337 million [2] - FY2024-2026 revenue projections: $56.012 billion, $59.945 billion, $65.257 billion, with corresponding net profits of $914 million, $1.234 billion, and $2.005 billion [3] Segment Analysis - Smart Devices: Revenue of $12.362 billion, operating profit of $911 million, with a market share of 24.0% [2] - Infrastructure Solutions: Revenue of $2.473 billion, operating loss of $38 million, with significant growth in storage business [2] - Solutions Services: Revenue of $2.021 billion, operating profit of $412 million, benefiting from increased demand for service solutions [2] Earnings Forecast - Expected EPS for FY2024-2026: $0.08, $0.10, $0.17, reflecting anticipated recovery in PC business and growth in AI-related server sales [2][3]

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]

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].

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 ...