Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The chemical sector is expected to have a short-term drag, while the energy equipment sector is projected to bring long-term growth certainty [1] - Strong orders in the energy sector ensure robust growth for the company in the coming years, with multiple collaborative projects in clean energy expected to enhance revenue [1][2] - The company achieved a revenue of 23.63 billion RMB in 2023, a year-on-year increase of 20.5%, with net profit rising by 7.2% to 1.16 billion RMB [2][4] Financial Performance Summary - Revenue for Q1 2024 decreased by 6.8% to 4.635 billion RMB, with the clean energy segment growing by 21.2% to 3.255 billion RMB, while the chemical environment segment fell by 58.6% to 562 million RMB [2] - New orders in the clean energy segment surged from 3.101 billion RMB to 6.208 billion RMB year-on-year, while total new orders increased from 5.509 billion RMB to 7.478 billion RMB [2] - As of March 31, 2024, the backlog of orders in the clean energy segment rose from 11.712 billion RMB to 20.011 billion RMB [2] Future Projections - Revenue projections for 2024-2026 are 27.84 billion RMB, 31.62 billion RMB, and 37.34 billion RMB, with expected growth rates of 17.8%, 13.6%, and 18.1% respectively [3][4] - The net profit attributable to shareholders is projected to be 1.233 billion RMB, 1.488 billion RMB, and 1.938 billion RMB for the same period, with growth rates of 10.7%, 20.7%, and 30.2% respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2023 performance met expectations, with revenue reaching RMB 2.789 billion, a YoY increase of 18.0%, and net profit attributable to shareholders of RMB 345 million, a YoY increase of 184.6% [2][5] - The adjusted net profit was RMB 471 million, a YoY increase of 72.0%, with IVF treatment cycles reaching 30,240, a YoY increase of 15.8% [2][5] - Growth was driven by stable performance in mature institutions in Greater China, recovery in overseas markets, and full-year consolidation of new hospitals [2][6] Business Performance Greater China Region - In the Greater China region, mature institutions in Chengdu and the Greater Bay Area achieved 22,260 cycles, a YoY increase of 6.0%, contributing RMB 5.90 billion in performance, a YoY increase of 28.2% [2][6] - Emerging institutions in Yunnan and Wuhan achieved 4,261 cycles, a YoY increase of 42.7%, with IVF revenue of RMB 179 million, a YoY increase of 35.8%, and reduced losses by RMB 3 million [2][7] Overseas Markets - In the US and Laos, the company achieved 3,847 cycles, a YoY increase of 11.7%, with revenue of RMB 570 million, a YoY increase of 23.4%, and a turnaround in performance with a profit of RMB 27 million [2][8] - The US market saw a recovery in international patients to approximately 50% of pre-pandemic levels, with HRC recruiting 6 new doctors [8] Industry Outlook - The assisted reproductive industry is characterized by high barriers and high growth potential, with supportive policies accelerating the inclusion of assisted reproductive services in medical insurance across multiple provinces [2][8] Financial Projections - The company's EPS is projected to be RMB 0.15, RMB 0.18, and RMB 0.21 for 2024-2026, with PE ratios of 20.80x, 17.52x, and 14.78x respectively based on the closing price on May 21, 2024 [2][8]

Investment Rating - The report assigns a "Buy" rating for the company [1][7]. Core Insights - The company reported a revenue of 1.094 billion yuan in 2023, a year-on-year increase of 3.97%, with a gross profit of 674 million yuan, up 5.98%. However, the net profit attributable to shareholders decreased by 11.07% to 182 million yuan [1][4][5]. - In the first half of 2023, the number of hospital visits significantly increased, with surgical volumes peaking in Q2. However, the second half of 2023 saw a nationwide regulatory crackdown in the pharmaceutical industry, which temporarily impacted surgical volumes and the application of high-value innovative products, leading to revenue pressure [1][5]. - The company experienced rapid growth in its spinal and trauma implant segment, with a year-on-year increase of approximately 105.4%. The company is actively expanding its overseas business, with joint ventures in countries like Vietnam and Uzbekistan, achieving over 50% growth in the Southeast Asian market [1][5]. - The announcement of the joint procurement price and selection rules for joint replacements on April 30, 2024, is expected to improve the competitive landscape for the company, as the new rules are more lenient compared to the first round of procurement [1][5]. Financial Summary - The company forecasts revenues of 1.425 billion, 1.838 billion, and 2.317 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 30.2%, 29.0%, and 26.0%. The net profit attributable to shareholders is projected to be 261 million, 346 million, and 438 million yuan for the same years, with growth rates of 43.1%, 32.6%, and 26.6% [1][7][8]. - The earnings per share (EPS) are expected to be 0.23 yuan, 0.31 yuan, and 0.39 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23.2, 17.5, and 13.8 [1][7][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a revenue decline of 5.7% year-on-year in Q1 2024, with total revenue reaching 5.1296 billion yuan. The decline is attributed mainly to a significant drop in mining equipment revenue, particularly in tunneling machines, wide-body trucks, and mining trucks. However, the company anticipates a growth phase for its mining truck business in the second half of 2024 due to the launch of a 240-ton product and the resumption of deliveries for a 150-ton product [1][2] - The company has acquired the oil equipment business in 2023, but this segment underperformed in Q1 2024, resulting in losses. The solar energy business is also expected to face challenges due to significant price declines across the industry, impacting equipment and component sales [1] - The company announced the acquisition of a 65% stake in SANY Robotics for 45.5 million yuan, which is expected to reduce losses from new business ventures [1] Financial Summary - For 2024 and 2025, the company is projected to achieve revenues of 27.987 billion yuan and 34.007 billion yuan, representing year-on-year growth rates of 38.02% and 21.51%, respectively. The net profit attributable to shareholders is expected to be 2.254 billion yuan and 2.564 billion yuan, with growth rates of 16.85% and 13.75% [2][4] - The company's net profit margin is projected to decline from 9.07% in 2023 to 8.05% in 2024 and further to 7.54% in 2025 [5] - The total assets of the company are expected to grow from 34.963 billion yuan in 2023 to 41.243 billion yuan in 2024 and 51.905 billion yuan in 2025 [4][5]

证券研究报告 ＃industryId＃ 医疗服务 ＃06078.HK ＃海dy吉Com亚pa医ny＃疗 港股通（深） ＃investSuggestion＃ ＃ ＃title＃ 增持 ( 维持） 2023 年业绩符合预期，并购整合高效 ＃createTime1＃ 2024 年05 月 17 日 投资要点 ＃summary＃  海吉亚医疗发布2023年年报。公司2023年实现营业总收入40.77亿元，同 ＃市场ma数rk据etData＃ 比增长27.4%；实现净利润6.85亿元，同比增长42.1%；实现经调整净利润 日期 2024-05-16 7.13亿元，同比增长17.5%。公司2023年下半年实现营收23.17亿元，同比 收盘价（港元） 39.05 增长38.8%；实现净利润3.50亿元，同比增长38.0%；实现经调整净利润3.67 总股本（百万股） 631.52 亿元，同比增长19.8%。2023年公司ROE为12.24%，同比提升2.0pp。 流通股本（百万股） 631.52  2023年医院业务持续良性增长，肿瘤特色进一步增强。2023年，公司医院 净资产（百万元） 6,233.20 业务收入38. ...

Investment Rating - The report does not provide a specific investment rating for the company [4][6]. Core Insights - The company achieved a total revenue of 2.59 billion RMB in 2023, representing a year-on-year growth of 10.7%, primarily driven by the robust performance of its nephrology segment [4][6]. - The overall gross margin was 74.2%, slightly down from 75.3% in 2022. The net profit attributable to shareholders reached 784.534 million RMB, with a year-on-year increase of 14.9%, resulting in a net profit margin of 30.3%, up by 1.1 percentage points [4][6]. - The company declared a dividend of 0.45 HKD per share, with a payout ratio of 42%, significantly higher than the 30% in 2022 [4][6]. Summary by Sections Market Data - Closing price: 7.16 HKD - Total shares: 818 million - Total market capitalization: 5.856 billion HKD - Net assets: 3.627 billion RMB [2]. Financial Performance - Revenue (million RMB): - 2020: 1,753 - 2021: 2,045 - 2022: 2,340 - 2023: 2,590 - Year-on-year growth rates: - 2021: 16.6% - 2022: 14.4% - 2023: 10.7% - Net profit (million RMB): - 2020: 499 - 2021: 590 - 2022: 683 - 2023: 784.534 - Net profit growth rates: - 2021: 18.2% - 2022: 15.8% - 2023: 14.9% - Earnings per share (RMB): - 2020: 0.61 - 2021: 0.74 - 2022: 0.86 - 2023: 0.99 [3]. Business Segments - Nephrology segment revenue: 1.741 billion RMB in 2023, up 11.0% year-on-year, with key products maintaining strong growth [4][6]. - Pediatric and women's health segment revenue: 294 million RMB, a growth of 22.7% year-on-year, with significant market penetration [4][6]. - Imaging segment revenue: 156 million RMB, down 4.6% year-on-year, with some products showing growth while others declined due to procurement issues [4][6]. - Yulin Pharmaceutical revenue: 400 million RMB, up 10.2% year-on-year, benefiting from a strong marketing strategy [4][6]. Research and Development - The company has a diverse product pipeline covering nephrology, MRI, and CT, with several products making significant progress in clinical trials and regulatory approvals [4][6]. Future Outlook - The nephrology and pediatric segments are expected to be the company's main growth drivers, with plans to deepen market penetration and launch new products [5][6].

Financial Data and Key Metrics Changes - The global force sensor market reached $2.7 billion in 2023 and is projected to grow to $4.1 billion by 2032, with a CAGR of 4.54% from 2024 to 2032 [93]. - In 2022, the sales volume of six-dimensional force/torque sensors in China was 8,360 units, a year-on-year increase of 57.97%, with the robotics sector accounting for 4,840 units, up 62.58% [94]. Business Line Data and Key Metrics Changes - The six-dimensional force sensor is crucial for humanoid robots, with significant market potential expected as the industry matures [96]. - The market size for six-dimensional force/torque sensors in China was 239 million yuan in 2022, reflecting a growth of 52.04%, with the robotics sector contributing 156 million yuan, a 54.35% increase [94]. Market Data and Key Metrics Changes - The demand for six-dimensional force sensors is expected to rise significantly due to the increasing production of humanoid robots, with projections indicating sales could exceed 84,000 units by 2027 [94]. - The market for six-dimensional force sensors is experiencing rapid growth, particularly in the automotive and robotics sectors, driven by advancements in automation and electric vehicle production [93][94]. Company Strategy and Development Direction - The company is focusing on the development of multi-physical quantity sensors and high-end products for robotics, aiming to leverage the growth opportunities presented by humanoid robots [102]. - The strategic emphasis is on enhancing digital, high-end, and torque sensor products to meet the evolving demands of the robotics market [102]. Management's Comments on Operating Environment and Future Outlook - Management acknowledges the potential risks associated with the demand for humanoid robots and six-dimensional force sensors, emphasizing the need for continued innovation and market adaptation [40]. - The outlook remains positive, with expectations of robust growth in the sensor market driven by technological advancements and increasing applications in various industries [93][94]. Other Important Information - The six-dimensional force sensor is recognized for its ability to provide comprehensive information on external forces and moments, making it essential for applications in robotics, biomedical research, and aerospace [90]. - The company has developed six-dimensional force products for various applications, including robotic arms and precision medical devices, currently in small-scale development [102]. Q&A Session Summary Question: What are the growth prospects for the six-dimensional force sensor market? - The market is expected to grow significantly, with projections indicating a sales volume exceeding 84,000 units by 2027, driven by advancements in humanoid robotics and automation [94]. Question: What are the key applications for six-dimensional force sensors? - Six-dimensional force sensors are widely used in automotive testing, human-robot interaction, and various industrial applications, highlighting their versatility and importance in modern technology [90].

海 外 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃09926 .HK ＃康dy方Com生pa物ny＃ 港股通（沪） dyStockco ＃investSuggestion＃ ＃ 增持 ( in首 ve次 stS） d e＃ ＃title＃ 依沃西单抗上市申请获受理，卡度尼利单抗快速放量 uggesti onChan ＃createTime1＃ ge＃ 2024年 5月 15日 公 投资要点 ＃市场ma数rk据et Data＃ 司 ＃summary＃ 日期 2024/5/14 ⚫ 产品销售收入高速增长，许可费收入助力公司首次财务盈利：2023年，康方 点 收盘价（港元） 49.20 生物实现上市以来的首次年度财务盈利。报告期内总收入达 45.26 亿元人民 评 总股本（百万股） 865.86 币，同比增长440%；净利润高达19.42亿元人民币，实现首次年度盈利。1） 报 流通股本（百万股） 865.86 2023年公司全年商业化业绩再创新高，全年实现产品销售额16.31亿元人民 告 净资产（百万港元） 5,178 币，同比增长达48%。其中，全球首个获批上市的肿瘤免疫双抗开坦尼®（卡 总资产 ...

Financial Data and Key Metrics Changes - The company's total revenue for Q1 2024 was RMB 160 billion, representing a year-on-year growth of 6% and a quarter-on-quarter growth of 3% [41] - Gross profit reached RMB 84 billion, showing a year-on-year increase of 23% and a quarter-on-quarter increase of 8% [41] - Non-IFRS operating profit was RMB 59 billion, up 30% year-on-year and 19% quarter-on-quarter [41] - Non-IFRS net profit attributable to shareholders was RMB 50 billion, reflecting a year-on-year growth of 54% and a quarter-on-quarter growth of 18% [41] Business Line Data and Key Metrics Changes - The gaming segment saw a mixed performance, with flagship games like "Honor of Kings" and "Peacekeeper Elite" experiencing revenue declines in Q1, but showing signs of recovery in March with year-on-year growth [44][45] - The advertising revenue from online ads was RMB 26.5 billion, a year-on-year increase of 26%, driven by increased engagement and AI ad targeting [26] - The revenue from financial technology and business services was RMB 52 billion, showing a year-on-year growth of 7% [27] Market Data and Key Metrics Changes - Domestic game revenue grew by 3% year-on-year, indicating a general recovery trend [42] - International game revenue also increased by 3% to RMB 14 billion, remaining stable in constant currency terms [42] - The video account user engagement time grew by 80% year-on-year, with video accounts now having double the engagement time compared to Moments [38] Company Strategy and Development Direction - The company is focusing on high-quality revenue sources, including video accounts, mini-games, and e-commerce technology service fees, to drive growth and operational profit [45] - There is an ongoing commitment to repurchase shares, with plans to buy back over RMB 100 billion worth of shares in 2024 while also increasing dividends [45] - The company is investing in AI, platform enhancements, and high-production-value content to support future growth [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of game revenues and the positive impact of structural changes on reducing business risks [31] - The company anticipates that the growth rate of advertising revenue will slow down in subsequent quarters, aligning more closely with market consensus expectations [5] - Management highlighted the importance of maintaining a focus on high-quality growth strategies and the potential for sustained profit margins across various business segments [32] Other Important Information - The company upgraded its advertising technology platform to help advertisers manage campaigns more effectively, resulting in a 100% year-on-year increase in video account ad revenue [2] - The company is seeing strong growth in wealth management services, with an increase in user numbers and average fund investments [14] Q&A Session Summary Question: How does the company view the future potential and growth plans for key games? - Management noted that they have been updating key games successfully and are confident in the ongoing process, learning from past experiences [6] Question: What are the expectations for profit growth and margin trends in the coming years? - Management clarified that they are pursuing a strategy of investing in platform development and user experience while gradually achieving profitability [6] Question: How does the company plan to leverage AI in its advertising business? - Management believes that AI will significantly enhance ad targeting and management, leading to improved click-through rates and overall ad revenue growth [29]

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the biopharmaceutical industry, particularly recent developments in innovative drug trials and market performance of biopharmaceutical companies listed in Hong Kong. Core Insights and Arguments 1. **Johnson & Johnson's TAR-210 Progress** - Johnson & Johnson announced positive progress in a Phase I clinical trial of TAR-210 for patients with non-muscle invasive bladder cancer (NMIBC) - In cohort 1, the 12-month recurrence-free survival rate reached 90% among 21 high-risk NMIBC patients - In cohort 3, the complete response rate was also 90% among 31 patients evaluated - The treatment involved a novel bladder drug delivery system using a silicone tube for sustained low-dose release of FGFR kinase inhibitor Balversa (erdafitinib) [11][10][12] 2. **NeuroSense Therapeutics' ALS Treatment Results** - NeuroSense Therapeutics reported a 43% reduction in disease progression for high-risk ALS patients treated with PrimeC compared to placebo - The ALSFRS-R score showed a significant difference of 5.04 points favoring the treatment group [12][10] 3. **Bristol-Myers Squibb's Opdivo Application** - BMS announced that the FDA accepted the Biologics License Application (BLA) for a subcutaneous formulation of Opdivo (nivolumab) - The application is based on data from the CheckMate-67T trial, which demonstrated non-inferiority in efficacy compared to intravenous Opdivo [13][10] 4. **Merus' Zenocutuzumab Priority Review** - Merus received priority review from the FDA for its bispecific antibody zenocutuzumab (Zeno) for treating NRG1 fusion-positive non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC) - The application is supported by promising results from the eNRGy trial, showing an objective response rate of 37.2% in NSCLC patients [14][10] Market Performance of Biopharmaceutical Companies - The report includes a weekly summary of the market capitalization and stock performance of 70 biopharmaceutical companies listed in Hong Kong from May 6 to May 12, 2024 - Notable stock performances include: - China Intelligent Health: +98.60% - Junsheng Tai Pharmaceutical-B: +29.50% - Zai Ding Pharmaceutical: +26.56% - WuXi AppTec: +26.56% - Other companies showed varying degrees of performance, with some experiencing declines [6][9] Additional Important Information - The report highlights the ongoing clinical trials and their phases, including various indications such as triple-negative breast cancer, non-small cell lung cancer, and asthma - The total number of IND applications in China during the week was 41, indicating active research and development in the biopharmaceutical sector [1][2][3] This summary encapsulates the key developments and market dynamics within the biopharmaceutical industry as discussed in the conference call.