| --- | --- | --- | --- | --- | --- | |-----------------------------|----------------------|---------|---------|---------|---------| | 人民币百万元 | FY22 | FY23 | FY24E | FY25E | FY26E | | 营业收入 | 554,552 | 608,940 | 675,990 | 757,215 | 830,541 | | 毛利润 | 238,746 | 293,034 | 359,251 | 403,265 | 450,117 | | 调整后净利润 | 115,649 | 157,613 | 208,343 | 232,695 | 264,419 | | 调整后目标 PE(x) | | | 19.5 | 17.5 | 15.4 | | E= 浦银国际预测，资料来源： | Bloomberg 、浦银国际 | | | | | 流动负债合计 434,204 352,157 352,460 366,019 375,666 负债总额 795,271 703,5 ...

| --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|----------------------------| | 宏观经济 \| 数据点评 \n4 月美国通胀放缓，或有助于美 | 金晓雯， PhD ， CFA 首席宏观分析师 | | | 联储提升降息信心 | xiaowen_jin@spdbi.com (852) 2808 6437 | 浦银国际 | | 美国通胀 4 ...

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浦银国际研究 公司研究 | 科技行业 闻泰科技（600745.CH）：ODM 业绩逐季 沈岱 浦 稳定，功率半导体业务触底在即 首席科技分析师 银 tony_shen@spdbi.com 国 (852) 2808 6435 调整目标价至人民币 37.1 元，潜在升幅 17%，维持“买入”评级。 际 黄佳琦 调整公司盈利预测，重申闻泰科技的“买入”评级：受到手机供应  链涨价以及海外功率半导体周期下行影响，闻泰去年四季度和一季 科技分析师 sia_huang@spdbi.com 度利润都较同期下滑。从短期来看，闻泰 ODM业务正在逐季改善， (852) 2809 0355 而安世半导体业务也触底在即。从中长期看，大客户有望为闻泰 ODM 业务提供增量和利润，而临港晶圆厂有望带动安世消费领域 2024年5月14日 应用增长。维持“买入”评级。 评级 公 ODM业务加强成本控制，大客户也将稳步扭亏：闻泰ODM 在去年  司 四季度和今年一季度分别录得人民币 7 亿和3.5 亿元的亏损。主要 目标价（人民币） 37.1 研 原因在于：1）手机供应链涨价，导致部分项目从盈利转亏；2）制 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810.HK) and raises the target price to HKD 23.6, indicating a potential upside of 22% [1][4][10]. Core Insights - Xiaomi's core business is back on an upward trajectory, with strong profit release expected in Q1 2024. Revenue is projected to grow by 25% year-on-year, driven by increased smartphone shipments and significant growth in the IoT segment, particularly in major appliances. The internet business is also expected to maintain stable growth due to an expanding user base [1][3]. - The report anticipates adjusted net profit to approach RMB 5.5 billion, representing a year-on-year increase of nearly 70%. After accounting for approximately RMB 2.5 billion in expenses from new automotive ventures, the adjusted core business profit is expected to be around RMB 8 billion [1][3]. - The management's confidence in the business outlook has improved, particularly regarding the high-end smartphone strategy and automotive business. The delivery forecasts for Xiaomi's automotive segment have been raised to 100,000 units in 2024 and 208,000 units in 2025, with revenue projections adjusted to RMB 23.7 billion and RMB 50.8 billion, respectively [1][3]. Financial Summary - Revenue projections for Xiaomi from 2022 to 2026 are as follows: - 2022: RMB 280.0 billion - 2023: RMB 271.0 billion - 2024E: RMB 329.5 billion (22% growth) - 2025E: RMB 372.7 billion (13% growth) - 2026E: RMB 434.1 billion (16% growth) [3][6]. - Adjusted net profit forecasts are: - 2022: RMB 8.5 billion - 2023: RMB 19.3 billion - 2024E: RMB 13.8 billion (126% growth) - 2025E: RMB 20.3 billion (28% growth) - 2026E: RMB 23.9 billion (47% growth) [3][6]. - The report employs a sum-of-the-parts valuation method, assigning target P/E ratios of 14.0x for smartphones, 16.0x for IoT, and 14.0x for internet services, with a target price of HKD 23.6 [1][7]. Valuation Methodology - The valuation is based on stable profit release from core businesses, allowing Xiaomi to invest in building future technological barriers. The target price reflects the expected growth in various segments, including automotive [1][7].

浦银国际研究 公司研究 （U.US） 百万美元 2022 2023 2024E 2025E 2026E 营业收入 1,391 2,187 1,861 2,030 2,265 经营利润 (882) (833) (802) (345) (102) 调整后 EBITDA (71) 274 414 594 741 目标 PS (x) 6.4 5.8 5.2 E=浦银国际预测 资料来源：Bloomberg、浦银国际预测 Unity（U.US）：业务维持稳定， 预计下半年迎业绩拐点 Create保持稳定增长：1Q24战略组合Create Solutions保持稳定增长， 收入为 1.33 亿美元，同比增长 17%，环比增长 4%，优于我们预期， 主要受订阅和战略合作伙伴驱动。我们认为随着公司与行业参与者的 沟通，市场对 Runtime Fee 的担忧已经消退。公司下一代 Unity 6 预计 将在 2024 年下半年发布，在复杂场景、AI 和 XR 体验等方面有所提 升，客户反馈积极，有望进一步加强公司在游戏引擎的市场地位。 维持"买入"评级及目标价 31 美元：我们预计公司战略组合 2024E 收入为 17.8 亿美元 ...

浦银国际研究 公司研究 | 医药行业 再鼎医药（ZLAB.US/9688.HK）：1Q24 业绩 超预期，艾加莫德增长势头愈发强劲 阳景 浦 首席医药分析师 银 再鼎医药 1Q24 业绩显著超预期，主要受益于各药品收入均好于预期， Jing_yang@spdbi.com 国 (852) 2808 6434 尤其是新纳入医保重磅药品艾加莫德单季销售强于预期。在目前好转 际 的医药板块行情下，公司凭借出色的业绩表现，叠加短中期值得期待的 艾加莫德强劲收入增长，吸引了投资者对公司股票的关注与买入，使得 胡泽宇 CFA 公司美股港股在业绩公布后均大涨 20%+。我们重申对再鼎医药的“买 医药分析师 入”评级和目标价 60 美元/47 港元，基于再鼎过往强大的商业化能力 ryan_hu@spdbi.com 和高效的执行力，我们相信艾加莫德能为公司实现 2023-2028 年收入 (852) 2808 6446 CAGR超 50%的战略目标提供强有力驱动。  1Q24收入好于预期，净亏损远好于预期：1Q24 产品收入为 8714.9万 2024年5月10日 公 美元(+38.8% YoY, +32.4% QoQ)，显著 ...

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347.HK) and Huahong Company (688347.CH) [1][9] Core Views - Huahong's gross margin improved to 6.4% in Q1, exceeding company guidance and market expectations, with a projected median gross margin of 8% for Q2, indicating a continued upward trend [1] - The semiconductor foundry industry is in an upward cycle this year, particularly in China, with products like BCD, memory, and image sensors showing improved market conditions [1] - The company is on track to advance its 12-inch fab in Wuxi, with equipment expected to be moved in September and trial production anticipated in Q4 2024, leading to capacity release in 2025 [1] Financial Performance Summary - Q1 revenue decreased by 27% year-on-year, but gross margin improved from 4.0% in Q4 to 6.4% in Q1 [1] - The company expects EBITDA growth in the coming quarters, driven by improving operating profit margins from -16.9% in Q4 last year to -10.6% in Q1 this year [1] - The target EV/EBITDA for Huahong is set at 8.5x for 2024, with target prices of HKD 20.6 for the Hong Kong stock and RMB 43.6 for the A-share, representing potential upside of 21% and 35% respectively [1][3] Financial Metrics - Q1 2024 performance: Revenue of USD 460 million, gross profit of USD 30 million, and net profit of USD 32 million, with a gross margin of 6.4% [7] - The company’s total market capitalization is approximately HKD 37.79 billion and RMB 34.95 billion [3][9] - The stock price range over the past 52 weeks was HKD 13.8 to 29.8 for the Hong Kong stock and RMB 27.9 to 59.9 for the A-share [3]

Investment Rating - The report maintains a "Buy" rating for the company with target prices of $275 for US shares, HK$165 for Hong Kong shares, and RMB 175 for A-shares, indicating potential upside of 67% for US shares and 65% for Hong Kong shares [1][3][5]. Core Insights - The company reported better-than-expected performance in Q1 2024, driven by strong overseas sales of Zebutinib, with total revenue reaching $752 million, a year-over-year increase of 67.9% and a quarter-over-quarter increase of 18.5% [1][5]. - Zebutinib's revenue in Q1 2024 was $489 million, reflecting a 131% year-over-year growth, with significant contributions from the US and European markets [1][5]. - The company is optimistic about Zebutinib's long-term potential, expecting it to surpass Ibrutinib as new patients gradually replace older ones [1][5]. Financial Performance - Q1 2024 product revenue was $747 million, up 82% year-over-year, with a net loss of $251 million, a decrease of 27.9% year-over-year [1][5]. - The adjusted Non-GAAP operating loss for Q1 2024 was $147 million, down 46.5% year-over-year [1][5]. - The gross margin for Q1 2024 was 83.3%, an increase of 3.2 percentage points from Q1 2023 [1][5]. Research and Development Progress - The company is advancing its pipeline with a focus on BCL2 and BTK CDAC, with multiple clinical trials ongoing for Sonrotoclax and BGB-16673 [1][5]. - Sonrotoclax is currently in four registrational clinical trials, with data expected to be released at upcoming conferences [1][5]. - BGB-16673 has initiated studies for R/R MCL and R/R CLL, with plans to start a Phase III trial by the end of 2024 [1][5]. Market Position and Future Outlook - Zebutinib's sales in the US and Europe have shown remarkable growth, with the US market share increasing significantly [1][5]. - The company is exploring additional indications for Zebutinib, including Lupus Nephritis and Membranous Nephropathy, with clinical trials in progress [1][5]. - The report projects revenue growth for 2024, 2025, and 2026, with slight adjustments to net loss forecasts and a significant increase in net profit forecast for 2026 [5][6].

科技行业 | 行业追踪 苹果 2024 春季发布会：稳步 沈岱 浦 构建 AI 技术护城河 首席科技分析师 银 tony_shen@spdbi.com 国 (852) 2808 6435 际 北京时间5月7日，苹果发布新款iPad系列及M4芯片。 马智焱 苹果发布搭载 M4 芯片的 iPad 系统，有望加速其 AI 护城河的搭 科技分析师 建。距离上次苹果发布的iPad Pro 时隔约一年。在该产品品类创 ivy_ma@spdbi.com 新放缓的情况下，苹果iPad 产品更新迭代时间超过一年一迭代。 (852) 2809 0300 苹果发布 iPad Air 的上一个更新版本已是在两年前。但是，M4 芯 片的更新周期较此前 M1-M3 缩短，我们认为这种趋势将会帮助 黄佳琦 行 iPad 的更新周期缩短。在去年 10 月底M3 芯片发布 6 个月之后， 科技分析师 业 搭载更加强大 AI 能力的 M4 就正式发布。M4 的 NPU 性能从 M3 sia_huang@spdbi.com 追 的18TOPS 大幅提升至38TOPS。我们认为苹果正在加速AI端的投 (852) 2809 0355 踪 入，并将 A ...