Investment Rating - The investment rating for YunKang Group (2325.HK) is "Buy" with a target price of HKD 13.1, representing a potential upside of 18% from the current price of HKD 11.1 [4][9]. Core Insights - The company's 2023 performance was significantly impacted by the clearance of COVID-19 testing demand, which previously accounted for approximately 80% of its revenue in 2022. The revenue for 2023 decreased by 76% year-on-year to RMB 0.89 billion, with core business segments also experiencing substantial declines [2][3]. - Despite the short-term challenges, the long-term growth potential in the industry remains strong, particularly due to the low penetration rate of ICL (In Vitro Diagnostic) in China, which is currently in the single digits compared to 35% in the US and 60% in Japan [2][3]. - The company implemented cost control measures, resulting in a slight increase in gross margin to 36.5% despite the revenue decline. The net loss attributable to shareholders for 2023 was RMB 0.1 billion, which is lower than the previously forecasted range [2][3]. Financial Performance Summary - In 2023, the company's revenue was RMB 891.5 million, a decrease of 76.3% compared to 2022. The core business segments saw declines of 79%, 74%, and 64% in revenue from diagnostic outsourcing, testing services for medical alliances, and diagnostic services for non-medical institutions, respectively [3][6]. - The company reported a net loss of RMB 102.3 million in 2023, compared to a profit of RMB 377.3 million in 2022. The forecast for 2024-2026 anticipates revenues of RMB 0.98 billion, RMB 1.09 billion, and RMB 1.24 billion, respectively, with expected growth rates of 9.5%, 11.3%, and 13.9% [3][6]. - The company has a significant amount of accounts receivable, totaling RMB 1.5 billion as of the end of 2023, with a large portion related to COVID-19 testing. The company expects the risk of further impairment to be manageable due to the concentration of these receivables in financially stable regions [2][3]. Market Outlook - The report indicates that the ICL industry is facing increased competition, with major players experiencing significant profit declines in 2023. However, the long-term outlook remains positive due to the low penetration rates in China and the potential for growth in the sector [2][3]. - The target price adjustment to HKD 13.1 is based on a DCF valuation method, with a WACC of 10.0% and a perpetual growth rate of 2.0% [2][4].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics with a target price of HKD 36.7, indicating a potential upside of 28% [6][9]. Core Insights - The performance growth of BYD Electronics is expected to be stable over the next two years, driven by the acquisition of Jabil and the high growth of automotive electronics [7]. - The smartphone market is anticipated to see a mild recovery, with expected shipment growth of 0%-5%, which will support the stability of the components business [7]. - Net profit for BYD Electronics is projected to grow by 16% in 2024 and 21% in 2025 [7]. Financial Performance - In 2023, BYD Electronics achieved a net profit of RMB 4.04 billion, a year-on-year increase of 118%, aligning with previous profit forecasts [7]. - The fourth quarter revenue reached RMB 37.8 billion, reflecting a 5% year-on-year and quarter-on-quarter growth [7]. - The gross margin recorded was 6.7%, with a year-on-year increase of 0.5 percentage points, although it decreased by 3 percentage points quarter-on-quarter due to a higher proportion of assembly business [7]. Key Business Segments - International major clients accounted for 48% of revenue in 2023, with the acquisition of Jabil expected to deepen collaboration and provide long-term growth [7]. - The automotive electronics segment, including smart cockpit products, continues to grow rapidly, with new categories like smart suspension being introduced [7]. - BYD Electronics is positioned as a strategic partner for AI server companies, with initial AI server deliveries expected in April [7]. Financial Projections - Revenue for 2024 is estimated at RMB 169.8 billion, with a growth rate of 30.7%, and for 2025, it is projected at RMB 178.6 billion, with a growth rate of 5.2% [12]. - The net profit for 2024 is forecasted to be RMB 4.68 billion, with a growth rate of 15.9%, and for 2025, it is projected at RMB 5.65 billion, with a growth rate of 20.7% [12]. - The report slightly adjusts the revenue forecast for 2025 downwards while raising the net profit forecast, maintaining overall earnings predictions for 2024 and 2025 [7].

（ 002594.CH） 夯实市场预期，调整后 2024 年基本面下行风险较小：比亚迪 2023 年 实现净利润 300 亿元，同比增长 81%，创历史新高，符合业绩预告。 展望 2024 年，我们预期比亚迪新能源车销量将同比增长 20%，包括约 50 万辆出口销量。受到春节之后的荣耀版等降价影响，公司单车盈利 将较 2023 年下滑，但规模提升推动总利润稳定。我们认为，结合 3 月 短期周度/月度数据来看，比亚迪依然有较强的捍卫份额提升销量的能 力。比亚迪持续在规模、成本、技术三个方面提升能力，以保持自身 领先地位。我们认为预期调整后的基本面下行风险较小，市场对于基 本面预期有较为坚实的底部。因此，我们维持比亚迪的"买入"评级。 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|---------|-------------------|------------|---------|---------|------------------------------------- ...

浦银国际研究 公司研究 | 新能源汽车行业 零跑汽车（9863.HK）：四季度毛利率大幅 沈岱 首席科技分析师 浦 改善，国内与海外市场共助销量成长 tony_shen@spdbi.com 银 (852) 2808 6435 国 我们重申零跑汽车的“买入”评级。我们下调零跑汽车（9863.HK）目 黄佳琦 际 标价至 29.8 港元，潜在升幅 25%。 科技分析师 sia_huang@spdbi.com 重申零跑汽车的“买入”评级：在国内市场，零跑今年销量目标为 25 (852) 2809 0355  万-30万辆。考虑到3月、6月、年底分别交付的 C10、C16、5座A级 2024年3月26日 SUV 3款新车型，配合渠道调整和扩张，零跑有望在 4Q24实现3万辆 /月以上交付。在海外市场，公司目标在今年底明年初完成欧洲、中东 评级 非、亚太、南美四个地区的落地。同时配合明年 A12 和 A03 投放，海 公 外销量有望在2025年加速增长；与Stellantis合作有望给海外扩张提供 目标价（港元） 29.8 司 保障。长期来看，零跑还将以一级供应商（Tier 1）的角色向主机厂供 潜在升幅/降幅 +2 ...

浦银国际研究 公司研究 | 消费行业 巨子生物（2367.HK）：品牌及渠道调整 桑若楠，CFA 驱动 2024 年高速增长 浦 消费分析师 银 serena_sang@spdbi.com 在线上渠道布局愈加完善以及可复美收入大幅扩张的背景下，巨子生 国 (852) 2808 6439 物 2023 年收入与净利润增速均高于市场预期。此外，公司首次派息， 际 综合派息率高达 61%。尽管面临高基数的压力中，我们认为公司在可 林闻嘉 丽金品牌调整完毕、线上渠道占比继续提升以及“以爆带新”的经营策 首席消费分析师 略下，公司在2024年仍将保持超指引的高速增长。巨子生物是我们在化 richard_lin@spdbi.com 妆品行业中首选，维持“买入”评级，并上调目标价至52港元。 (852) 2808 6433 公  线上渠道布局与线上营销相辅相成：2023 年，公司大力推进线上渠道 司 2024年3月27日 转化和线上营销运作，带动全年收入和净利润分别同比增长 49%和 研 45%，超市场预期。其中，线上直营收入占比同比提升近10pct 至68.7%。 究 这离不开成功的线上营销的辅助，使主力品牌可复美录得 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) with a target price of HKD 101, representing a potential upside of 20.9% from the current price of HKD 83.6 [3][15]. Core Views - Anta's brand strength, operational capabilities, and fundamentals have shown consistent improvement, outperforming peers, which is expected to drive high-quality growth in 2024 [3][4]. - The management aims for a long-term compound annual growth rate (CAGR) of 10%-15% for Anta and Fila's revenue from 2023 to 2026, aligning 2024's revenue growth targets with this long-term goal [4][9]. - The report emphasizes the importance of operational quality improvements over mere financial performance, highlighting significant reductions in inventory and improved operational efficiency [4][9]. Financial Performance Summary - Anta's revenue for FY23 reached RMB 62.36 billion, a year-on-year increase of 16.2%, while net profit grew by 34.8% to RMB 10.23 billion, exceeding market expectations [9][11]. - The gross profit margin improved to 62.6% in FY23, up from 60.2% in FY22, driven by enhanced profitability in the second half of the year [9][11]. - The report forecasts revenue for 2024 to be RMB 70.49 billion, with a projected net profit of RMB 12.73 billion, reflecting a year-on-year growth of 13% and 24.4% respectively [8][12]. Operational Insights - Anta's inventory turnover days decreased by 15 days to 123 days, indicating improved inventory management despite a shift towards direct-to-consumer (DTC) sales [4][9]. - The company has maintained a healthy channel inventory level, with a stock-to-sales ratio of 4-5 times, supporting operational efficiency [4][9]. - The report notes that the launch of new products, such as the Owen basketball shoes, and the ongoing optimization of store formats are expected to enhance brand positioning and consumer engagement [4][9].

货币政策方面，3 月议息会议体现了美联储的鸽派立场。首先，本次会议在 调高经济增速和通胀预测的同时仍维持今年预计降息 75 个基点的基本判断。 这意味着美联储对高通胀的忍受能力似乎有所提高。然而，尽管表面上看美 联储对软着陆充满信心，实际上坚持降息的背后可能隐含着美联储对接下 来的美国经济、尤其是下半年的经济仍有担忧。其次，鲍威尔本次并没有完 全排除 5 月降息的可能性，他曾在 1 月会议中明确表示 3 月降息为时过早。 本研究报告由浦银国际证券有限公司分析师编制，请仔细阅读本报告最后部分的分析师披露、商业关系披露及免责声明。 我们依然预计首次降息将在二季度到来，全年降息 100 个基点。虽然鲍威 尔并未完全排除 5 月降息的可能性，但是目前距离 5 月会议仅能看到 3 月 经济数据发布，仅一个月数据或并不足以帮助美联储确认通胀走低并开始 降息，除非 3 月失业率大幅上升或者通胀数据大幅走弱。我们预计 5 月降 息的可能性或仅剩 10%。 缩表或同步发生。鲍威尔在发布会上提到缩表可能会很快到来。根据他的 发言，我们维持美联储或在 5 月公布减半缩表规模、6 月开始执行，而后在 三季度结束缩表的基本预测。此后本 ...

Investment Rating - The report maintains a "Buy" rating for the company, raising the target price to HKD 28.8, indicating a potential upside of 19% from the current price of HKD 24.2 [1][2][12]. Core Insights - The company is expected to see revenue and profit growth in 2024, driven by a recovery in the smartphone industry and increased demand from major clients. The original business is projected to grow by 10%-15%, with gross margins recovering to 20% or higher [1][9]. - The consolidation of the PSS business is anticipated to provide a significant revenue increment of approximately 15% in 2024, along with a gross margin exceeding 20% [1][9]. - The optical business is expected to turn profitable in the second half of 2023, benefiting from reduced competition in the smartphone optical sector [1][9]. Summary by Sections Financial Performance - In 2H23, the company reported revenue of RMB 11.2 billion, a year-on-year increase of 0% and a quarter-on-quarter increase of 21%. The gross margin was 19.2%, up 1.5 percentage points year-on-year [6][7]. - The net profit for 2H23 was RMB 5.9 billion, reflecting a year-on-year increase of 25% and a quarter-on-quarter increase of 293% [6][7]. Revenue Projections - For 2024, the company is projected to achieve revenue of RMB 25.5 billion, representing a growth of 25% compared to 2023 [10][12]. - The gross profit is expected to reach RMB 5.2 billion, with a gross margin of 20.6% [10][12]. Valuation - The report employs a sum-of-the-parts valuation method, assigning price-to-earnings ratios of 22.0x for acoustic products, 20.0x for electromagnetic transmission and precision components, 18.0x for optical products, and 20.0x for micro-electromechanical systems [2][12]. - The target price of HKD 28.8 is derived from these valuations, indicating a potential upside of 19% [2][12].

浦银国际研究 公司研究 | 消费行业 九毛九（9922.HK）：估值已反映短期较弱 的趋势，持续看好长期运营能力提升 林闻嘉 浦 首席消费分析师 银 richard_lin@spdbi.com 九毛九 FY23 的收入与净利润同盈喜时公布的数据基本一致，但太二翻 (852) 2808 6433 国 台率与公司整体经营利润率略低于市场预期，导致股价在业绩后大跌。 际 我们认为当前的估值已基本反映了短期较弱的销售数据与市场情绪。我 桑若楠，CFA 们认为，销售趋势一旦有所好转，将促使股价出现较大幅度的反弹。公 消费分析师 司较强的多品牌运营能力以及不断优化的运营效率有望为长期利润增 serena_sang@spdbi.com 长打开空间，为股价在当前点位提供较强支撑。维持“买入”评级，下 (852) 2808 6439 公 调目标价至 6.8 港元。 2024年3月25日 司 研  太二短期销售趋势较弱，但开店目标维持不变：在较弱的市场环境下， 评级 究 太二2H23 翻座率/翻台率环比1H23 有所下降。管理层表示，太二 2024 年1-2 月仍延续了4Q23 较弱的销售趋势，同店销售与翻台率同比去年 同期有 ...

Investment Rating - The report maintains a "Hold" rating for the company, with an adjusted target price of HKD 94, reflecting a potential upside of 7% from the current price of HKD 88.25 [29][39]. Core Insights - The company reported a revenue of RMB 737 billion for Q4 2023, a year-on-year increase of 22.6%, surpassing market expectations by 1.2%. The gross margin improved by 5.7 percentage points to 33.9%, driven by changes in revenue structure and reduced delivery costs [2]. - Adjusted net profit for Q4 2023 was RMB 44 billion, exceeding market expectations of RMB 29 billion, with an adjusted net profit margin of 5.9% [2]. - The company aims to narrow losses in new business segments, particularly focusing on improving user experience and reducing subsidies rather than solely expanding market share [13][29]. Financial Summary - For FY22, the company reported a revenue of RMB 219,955 million, which is projected to grow to RMB 276,745 million in FY23 and further to RMB 312,702 million in FY24E [3]. - The adjusted net profit is expected to rise from RMB 2,827 million in FY22 to RMB 23,253 million in FY23, and reach RMB 29,722 million in FY24E [3]. - The operating profit is forecasted to improve significantly from a loss of RMB 5,820 million in FY22 to a profit of RMB 13,415 million in FY23, and further to RMB 21,419 million in FY24E [3]. Business Performance - The core local business revenue grew by 26.8% year-on-year to RMB 551 billion in Q4 2023, with delivery, commission, and advertising revenues increasing by 11%, 33%, and 41% respectively [22]. - The number of delivery transactions increased by 25.2% year-on-year to 6 billion, with daily average orders reaching 65.7 million [22]. - The new business segment reported a revenue of RMB 186 billion, with a year-on-year growth of 11%, although the operating loss was RMB 48 billion [22].