Investment Rating - The report maintains a "Neutral" rating for the company with a target price adjusted to HKD 5.18 [3][5][14] Core Views - The company anticipates a significant decline in profit for the first three quarters of 2024, projecting a year-on-year decrease of 16% to approximately RMB 3.8 billion due to a substantial drop in revenue from its main pharmaceutical business [1][2] - The decline in revenue is primarily attributed to a worsening sales performance in the oncology segment, particularly for its key products, which have been adversely affected by centralized procurement policies [1][2] - The report indicates that the core products in the neurological and cardiovascular segments are also underperforming, with a notable decrease in revenue growth for the second half of the year [1][2] Summary by Sections Financial Performance - The company expects total revenue for 2024 to be approximately RMB 29.4 billion, reflecting a decrease from previous estimates [4] - Shareholder net profit is projected to decline to RMB 4.89 billion in 2024, down from RMB 5.87 billion in 2023, indicating a significant drop in profitability [4][8] - The report outlines a downward revision of revenue forecasts for the oncology segment by 16%-25% for FY24-26, with expected revenues of RMB 4.9 billion, RMB 5.5 billion, and RMB 6.4 billion respectively [2] Valuation Metrics - The adjusted DCF model suggests a target price of HKD 5.18 per share, with a current market price of HKD 5.27, indicating limited upside potential [3][5] - The report provides a detailed financial summary, including projected earnings per share of RMB 0.41 for 2024, with a P/E ratio of 11.7 [4][8] Market Context - The report highlights the competitive pressures in the oncology market due to price reductions from centralized procurement, which have not led to a significant increase in sales volume for the affected products [2] - The company faces challenges in rapidly recovering sales in the neurological and cardiovascular segments, with established products showing limited growth potential in the current market environment [2][3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 42.45 [2][3][10]. Core Insights - The company has shown impressive product sales performance, with a revenue increase of over 40% year-on-year to RMB 2.3 billion in the third quarter, driven by strong sales of its oncology drug, Dabu Shu, and the introduction of a new lung cancer drug, Dabu Te [1][2]. - The company is expected to maintain rapid revenue growth, with a projected annual revenue increase of 43.1% to RMB 8.2 billion for the full year [1]. - Concerns have been raised regarding the company's governance, particularly related to the lack of transparency in the announcement of the sale of a 20.39% stake in its subsidiary Fortvita, which is intended to support international business efforts [1][2]. Financial Summary - The company’s total revenue for 2024 is forecasted at RMB 8.459 billion, with growth rates of 36.2% and 36.3% expected for 2025 and 2026, respectively [2][7]. - Shareholder net loss for 2024 is projected to be RMB 708 million, with a return to profitability expected in 2025 and 2026, with net profits of RMB 1.9 billion and RMB 4.5 billion, respectively [2][7]. - The company’s cash flow projections indicate a gradual improvement, with free cash flow turning positive in the coming years [5][7]. Market Performance - The stock closed at HKD 33.80, with a market capitalization of HKD 55.284 billion and a circulating share ratio of 84.94% [3][10]. - The stock has traded within a 52-week range of HKD 28.3 to HKD 52.15, indicating volatility in market sentiment [3][10]. Valuation Metrics - The report adjusts the DCF model's beta coefficient to 1.1 and the WACC to 8.2%, reflecting governance risks [2][5]. - The intrinsic value per share is estimated at HKD 42.45, aligning with the target price set by the report [5][6].

Investment Rating - The report maintains a "Buy" rating for Xintian Green Energy (956 HK) with a target price of HKD 4.33, indicating a potential upside of 22.2% from the current price of HKD 3.54 [5][13]. Core Insights - The company's Q3 2024 performance met expectations, with total revenue increasing by 18.7% year-on-year to RMB 3.65 billion, while net profit attributable to shareholders decreased by 3.1% to RMB 66.77 million. Excluding non-recurring items, the actual net profit rose by 8.0% to RMB 62.39 million [1][3]. - The gas segment showed strong performance, with gas sales volume increasing by 21.4% year-on-year to 935 million cubic meters in Q3 2024, and a projected growth in gas sales volume for FY24-26 [3][4]. - Wind power generation slightly declined due to unfavorable wind resources, with a forecasted decrease of 7.1% in FY24, but expected growth in FY25 and FY26 [2][8]. Financial Performance Summary - For the first three quarters of 2024, total revenue rose by 20.3% to RMB 15.79 billion, while net profit attributable to shareholders fell by 0.7% to RMB 1.50 billion. The actual net profit showed a slight increase of 0.04% to RMB 1.48 billion [1][7]. - The report projects FY24 revenue of RMB 25.997 billion, with a growth rate of 28.2%, and net profit of RMB 2.302 billion, reflecting a growth rate of 4.3% [4][10]. - The company’s earnings per share (EPS) is forecasted to be RMB 0.54 for 2024, with a projected increase to RMB 0.76 by 2026 [10][11]. Operational Metrics - Wind power generation for Q3 2024 was 2,253 GWh, a decrease of 2.7% year-on-year, while the total for the first three quarters was 9,697 GWh, down 3.4% [2][7]. - The gas sales volume for FY24 is expected to reach 6.05 billion cubic meters, with a compound annual growth rate (CAGR) of 20.6% from 2023 to 2026 [8][9]. Valuation Adjustments - The report slightly lowers the net profit forecasts for FY24-26 by 0.4%, 1.3%, and 4.0% respectively, while increasing the target price-to-earnings (P/E) ratio for FY25 from 5.5x to 6.0x [3][9].

Investment Rating - The report maintains a "Neutral" rating for WuXi AppTec (2359 HK) with a target price raised to HKD 48.00 [3][11]. Core Insights - WuXi AppTec's revenue for the first three quarters of 2024 decreased by 6.2% year-on-year to RMB 27.70 billion, but excluding COVID-19 project revenue, it increased by 4.6% [1]. - The company's net profit attributable to shareholders fell by 19.1% year-on-year to RMB 6.53 billion, with Non-IFRS adjusted net profit down 10.1% to RMB 6.68 billion, although the decline was less severe than in the first half of the year [1]. - The chemical business showed signs of recovery in the third quarter, leading to slightly better-than-expected performance [1]. - The TIDES business revenue surged by 71.0% year-on-year in the first three quarters, driven by increased demand for weight-loss drug development [1]. Financial Summary - Total revenue for 2022 was RMB 39.36 billion, with a projected revenue of RMB 40.13 billion for 2024, and expected growth to RMB 49.35 billion by 2026 [2][8]. - Shareholder net profit for 2022 was RMB 8.81 billion, with a forecast of RMB 9.98 billion for 2024 and RMB 11.94 billion for 2026 [2][8]. - The company’s earnings per share (EPS) is projected to be RMB 3.43 in 2024, increasing to RMB 4.11 by 2026 [2][8]. Revenue Forecasts - The revenue forecast for the chemical business in 2024 has been raised to RMB 29.17 billion, with expectations of double-digit growth in 2025-2026 [1]. - TIDES business revenue is expected to grow by 60% year-on-year to RMB 5.21 billion in 2024, with further increases projected for 2025 and 2026 [1]. Market and Legislative Environment - The U.S. Biologics Bill is unlikely to be legislated within the year, but uncertainties remain as both the House and Senate versions have passed [1].

Investment Rating - The report maintains a "Neutral" rating for the company with a target price of HKD 3.85, reflecting an 8.3% downside potential from the current price of HKD 4.20 [4][6]. Core Insights - Recent price increases in the photovoltaic sector are attributed to expectations of policy support, including discussions on preventing excessive competition and promoting sustainable industry development [2]. - The report highlights a significant decline in photovoltaic glass prices, which has affected the profitability of many small to medium-sized manufacturers [3]. - The forecast for shareholder net profit has been revised downward for FY24-26 by 29.2%, 26.9%, and 21.3%, respectively, due to the recent trends in photovoltaic glass pricing [4]. Financial Summary - Revenue projections for the company are as follows: HKD 20,544 million in 2022, HKD 26,629 million in 2023, HKD 28,864 million in 2024, HKD 34,871 million in 2025, and HKD 39,747 million in 2026, with growth rates of 27.9%, 29.6%, 8.4%, 20.8%, and 14.0% respectively [10]. - Shareholder net profit is expected to be HKD 3,820 million in 2022, HKD 4,187 million in 2023, HKD 3,582 million in 2024, HKD 4,288 million in 2025, and HKD 4,994 million in 2026, with growth rates of (22.4)%, 9.6%, (14.5)%, 19.7%, and 16.5% respectively [10]. - Earnings per share are projected to be HKD 0.43 in 2022, HKD 0.47 in 2023, HKD 0.40 in 2024, HKD 0.48 in 2025, and HKD 0.56 in 2026 [10]. - The company’s price-to-earnings ratio is forecasted to be 9.8 in 2022, 8.9 in 2023, 10.4 in 2024, 8.7 in 2025, and 7.5 in 2026 [10].

Investment Rating - The investment rating for the company has been downgraded to "Accumulate" from "Buy" [2][4]. Core Views - The company's revenue for Q3 2024 increased by 10.4% year-on-year, driven primarily by a 28.1% increase in the clean energy segment, which reached 4.72 billion RMB [1]. - New order intake for Q3 2024 decreased by 38.5% year-on-year to 4.36 billion RMB, with the clean energy segment seeing a 39.1% decline [2]. - Despite the decline in new orders, the total order backlog increased by 25.2% year-on-year to 27.73 billion RMB, indicating strong future business support [2]. Summary by Sections Revenue Performance - Q3 2024 revenue reached 6.49 billion RMB, up 10.4% year-on-year, with the clean energy segment contributing significantly [1]. - For the first three quarters of 2024, total revenue grew by 8.0% year-on-year to 17.97 billion RMB, while clean energy revenue rose by 26.2% to 12.60 billion RMB [1]. Order Intake and Backlog - New orders for Q3 2024 fell to 4.36 billion RMB, a 38.5% decrease year-on-year, with clean energy orders down 39.1% [2]. - The total new order intake for the first three quarters of 2024 increased by 5.1% year-on-year to 20.76 billion RMB, supported by a 22.1% rise in clean energy orders [2]. Profit Forecast Adjustments - The net profit forecasts for FY24-26 have been reduced by 2.9%, 4.5%, and 10.8% respectively, with projected net profits of 1.12 billion RMB, 1.34 billion RMB, and 1.52 billion RMB [2]. - The target price has been adjusted from 7.90 HKD to 7.55 HKD, reflecting a potential upside of 10.8% based on the FY25 target P/E ratio of 10.5x [2].

Investment Rating - The report maintains a "Buy" rating for China State Construction International (830 HK) with a target price raised from HKD 3.07 to HKD 3.12, indicating a potential upside of 54.7% based on a 9.0x FY24 target P/E ratio [2][3]. Core Insights - The company achieved a significant operational profit increase of 128.4% year-on-year in Q3 2024, with total revenue for the first three quarters of 2024 rising by 2.0% to HKD 6.54 billion, driven by a 26.4% increase in revenue from the Hong Kong and Macau regions [1][2]. - New contract signings in Q3 2024 increased by 4.6% year-on-year to HKD 2.50 billion, despite a 5.2% decline in new contracts for the first three quarters [2]. - The Hong Kong government's recent policy initiatives are expected to create long-term opportunities for the construction sector, including plans for 80,000 new private housing units and the commencement of the New Territories Science Park project [2]. Financial Summary - For FY24, total revenue is projected to reach HKD 9.82 billion, with a growth rate of 13.0% in FY25 and 12.7% in FY26 [4]. - Shareholder net profit is forecasted to grow to HKD 783 million in FY24, with subsequent increases to HKD 1.018 billion in FY25 and HKD 1.204 billion in FY26, reflecting growth rates of 34.9% and 18.3% respectively [4]. - The company’s operating profit margin improved by 2.6 percentage points to 12.9%, exceeding expectations [1][2].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 5.50, which represents a potential upside from the current price of HKD 3.28 [34]. Core Insights - The company is positioned to benefit from the acceleration of domestic ERP (Enterprise Resource Planning) software adoption, driven by national policies promoting digital transformation and the replacement of imported software with domestic alternatives [2][13]. - Cloud services have become a significant growth driver, with revenue from this segment growing at a compound annual growth rate (CAGR) of 50.7% from 2019 to 2023, and expected to continue increasing [10][18]. - The company’s revenue is projected to grow by 20.7% in FY24 and 20.1% in FY25, with net profit expected to increase by 77.0% and 45.0% respectively during the same periods [2][18]. Summary by Sections Investment Highlights - Cloud service revenue has significantly increased, from RMB 390 million in 2019 to RMB 2 billion in 2023, with its share of total revenue rising from 13.4% to 24.1% [10][11]. - The company’s management software revenue has also grown, albeit at a slower pace, indicating a shift towards cloud-based solutions [10]. - The company is leveraging synergies with its parent company, Inspur Group, to enhance its market position in the domestic ERP sector [2][13]. Industry Context - The domestic ERP market has a market share of nearly 70%, with major players including Yonyou, Inspur, and Kingdee, while high-end segments remain dominated by foreign firms [15]. - Recent government policies have accelerated the push for domestic software solutions, with a target for state-owned enterprises to fully transition to domestic products by 2027 [2][13]. Financial Projections and Valuation - Revenue is expected to reach RMB 10 billion in FY24, with cloud services projected to contribute significantly to this growth [18]. - The company’s gross margin is anticipated to improve from 23.1% in FY23 to 26.4% by FY26, driven by the scaling of cloud services [18][31]. - The net profit is forecasted to grow from RMB 357 million in FY24 to RMB 702 million by FY26, reflecting a robust growth trajectory [19][31]. Company Background - The company, established in 2003 and listed on the Hong Kong Stock Exchange, has transitioned from hardware to software, focusing on ERP solutions and cloud services [21]. - It operates under the auspices of Inspur Group, which holds a significant stake, providing it with a strong resource base and market credibility [21][22].

Investment Rating - Neutral rating with a score of 68 out of 100 [1] Core Views - The company, TaiMed Technology (2576 HK), is a leading provider of digital services and software for the medical science industry, with digital services accounting for 82% of its 2023 revenue [1] - The company has established a strong reputation in China, serving 1,400 pharmaceutical companies and 700 national drug clinical trial institutions, with 80% being top-tier hospitals [1] - TaiMed is the only company in China offering a comprehensive clinical research and marketing digital platform, with most of its products ranking first in market share [1] - The company's revenue grew from RMB 470 million in 2021 to RMB 570 million in 2023, with a CAGR of 10.9%, but net losses decreased from RMB 480 million to RMB 360 million during the same period [2] - The company's valuation is higher than its peers, with a historical P/S ratio of 8.8-11.5x and a historical P/B ratio of 4.85-6.10x [4] Industry Prospects - The demand for digital solutions in medical science R&D and marketing is increasing, with the market size expected to grow from RMB 97 billion in 2023 to RMB 243 billion by 2028 [1] - The R&D digital solutions market is projected to grow from RMB 64 billion in 2023 to RMB 163 billion by 2028, while the marketing digital solutions market is expected to increase from RMB 33 billion to RMB 80 billion during the same period [1] Company Operations - The company's revenue increased by 2.2% YoY in Q1 2024 to RMB 130 million, with gross margin improving from 29.8% to 37.5% [2] - However, net losses widened in Q1 2024 due to increased management expenses from equity incentives [2] - The company's order backlog decreased by 1.1% at the end of 2023 and further by 0.5% at the end of Q1 2024, indicating a slowdown in new orders [2] - The number of clients decreased from 1,107 at the end of 2023 to 867 at the end of Q1 2024, suggesting client attrition [2] Valuation - The company's valuation is higher than its peers, with a historical P/S ratio of 8.8-11.5x and a historical P/B ratio of 4.85-6.10x [4] - Compared to peers like Cloud Healthcare (9955 HK), Yidu Tech (2158 HK), and MedSci Health (2415 HK), TaiMed's valuation multiples are significantly higher [4] Market Sentiment - In the past 12 months, 59.5% of the 74 newly listed companies in Hong Kong saw their share prices rise on the first day of trading [5] - Recent policies supporting capital market liquidity have improved investment confidence in Hong Kong, leading to a more favorable market atmosphere [5]

新股报告| 2024 年 9 月 10 日 | --- | --- | --- | --- | |----------|-----------------------------------------------------------------------|---------------------|----------------------------------------| | | 香港股市｜消费 | 中泰评分 | 综合得分： (100 分为满 ) | | 公司亮点 | 美的集团（ 300 HK ） | 中性 | 66 | | ( 一 ) | 成立于 1968 年，公司是全球领先、技术驱动的智能家居和商 | 行业前景 | 15 | | | 业及工业解决方案供应商。公司为消费者提供家用家电；为 | 公司经营 | 14 | | | 企业客户提供家电压缩机及电机、商用空调、工业机器人及 | 估值水平 | 12 | | | 供应链服务。公司业务遍及 200 多个国家和地区，连续九年 | 稳价人往绩 | 13 | | | 跻身《财富》世界 500 强榜单。 | 市场氛围 | 12 | | 二 | 按 年销 ...