Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.07, indicating a potential upside of 47.4% from the current price of HKD 2.08 [4][9]. Core Insights - The company's 1H24 net profit increased by 26.1% year-on-year to HKD 550 million, aligning with expectations. Revenue rose by 0.1% to HKD 4.72 billion, with significant growth in the Hong Kong and Macau curtain wall segment, which saw a 24.0% increase to HKD 3.06 billion, accounting for 64.7% of total revenue [3][4]. - The company has successfully entered the Singapore market, winning a contract for the Central Mall project, which may allow it to replicate its success in Hong Kong and Macau [4]. - The company is actively pursuing BIPV (Building-Integrated Photovoltaics) projects, aligning with national policies aimed at promoting energy efficiency and carbon reduction in the construction sector [4]. Financial Summary - For FY24, the company forecasts revenue of HKD 10.06 billion, a 16.1% increase from FY23, and net profit of HKD 768 million, reflecting a 32.4% growth [7]. - The company’s earnings per share (EPS) is projected to rise from HKD 0.26 in FY23 to HKD 0.34 in FY24, with a corresponding price-to-earnings (P/E) ratio decreasing from 8.1 to 6.1 [7]. - The dividend per share is expected to increase from HKD 0.09 in FY23 to HKD 0.12 in FY24, resulting in a dividend yield of 5.6% [7]. Contract and Project Insights - The company’s new contract value for 1H24 decreased by 8.7% to HKD 6.04 billion, primarily due to a significant drop in contracts from the Hong Kong and Macau regions [3][4]. - The backlog of uncompleted contracts as of June 30, 2024, grew by 12.8% year-on-year to HKD 17.28 billion, ensuring revenue stability for the coming years [3][4].

361 度（1361 HK） | 2024 年 8 月 14 日 香港股市 | 消费 | 体育服饰 361 度(1361 HK) 收入 / 利润逆市双位数增长 受益于高性价比策略，收入同比增长 19.2% 361 度 1H24 整体收入 51.4 亿元（人民币，下同），同比增长 19.2%，其中主品牌实现收 入 39.4 亿，同比增长 18.1%，儿童品牌收入 11.3 亿，同比增长 24.2%。上半年公司产品 均价维持稳定，收入上升由销量带动，证明公司专注高性价比产品的策略在近期消费表 现疲弱的环境中行之有效。上半年销售更多高性价比的产品，导致鞋类产品的毛利率略 微下降至 42.8%，但在其他品类毛利率坚挺作用下，公司整体毛利率 41.5%，同比跌 0.2 百分点。期内公司实现净利润 7.9 亿，同比提升 12.2%，净利润率 15.4%。公司宣布派发 中期股息每股 0.165 港元，同比增长 154%，派息率为 40.3%，高于市场预期。 广告投入加大；门店拓展保持零售增长 按运动分类，跑步产品占收入 52%，期内录得同比 40%以上增长；篮球产品占收入 8%， 增长率约 20%；女性健身产品虽然只占收入 ...

Investment Rating - The report downgrades the investment rating of Xinyi Solar (968 HK) from "Buy" to "Neutral" due to revised earnings forecasts and production delays [3][12] Core Views - Xinyi Solar's 1H24 net profit attributable to shareholders increased by 41% YoY to HKD 1.96 billion, in line with the company's guidance of 35%-45% growth [2] - Revenue grew 4.5% YoY to HKD 12.69 billion, driven by a 4.8% increase in solar glass sales and a 3.8% rise in power generation revenue [2] - Solar glass gross profit and margin improved significantly, rising 47.8% and 6.3 percentage points YoY to HKD 2.38 billion and 21.5%, respectively [2] - The company lowered its effective annual melting capacity target by 7.1% to 9.85 million tons due to delayed production line commissioning [2] - Power generation gross profit and margin declined by 3.4% and 4.9 percentage points YoY to HKD 1.02 billion and 65.5%, respectively, due to grid curtailment and lower average selling prices [3] - The Yunnan polysilicon project's commissioning has been delayed indefinitely due to falling polysilicon prices, which have dropped 39.9% YTD [3] Financial Performance - 1H24 revenue breakdown: solar glass sales HKD 11.09 billion (+4.8% YoY), power generation HKD 1.55 billion (+3.8% YoY) [2] - Solar glass sales volume increased 12.2% YoY, but average selling price declined [8] - Operating profit rose 32.9% YoY to HKD 2.87 billion, with operating margin expanding 4.8 percentage points to 22.6% [8] - Net profit margin improved 4.0 percentage points YoY to 15.5% [8] - EPS increased 40.9% YoY to HKD 0.22, with a dividend payout ratio of 45.4% [8] Production and Capacity - FY24 production plan: 6 new production lines (4 x 1,000 tons in Wuhu, 2 x 1,200 tons in Malaysia), totaling 6,400 tons [2] - 2 Wuhu lines and 1 Malaysia line commissioning delayed to year-end and August, respectively [2] - Effective annual melting capacity target revised down 7.1% to 9.85 million tons (+25.6% YoY vs original plan of +35.2%) [2] Market Conditions - Solar glass prices have declined 7.5% YTD due to oversupply, though partially offset by lower raw material costs [2] - Polysilicon prices have fallen 39.9% YTD, impacting the economics of the Yunnan project [3] - Power generation business faces challenges from grid curtailment and declining average selling prices, particularly in Hubei (16.8% of grid-connected capacity) [3]

Investment Rating - The report assigns a "Neutral" investment rating to the company, with a comprehensive score of 65 out of 100 [2][8]. Core Insights - The company specializes in automotive-grade System on Chip (SoC) and intelligent automotive solutions, focusing on autonomous driving applications and advanced functionalities for smart vehicles [2][4]. - The market for automotive-grade SoC in China is projected to grow from RMB 26.7 billion in 2023 to RMB 102 billion by 2028, with a compound annual growth rate (CAGR) of 30.7% [2][4]. - The company has established partnerships with over 49 automotive OEMs and tier-one suppliers, with a total shipment of over 156,000 units of its flagship SoC series by March 2024 [2][4]. Summary by Sections Company Overview - The majority of the company's revenue comes from SoC-based autonomous driving solutions, with revenue increasing from RMB 1.61 million in 2021 to RMB 190 million in 2023. The total revenue rose from RMB 60 million to RMB 310 million during the same period [4][8]. - The company's gross margin has decreased from 36.1% in 2021 to 24.7% in 2023 due to lower margins in autonomous driving solutions [4]. Market Outlook - The report highlights a growing demand for intelligent driving chips as the penetration rate of smart driving in domestic vehicles increases. The company holds a 2.2% market share in the autonomous driving SoC segment in 2023, ranking third nationally [3][8]. Valuation Level - The company's IPO price corresponds to a price-to-sales ratio of 67.2 to 72.7 times for 2023, which is considered high compared to peers like Mobileye and other domestic competitors [5][6]. Market Sentiment - The report notes a challenging market environment for new listings in Hong Kong, with a 37.5% first-day loss rate among new stocks this year [7][8].

新天绿色能源（956 HK） | 2024 年 7 月 30 日 香港股市 | 新能源 | 风电及天然气 新天绿色能源（956 HK） 上半年风电发电量下跌，但天然气销量胜预期 1H24 风电发电量同比下跌 3.6% 因为风资源受压，1H24 风电发电量同比下跌 3.6%至 7,444GWh。按季度，第二季发电量 同比下跌 7.96%，第一季同比上升 0.4%。我们预计 FY24-26 风电发电量分别同比上升 5.6%、15.2%、20.6%至 14,867GWh、17,128GWh、20,656GWh。 1H24 天然气销量同比增长 46.5% 由于需求多于预期，1H24 公司天然气销量同比增长 46.5%至 30.2 亿立方米，其中批发及 零售量分别同比上升 10.6%及 16.1%至 12.3 亿立方米及 10.6 亿立方米。基于去年 6 月唐 山 LNG 项目一期投运后日渐顺利，LNG 气量同比增长 27,186.0%至 6.9 亿立方米。按季 度，第二季天然气销量同比上升 62.6%，增幅高于第一季的 39.4%。我们预计公司 FY24- 26 天然气销量分别同比增长 34.3%、18.2%、10. ...

粤丰环保（1381 HK） | 2024 年 7 月 25 日 香港股市 | 环保 | 垃圾焚烧发电 粤丰环保（1381 HK） 私有化要约价吸引 每股 4.90 港元的私有化要约 近日瀚蓝环境(600323 CH)为首的财团(最终由佛山南海国有资产监督管理局控制)提出按每 股 4.90 港元私有化粤丰环保。如推行，瀚蓝环境将持有公司 92.77%总股本，现有控股股 东(李咏怡女士及关联人士)保留余下的 7.23%股份。瀚蓝环境表示不会提升要约价。以投 票权计算，此私有化计划最终需获得最少 75%出席股东大会的粤丰环保独立股东或其代 表通过，并不得超过所有独立股东的 10%反对。 与此同时，粤丰环保将向现有控股股东出售以下资产：(一)一块位于上海宝山的土地，作 价 1.4 亿元人民币，估计不涉及重大盈利或亏损；(二)智慧停车解决方案业务，作价 3 千 万港元，估计录得 4,300 万港元亏损；(三)香港上环的办公室，作价 1.7 亿港元，估计录 得 8,500 万港元亏损。 公司欠缺新增垃圾发电项目 撇除私有化事宜，近年公司欠缺新增垃圾发电项目，因为行业发展成熟。FY23 建设/规划 中的垃圾处理产能同比减少 ...

陈雅蕙 1-6 月固投增速较前值下滑 0.1 个百分点至 3.9%，符合预期。制造业累计同比增长 9.5%，较前值回落 0.1 个百分点，但维持高位运行，显示出口保持强劲、设备更新政策支持等积极因素拉动下制造业投资保持 偏强。基建（不含电力）累计同比增长 5.4%，较前值回落 0.3 个百分点。5-6 月地方债发行明显提速， 5- 6 月共计发行新增专项债 7,710 亿元，约占上半年总发行额的 52%。但是专项债整体发行进度依然偏慢， 今年上半年新增地方专项债累计发行约 1.5 万亿，占全年发行额度约 38.3%，进度慢于过去五年均值。地 产投资累计同比下降 10.1%，与上月跌幅相同。地产新开工略有改善，1-6 月房屋新开工累计同比下降 21.9%，较 5 月跌幅收窄 0.9 个百分点，但地产竣工明显走弱，1-6 月房屋竣工面积累计同比下降 21.8%， 较 5 月跌幅走阔 1.4 个百分点，新开工与竣工剪刀差再度扩大。 策略周报| 2024 年 7 月 22 日 二季度经济数据偏弱，港股上攻待更积极催化剂 港股：中国二季度经济增长逊预期，消费投资持续偏弱，房地产下行压力仍大，港 股企业盈利或仍有下修压力 ...

香港股市 | 医药 信达生物(1801 HK) 玛仕度肽临床数据优异,上调 2025-26E 业绩预测 玛仕度肽减重及降低肝脏脂肪方面效果优异,公司预计 2025 年上半年有望获批 公司在美国糖尿病协会科学年会(ADA)公布 GLP—1/GCG 双受体激动剂玛仕度肽的 3 期临床研究结果,临床试验主要及次要终点均已达成。患者连续使用 6 毫克剂量的玛仕 度肽 32 周和 48 周后体重分别较基线下降 13.38%与 14.84%。除此以外,玛仕度肽能显 著改善肝脏代谢功能,6 毫克剂型使用 48 周后肝脏脂肪含量降幅高达 80.2%,以上数据 与目前全球最畅销的 GLP-1 药物司美格鲁肽及替尔伯肽相比并不逊色。除此以外,临床 数据显示使用玛仕度肽 48 周后腰围、血压及血脂指标均有改善,因此能有效降低心血 管疾病风险。玛仕度肽 6 毫克与 4 毫克剂量的减重适应症上市申请已于 2024 年 2 月提 交,公司预计 2025 年上半年有望获批,进度略快于我们原先预期。 上调 2025-26E 收入及盈利预测 公司早前曾公布一季度产品销售收入同比大幅增加 60%至约 17 亿元(人民币,下 同),主要产品达伯舒 ...

香港股市 | 2024 年 6 月 24 日 - 2024 年 7 月 1 日 每周策略建议 荡，策略上能源、电讯、内银、公用事业等高股息央国企仍重点配置。看多具政 械。部分铜矿、黄金等资源股可待美债利率上行而趁机吸纳。 服务、广告、石油、旅游、医疗及电力。 上长债逢高配置。 5 月美国核心 PCE 同比增长 2.6%，是 2021 年 3 月以来最低；核心 PCE 环比下降 0.08%，为 2020 年 4 月以来最低的环比增速，已连续两个月处于 0.3%以下。 港股：恒指全周下跌 1.6%，收报 17,721 点。恒生科指全周下跌 3.9%，收报 3,553 点。大市全周日均成交额较前一周下降 8.5%至 977.3 亿港元。 中资美元债：中资美元债回报指数（Markit iBoxx，下同）下跌 0.03%。其中，投资 下跌 0.1%；高收益级上涨 0.4%。中资美元房地产债券指数上涨 0.4%。 汇率：美元指数略升至 105.9 左右水平；离岸人民币跌至 7.30 水平。 风险提示：国际形势复杂多变；美国再通胀风险升温；政策落地效果不及预期。 | --- | --- | --- | --- | |--- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.30, reflecting a potential upside of 21.9% based on the FY25 earnings multiple of 6.5 times [2][3]. Core Insights - The company's FY24 results fell short of expectations, with a 17.4% year-on-year decline in net profit to HKD 1.534 billion, primarily due to a 1.3% drop in water operation revenue and a significant decrease in high-margin connection fee income [2][3]. - The company has initiated price adjustment applications for approximately one-third of its water supply projects, which could take effect by FY26 if approved [2]. - The pipeline drinking water business showed a total revenue increase of 31.4% year-on-year, indicating a cautious but positive growth trajectory [2]. Financial Performance Summary - FY24 revenue was HKD 12.859 billion, down 9.4% from FY23, with a projected revenue of HKD 13.217 billion for FY25 and HKD 14.292 billion for FY26 [5][6]. - The net profit for FY24 was HKD 1.534 billion, with forecasts of HKD 1.582 billion for FY25 and HKD 1.732 billion for FY26, reflecting a recovery trend [5][6]. - Earnings per share (EPS) for FY24 was HKD 0.94, with projections of HKD 0.97 for FY25 and HKD 1.06 for FY26 [5][6]. Market Position and Shareholder Information - The company has a market capitalization of HKD 8,439.11 million, with a circulating share ratio of 47.12% and a 52-week price range of HKD 3.76 to HKD 6.79 [1][2]. - Major shareholder Duan Chuanliang holds a 28.86% stake in the company [1].