Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 4.00, reflecting a potential upside of 35.2% based on a 6.0x P/E ratio for 2024 [4][14]. Core Insights - The company's FY23 performance met expectations, with total revenue increasing by 9.3% year-on-year to RMB 20.28 billion. However, net profit slightly declined by 3.7% to RMB 2.21 billion. The dividend payout ratio was raised from 36.4% to 42.0% [2][4]. - The company experienced a decline in net profit margin for its renewable energy segment, dropping from 33.6% to 29.1%, while the natural gas segment saw a slight increase in net profit margin to 6.7% [2][8]. - The company plans to accelerate wind power capacity growth, targeting an addition of 800-1,000 MW in FY24, following a 2.4% increase in cumulative wind power capacity to 5,812 MW in FY23 [3][4]. Financial Performance Summary - FY23 total revenue reached RMB 20.28 billion, with renewable energy revenue down 1.6% to RMB 6.24 billion and natural gas revenue up 15.0% to RMB 14.03 billion [2][8]. - The company’s total installed wind power capacity increased to 5,812 MW, with wind generation slightly up by 0.4% to 14,081 GWh [3][9]. - The natural gas sales volume grew by 15.9% to 4.50 billion cubic meters, with projections for FY24 and FY25 indicating further growth of 7.1% and 7.0%, respectively [4][9]. Earnings Forecast Adjustments - The report has slightly lowered the net profit forecasts for FY24 and FY25 by 7.1% and 8.0%, respectively, with new projections of RMB 2.88 billion for FY24 and RMB 3.50 billion for FY25 [10][11]. - The earnings per share (EPS) forecast for FY24 is adjusted to RMB 0.69, reflecting a decrease of 10.1% from previous estimates [10][11]. Shareholder Information - The company has a market capitalization of approximately HKD 25.75 billion, with a current share price of HKD 2.96 [5][14]. - Major shareholder is Hebei Construction Investment, holding 49.17% of the shares [5].

香港股市 | 消费 更新报告 净利润提升 170%；宠物线下实体门店服务业态开 启扩张模式 2023 净利润扭转颓势 FY23 家居护理品类收入恢复增长，期内收入同比增长 13.5%至 14.7 亿元；当中杀虫驱蚊 和家居清洁产品收入增速为 13.5%和 14%。朝云在杀清类产品市场龙头地位稳固，杀虫驱 蚊产品市占率约 16%，连续八年名列第一；家居清洁市占率第二。FY23 家居护理品类毛 利率同比提升 3.1 百分点至 45.0%， 2019 年以来最高。 朝云集团（6601 HK） | 2024 年 4 月 2 日 朝云集团 (6601 HK) 评级：买入 目标价：2.90 港元 朝云集团 FY23 收入 16.2 亿元（人民币，下同），同比增长 12.0%，其中家居护理/宠物品 类占比 91.1%/4.8%。在产品结构改善的作用下，公司整体毛利率 44.5%，下半年毛利率 创新高提升至 51.9%。FY23 公司降本增效效果明显，销售/行政费用占收入比例从 FY22 的 41.5%下降至 37.9%。全年经营利润率从 6.0%大幅提升至 13.5%。在主打产品销售恢复、 费用控制得益的双重作用下，FY2 ...

增持： 基于股价的潜在投资收益介于 10%以上 至 20% 之间 香港股市 | 教育行业 | 高等教育 降本增效效果显著，净利润提升 26.0% 预计 FY24E 资本开支 1.7 亿 下调毛利率，目标价调整至 4.45 港元 投资风险 图表 1：建桥教育 – 主要财务数据（人民币百万元） 请阅读最后一页的重要声明 页码: 1 / 5 评级：买入 股票资料 股价走势图 来源：彭博、中泰国际研究部 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0 1.0 2.0 3.0 4.0 5.0 10/23 11/23 12/23 1/24 2/24 3/24 (港元) (百万股) 成交量(右轴) 股价 恒生指数 20230404 – 更新报告：稳健内生增长；加强产教融 合 20230830 – 更新报告：毛利率创新高，盈利能力提 升 建桥教育（1525 HK） | 2024 年 4 月 10 日 建桥教育（1525 HK） | 2024 年 4 月 10 日 | --- | --- | --- | --- | --- | |-------|------------|----------|------ ...

中广核矿业（1164 HK） | 2024年3月25日 香港股市 | 新能源 | 核燃料 公司点评 中广核矿业（1164 HK） 未评级 FY23 铀矿业务持续增长 股票数据（更新至2024年3月22日） 2023年盈利逊预期 现价 1.65港元 2023 年股东净利润同比下跌 3.5%至 5.0 亿元(港币，下同)，低于市场预测的 5.6 亿元 10.6%，主因(一)天然铀贸易业务价差收窄导致公司毛利率由FY22 的4.1%下跌至FY23 的 总市值 12,541.13 百万 港元 1.8%，公司毛利同比下跌 10.9%至1.3 亿元；(二)财务开支同比上涨113.1%至 1.3 亿元； 流通股比例 27.78% (三)去年联营公司奥公司就 2018-20 年期间违规开采铀矿向哈萨克斯坦政府支付 2.0 亿元 已发行总股本 7,600.68百万 罚款。因违规发生在2021年中广核矿业参股前，奥公司应转回应占款项但尚未进行。 52周价格区间 0.78-2.12港元 天然铀矿主业仍表现亮丽 3个月日均成交额 63.53百万 港元 2023 年公司天然铀矿主业 (合营及联营企业运营)仍表现亮丽。铀矿总产量(tU) ...

翰森制药（3692 HK）| 2024年3月28日 香港股市 | 医药 更新报告 评级：增持 翰森制药（3692 HK） 目标价：17.90 港元 创新药将引领收入稳健增长 股票资料（更新至2024年3月27日） 2023年盈利超越预期 现价 15.48港元 公司2023年收入同比增加7.7%至101.4亿元（人民币，下同）。剔除约7.0亿元的里程 总市值 91,848.26百万港元 碑收入后，医药产品销售收入同比增加1.1%至94.0亿元，在医药企业业绩普遍不佳的情 流通股比例 18.24% 况下实现正向增长并略超预期。医药产品中，创新药收入同比增加 37.1%至 68.7 亿元， 已发行总股本 5,933.35百万 52周价格区间 9.41-17.24港元 占公司总收入的比例从2022年的53.4%上升至67.9%。公司毛利同比增加6.5%至90.7亿 3个月日均成交额 83.05 百万港元 元，销售费用率从37.8%降低至34.9%，股东净利润同比增加26.9%至32.8亿元，盈利超 主要股东 钟慧娟主席（占 65.73%） 越预期。 来源：彭博、中泰国际研究部 预计2024-26E公司收入将稳健增长 ...

粤丰环保（1381 HK） | 2024年3月28日 香港股市 | 环保 | 垃圾焚烧发电 更新报告 粤丰环保（1381 HK） 评级：增持 目标价：4.40 港元 收入结构改变，毛利率大幅提升 股票资料（更新至2024年3月27日） FY23毛利率同比上升11.1个百分点至41.8% 现价 3.99港元 FY23总收入同比下跌39.6%至49.8亿元(港元，下同)，低于我们预测59.7亿元16.6%，主 因(一)人民币贬值；(二)项目开发减少，建设收入同比下跌 76.7%至 10.2 亿元。建设收入 总市值 9,733.77百万 港元 占比由FY22的52.9%下跌至FY23的20.4%，由于建设业务的毛利率较低，占比下降后整 流通股比例 19.63% 体公司总毛利率由30.7%上升至41.8%，高于我们预期的40.1%。FY23建设业务毛利率为 已发行总股本 2,439.54 百万 15.3%，远低于垃圾处理及发电业务的46.6%。由于一般及行政费用同比上升13.5%至6.6 52周价格区间 3.40-4.90港元 亿元，相关开支占总收入比例由FY22的7.0%上涨至FY23的13.2%，导致股东净利润同 ...

VESYNC（2148 HK） | 2024年3月28日 香港股市 | 消费 | 家电 评级：买入 VESYNC (2148 HK) 目标价：6.66 港元 盈利能力显著改善；2024 夯实市场推广 股票资料 现价 5.09 港元 FY23盈利能力显著改善，净利润超预期 总市值 5,848 百万港元 FY23 年在海外销售维持强劲，以及成本和海运费下降的环境下，Vesync 的盈利能力显著 流通股比例 17.5 % 改善：全年实现收入5.9亿元（美元，下同），同比增加19.4%；毛利率大幅提升17.9百 分点至 46.9%；净利润 7,700 万，高于原先预期，FY22 净利润亏损 1,600 万。公司 2023 已发行总股本 1,147 百万 年下半年在产品组合改善和成本下降下，毛利率环比提升3.2百分点至48.4%；下半年运 52周价格区间 2.74 – 5.68 港元 营费用控制得益，销售/行政费用占收入比例从上半年 27.0%下将至 23.7%，下半年运营 3个月日均成交额 3.20 百万港元 效提升，经营净利润率环比提升5.2百分点。全年运营净现金流接近1.1亿元，资金周转 主要股东 杨氏家族 67 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 9.00 [4][11]. Core Insights - The company is expected to recover to double-digit revenue growth in 2024, following a slight revenue increase of 1.7% to RMB 31.45 billion in 2023, which was below expectations [1][4]. - The oncology segment experienced a significant revenue decline of 16.4% in 2023 due to price reductions from centralized procurement, but is projected to rebound with a CAGR of 21.0% from 2023 to 2026 [2]. - The neurology drug segment showed a robust growth of 12.1% in 2023, with expectations for continued steady growth through 2026, driven by strong demand for key products [3]. Summary by Sections Financial Performance - In 2023, the company's revenue was RMB 31.45 billion, slightly below the forecast by 2.0%, while the net profit decreased by 3.6% to RMB 5.87 billion [1][4]. - The gross margin declined by 1.4 percentage points due to price pressures in the oncology and vitamin segments [1]. Oncology Segment - The oncology revenue dropped significantly in 2023 but is expected to recover starting in 2024, supported by new product approvals and the resolution of pricing impacts from centralized procurement [2]. Neurology Segment - The neurology drug revenue increased by 12.1% in 2023, with further growth anticipated due to successful sales strategies and new product approvals [3]. Future Product Pipeline - The company plans to launch over 50 new products and indications in the next five years, with key products expected to gain approval in the US, which could enhance global visibility and sales [3]. Valuation Adjustments - The revenue and net profit forecasts for 2024-2025 have been adjusted downwards by 4.5% and 5.6% respectively, reflecting the company's performance in 2023 [4][9].

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][3][15] Core Views - The company reported a larger-than-expected loss in 2023, but its main product sales revenue grew rapidly, with total revenue increasing by 36.2% year-on-year to 6.21 billion RMB [2][5] - The company is expected to maintain strong revenue growth, with a projected CAGR of 22.1% from 2023 to 2026 [2][5] - The target price has been adjusted to 46.00 HKD based on a revised DCF model [2][11] Summary by Sections Financial Performance - In 2023, the company's revenue reached 6.21 billion RMB, with a gross profit of 5.07 billion RMB, reflecting a gross margin increase of 39.8% year-on-year [2][5] - The net loss attributable to shareholders decreased by 52.8% to 1.03 billion RMB [2][5] - The company’s revenue forecast for 2024-25 has been slightly raised by 0.05% and 0.3% respectively, with expected revenues of 8.31 billion RMB and 9.90 billion RMB [2][5] Product Pipeline and Growth Drivers - The main product, 达伯舒 (Daboshu), is expected to see steady growth, with sales projected to increase from approximately 2.83 billion RMB in 2023 to 4.20 billion RMB in 2025 [2][5] - Other products have also shown rapid sales growth, with their contribution to total revenue rising from 26.6% in 2021 to 50.65% in 2023 [2][5] - Several products are expected to achieve significant milestones in 2024, including new drug applications and clinical trial advancements [2][7] Adjustments and Projections - The sales and marketing expenses forecast for 2024-25 has been increased due to management's commitment to promoting new products [2][5] - The net loss forecast for 2024 has been adjusted from 230 million RMB to 620 million RMB, while the net profit forecast for 2025 has been revised down from 550 million RMB to 180 million RMB [2][5] - The company’s financial metrics indicate a recovery path, with expectations of turning profitable by 2025 [2][5]

Investment Rating - The report assigns a "Neutral" rating with a score of 64 out of 100 for the company [3][31]. Core Insights - The company is the first biotech firm to go public in 2024, with cornerstone investors including Huadong Medicine, which has subscribed for $25 million (approximately HKD 196 million), representing 4.45% of the total shares post-offering [3]. - The market sentiment for the biotech sector has improved since the beginning of the year, but the company faces challenges in product promotion compared to essential drugs like oncology treatments [3]. - The company has no products on the market and primarily incurs research and administrative expenses, with R&D expenditures increasing significantly in 2023 [22][34]. Summary by Sections Company Overview - The company was established in 2015 and focuses on developing biologics for autoimmune and allergic diseases, with two core products, QX002N and QX005N, currently in clinical trials [31]. Financial Performance - R&D expenses were CNY 150 million in 2021 and CNY 260 million in 2022, with a 38.7% year-on-year increase in the first nine months of 2023 [22]. - Administrative expenses also rose by 38.7% in the same period, leading to a net loss of CNY 370 million, a 90.2% increase year-on-year [22]. Market Potential - The company is expected to commercialize QX001S for moderate plaque psoriasis by Q4 2024, potentially becoming the first biosimilar of ustekinumab in China [31]. - The domestic market for psoriasis drugs grew from USD 60.42 million in 2018 to USD 143.58 million in 2022, with a compound annual growth rate (CAGR) of 24.2% [31]. Valuation - The company's expected market capitalization upon listing is approximately HKD 44.0-44.9 billion, which is slightly lower than comparable companies, but the valuation is justified due to the lower urgency in treating autoimmune diseases compared to oncology [34].