研究报告 Research Report 8 Apr 2025 康方生物 Akeso (9926 HK) 核心产品销售表现强劲，临床管线稳健推进中 Core Product Sales Are Strong, While the Clinical Pipeline Is Advancing Steadily [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$64.75 目标价 HK$96.60 HTI ESG 2.7-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$58.12bn / US$7.48bn 日交易额 (3 个月均值) US$87.34mn 发行股票数目 897.58mn 自由流通股 (%) 70% 1 年股价最高最低值 HK$88.00-HK$31.80 注：现价 HK$64.75 为 2025 年 04 月 07 日收盘价 资料来源： Fact ...

研究报告 Research Report 康哲药业 China Medical System Holdings (867 HK) 2024 年业绩释放压力，创新转型持续推进 Pressure from 2024 performance release, innovation and transformation continue to advance [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$8.28 目标价 HK$9.96 HTI ESG 2.0-2.5-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$20.20bn / US$2.60bn 日交易额 (3 个月均值) US$7.02mn 发行股票数目 2,440mn 自由流通股 (%) 49% 1 年股价最高最低值 HK$10.02-HK$6.24 注：现价 HK$8.28 为 2025 年 04 月 0 ...

研究报告 Research Report 7 Apr 2025 亚盛医药 Ascentage Pharma (6855 HK) 国内商业化表现稳健，全球化创新进入加速期 Domestic commercialization remains solid, while global innovation enters an accelerated phase [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$45.40 目标价 HK$51.90 HTI ESG 5.0-4.4-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$15.81bn / US$2.03bn 日交易额 (3 个月均值) US$18.75mn 发行股票数目 348.27mn 自由流通股 (%) 70% 1 年股价最高最低值 HK$47.70-HK$15.70 注：现价 HK$44.85 为 2025 ...

[Table_Title] 研究报告 Research Report 6 Apr 2025 安能物流（开曼） ANE (Cayman) (9956 HK) 量利高增，货重结构与效率持续优化 High Growth in Volume and Profit, with Optimization of Cargo Structure and Efficiency 骆雅丽 Yali Luo 虞楠 Nan Yu yl.luo@htisec.com nan.yu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 安能物流发布 2024 年年报：2024 年，公司实现营业收入 115.76 亿元（人民币，下同），同比+16.7%，实现归母净 利润 7.50 亿元，同比+91.1%，实现经调整净利润 8.37 亿元，同比+64.2%。业绩符合预期。 点评 收入端：货重结构持续优化，增值服务需求增加。2024 年，公司货运总量增加至 14.1 百万吨，同比增长 ...

[Table_Title] 研究报告 Research Report 4 Apr 2025 国际工业+能源周报 Global Industrials + Energy 国际 AI 工业+能源周报(03/31-04/06)：SpaceX 拟投 18 亿美元扩建佛州星舰 设施，成功发射人类首次极地轨道载人航天任务 SpaceX to Invest $1.8 Billion to Expand Starship Facilities in Florida and Launches Human - Rated Mission in Polar Orbit 杨斌 Bin Yang 毛琼佩 Olivia Mao 杨钰其 Yuqi Yang Ella Ming bin.yang@htisec.com olivia.qp.mao@htisec.com yq.yang@htisec.com ella.yx.ming@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核 ...

研究报告 Research Report 28 Mar 2025 达势股份 DPC Dash (1405 HK) 点评报告：同店连续 30 个季度正增长，经营杠杆持续释放 Review Report: SSSG Increases for 30 Consecutive Quarters, Operating Leverage Keeps Releasing [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$114.30 目标价 HK$125.90 HTI ESG 4.3-4.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$14.95bn / US$1.92bn 日交易额 (3 个月均值) US$3.33mn 发行股票数目 130.78mn 自由流通股 (%) 54% 1 年股价最高最低值 HK$114.30-HK$50.15 注：现价 HK$114.30 为 20 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 45.50 per share, corresponding to HKD 48.92 per share at a 0.93 exchange rate [7][10]. Core Insights - The company reported stable revenue of RMB 42.90 billion for 2024, with a slight year-on-year increase of 0.54%, and a net profit attributable to shareholders of RMB 12.12 billion, reflecting a 0.36% increase [3][10]. - Despite challenges, the company maintained its leading market share in packaged water, although revenue from this segment declined by 21.3% to RMB 15.95 billion due to external factors [3][10]. - The company is expected to recover in 2025 as it clarifies its position to the public and continues its strategic initiatives [3][10]. Financial Data and Forecasts - Total revenue and net profit forecasts for 2025-2027 are as follows: - 2025: Revenue of RMB 50.69 billion, net profit of RMB 14.57 billion, EPS of RMB 1.30 - 2026: Revenue of RMB 58.91 billion, net profit of RMB 16.95 billion, EPS of RMB 1.51 - 2027: Revenue of RMB 67.98 billion, net profit of RMB 19.83 billion, EPS of RMB 1.76 [2][10]. - The gross profit margin (GPM) decreased by 1.46 percentage points, leading to a 1.93% decline in gross profit [3][10]. Business Segment Performance - The packaged water segment remains under pressure but retains the highest market share in China, supported by strategic investments in water source facilities [3][10]. - The tea beverage segment showed strong growth, achieving revenue of RMB 16.75 billion, a year-on-year increase of 32.3% [4][10]. - Functional beverages and juice products also demonstrated resilience, with revenues of RMB 4.93 billion and RMB 4.08 billion, respectively, indicating ongoing product innovation and market demand [5][6][10].

Investment Rating - The report maintains an "Outperform" rating for Yum China Holdings [5][11]. Core Insights - Yum China Holdings reported a revenue of 11.30 billion USD for 2024, a 3% year-over-year increase, with an adjusted net profit of 911 million USD, up 8% year-over-year [2][11]. - In Q4 2024, revenue reached 2.60 billion USD, reflecting a 4% year-over-year growth, and adjusted net profit was 115 million USD, up 11% year-over-year [2][11]. - The company plans to add approximately 1,600 to 1,800 new stores in 2025, with capital expenditures estimated between 700 to 800 million USD [3][11]. Summary by Sections Financial Performance - For Q4 2024, KFC and Pizza Hut system sales grew by 5% and 3% respectively, with same-store sales declining by 1% and 2% [2][11]. - KFC's order volume increased by 3%, while average transaction value decreased by 4%; Pizza Hut's order volume rose by 9%, with a 10% drop in average transaction value [2][11]. - The total number of restaurants reached 16,395 by the end of 2024, with a net increase of 1,751 restaurants, representing a 12% annual growth [3][11]. Digital and Delivery Growth - By the end of Q4 2024, KFC and Pizza Hut had over 525 million members, contributing to 65% of sales [4][11]. - Digital orders accounted for 90% of restaurant income, totaling 9.60 billion USD for the year, while delivery sales grew by 14% year-over-year, making up 39% of restaurant income [4][11]. Cost Control and Efficiency - The report highlights improved cost control measures, with raw materials accounting for 31.9% of income (down 0.5 percentage points), staff costs at 28.2% (down 0.8 percentage points), and rent and other expenses at 27.6% (down 0.3 percentage points) [4][11]. - The restaurant profit margin for Q4 2024 was reported at 12.3%, an increase of 1.6 percentage points year-over-year [3][11]. Profit Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 950 million USD, 1.01 billion USD, and 1.07 billion USD, with growth rates of 4.3%, 5.9%, and 6.6% respectively [5][11]. - The target price is set at 431.8 HKD per share based on a 22x PE ratio for 2025 [5][11].

[Table_Info] 维持优于大市 Maintain OUTPERFORM 研究报告 Research Report 27 Mar 2025 药明合联 WuXi XDC Cayman (2268 HK) 2024 年报点评：增长强劲，看好一站式偶联药物 CRDMO 龙头长期发展 24FY Review: Robust Growth with Long-term Development of Leading One-Stop CRDMO for XDC [Table_yemei1] 观点聚焦 Investment Focus | 评级 | 优于大市 OUTPERFORM | | --- | --- | | 现价 | HK$41.90 | | 目标价 | HK$49.10 | | HTI ESG | 3.3-3.5-4.5 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 | HK$50.32bn / US$6.47bn | | 日交易额 (3 个月均值) | US$24.53mn | | 发行股票数目 | 1,2 ...

中海石油化学 China BlueChemical (3983 HK) 扣非后净利润同比下降 28.33%，拟派发现金分红总额 5.57 亿元 Recurring net profit down 28.33%, the company plans to distribute cash dividend of 557 million yuan [Table_Title] 研究报告 Research Report 27 Mar 2025 xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appen ...