Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 7.47 [1][21]. Core Views - The company has made significant progress in R&D, particularly in hydrofluoric acid and hydrogen chloride projects, with multiple pilot projects and patent applications filed [1][20]. - The construction of various projects is progressing well, which is expected to enhance performance in the coming years [1][19]. - The company reported a revenue of RMB 7.31 billion in 2023, a decrease of 17.84% year-on-year, and a net profit attributable to shareholders of RMB 0.38 billion, down 67.49% year-on-year [12][18]. Financial Summary - Revenue and Profitability: - 2023 revenue was RMB 73.06 billion, down 17.84% YoY; net profit was RMB 3.83 billion, down 67.49% YoY [12][18]. - Q1 2024 revenue was RMB 19.48 billion, up 10.98% YoY, with a net profit of RMB 0.29 billion, down 58.92% YoY [12][18]. - Revenue Forecast: - Expected revenues for 2024, 2025, and 2026 are RMB 113.44 billion, RMB 121.54 billion, and RMB 135.94 billion respectively [16]. - Profitability Metrics: - The gross margin is projected to improve from 17.6% in 2023 to 24.7% by 2026 [16]. - Net profit margins are expected to increase from 5.2% in 2023 to 6.9% in 2026 [16]. Project Development - The company has successfully initiated several projects, including propane and butane utilization, with significant milestones achieved in 2023 [19]. - Key projects such as the ultra-high purity electronic-grade hydrofluoric acid and deep purification of electronic-grade hydrogen chloride have received provincial funding support [1][20].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price increased to RMB 72.80 from RMB 70.84, reflecting a 2.8% adjustment [12][34]. Core Insights - The company is experiencing rapid growth in N-type silver paste shipments, with Q1 2024 showing a shipment volume of 569.94 tons, a year-on-year increase of 96.9% [17][33]. - The adoption of LECO technology is becoming standard in the industry, enhancing barriers and technological thresholds, positioning the company to benefit from industry dividends [40][34]. - The company anticipates a significant increase in photovoltaic silver paste shipments, projecting a volume of 2,500-3,000 tons for 2024, representing over 46% year-on-year growth [17][39]. Financial Performance - For Q1 2024, the company reported revenue of RMB 3.644 billion, a year-on-year increase of 135.38%, and a net profit attributable to the parent company of RMB 176 million, reflecting a year-on-year growth of 103.71% [39][33]. - The gross margin for Q1 2024 was approximately 10.65%, slightly decreasing due to rising silver paste prices [17][33]. - The company’s R&D expenses reached RMB 110 million in Q1 2024, marking a year-on-year growth of 201% [40][34]. Future Projections - Revenue forecasts for 2024-2026 are estimated at RMB 13.975 billion, RMB 15.764 billion, and RMB 17.977 billion, respectively, with net profits projected to be RMB 640 million, RMB 784 million, and RMB 910 million [34][41]. - The company is actively advancing the construction of a silver nitrate project, expected to be operational by the end of 2024, which will enhance supply chain stability and reduce raw material costs [18][34].

研究报告Research Report 4 Jun 2024 中国必需消费 China Staples HTI 中国消费行业 6 月投资报告：继续关注高股息主线和软饮料行业 Continue to Recommend High Dividend Themes and the Soft Drink Industry [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 需求：5 月重点跟踪的 8 个行业中 5 个保持正增长，3 个负增长。 实现双位数增长的行业仅剩次高端及以上白酒（主要受贵州茅台带 股票名称 评级 股票名称 评级 动）；个位数增长的行业包括速冻食品、餐饮、软饮料和调味品； 贵州茅台 Outperform 燕京啤酒 Outperform 乳制品、大众及以下白酒、啤酒负增长。与上月相比，6 个行业增 五粮液 Outperform 口子窖 Outperform 速下滑，1 个持平，仅软饮料增速加快。消费需求短期偏弱、进入 山西汾酒 Outperform 舍得酒业 Out ...

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 [ Table_InvestInfo] 1-4 月贵州省烟酒类商品零售额同比+124.4% [Table_Summary] 投资要点：  板块表现：5月27日-5月31日，大盘指数涨跌幅为-0.66%，食品饮料指数涨跌 幅为-2.26%，涨跌幅在28个子行业中排名第23。表现前三板块为调味发酵品Ⅲ 板块（-1.19%）、保健品板块（-1.40%）、软饮料板块（-2.06%）。个股涨幅前 三为*ST西发（+7.54%）、西麦食品（+6.80%）、三只松鼠（+3.53%）。个股跌 幅前三为*ST莫高（-9.86%）、顺鑫农业（-8.45%）、得利斯（-8.35%）。 个股公告：【金字火腿】公司董事会会议审议通过了选举马晓钟先生为第六届  董事会副董事长的议案。【东鹏饮料】公司第二大股东君正投资减持计划完成， 其计划减持不超过公司总股本的3%，实际减持公司总股本的2.7%，当前君正投 资持股比例为5.0%。【岩石股份】公司通过董事会会议同意聘任李奕霆先生、 桂李鑫先生为公司副总经理。【中国圣牧】卢敏放先生辞去了公司的董事会主 席等职务，由 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for AliHealth with a target price of HKD 6.34 [3][5][12] Core Insights - The company's FY2024 performance exceeded market expectations, with revenue of CNY 27.03 billion, reflecting a 1.0% increase year-on-year. The self-operated pharmaceutical business generated CNY 23.74 billion, up 0.6% [11][12] - The gross margin improved to 21.8%, a 0.5 percentage point increase, while the fulfillment cost ratio was optimized to 8.9%, down 1.9 percentage points [11][12] - The report anticipates continued revenue growth driven by increased online service penetration, prescription outflow, and improved online medical insurance policies, projecting FY2025 revenue at CNY 31.16 billion, a 15.3% year-on-year increase [4][12] Financial Performance Summary - FY2024 net profit reached CNY 880 million, a 64.6% increase, with an adjusted net profit of approximately CNY 1.44 billion, up 90.8% [11][12] - The company expects net profits for FY2025 and FY2026 to be CNY 1.56 billion and CNY 1.96 billion, representing year-on-year growth of 76.3% and 25.6% respectively [4][12] - The report highlights a significant increase in interest income to CNY 480 million, a 44.4% rise [11][12] Valuation - The absolute valuation method estimates the company's equity value at CNY 105.328 billion, corresponding to a share price of HKD 6.34, based on a WACC of 7.8% and a perpetual growth rate of 3.5% [5][12]

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2024年06月03日 [ Table_InvestInfo] 第 22 周新房成交同比增速回落，供销比回升 [Table_Summary] 投资要点：  上周1大中城市新房成交情况：  2024 年第 22 周 30 大中城市新房成交面积为 223 万平方米，环比前一周 11.7%，同比 2023 年-37%。其中一线城市销售面积 50万平方米，环比前 一周3%，同比2023年-32%。二线城市销售面积128万平方米，环比前一 周20%，同比2023年-42%。三线城市销售面积45万平方米，环比前一周 2.2%，同比2023年-26%。  2024年5月1日-30日30城累计成交面积773万平方米，环比2024年4 月同期-0.87%，同比-38%。一线城市累计成交面积187万平方米，环比2024 年4月同期-15%，同比-34%。二线城市累计成交面积415万平方米，环比 2024年4月同期4%，同比-43%。三线城市累计成交面积171万平方米， 环比2024年4月同期5.7%，同比-29%。  上周18城二手房成交量情况： ...

研究报告ResearchReport 3 Jun 2024 中国必需消费 China Staples HTI 中国消费品 5 月需求报告：仅软饮料行业需求增速加快 The Demand Growth Rate in the Soft Drink Industry is Accelerating [InTvaebsletm_yeenmt eFio1c]u s [Table_Info] (Please see APPENDIX 1 for English summary) 据海通国际预测，24年5月重点跟踪的8个行业中5个保持正增长，3个 股票名称 评级 股票名称 评级 负增长。实现双位数增长的行业仅剩次高端及以上白酒（主要受贵州茅台 带动）；个位数增长的行业包括速冻食品、餐饮、软饮料和调味品；乳制 贵州茅台 Outperform 燕京啤酒 Outperform 品、大众及以下白酒、啤酒负增长。与上月相比，6个行业增速下滑，1个 五粮液 Outperform 口子窖 Outperform 持平，1 个增速加快。消费需求短期偏弱、进入传统消费淡季和去年高基 山西汾酒 Outperform 舍得酒业 Outperfo ...

Equity – Asia Research Presentation：《体检行业深度报告行业篇：行业持续内生增长， 龙头提质增效稳健发展》 In-Depth Report on the Physical Examination Industry: Sustained Intrinsic Growth with Leading Companies Enhancing Quality and Efficiency for Robust Development 余文心Wenxin Yu wenxin.yu@htisec.com 孟科含Kehan Meng kh.meng@htisec.com ...

5 月市场回顾和展望 美国通胀和利率前景不明朗，而 BoJ 近来的态度变化令市场猜测日本央行可能会加快金融政策正 常化节奏，日元汇率的大幅波动也令一些投资者对日本经济走出通缩的进程产生怀疑。面对较为 不确定的金融政策环境，5 月份的日本股票市场整体缺乏方向感。日本企业公布了非常靓丽的 2024 年 3 月财年业绩，但同时对下一个财年的指引依旧偏保守，低于市场预期。板块表现分化较 大，电力和银行保险表现突出，而受加息预期影响的地产股回调明显。日经指数收盘价于 38,487.9 点，基本和上月底持平，而 Topix 指数上涨了 1.1%。 [Table_Title] 研究报告 Research Report 1 Jun 2024 日本策略月报 Japan Strategy Monthly Report 香江观日 Observing the Japan Stock Market from Hong Kong 季屏子 Pingzi Ji pz.ji@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX ...

Investment Rating - The report maintains an "Outperform" rating for CGN Mining, with a target price of HK$3.39 per share, representing a potential upside of 21% [18][13][19]. Core Views - CGN Mining is positioned to capitalize on the global recovery of nuclear power and the increasing demand for natural uranium, aiming to become a leading international supplier of natural uranium [15][16]. - The company achieved significant revenue growth in 2023, with operating income reaching HK$7,368 million, a year-on-year increase of 101.04%, primarily driven by a substantial rise in natural uranium revenue [15][16]. - The global uranium market is experiencing a supply shortage, with demand projected to reach approximately 76,000 tons of uranium (tU) in 2024, while supply is expected to be only around 60,000 tU [17][18]. Summary by Sections Company Overview - CGN Mining is a subsidiary of CGNPC, the world's third-largest nuclear power group, and serves as the sole platform for overseas uranium resource development and financing under CGNPC [15][16]. Market Dynamics - The global uranium market is facing a supply-demand imbalance, exacerbated by the depletion of uranium mines in Kazakhstan and the expected reduction in the lifespan of active mines starting in 2028 [17][18]. - The recent U.S. legislation banning the import of Russian uranium is anticipated to increase demand for uranium in the U.S. and other Western countries, further driving up nuclear fuel costs [16][18]. Production Capacity - CGN Mining's current production in Kazakhstan is maintained at 80% of the allowable level, with plans to increase this to over 90% by 2024-2025. The total production capacity is projected to reach 3,969 tons/year by 2025 [18][19]. Financial Projections - The company’s projected main operating revenues for FY24-26 are HK$9,203 million, HK$11,267 million, and HK$13,162 million, respectively, with corresponding net profits of HK$543 million, HK$642 million, and HK$745 million [18][19].