Investment Rating - The report assigns an "Outperform" rating to Orient Securities with a target price of RMB 11.58 [1][11]. Core Views - The bond underwriting volume for Orient Securities in Q1 2024 increased year-on-year, indicating positive long-term growth potential in wealth management transformation and fund management [11]. - The company's Q1 2024 results showed a revenue of RMB 3.61 billion, down 18.6% year-on-year, and a net profit attributable to shareholders of RMB 0.89 billion, down 37.9% year-on-year [11]. - The report highlights a significant increase in bond underwriting volume by 53% year-on-year, ranking the company 6th in the market [11]. Financial Performance Summary - For Q1 2024, the company achieved a brokerage income of RMB 0.49 billion, down 30.1% year-on-year, which accounted for 13.5% of total revenue [11]. - The investment banking income for Q1 2024 was RMB 0.27 billion, down 1.2% year-on-year, while the bond underwriting volume was RMB 0.1026 trillion, up 52.9% year-on-year [11]. - The asset management income decreased to RMB 0.36 billion, down 38.5% year-on-year, with total asset management scale at RMB 0.2358 trillion, down 17.2% year-on-year [11]. Earnings Forecast - The forecasted EPS for Orient Securities for 2024, 2025, and 2026 is RMB 0.32, RMB 0.35, and RMB 0.43 respectively, with BVPS projected at RMB 8.91, RMB 9.18, and RMB 9.51 [12].

Investment Rating - The report maintains an "Outperform" rating for the company [3][5][10]. Core Insights - The company is experiencing revenue growth driven by generative artificial intelligence, with the launch of SenseNova 5.0 outperforming GPT-4 Turbo in Chinese scenarios [3][10]. - The generative AI segment has generated revenue of 1.1837 billion yuan, a year-on-year increase of 199.9%, accounting for 34.8% of total revenue, up from 10.4% in 2022 [3][10]. - The smart automotive segment, represented by the company's product, generated 383.7 million yuan, a 31.1% increase, with its revenue share rising from 7.7% in 2022 to 11.3% [3][10]. - Traditional AI business, including smart city initiatives, saw a revenue decline of 41.1%, with its revenue share dropping from 81.9% to 53.9% [3][10]. - The company is significantly reducing its reliance on the smart city segment, which now accounts for less than 10% of total revenue [3][10]. Financial Summary - The company's market capitalization is 20.76 billion HKD (approximately 2.65 billion USD) [3]. - The current share price is 0.80 HKD, with a target price set at 1.50 HKD [3][5]. - Revenue projections indicate a decrease from 3.809 billion yuan in 2022 to 3.406 billion yuan in 2023, followed by an expected increase to 4.480 billion yuan in 2024 and 6.053 billion yuan in 2025 [3][18]. - The net profit is projected to improve from a loss of 5.414 billion yuan in 2023 to a loss of 1.938 billion yuan in 2025 [3][18]. - The company’s asset net value is projected to decline from 23.155 billion yuan in 2023 to 19.484 billion yuan in 2024, before recovering to 32.173 billion yuan in 2025 [6][19]. Valuation Methodology - The report employs a NAV valuation method, assigning a multiple of 2.0 times the asset net value, leading to a target price of 1.50 HKD per share [6][10]. - The report highlights the scarcity of available computing infrastructure as a key factor in the company's valuation [3][10]. Product Development - The SenseNova 5.0 model has been trained on over 10TB of text data, significantly enhancing its understanding of Chinese language and cultural contexts [3][10]. - The model utilizes a mixture of experts (MoE) approach, allowing for more accurate contextual understanding in specific industries [3][10]. - The deployment of AI servers and cloud-based AI functionalities is becoming increasingly urgent due to rising demand [3][10].

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2024年04月30日 第 17 周新房成交同比增速回落、供销比回落 [Table_Summary] 投资要点：  上周1大中城市新房成交情况：  2024 年第 17 周 30 大中城市新房成交面积为 191 万平方米，环比前一周 5%，同比 2023 年-45%。其中一线城市销售面积 62 万平方米，环比前一 周31%，同比2023年-31%。二线城市销售面积93万平方米，环比前一周 12%，同比2023年-50%。三线城市销售面积37万平方米，环比前一周-30%， 同比2023年-51%。  2024年4月1日-25日30城累计成交面积607万平方米，环比2024年3 月同期3.7%，同比-42%。一线城市累计成交面积167万平方米，环比2024 年3月同期11%，同比-36%。二线城市累计成交面积311万平方米，环比 2024年3月同期3%，同比-45%。三线城市累计成交面积129万平方米， 环比2024年3月同期-3%，同比-44%。  上周18城二手房成交量情况：  18城2024年第17周二手房成交量为195万 ...

Investment Rating - The investment rating for MTR Corporation has been downgraded to NEUTRAL [2][3]. Core Insights - MTR Corporation's total revenue for FY23 increased by 19% year-on-year, while attributable profit to major shareholders decreased by 21%. Core profit, which includes property development but excludes fair value changes, fell by 40% year-on-year. The final dividend was maintained at HK$0.89, resulting in a full-year dividend of HK$1.31, which corresponds to a 5% yield based on the last closing price. The current stock price is believed to reflect potential future profit growth, leading to the revision of the target price to HK$28.60 and the downgrade to NEUTRAL [3][8]. Revenue and Profit Analysis - Revenue from Hong Kong transport operations rose significantly by 50% to HK$20.13 billion, while revenue from station commercial businesses increased by 66% to HK$5.12 billion. Revenue from property rental and management businesses in Hong Kong grew by 6% to HK$5.08 billion. However, revenue from Mainland China and international railway operations remained stable at HK$25.96 billion [6][7]. - The overall market share of MTR in the Hong Kong public transport market increased from 48% to 50% in FY23, with local railway passenger volume rising by 19% to 1.58 billion trips [3][6]. Future Capital Expenditure and Leverage - MTR Corporation anticipates significant capital expenditures in the coming years, with projected capital expenditures of HK$26.1 billion, HK$31.5 billion, and HK$30.3 billion for FY24, FY25, and FY26, respectively. This is expected to increase the company's leverage, with the net debt-to-equity ratio rising by 3 percentage points to 26.5% in FY23 [3][5][6]. Financial Projections - Revenue is expected to grow by 4-5% annually from FY24 to FY26, while core net profit is projected to increase by 22%, 46%, and 2% in the same period. The updated NAV per share is estimated at HK$40.80, with a target price of HK$28.60 reflecting a 30% discount due to anticipated increases in leverage [3][4][6].

Investment Rating - The report initiates coverage with an "Outperform" rating for Yihai International [5][8]. Core Views - Yihai International, rooted in Haidilao, is a leading player in the compound seasoning market, focusing on Chinese compound and convenient food products to drive new growth [3][4]. - The company is enhancing its product matrix and expanding its sales network while reducing reliance on related parties [3][4]. - The third-party revenue share has steadily increased, surpassing related party revenue since 2018, with a CAGR of 22.4% for third-party revenue from 2018 to 2023 [4][6]. - The company has planned capacity expansions both domestically and internationally to support long-term business growth [13][15]. Summary by Sections Company Overview - Yihai International originated as a supplier of hot pot base products for Haidilao and became independent in 2013, listing on the Hong Kong Stock Exchange in 2016 [5][6]. - The company has successfully reduced its dependence on Haidilao, with related party revenue dropping from 78.7% in 2017 to below 50% in 2023 [5][6]. Product Development - The company has optimized its product development organization, with 21 product teams led by 7 innovation committee members focusing on domestic and international markets [3][33]. - As of the end of 2023, Yihai launched 24 new hot pot seasoning products, 37 new Chinese compound seasoning products, and 40 new convenient food products [33][34]. Revenue and Profitability - The company expects revenues of 6.88 billion, 7.50 billion, and 8.07 billion RMB for 2024, 2025, and 2026, respectively, with net profits of 980 million, 1.11 billion, and 1.23 billion RMB [4][5]. - The gross margin improved to 31.6% in 2023, up 1.4 percentage points from the previous year, following a decline in raw material costs [18][19]. Market Trends - The compound seasoning market in China is growing rapidly, with a market size of 178.6 billion RMB in 2022, reflecting a 12.5% year-on-year growth [22][23]. - The penetration rate of compound seasonings in China is still low at 26%, indicating significant growth potential compared to more mature markets like Japan and South Korea [23][24]. Strategic Initiatives - The company is enhancing its sales efficiency through various management mechanisms, including a sales partner system and regional management strategies [9][10]. - Yihai is focusing on the B-end market, particularly with small and medium-sized restaurant chains, which are expanding rapidly [28][38].

研究报告Research Report 3 May 2024 思源电气 Sieyuan Electric (002028 CH) 2024Q1 业绩超市场预期，盈利能力不断提升 Financial performance beat market expectations in 2024Q1, profitability keeps improving [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 2024Q1 业绩表现超市场预期。近期公司发布 2023年及 2024Q1 财 评级 优于大市OUTPERFORM 报，2023 公司实现营收 124.6 亿元，同比增长 18.25%，实现归母 现价 Rmb65.14 目标价 Rmb72.27 净利润 15.59 亿元，同比增长 27.8%；2024Q1 实现营收 26.58 亿 元，同比增长 22.36%，实现归母净利润 3.63 亿元，同比增长 HTI ESG 3.0-3 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for NARI Technology [2][20]. Core Views - NARI Technology's revenue and net profit growth rates meet expectations, with a revenue of RMB 51.57 billion in 2023, a year-on-year increase of 10.13%, and a net profit of RMB 7.184 billion, a year-on-year increase of 11.44%. In Q1 2024, revenue reached RMB 7.7 billion, up 24.25% year-on-year, and net profit was RMB 596 million, up 13.7% year-on-year [16][20]. - The company is expected to benefit from the high prosperity of ultra-high voltage (UHV) construction, with plans to start five DC and two AC UHV lines in 2024 [18][20]. - NARI's off-grid business is developing well, with new contracts signed worth RMB 58.287 billion, a year-on-year increase of 12.64%, and a recovery in international business [19][20]. Financial Performance - The comprehensive gross profit margin was 26.80% in 2023, slightly down by 0.24 percentage points year-on-year, while the gross profit margin for power grid dispatch automation increased by 2.07 percentage points to 28.91% [16][20]. - R&D expenses were RMB 2.712 billion in 2023, up 13.92% year-on-year, exceeding the revenue growth rate [17][20]. - The company forecasts revenues of RMB 58.18 billion, RMB 65.77 billion, and RMB 73.82 billion for 2024, 2025, and 2026, respectively, with net profits of RMB 8.3 billion, RMB 10 billion, and RMB 11.6 billion [20].

[Table_MainInfo] 公司研究/金融/综合金融服务 证券研究报告 永安期货（600927）公司年报点评 2024年05月02日 2023 年境外业务大幅增长，投资下滑与 政策调整导致 24Q1 净利润承压 [投Tab资le要_Su点mm：ar y]  【事件】永安期货发布 2023 全年及 2024Q1 业绩：1）2023 年营业收入 238 亿元，同比-31.5%。归母净利润7.3亿元，同比+8.3%。归母净资产较年初+3.7%， 较Q3末+0.4%。每股分红0.15元，同比微升，分红率约30.2%，保持稳定。 2）23Q4单季营收50亿元，同比-17.8%，归母净利润1.7亿元，同比-15.2%。 3）24Q1营业收入43亿元，同比-19.1%。归母净利润0.8亿元，同比-62.6%。 归母净资产较年初+0.6%。  2023 年业绩：手续费净收入及投资收益下滑，境外业务盈利大幅提升。1） 公司利息净收入 6.8 亿元，同比+5.5%；手续费及佣金净收入 7.6亿元，同比 -3.8%，主要是资管与基金销售业务下滑所致；而投资收益为-0.29亿元，上年 同期为3.4亿元，主要为金融资产投资收 ...

Investment Rating - The report maintains an "Outperform" rating for Triangle Tyre with a target price of RMB 22.08, based on a 12x PE for 2024 [3][32]. Core Insights - The company experienced significant growth in 2023, with a 117.37% year-on-year increase in net profit attributable to shareholders, driven by the normalization of economic activities, increased auto sales, strong foreign trade, stable product prices, and reduced raw material costs [2][39]. - The company is innovating with new technologies, materials, and processes, enhancing product performance and reducing energy consumption [33][14]. - The company plans to distribute RMB 0.54 billion in cash dividends for 2023, which represents 38.39% of the year's net profit attributable to shareholders [39]. Financial Performance - In 2023, the company achieved revenue of RMB 10.42 billion, a 13.03% increase year-on-year, and net profit of RMB 1.40 billion, up 89.29% [39]. - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 1.47 billion, RMB 1.62 billion, and RMB 1.98 billion, respectively [3][14]. - The gross margin is expected to improve gradually, with projections of 21.5%, 22.5%, and 23.4% for 2024, 2025, and 2026, respectively [10][34]. Production Capacity and Utilization - The report anticipates an increase in production capacity utilization, estimating rates of 92%, 94%, and 100% for 2024-2026 [4]. Branding and Market Expansion - The company has been actively promoting its brand through high-speed train advertisements and sponsorship of sports events, which has enhanced its market presence [7][14].

研究报告Research Report 5 May 2024 爱旭股份 Shanghai Aiko Solar Energy (600732 CH) TOPCON 产能升级改造，ABC 组件放量可期 Upgrade to TOPCON Production Capacity, ABC Modules are Expected to Achieve Bulk Shipments [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 维持优于大市Maintain OUTPERFORM 2024 年一季度净利环比改善，业绩符合预期。2023 年公司 评级 优于大市OUTPERFORM 实现营业收入271.7亿元，同比降低22.5%，实现归母净利润 现价 Rmb11.95 7.6亿元，同比降低67.5%；四季度实现营收45.5 亿元，同比 目标价 Rmb19.60 降低50.8%；实现归母净利润-11.31 亿元，环比由盈转亏，主 要由于计提资产减值约11.5亿元。2024年一季度，公 ...