研究报告Research Report 17 Apr 2024 中国食品饮料 China Food & Beverage HTI 大众品零售价格跟踪：方便食品折扣力度较上月降低，液态奶及软饮料增加 Discount of convenience food is significantly lower than that of mid-March [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 液态奶及软饮料代表产品较3月中旬折扣力度有明显加大。 股票名称 评级 股票名称 评级 液态奶代表产品的折扣率（实际到手价格/平台标注原价）平均 泸州老窖 Outperform 盐津铺子 Outperform 值/中位值分别由 3 月中旬的 80.5%/80.0%变化至本周的 古井贡酒 Neutral 新乳业 Outperform 72.2%/69.7%。 燕京啤酒 Outperform 西麦食品 Outperform 酒鬼酒 Outperform 劲仔食品 Outperform 软饮 ...

Investment Rating - The report maintains an "Outperform" rating for Frontage Holdings (1521 HK) with a target price of HK$1.89, down from a previous target of HK$3.40, reflecting a 44% reduction [3][6]. Core Insights - In 2023, Frontage Holdings reported revenue of $259.9 million, a 3.8% increase year-on-year, with a gross profit margin of 30.2%, down 5.4 percentage points. Net profit was $10.7 million, a decrease of 58.7%, while adjusted net profit was $24.0 million, down 33.7% [14][15]. - The North American market's revenue remained stable at $199.1 million, accounting for 76.6% of total revenue, with laboratory testing revenue increasing by 13% to $96 million. In contrast, drug discovery revenue fell by 33% to $22 million [4][15]. - Revenue from China grew by 12.6% to $60.8 million, representing 23.4% of total revenue, with laboratory testing revenue increasing by 27% to $28 million [4][15]. - The company has restructured its CRO business into four main units: drug discovery, drug development, pharmaceutical product development, and laboratory testing, aiming to enhance operational efficiency and market competitiveness [4][15]. - Future revenue projections for 2024-2026 are adjusted to $300 million, $360 million, and $422 million, with year-on-year growth rates of 15%, 20%, and 17% respectively. Adjusted net profit for the same period is projected at $34 million, $43 million, and $52 million, with growth rates of 40%, 28%, and 20% [6][16]. Financial Summary - The financial outlook includes a projected revenue increase to $300 million in 2024, with a net profit forecast of $20 million, and adjusted net profit of $34 million [11][16]. - The gross profit margin is expected to improve to 32.9% in 2024, with net profit margins gradually increasing in subsequent years [11][12]. - The company plans to continue investing in endogenous growth, strategic mergers and acquisitions, and talent development to enhance its market position [4][15].

研究报告Research Report 17 Apr 2024 燕京啤酒 Beijing Yanjing Brewery (000729 CH) 2023 年报点评：U8 增速亮眼，改革红利持续 The sales volume of U8 maintained high growth, corporate reform improved profitability [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) 事件。公司发布 2023 年年报，全年实现营收 142.1 亿元，同比增 评级 优于大市OUTPERFORM 长7.7%；归母净利润6.5亿元，同比增长83.0%；扣非归母净利润 现价 Rmb9.30 目标价 Rmb13.50 5.0 亿元，同比增长 84.2%。23Q4 实现营收 18.0 亿元，同比下降 4.4%；归母净利润亏损3.1亿元（22Q4亏损3.2亿元）；扣非归母 HTI ESG 1.1-1.1- ...

Investment Rating - The report maintains an "Outperform" rating for Power Assets Holdings [3][5]. Core Insights - The UK segment shows strong performance, contributing significantly to the company's profits, while the Australian segment's profitability is affected by exchange rate fluctuations [9][11]. - The company reported a net profit attributable to shareholders of HKD 6.003 billion for 2023, a 6% year-on-year increase, with dividends of HKD 2.82 per share, resulting in a dividend yield of 6.23% [4][9]. - The target price is updated to HKD 52.04, reflecting a 21% increase from the previous DCF valuation [5][13]. Financial Performance - The company's revenue for 2023 was HKD 1.292 billion, with a projected increase to HKD 1.371 billion in 2024 [4][8]. - Net profit forecasts for 2024, 2025, and 2026 are HKD 6.176 billion, HKD 6.338 billion, and HKD 6.510 billion respectively [5][13]. - The UK segment's profit contribution was HKD 2.808 billion, an 11.56% increase year-on-year, while the Australian segment contributed HKD 1.265 billion, down 5.74% [9][11]. Asset and Investment Overview - As of the end of 2023, the net assets attributable to the UK segment were HKD 41.733 billion, while the Australian segment's net assets were HKD 18.18 billion [10][11]. - The company plans to invest approximately HKD 22 billion from 2024 to 2028 to enhance its natural gas power generation capacity [12]. Market Position and Strategy - The report highlights the stability of the electricity grid and gas distribution businesses, with the UK segment being the primary profit contributor [10][12]. - The company is expected to maintain a high dividend payout ratio, close to 100%, as it relies on cash flows from joint ventures and interest income [5][13].

Investment Rating - The report maintains an "Outperform" rating for the company [28][46][68] Core Views - The company's revenue has grown rapidly, achieving 9.603 billion yuan in 2023, a year-on-year increase of 154.94%, with a net profit attributable to shareholders of 386 million yuan, marking a turnaround from losses to profits [20][49] - The strong performance is attributed to robust demand in the global photovoltaic market and the rapid industrialization of N-type cells, which significantly boosted silver paste sales [20][29] - The gross profit margin for 2023 was 11.14%, an increase of 2.34 percentage points year-on-year, driven by the higher technical difficulty and processing fees of N-type silver paste [20][29] Financial Summary - Revenue and profit forecasts for 2024-2026 are projected at 13.975 billion yuan, 15.764 billion yuan, and 17.977 billion yuan respectively, with net profits expected to be 621 million yuan, 779 million yuan, and 902 million yuan [49][68] - The diluted EPS is forecasted to be 4.43 yuan, 5.56 yuan, and 6.43 yuan for the years 2024, 2025, and 2026 respectively [49][68] - The company is expected to maintain high growth in profitability due to the increasing volume of TOPCon products and the acceleration of silver powder localization [49][68] Market Position - The company has achieved significant sales in photovoltaic conductive silver paste, with a total of 1713.62 tons sold in 2023, a 137.89% increase year-on-year [43] - The sales of silver paste for N-type TOPCon batteries reached 1008.48 tons, accounting for 58.85% of total silver paste sales, indicating a leading position in the industry [43][67]

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 密尔克卫（603713）公司年报点评 603713 CH Milkyway Chemical Supply Cha in Service Rating: OUTPERFORM Target Price: Rmb75.68 Xiaohan Sun xh.sun@htisec.com 2024Q1 扣非后净利润同比增长 37.69%，合计分红总额 1.86 亿元（含税）。公 司 2023 年营业收入 97.53 亿元，同比下降 15.75%，归母净利润 4.31 亿元， 同比下降 28.72%，扣非后净利润 4.08 亿元，同比下降 29.70%。公司营业收 入下降主要由于受行业波动及行业价格下行影响。公司拟向全体股东每 10 股 派发现金红利 5.3 元（含税），公司 2023 年以集中竞价交易方式累计回购资 金总额 9980.54 万元（不含交易费用），公司 2023 年合计分红总额 1.86 亿元 （含税），占当年公司归母净利润比重为 43.03%。公司 2024 年第一季度实现 营业收入 28.96 亿元，同比增长 23.2 ...

Borong Li br.li@htisec.com 2023 年盈利逐季改善。2023 年，公司实现营业收入 461.42 亿元，同比-5.95%； 实现归母净利润 0.70 亿元，同比-86.72%。公司单季度盈利逐步改善， 1Q23-4Q23 公司分别实现归母净利润-4.98 亿元、-1.78 亿元、2.83 亿元、4.62 亿元。公司拟向全体股东每 10 股派发现金红利 0.14 元（含税）。 盈利预测与投资评级。我们预计公司 2024-2026 年 EPS 分别为 0.23、0.27、 0.31 元（原 2024-25 预测为 0.40、0.52 元），2024 年 BPS 为 9.08 元。参考可 比公司估值水平，给予其 2024 年 1.0 倍 PB（原为 2023 年 1.0x），对应目标 价 9.08 元（对应 2024 年 PE 39 倍），维持"优于大市"评级。 公司研究·华锦股份（000059）2 （2）假设精细化工、塑料制品板块随着需求逐步恢复，2024-2026 年毛利率逐步改善； 其他板块毛利率维持稳定。 | --- | --- | --- | --- | --- | --- | ...

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[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2024年04月14日 [Table_InvestInfo] 投资评级 优于大市 维持 第 15 周新房成交同比增速回落、供销比回升 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 房地产 海通综指 10.80%  上周1大中城市新房成交情况： 3.10%  2024 年第 15 周 30 大中城市新房成交面积为 151万平方米，环比前一周 -4.60% -36%，同比2023年-50%。其中一线城市销售面积37万平方米，环比前一 -12.29% 周-45%，同比2023年-42%。二线城市销售面积88万平方米，环比前一周 -19.99% -31%，同比2023年-47%。三线城市销售面积26万平方米，环比前一周-37%， -27.69% 2023/4 2023/7 2023/10 2024/1 同比2023年-65%。 资料来源：HTI  2024年4月1日-11日30城累计成交面积233万平方米，环比2024年3 月同期18%，同比-44%。一线城市累计成交面积58万平方米，环比20 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [1][2][9] Core Insights - The company reported a revenue of 4.38 billion yuan for 2023, representing a year-on-year increase of 11.9%, and a net profit attributable to the parent company of 530 million yuan, up 24.2% year-on-year [2][8] - The fourth quarter of 2023 saw a significant revenue increase of 42.9% year-on-year, reaching 1.58 billion yuan, with a net profit of 110 million yuan, recovering from a loss in the same quarter of the previous year [2][8] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, with a payout ratio of approximately 65% [2] Financial Performance Summary - Revenue projections for 2024 to 2026 are estimated at 4.74 billion yuan, 5.12 billion yuan, and 5.47 billion yuan respectively, with net profits of 600 million yuan, 670 million yuan, and 730 million yuan [2][9] - The company achieved a gross margin of 59.3% in 2023, an increase of 2.1 percentage points year-on-year, with wine and brandy gross margins at 59.0% and 60.1% respectively [2][6] - The net profit margin improved to 12.1%, up 1.2 percentage points year-on-year [2][6] Market Position and Strategy - The company maintains a leading position in the wine industry, with a focus on high-end products and targeted marketing strategies [2][8] - The number of distributors increased by 146 to 5,059, indicating a strengthening distribution network [2] - The company is committed to enhancing its high-end strategy and expanding its brandy offerings in key regions [2][8]