研究报告Research Report 5 Apr 2024 耐克 NIKE (NKE US) 3QFY24 业绩点评:北美收入利润超预期,1HFY25 收入指引为低单位数下跌 3QFY24 Review: NA revenue and profit exceeded expectations, and LSD drop guidance for 1HFY25 revenue [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) 北美区域强劲增长带动NIKE集团3QFY24收入和利润超预期。3QFY24 评级 优于大市OUTPERFORM NIKE集团实现收入124.3亿美金，扣除汇率影响同比+0.3%，其中NIKE 现价 US$90.33 品牌收入119.5亿美金，扣除汇率影响同比+2%，均好于我们和市场预 目标价 US$100.20 期。分区域来看，NIKE 品牌在北美/EMEA/大中华区/APAL 区域分别实 现收入 5 ...

Investment Rating - The report maintains an "Outperform" rating for China Resources Gas [3][10][14] Core Views - The town gas business is growing steadily, while the connection business is under pressure due to a slowing economy [2][6] - The company achieved a revenue of HK$101.27 billion in 2023, a year-on-year increase of 7.4%, with a net profit of HK$5.22 billion, up 10.36% [5][10][11] - The gross profit margin decreased to 18.2%, down 0.95 percentage points, while the net profit margin increased to 7.0%, up 0.28 percentage points [10][11] - The company expects to maintain around 3 million new residential users in 2024, despite a decline in new connections due to macroeconomic factors [12][14] Financial Performance - Revenue projections for FY24-26 are adjusted to HK$105.38 billion, HK$111.54 billion, and HK$124.89 billion, respectively [6][14] - Corresponding net profits for FY24-26 are estimated at HK$5.77 billion, HK$6.45 billion, and HK$7.09 billion [6][14] - The company’s capital expenditure in 2023 was HK$7.89 billion, a decrease of 68.1% year-on-year, and is expected to continue declining in 2024 [13][14] Market Position - The company’s market capitalization is HK$52.76 billion (US$6.74 billion) with a current share price of HK$22.80 and a target price of HK$25.39 [3][10] - The stock has shown a relative performance of -3.0% over the past month and -10.2% over the past three months compared to MSCI China [5][10]

Investment Rating - The report maintains an "Outperform" rating for Biocytogen Pharmaceuticals [3][8][16] Core Insights - In 2023, Biocytogen achieved a revenue of 717 million yuan, representing a 34% increase, with overseas revenue growing by 66% to 408 million yuan. The gross profit margin was 70.6%, an increase of 2.8 percentage points, while the net loss was reduced to 383 million yuan from 602 million yuan in the previous year [5][18] - The company has completed phased research and development for its "Thousand Mice, Ten Antibodies" project, and has successfully licensed out several clinical pipelines [6][20][21] - The preclinical CRO segment saw significant growth, with annual revenue reaching 541 million yuan, a 33% increase, and a gross margin of 67% [19][20] Financial Summary - Revenue projections for Biocytogen from 2024 to 2026 are estimated at 915 million yuan, 1.127 billion yuan, and 1.357 billion yuan, with year-on-year growth rates of 27.6%, 23.2%, and 20.4% respectively. The net profit is expected to turn positive by 2025, reaching 98 million yuan [10][22] - The company’s valuation is segmented, with the preclinical CRO business valued at 3 billion yuan, antibody development at 1.5 billion yuan, and self-developed pipelines also at 1.5 billion yuan, leading to a total valuation of 6 billion yuan [8][22]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 22.4 yuan based on a 35x PE ratio for 2024 [11][18]. Core Insights - In 2023, the company achieved an operating income of 6.688 billion yuan, a year-on-year decrease of 6.66%, and a net profit attributable to the parent company of 564 million yuan, down 19.78% year-on-year [10][15]. - The total output of high-performance rare earth permanent magnet materials was 15,154 tons, an increase of 18.52% year-on-year, with 13,226 tons produced using grain boundary diffusion technology, marking a 32.72% increase [10][15]. - The company’s production capacity is expected to nearly double in two years, with plans to reach 40,000 tons of high-performance rare earth permanent magnet materials by 2025 [10][16]. - The demand from the new energy vehicle sector is driving growth, with significant potential in the robotics market as industrial robots become more widely used [10][17]. Financial Performance Summary - The company’s net profit forecasts for 2024-2026 are 867 million yuan, 1.13 billion yuan, and 1.318 billion yuan, respectively, with corresponding EPS of 0.64, 0.84, and 0.98 yuan [11][18]. - The company’s gross profit margin is projected to improve from 16.1% in 2023 to 19.0% by 2026 [13]. - The total sales volume of high-performance rare earth permanent magnet materials reached 15,122 tons in 2023, reflecting a 25.60% increase year-on-year [10][15]. Production Capacity and Projects - The company has an annual production capacity of 23,000 tons, with a utilization rate exceeding 90% in 2023 [10][16]. - Ongoing projects include the Baotou Phase II project (12,000 tons/year), Ningbo project (3,000 tons/year), and Ganzhou project, all expected to be operational by 2024 [10][16]. Market Demand and Future Outlook - The new energy vehicle sector is identified as the fastest-growing demand area for high-performance rare earth permanent magnet materials, driven by increasing sales and market share [10][17]. - The company is adapting its projects to meet the growing demand in humanoid robots and new energy vehicles, with a significant investment in a new production line in Mexico [10][17].

Investment Rating - The report assigns a rating of "Outperform" to the company, indicating that its total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark [24]. Core Insights - The company is expected to benefit from recent price increases in viscose filament, as it is a leading player in the industry [16]. - In 2023, the company achieved total operating income of RMB 7.379 billion, a year-on-year increase of 1.43%, with a total profit of RMB 15.67 million, marking a significant improvement from the previous year [17][18]. - The company's two main products, spandex fiber and biomass cellulose filament, have significant scale advantages, with spandex fiber revenue accounting for 60.69% and biomass cellulose filament revenue accounting for 35.39% of total operating income in 2023 [43]. Summary by Sections Company Overview - The company primarily engages in the production and sale of chemical fibers, including biomass cellulose filament and spandex fiber, with a diverse range of specifications to meet customer needs [17][18]. Financial Performance - The company reported operating revenues of RMB 87.40 billion in 2021, RMB 72.74 billion in 2022, and RMB 73.79 billion in 2023, with corresponding growth rates of 95.25%, -16.77%, and 1.43% respectively [4]. - The gross profit margin for 2023 was 7.73%, compared to 4.42% in 2022, indicating an improvement in profitability [4]. Production Capacity and Projects - The company has been gradually increasing its production capacity, with the spandex fiber capacity reaching 180,000 tons in 2023 due to the commissioning of new production lines [18]. - The biomass cellulose filament production capacity reached 90,000 tons by the end of 2023, following the completion of several projects [18]. Market Trends - The demand for artificial silk is rapidly increasing, driven by trends in national style and fashion, leading to a tightening supply and subsequent price increases [36].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of Rmb36.89, representing a potential upside of 1.21% from the current price of Rmb26.40 [1][6]. Core Insights - The company reported a total revenue of Rmb27.26 billion in 2023, a year-on-year decline of 9.87%, and a recurring net profit of Rmb3.703 billion, down 42.28% year-on-year. The decline in revenue was primarily attributed to falling product prices [5][13][14]. - The company is actively advancing major projects to enhance production capacity, which is expected to provide long-term growth opportunities. Significant projects include the completion of the Jingzhou base phase I project and the ongoing development of new energy and new materials projects [15][16]. - The company has implemented measures to reduce energy and material consumption while increasing product volume, thereby consolidating its low-cost advantage [16]. Financial Summary - Revenue and Profit Forecasts: - Projected revenues for 2024, 2025, and 2026 are Rmb34.33 billion, Rmb36.64 billion, and Rmb39.11 billion, respectively, with expected growth rates of 26%, 7%, and 7% [2][9]. - Projected net profits for the same years are Rmb4.614 billion, Rmb5.240 billion, and Rmb5.589 billion, with growth rates of 29%, 14%, and 7% [2][9]. - Earnings Per Share (EPS) is expected to be Rmb2.17 in 2024, Rmb2.47 in 2025, and Rmb2.63 in 2026, reflecting a decrease from previous estimates due to falling product prices [6][17]. - The gross profit margin is projected to improve from 20.9% in 2023 to 22.8% by 2026, indicating a recovery in profitability [2][12]. Market Performance - The company's stock has underperformed in the past year, with a decline of 23.1% over the last 12 months, while it has outperformed the MSCI China index by 23.1% [2][3]. - The market capitalization is reported at Rmb56.06 billion (approximately US$7.75 billion) with an average daily trading volume of US$50.64 million [1][2].

Equity – Asia Research 海内外估值研究， 中国医疗服务公司被低估了吗？ Comparative Valuation Study Between China and Overseas: Are Healthcare Service Companies in ...

研究报告Research Report 3 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 3 月初明显减小，啤酒明显增加 Discount of Convenience Food Decreased Significantly, and the Discount of Beer Increased Significantly [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 啤酒、软饮料代表产品较3月初折扣力度加大。 股票名称 评级 股票名称 评级 啤酒代表产品的折扣率（实际到手价格/平台标注原价）平均值 /中 位 值 分 别 由 3 月 初 的 82.9%/84.4%变 化 至 本 周 的 五粮液 Outperform 汤臣倍健 Outperform 79.9%/84.0%。 山西汾酒 Outperform 老白干 Outperform 泸州老窖 Outperform 珠江啤酒 Outperfo ...

Investment Rating - The report maintains an "Outperform" rating for Morimatsu International Holdings with a target price of HKD 10.20, reflecting a 28.6% decrease from previous estimates [3][6][14]. Core Insights - The company achieved a total revenue of RMB 7.36 billion for the full year of 2023, representing a year-on-year growth of 13.47%, primarily driven by a significant order in the oil and gas refining sector, which saw a revenue increase of 502.9% [14]. - The gross profit margin improved to 27.9%, up 0.3 percentage points year-on-year, attributed to enhanced operational efficiency [14]. - The net profit attributable to shareholders reached RMB 845 million, a 26.2% increase year-on-year, with a net profit margin of 11.4% [14]. Summary by Sections Revenue and Orders - In 2023, newly signed orders totaled RMB 7.784 billion, a decrease of 16.8% year-on-year, mainly due to longer sales cycles for high value-added orders [14]. - The company had RMB 9.077 billion in orders on hand at the end of 2023, reflecting a 5.3% increase from the previous year [14]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are set at RMB 8.476 billion, RMB 9.806 billion, and RMB 11.296 billion, respectively, with growth rates of 15.2%, 15.7%, and 15.2% [5][14]. - Net profit forecasts for the same years are RMB 1.014 billion, RMB 1.202 billion, and RMB 1.424 billion, with growth rates of 20.0%, 18.5%, and 18.5% [5][14]. Market Position and Strategy - The company has a strong overseas demand, with over 70% of new orders in 2023 coming from international markets, and more than 60% of orders on hand being overseas [4][14]. - The expansion of the Malaysian factory is expected to contribute to deeper engagement in overseas business by 1Q25 [4][14].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company is a leading brand in the jewelry sector with a strong historical presence since 1848, benefiting from effective brand management and a focus on innovation [5][12]. - The company has demonstrated stable growth in revenue and net profit, with a projected revenue of 714 billion yuan in 2023, reflecting a year-on-year increase of 13.37% [12][6]. - The company has a robust channel management strategy, leveraging its strong brand to attract quality distributors and expand its market presence [12][13]. Summary by Sections 1. Brand Power and Channel Management - The company has a long-standing brand history and leads in national aesthetic trends, continuously enhancing its brand image through significant advertising investments and transitioning to specialty stores [12][13]. - The company has established a comprehensive supply chain and product category reserve, with production bases in Dongguan and Hainan, enhancing its innovation and product upgrade capabilities [12][31]. 2. Mechanism and Incentives - The company has undergone multiple rounds of equity reform to create effective incentives and a market-oriented assessment system, resulting in a higher per capita revenue compared to peers [12][13]. - The company has implemented a professional manager system across its subsidiaries, aiming for full coverage by the end of 2023 [12][13]. 3. Financial Projections and Valuation - The company forecasts revenues of 714 billion, 839 billion, and 980 billion yuan for 2023, 2024, and 2025 respectively, with net profits of 22.14 billion, 25.72 billion, and 28.89 billion yuan [6][12]. - The company is valued at 16-20 times PE for 2024, corresponding to a market capitalization range of 411-514 billion yuan, with a reasonable value range of 78.65-98.32 yuan per share [12][6].