Investment Rating - The report maintains an "Outperform" rating for China Mengniu Dairy [2][4][10] Core Views - In 2023, the company's revenue reached 98.62 billion yuan, a year-on-year increase of 6.5%, with an operating profit of 6.17 billion yuan, up 13.8% year-on-year, while net profit attributable to the parent company decreased by 9.3% to 4.81 billion yuan [9][10] - The report highlights a steady increase in Operating Profit Margin (OPM), which rose by 40 basis points to 6.3% in 2023, driven by a decline in raw milk prices and improved product mix [4][10] - Non-recurring and non-operating items caused fluctuations in net profit, with expectations that these impacts will diminish in 2024 [4][10] Financial Performance Summary - Revenue for 2023 was 98.62 billion yuan, with a year-on-year growth of 6.5% (endogenous growth of 2.6%) [9] - Operating profit for 2023 was 6.17 billion yuan, reflecting a 13.8% increase year-on-year [9] - Net profit attributable to the parent company was 4.81 billion yuan, down 9.3% year-on-year [9] - The company’s OPM increased to 6.3%, with expectations for continued margin expansion in 2024 [4][10] Future Projections - Revenue projections for 2024, 2025, and 2026 are 101.49 billion yuan, 105.53 billion yuan, and 109.60 billion yuan, respectively, with year-on-year growth rates of 2.9%, 4.0%, and 3.9% [10] - Net profit attributable to the parent company is expected to be 5.42 billion yuan, 6.22 billion yuan, and 6.75 billion yuan for the same years, with growth rates of 12.7%, 14.7%, and 8.6% [10] - The report sets a target price of HK$29.80 for 2024, based on a 20x PE ratio [10]

[研T究ab报le告_MReasiena]rc h Report 2 Apr 2024 中炬高新 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING (600872 CH) 2023 年报业绩点评:4Q23 业绩承压，股权激励解锁条件超预期 2023 Annual Report Review: 4Q23 Performance under Pressure, Unlocking Conditions of Equity Incentives Exceeded Expectations [观Ta点ble聚_y焦em Inevie1s]t ment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 4Q23 年因组织调整中炬高新业绩短期承压。2023年公司实现 评级 优于大市OUTPERFORM 营业收入 51.4 亿元，同比-3.9%。其中调味品/房地产/其他收入分 现价 Rmb28.07 别为 48.7/1.6/1.2亿元，同比-0.5% ...

841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India CIN U74140MH2011FTC224070 澳大利亚投资者的通知事项：Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited 和 Haitong International Securities (UK) Limited 分别根据澳 大利亚证券和投资委员会（以下简称"ASIC"）公司（废除及过度性）文书第 2016/396 号规章在澳大利亚分发本项研究，该等规章免除了根据 2001 年《公司法》在澳大利亚为批发客户 提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC 的规章副本可在以下网站获取：www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制，该 等法律与在澳大利亚所适用的法律存在差异。 印度投资者的通知事项：本报告由从事证券交易、投资银行及证券分析及受 Securit ...

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(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K. (HTIJKK)和海通国际证券有限公 司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。 IMPORTANT DISCLOSURES This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited ("HTIRL"), Haitong Securities India Private Limited ("HSIPL"), Haitong International Japan K.K. ("HTIJKK"), Haitong International Secu ...

Investment Rating - The report assigns an "Outperform" rating to Jinzai Food Group with a target price of RMB 16.00 per share [1][26]. Core Insights - In 2023, Jinzai Food Group achieved a revenue of RMB 2.07 billion, representing a year-over-year growth of 41.26%, and a net profit attributable to shareholders of RMB 210 million, which is a 68.17% increase year-over-year [19][20]. - The company successfully completed its three-year doubling target, with significant profit growth in Q4, where revenue grew by 26.51% year-over-year and net profit attributable to shareholders surged by 122.61% year-over-year [21][20]. Summary by Sections Financial Performance - The company reported a gross profit increase of 55.27% year-over-year, driven by a 41.26% increase in revenue and a 2.54 percentage point rise in gross profit margin [20][19]. - For Q4 alone, the gross profit margin improved by 7.91 percentage points, leading to a gross profit increase of 67.02% year-over-year [21]. Product Performance - Fish products generated RMB 1.29 billion in revenue, growing by 25.87% year-over-year, while poultry products, particularly quail eggs, saw a remarkable growth of 147.56%, surpassing RMB 300 million in sales [22][22]. - The company focuses on developing key products, including the "two billion-level" product, Jinzai deep-sea fish, and aims to establish quail eggs as its second "billion-level" product [25][25]. Channel Development - Jinzai Food Group has been expanding its omnichannel strategy, achieving offline revenue of RMB 1.65 billion (up 43.00% year-over-year) and online revenue of RMB 416 million (up 34.76% year-over-year) [24][24]. - The company is enhancing its distribution system and refining operations to adapt to the slowdown in traditional e-commerce traffic, leveraging new media trends for brand and sales growth [23][23]. Future Outlook - The company projects revenues of RMB 2.63 billion, RMB 3.33 billion, and RMB 4.13 billion for 2024, 2025, and 2026, respectively, with net profits of RMB 290 million, RMB 389 million, and RMB 509 million for the same years [26][26]. - Jinzai Food Group plans to continue focusing on product innovation and supply chain enhancements to support its growth trajectory [25][25].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of HK$21.18, representing a potential upside of 29.4% from the current price of HK$7.34 [3][5]. Core Insights - The company has proactively reduced revenue growth, leading to a slowdown in revenue but a significant increase in the number of customers, with total customers growing by 36% to 397 in 2023 [4][9]. - The company plans to significantly reduce losses in 2024, targeting a 50% reduction in adjusted net loss [4][9]. - The release of the new 75 billion parameter big model, ChatX, is expected to enhance the company's application prospects in various industrial sectors [4][9]. Financial Performance - In 2023, the company reported revenue of RMB 1.751 billion, a year-on-year increase of 12.4%, with the manufacturing sector contributing RMB 1.176 billion, up 24.1% [4][9]. - The adjusted net loss for 2023 was RMB 1.54 billion, with a gross margin of 33.6%, indicating a slight improvement from the previous year [4][9]. - Revenue projections for 2024, 2025, and 2026 are RMB 2.010 billion, RMB 2.369 billion, and RMB 2.863 billion, respectively, with a compound annual growth rate (CAGR) of 15% from 2022 to 2025 [5][9]. Market Position and Valuation - The report assigns a price-to-sales (PS) ratio of 5.5x for 2024, down from the previous 8x, reflecting cautious revenue growth expectations [5][9]. - The target market value is estimated at RMB 11.057 billion, with a corresponding target price of RMB 19.57 per share [5][9]. - The company is positioned in a strong demand sector, with a focus on AI applications in manufacturing, which is expected to drive future growth [4][9].

Investment Rating - The report maintains an "Outperform" rating for COSCO Shipping Energy Transportation [12][19]. Core Views - The 2023 annual report performance is in line with expectations, with operating income of 22.091 billion yuan, a year-on-year increase of 18.40%, and net profit attributable to shareholders of 3.351 billion yuan, a year-on-year increase of 129.95% [11][17]. - The oil transportation sector's profitability is expected to continue improving, with potential for both freight rates and valuations to rise due to solid supply-side logic and a favorable outlook for VLCC (Very Large Crude Carrier) market conditions [19]. Financial Performance Summary - The gross profit from foreign trade oil transportation was 4.15 billion yuan, a year-on-year increase of 184.6%, while domestic oil transportation gross profit was 1.49 billion yuan, a year-on-year increase of 15.6% [11][18]. - The LNG transportation segment contributed a net profit of 790 million yuan, a year-on-year increase of 18.4% [11][18]. - The report forecasts net profit attributable to shareholders for 2024-2026 to be 7.377 billion yuan, 8.141 billion yuan, and 8.949 billion yuan, respectively, with corresponding PE ratios of 10.9x, 9.9x, and 9.0x [19]. Dividend and Shareholder Returns - The company proposes a cash dividend of 3.5 yuan for every 10 shares, resulting in a cash dividend ratio of 49.84% [11][17].

研究报告Research Report 1 Apr 2024 中国食品饮料 China Food & Beverage 白酒批发价格跟踪：飞天批价连续下行，淡季优先控货稳价 Wholesale Prices of Feitian Declined, Focus on Stabilizing Prices During off Season [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 据多家酒业媒体报道，近日白酒批发价格如下： 股票名称 评级 股票名称 评级 贵州茅台：本周（3月25日至 4月 1日），飞天整箱、散瓶和茅 贵州茅台 Outperform 水井坊 Outperform 台 1935 批价为 2890/2635/895 元，较上周-25/-35/+5 元，较上月 五粮液 Outperform 汤臣倍健 Outperform -90/-65/-15 元。中长期来看，今年年初以来飞天整箱、散瓶和茅 山西汾酒 Outperform 酒鬼酒 Outperform 台 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 10.65 [17][50]. Core Insights - The company reported a significant increase in net profit excluding non-recurring items (NPEx) by 90.15% year-on-year (YoY) in 2023, with a notable recovery in gross profit margin (GPM) [3][10]. - Revenue for 2023 reached RMB 2.59 billion, representing an 11.03% YoY growth, while the net profit attributable to shareholders (NPAtS) was RMB 242 million, up 112.60% YoY [3][42]. - The company produced 80.32 million square meters of rubber conveyor belts in 2023, marking an 11.02% YoY increase [3][42]. - The fourth quarter of 2023 saw revenue of RMB 738 million, a 15.66% YoY increase, with NPAtS rising 176.68% YoY [3][42]. Financial Performance - The company plans to distribute cash dividends totaling RMB 103 million for 2023, with a proposed cash dividend of RMB 2.50 per 10 shares [49]. - The projected net profits for 2024-2026 are RMB 292 million, RMB 350 million, and RMB 411 million, respectively, with corresponding earnings per share (EPS) of RMB 0.71, RMB 0.85, and RMB 1.00 [18][50]. - The gross profit margin for 2023 was reported at 20.75%, an increase of 3.78 percentage points YoY [3][42]. Capacity Expansion and Future Growth - The company is expanding its conveyor belt production capacity, with a convertible bond project expected to increase capacity to 90 million square meters [24][43]. - The "Smart Manufacturing Base Project," with a total investment of RMB 700 million, is nearing completion, with trial production expected to start soon and phased production anticipated in Q2 2024 [24][43]. - The company aims to distribute at least 30% of the average distributable profit in cash annually over the next three years (2024-2026) [49].

Investment Rating - Helens International Holdings (9869 HK) maintains an **Outperform** rating with a target price of HKD 4.5, based on a 25x 2024 PE valuation [4][10] Core Views - Helens is accelerating its platform transformation, with the HiBeer Partnership model entering a rapid expansion phase, targeting 400 new HiBeer Partnership bars in 2024 [3][10] - The company is shifting towards a lighter asset model, reducing direct-operated bars while expanding through partnerships, which is expected to improve profitability and scalability [3][4] - Helens has defined 2024 as a "product year," focusing on enhancing its product portfolio and differentiation barriers through continuous iteration of new products [3] Financial Performance - 2023 revenue was RMB 1.21 billion, down 22% YoY, with adjusted net profit of RMB 280 million and an adjusted net profit margin of 23.2% [3][10] - Gross margin improved by 6.3 percentage points to 70.2%, driven by higher contribution from self-owned beverages and reduced marketing activities [3] - Daily sales per store increased by 4% YoY to RMB 7.3k, with HiBeer Partnership bars achieving a daily sales per store of RMB 7.1k [3][10] Business Model and Expansion - The HiBeer Partnership model features lower investment thresholds (RMB 1 million per bar), smaller store sizes (200 sqm), and higher efficiency (RMB 34 per sqm daily sales) compared to direct-operated and franchise bars [3] - Helens plans to open 400 HiBeer Partnership bars in 2024, leveraging the model's scalability and profitability [3][10] - The company has shifted from a gross profit-sharing model to a supply chain markup (5%-6% on self-owned products) and monthly management fee structure to incentivize partners [3] Product and Channel Strategy - Self-owned products accounted for 78.3% of revenue, with beverage-like alcohol contributing 58.1% of self-owned product sales, up 9.5 percentage points YoY [3] - Shareable and bottled beverage-like alcohol accounted for approximately 40% and 20% of total revenue, respectively [3] - Franchise and HiBeer Partnership channels contributed 5.9% and 2.8% of revenue, respectively, showing growth potential [3] Financial Forecasts - Revenue for 2024-2026 is projected at RMB 1.05 billion, RMB 1.49 billion, and RMB 1.95 billion, respectively, with adjusted net profit of RMB 207 million, RMB 246 million, and RMB 330 million [4][10] - Adjusted net profit margins are expected to stabilize at around 16.5%-19.7% over the forecast period [4][6]