研究报告Research Report 29 Mar 2024 特步国际 XTEP INTERNATIONAL (1368 HK) 2023 年报业绩点评：收入利润符合预期，现金流和运营质量明显改善 2023 Annual report review: Revenue and profit in line with expectations, improvement in cash flow and operating quality [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) 2023 年特步国际收入和利润符合预期。2023 年公司实现营业 评级 优于大市OUTPERFORM 现价 HK$4.85 总收入 143.5亿元，同比+10.9%符合市场预期，其中特步品牌收入 目标价 HK$6.70 119.5 亿，同比+7.4%，收入占比 83%；时尚运动 JV(盖世威&帕拉 丁)收入 16 亿，同比+14.3%；专业运 ...

Investment Rating - The report maintains an "Outperform" rating for LX Technology [3][9][10] Core Views - The company's large-scale expansion of sales personnel has led to a short-term decline in profitability, with a significant increase in customer numbers laying the foundation for future business acceleration [9][10] - Revenue for 2023 was approximately RMB 1.793 billion, representing a year-on-year growth of 7.8% [4][5] - The adjusted EBITDA for 2023 was RMB 241 million, with an adjusted net loss of RMB 67.4 million [4][10] Financial Performance Summary - Revenue projections for 2024-2026 are RMB 2.027 billion (-16.1%)/2.396 billion (-28.1%)/2.958 billion, with the recycling business expected to maintain medium to low growth while equipment and IT service subscriptions are anticipated to grow at medium to high rates [5][10] - The adjusted EBITDA is projected to be RMB 367 million (-34.7%)/502 million (-41.7%)/630 million, with a CAGR of 20.7% from 2022 to 2025 [10][11] - The gross profit margin for 2023 was 8.2%, down approximately 3.8 percentage points from 2022 [4][11] Customer Growth and Market Position - The total number of customers significantly increased in 2023, with device subscription, IT services, and recycling business customers growing by 52.8%, 63.4%, and 86.8% respectively [5][10] - The company has over 590,000 devices available for subscription as of the end of 2023, indicating strong customer demand [5][10] Valuation and Target Price - The report uses an EV/EBITDA valuation method, assigning a multiple of 11 times for 2024, resulting in a target market value of RMB 3.58 billion, corresponding to HKD 3.88 billion, and a target price of HKD 11.0 per share [10][11]

Investment Rating - The report maintains an "Outperform" rating for Jinxin Fertility (1951 HK) with a target price of HKD 5.35, indicating an expected upside from the current price of HKD 2.43 [3][7]. Core Insights - The company's performance in 2023 was in line with expectations, achieving a revenue of CNY 2.789 billion, representing an 18.0% increase, driven by the recovery of domestic and international patient numbers and the full-year consolidation of Jiuzhou Hospital and He Wanjia Hospital [7]. - Net profit for 2023 was approximately CNY 347 million, a significant increase of 194.2%, with a net profit margin returning to 12.4% [7]. - The gross margin improved to 42.1%, up by 5.2 percentage points, due to effective cost control and operational efficiency [7]. Summary by Sections Financial Performance - In 2023, revenue breakdown included: - Assisted reproductive services: CNY 1.336 billion (+26.7%) - Management services: CNY 566 million (+12.5%) - Ancillary medical services: CNY 310 million (+36.6%) - Maternal and child business: CNY 577 million (-0.6%) [7]. - The adjusted net profit for 2023 was about CNY 472 million, reflecting a 72.0% increase [7]. Business Developments - The company has established a comprehensive IVF and obstetrics service model, obtaining key licenses for advanced reproductive technologies [7]. - The Hong Kong market for embryo cryopreservation has shown significant growth, with a 145% increase in the number of embryos frozen compared to the previous year [7]. Market Outlook - The report highlights a positive outlook for the Chinese assisted reproductive market, driven by increasing older mothers and supportive fertility policies [7]. - Revenue forecasts for 2024 and 2025 are projected at CNY 3.209 billion and CNY 3.695 billion, respectively, with year-on-year growth of 15.1% [7].

Equity – Asia Research 年 月中国电网基本建设投资额为 亿元， 2024 2 327 同比上升 。 2.51% China's power grid capital investment in February 2024 amounted to 32.7 billion yuan, up 2.51% year-on-year. 吴旖婕 Yijie Wu, lisa.yj.wu@htisec.com 王曼琪 Manqi Wang, mq.wang@htisec.com 3月31日 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，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(PleaseseeappendixforEnglishtranslationofthedisclaimer) 1. 主要产品价格数据 ...

研究报告Research Report 29 Mar 2024 海吉亚 Hygeia Healthcare (6078 HK) 并购优质医院标的，床位产能释放有望提速 Acquired high-quality hospitals, and the release of bed capacity is expected to accelerate [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年业绩公告 评级 优于大市OUTPERFORM 现价 HK$31.90 点评 目标价 HK$68.97 业绩稳健增长，受核酸检测基数、床位扩张及收并购致利润率下 HTI ESG 4.0-5.0-5.0 降。2023年公司实现收入40.77亿元（+27.6%），实现净利润6.85 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 亿元（+42 ...

Investment Rating - The report maintains an "Outperform" rating for Guangzhou Zhujiang Brewery, expecting its total return to exceed the relevant market benchmark over the next 12-18 months [10][12][13]. Core Insights - The company reported a revenue of 5.38 billion yuan for 2023, reflecting a year-on-year increase of 9.1%. However, the net profit attributable to the parent company was 620 million yuan, up only 4.2% year-on-year. The fourth quarter of 2023 saw a revenue of 830 million yuan, a slight increase of 1.2% year-on-year, but the net profit attributable to the parent company was negative at -20 million yuan [12][13]. - The estimated revenue for 2024 to 2026 is projected to be 5.82 billion yuan, 6.29 billion yuan, and 6.74 billion yuan, respectively. The net profit attributable to the parent company is expected to be 730 million yuan, 770 million yuan, and 870 million yuan for the same years. The corresponding EPS is forecasted at 0.33 yuan, 0.35 yuan, and 0.39 yuan [12][13]. Financial Summary - The company’s financial indicators for 2023 include: - Revenue: 5,378 million yuan - Net profit: 620 million yuan - EPS: 0.28 yuan - Gross margin: 42.8% - Net profit margin: 11.6% [11][12]. - The projected financial indicators for 2024 include: - Revenue: 5,823 million yuan - Net profit: 730 million yuan - EPS: 0.33 yuan - Gross margin: 43.8% - Net profit margin: 12.5% [11][12]. Valuation Metrics - The average valuation of comparable companies in 2024 is estimated at a P/E ratio of 23x. Given the recent downward trend in the beer sector, the company is assigned a P/E of 27x for 2024, leading to a target price of 9 yuan [12][13].

Investment Rating - The report maintains an "Outperform" rating for Tsingtao Brewery [3][6]. Core Views - The potential for structural upgrading continues, and increased dividends reflect confidence in the company's stability and future growth [4][5]. - The company achieved a revenue of Rmb 33.94 billion in 2023, a year-on-year increase of 5.5%, with a net profit attributable to the parent company of Rmb 4.27 billion, up 15.0% year-on-year [8]. Financial Performance - In Q4 2023, the company reported revenue of Rmb 2.96 billion, a decrease of 3.4% year-on-year, and a net profit of -Rmb 0.64 billion, down 15.0% year-on-year [4][8]. - The total sales volume for 2023 was 800.7 million hectoliters, a slight decline of 0.8% year-on-year, with Q4 sales volume dropping by 10.1% [4][5]. - The gross profit margin for 2023 was 38.7%, reflecting a year-on-year increase of 1.8 percentage points [5][7]. Sales and Pricing - The average selling price per ton increased by 6.4% to Rmb 4,172.1 per hectoliter, driven by a 4.2 percentage point increase in the proportion of mid-to-high-end products to 40.5% [4][5]. - The company expects sales growth to be stable in 2024, with a slight increase in average selling prices due to structural improvements [5][8]. Dividend Policy - The basic dividend payout ratio increased by 16% to 64%, indicating a commitment to returning value to shareholders [5][7]. Earnings Forecast - The expected EPS for 2024, 2025, and 2026 is Rmb 3.66, Rmb 4.26, and Rmb 4.86 respectively, with a target price maintained at Rmb 110 based on a 30x PE ratio for 2024 [5][8].

[ 研Ta 究bl 报e_ 告Titl Re] e search Report 29 Mar 2024 ESG & Power Equipment & New Energy & Utilities 全球电力需求预期高增，电力供应安全性依然至关重要 Growth of global electricity demand is expected to accelerate, while electricity security remains essential 杨斌Bin Yang bin.yang@htisec.com [热Ta点bl速e_评yemFleais1h] Analysis [(TPalebalsee_ ssueme mAPaPrEy]N DIX 1 for English summary) 发达国家电力需求减弱导致 2023 年全球电力需求增长放缓。根据 IEA《电力 2024》报告，2023 年全球电力需求同比 增长 2.2%，增幅较 2022 年下降 0.2%。发达经济体是主要拖累因素，其中欧盟电力需求连续两年下降，2022 和 2023 年欧盟电力需求分别下降 3.1%和 3.2%，工业领域 ...

研究报告Research Report 29 Mar 2024 中国生物制药 Sino Biopharmaceutical (1177 HK) 创新产品稳健增长，国内企业经营效率持续提升 Steady Growth of Innovative Product, Operating efficiency of Domestic Enterprise Continue to Optimize [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 评级 优于大市OUTPERFORM 现价 HK$3.02 中国生物制药2023年持续经营业务收入262.0亿元（+0.7%），其 目标价 HK$5.17 中创新产品收入 98.9 亿元（+13.3%）。按治疗领域划分，肿瘤领 HTI ESG 1.3-2.0-3.5 域 88.0 亿元（-4.2%），肝病领域 38.2 亿元（-0.4%），呼吸领域 E-S-G: 0-5, (Pleas ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Ningbo Orient Wires & Cables, with a target price increase from 58.3 yuan/share to 61.1 yuan/share [3][16][12]. Core Insights - The company's financial performance in 2023 met market expectations, with a revenue of 7.31 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1.00 billion yuan, up 18.8% year-on-year [2][12]. - The gross profit margin improved marginally to 25.21%, with the submarine cable segment achieving a gross profit margin of 49.14%, an increase of 2.87 percentage points year-on-year [2][12]. - The company has a robust order backlog of approximately 7.86 billion yuan, driven by both domestic and international projects, including significant contracts in offshore wind power [13][2]. Financial Performance - In Q4 2023, the net profit attributable to shareholders reached 180 million yuan, reflecting a substantial year-on-year increase of 68.6% [2][12]. - The comprehensive gross profit margin for 2023 was 25.21%, up 2.83 percentage points from the previous year, with the submarine cable business contributing significantly to this improvement [2][12]. - The land cable segment's gross profit margin was 7.96%, down 1.71 percentage points year-on-year [2][12]. Market Opportunities - The offshore wind power sector is expected to add 10GW of new installed capacity in China in 2024, marking a turning point for the industry [3][15]. - The company has secured multiple domestic and international contracts, enhancing its market position and revenue potential [13][2]. - The Yangjiang base is set to be completed by the end of 2024, with production capacity expected to be released in 2025, further supporting growth in the offshore wind market [15][3]. Technological Advancements - The company has established a leading position in technology with the successful operation of China's first integrated deep-sea dynamic simulation testing platform and the development of the first deep-sea dynamic cable system [14][3]. - Significant progress has been made in the research and development of the new generation ±525kV DC submarine cable, addressing key technical gaps for long-distance offshore wind power transmission [14][3].