Investment Rating - The report maintains an OUTPERFORM rating for Nayuki Holdings [2][8]. Core Insights - Nayuki achieved a revenue of RMB 5.16 billion in 2023, representing a year-on-year growth of 20.3%, and turned a profit with an adjusted net profit of RMB 20.91 million, resulting in an adjusted net profit margin of 0.4% [8][9]. - The revenue from self-operated stores was RMB 4.69 billion, up 18.2% year-on-year, with daily sales per store averaging about RMB 10,000, a decrease of 14.7% year-on-year [8][9]. - The company plans to open 200 new self-operated stores in 2024, primarily in top-tier cities, and aims to expand its franchise stores to 2,000-3,000 within the next 2-3 years [8][9]. Financial Performance Summary - The company reported a gross profit margin of 67.1% in 2023, with a slight increase of 0.1 percentage points year-on-year [2][9]. - The adjusted net profit is projected to grow significantly in the coming years, with estimates of RMB 268 million in 2024, RMB 501 million in 2025, and RMB 683 million in 2026 [8][9]. - The report forecasts total revenue to reach RMB 7.38 billion in 2024, RMB 9.25 billion in 2025, and RMB 10.94 billion in 2026, reflecting growth rates of 42.9%, 25.4%, and 18.3% respectively [4][9]. Market Position and Strategy - Nayuki's strategy includes a focus on light-asset operations for future store expansions, which is expected to enhance profitability [8][9]. - The company has demonstrated a commitment to optimizing its cost structure, with labor costs, rental costs, and delivery costs showing a downward trend [9]. - Nayuki's market presence is expanding, with a total of 1,574 self-operated stores by the end of 2023, an increase of 506 stores year-on-year [8][9].

Investment Rating - Maintains an **Outperform** rating with a target price of HK$113.1, representing a 36% upside from the current price of HK$83.20 [3][5] Core Views - Anta Sports' 2023 revenue of RMB 62.36 billion (+16.2% YoY) met market expectations, with FILA and other brands surpassing the main Anta brand in revenue [4][8] - Net profit in 2023 reached RMB 10.24 billion (+34.9% YoY), exceeding market expectations but in line with the report's forecasts [4][8] - The company plans to increase marketing efforts in 2024, focusing on basketball, running, Olympic promotions, and children's products to drive brand growth [4][8] Financial Performance - Revenue for 2024-2026 is projected to grow at a low double-digit rate, with expected revenues of RMB 69.89 billion, RMB 78.29 billion, and RMB 87.69 billion, respectively [5][9] - Net profit for 2024-2026 is forecasted at RMB 13.2 billion, RMB 14.34 billion, and RMB 16.59 billion, with YoY growth rates of 29%, 8.6%, and 15.7%, respectively [5][9] - Gross margins for Anta, FILA, and other brands are expected to remain strong, with slight improvements in 2024 [4][9] Brand Performance - Anta brand revenue in 2023 was RMB 30.31 billion (+9.3% YoY), while FILA and other brands grew by 16.6% and 57.7%, respectively [4][8] - FILA's gross margin improved by 2.6 percentage points to 69.0%, driven by better discount rates and product mix [4][8] - Other brands, including Descente and Kolon, achieved record store efficiencies, with Descente surpassing RMB 5 billion in revenue [4][8] Growth Drivers - Anta's basketball series, led by the Kyrie Irving line, is expected to boost global brand recognition [4][8] - The company's sponsorship of the Paris Olympics will enhance its global brand image [4][8] - FILA's expansion in golf, tennis, and fashion categories is expected to drive further growth in 2024 [4][8] Valuation - The company is valued at 22x PE for 2024, with a target price of HK$113.1, reflecting its strong multi-brand platform and global operational capabilities [5][9]

Investment Rating - The report does not explicitly state an investment rating for Dongyue Group, but it provides detailed financial performance metrics and industry context that may inform investment decisions [4]. Core Insights - In 2023, the comprehensive profit attributable to the company's owners decreased by 82% year-on-year, with net profit down 85% and revenue down 27.63% [4][1]. - The gross margin fell to 16.81%, a decline of 15.72 percentage points year-on-year, attributed to low industry prosperity and increased supply capacity not meeting demand expectations [4][1]. - The company benefited from rising refrigerant prices, with significant year-on-year increases in prices for various refrigerants [4][1]. - The fluorinated polymer materials division saw an 83% decrease in profitability, primarily due to significant price declines in key products like PVDF [4][1]. - The refrigerant division's profit decreased by 70% year-on-year, mainly due to falling prices of R142b products [4][2]. - The organic silicon division reported a loss of RMB 331 million, a 171% decrease in profitability, due to weak demand and increased competition [4][2]. - The dichloromethane, PVC, and caustic soda divisions experienced a 46% decrease in profit, impacted by weak market demand and declining product prices [4][2]. - The company achieved significant technological innovation, adding 101 new product brands and completing 148 projects related to energy conservation and efficiency [4][3]. Financial Performance Summary - In 2023, Dongyue Group recorded revenue of approximately RMB 14.493 billion, a decrease of 27.63% year-on-year [4][1]. - The net profit was approximately RMB 611 million, down 85% year-on-year, while the comprehensive profit attributable to owners was approximately RMB 708 million, down 82% [4][1]. - The gross margin decreased to 16.81%, reflecting the challenges faced in the fluorine silicon chemical industry [4][1]. Division Performance - The fluorinated polymer materials division's profit was RMB 337 million, down 83.07% year-on-year [4][1]. - The refrigerant division's profit was RMB 311 million, down 70% year-on-year [4][2]. - The organic silicon division reported a loss of RMB 331 million, a 171% decrease in profitability [4][2]. - The dichloromethane, PVC, and caustic soda divisions recorded a profit of RMB 248 million, down 46.04% year-on-year [4][2]. Research and Development - In 2023, the company invested approximately RMB 935 million in R&D, accounting for 6.45% of its revenue [4][3]. - The company added 81 new patents, bringing the total to 620, and released 22 new standards [4][3].

[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 九毛九（9922）公司年报点评 2024年03月26日 [Table_InvestInfo] 投资评级 优于大市 维持 2H23 年收入增 47.5%，派息率有望不低于 40% 股票数据 [Table_Summary] [Table_StockInfo] 投资要点： 3月25日收盘价（港元） 5.60 52周股价波动（港元） 4.42-19.47 九毛九发布 2023年业绩公告。2023年，公司收入合计59.86亿元，同比上升 总股本/流通股（亿股） 14.37/14.37 49.43%；店铺层面经营利润10.77亿元，同比上升108.48%；归母净利润4.53 总市值/流通市值（亿港元） 80/80 亿元，同比上升820.17%，经调整净利润5.01亿元，同比上升622.71%。业绩 相关研究 基本符合此前预告预期。2H23，公司收入合计31.06亿元，同比上升47.45%； [《Ta盈bl利e_弹Re性p释ort放Inf，o]新 品牌表现亮眼》 店铺层面经营利润 5.02 亿元，同比上升 110.47%；归母净利润 2.31 ...

Investment Rating - The report maintains an "Outperform" rating for DPC Dash [11][15]. Core Insights - DPC Dash reported a revenue of RMB 3.05 billion for 2023, representing a 51% year-on-year increase. The company achieved its first positive adjusted net profit of RMB 0.1 million [10][15]. - The gross profit margin was 72.6%, a slight decrease of 0.2 percentage points year-on-year, while the adjusted EBITDA reached RMB 300 million, up 118% year-on-year, with an EBITDA margin of 9.9%, an increase of 3 percentage points [10][15]. - The new growth market revenue was RMB 1.51 billion, a significant increase of 103% year-on-year, contributing to 49% of total revenue [10][15]. Revenue and Growth - Revenue from Beijing and Shanghai was RMB 1.55 billion, up 21% year-on-year, with 39 new stores added [10][15]. - The company plans to open 240 new stores in 2024 and 300-350 stores in 2025-2026, adjusting its previous guidance upwards [10][15]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are RMB 4.09 billion, RMB 5.22 billion, and RMB 6.58 billion, respectively, with adjusted net profits expected to be RMB 0.43 billion, RMB 1.19 billion, and RMB 2.64 billion [10][15]. - The report values the company at 2 times the 2024 price-to-sales ratio, resulting in a target price of HKD 74.6 [10][15]. Store Operations - The total number of stores reached 768, with 187 new openings and 7 closures in 2023 [10][15]. - The company’s store operating profit margin improved to 13.8%, an increase of 3.7 percentage points year-on-year [10][15]. Membership Growth - The membership base surpassed 14.6 million, reflecting a growth of approximately 70% year-on-year [10][15].

Investment Rating - The report maintains an "OUTPERFORM" rating for Shuanghui Development [3][9]. Core Views - The company achieved operating income of Rmb 60.1 billion in 2023, a year-on-year decrease of 4.2%, and a net profit of Rmb 5.1 billion, down 10.1% year-on-year. The estimated operating income for 4Q23 was Rmb 13.8 billion, a decline of 24.0% year-on-year, with a net profit of Rmb 730 million, down 53.4% year-on-year [5][9]. - The slaughtering business faced profitability challenges due to low pig prices, with revenue of Rmb 31 billion in 2023, a decrease of 7% year-on-year. The company slaughtered approximately 12.69 million heads, an increase of 12% year-on-year [9]. - The meat products segment generated revenue of Rmb 26.4 billion in 2023, a decline of 3% year-on-year, with a sales volume of 15.1 billion tons, down 4% year-on-year. The average profit per ton of meat products reached Rmb 4,130, marking a 4% increase year-on-year [5][9]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of Rmb 64 billion, with net profits of Rmb 5.5 billion, reflecting a PE ratio of 16X. The target price is set at Rmb 31.75, based on a 20X PE for 2024 [6][9]. - The sales network has expanded significantly, with a total of 23,570 dealers by the end of 2023, an increase of 18.22% from the beginning of the year, which is expected to support future sales growth [6][9].

Investment Rating - The report maintains an "Outperform" rating for Zhenjiu Lidu (6979 HK) with a target price of 13.5 HKD, indicating a 23% upside potential based on a 20X PE valuation for 2024 [12][16]. Core Insights - In 2023, Zhenjiu Lidu achieved a revenue of 7.03 billion yuan, a year-on-year increase of 20.1%, slightly exceeding market expectations. The net profit reached 2.33 billion yuan, with a non-deductible net profit of 1.62 billion yuan, reflecting a 34.9% year-on-year growth [10][15]. - The company plans to enhance its strategic positioning for the Zhenjiu and Lidu divisions in 2024, focusing on channel expansion and product upgrades to sustain growth [11][16]. Summary by Sections Financial Performance - Revenue for 2023 was 7.03 billion yuan, with Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao contributing 4.58, 1.11, 0.83, and 0.39 billion yuan respectively, showing growth rates of 19.9%, 25.1%, 17.0%, and 13.6% year-on-year [10][15]. - The gross profit margin expanded by 2.7 percentage points to 58%, with Zhenjiu and Lidu showing significant improvements in their margins [10][15]. - The company reported a net profit margin of 23% for 2023, with a significant increase in the second half of the year [10][15]. Future Outlook - Revenue projections for 2024-2026 are set at 8.46, 10.16, and 12.24 billion yuan, with expected year-on-year growth rates of 20.3%, 20.2%, and 20.4% respectively [11][16]. - The net attributable profit is forecasted to be 1.73, 2.24, and 3.02 billion yuan for the same period, with non-deductible net profits expected to grow at 28.5%, 25%, and 24% year-on-year [11][16]. Strategic Initiatives - The company is shifting its business unit structure from product-based to channel-based for Zhenjiu, aiming to enhance market penetration and sales efficiency [11][16]. - New product launches, including the fourth generation of Zhen 15, are anticipated to drive both volume and price increases in 2024 [11][16].

研究报告Research Report 28 Mar 2024 药明合联 WuXi XDC Cayman (2268 HK) 收入利润高速增长，在手订单充沛，预计 2024 年完成多个 PPQ 项目，看好一站式偶联药 物 CRDMO 龙头长期发展 2023 Review: Rapid growth with abundant orders, to finish PPQ projects in 2024 [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) 评级 优于大市OUTPERFORM 事件 现价 HK$17.04 目标价 HK$29.50 公司发布2023年业绩：2023年，营业收入21.24亿元（+114%）， HTI ESG 3.3-3.5-4.5 毛利率为 26.3%（-0.1pp），经调整净利润 4.12 亿元（+112%）， E-S-G: 0-5, (Please refer to the Appendix f ...

Investment Rating - The report assigns an "Outperform" rating to China Taiping Insurance Holdings with a target price of HK$9.26 [2][20]. Core Insights - China Taiping Insurance Holdings reported a net profit attributable to shareholders of HK$6.19 billion for 2023, representing a year-on-year increase of 44.1%. The second half of 2023 saw a net profit of HK$0.97 billion, marking a return to profitability [3][15]. - The company's net assets stood at HK$79 billion, down 5.9% from the beginning of the year, with a return on equity (ROE) of 8.5%, up 1.2 percentage points year-on-year [3][15]. - The report highlights a strategic adjustment in long-term investment return assumptions and risk discount rates, impacting the embedded value (EV) and new business value (NBV) [16]. Summary by Sections Financial Performance - The group’s EV at the end of 2023 was HK$203.1 billion, a 2.5% increase year-on-year. On a comparable basis, the group and life EVs grew by 9.1% and 8.2% respectively [16]. - Taiping Life's NBV reached HK$7.51 billion, a slight increase of 0.7% year-on-year, but on a comparable basis, it grew by 26.0% [16][17]. - The NBV margin was reported at 15.9%, with individual insurance and bancassurance margins at 22.2% and 5.9% respectively [16]. Life Insurance Segment - New premiums for Taiping Life increased by 24.3% year-on-year, with individual long-term first-year premiums at HK$20 billion, up 13.3% [17]. - Bancassurance long-term first-year premiums surged by 45.5% to HK$16.9 billion, indicating a growing share of this channel [17]. - The report notes a significant reduction in the agent workforce, down 40.0% from the start of the year, but anticipates stabilization and recovery in 2024 [17]. Property & Casualty Segment - All divisions within the property and casualty segment remained profitable, with a combined ratio of 98.4%, an increase of 1.2 percentage points year-on-year [18]. - Original premium income for Taiping P&C was HK$33.4 billion, reflecting a year-on-year growth of 1.4% [18]. Investment Strategy - The group’s investment assets grew to HK$1,349.5 billion, a 14.9% increase from the start of the year, with a focus on optimizing the investment structure by increasing bond allocations [19]. - Total investment profit reached HK$33.6 billion, a significant year-on-year increase of 138.8% [19]. - The report attributes the rise in synthetic fund cost rate to strong performance in high-dividend stocks and a decline in domestic interest rates [19]. Valuation - The current stock price corresponds to just 0.1x the 2024E price-to-embedded value (PEV), indicating potential undervaluation [20]. - The report maintains a target PEV of 0.15x for 2024E, reflecting a cautious outlook on the company's valuation [20].

Investment Rating - The report maintains an "outperform" rating for Keymed Biosciences (2162 HK) [20][24][26] Core Insights - Keymed Biosciences reported a revenue of 354 million yuan in 2023, primarily from AstraZeneca's licensing agreement. R&D expenses were 596 million yuan, up 17.5%, while administrative expenses rose by 32.1% to 177 million yuan. The net profit attributable to the parent company was -359 million yuan, compared to a profit of 308 million yuan in 2022. As of December 31, 2023, the company's cash position totaled 2.72 billion yuan, a decrease of 460 million yuan from the previous year [17][24][25] - The core product CM310 (IL-4Ra) is on track for commercial launch in 2024, having received NDA acceptance and priority review. The company is preparing for high-quality production and building a commercialization team, aiming to expand from 30+ personnel to 200-300 by the end of 2024 [18][25] - CM310 is progressing in expanding its applicable age and indications, with five indications in the registrational clinical stage. The Phase III trial for chronic rhinosinusitis with nasal polyps has reached its primary endpoint, and the company expects to submit an NDA in 2024 [18][25] Financial Forecasts and Valuation - Revenue forecasts for 2024 and 2025 have been adjusted to 113 million yuan and 515 million yuan, respectively, reflecting a year-on-year change of -68% and +358%. The expected net profit for the same years is projected at -1.062 billion yuan and -959 million yuan [20][26] - The target price has been adjusted to 68.44 HKD per share, down from 77.52 HKD, using a DCF valuation method with a WACC of 10.0% and a perpetual growth rate of 3.0% [20][26]