Investment Rating - The report maintains an "Outperform" rating for GDS Holdings [3][4][10] Core Views - The company's net loss has expanded due to non-cash asset impairment, reflecting weak industry demand [4][9] - The company achieved total revenue of approximately RMB 9.957 billion in 2023, a year-on-year increase of 6.8%, with adjusted EBITDA of RMB 4.624 billion, up 8.8% [4][10] - The company is focusing on international business expansion, having secured a total of USD 587 million in convertible preferred stock subscriptions to support operations [4][10] - Revenue growth is expected to improve in 2024, with projections indicating a growth rate of over 12% [4][10] Financial Summary - Revenue projections for 2024-2026 are RMB 11.151 billion (+12%), RMB 12.824 billion (+15%), and RMB 15.004 billion (+17%) respectively [4][10] - Adjusted EBITDA for the same period is expected to be RMB 5.046 billion (+0.16%), RMB 5.667 billion (-2.0%), and RMB 6.332 billion [4][10] - The target price is set at HKD 19.09, reflecting a target market cap of RMB 26.892 billion based on a 13x EV/EBITDA multiple for 2024 [4][10]

研究报告Research Report 25 Mar 2024 中通快递（开曼） ZTO Express Cayman (ZTO US) 业绩符合预期，分红、回购超预期 Results in Line with Expectations; Dividends and Share Repurchase Program Exceed Expectations 观点聚焦 Investment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 维持优于大市Maintain OUTPERFORM 公司发布 23Q4 及 23年全年业绩： 评级 优于大市OUTPERFORM 23Q4 公司实现营业收入 106.2 亿元/+7.6%，实现净利润 22.1 亿元 现价 US$21.02 目标价 US$31.40 /+3.8%，调整后净利润 22.1 亿元/+4.4%。23 年全年公司营业收入 384.2 亿元/+8.6%，实现净利润 87.5 亿元/+31.5%，调整后净利润 HTI ESG 5.0-5.0-5.0 90.06 亿元/+32.3%。 ...

研究报告Research Report 25 Mar 2024 禾赛科技 Hesai Tech (HSAI US) 23Q4 点评：23 年优于预期，24 年交付量再上新台阶 23 Guidance Beat, 24 Delivery Volume Expected to Hit Record High [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 23Q4营收与交付量增长迅猛，25年营收有望增长50%以上。公  评级 优于大市OUTPERFORM 司 23Q4实现营收5.6亿元，+37.1% YoY/+25.9% QoQ。23Q4激光 现价 US$4.71 目标价 US$16.20 雷达产品交付量达 8.8 万台， +84.6% YoY/+84.9%QoQ，仅 23Q4 单季度交付量超过22年全年；其中 ADAS交付量达8.0万台，占 市值 US$0.59bn 比 91.7%。23 年全年实现营收 18.8亿元，+ ...

[研Ta 究ble报_T告itl Re] e search Report 28 Mar 20247 ESG & Power Equipment & New Energy & Utilities 全球能源与ESG 周报（3/18-3/24）：超快充固态电池首次量产上车，国际天然气期 货价格上行 Global Energy and ESG Updates: Ultra-fast-flush solid-state batteries get on board for first mass production, international natural gas futures prices move up 杨斌 Bin Yang 余小龙Bruce Yu bin.yang@htisec.com bruce.xl.yu@htisec.com [热Ta点bl速e_评yeFmlaesih1 A]n al ysis [(TPalebalese_ ssueme mAPaPrEyN] DIX 1 for English summary) 核心观点： 中国：1）天然气：本周期中国LNG到岸价较上周上行，市场价较上周小幅下滑。2 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for BYD [3][11]. Core Views - BYD's fourth-quarter performance generally meets expectations, with a significant increase in NEV market share and ambitious overseas sales targets set for the next three years [8][9]. - The company is actively implementing its overseas strategy, aiming to double its sales from 240,000 vehicles last year to 500,000 this year, and reaching 1 million vehicles by 2025 [9]. - Strong collaborations with global tech giants are enhancing BYD's technological capabilities in the field of intelligence, particularly in smart driving systems [10]. Financial Summary - In 2023, BYD reported revenue of Rmb602.32 billion, a 42% year-on-year increase, with Q4 revenue of Rmb180.04 billion, up 15% year-on-year [8]. - Total car sales for 2023 reached 3.024 million vehicles, a 62% increase year-on-year, with NEV market share rising by 4.8 percentage points to 31.9% [8][9]. - The gross margin for the automotive business improved to 23.0%, up 2.6 percentage points year-on-year, with net profit attributable to shareholders reaching Rmb30.04 billion, an 81% increase year-on-year [8][11]. - Earnings per share (EPS) estimates for 2024-2026 are Rmb11.44, Rmb15.22, and Rmb19.59, respectively, with a target price set at Rmb251.68 based on a 22x price-to-earnings ratio for 2024 [11].

[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 药明康德（603259）公司年报点评 2024年03月26日 药明康德 2023 年报点评：全年收入利润 稳健增长，TIDES 业务订单增长显著 [Table_Summary] 投资要点： 公告：药明康德发布 2023年报。  点评：   收入端剔除新冠商业化项目保持高速增长态势。2023年，公司营业收入 403 亿元，同比增长 2.5%，其中剔除新冠商业化项目，收入同比增长 25.6%。归 母净利润96亿元，同比增长9.0%；扣非归母净利润97亿元，同比增长16.8%， 经调整 Non-IFRS归母净利润109亿元，同比增长 15.5%。2023年第四季度， 公司营业收入 108.0亿元，同比下降1.5%，归母净利润15.3亿元，同比增长 6.6%，扣非净利润20.4亿元，同比增长0.5%。 2023年分业务板块经营情况：  （1）化学业务：收入291.7亿元，同比增长1.1%，剔除特定商业化生产项目， 化学业务板块收入同比强劲增长 36.1%。工艺研发和生产 CDMO业务强劲增长， D&M业务收入 216.2亿元， ...

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for the company [2][26]. Core Insights - The company's ADAS LiDAR business is expected to benefit from rapid industry expansion, achieving high growth while leveraging economies of scale and self-developed chips to reduce costs and enhance profitability. Revenue projections for 2023-2025 are estimated at RMB 10.82 billion, RMB 28.40 billion, and RMB 45.84 billion, respectively, with EPS of -2.26, -1.52, and -0.50 RMB [1][13]. - The target price is set at HK$ 46.19, based on a 4.2x PS valuation for 2025 [1][13]. Revenue and Profitability Forecast - Revenue is projected to grow from RMB 530 million in 2022 to RMB 10.82 billion in 2023, RMB 28.40 billion in 2024, and RMB 45.84 billion in 2025, reflecting growth rates of -26%, +51%, +32%, and +67% respectively [3][47]. - The company is expected to achieve a gross margin of 12.3% in 2023, increasing to 25.5% by 2025 [3][47]. - The net profit is forecasted to improve from -2.09 billion RMB in 2022 to -0.22 billion RMB in 2025 [3][47]. Market Position and Competitive Landscape - The company ranks third globally in the market share of automotive LiDAR solutions, with a 12% global market share and a 21% share in China, excluding low-end LiDAR products [7][10]. - The company has established a significant number of designated models, with 21 pre-production customers and 62 designated models as of the end of 2023, indicating a strong competitive position [7][10]. Production Capacity and Strategic Initiatives - The company has sufficient production capacity, with two factories designed to produce different types of LiDAR, and is expected to increase overall capacity with the launch of a joint manufacturing enterprise [22][23]. - The self-developed chip strategy is expected to enhance technological barriers and reduce costs significantly, with long-term cost reduction potential estimated at 40% [12][25][32]. Industry Growth and Trends - The global automotive LiDAR market is projected to reach RMB 33.2 billion in 2024, with a year-on-year growth of 213.2%, driven by increasing demand for L2+ level ADAS [18][19]. - The penetration rate of L2+ level ADAS is expected to exceed double digits as urban NOA is gradually implemented by leading automotive companies [18][19].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][6][8] Core Insights - The financial cloud business is experiencing rapid growth, with sustained profitability being released [4][5][16] - The MaaS (Model as a Service) business is stable with a slight increase in average revenue per core customer, while the BaaS (Business as a Service) business is identified as a key growth driver [5][6] - The company has established a full-stack technical system for vertical big models, enhancing operational efficiency and reducing costs [6][16] Financial Performance Summary - For 2023, the company reported revenue of approximately RMB 2.681 billion, a year-on-year increase of 31%, with net profit reaching RMB 340 million, up 42% [4][5] - The projected revenue for 2024-2026 is RMB 3.055 billion, RMB 3.610 billion, and RMB 4.289 billion respectively, with net profits of RMB 377 million, RMB 445 million, and RMB 526 million [6][17] - The gross profit margin is expected to remain above 72%, and the net profit margin above 12% [6][17] Business Segment Analysis - The MaaS business generated revenue of approximately RMB 891 million in 2023, growing by 17%, with a core customer count of 213, an increase of 14% [4][5] - The BaaS business revenue was approximately RMB 1.790 billion, reflecting a 38% increase, with financial cloud revenue growing by 59% [4][5] - The company has implemented AI tools to enhance operational efficiency, leading to a decrease in management and R&D expense ratios [4][5] Valuation and Price Target - The target price is set at HKD 20.82, reflecting a 15% reduction from previous estimates, based on a revised PE ratio of 25 for 2024 [6][8][17] - The company is positioned as a leading player in the vertical generative AI application market, with strong monetization capabilities [6][16]

Investment Rating - The report maintains an "OUTPERFORM" rating for China Resources Pharmaceutical [3][10][11] Core Views - The company achieved a revenue of RMB 244.7 billion in FY2023, representing a growth of 12.2%. The revenue breakdown shows that the pharmaceutical distribution, pharmaceutical retail, and pharmaceutical businesses accounted for 80%, 3.9%, and 16% of total revenue, respectively [11] - The gross profit margin improved to 15.7%, benefiting from enhancements in the pharmaceutical business. The net profit reached RMB 7.775 billion, a year-on-year increase of 16.8% [11] - The company is actively expanding its business through mergers and acquisitions while integrating internal resources for synergy, which is expected to support sustainable growth [4][11] Financial Summary - Revenue for FY2023: RMB 244.7 billion (+12.2%) - Net profit: RMB 7.775 billion (+16.8%) - Gross profit margin: 15.7% (+0.3 percentage points) - R&D expenditure: Approximately RMB 25.04 billion (+12.6%) [11][12] Business Performance - Pharmaceutical business revenue: RMB 43.5 billion (+14.3%), with all categories showing growth. Traditional Chinese medicine, chemical medicine, biological medicine, and nutritional supplements generated revenues of RMB 21.6 billion, RMB 17 billion, RMB 2.1 billion, and RMB 2.7 billion, respectively [11] - Pharmaceutical distribution revenue: RMB 202.2 billion (+11.4%), with import business contributing approximately RMB 14.1 billion [11] - Pharmaceutical retail revenue: RMB 9.6 billion (+26.2%), driven by the active undertaking of prescription outflow [11] Forecasts - Expected revenues for 2024-2026: RMB 271 billion, RMB 299.3 billion, and RMB 329.8 billion, with growth rates of 10.8%, 10.4%, and 10.2% respectively [5][11] - Expected net attributable profits for 2024-2026: RMB 4.287 billion, RMB 4.749 billion, and RMB 5.241 billion, with growth rates of 11.2%, 10.8%, and 10.4% respectively [5][11] Valuation - The target price is maintained at HKD 8.12, indicating a potential upside of 57% from the current share price of HKD 5.17 [6][11]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of Rmb 18.00, indicating a potential upside from the current price of Rmb 15.00 [27][32]. Core Views - The company achieved revenue of Rmb 1.92 billion in 2023, representing a year-on-year growth of 20.5%, and a net profit of Rmb 278 million, up 36.9% year-on-year [29][31]. - The coconut juice segment surpassed Rmb 1 billion in revenue, with significant growth driven by increased distribution points and product diversification [31]. - The gross margin improved to 38.7% in 2023, supported by a higher proportion of high-margin coconut juice sales and a decrease in raw material costs [31]. Summary by Sections Financial Performance - Revenue projections for 2024-2026 are Rmb 2.23 billion, Rmb 2.53 billion, and Rmb 2.82 billion respectively, with corresponding net profits of Rmb 344 million, Rmb 409 million, and Rmb 471 million [28][32]. - The company’s EPS is expected to grow from Rmb 0.62 in 2023 to Rmb 1.05 by 2026, reflecting strong earnings growth [28][32]. Market Position - The company is positioned as a leading player in the A-share market, benefiting from product innovation and channel diversification [32]. - The report highlights the company's strategy to expand its market presence, aiming to increase the number of distribution points from 700,000 to 1 million [31]. Investment Strategy - The report suggests that the company will continue to focus on traditional business channels while also launching new products to drive revenue growth [31]. - Share buybacks and increased dividends are seen as indicators of the company's confidence in long-term growth [31].