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]

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 ...