Investment Rating - The report maintains an "Outperform" rating for Zai Lab [3][7][12] Core Insights - Zai Lab's product revenue for 2023 was $267 million, representing a year-over-year increase of 25%, and 31% at constant exchange rates [12] - The company expects sales of efgartigimod to exceed $70 million in 2024 following its inclusion in the National Reimbursement Drug List (NRDL) [5][12] - Zai Lab aims to launch over 15 products and achieve revenues exceeding $2 billion by 2028 [5][12] Financial Summary - Revenue projections for 2024 and 2025 have been adjusted to $367 million and $529 million, respectively, reflecting year-over-year growth of 38% and 44% [7][12] - The net loss for 2023 narrowed to $335 million, a decrease of $109 million from the previous year [5][12] - The gross margin for 2023 was reported at 64.1%, a slight decrease of 1.5 percentage points [5][12] Market Position and Strategy - The company plans to expand its commercial team to 150 and increase the number of target hospitals from 200 to 1,000 to reach over 80% of potential patients [5][12] - Zai Lab has five approved products as of 2023, with plans for three additional products in the NDA stage expected to be approved in 2024 [5][12] - The company is focused on maintaining reasonable growth in SG&A expenses while managing R&D costs effectively [7][12] Valuation - The target price for Zai Lab is set at HK$66.82 per share, based on a discounted cash flow (DCF) model with a WACC of 9.9% and a perpetual growth rate of 2.0% [7][12]

研究报告Research Report 22 Mar 20242 小鹏汽车-W XPeng (9868 HK) 四季度毛利率成功转正，净亏超预期改善，联手英伟达 AI 大模型量产上车 4Q23 GPM Turns Positive, Net Loss Improvement Exceeds Expectations, Collaborating with NVIDIA on AI Large Model Mass Production [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Table_Inf维o] 持中性Maintain NEUTRAL (Please see APPENDIX 1 for English summary) 四季度毛利率成功转正，净亏超预期改善。公司 4Q23 营收 130.5 评级 中性NEUTRAL 亿元，同比+153.9%，环比+53%；其中汽车营收 122.3 亿元，同比 现价 HK$37.90 +162.3%，环比+55.9%；毛利率 6.2%，汽车毛利率 4.1%，环比扭 目标价 HK$51.10 亏，得益于平台化研发、技术降本和经营改善。公司 ...

[研T究ab报le告_MReasiena]rc h Report 21 Mar 2024 李宁 LI NING (2331 HK) 2023 年报点评：业绩符合预期，库存水平进一步下降 2024 年轻装上阵 2023 Annual Report Performance Review: Results in Line With Expectations, Further Reduction in Inventory Level [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) 李宁 2H23收入略超预期，利润符合预期。2023年公司实现收 评级 优于大市OUTPERFORM 入 276亿，同比+7%，对应2H23收入135.8亿元，同比+1.4%。李 现价 HK$21.25 宁大货加盟/大货直营/大货电商分别实现收入 118.2/66.9/77.5 亿 目标价 HK$29.80 元，占比为 42.8%/24.3%/28.1% ...

[研Ta 究ble报_T告itl Re] e search Report 21 Mar 2024 ESG & Power Equipment & New Energy & Utilities 全球能源与ESG 周报（3/11-3/17）：宁德时代Q4 盈利保持强劲，气候融资为 COP29 关键议题 Global Energy and ESG Updates: CATL earnings remain robust on 2023Q4, the key issue of COP29 will be ‘climate finance’ 杨斌 Bin Yang 张申琪Allison Zhang bin.yang@htisec.com allison.sq.zhang@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到岸价及市场价较上周上行。2）电力：1-2月份，电力生产保持稳定，规上工业 火电增速加快，水电、 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 267.25, down from RMB 302.10 [3][5]. Core Insights - The company achieved a revenue of RMB 400.9 billion in 2023, representing a year-on-year growth of 22%, with a net profit of RMB 44.1 billion, up 44% year-on-year [4][12]. - In Q4 2023, the company reported revenue of RMB 106.2 billion, a year-on-year decrease of 10% but a quarter-on-quarter increase of 1%, with a net profit of RMB 13 billion, down 1% year-on-year but up 24% quarter-on-quarter [4][12]. - The gross profit margin for Q4 reached 25.7%, an increase of 3.1 percentage points year-on-year and 3.2 percentage points quarter-on-quarter [4][12]. Financial Performance - The company shipped 390 GWh of batteries in 2023, a 35% increase year-on-year, with power and energy storage batteries contributing 321 GWh and 69 GWh, respectively [5][13]. - The gross profit margins for power and energy storage batteries were 22.3% and 23.8%, reflecting increases of 5.1 and 6.8 percentage points year-on-year [5][13]. - The company plans to distribute a cash dividend of RMB 50.28 per 10 shares, totaling RMB 22.06 billion [5][13]. Overseas Revenue and Market Share - The company's overseas revenue reached RMB 131 billion in 2023, a 70% increase year-on-year, with a gross profit margin of 25.2%, which is 3.4 percentage points higher than the domestic market [5][14]. - The global market share increased to 36.8% in 2023, with overseas market share at 27.5%, reflecting a year-on-year increase of 4.7 percentage points [5][14]. - The company’s production capacity reached 552 GWh, with an additional 100 GWh under construction and a capacity utilization rate of 70.5% [5][14]. Future Projections - Revenue projections for 2024-2026 are RMB 413.77 billion, RMB 494.52 billion, and RMB 596.72 billion, with net profits expected to be RMB 47.042 billion, RMB 58.303 billion, and RMB 72.325 billion, respectively [5][15]. - The company anticipates battery shipments to reach 480 GWh in 2024, a 23% year-on-year increase, with energy storage batteries expected to grow by 30% [5][15].

Investment Rating - The report maintains an "OUTPERFORM" rating for Pop Mart International (9992 HK) [3][4][8]. Core Insights - In 2023, Pop Mart's revenue reached RMB 6.3 billion, representing a year-on-year increase of 36.5%. Domestic revenue was RMB 5.23 billion, up 26% YoY, while overseas revenue surged to RMB 1.07 billion, marking a 135% YoY growth [4][8]. - The company added a net total of 34 retail stores and 123 roboshops in 2023, with plans for further expansion in the coming years [4][8]. - The gross profit margin (GPM) improved to 61.3%, an increase of 3.8 percentage points YoY. The selling and distribution expense ratio was 31.8%, down 0.1 percentage points YoY, and the general and administrative expense ratio was 11.2%, down 3.8 percentage points YoY [4][8]. - Adjusted net profit for 2023 was RMB 1.19 billion, up 108% YoY, with an adjusted net profit margin of 18.9%, reflecting a 6.5 percentage point increase YoY [4][8]. - The company projects revenues of RMB 8.22 billion, RMB 10.31 billion, and RMB 12.45 billion for 2024, 2025, and 2026, respectively, with adjusted net profits of RMB 1.58 billion, RMB 2.05 billion, and RMB 2.53 billion for the same years [4][8]. Summary by Sections Financial Performance - Revenue for 2023 was RMB 6.3 billion, a 36.5% increase YoY. The gross profit was RMB 3.86 billion, with a gross profit margin of 61.3% [5][8]. - Adjusted net profit was RMB 1.19 billion, reflecting a 108% increase YoY, with an adjusted net profit margin of 18.9% [5][8]. Future Projections - Revenue projections for 2024, 2025, and 2026 are RMB 8.22 billion, RMB 10.31 billion, and RMB 12.45 billion, respectively. Adjusted net profits are expected to be RMB 1.58 billion, RMB 2.05 billion, and RMB 2.53 billion for the same years [5][8]. Valuation - The company is valued at a target price of HKD 32.8, based on a 25x FY24 price-to-earnings ratio [4][8].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company, with a target price of HKD 103.50, indicating a potential upside from the current price of HKD 75.10 [3][5]. Core Insights - The company has successfully established a second growth curve through international expansion, achieving a total of approximately 245,000 invisible orthodontic cases in 2023, a 33% increase year-on-year. Domestic cases accounted for 212,000 (+15%), while international cases reached 33,000, representing 13% of the total [8][9]. - The company is focusing on penetrating third and fourth-tier cities in China, leading to a steady improvement in domestic business, with revenue of approximately CNY 1.476 billion in 2023, reflecting a 16% increase [9][10]. - The overall gross margin improved to 62% in 2023, driven by advancements in manufacturing processes, while the domestic invisible orthodontic solutions achieved a gross margin of about 66% [10][11]. - The company anticipates revenue growth of 19% in 2024, reaching CNY 1.761 billion, and expects adjusted net profit to grow by 1% to CNY 180 million [12]. Financial Performance Summary - In 2023, the company reported a net profit attributable to shareholders of CNY 53 million, a decrease of 75%, while the adjusted net profit was approximately CNY 179 million, down 16% [10][11]. - The domestic business generated an adjusted profit of about CNY 256 million, with a profit margin of 19%, while the international business reported an adjusted loss of approximately CNY 211 million [10][11]. - The company maintained a strong cash flow position, with a net operating cash flow of approximately CNY 166 million and cash and cash equivalents at the end of the year amounting to approximately CNY 2.69 billion [11][12].

研究报告Research Report 21 Mar 2024 福耀玻璃 Fuyao Glass Industry Group (600660 CH) 2023 年年报点评：价量齐增，资本开支提速加码产能扩张 2023 Review: Both ASP and Volume Increased, with Accelerated CAPEX to Boost Capacity Expansion [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) 评级 优于大市OUTPERFORM 价量齐增，业绩符合预期。公司发布 2023 年年报，全年实现营收 现价 Rmb43.18 331.61亿元（HTI：328.45亿元），同比+18.0%；归母净利润56.29 目标价 Rmb52.61 亿元（HTI：56.08亿元），同比+18.4%；扣非归母净利润55.27亿 HTI ESG 3.0-2.8-4.0 元（HTI：55.44 亿元 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][6]. Core Insights - The company has shown steady growth in performance, with 2022 revenue reaching 13.008 billion yuan, a year-on-year increase of 15.44%, and a net profit of 1.544 billion yuan, up 31.27% year-on-year. For 2023, revenue is projected at 14.354 billion yuan, a 10.35% increase, with net profit expected to be 1.838 billion yuan, growing 19% year-on-year [2][4][6]. - The company is positioned as a leader in high-end computing, leveraging opportunities in the AI era through a robust R&D strategy, market expansion, and ecosystem development [3][6]. - The company has made significant investments in high-end computing, firmware, and IO modules, with over 80% progress in these projects by mid-2023 [5][6]. Financial Performance - Revenue and net profit forecasts for 2023-2025 are as follows: - 2023: Revenue of 14.354 billion yuan, net profit of 1.838 billion yuan - 2024: Revenue of 16.823 billion yuan, net profit of 2.285 billion yuan - 2025: Revenue of 19.716 billion yuan, net profit of 2.824 billion yuan [4][9]. - The company’s gross margin is expected to improve, with projections of 28.06% in 2023, 29.70% in 2024, and 30.46% in 2025 [8][9]. Business Segmentation - The company’s revenue breakdown for 2022 indicates that IT equipment accounted for 11.448 billion yuan, with a gross margin of 19.66%, representing 88.01% of total revenue. Software development and technical services related to high-end computers generated 1.555 billion yuan, with a gross margin of 74.72%, making up 11.95% of total revenue [2][8]. - The company has a strong presence in the liquid cooling market, with a deployment scale of 58.8% in China's liquid cooling data center infrastructure market from 2021 to mid-2023 [5][6]. Market Position and Valuation - The company is recognized as a domestic leader in the information industry, with a solid market share in high-end computing, storage, security, and data centers [6][7]. - The estimated P/E ratio for the company is projected to be between 40-45 times for 2024, with a reasonable value range of 62.45 to 70.26 yuan over the next six months [6][7].

研究报告Research Report 20 Mar 2024 华润啤酒 China Resources Beer Holdings (291 HK) 2023 年报点评：国内啤酒业务销量、收入、利润均第一 Rank first in sales, revenue, and profit in the domestic beer business [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) 事件。23年公司实现营收389.3亿元，同比+10.4%，核心 EBIT 71.0 评级 优于大市OUTPERFORM 亿元，同比+30.0%，归母净利润 51.5 亿元，同比+18.6%。23H2公 现价 HK$37.20 目标价 HK$56.00 司实现营收 150.6 亿元，同比+5.7%，核心 EBIT 7.6 亿元，同比 +151.8%，归母净利润5.0亿元，同比-7.0%。 HTI ESG 2.6-2.0-4.0 E- ...