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].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company, Dongfang Caifu, reported a total revenue of 11.1 billion yuan in 2023, a year-on-year decrease of 11.2%, and a net profit attributable to shareholders of 8.2 billion yuan, down 3.7% year-on-year. The earnings per share (EPS) is 0.52 yuan, with a weighted average return on equity (ROE) of 11.94%, a decrease of 2.5 percentage points year-on-year [4][5] - The report indicates a continuous decline in the scale of newly issued funds, with the market's total new fund issuance at 1.15 trillion units in 2023, down 22.4% year-on-year. The sales scale of equity funds decreased by 31.7% year-on-year, accounting for 26% of the total, a drop of 3.5 percentage points [4][6] - The brokerage and margin financing business market share continues to improve, with the company's brokerage commission income at 4.97 billion yuan in 2023, down 8.3% year-on-year. The margin financing business saw a net interest income of 2.23 billion yuan, a decrease of 8.7% year-on-year, while the amount of funds lent increased by 26.3% year-on-year [4][6] - The company is increasing its management and R&D expenses, with a R&D expense ratio of 9.8% in 2023, up 2.3 percentage points year-on-year. A new equity incentive plan for 2024 has been announced, aiming for net profit growth rates of no less than 10%, 20%, and 30% for the years 2024 to 2026 [4][6] - The report maintains a positive outlook on Dongfang Caifu due to its strong customer stickiness and diversified demand through platforms like Dongfang Caifu Network and Tiantian Fund Network, as well as its first-mover advantage in fund distribution [4][6] Financial Summary - The company's total revenue is projected to reach 12.28 billion yuan in 2024, with a year-on-year growth of 10.8%. The net profit is expected to be 9.22 billion yuan, reflecting a growth of 12.5% year-on-year [5][10] - The report estimates a reasonable market capitalization for the company between 267.8 billion and 301.3 billion yuan, corresponding to a reasonable value range of 16.89 to 19.00 yuan per share [4][8]

[Table_MainInfo] 行业研究/商业贸易 证券研究报告 行业周报 2024年03月24日 [Table_InvestInfo] 1-2 月社零总额增 5.5%，线上和餐饮双位 投资评级 优于大市 维持 数增长 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 4.97% 商业贸易 海通综指 -1.05% -7.08% 【核心观点】 -13.11% -19.14% -25.17% 1-2 月份，社零总额 8.1 万亿元增 5.5%，我们测算三年 CAGR 为 5.2%；除汽车 2023/3 2023/6 2023/9 2023/12 以外的消费品零售额7.4万亿元增5.2%。限额以上消费品零售3.0万亿增6.7%。 资料来源：海通证券研究所 我们测算了各品类的2M2021-2M2024的单月3-year CAGR，限额以上品类看， 必选品增速优于可选：①粮油食品、饮料、烟酒：3-year CAGR整体优于可选品 相关研究 类。②可选品类3-year CAGR中，金银珠宝>家电>化妆品>日用品>服装。 [《TaCbOlSeT_CROe：po穿r越tIn周fo期] ...

Investment Rating - The investment rating for the company is maintained at "OUTPERFORM" [2][5]. Core Views - In 2023, the company reported a net profit decrease of 66.92% year-on-year, with revenue of RMB 15.405 billion, down 30.97% from the previous year [5]. - The company is deepening its integration and internationalization strategies, enhancing the self-supply ratio of core raw materials and progressing in overseas capacity construction [5]. - Despite challenges such as raw material price fluctuations and intensified competition, the company has maintained a competitive edge, with electrolyte sales reaching 396,000 tons, a year-on-year increase of approximately 24% [5]. - The self-supply ratio for key raw materials like liquid lithium hexafluorophosphate and LiFSI has exceeded 93%, while some core additives have reached over 80% [5]. - The domestic market share of the company's electrolyte products increased to 36.4% in 2023 [5]. - The daily chemical materials segment saw steady growth in sales volume, with a gross profit increase of 7.6% year-on-year, despite a decrease in sales revenue due to market price fluctuations [5]. - The company is focusing on optimizing capital expenditure to ensure the progress of core projects, including new production capacities in various locations [5]. Financial Forecasts - The company expects net profits of RMB 2.074 billion in 2024 (-47%), RMB 2.611 billion in 2025 (-49%), and RMB 2.388 billion in 2026 [5]. - The target price for the company is set at RMB 24.96, based on a 23x PE for 2024, reflecting a significant adjustment from the previous target price of RMB 39.00 [5].

Investment Rating - The report maintains an "OUTPERFORM" rating for Weilong Delicious Global Holdings [3][6][9] Core Insights - The company's 2023 performance met market expectations, with revenue of 4.87 billion yuan, a year-on-year increase of 5.2%, and an adjusted net profit of 970 million yuan, a year-on-year increase of 6.3% [8][9] - The company significantly increased its dividend payout ratio from 30% in 2022 to 60% in 2023, with a total dividend distribution of 776 million yuan, representing nearly 90% of the net profit attributable to shareholders for the year [4][5] - The company is expected to launch new cross-category products in 2024, which may boost revenue growth [4] Financial Performance Summary - For 2023, the company achieved revenue of 48.72 billion yuan, with a net profit of 8.80 billion yuan, reflecting a substantial increase of 481.9% year-on-year [5][8] - The company forecasts revenue growth of 14.3% in 2024, reaching 55.7 billion yuan, and a net profit of 10.0 billion yuan, also reflecting a 14.3% increase [5][9] - The expected EPS for 2024-2026 is projected to be 0.43, 0.49, and 0.55 yuan respectively [5][9] Market Position and Valuation - The target price for Weilong is set at HKD 9.29, based on a 20x PE ratio for 2024, indicating a potential upside from the current price of HKD 5.59 [3][5][9] - The company has a market capitalization of HKD 13.14 billion (approximately USD 1.68 billion) [3][4]

Investment Rating - The report maintains an "Outperform" rating for the company [3][7]. Core Insights - The company has achieved a stable increase in revenue and a doubling of net profit in 2023, with a revenue of RMB 1.372 billion, representing a year-on-year growth of 14.9% [4][12]. - The company is transitioning from a heavy asset equipment operation model to a light asset intelligent operation platform, marked by the introduction of an entrusted asset management model [4][12]. - The net profit for 2023 was RMB 31 million, with an adjusted net profit of RMB 70.4 million, reflecting a year-on-year growth of 98.9% [4][12]. Financial Performance - Revenue projections for 2024-2026 are RMB 1.673 billion (-1.8%), RMB 2.118 billion (-3.5%), and RMB 2.718 billion, respectively [7][12]. - Net profit estimates for the same period are RMB 118 million (+9.3%), RMB 194 million (+11.5%), and RMB 302 million [7][12]. - The company's gross profit margin for 2023 was 30.4%, slightly higher than in 2022 [4][12]. Business Model Transformation - The entrusted asset management model allows the company to manage equipment without owning it, reducing fixed assets and liabilities over time [6][12]. - The company is also implementing a "Partner Empowerment" plan to enhance collaboration with smaller peers, aiming to maximize asset utilization and operational efficiency [6][12]. - The report highlights the potential for significant growth in the light asset operation model, with expectations for improved gross and net profit margins as well as balance sheet enhancements [6][12].

研究报告Research Report 23 Mar 2024 京东健康 JD Health International (6618 HK) 业绩增速超预期，全渠道业务布局加速 The Performance Beats Consensus, The Omnichannel Business Strategy Accelerated [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年度报告 评级 优于大市OUTPERFORM 现价 HK$28.05 点评 目标价 HK$79.80 收入稳步增长，第三方商家数量快速扩容。2023 年公司实现收 HTI ESG 4.0-4.0-4.0 入535亿元（+14.5%），其中， E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 1. 医药和健康产品销售业务实现收入 457 亿元（+13 ...

资料来源：中国电动汽车百人会论坛，海通国际 资料来源：中国电动汽车百人会论坛，海通国际 腾讯：汽车行业面临数据和算力挑战。腾讯智慧出行副总裁、腾讯智慧出行负责 人钟学丹强调汽车行业正积极整合大模型技术，以提高研产供销服各环节的效率和用 户体验。然而，将通用大模型应用于汽车行业面临三大挑战：模型应用的数据质量、 成本和部署周期；数据量不足、分类标注技术挑战以及合规性保护；以及算力不足， 特别是在进行大规模训练时对基础 IT 和算力架构的需求。这些挑战需解决，以充分发 挥大模型在汽车行业中的潜力。 资料来源：中国电动汽车百人会论坛，海通国际 智能汽车创新技术与产业论坛会议纪要： [Table_Title] 研究报告 Research Report 中国汽车 China Autos 姚 书桥 Barney Yao 王 沈昱 Oscar Wang, CFA [Table_summary] (Please see APPENDIX 1 for English summary) 3 月 16 日下午，中国电动汽车百人会论坛（2024）继续进行。主题为"巩固和扩大新能源汽车发展优势"的高层论坛 拉开帷幕，多位国家重要监管部 ...

8 研究报告Research Report 25 Mar 2024 信达生物 Innovent Biologics (1801 HK) 收入增长符合预期，经营效率持续提升 Revenue Growth is in Line with Expectations, and Operational Efficiency Continues to Improve [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 维持优于大市Maintain OUTPERFORM 事件 评级 优于大市OUTPERFORM 现价 HK$36.00 信达生物发布 2023 年全年业绩：总收入62.1亿元（+36.2%），其 目标价 HK$59.90 中产品收入 57.3 亿元（+38.4%），授权收入 4.5 亿元。毛利率 81.7%（+2.1pct）；研发开支 22.3 亿元（-22.4%），研发费用率 HTI ESG 3.6-1.4-3.5 35.9%（-27.1pct）；销售费用 31.0 亿元（ ...