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- ...

Investment Rating - The report maintains an "Outperform" rating for Futu Holdings with a target price of US$68.34, based on a current price of US$56.40 [3][8][22]. Core Insights - Futu Holdings reported total revenue of HK$10 billion for FY23, representing a year-on-year increase of 31%, and a net profit after tax (NPAT) of HK$4.6 billion, up 46% year-on-year, although both figures were below market expectations [6][22]. - The growth in revenue and profit was primarily driven by an increase in paying clients, client assets, and higher blended commission rates and interest rates [6][22]. - The company is expected to add 350,000 new asset clients in 2024, with continued expansion into international markets such as Japan, Canada, and Malaysia [6][22]. Financial Performance Summary - For FY23, Futu Holdings achieved a total revenue of HK$10,008 million, with a net profit of HK$4,279 million, reflecting a 31% and 46% increase year-on-year, respectively [5][22]. - The company’s earnings per share (EPADS) for FY23 was HK$31.0, with a return on equity (ROE) of 18.85% [5][22]. - Revenue projections for the next three years are HK$10,792 million in 2024E, HK$11,964 million in 2025E, and HK$13,261 million in 2026E, with corresponding net profits of HK$4,877 million, HK$5,520 million, and HK$6,253 million [5][8][22]. Client Growth and Market Expansion - As of the end of 2023, Futu Holdings had 21.64 million registered users, a 10.5% increase year-on-year, and 1.71 million asset clients, up 15% year-on-year [6][22]. - The company’s total client assets reached HK$485.6 billion, a 16.3% increase year-on-year, with a high client retention rate of over 98% [6][22]. - Futu's international expansion efforts have begun to yield results, with its Singapore branch achieving profitability in Q4 2023 and new market entries planned for 2024 [6][22]. Revenue Breakdown - Brokerage commission revenue for FY23 was HK$3,944.8 million, with a slight decline of 1.6% year-on-year, while interest income surged by 72% to HK$5,536.4 million [5][6][22]. - Other operating income reached HK$527.2 million, reflecting a 34% increase year-on-year, driven by higher fund sales [7][22]. Cost Management - Total operating expenses for FY23 were HK$3,464.7 million, a 13.6% increase year-on-year, with a cost-to-income ratio of 35% [8][22]. - Research and development expenses accounted for 14% of total revenue, while sales and management expenses were 7% and 13%, respectively [8][22].

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of Rmb30.50 [2]. Core Views - The company is a leader in the digital service sector, focusing on smart terminals, big data processing, and data operation capabilities, providing comprehensive digital solutions across over 100 countries [2][11]. - An upward trend in transaction fees is anticipated due to regulatory tightening and increased compliance costs for payment institutions, which may lead to a more market-oriented payment ecosystem [2]. - The company has accelerated its overseas localization strategy, achieving the highest global shipment volume of payment devices in 2022, with overseas revenue accounting for 74% of total income in the first three quarters of 2023 [2][25]. - The company is actively involved in the digital RMB ecosystem and has embraced open-source Harmony, enhancing its market position and technological innovation [2][11]. - Profit forecasts indicate significant growth in net profit for 2023, 2024, and 2025, with expected year-on-year increases of 363.45%, 24.75%, and 20.14% respectively [2][3]. Summary by Sections Company Overview - The company, established in 1994, aims to be a pioneer in digital China construction, focusing on digital RMB and trusted digital identity as key development directions [11][12]. - It has developed a core competitive system based on digitalization, internationalization, and ecological integration [11]. Financial Performance - The company reported a net profit of Rmb10.06 billion, Rmb12.55 billion, and Rmb15.07 billion for 2023, 2024, and 2025 respectively, with corresponding EPS of Rmb0.97, Rmb1.22, and Rmb1.46 [2][3]. - Revenue for 2023 is projected to be Rmb8.546 billion, reflecting a 16% year-on-year growth [3]. Market Position - The company holds a significant market share in the global POS device market, with a 2022 shipment volume of 148.3 million units, representing an increase of 4.5% year-on-year [25][35]. - The company has established a strong presence in overseas markets, particularly in Southeast Asia, the Middle East, and Europe, enhancing its local service capabilities [2][11]. Strategic Initiatives - The company is focusing on integrating digital RMB and open-source Harmony into its business model, which is expected to create new industry opportunities [2][11]. - It has made significant investments in R&D and has a robust patent portfolio, positioning itself as a leader in technology innovation within the industry [11][12].

研究报告Research Report 13 Mar 2024 名创优品 MINISO Group (MNSO US) 点评报告：业绩持续性强，利润再创新高 Review report：Performance Showing High Visibility, Profits Hitting New Record [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：名创优品3月 12日公布4Q财报。收入38.4亿元，同比增 评级 优于大市OUTPERFORM 长 54%；毛利率 43.1%，同比增长 3.1pct；经调净利润 6.6 亿元， 现价 US$18.22 同比增长 77%，经调净利率 17.2%；除汇兑外经调净利率 17.4%， 目标价 US$26.60 创历史新高。公司指引1Q收入同比增长20%-25%；24年收入同比 增长20%-30%（上限较前期指引20%-25%上调），经调净利同比增 市值 US$6.4 ...

研究报告Research Report 21 Mar 2024 爱美客 Imeik Technology Development (300896 CH) 业绩增速超股权激励目标，核心产品持续放量 Performance Growth Exceeded the Employee Stock Ownership Plan, Core Products Continue Grow [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：公司发布2023年年报 评级 优于大市OUTPERFORM 现价 Rmb342.24 公司 2023 年实现收入 28.7 亿元（+47.99%），归母净利润18.6亿 目标价 Rmb669.30 元（+47.08%），扣非归母净利润 18.3 亿元（+52.95%）。毛利率 HTI ESG 4.0-5.0-5.0 和净利率分别为 95.1%（+0.3pct），64.8%（-0.4pct）。三项费 ...

研究报告Research Report 20 Mar 2024 中国食品饮料 China Food & Beverage HTI 大众品零售价格跟踪：液态奶及软饮料折扣力度较 2 月下旬明显减小 Discounts on soft drinks and liquid milk are less than those during late February [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 啤酒、婴配粉、调味品及方便食品代表产品较 2 月下旬折扣力 度有所加大。 股票名称 评级 股票名称 评级 贵州茅台 Outperform 酒鬼酒 Outperform 啤酒代表产品的折扣率（实际到手价格/平台标注原价）平均值 五粮液 Outperform 汤臣倍健 Outperform 山西汾酒 Outperform 老白干 Outperform /中位值分别由 2 月下旬的 80.4%/85.3%变 化 至本 周 的 泸州老窖 Outperform 珠江啤酒 Outpe ...

3 印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受 Securities and Exchange Board of India（"SEBI"）监管的 Haitong Securities India Private Limited（"HTSIPL"）所发 行，包括制作及发布涵盖 BSE Limited（"BSE"）和 National Stock Exchange of India Limited（"NSE"）上市公司（统称为「印度交易所」）的研究报告。HTSIPL 于 2016 年 12 月 22 日被收购 并成为海通国际证券集团有限公司（"HTISG"）的一部分。 所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。 本文件所载信息和观点已被编译或源自可靠来源，但 HTIRL、HTISCL 或任何其他属于海通国际证券集团有限公司（"HTISG"）的成员对其准确性、完整性和正确性不做任何明示或暗示的 声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股 ...

研究报告Research Report 21 Mar 2024 宁德时代 Contemporary Amperex Technology (300750 CH) 2023 年年报点评：盈利表现超预期，特别分红显强劲现金流信心 2023 Annual: Earnings Beat Expectations, Special Dividend Demonstrates Confidence in Strong Cash Flow [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 营收增长强劲，盈利表现超预期。公司发布 2023 年年报，全年实 现价 Rmb190.96 现营收 4009.17亿元，同比+22.01%；归母净利润 441.21亿元，同 目标价 Rmb235.07 比+43.58%，净利率 11.01%，同比+1.65pcts；扣非归母净利润 400.92亿元，同比+42.10% ...

[Table_MainInfo] 行业研究/交通运输/航空公司 证券研究报告 行业跟踪报告 2024年03月17日 [Table_InvestInfo] 投资评级 优于大市 维持 2 月行业需求大幅改善，小航继续领跑 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 航空公司 海通综指 7.37% 2月行业需求环比改善，客座率稳定恢复。2月五家上市航司（中国国航、东方  0.49% 航空、南方航空、春秋航空、吉祥航空）总供给、需求环比各上升 1.5%/7.8% -6.38% -13.25% （中国国航数据为并表山航口径，下同），约为19年同期的116.0%/115.2%， -20.13% 客座率环比上升4.9个百分点至84.5%，较19年同期下滑0.5个百分点。具体 -27.00% 2023/3 2023/6 2023/9 2023/12 来看：国内线供给、需求环比各上升 2.2%/7.7%，较 19 年同期各增 31.8%/30.8%，客座率环比上升4.3个百分点至85.4%，较19年同期下滑0.7 资料来源：海通证券研究所 个百分点。国际线供给环比下降0.2%，需 ...