Investment Rating - The report assigns a "BUY" rating to the company, indicating a positive outlook for its stock performance over the next 12-18 months [20][22]. Core Insights - The company has a mature IP operation and is steadily developing its gaming social networking segment, with a strong portfolio of classic client games and over 1,000 signed streamers under its MCN agency, boasting over 5 million followers [2][4]. - The company is actively exploring the integration of AI and XR technologies into its gaming and social applications, which is expected to drive significant growth in the coming years [4][6]. - Financial projections indicate a revenue increase from RMB 1.57 billion in 2023E to RMB 2.24 billion in 2024E, representing a 42.6% year-on-year growth, while net profit is expected to rise from RMB 231 million to RMB 324 million, a 40% increase [3][8]. Financial Overview - Revenue (in million RMB): 2021: 1,221; 2022: 1,658; 2023E: 1,567; 2024E: 2,235; 2025E: 2,533, with a YoY growth of 36.3% in 2021, 35.8% in 2022, a decline of 5.5% in 2023E, and a projected growth of 42.6% in 2024E [3][8]. - Net Profit (in million RMB): 2021: 125; 2022: 222; 2023E: 231; 2024E: 324; 2025E: 373, with a significant increase of 106.9% in 2021 and 77.7% in 2022, followed by a modest growth of 4.1% in 2023E and a projected 40% increase in 2024E [3][8]. - EPS (in RMB): 2021: 0.26; 2022: 0.45; 2023E: 0.47; 2024E: 0.66; 2025E: 0.76, reflecting a consistent upward trend in earnings per share [3][8]. Business Development - The company is focusing on the development of interactive games and XR platforms, collaborating with leading AR companies to enhance player experiences and explore new entertainment social business opportunities [4][6]. - The upcoming launch of key games, such as "大航海时代：海上霸主," is expected to support revenue stability and growth [6].

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for Kunlun Energy, with a target price of HKD 7.96 per share [3][23][86] Core Insights - Kunlun Energy is one of the largest domestic natural gas terminal utilization and LPG sales enterprises in China, primarily engaged in urban gas, natural gas pipelines, LNG and CNG terminals, natural gas power generation, LNG processing and storage, and LPG sales [6][89] - The company has achieved steady revenue growth, reaching RMB 87.072 billion in H1 2023, a year-on-year increase of 3.8%, with a pre-tax profit of RMB 6.791 billion, reflecting an 8.2% growth [7][90] - Natural gas sales account for 79.1% of total revenue, with a year-on-year growth of 8.5%, while LPG sales contribute 15.8% [8][90] Company Overview - Kunlun Energy, established in 1994 and listed on the Hong Kong Stock Exchange, has shifted its focus from oil exploration to domestic natural gas sales and comprehensive utilization, emphasizing LNG business development [6][69] - The company operates across 31 provinces in China, with an annual natural gas sales volume of 20 billion cubic meters and an LNG receiving capacity of 19 million tons [6][89] Financial Performance Review - The revenue breakdown for H1 2023 includes natural gas sales at RMB 68.896 billion, LPG sales at RMB 13.804 billion, LNG processing and storage at RMB 3.764 billion, and exploration and production at RMB 0.608 billion [8][90] - The company has maintained a stable cash flow, with a current ratio around 1 and a net debt-to-equity ratio around 0.7 [10][73] Business Segment Analysis - Natural gas sales volume grew by 9.0% year-on-year in H1 2023, reaching 23.916 billion cubic meters, with retail gas volume increasing by 9.5% [10][91] - The natural gas price differential was RMB 0.495 per cubic meter, showing a stable upward trend [13][91] - LPG sales reached 293.69 million tons in H1 2023, with a year-on-year increase of 5.17% [15][78] Emerging Business Developments - The company is focusing on green development and has entered the field of wind-solar-thermal integrated power generation, with 3 million kilowatts of new energy indicators obtained [22][92] - Kunlun Energy is diversifying its energy offerings to meet various user needs, promoting the operation of 12 projects and the orderly development of 24 projects [22][92] Profit Forecast and Valuation - The forecast for main operating revenue for FY23-25 is RMB 182.16 billion, RMB 195.07 billion, and RMB 207.95 billion, with corresponding net profits of RMB 6.11 billion, RMB 6.46 billion, and RMB 6.49 billion [23][93]

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业周报 2024年03月10日 [Table_InvestInfo] 2 月份 CPI 环比涨幅扩大；关注新质生产 投资评级 优于大市 维持 力、设备更新机遇 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 板块表现：从各行业横向比较来看，2024年第10周（2024年3月4日至2024  年 3 月 8日），机械设备行业相对沪综指周累计超额收益为正，在所有行业中 排名第4，周累计超额收益为1.61pct。2024年至今机械设备行业年累计超额收 益为-6.10pct。  宏观数据：CPI 环比涨幅扩大，同比由降转涨；PPI 环比降幅与 1 月相同，同 资料来源：海通证券研究所 比降幅略有扩大。根据国家统计局，2 月份，全国 CPI 环比+1.0%，涨幅同比 +0.7pct，主要是食品和服务价格上涨较多；同比由 1 月下降 0.8%转为上涨 [Table_AuthorInfo] 0.7%，除受 2 月环比价格上涨影响外，也有春节错月的影响。同时，2 月份， 受春节假日等因素影响，工业生产处于传统淡 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of Rmb 27.46 [2][3]. Core Views - The company is positioned as a leading player in the Hebei liquor market, with a strong recovery in revenue and profit driven by structural upgrades and cost efficiency improvements. The revenue and net profit CAGR from 2020 to 2022 were 13.7% and 32.3%, respectively, showing a trend of accelerating growth [3][4][20]. - The company has successfully implemented a high-end strategy, with high-end products (priced above Rmb 100) accounting for 53% of revenue in 2022, up from 36% in 2018 [4][36]. - The competitive landscape in Hebei is characterized by strong external brands capturing over 70% of the market share, while local brands, including the company, are increasing their market presence, with local liquor market share rising to over 20% [3][35]. Summary by Sections 1. Company Overview - The company is the only publicly listed liquor company in Hebei, with its main brand, Hengshui Laobaigan, recognized as a regional famous liquor. The company has expanded its portfolio through acquisitions, including Fenglian Liquor and several other brands [3][13]. - The company has undergone a significant transformation since its establishment, focusing on high-end products and improving employee motivation through a stock incentive plan covering 207 key personnel [4][15]. 2. Market Dynamics - The Hebei liquor market is approximately Rmb 300 billion, with a strong drinking culture and rapid market expansion driven by product upgrades. The local liquor market is competitive, with many strong brands present [3][34]. - The company holds about 10% market share in Hebei, with a focus on increasing its presence in higher price segments, particularly in the mid to high-end market [35][36]. 3. Financial Performance - The company forecasts revenues of Rmb 52.26 billion, Rmb 60.57 billion, and Rmb 69.51 billion for 2023, 2024, and 2025, respectively, with year-on-year growth rates of 12.3%, 15.9%, and 14.7% [4][5]. - The net profit is expected to be Rmb 6.34 billion, Rmb 8.37 billion, and Rmb 10.41 billion for the same years, with a notable increase in 2024 and 2025 [4][5]. 4. Brand and Product Strategy - The company operates multiple brands, with Hengshui Laobaigan and Shiling Liquor being key contributors to revenue. In 2022, these brands contributed 46% and 16% to total revenue, respectively [4][25]. - The high-end product strategy has led to a significant increase in gross margin, with Shiling Liquor achieving a gross margin of 84.9% in 2022, significantly higher than the overall company average [25][29]. 5. Cost Management and Efficiency - The company has made substantial improvements in cost management, with sales expense ratios decreasing to 30.3% in 2022 and 30.8% in the first half of 2023, reflecting effective cost control measures [4][29]. - The focus on reducing costs while maintaining marketing effectiveness is expected to enhance profit margins further [49].

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 2024年03月08日 [Table_InvestInfo] 投资评级 优于大市 维持 24 年 1 月消费者信心指数环比改善 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 食品 海通综指 5.52%  板块表现：2月26日-3月1日，大盘指数涨跌幅为+1.41%，食品饮料指数涨 跌幅为-0.71%，涨跌幅在28个子行业中排名第24。表现前三板块为预加工食 -1.06% 品板块（+0.82%）、保健品板块（+0.68%）、零食板块（+0.33%）。个股涨 -7.64% 幅前三为双塔食品（+10.14%）、海南椰岛（+6.52%）、三只松鼠（+5.43%）。 -14.22% 个股跌幅前三为百润股份（-9.52%）、龙大美食（-6.93%）、ST通葡（-5.96%）。 -20.80% 个股公告：【百润股份】公司于近日收到汉中市南郑区监察委员会签发的关于  -27.38% 对公司董事长、法定代表人、总经理刘晓东先生个人因涉嫌行贿而被立案调查 2023/2 2023/5 2023/8 2023/1 ...

[Table_MainInfo] [Table_AuthorInfo] 分析师:梁中华 Tel:(021)23219820 Email:lzh13508@haitong.com 证书:S0850520120001 联系人:李林芷 Tel:(021)23185646 Email:llz13859@haitong.com 中华人民共和国的通知事项：在中华人民共和国（下称"中国"，就本报告目的而言，不包括香港特别行政区、澳门特别行政区和台湾）只有根据适用的中国法律法规而收到该材料的人 员方可使用该材料。并且根据相关法律法规，该材料中的信息并不构成"在中国从事生产、经营活动"。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任 何规定，在取得中国政府所有的批准或许可之前，任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。 澳大利亚投资者的通知事项：Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Li ...

Equity – Asia Research 万华化学 (600309 CH)：新材料专题研究（2）：高端新材料及精细 化学品不断突破，电池材料打造第二增长曲线—维持优于大市; 下 调目标价4%（Wanhua Chemical Group：Continuous Breakthroughs in Advanced Materials and Fine Chemicals, with Cell Materials Shaping a Second Growth Trajectory—Maintain OP & Cut TP by 4%） 刘威Wei Liu wei.liu@htisec.com 庄怀超Huaichao Zhuang hc.zhuang@htisec.com 10 Mar 2024 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of HK$8.22 [1][4]. Core Insights - The company reported total revenue of RMB 29.23 billion for 2023, a year-on-year increase of 2.54%, with a net profit attributable to shareholders of RMB 1.67 billion, reflecting a significant growth of 36.4% year-on-year [1][8]. - Despite a slight decline in revenue, the company's gross profit margin improved to 30.47%, up by 1.49 percentage points, leading to a gross profit increase of 6.40% [1][8]. - The beverage segment has shown robust growth, achieving revenue of RMB 17.78 billion in 2023, a year-on-year increase of 8.4%, with a compound annual growth rate of 12.3% since 2020 [1][8]. - The food business, however, faced challenges with a revenue decline of 10.56% in 2023, but there are expectations for recovery in 2024 as market conditions improve [4][8]. Summary by Sections Financial Performance - Total revenue for 2023 was RMB 29.23 billion, with main revenue at RMB 28.59 billion and net profit at RMB 1.67 billion [1][8]. - The gross profit margin increased to 30.47%, while the net profit margin rose by 5.83 percentage points [1][8]. - The company declared a dividend of approximately RMB 1.83 billion, resulting in a payout ratio of 109.99% [1][8]. Beverage Business - The beverage segment generated revenue of RMB 17.78 billion in 2023, with a net profit margin of 10.9% [1][2]. - Key products like "Unified Green Tea" and "Tea King" are expected to drive future growth through product line expansion targeting younger consumers [2][4]. Food Business - The food segment reported revenue of RMB 9.85 billion, down 10.56% year-on-year, but with a slight increase in net profit margin to 0.8% [4][8]. - The company is focusing on product innovation and quality to meet changing consumer preferences in the instant noodle market [4][8]. Earnings Forecast - Projected revenues for 2024-2026 are RMB 31.53 billion, RMB 33.97 billion, and RMB 36.28 billion, respectively, with net profits expected to be RMB 1.58 billion, RMB 1.81 billion, and RMB 2.01 billion [4][8].

[Table_MainInfo] 公司研究/旅游服务业 证券研究报告 兰生股份（600826）公司研究报告 2024 年 03 月 07 日 Liting Wang liting.wang@htisec.com 公司概况：上海国资委下属区域性会展企业，行业全产业链布局。①主营业务： 2020 年资产重组置入会展集团，主业由外贸变更为会展。2023 年上半年公司会 展组织 / 会展配套 / 展馆运营 / 赛事服务 / 其他业务收入占比分别为 55.8%/13.8%/9.4%/6.6%/14.5%，会展业务总占比超过 85%。②历史收入利润体量： 2022 年上市公司实现收入/归母净利润 7.73/1.15 亿元，核心子公司会展集团 2023H1 实现收入/归母净利润 5.7/0.8 亿元，2019 年实现收入/归母净利润 17.6/1.4 亿元。 ①全产业链布局：公司会展业务涉及从上游的场馆管理，到中游的会展组展、 赛事策划和广告搭建，到下游的展览运输等方面，全方位覆盖各类会展服务项 目，业务环节相互赋能，成本结构优于单一环节同行；此外，我们认为展馆运 营为公司领先市场感知细分行业景气提供助力，为会展组织业务收 ...

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for CK Infrastructure Holdings, with a target price of HK$52.85, compared to the current price of HK$46.00 [3][5]. Core Insights - CK Infrastructure Holdings is recognized as a top performer in overseas infrastructure investment, characterized as a cash cow with a steadily increasing dividend [2][5]. - The company has a diversified portfolio across various regions, with significant investments in the UK, Australia, Europe, New Zealand, Canada, and the US [5][8]. - The financial health of the company is robust, with a stable cash dividend growth and a low debt ratio, maintaining a net asset liability ratio of around 25% [5][11]. Summary by Sections Overview of the Company - CK Infrastructure Holdings was established in May 1996 and focuses on infrastructure sectors such as power distribution, gas networks, transportation, water services, and waste-to-energy [5][8]. - The company is primarily owned by Cheung Kong Holdings, which holds a 75.67% stake [8]. Financial Performance - For the first half of 2023, the company reported revenue of HK$32.17 billion, a decrease of 6% year-on-year, while net profit was HK$42.39 billion, down 4% [5][10]. - The UK segment contributed the most to revenue, accounting for 36% of total income [5][10]. - The company maintains a high dividend payout ratio of around 80%, with an average dividend yield of 4.1% [5][11]. Business Segments - The UK and Europe segment includes major investments such as UK Power Networks and Northern Gas Networks, contributing significantly to profitability [16][18]. - The Australian segment includes SA Power Networks and various renewable energy projects, while the Canadian segment has shown strong growth with a 31% increase in profit contribution [22][23]. - The mainland China and Hong Kong segment has seen a decline in profitability due to reduced traffic on toll roads and lower demand for cement [26]. Regulatory Environment - The report discusses the completion of the reset of price control rules in the UK, which is expected to have a smaller-than-anticipated impact on profitability [27][30]. - The new RIIO-ED2 price control mechanism, effective from 2023 to 2028, sets a capital return rate of 3.9%, lower than the previous rate of 4.4% [30][31]. Profit Forecast and Valuation - The forecast for FY24-26 anticipates revenues of HK$72.03 billion, HK$74.17 billion, and HK$75.09 billion, with corresponding net profits of HK$78.18 billion, HK$84.17 billion, and HK$85.07 billion [5][10]. - The report employs a DCF valuation method, resulting in a target price of HK$52.85 per share, reflecting a PE ratio of 15.82 for 2024 [5][10].