Investment Rating - The report maintains an "Outperform" rating for Standard Chartered PLC (2888 HK) with a target price of 88.16 [46]. Core Insights - The company's Q4 2023 earnings report showed a pre-tax profit increase of 824.4% year-on-year, exceeding Bloomberg consensus expectations of 766.8% [2][5]. - Net interest income grew by 6.0% year-on-year, surpassing the consensus forecast of 5.7% [2][5]. - The Common Equity Tier 1 (CET1) ratio increased to 14.10%, higher than the expected 13.95% [2][5]. Summary by Sections Earnings Performance - Q4 2023 revenue growth was 6.9% year-on-year, below the consensus estimate of 10.9% [2]. - Underlying profit before taxation was reported at 1.16 billion USD, reflecting a 63.0% year-on-year increase [4]. - The statutory profit before taxation reached 1.14 billion USD, marking an 824.4% increase year-on-year [4]. Asset Quality - Credit impairment losses were reported at 62 million USD, significantly lower than the consensus estimate of 474 million USD [2][4]. - The non-performing loan (NPL) ratio decreased by 15 basis points to 2.47%, higher than the expected 2.03% [2][4]. Capital and Dividends - The CET1 ratio improved by 0.1 percentage points year-on-year to 14.10%, exceeding the consensus forecast [2][4]. - The company announced a 50% increase in annual dividends and a 1 billion USD share buyback plan [2][4].

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2024年02月26日 第 8 周新房成交同比增速回升、供销比回落 [Table_Summary] 投资要点：  上周1大中城市新房成交情况：  2024年第8周30大中城市新房成交面积为65万平方米，同比2023年-79%。 其中一线城市销售面积15万平方米，同比2023年-76%。二线城市销售面 积37万平方米，同比 2023年-78%。三线城市销售面积 13万平方米，同 比2023年-83%。  2024年2月1日-22日30城累计成交面积247万平方米，环比2024年1 月同期-56%，同比-69%。一线城市累计成交面积47万平方米，环比2024 年1月同期-68%，同比-74%。二线城市累计成交面积141万平方米，环比 2024年1月同期-54%，同比-68%。三线城市累计成交面积59万平方米， 环比2024年1月同期-46%，同比-66.5%。  上周18城二手房成交量情况：  18 城 2024 年第 8 周二手房成交量为 90 万平方米，同比-57%。其中一线 城市二手房成交面积 17 万平方米，同比-59% ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 76.38 [4][19]. Core Insights - The company has shown steady revenue growth, with software products and services accounting for over 80% of total revenue. In 2022, revenue reached RMB 373 million, a year-on-year increase of 12.62%, while the net profit attributable to shareholders was -RMB 271 million, down 10.90% year-on-year. For the first three quarters of 2023, revenue was RMB 223 million, up 30.05% year-on-year, with a net profit of -RMB 269 million, a decline of 19.15% year-on-year [4][28]. - The company is adapting to industry trends by focusing on multimodal, intelligent, agile, and accessible product development [28]. Financial Overview - Revenue projections for 2023-2025 are RMB 534 million, RMB 769 million, and RMB 1,117 million, respectively, with corresponding net profits of -RMB 271 million, -RMB 195 million, and RMB 4 million [12][19]. - The gross profit margins for software products and services are expected to improve, reaching 68.75%, 69.75%, and 70.75% for 2023-2025, while overall gross profit margins are projected at 57.96%, 59.67%, and 61.53% [30][19]. Product Development - The company has released several key products in big data and cloud platforms, including TDH9.3, which supports various data management needs, and Transwarp Hippo, a distributed vector database [5][29]. - In the area of distributed relational databases, the company has enhanced its ArgoDB6.0 for real-time analytics and KunDB3.2 for transaction processing [6][29]. Market Position and Strategy - The company is positioned to benefit from the growing database market in China, which is expected to reach RMB 630 billion by 2025, with a CAGR of 25.33% from 2022 [9]. - The company has established a comprehensive partner ecosystem and is actively engaging with various industries, including finance, education, and healthcare, to expand its market reach [8][17].

日本投资者的通知事项：本研究报告由海通国际证券有限公司所发布，旨在分发给从事投资管理的金融服务提供商或注册金融机构（根据日本金融机构和交易法（"FIEL"））第 61 Jiayou International - 603871 CH [Table_MainInfo] 公司研究/交通运输/航空货运与物流 证券研究报告 嘉友国际（603871）公司跟踪报告 2024 年 02 月 22 日 Nan Yu nan.yu@htisec.com 春节后口岸通车数迅速恢复，中蒙市场核 心竞争力再巩固 [Table_Summary] 投资要点： 2024 年前两个月短盘运费连续走低并维持低位。运价方面，2024 年 2 月 14 日-2 月 18 日，短盘运费均值为 105 元/吨，周环比持平，同比-62.5%；上周 蒙煤价格环比亦持平，2 月 18 日，甘其毛都口岸原煤价格收报 1500 元/吨； 精煤价格收报 1785 元/吨。 主要盈利预测及假设：根据公司业绩预告，我们上调此前的盈利预测，预计 公司 2023-2025 年公司归母净利润分别为 10.46/13.09/16.37 亿元，对应 EPS 分 别为 1.50 ...

Investment Rating - The investment rating for the industry is "Outperform" for most companies, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [2][11][12]. Core Insights - Discounts on liquid milk, convenience foods, soft drinks, beer, and condiments have increased since February 2024. The average/median discount rates for these categories have shown a notable decline compared to previous months [11][12]. - The average/median discount rate for liquid milk products changed from 76.1%/75.3% at the end of last month to 71.2%/66.6% this week [11]. - The average/median discount rate for convenience food representative products decreased from 89.6%/92.3% to 86.8%/88.4% [11]. - The mean/median discount rates for soft drinks representative products changed from 90.5%/90.0% to 88.0%/90.0% [11]. - The mean/median discount rate for beer representative products changed from 81.5%/82.8% to 80.4%/82.0% [11]. - The mean/median discount rate for condiment representative products changed from 90.7%/100% to 89.9%/100% [11]. - Baby powder has shown stable discount rates, remaining at 96.3%/100% [12]. Summary by Category Liquid Milk - The average discount rate for liquid milk products is currently 71.2%, with a median of 66.6% [4][11]. Convenience Foods - The average discount rate for convenience foods is 86.8%, with a median of 88.4% [4][11]. Soft Drinks - The average discount rate for soft drinks is 88.0%, with a median of 90.0% [4][11]. Beer - The average discount rate for beer is 80.4%, with a median of 82.0% [4][11]. Condiments - The average discount rate for condiments is 89.9%, with a median of 100% [4][11]. Baby Powder - The average discount rate for baby powder remains stable at 96.3%, with a median of 100% [12].

研究报告Research Report 21 Feb 2024 中国必需消费 China Staples HTI 消费品成本指数：节后现货成本小幅波动，期货成本跌幅明显 HTI CGCI: The Spot Cost Fluctuated Slightly, While the Futures Cost Decreased Significantly [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_Info] (Please see APPENDIX 1 for English summary) 本周 HTI跟踪的六类消费品，现货成本小幅波动，啤酒、调味品和 市盈率P/E 速冻食品期货成本跌幅领先。具体来看，本周包材部分，现货价格 股票名称 评级 目标价 2023E 2024E 基本持平，期货端跌多涨少，玻璃期货大跌近 7%，塑料和铝材价 百威亚太 Outperform 20.50 21 18 格跌幅达 1.31%/1.14%，纸浆价格抬升 3.16%。直接原材料部分延 华润啤酒 Outperform 66.00 17 14 续节前偏弱走势，节后蔬菜价格大幅回落，跌幅达 ...

[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 1 月行业供需环比大幅改善， 春运旺季民航客流创历史新高 [Table_Summary] 投资要点： 1月行业供需环比改善，国际、地区线稳定恢复。1月五家上市航司（中国国  航、东方航空、南方航空、春秋航空、吉祥航空）总供给、需求环比各上升 9.1%/11.5%（中国国航数据为并表山航口径，下同），较19年同期增8.1%/6.2%， 客座率环比上升1.7个百分点至79.6%，较19年同期仍下滑1.4个百分点。1 月步入春运旺季，行业供需环比大幅改善。具体来看：国内线供给、需求环 比各上升10.2%/12.5%，超19年同期各23.3%/24.1%，客座率环比上升1.7个 百分点至81.1%，较19年同期仅上升0.6个百分点。国际线稳定恢复，供给、 需求环比各上升6.5%/8.8%，约为19年同期的78.9%/72.5%，客座率环比上升 1.6个百分点至75.3%，较19年同期下滑6.6个百分点；地区线供给、需求环 比各上升0.9%/2.9%，约为19年同期的85.0%/76.1%，客座率环比上升1.4个 百分点至72 ...

[Table_Title] 研究报告 Research Report ESG & 电新 & 公用 ESG & Power Equipment & Utilities 杨斌 Bin Yang [Table_yemei1] 热点速评 Flash Analysis 印度 ALMM 清单或重启。2 月 9 日，印度新能源和可再生能源部（"MNRE"）发布政令称"型号和制造商批准清单" （"ALMM"）将于 2024 年 4 月 1 日起重新生效，ALMM 包含太阳能光伏和电池的型号和制造商清单，目前针对电池 的清单还未公布。MNRE 要求只有在清单中的产品型号才可用于印度政府光伏项目、政府资助或政府计划下的光伏 项目以及印度政府 PM KUSUM 计划下的相关配套和屋顶光伏项目。尽管 MNRE 在 2 月 15 日发布新指令称目前 ALMM 将延期至新的政令发布，但地缘政策风险和贸易保护主义依然是悬在中国光伏组件出口需求头上的剑。 ALMM 政策是印度光伏产业贸易保护的主要手段。"型号和制造商批准清单"（"ALMM"）是印度新能源和可再生能 源部于 2019 年提出的旨在保护印度本土光伏组件和电池制造商的政策，在该政 ...

Investment Rating - The report assigns an "OUTPERFORM" rating with a target price of 53.12, while the current price is 49.4 [3]. Core Insights - The report indicates that revenue and profit missed expectations primarily due to a decline in net interest margin (NIM), which decreased by 18 basis points to 1.52%, below the Bloomberg consensus forecast of 1.69% [12][36]. - Total revenue decreased by 10.6% year-over-year, which is lower than the Bloomberg consensus forecast of a 7.0% decline [18][36]. - Pre-tax profit saw a significant drop of 80.6% year-over-year, also falling short of the expected 5.9% decline [18][36]. - Net profit attributable to common shareholders decreased by 103.3% year-over-year, compared to the expected decline of 26.8% [18][36]. Revenue Breakdown - Wealth and Personal Banking revenue fell by 39.1% year-over-year, underperforming against the Bloomberg consensus forecast of a 33.1% decline [37]. - Commercial Banking revenue increased by 11.9% year-over-year, but this was below the expected growth of 14.4% [37]. - Global Banking and Markets revenue grew by 7.7% year-over-year, exceeding the Bloomberg consensus forecast of 5.1% [37][41]. Financial Metrics - Net interest income decreased by 7.8% year-over-year, contrasting with the Bloomberg consensus forecast of a 1.4% increase [12][36]. - Non-interest income fell by 15.1% year-over-year, which was better than the expected decline of 20.4% [12][36]. - The cost-to-income ratio increased by 6.4 percentage points to 66.4%, worse than the expected 60.3% [36]. - The Common Equity Tier 1 (CET1) ratio rose by 0.6 percentage points to 14.8%, surpassing the expected 14.6% [19][36]. Loan and Deposit Growth - Total loans to customers increased by 1.6% year-over-year, exceeding the Bloomberg consensus forecast of 0.8% [12]. - Total deposits grew by 2.6% year-over-year, also outperforming the expected decline of 0.4% [12]. Conclusion - The report highlights significant challenges faced by the company, particularly in terms of net interest income and overall profitability, while also noting areas of growth in loans and deposits [36][41].

Investment Rating - The investment rating for Beijing Roborock Tech is "OUTPERFORM" with a target price of RMB 477.5 [2][11]. Core Views - The robotic vacuum cleaner market is projected to exceed RMB 100 billion, with strong growth potential similar to that of white goods. Beijing Roborock Tech, as a global leader, is well-positioned to benefit from this growth [3][10]. - Overseas markets are experiencing both volume and price increases, with Chinese brands expanding their market share and upgrading product structures. Despite foreign brands like iRobot losing market share, they still hold significant presence, providing opportunities for Chinese brands to increase their share [3][10]. - In the domestic market, high-value products are gaining market share. In 2023, the sales volume of robotic vacuums in China is expected to grow by 4% year-on-year, with self-cleaning models continuing their rapid growth [3][11]. Financial Forecasts - Revenue for Beijing Roborock Tech is expected to grow significantly, with projections of RMB 8,768 million in 2023, RMB 11,425 million in 2024, and RMB 13,830 million in 2025, reflecting year-on-year growth rates of 32.3%, 30.3%, and 21.1% respectively [4][8]. - The earnings per share (EPS) are forecasted to be RMB 16.35, RMB 19.10, and RMB 22.18 for the years 2023, 2024, and 2025 respectively [4][11]. - The gross margin is expected to improve steadily, reaching 53.4% in 2023, 53.9% in 2024, and 54.2% in 2025 [4][8]. Market Position - Beijing Roborock Tech's market share in the domestic market is projected to increase by 3 percentage points to 24% in 2023, driven by high-quality and cost-effective products [3][11]. - The company is expected to maintain a competitive advantage in both domestic and overseas markets, benefiting from ongoing channel expansion and product structure upgrades [3][10].