Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][9]. Core Insights - In Q1 2024, the company achieved operating revenue of RMB 5.73 billion, representing a year-on-year growth of 6.7% and a quarter-on-quarter growth of 1.5%. The net profit attributable to the parent company was RMB 760 million, with a year-on-year growth of 48.6% [6][9]. - The gross profit margin for Q1 2024 was 21.5%, showing a year-on-year increase of 3 percentage points, primarily due to lower costs from declining prices of soda ash and natural gas [6][9]. - The company expects to ignite new production capacity in 2024, which will support sustained performance growth. The total capacity is projected to reach 30,200 tons per day by the end of 2024 [8][9]. Financial Summary - The company reported a net profit margin of 13.2% in Q1 2024, with a year-on-year increase of 3.7 percentage points [6]. - The forecasted net profit attributable to the parent company for 2024-2026 is RMB 3.936 billion (-5.6%), RMB 4.934 billion (-4.8%), and RMB 5.762 billion (-4.8%) respectively [9]. - The target price has been revised from HKD 27.25 down by 12.3% to HKD 23.91 based on a DCF valuation model [9]. Market Dynamics - The price of photovoltaic glass has declined, while overall inventory continues to grow, indicating significant supply and demand pressures [7][9]. - The company’s production of photovoltaic glass remained stable in Q1 2024, with a slight increase in sales volume and a decrease in inventory by 23.7% compared to the end of 2023 [8][9].

Investment Rating - The report maintains an "Outperform" rating for China Foods [12][20][13] Core Views - The carbonated beverage business is currently under pressure, with expected revenue decline in the first half of 2024. The retail price of 500ml PET bottles increased by 17% in the second half of 2023, impacting sales volume and market share [11][17] - Revenue is projected to improve in the second half of 2024 due to price increases from competitors like Coca-Cola and Pepsi, which may help restore market share [11][17] - The gross profit margin is expected to remain stable in 2024, with controllable expense ratios due to effective cost management strategies [18][19] Revenue and Profit Forecast - Expected revenues for 2024, 2025, and 2026 are 20.44 billion, 21.19 billion, and 22.00 billion yuan respectively, with a year-on-year change of -4.7%, +3.7%, and +3.7% [12][20] - Net profit attributable to the parent company is forecasted at 770 million, 830 million, and 860 million yuan for the same years, with corresponding EPS of 0.28, 0.29, and 0.31 yuan per share [12][20] Dividend and Valuation - The company has a high dividend yield of 5.68%, with a consistent dividend payout ratio over the past few years, making it an attractive investment in a weak macroeconomic environment [19][20] - The target price remains unchanged at HK$3.54, based on a 11x PE valuation for 2025 [12][20]

[Table_Title] 研究报告 Research Report 18 Jul 2024 中国电新与火电 China (Overseas) Power Equipment & New Energy & Thermal Power 国际能源与 ESG 周报 (7/08-7/12):国内电网投资景气度持续,美国 FERC 批准 ISO-NE 的长期输电规划流程(LTTP)第二阶段 Global Energy and ESG Updates: The Power Grid Investment Boom In China Continues, And U.S. FERC Approves The Second Phase Of ISO-NE's Long-Term Transmission Planning Process (LTTP). 杨斌 Bin Yang 毛琼佩 Olivia Mao 何慧盈 Karen He bin.yang@htisec.com olivia.qp.mao@htisec.com karen.hy.he@htisec.com [Table_yemei1] 热点速评 Flash Anal ...

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[Table_Title] 研究报告 Research Report 18 Jul 2024 中国电新与火电 China (Overseas) Power Equipment & New Energy & Thermal Power 国际能源与 ESG 周报 (7/08-7/12):国内电网投资景气度持续,美国 FERC 批准 ISO-NE 的长期输电规划流程(LTTP)第二阶段 Global Energy and ESG Updates: The Power Grid Investment Boom In China Continues, And U.S. FERC Approves The Second Phase Of ISO-NE's Long-Term Transmission Planning Process (LTTP). 杨斌 Bin Yang 毛琼佩 Olivia Mao 何慧盈 Karen He bin.yang@htisec.com olivia.qp.mao@htisec.com karen.hy.he@htisec.com [Table_yemei1] 热点速评 Flash Anal ...

Investment Rating - The report assigns a rating of "Outperform" for the company, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [30]. Core Viewpoints - The company is a leading domestic manufacturer of functional BOPP films, with advanced technology and a strong market position. It has been actively engaged in R&D, production, and sales of functional films and masterbatches, catering to various downstream industries [54]. - The company has significantly increased its production capacity, with functional film design capacity rising to 111,200 tons in 2023, up from 89,000 tons in 2022. The production of functional films reached 91,600 tons in 2023, reflecting a year-on-year growth of 13.82% [2][48]. - The company is focused on innovation and sustainability, developing high-performance, environmentally friendly materials that reduce production costs and emissions. Its non-adhesive films simplify processing and lower logistics costs while addressing VOC emissions [15][54]. Summary by Sections Company Overview - The company specializes in functional BOPP films and masterbatches, with a diverse product range and advanced manufacturing capabilities. It serves various sectors, including packaging, electronics, and consumer goods [54][5]. Production Capacity and Performance - As of 2023, the company has a designed capacity of 111,200 tons for functional films, an increase of 22,200 tons from the previous year. The production and sales of functional films have shown significant growth, with production reaching 91,600 tons and sales at 89,100 tons in 2023 [2][48]. Financial Performance - The company's operating income for 2023 was 1.219 billion yuan, a decrease of 5.41% year-on-year. However, in Q1 2024, the company reported a quarter-on-quarter increase in operating income of 6.49% and a year-on-year increase of 33.83% [49][54]. Innovation and Market Expansion - The company is actively expanding its product offerings and market reach, focusing on high-end, functional, and environmentally friendly materials. It is also developing new products to meet diverse customer needs in the downstream market [15][16][54].

[Table_Title] 研究报告 Research Report 16 Jul 2024 摩根士丹利 Morgan Stanley (MS US) 营收利润超预期,机构证券和财富管理业务更佳 Revenue & Profit Beat, Institutional Securities & Wealth Management Perform Better 周琦 Nicole Zhou, CFA 林加力 Jiali Lin nicole.q.zhou@htisec.com jiali.lin@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 摩根士丹利(MS.US)发布 2024 年二季度业绩报告。 点评 24Q2 营收利润均超预期: 营收同比增速为+11.6%,优于彭博一致预期的+6.4%。 o 净利息收入同比+2.8%,优于彭博一致预期的-5.5%。 o 非息收入同比+13.1%,优于彭博一致预期的+9.7%。 效率比率同比下降 6.0p ...

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[Table_Title] 研究报告 Research Report 15 Jul 2024 高盛 Goldman Sachs (GS US) 营收利润均超预期,全球银行与市场业务表现亮眼 Revenue & Profit Beat with Global Banking & Markets Strong Performance 周琦 Nicole Zhou, CFA 林加力 Jiali Lin nicole.q.zhou@htisec.com jiali.lin@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 高盛(GS.NYSE)发布 2024 年二季度业绩报告。 点评 24Q2 营收及利润均优于预期: 营收同比变化+16.9%,高于彭博一致预期的+14.8%。 o 净利息收入同比变化+33.14%,高于彭博一致预期的-8.9%。 o 非息收入同比变化+13.9%,低于彭博一致预期的+27.4%。 计提信用损失准备 2.82 亿美元,同比 ...

Investment Rating - The report maintains a target price of HK$1.5 and an OUTPERFORM rating for SenseTime Group [6][4]. Core Insights - SenseTime launched the first streaming multi-modal AI interaction model "SenseNova 5.5" in China, which shows a 30% performance improvement over "SenseNova 5.0" and is comparable to GPT-4o [2][4]. - The upgraded end-side model "SenseChat 5.5 Lite" has improved accuracy by 10%, increased inference speed by 15%, and reduced first package latency by 40% [2]. - The gap between the launch of SOTA models in China and the U.S. has been shortened to 2 months, with SenseTime successfully iterating to "SenseNova 5.5" in just over 50 days after "SenseNova 5.0" [5][6]. - The company has over 3,000 government and enterprise clients using its models, indicating strong market penetration [2]. - SenseTime's generative AI business is expected to exceed 50% of group revenue this year, driven by continuous technical advancements [6]. Summary by Sections Product Launch and Performance - During the WAIC, SenseTime introduced "SenseNova 5.5" and "SenseChat 5.5 Lite," showcasing significant advancements in multi-modal AI capabilities [2][4]. - "SenseNova 5.5" integrates cross-modal information for real-time interaction, enhancing user experience and supporting multi-task processing [2]. Competitive Positioning - The report highlights that SenseTime's advancements have significantly reduced the time required to catch up with benchmark models like GPT-4o, showcasing its industry-leading R&D capabilities [5][6]. - The technical validation of "SenseNova 6.0" has been completed, ranking it first on HuggingFace's global list for models below 12B [5]. Financial Outlook - The company is expected to achieve profitability at the group level within the next 1-2 years, with a strong focus on generative AI and leveraging profits from its computing power segment to fund R&D [6].