Investment Rating - The report maintains an "Outperform" rating for Xinte Energy (1799 HK) with a target price adjusted to HK$13.56 from HK$18.80, reflecting a 28% decrease [3][11]. Core Insights - In 2023, Xinte Energy reported operating revenue of RMB 30.75 billion, a year-on-year decrease of 16.5%, and a net profit attributable to shareholders of RMB 4.35 billion, down 67.4% from the previous year [8][11]. - The company's gross profit margin fell to 33.45%, a decline of 21.84 percentage points, primarily due to a significant drop in polysilicon prices [8][11]. - The production and sales volume of polysilicon reached 191,300 tons and 202,900 tons respectively, marking increases of 52% and 90% year-on-year, which helped reduce unit costs to RMB 62,000 [9][11]. - The company anticipates an annual polysilicon production of 280,000-300,000 tons in 2024, with the proportion of N-type materials expected to exceed 80% [9][11]. Summary by Sections Financial Performance - The polysilicon business generated revenue of RMB 19.5 billion in 2023, a decrease of 23.9% year-on-year [9]. - The gross profit margin for polysilicon was 36%, down 35 percentage points from the previous year [9]. - The company recorded asset impairments totaling RMB 1.53 billion, mainly due to inventory and fixed asset write-downs [10]. Business Development - In power station construction, revenue was RMB 6.3 billion, down 18% year-on-year, with a confirmed project scale of 2.2 GW [10]. - Power station operation revenue increased by 8% to RMB 2.2 billion, with a cumulative installed capacity of 3.2 GW by the end of 2023 [10]. - The company expects the cumulative installed capacity to reach 4-5 GW by the end of 2024 [10]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 1.703 billion (-70%), RMB 2.11 billion (-77%), and RMB 2.454 billion [11]. - The report assigns a 2024 P/E ratio of 10x, reflecting an increase from the previous year's 3.5x [11].

Investment Rating - The report maintains an **OUTPERFORM** rating for Towngas (3 HK) with a target price of HK$6.39 [3] - The current price is HK$6.30 as of July 25, 2024 [3] - The market capitalization is HK$117.56 billion (US$15.05 billion) [3] Core Views - Towngas has a clear future development strategy with significant breakthroughs in green energy transformation [2] - The company's diversification strategy has been effective, particularly in the mainland urban gas business, which saw an 8% year-on-year growth in 2023 [4] - The green energy transformation has achieved a breakthrough, with the production of SAF and HVO reaching 150,000 tons and 115,000 tons respectively in 2023 [9] - The company's financial performance remains stable, with a 16% year-on-year increase in net profit attributable to shareholders in 2023 [10] Business Growth and Market Expansion - Towngas increased its gas projects in mainland China by 5 to 320 in 2023, with the number of users growing by 2.9 million to 40.19 million [4] - The company's water affairs and environmental businesses have shown stable growth, with innovative attempts such as converting kitchen waste into biogas [4] - The company's green methanol production capacity is expected to reach 120,000 tons, contributing approximately HK$100 million in cash net profit [12] Financial Performance - Despite a 7% year-on-year decrease in total revenue in 2023, Towngas achieved an 11% year-on-year increase in core profit [10] - The company's total assets reached HK$162 billion, with net assets of HK$71.1 billion and cash and bank deposits of HK$9 billion [10] - The company plans to reduce debt by HK$10 billion over the next five years, reflecting its focus on optimizing asset structure and improving capital efficiency [11] Capital Expenditure and Investment Strategy - In 2023, Towngas's capital expenditure was HK$10.2 billion, primarily focused on renewable energy projects, especially photovoltaic investments [11] - The company expects to adjust its capital expenditure to HK$7.1 billion in 2024, with a significant reduction in capital expenditure for Hong Kong China Gas Smart Energy to HK$3.3 billion [11] - The company is actively exploring emerging energy fields such as hydrogen energy, including strategic cooperation with Citybus Group to provide hydrogen refueling station services [12] Profit Forecast and Investment Recommendation - The report forecasts Towngas's main business revenue for FY24-26 to be HK$59.777 billion, HK$62.446 billion, and HK$64.947 billion respectively [13] - The net profit attributable to the parent company is expected to be HK$6.298 billion, HK$6.513 billion, and HK$6.713 billion for the same periods [13] - Based on the DCF model, the target price is expected to be HK$6.39 per share, maintaining the OUTPERFORM rating [13]

[Table_Title] 研究报告 Research Report 25 Jul 2024 ENERGY & ESG 国际能源与 ESG 周报 (7/15-7/21)：中国电网投资景气度持续，印度电力需 求上半年同增 8.3% Global Energy and ESG Updates: China's Grid Investment Boom Continues, India's Power Demand Rises 8.3% in H1 bin.yang@htisec.com olivia.qp.mao@htisec.com karen.hy.he@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： 中国：1）天然气：本周期中国 LNG 到岸价及市场价较上周上涨。2）电力：6 月规上工业发电量增速保持稳定，火 电、核电降幅扩大，水电增速加快，太阳能发电增速回落，风电由降转增。3）储能锂电：碳酸锂现货市场成交价格 重心持续下移。4）光伏 ...

[Table_Main] 研究报告 Research Report 25 Jul 2024 日本可选消费& 必需消费Japan Discretionary & Staples 关于《HTI 日本消费行业 6 月跟踪报告：通胀再次升温，入境游拉动可选消费》的错误修订 Corrections on Inflation Accelerated in June, Foreign Tourists Visiting Japan Continued to Boost Discretionary Consumption Errors [Table_yemei1] 观点聚焦Investment Focus [Table_Info] | --- | --- | --- | --- | --- | |---------------|------------|--------|-----------|-----------| | | | | 市盈率 | P/E | | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | 迅销集团 | Outperform | 45,000 | n.a. | n. ...

炼油和化工 – 不及预期：受欧洲炼油利润率环比下降 37% 的影响，公司炼油和化工部门调整后净营业收入为 6.39 亿 美元，环比下降 34%，同比下降 36%，相较于预期的 7.92 亿美元降低了 19%。 6 SusallWave FIN-ESG Data Service Disclaimer: Please read these terms and conditions below carefully and confirm your agreement and acceptance with these terms before using SusallWave FIN- ESG Data Service. SEBI Research Analyst Registration Number: INH000002590 25 Jul 2024 道达尔能源(TTE FP)：业绩稳健；回购延长；股息令人失望 scott.darling@htisec.com axel.leven@htisec.com [Table_summary] 事件 点评 勘探与生产 – 符合预期：由于"生产设施可用性高"且油价上涨，该 ...

研究报告 Research Report 24 Jul 2024 [Table_Info] 中国 & 中国 & 东南亚有色金属 China (A-share) & China (Overseas) & Southeast Asia Non-ferrous Metals 一年一度镍业大典 55 页深度（2024 版） The Annual Nickel Book 55 pages of in-depth report (2024 Edition) [Table_yemei1] 观点聚焦 Investment Focus 股票名称 评级 股票名称 评级 紫金矿业 Outperform 天山铝业 Outperform 洛阳钼业 Outperform 驰宏锌锗 Outperform 山东黄金 Outperform 万丰奥威 Outperform 中国铝业 Outperform 厦门钨业 Outperform 中金黄金 Outperform 锡业股份 Outperform 天齐锂业 Outperform 湖南黄金 Outperform 天齐锂业 Outperform 东阳光 Outperform 银泰黄金 Outper ...

Investment Rating - The report suggests a positive investment outlook for Chinese companies as key suppliers benefiting from the energy transition in Europe and the United States [4]. Core Insights - China's LNG import prices and market prices have increased, with the LNG import price at $12.13 per million British thermal units, up 1.76% week-on-week [7][10]. - In June, China's industrial power generation maintained a stable growth rate, with total industrial power generation reaching 768.5 billion kWh, a year-on-year increase of 2.3% [14]. - In the first half of 2024, India's power demand rose by 8.3%, with coal remaining the dominant source [2]. - The global carbon market in China has operated smoothly over the past three years, with trading prices gradually increasing [1]. Summary by Sections 1. China Energy Market and ESG Updates - LNG prices have risen, driven by high temperatures and cooling demand in eastern and southern China [12]. - Industrial power generation in June showed a stable growth rate, with hydropower increasing by 44.5% year-on-year [14]. - New wind power installations in China reached 25.84 GW in the first half of 2024, a year-on-year increase of nearly 12.4% [1]. 2. U.S. Energy Market and ESG Updates - U.S. natural gas futures prices fell, while average spot electricity prices rose by 3.6% to $54.411 per MWh [2]. - California is seeing an increase in residential solar-plus-storage projects [2]. - Amazon has achieved its goal of 100% renewable energy ahead of schedule, operating around 300 rooftop solar projects [2]. 3. European Energy Market and ESG Updates - European natural gas futures prices increased, with electricity market prices trending upward [2]. - Greece is developing a 1 GW independent battery storage project [2]. - SHEIN announced a new circular fund with an initial investment of €200 million [2]. 4. Indian Energy Market and ESG Updates - ENGIE's special purpose company will build a 400 MW solar power plant in Gujarat [2]. - The federal cabinet approved a 1 GW offshore wind project in Gujarat and Tamil Nadu [2]. 5. Japan and South Korea Energy Market Updates - South Korea secured a nuclear power order, and Japan's Enfinity Global received $164 million in financing for a 250 MW solar project [2]. 6. Southeast Asia and Other Regions Energy Market Updates - Vietnam has approved a decree allowing direct power purchase agreements [3]. - A new large gas well was discovered in Bolivia [3]. 7. Energy Storage and Lithium Battery Market Updates - The average price of lithium carbonate has decreased, with battery-grade lithium carbonate priced at 85,800 yuan per ton, down 5.25% [22]. - The total scale of energy storage in June reached 4.32 GW/10.29 GWh, with prices for two-hour energy storage systems averaging 0.62 yuan/Wh, down 51.2% year-on-year [22]. 8. Photovoltaic Market Updates - In the first half of 2024, China's newly installed photovoltaic capacity reached 102.48 GW, a year-on-year increase of 30.68% [27]. - The average price of polysilicon remained stable, while the price of battery-grade lithium carbonate has dropped significantly [30][35].

Group 1: Retail Sales Performance - In May, Japan's retail sales for pharmaceuticals and bathing products reached approximately 1,467 billion yen, showing a year-on-year increase of 4.9% [1] - Matsukiyo Cocokara reported a year-on-year same-store sales increase of 2.3% in June, with customer traffic down by 0.1% and average transaction value up by 2.4% [1] - Welcia's same-store sales in June also showed a year-on-year increase of 2.4%, with customer traffic up by 1.7% and average transaction value up by 0.7% [4] Group 2: Beverage and Alcohol Sales - In May, the average expenditure on soft drinks for households of two or more was approximately 5,824 yen, reflecting a year-on-year increase of 3.0%, while the soft drink CPI rose by 3.8% [4] - In June, major soft drink brands like Suntory, Asahi, and Kirin experienced a 5% decline in sales, while Coca-Cola saw a 1% increase [4] - The average expenditure on alcoholic beverages for households of two or more in May was about 3,603 yen, down 6.8% year-on-year, with the alcohol CPI increasing by 1.7% [4] Group 3: Food and Grocery Expenditure - In May, average household expenditure on meat products, dairy products, seasonings, and prepared foods remained flat or showed slight increases, with CPI changes of +2.1%, +4.6%, +3.8%, and +4.2% respectively [4] - The overall food price increase has suppressed household consumption, leading to a negative growth trend in actual spending across various food categories [4] Group 4: Dining and Restaurant Sector - In May, the average expenditure on dining out for households of two or more was approximately 14,534 yen, with a year-on-year increase of 1.0% and a dining CPI increase of 2.8% [14] - Major restaurant chains reported significant same-store sales growth in June, with companies like Sally's and Toridoll seeing increases of 31.9% and 17.7% respectively, attributed to more holiday days and increased tourist numbers [14] Group 5: Clothing and Department Store Sales - In May, average household expenditure on clothing was about 10,028 yen, reflecting a year-on-year increase of 1.8%, with clothing CPI at +2.1% [16] - Department store sales in Japan grew by 14.4% year-on-year in May, continuing a steady growth trend since March 2022, with flagship stores performing significantly better than others [21] Group 6: Tourism and Entertainment - In June, the number of inbound tourists to Japan reached 3.14 million, a record high, with total foreign tourist spending expected to reach 8 trillion yen (approximately 500 billion USD) for the year [29] - Average household expenditure on entertainment services in May was 16,868 yen, down 0.8% year-on-year, while the entertainment service CPI increased by 6.6% [29]

Investment Rating - The report maintains a NEUTRAL rating for Monster Beverage Corp (MNST US) with a target price of US$52.00, down from a previous target of US$60.00 [3][11]. Core Insights - Growth in the United States has slowed, but gross margins have expanded steadily, with Q1 2024 revenue at US$1,899 million (+11.8% YoY), operating profit at US$542 million (+11.7% YoY), and net profit at US$442 million (+11.2% YoY) [7][11]. - The company expects revenue growth to be driven by improvements in gross margin and price increases, with a projected gross margin of 54.3% in 2024 and 55.7% in 2025 [10][11]. Summary by Sections Financial Performance - For 2024, the company forecasts revenue of US$7.95 billion, net profit of US$1.81 billion, and EPS of US$1.74, reflecting year-on-year increases of 11.3%, 11.0%, and 12.3% respectively [11][6]. - The gross margin for Q1 2024 was reported at 54.1%, with an operating expense ratio of 25.5%, indicating a year-on-year improvement [10][11]. Regional Performance - Sales growth in North America was +8.1%, while Europe saw a significant increase of +28.4%. The Asia-Pacific region showed a modest growth of +0.2% [9][11]. - In the Chinese market, sales increased by 16.4% YoY, indicating strong potential for future growth [9][11]. Market Dynamics - The energy drink category in the U.S. is experiencing slower growth due to high previous growth rates and market saturation, but non-tracking channels like F&B and e-commerce are expected to perform better [8][9]. - The company has launched a new brand, "Hunting Beast," in China, which has received a positive initial response [9][10].

研究报告 Research Report 22 Jul 2024 名创优品 MINISO Group (MNSO US) 名创优品季报前瞻:海外展店加速,业绩表现坚韧 2Q24 Preview: Overseas Expansion Accelerated, Resilient Results Maintained [Table_yemei1] 观点聚焦 Investment Focus | --- | |---------------------------| | [Table_Info] 维持优于大市 | | 评级 | | 现价 | | 目标价 | | --- | --- | |-----------------------|-------------------| | 市值 | US$5.43bn | | 日交易额 (3 个月均值) | US$27.64mn | | 发行股票数目 | 314.82mn | | 自由流通股 (%) | - | | 1 年股价最高最低值 | US$29.64-US$16.06 | 注:现价 US$17.14 为 2024 年 07 月 19 日收盘价 75 100 125 ...