证券研究报告·海外公司研究·汽车零部件 亿咖通科技（ECX.O） [ 1Ta Qble 2_M 4ain全] 年业绩点评：业绩符合预期，坚定 2024年 05月 27日 增量部件供应商定位，全球业务持续拓展 分析师 买入（维持） 陈睿彬 (852) 3982 3212 chenrobin@dwzq.com.hk 盈利预测与估值 2023A 2024E 2025E 2026E 营业总收入（百万元） 4,666 5,852 8,201 10,530 同比 31.2% 25.4% 40.1% 28.4% 股[T价ab走le_势Pi cQuote] 归属母公司净利润（百万元） -940 -756 37 295 同比 - - - 696% 每股收益-最新股本摊薄（元/股） - - 0.11 0.87 P/E（现价&最新股本摊薄） - - 12 2 数据来源：Wind，东吴证券（香港） [Table_Summary] 关键词： #新产品、新技术、新客户 数据来源：Wind [Table_Summary] 投资要点 市场数据 ◼ 事件：公司发布 2024 年第一季度财务业绩报告，符合预期： 2024Q1 实现营收9.3亿元 ...

Equity Research·Company Research·Software & Service Alphabet Inc. (GOOGL) With manageable Ads competition, AI empowers [Table_Author] 22 May 2024 Google cloud growth Buy (Initiation) Research Analyst Ruibin Chen (852) 3982 3212 Forecast & Valuation 2023A 2024E 2025E 2026E chenrobin@dwzq.com.hk Revenue (USD mn) 307,394.00 352,882.98 394,718.09 438,211.74 Growth (YoY %) 8.68 14.80 11.86 11.02 Net profit (USD mn) 73,795.00 94,544.31 106,509.96 120,550.72 P[Traicbel eP_ePrifcoQrmuoatnec] e Growth (YoY %) 23.05 ...

Equity Research·Company Research·Other Internet Service Kanzhun Limited (BZ) 2024Q1 review: revenue and profit beat, with [Table_Author] 27 May 2024 continued growth in paid enterprise customers Research Analyst Buy (Maintain) Ruibin Chen (852) 3982 3212 Forecast & Valuation 2023A 2024E 2025E 2026E chenrobin@dwzq.com.hk Revenue (RMB mn) 5,952 7,788 9,625 11,523 Growth (YoY %) 32% 31% 24% 20% P[Traicbel eP_ePrifcoQrmuoatnec] e Non-GAAP Net profit (RMB mn) 2,156 2,766 3,419 4,052 Growth (YoY %) 170% 28% 24% 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q1 2024 was slightly below expectations due to one-time opening costs associated with the Versace hotel, with net revenue reaching HKD 6.92 billion, aligning closely with Bloomberg's consensus estimate of HKD 6.85 billion, and recovering to 68.2% of Q1 2019 levels [2][1] - The company's adjusted EBITDA for Q1 2024 was HKD 860 million, recovering to 80.4% of the same period in 2019, but slightly below the consensus estimate of HKD 910 million due to the one-time opening cost of HKD 58 million for the Versace hotel [2][1] - The "One SJM" strategy has proven effective, with total gaming revenue in Q1 2024 reaching HKD 6.89 billion, recovering to 66.2% of Q1 2019 levels [2][1] - The company aims to maintain a market share target of 5% for the Grand Lisboa, with current market share at 2.0% in Q1 2024, up 0.3 percentage points from the previous quarter [2][1] - Daily operating expenses for Q1 2024 averaged HKD 20.4 million, a 5.5% increase from the previous quarter, primarily due to the one-time opening costs and the addition of 20-30 marketing personnel [2][1] Financial Forecasts and Valuation - The revenue forecast for 2024-2026 has been revised upwards to HKD 29.14 billion, HKD 30.68 billion, and HKD 32.04 billion respectively, with adjusted EBITDA forecasts of HKD 4.05 billion, HKD 4.67 billion, and HKD 4.97 billion [2][1] - The current stock price corresponds to EV/EBITDA multiples of 11.3, 9.8, and 9.3 for 2024, 2025, and 2026 respectively, with a target price set at HKD 3.6 [2][1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2024 was slightly below expectations, primarily due to one-time opening costs associated with the Versace hotel. The net revenue for Q1 2024 was HKD 6.92 billion, aligning closely with Bloomberg's consensus estimate of HKD 6.85 billion, and recovering to 68.2% of Q1 2019 levels. Gaming and non-gaming net revenues were HKD 6.46 billion and HKD 460 million, respectively, recovering to 76.3% and 250.5% of the same period in 2019 [1] - The "One SJM" strategy has proven effective, with gaming revenue accelerating recovery. Total gaming revenue for Q1 2024 reached HKD 6.89 billion, recovering to 66.2% of Q1 2019 levels. VIP and mass market gaming revenues were HKD 650 million and HKD 6.25 billion, respectively, recovering to 16.4% and 96.4% of the same period in 2019 [1] - The company maintains a market share target of 5% for the Grand Lisboa, with a current market share of 2.0% in Q1 2024, which increased to 2.2% in April 2024. The company plans to enhance accessibility and increase marketing personnel to achieve this target [1] Summary by Sections Financial Performance - For 2023A, total revenue was HKD 21,623.2 million, with projections of HKD 29,138.4 million for 2024E, HKD 30,675.9 million for 2025E, and HKD 32,042.5 million for 2026E. The year-on-year growth rates are 223.8% for 2023A and 34.8% for 2024E [2] - Adjusted EBITDA for 2023A was HKD 1,928.0 million, with projections of HKD 4,050.0 million for 2024E, HKD 4,672.2 million for 2025E, and HKD 4,969.0 million for 2026E, reflecting a year-on-year growth of 110.1% in 2024E [2] - The diluted earnings per share for 2023A was -0.28 HKD, with projections of 0.07 HKD for 2024E, 0.19 HKD for 2025E, and 0.26 HKD for 2026E [2] Operational Insights - The average daily operating expenses for Q1 2024 were approximately HKD 20.4 million, a 5.5% increase from the previous quarter, mainly due to one-time opening costs and the addition of 20-30 marketing personnel [1] - The company expects that once the Grand Lisboa achieves its target market share, the average daily operating expenses will approach HKD 8 million [1] Valuation Metrics - The current stock price corresponds to an EV/Adjusted EBITDA of 11.34 for 2024E, 9.83 for 2025E, and 9.25 for 2026E. The target price is set at HKD 3.6, maintaining a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for Wynn Macau (1128.HK) [1] Core Views - The company's performance in Q1 2024 exceeded expectations, with strong recovery in mass gaming revenue [1][3] - The management indicates that the momentum in mass gaming business remains robust since Q2 2024 [3] Financial Performance Summary - For Q1 2024, the company achieved gaming revenue of $1 billion, recovering to 68.9% of the level from Q1 2019 [2] - VIP and mass gaming revenue reached $180 million and $820 million respectively, recovering to 23.2% and 122.6% of Q1 2019 levels [2] - The adjusted property EBITDAR for Q1 2024 was $340 million, exceeding Bloomberg consensus by approximately 10% [3] - The adjusted property EBITDAR margin improved from 30.9% in Q1 2019 to 34.0% in Q1 2024 [3] Earnings Forecast and Valuation - The revenue forecast for 2024-2026 has been raised to HKD 31.08 billion, HKD 33.88 billion, and HKD 35.84 billion respectively [3] - The adjusted property EBITDAR forecast for the same period is updated to HKD 9.68 billion, HKD 10.67 billion, and HKD 11.32 billion [3] - The current stock price corresponds to EV/Adjusted Property EBITDAR multiples of 8.6, 7.8, and 7.3 for 2024-2026 [3] Operational Insights - The average daily operating cost in Q1 2024 was $2.63 million, down approximately 17.8% from $3.20 million in Q1 2019 [3] - The company expects average daily operating costs to fluctuate around $2.6 million in the future [3] - Capital expenditures for 2024-2025 are projected to be between $350 million and $500 million [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's total gaming revenue for Q1 2024 reached USD 1.19 billion, recovering to 74.7% of the level seen in Q1 2019. The Macau properties generated total gaming revenue of USD 1.01 billion, recovering to 72.1% of the same period in 2019 [2][3] - The company has actively adjusted its customer acquisition strategy by integrating the sales teams of its two Macau properties, which has led to improved performance. In March 2024, both properties achieved record high betting amounts, and the company's market share continued to increase in April 2024 [2] - The company plans to introduce RFID gaming tables in Q2 2024, with full implementation expected by Q2 2025, which is anticipated to boost overall gaming revenue [2] Financial Performance and Forecast - For Q1 2024, the company reported net revenue of USD 1.11 billion, aligning with Bloomberg consensus estimates, and recovering to 81.5% of Q1 2019 levels. Gaming and non-gaming net revenues were USD 0.91 billion and USD 0.20 billion, respectively [3] - The adjusted property EBITDA for Q1 2024 was USD 0.30 billion, also meeting expectations, and recovering to 72.2% of the same period in 2019. After standardizing for win rates, the adjusted property EBITDA increased to USD 0.33 billion, recovering to 87.3% of Q1 2019 levels [3] - The company expects daily operating expenses to rise to approximately USD 3 million in 2024, with capital expenditures projected at USD 420 million, including USD 50 million for a new project in Sri Lanka [3] Earnings Forecast and Valuation - The company’s net income forecasts for 2024-2026 have been adjusted to HKD 37.94 billion, HKD 40.87 billion, and HKD 42.74 billion, respectively. The adjusted property EBITDA forecasts are HKD 10.58 billion, HKD 12.26 billion, and HKD 13.06 billion for the same period [3] - The current stock price corresponds to EV/EBITDA multiples of 5.9, 5.1, and 4.8 for 2024, 2025, and 2026, respectively. The target price is set at HKD 7.6, maintaining the "Buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for MGM China (2282.HK) [1] Core Views - The company's total gaming revenue for Q1 2024 reached HKD 9.45 billion, recovering to 140.8% of the same period in 2019, with VIP and mass market revenues at HKD 1.50 billion and HKD 7.95 billion respectively, recovering to 55.8% and 197.6% of 2019 levels [2][3] - The company's overall market share increased from 9.1% in Q1 2019 to 17.0% in Q1 2024, with a slight month-on-month increase in market share noted in March and April 2024 [2] - The adjusted property EBITDA for Q1 2024 was HKD 2.51 billion, exceeding Bloomberg consensus estimates by approximately 14%, and the EBITDA margin improved to 30.3% [3] Summary by Sections Revenue and Profit Forecast - Total revenue for 2023 is projected at HKD 24.68 billion, with a significant increase to HKD 33.40 billion in 2024, representing a year-on-year growth of 369% [2] - The adjusted property EBITDA is expected to rise from HKD 7.24 billion in 2023 to HKD 9.85 billion in 2024, reflecting a 117% increase [2] - The report forecasts earnings per share to increase from HKD 0.69 in 2023 to HKD 1.50 in 2024 [2] Business Expansion - MGM China is focusing on expanding its non-gaming business, including the addition of villas and suites in Macau and new dining services that have been well-received by consumers [3] - The company is collaborating with renowned director Zhang Yimou to create a resident show titled "MGM 2049" and is constructing a world-class museum in Macau to enhance cultural experiences for consumers [3] Market Position and Strategy - The management believes that the introduction of smart gaming tables by other operators will not significantly impact MGM China's competitive advantage, as the company has been utilizing smart tables since 2016 and has accumulated substantial consumer data [3] - The report projects that the company's adjusted property EBITDA margin will remain high, between 27% and 30%, throughout 2024 [3]

Investment Rating - The report maintains a "Buy" rating for Sands China Limited with a target price of HKD 30.7 [4] Core Views - Sands China achieved total gaming revenue of USD 1.71 billion in Q1 2024, recovering to 73.2% of the same period in 2019 [2] - The company's net revenue for Q1 2024 was USD 1.81 billion, slightly below Bloomberg consensus of USD 1.86 billion, with a quarter-on-quarter decline of 2.8% [3] - Adjusted property EBITDA for Q1 2024 was USD 610 million, also below Bloomberg consensus of USD 640 million, with a quarter-on-quarter decline of 6.7% [3] - The report anticipates that the renovation of the Londoner Phase II and the Galaxy Macau will impact the company's performance in 2024 [3] Financial Forecasts - The projected total revenue for Sands China is USD 7.95 billion in 2024, USD 8.52 billion in 2025, and USD 9.02 billion in 2026, reflecting year-on-year growth rates of 307.1%, 21.7%, and 7.1% respectively [2][4] - Adjusted property EBITDA is expected to be USD 2.77 billion in 2024, USD 3.03 billion in 2025, and USD 3.30 billion in 2026 [4] - The earnings per share (EPS) forecast is USD 0.18 for 2024, USD 0.22 for 2025, and USD 0.26 for 2026 [4] Market Data - The closing price of Sands China shares is HKD 18.88, with a one-year low of HKD 18.54 and a high of HKD 31.45 [5] - The company has a market capitalization of HKD 152.8 billion [5]

公司深度研究 数据来源：各公司官网和财报,东吴证券(香港) 企业较高的ROE 主要来自于较高的总资产周转率和权益乘数。MRO采购具备长尾特征, 根据 B2B 内参数据,约 60%金额的 MRO 采购是非重复性的,但却占了总采购 SKU 的 90%+;固安捷统计,超过 90%的 MRO 采购频次仅 1~2 次/年;震坤行统计,超过 50% 的 MRO Sku 库存周转市场超过 12 个月。横向策略资产周转率平均值较高，主要由于其 以标准化和易耗类 MRO 为基本盘,其中以清洁、防护、办公文具等 MRO 产品为例, 本身的周转较快,企业采购频次一般为半年或一个季度一次,有的企业甚至更为频繁。 图44: MRO 采购具长尾效应 與服 FER 数据来源: B2B 内参，东吴证券(香港) 图45: 重复性采购的标准化 MRO 金额占比约 40% 重复性采购MRO 金额占比, 40% 非重复性采购 MRO金额占比。 数据来源：B2B 内参，东吴证券（香港） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------| ...