M N 4 Mar 2024 CMB International Global Markets | Equity Research | Company Update Cloud Music (9899 HK) Solid core music business and margin expansion outlook Target Price HK$106.50 Cloud Music announced FY23 financial results: total revenue dropped by 13% (Previous TP HK$99.50) YoY to RMB7.87bn in FY23, in line with our/consensus estimate. 2H23 total Up/Downside 17.7% revenue was down by 16% YoY to RMB3.96bn, mainly due to the adjustment of Current Price HK$90.45 social entertainment business (-42% YoY). ...

CMB International Global Markets | Equity Research | Company Update NetEase reported 4Q23 financial results on 29 Feb: total revenue grew by 7% YoY to RMB27.1bn, below our/consensus estimate of RMB28.8/28.2bn. NonGAAP net income was up by 53% YoY to RMB7.4bn, but 7% shy of consensus estimate, mainly due to the higher-than-expected marketing expenses (+24% YoY). Full-year total revenue/non-GAAP net income grew by 7%/43% YoY in FY23 respectively. Game revenue growth was slower than our expectation due to soft ...

M N 1 Mar 2024 CMB International Global Markets | Equity Research | Company Update Hutchmed (13 HK) A fruitful 2024 on the way Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated Target Price HK$34.31 revenues from oncology/immunology reached US$529mn in FY23 (vs US$164mn in (Previous TP HK$36.67) FY22), close to the upper limit of its US$450-550mn guidance. The in-market product Up/Downside 41.8% sales increased 28% YoY (35% at CER) to US$214mn in FY23, among which sales of Cu ...

Investment Rating - Maintain BUY rating for BeiGene, indicating strong potential for over 15% return in the next 12 months [2][4]. Core Insights - BeiGene is expected to have a productive 2024, driven by strong sales momentum of zanubrutinib, which recorded total product sales of US$631 million in 4Q23, reflecting a 6% quarter-over-quarter (QoQ) and 86% year-over-year (YoY) increase [2]. - Zanubrutinib's sales reached US$1.29 billion in full-year 2023, with a forecast of US$1.9 billion for 2024, representing a 46% YoY growth [2]. - The company is advancing its pipeline with potential blockbusters like sonrotoclax and BGB-16673, with multiple Phase 3 studies expected to start in 2024 [2]. - BeiGene's financial health is improving, with a gross profit margin of 82.7% in FY23, up from 77.2% in FY22, and a significant reduction in the SG&A ratio [2]. Financial Summary - Total revenue for FY23 was US$2.459 billion, with a projected increase to US$2.902 billion in FY24 [3][17]. - Net loss for FY23 was US$882 million, expected to decrease to US$1.1 billion in FY24 and further to US$225 million in FY25, with profitability anticipated from FY26 [2][3]. - The company had US$2.3 billion in net cash at the end of 2023, indicating no immediate need for further equity financing [2]. Target Price - The target price for BeiGene has been revised from US$295.67 to US$268.20, indicating a 67% upside potential from the current price of US$160.26 [4].

M N 28 Feb 2024 CMB International Global Markets | Equity Research | Company Update ZTE (763 HK) MWC 2024: Industry moves towards developing 6G Target Price HK$27.4 As the Mobile World Congress (MWC) unfolded in Barcelona on Monday, AI/5G+6G innovations emerged as a dominant theme, with leading suppliers in (Previous TP HK$27.4) the telecom industry showcasing their latest technologies. ZTE's A-share Up/Downside 56.2% (000063 CH) and H-share (763 HK) prices surged by 10.0% and 10.6%, Current Price HK$17.54 ...

M N 28 Feb 2024 CMB International Global Markets | Equity Research | Company Update Shengyi Tech (600183 CH) FY23 preliminary results review; expect gradual recovery in 2024 Target Price RMB19.69 Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close. Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- (Previous TP RMB20.39) 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, Up/Downside 15.1% respectively. For 4Q23, revenue decreased 2.3 ...

M N 27 Feb 2024 CMB International Global Markets | Equity Research | Company Update Li Auto Inc. (LI US) 4Q23 results set the tone for resilient FY24 Target Price US$48.00 Maintain our top pick. Li Auto’s strong beat in 4Q23 GPM led to an all-time (Previous TP US$45.00) high operating margin of 7.3%. Its FY23 net margin of 9.5% was also much Up/Downside 37.9% higher than its guidance of 5% in mid-2023. Management has also provided a Current Price US$34.80 clear path to achieve its FY24 sales target and is s ...

Investment Rating - Maintains a "Buy" rating with a target price of HKD 48.84 [1] Core Views - The online sales growth of Juzi Bio's key brand, ClassiFace, continues to show strong momentum, with a 140.5% YoY increase in January 2024 across major e-commerce platforms [1] - ClassiFace's sales on Tmall and Douyin grew by 160.5% and 185.8% YoY, respectively, in January 2024 [1] - The brand KeLiJin also demonstrated robust growth, with a 65.7% YoY increase in sales across platforms, driven by strong performance on Douyin (646.5% YoY growth) [1] - Juzi Bio is expected to launch 2 new injectable collagen products in 2024, which could further boost its performance [1] Financial Performance - Revenue is projected to grow from RMB 3,375 million in FY23E to RMB 5,590 million in FY25E, with a CAGR of 28.3% [2] - Net profit is expected to increase from RMB 1,305 million in FY23E to RMB 1,972 million in FY25E [2] - Gross margin remains stable at around 83.7%-83.8% from FY23E to FY25E [2] E-commerce Performance - In January 2024, the beauty and skincare industry saw a 7.9% YoY growth on Tmall and Taobao, while Douyin experienced an 80.0% YoY increase [1] - ClassiFace's facial serums and creams showed exceptional growth, with sales up 431% and 1,161% YoY on Tmall and Taobao, respectively [1] - KeLiJin's facial serums and creams also grew significantly, with sales up 916% and 486% YoY on Tmall and Taobao [1] Product Pipeline - Juzi Bio launched new skincare products in late 2023 and early 2024, including the ClassiFace Order Essence and KeLiJin Collagen Eye Cream [1] - The company has 4 injectable collagen products in development, with 2 expected to be approved in 2024 [1] Valuation - The target price of HKD 48.84 is based on a 9-year DCF model with a WACC of 11.4% and a terminal growth rate of 3.0% [1] - The stock offers a potential upside of 35.9% from the current price of HKD 35.95 [3]

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