Investment Rating - The report maintains a "Buy" rating for Mvagista Inc. with a target price of HKD 6.00, representing a potential upside of 92.9% from the current price of HKD 3.11 [2][3]. Core Insights - Mvagista Inc. reported strong first-quarter performance with a year-on-year net profit growth of 23% and an adjusted net profit growth of 97%. The non-gaming business revenue contribution reached 29%, up from 19.5% in the same quarter of the previous year [2][3]. - The upgraded smart bidding system has significantly contributed to revenue, with the Mitegral platform's revenue accelerating to a year-on-year growth of 25.4% in Q1 [2][3]. - The company is optimistic about its overall momentum for FY24E, forecasting a revenue growth of 20% and a profit growth of 91% [2][3]. Summary by Sections Financial Performance - Q1 revenue reached USD 301.5 million, reflecting a 23% year-on-year increase. Adjusted net profit for the same period was USD 8.87 million, exceeding expectations by 4% [2][3][8]. - The gross profit margin (GPM) for Q1 was 20.5%, up 1.3 percentage points year-on-year, driven by improved advertising efficiency and disciplined cost management [2][3][8]. Revenue Breakdown - The advertising technology segment saw a year-on-year revenue growth of 23%, with programmatic advertising growing by 25% [2][3]. - Non-gaming revenue, particularly from e-commerce and social media, has become a key growth driver, contributing significantly to the overall revenue [2][3]. Future Outlook - The report projects a revenue increase to USD 1.265 billion for FY24E, with a continued focus on enhancing profitability and expanding into new verticals [10][12]. - The company has reached a settlement regarding the Reyun acquisition, which is expected to alleviate uncertainties surrounding the deal [2][3]. Valuation Metrics - The report provides a sum-of-the-parts (SOTP) valuation, assigning a 20x FY24E P/E to the advertising technology business and a 3.0x FY24E P/S to the majority technology business, leading to a target price of HKD 6.00 [2][3][11].

Investment Rating - The report maintains a "Buy" rating for SANY International with a target price of HKD 7.90, reflecting a potential upside of 13.0% from the current price of HKD 6.99 [2][14]. Core Insights - SANY International's Q1 2024 net profit decreased by 21% year-on-year, which was worse than expected, primarily due to losses in oil and gas equipment and emerging industries. However, there are signs of improvement expected in the second half of 2024 driven by strong overseas demand for large mining trucks and logistics equipment, as well as potential acceleration in port equipment orders due to government policies [1][2][3]. Financial Performance Summary - Q1 2024 revenue fell by 6% year-on-year to RMB 5.13 billion, with mining equipment revenue down 26% to RMB 2.8 billion, while logistics equipment revenue increased by 23% to RMB 1.8 billion [1][4]. - The adjusted net profit for FY 2024 is projected to be RMB 2.034 billion, with a year-on-year growth of 5.5% [2][10]. - Revenue for FY 2024 is estimated at RMB 25.874 billion, reflecting a year-on-year growth of 27.6% [2][10]. Market Outlook - The report highlights that domestic logistics equipment is benefiting from equipment upgrade policies, with SANY expressing confidence in strong orders starting from the second half of 2024 [1][2]. - Overseas growth remains promising, particularly for wide-body trucks, with a target of delivering 1,800 units in 2024, translating to approximately RMB 2.6 billion in sales [1][2]. - Despite a decline in the solar energy sector, SANY aims to deliver 3-4 GW of solar modules this year, although losses are still anticipated due to ongoing price declines in the solar supply chain [1][2][5]. Revenue Projections - Revenue projections for various segments in FY 2024 include: - Road headers: RMB 2.495 billion - Combined coal mining units (CCMU): RMB 3.983 billion - Small port machinery: RMB 5.952 billion - Large port machinery: RMB 1.620 billion - Mining trucks: RMB 4.768 billion [5][10]. Profitability Metrics - The report indicates a projected net profit margin of 10.1% for Q1 2024, down from 12.0% in Q1 2023, reflecting the impact of increased costs and lower sales [4][10]. - The overall gross profit margin for FY 2024 is expected to be around 25.6% [5][10].

M N 2024 年 5 月 20 日 招银国际环球市场 | 睿智投资 | 公司更新 巨子生物 (2367 HK) 产品周期向上，期待大促靓丽表现 目标价 60.83港元 巨子生物在 5月 17日公告以 49.40港元/股的价格配售3,322万股，约占公司已发行 (此前目标价 57.14港元) 股份的3.34%，及经配发及发行认购股份扩大后的股份的3.23%。配售价格较5月16 潜在升幅 22.0% 日收市价折让约 6.7%。预计配售所得款项净额约为 16.27亿港元，资金用途为：1） 当前股价 49.85港元 约90%拟用于核心业务的发展及生态圈布局，包括但不限于品牌推广、市场营销及研 中国医药 发投入；及 2）约 10%拟用于补充流动资金及作一般企业用途。截至 2023 年底，公 武 煜, CFA 司在手净现金为25.0亿元，另有金融资产12.7亿元。2023年公司经营现金流为16.5 (852) 3900 0842 亿元。我们预计公司将借助充足的现金储备打造品牌影响力，进一步丰富产品线布 jillwu@cmbi.com.hk 局。 王云逸  巨子生物推新势头延续，产品矩阵持续完善。今年以来，可复美和可 ...

Investment Rating - The report maintains a BUY rating for SANY International with a new target price of HK$7.90, reflecting a potential upside of 13.0% from the current price of HK$6.99 [2][5]. Core Insights - SANY International's 1Q24 net profit declined by 21% year-over-year (YoY) to RMB516 million, which was worse than the expected decline of 15% YoY. This decline was primarily due to weak performance in mining equipment and emerging industries, despite growth in logistics equipment [2]. - The report anticipates an improving trend for SANY International, driven by the reduction of losses following the disposal of its robot business, strong overseas demand for wide-body trucks and large mining trucks, and potential acceleration in port equipment orders in the second half of 2024 due to government policies [2]. - Adjustments to earnings forecasts for 2024E and 2025E have been made, with a decrease of 5% and 2% respectively [2]. Financial Performance Summary - 1Q24 revenue decreased by 6% YoY to RMB5.1 billion, with mining equipment revenue falling by 26% YoY to RMB2.8 billion, while logistics equipment revenue increased by 23% YoY to RMB1.8 billion [2][8]. - The gross profit margin for 1Q24 was reported at 24.9%, slightly up from 24.5% in 1Q23, indicating improved efficiency despite lower revenue [8]. - For the full year, SANY International targets to deliver 3-4GW of solar modules and complete 800MW of EPC projects, although losses in the solar power segment are expected to continue due to declining supply chain pricing [2]. Market Outlook - The domestic logistics equipment sector is expected to benefit from an equipment upgrade policy, with major ports in China planning to replace small diesel port machinery with electric models [2]. - SANY International has seen promising overseas growth, particularly in wide-body trucks, with a target of 1,800 units for the full year, translating to approximately RMB2.6 billion in sales [2]. - The company remains optimistic about the domestic mining equipment market, projecting a growth range of 0-5% for 2024E, despite overall industry challenges [2].

零售低于预期 招银国际环球市场 | 宏观研究 | 宏观视角 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of $183.00, slightly adjusted from the previous target of $183.20, indicating a potential upside of 65.2% from the current price of $110.75 [3][7]. Core Insights - Baidu's Q1 2024 revenue reached 31.5 billion RMB, a year-on-year increase of 1.2%, aligning with Bloomberg consensus. The core non-GAAP net income was 6.6 billion RMB, exceeding expectations due to effective cost control [2][4]. - The management highlighted a continuous increase in AI-related advertising and cloud revenue, accelerating the transformation of search business through generative AI [2][4]. - The online advertising revenue for Q1 was 17 billion RMB, reflecting a 3% year-on-year growth, which was better than market expectations [2][5]. Financial Performance Summary - Revenue projections for FY23E are 134.6 billion RMB, with an expected growth of 8.8%, followed by 138.5 billion RMB in FY24E, a growth of 2.9% [4][6]. - Non-GAAP net profit for FY23E is estimated at 28.7 billion RMB, showing a significant year-on-year increase of 39% [4][6]. - The gross profit margin (GPM) for Q1 2024 was reported at 51.5%, a slight increase of 0.2 percentage points year-on-year [2][5]. Segment Performance - Non-advertising revenue grew by 6% year-on-year, reaching 6.8 billion RMB, accounting for 29% of Baidu's core revenue [2][4]. - Baidu's cloud revenue for Q1 was 4.7 billion RMB, marking a 12% year-on-year increase, supported by the growth in AI cloud contributions [2][4]. - The management expects cloud revenue growth to recover to 14% year-on-year in 2024E, up from 6% in 2023 [2][4]. Valuation and Estimates - The SOTP valuation for Baidu's core business is estimated at $69.2, based on a 7.0x 2024E non-GAAP PE [7][8]. - The net cash position is valued at $64.6, contributing significantly to the overall valuation [7][8]. - The report anticipates a non-GAAP operating profit margin (OPM) of 24.7% in Q2 2024, remaining stable year-on-year [2][5].

2024 年 5 月 17 日 请阅读最后一页的分析师认证和重要披露 3 JD. com (JD US) 来自彭博社的更多报告 ： 重新设置 CMBR < GO > 或 http: / / www. cmbi. com. hk 收益汇总 2024 年 5 月 17 日 业务预测更新和估值 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|---------|-----------------|---------|---------|----------------|---------|---------|-------------------|---------| | 图 2 ： JD ： 预测修正 \n十亿元人民币 | 2024E | Current \n2025E | 2026E | 2024E | 上一页 \n2025E | 2026E | 2024E | 变更 (%) \n2025E | 2026E | | 收入 | 1,161.0 | 1 ...

CMB International Global Markets | Equity Research | Company Update Entering into a clean base for growth | --- | --- | --- | |-------------------------------------------------------------------------|--------------------------|--------------------| | Target Price | | US$51.90 | | (Previous TP | | US$52.00) | | Up/Downside | | 54.4% | | Current Price | | US$33.62 | | China Internet | | | | Saiyi HE, CFA (852) 3916 1739 | hesaiyi@cmbi.com.hk | | | Ye TAO | franktao@cmbi.com.hk | | | Wentao LU, CFA | luwentao ...

Investment Rating - Maintain BUY rating with a target price of US$183.0, reflecting a potential upside of 65.2% from the current price of US$110.75 [3][4][12] Core Insights - Baidu's 1Q24 revenue was RMB31.5 billion, up 1.2% YoY, aligning with Bloomberg consensus, while non-GAAP net income for Baidu Core was RMB6.6 billion, exceeding consensus expectations due to effective cost control [2] - The company is focusing on AI-related advertising and cloud revenue, which are expected to drive long-term business growth despite short-term volatility in ad revenue [2] - Baidu's Cloud business is generating sustainable operating profit with decent margins, and long-term margin expansion is anticipated with increased AI cloud revenue contributions [2] Financial Performance - Baidu Core's online ads revenue increased by 3% YoY to RMB17.0 billion in 1Q24, slightly above consensus [2] - Non-ad revenue rose by 6% YoY to RMB6.8 billion, accounting for 29% of Baidu Core revenue [2] - Gross profit margin (GPM) improved to 51.5% in 1Q24, up 0.2 percentage points YoY, while non-GAAP operating profit margin (OPM) was 23.5%, exceeding consensus by 1.6 percentage points [2] Revenue Projections - Revenue for FY24 is projected at RMB138.5 billion, with a YoY growth of 2.9%, and adjusted net profit is expected to be RMB27.7 billion [11][18] - Baidu Cloud revenue is estimated to recover to a 14% YoY growth in 2024E, driven by the ramp-up in Gen AI-related cloud revenue [2][11] Valuation - The SOTP-based target price of US$183.0 is derived from various segments, including US$69.2 for Baidu Core and US$32.2 for Baidu Cloud, reflecting a valuation adjustment in line with industry peers [12][13] - The valuation translates to 17/16x 2024E/2025E PE on a non-GAAP basis, or 11/10x if excluding net cash [12]

Investment Rating - The report maintains a "BUY" rating for ZTO Express with a target price of US$38.50, indicating an upside potential of 80% from the current price of US$21.39 [2][5]. Core Insights - ZTO Express has shifted its strategic focus to a profitable growth strategy in 1Q24, achieving a core net profit of RMB1.9 billion, which is a 23% year-over-year increase and represents 19% of the full-year forecast [2][3]. - The company aims for a parcel volume growth target of 15-18% for 2024, consistent with previous guidance, despite a higher industry growth forecast of 15-20% [2][3]. - ZTO's earnings growth is supported by a 10% year-over-year revenue increase, a 2.1 percentage point expansion in gross margin to 30.1%, and a significant increase in net finance income [3][5]. Financial Performance Summary - **1Q24 Results**: Core net profit increased by 23% YoY to RMB1.9 billion, while reported net income decreased by 15% YoY to RMB1.4 billion due to an impairment of RMB478 million [3][8]. - **Revenue Growth**: Total revenue for 1Q24 was RMB9.96 billion, reflecting a 10.9% increase YoY [8]. - **Parcel Volume**: Parcel volume grew by 14% YoY to 7.2 billion units, which is below the industry average growth of 25% [3][8]. - **Cost Management**: Unit cost decreased by 5% YoY to RMB0.94 per parcel, with transportation costs down by 7% YoY [3][8]. - **Earnings Forecast**: The earnings forecast remains unchanged, with adjusted net profit expected to reach RMB9.74 billion for FY24, reflecting an 11.4% growth YoY [5][17]. Key Financial Metrics - **Revenue Projections**: Revenue is projected to grow from RMB38.42 billion in FY23 to RMB43.87 billion in FY24, representing a 14.2% growth [5][17]. - **Earnings Per Share (EPS)**: Reported EPS is expected to be RMB11.67 for FY24, with a YoY growth of 11.4% [5][17]. - **Price-to-Earnings Ratio (P/E)**: The P/E ratio is projected to be 13.2x for FY24, which is in line with historical averages [5][17]. - **Dividend Yield**: The expected dividend yield for FY24 is 3.0% [5][17].