Investment Rating - The report maintains a "Buy" rating for BYD with a target price of HKD 262.00, reflecting a potential upside of 21.1% from the current price of HKD 216.40 [1][9]. Core Insights - Despite a lower-than-expected net profit of RMB 4.6 billion in Q1 2024, the automotive manufacturer is still projected to achieve a net profit of RMB 33.1 billion for FY24E. The gross profit margin (GPM) for Q1 2024 exceeded expectations, indicating resilience despite recent price cuts [9]. - The report anticipates a 20% sales growth for FY24, supported by recent stimulus measures and overseas expansion, which may help maintain the gross profit margin [9]. - The report suggests that BYD may need to exercise more discipline in SG&A and R&D expenses in the coming quarters to prioritize profitability [9]. Financial Summary - Revenue projections for FY24E are set at RMB 700,048 million, with a year-on-year growth of 16.2%. For FY25E and FY26E, revenues are expected to reach RMB 800,518 million and RMB 884,971 million, respectively [3][16]. - Net profit for FY24E is projected at RMB 33,109 million, reflecting a 10.2% increase from FY23. The net profit for FY25E and FY26E is expected to be RMB 40,173 million and RMB 45,095 million, respectively [3][16]. - The report indicates a gross profit margin of 20.1% for FY24E, with slight declines expected in subsequent years [3][16]. Cash Flow Analysis - Operating cash flow for FY24E is projected at RMB 115,522 million, with significant capital expenditures of RMB 98,955 million anticipated [5]. - The net cash position is expected to fluctuate, with cash at year-end projected to be RMB 99,000 million for FY24E, increasing to RMB 214,258 million by FY26E [5][24]. Profitability Metrics - The report highlights a gross profit margin of 20.1% for FY24E, with operating profit margin expected to be 6.0% [3][16]. - Return on equity (ROE) is projected to be 21.9% for FY24E, indicating strong profitability relative to shareholder equity [16][25].

Investment Rating - The report maintains a "Buy" rating for Weichai Power with a target price of HKD 22.00, indicating a potential upside of 33.3% from the current price of HKD 16.50 [2][3]. Core Insights - Weichai Power's Q1 2024 net profit increased by 40% year-on-year to RMB 2.6 billion, driven by core business growth and margin expansion, despite a 6% revenue growth that was below expectations [2]. - The company is expected to benefit from a significant price gap between natural gas and diesel, which is likely to drive demand for natural gas engines, with market share projected to exceed 60% [2]. - The sales volume of Weichai's engines outperformed the industry average, with a 13% year-on-year increase in multi-cylinder sales, reaching 206,000 units, while the industry average saw a decline of approximately 1% [2]. Financial Summary - Revenue for FY 2023 is projected at RMB 213.96 billion, with a year-on-year growth of 22.2%. For FY 2024, revenue is expected to reach RMB 236.29 billion, reflecting a growth of 10.4% [3][13]. - Adjusted net profit for FY 2024 is estimated at RMB 12.12 billion, with an EPS of RMB 1.39, representing a year-on-year growth of 34.4% [3][13]. - The company’s gross margin improved by 3.4 percentage points to 22.1% in Q1 2024, while the pre-tax profit surged by 58% to RMB 4.2 billion [2][6]. KION Group Performance - KION Group, in which Weichai holds a 46.5% stake, reported a 46% year-on-year increase in adjusted EBIT to EUR 22.7 million for Q1 2024, benefiting from alleviated cost pressures [2][8]. - KION has guided for an adjusted EBIT target for the full year of EUR 790 to 940 million, reflecting a year-on-year growth of 0% to 19% [2][8]. Market Position and Growth Drivers - The demand for Weichai's natural gas engines is expected to remain strong due to the ongoing construction of data centers, which will support the growth of high-speed large-caliber engines [2]. - The company’s market share in the multi-cylinder engine segment has increased by 2.3 percentage points to approximately 18% [2]. Valuation Metrics - The report highlights a price-to-earnings ratio (P/E) of 14.8 for FY 2023, projected to decrease to 11.0 for FY 2024, indicating a favorable valuation trend [3][13]. - The price-to-book ratio (P/B) is expected to decline from 1.7 in FY 2023 to 1.5 in FY 2024, suggesting an attractive investment opportunity [3][13].

M N 2024 年 4 月 30 日 招银国际环球市场 | 睿智投资 | 公司更新 迈瑞医疗 (300760 CH) 海内外持续高端突破，业绩增长稳健 海内 2023年公司实现营收349.3亿元，同比增长15.0%；归母净利润115.8亿元， 目标价 383.49人民币 同比增长20.6%，归母净利率提升至33.2%（+1.5ppts）。2024年一季度，公 (此前目标价 383.43人民币) 司保持稳健增长，实现营业收入93.7亿元，同比增长12.1%；归母净利润31.6 潜在升幅 26.9% 当前股价 302.11人民币 亿元，同比增长22.9%，归母净利率同比提升3.0个百分点至33.7%。  IVD 延续快速增长，生命信息与支持和影像产线有望复苏。2023 年，公司 中国医药 IVD 产线收入同比增长 21.1%。国内市场受益于常规诊疗活动的迅速恢复 武 煜, CFA 和大样本量客户的加速突破， IVD收入同比增长20%，其中试剂收入同比 (852) 3900 0842 增长超25%，带动板块毛利率提升至64.3%（+3.9ppts）。此外，借助21 jillwu@cmbi.com.hk 年开展的 ...

M N 2024 年 4 月 29 日 招银国际环球市场 | 睿智投资 | 公司更新 中际旭创 (300308 CH) 公司一季度业绩为全年发展夯实了基础 目标价 183.00人民币 中际旭创公布了 2023 财年和 2024 年一季度业绩，总体超出我们和市场的预 (此前目标价 136.00人民币) 期。公司2023 财年收入同比增长 11.2% 至 107 亿元人民币，净利润同比增长 潜在升幅 15.6% 77.6% 至 22 亿元人民币。一季度收入同比增长 163.6% 至 48 亿元人民币，净 当前股价 158.36人民币 利润同比大幅增长 303.8% 至 10 亿元人民币。公司出色的业绩主要得益于其高 中国半导体 速光模块（特别是 400G 和 800G）的强劲需求，占 2023 财年总收入 90%以 杨天薇, Ph.D 上。我们将中际旭创的目标价上调至 183 元人民币，对应 2024 年 30 倍预测市 (852) 3916 3716 盈率，并维持“买入”评级。 lilyyang@cmbi.com.hk 张元圣  400G 光模块出货量强劲，推动一季度收入增长；预计 800G 光模块出货量 ( ...

2024 年 4 月 29 日 CMB 国际全球市场 | 股票研究 | 公司更新 泰格迈德 (300347 CH) 第 1 季度有意义的需求复苏 目标价格 66.82 元 Tigermed 报告第 1 季度收入为 16.6 亿元人民币 ， 同比下降 8.0 ％ ， 可归属经常性净收入 （ 以前的 TP 为 68.57 元人民币 ） 为 3.03 亿元人民币 ， 同比下降 20.5 ％ ， 这主要是由于公允价值变动和投资变动的收益大 涨 / 跌 15.8% 幅减少 （ 第 1 季度为 800 万元人民币 ， 第 1 季度为 1.98 亿元人民币 ） 。 1 季度 24 收入 现价人民币 57.70 元中国医疗保健 / 可归属经常性净收入分别占我们 2024 年全年估计的 19.8% / 18.0%，与 COVID 前的平均水 平基本一致。如果不包括 COVID 疫苗相关收入，第 1 季度的收入将与第 1 季度持平。在持续 Jill Wu, CFA 的成本管理措施以及实验室服务的 MoM GPM 改进的推动下，第 1 季度的毛利率 （ GPM ） (852) 3900 0842 为 37.8 ％，季度环比显着提高 ...

2024 年 4 月 29 日 字母表 (GOOG US) Alphabet 公布了第 1 季度的业绩 ： 总收入同比增长 15 ％，达到 8.5 亿美元，符合普遍预期 ； GAAP 净收入同比增长 57 ％，达到 237 亿美元，比普遍预期高出 21 ％，这要归功于 Alphabet 的组织优化，从而提高了速度和效率。该公司进一步提高了股东回报，宣布每股 0.20 美元的季度股息和新的 700 亿美元的股票回购计划 （ 市值的 c.4% ） 。我们对 FY24 - 26 的盈利增长前景保持乐观，这得益于有弹性的核心搜索业务，AI 货币化机会以及放缓费用 增长速度的努力。我们将 FY24 - 26 财年的盈利预测上调 2 - 7%，目标价上调至 185.5 美元 ，为 FY24E 的 27 倍 PE （ 之前 ： 172.2 美元，为 FY24E 的 26 倍 PE ） 。维持买入。 弹性核心搜索业务。搜索和其他收入在第 1 季度同比增长 14%，达到 462 亿美元，主要 受零售垂直行业的强劲增长推动。然而，展望 2Q24，搜索业务将开始弥补亚太地区零售 商广告支出实力的影响，这一趋势始于 2Q23 。Yo ...

2024 年 4 月 29 日 CMB 国际全球市场 | 股票研究 | 公司更新 三一重工 (600031 CH) 2023 年净利润错过 ； 1Q24 仍然疲软 ； 观望 三一重工 （ 三一重工 ） 2023 年的净利润为 45.3 亿元人民币 （ 同比增长 6% ），比我们和 普遍预期低 12% 。此外，由于收入缺乏增长 （ 同比增长 - 1% ），第 1 季度净利润仅同比增 目标价 14.80 元 长 5%，至 15.8 亿元人民币。鉴于海外需求疲软 （ 尤其是欧洲 ），我们仍然担心今年出口进 （ 先前 TP 为 12.30 元人民币 ） 一步放缓。我们维持 2024E 盈利预测，但考虑到中国市场的温和复苏，将 2025E 预期上调 涨 / 跌 （ 7.7% ） 8% 。尽管如此，我们的新估计仍低于共识 24% / 29% 。维护。HOLD新 TP 为 14.8 元人民 现价人民币 16.04 元中国资本货物 币 ， 基于 24 倍 2024E P / E 。 Wayne FUNG, CFA  4Q23 业绩低于预期。收入同比下降 17% ， 至 17.9 亿元人民币。毛利率同比收窄 1.9 (852 ...

29 Apr 2024 CMB International Global Markets | Equity Research | Company Update Alphabet (GOOG US) 1Q24 earnings beat on efficiency gain; GenAI development on track Alphabet announced 1Q24 results: total revenue grew by 15% YoY to US$80.5bn, in line with consensus estimate; GAAP net income was up 57% YoY to US$23.7bn, 21% ahead of consensus estimate, thanks to Alphabet's organization optimization which leads to greater velocity and efficiency. The company further raised its shareholder return, announcing a ...

29 Apr 2024 CMB International Global Markets | Equity Research | Company Update GAC Group (2238 HK) In-line 1Q24 earnings GAC Group (GAC)'s 1Q24 results were largely in line with our prior estimates and we maintain our FY24E net profit forecast of RMB5.4bn. We are more conservative than management about Aion's sales volume and profitability, as we believe that Aion needs quality growth (brand upscale, overseas expansion etc.) in FY24E to lay out foundation for long-term development. We are of the view that ...

M N 29 Apr 2024 CMB International Global Markets | Equity Research | Company Update SANY Heavy (600031 CH) 2023 net profit a miss; 1Q24 still weak; Stay on the sidelines Target Price RMB14.80 SANY Heavy (SANY)’s net profit in 2023 came in at RMB4.53bn (+6% YoY), (Previous TP RMB12.30) which is 12% below both our and consensus estimates. In addition, net profit in Up/Downside (7.7%) 1Q24 only grew 5% YoY to RMB1.58bn due to a lack of revenue growth (-1% Current Price RMB16.04 YoY). We are still concerned abo ...