和誉-B（2256.HK） 2025-3-19 星期三 相关报告 研究部 姓名：林兴秋 SFC：BLM040 电话：0755-21519193 Email:linxq@gyzq.com.hk | 目标价： | 11.50 | 港元 | | --- | --- | --- | | 现价： | 8.02 港元 | | | 预计升幅: | 43% | | 重要数据 | 日期 | 2025-3-18 | | --- | --- | | 收盘价（港元） | 8.02 | | 股本（百万股） | 680 | | 总市值（亿港元） | 55 | | 净资产（亿元） | 19.58 | | 总资产（亿元） | 21.07 | | 52 周高低（港元） | 8.2/2.71 | | 每股净资产（元） | 2.88 | 数据来源： Wind 、国元证券经纪（香港）整理 主要股东 Yaochang Family Holding Limited 占比为 11.77% Qiming Venture Partners VI, L.P 占比 6.74% 买入 小分子创新药研发能力突出， 肝癌新药星辰大海 投资要点 ➢ 公司小分子创新药研发 ...

Group 1 - The core viewpoint of the report emphasizes the implementation of the "Special Action Plan to Boost Consumption," which includes 30 specific measures aimed at addressing prominent issues that restrict consumption [1][2] - The plan targets multiple dimensions, including actions to increase income for urban and rural residents, support for consumption capacity, enhancement of service consumption quality, and improvement of the consumption environment [2][3] - Measures proposed include promoting reasonable growth in wage income, increasing minimum wage standards, and expanding labor remuneration to provide a solid economic foundation for consumer spending [3][4] Group 2 - The report highlights the importance of ensuring consumption capacity by reducing concerns related to childbirth, education, and healthcare, thereby encouraging residents to spend [4][5] - It suggests optimizing service supply for the elderly and children, enhancing the quality of life services, and supporting cultural and tourism consumption to tap into market potential [5][8] - The plan also includes initiatives for upgrading major consumer goods, such as automobiles and home appliances, to stimulate demand and promote industrial upgrades [8][9] Group 3 - The report expresses anticipation for the swift implementation of the plan, which is expected to enhance consumer confidence and willingness to spend [9] - As of March 14, the valuation level of the Hong Kong consumer sector stands at 18.39 times PE, indicating a potential recovery in consumer sentiment [9]

Group 1: Bond Issuance - Zhuzhou Urban Development Group plans to issue Reg S, USD-denominated senior unsecured sustainable development bonds, with expected ratings of BBB-/BBBg+ [2] - Shengzhou Jiao Investment intends to issue Reg S, 3-year fixed-rate USD-denominated senior unsecured bonds, with an initial guidance price of 5.70% [2] - Yangzhou Economic Development plans to issue Reg S, 3-year fixed-rate USD-denominated senior unsecured transformation bonds, with an initial guidance price of 5.50% [2] - Bank of China Panama Branch plans to issue Reg S, 3-year floating-rate USD-denominated senior unsecured bonds, with an initial guidance price of SOFR+105bps [2] - Ganzhou Development plans to issue Reg S, 3-year USD-denominated senior unsecured sustainable development bonds, with an initial guidance price of 5.6% [2] Group 2: Market Overview - As of March 12, the Hang Seng Index decreased by 0.76%, closing at 23600.31 points, with large-cap, mid-cap, and small-cap stocks showing declines of -0.68%, 0.06%, and -0.22% respectively [4] - The Shanghai Composite Index closed at 3371.92 points, down 0.23%, while the Shenzhen Composite Index rose by 0.13% to 2090.38 points [4] - The net inflow of southbound funds through the Stock Connect on March 12 was 244.03 billion CNY, with 151.22 billion CNY into the Shanghai Stock Connect and 92.82 billion CNY into the Shenzhen Stock Connect [4] Group 3: Strong Performing Stocks - The report highlights several strong-performing stocks, including: - 1530.HK Sanofi with a 7-day consecutive increase of 25.70% [6] - 1681.HK Kangchen Pharmaceutical with a 7-day consecutive increase of 6.15% [6] - 2142.HK Heptares Therapeutics with a 6-day consecutive increase of 53.56% [6] - 2333.HK Great Wall Motors with a 6-day consecutive increase of 22.82% [6] - 2238.HK GAC Group with a 6-day consecutive increase of 8.28% [6]

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 8.68, indicating an expected upside of 11% from the current price of HKD 7.84 [1][6][11]. Core Views - The company is expected to experience a 31% decline in profit for 2024, with total revenue projected at RMB 22.324 billion, a decrease of 8.1% year-on-year. The earnings per share (EPS) is expected to drop to 79.23 cents, with a dividend payout ratio of 48.5% [3][8]. - The float glass industry is facing pressure due to weak demand, leading to price declines and increased inventory levels. The supply of float glass has decreased by 9.6% year-on-year, while the average order days for downstream processing enterprises have dropped by 39.3% [4][9]. - The company has a significant advantage in glass deep processing, particularly in the automotive glass sector, which is expected to see continued demand growth in 2025. The expansion of overseas production capacity in Malaysia is anticipated to mitigate the impact of U.S. tariffs [5][10]. Summary by Sections Financial Performance - In 2024, the company recorded a revenue of RMB 223.24 billion, down 8.1% year-on-year, with a net profit of RMB 33.69 billion, reflecting a 31% decrease. The basic earnings per share fell to 79.23 cents, and the total dividend for the year was HKD 0.41, with a payout ratio of 48.5% [3][8]. - The company is expected to reduce long-term loans significantly, leading to lower interest expenses and improved cash flow, enhancing financial stability [3][8]. Industry Outlook - The float glass market is currently under pressure due to excess inventory and weak downstream demand, particularly in real estate and processing sectors. The average inventory days have increased, indicating a need for supply-demand balance improvement [4][9]. - The average price of float glass has decreased, with the national weekly average price at RMB 1,334 per ton, down by RMB 9.80 per ton [4][9]. Future Projections - For 2025, the company anticipates a revenue increase to RMB 23.345 billion, representing a 4.6% year-on-year growth, with a net profit of RMB 3.446 billion, a slight increase of 2.3% [7][15]. - The dynamic dividend yield for 2025 is projected to exceed 5%, maintaining a stable high dividend policy [6][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.78, indicating a potential upside of 58% from the current price of HKD 0.495 [6][12]. Core Views - The company's revenue for 2024 is projected to be RMB 2.752 billion, reflecting a year-on-year growth of 6.31%, while net profit is expected to decline by 16.46% to RMB 805 million due to factors such as falling electricity prices and power restrictions [3][9]. - The company has a robust project reserve, planning to add 1GW of new capacity in 2025 with a capital expenditure of RMB 4 billion. As of the end of 2024, the company has accumulated over 10.75GW of wind and solar resources in China [4][10]. - The company is actively repurchasing shares to stabilize dividends, with a projected dividend payout ratio of 30%-33% and a dynamic PE ratio of approximately 3.8 times, indicating undervaluation [5][11]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve a revenue of RMB 27.52 billion, a 6.31% increase from the previous year, while net profit is forecasted to decrease to RMB 8.05 billion, a decline of 16.46% [3][9]. - The basic earnings per share for 2024 is projected at RMB 0.1006, with a proposed final dividend of HKD 0.035 per share, increasing the payout ratio from 27% in 2023 to 32% [3][9]. Project Development - The company secured 1,399MW of new wind and solar projects globally in 2024, with 720MW in China and 679MW in other countries. The total wind and solar resource reserve in China exceeds 10.75GW [4][10]. - The company plans to commission 1GW of new capacity in 2025, with 50% expected to come online in the first half of the year, primarily from projects delayed from the previous year [4][10]. Valuation and Share Buyback - The company repurchased 8.97 million shares at a price between HKD 0.470 and HKD 0.480, totaling HKD 4.2596 million. The buyback is expected to be more aggressive in 2025 compared to 2024 [5][11]. - The company is currently trading at a dynamic PE of about 3.8 times and a PB of approximately 0.4 times, with a dividend yield of around 8.08%, indicating a high margin of safety [5][11].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of $27.8, indicating a potential upside of 36% from the current price of $20.34 [1][7][13] Core Insights - The company achieved a significant revenue growth of 19% year-on-year, reaching 26.83 billion RMB in 2024, with Q4 revenue growing by 22% to 7.73 billion RMB. The growth was driven by high-margin businesses, particularly in advertising and gaming [3][11] - The user engagement metrics remain strong, with daily active users (DAU) at 103 million and monthly active users (MAU) at 340 million, indicating a thriving community ecosystem [7][13] - The gaming segment saw a remarkable 79% year-on-year growth in Q4, primarily due to the success of the game "Three Kingdoms: Strategy of the World," which has become a key revenue driver [5][12] Summary by Sections Financial Performance - Total revenue for 2024 was 26.83 billion RMB, with Q4 revenue at 7.73 billion RMB, reflecting a 22% increase year-on-year. The advertising segment contributed 23.9 billion RMB, growing by 24%, while gaming revenue reached 18.0 billion RMB, up 79% [3][11] - The gross profit margin improved significantly, reaching 36.1%, with a gross profit increase of 68% year-on-year [3][11] User Engagement - The platform's DAU and MAU were reported at 103 million and 340 million, respectively, with an average daily usage time of 99 minutes, showcasing robust user engagement [7][13] - The company has a stable membership retention rate of over 80%, indicating strong user loyalty [11] Future Outlook - The upcoming game "Jujutsu Kaisen: Phantom Night" is expected to boost gaming revenue further once it receives approval for domestic release. The existing game "Three Kingdoms: Strategy of the World" is anticipated to maintain high revenue levels in its new season [5][12][13] - The advertising revenue is projected to benefit from product optimization and the seasonal increase in demand during the Spring Festival [7][13]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.60, indicating a potential upside of 37.3% from the current price of HKD 15.00 [1][6][17]. Core Insights - The company reported a revenue of HKD 31.56 billion for FY25H1, reflecting a year-on-year growth of 5.0%, with a net profit of HKD 6.04 billion, up 5.5% year-on-year. The gross profit margin stood at 65.1%, slightly down by 0.1 percentage points [4][8]. - The company plans to distribute an interim dividend of HKD 0.45 per share, resulting in a payout ratio of approximately 36% [4][8]. - The company has seen an increase in inventory by 32.1%, but inventory turnover remains healthy, with a cash cycle of 55.6 days [4][12]. - The total number of stores has increased to 2,126, with a net addition of 101 stores during the period [5][12]. Summary by Sections Financial Performance - For FY25H1, the company achieved a revenue of HKD 31.56 billion, a gross profit of HKD 20.56 billion, and a net profit of HKD 6.04 billion, with respective year-on-year growth rates of 5.0% and 5.5% [4][8][9]. - The revenue breakdown shows that the mature brand JNBY grew by 3.6%, while emerging brands surged by 147.3% due to the acquisition of the BLOCK brand [4][9]. Inventory and Store Operations - Inventory levels increased by 32.1%, with finished goods up by 27.0%. The inventory turnover days were recorded at 144.5 days, which is manageable [12][13]. - The company opened 101 new stores, bringing the total to 2,126, with a focus on expanding in second to fourth-tier cities [12][13]. Membership and Customer Engagement - The company has over 9.5 million followers across social media platforms, with active members totaling 545,000. Members who spent over HKD 5,000 annually account for over 60% of offline retail sales [12][13]. - The company continues to maintain a robust membership system, which is crucial for sustaining cash flow amid retail fluctuations [17].

Investment Rating - The report recommends subscription for Chifeng Gold (6693.HK) [1][6] Core Viewpoints - Chifeng Gold is a rapidly growing international gold producer, primarily engaged in the mining, processing, and sales of gold, with a history dating back to December 2012 [2] - The company has become the largest private gold producer in China and is expanding its global business through acquisitions in Laos and Ghana [2] - China's gold demand has been steadily increasing, with a compound annual growth rate of 1.3% from 2019 to 2023, and a significant recovery in 2023 with a 10.9% year-on-year growth, reaching 37.5 million ounces [2] - The company has shown high double-digit revenue growth for several consecutive years, with a compound annual growth rate of 38.17% from 2021 to 2023 [3] - The expected net profit for 2024 is projected to be between 1.73 billion and 1.8 billion RMB, representing a year-on-year increase of 115.19% to 123.90% [3][6] Summary by Relevant Sections IPO Details - The IPO price range is set between HKD 13.72 and HKD 15.83, with a total fundraising amount of approximately HKD 2.8868 billion [1] - The total number of shares offered is 205.7 million, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - Revenue figures for Chifeng Gold from 2021 to 2023 are RMB 3.783 billion, RMB 6.267 billion, and RMB 7.221 billion respectively, with gross profit figures of RMB 1.258 billion, RMB 1.795 billion, and RMB 2.353 billion [3] - The company plans to use approximately 50% of the net proceeds from the IPO for upgrading and exploration of existing mines over the next five years [3][6]

Investment Rating - The report maintains a stable dividend policy and highlights the company's solid project reserves, indicating a positive outlook for future performance [1][3]. Core Viewpoints - The company reported a revenue of RMB 2.752 billion for the year ending December 31, 2024, representing a year-on-year growth of 6.31%. However, the net profit attributable to shareholders decreased by 16.46% to RMB 805 million, with a basic earnings per share of RMB 0.1006 and a proposed final dividend of HKD 0.035 per share [1]. - The company plans to add 1GW of new capacity in 2025, supported by a robust project reserve of over 10.75GW in China, which includes approximately 6.5GW of wind and 4.25GW of solar resources [3]. - The proposed secondary listing in Singapore aims to broaden the shareholder base and enhance future financing channels, which is expected to improve overall liquidity of the company's securities [4]. - The company intends to maintain a dividend payout ratio of around 30% and is currently undervalued, with a dynamic PE of approximately 4.3 times and a PB of 0.4 times, alongside a dividend yield of about 7.56% [5]. Summary by Sections - **2024 Annual Performance**: Revenue of RMB 2.752 billion, net profit of RMB 805 million, basic EPS of RMB 0.1006, and proposed final dividend of HKD 0.035 [1]. - **Project Development**: New wind and solar projects totaling 1,399MW acquired in 2024, with 2GW under construction and a plan to commission 1GW in 2025 [3]. - **Secondary Listing**: The company plans to submit an application for a secondary listing in Singapore by March 31, 2025, without issuing new shares [2][4]. - **Valuation Metrics**: Dynamic PE of 4.3, PB of 0.4, and a dividend yield of 7.56%, indicating undervaluation [5].

Investment Rating - The report maintains a "Buy" rating for China Resources Power (0836.HK) with a target price updated to HKD 23.6, indicating a potential upside of 31% from the current price of HKD 18 [6][11]. Core Views - The company experienced a 4.7% year-on-year decline in electricity sales in January 2025, primarily due to the impact of the Spring Festival. However, the overall electricity sales for 2024 are expected to grow by 7.4% year-on-year, indicating stable performance [3][4][9]. - The report highlights that the company's performance is supported by favorable coal and electricity price dynamics, with expectations of stable growth in profitability and operational performance [5][10]. - The report emphasizes the strength of the company's renewable energy assets, particularly wind power, which is expected to remain resilient amid market competition [5][10]. Summary by Sections Sales Performance - In January 2025, the company's electricity sales reached 18.02 million MWh, down 4.7% year-on-year, with thermal power sales declining by 11% and renewable energy sources like wind and solar showing significant growth [3][8]. - For the full year 2024, total electricity sales are projected to be 207.637 billion kWh, a 7.4% increase from the previous year, with notable growth in solar (141.5%) and hydro (15.2%) power sales [4][9]. Financial Outlook - The report projects stable revenue growth, with expected revenues of HKD 107.531 billion in 2025, reflecting a 2.6% increase from 2024 [7][15]. - The net profit attributable to shareholders is forecasted to reach HKD 16.221 billion in 2025, representing a 12.8% increase from 2024 [7][15]. Valuation Metrics - The updated target price of HKD 23.6 corresponds to a price-to-earnings (PE) ratio of 8x for 2024 and 7.5x for 2025, indicating a favorable valuation compared to industry peers [6][11].