| --- | --- | --- | |-------|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 即时点评 | 神经、外周介入龙头，业绩持续快速增长 | | | 归创通桥-B（2190.HK） | 2024-07-30 星期二 | | | | 事件： | | | | 公司盈利预告： 2024 上半年营业收入不少于 3.6 亿，与 2023 年同期 | | | | 相比，收入从人民币 2.3 亿元增加了不少于 56.5%。公司净利润不少 | | | | 于人民币 50.0 百万元。 | | | | 点评观点： | | | | ➢ 业绩快速增长 | | | 相关报告 | 公司是国内在神经和外周血管介入医疗器械领域的领导者，集研产销 ...

2 在法律许可的情况下，国元证券经纪（香港）可能与本报告中提及公司正在建立或争取建立业务 关系或服务关系。因此，投资者应当考虑到国元证券经纪（香港）及/或其相关人员可能存在影响本报 告观点客观性的潜在利益冲突。 本报告的版权仅为国元证券经纪（香港）所有，未经书面许可任何机构和个人不得以任何形式转 发、翻版。复制、刊登、发表或引用。 | --- | --- | |-------------------------------|-----------------------------------------------------------------------------------------| | | | | IPO 申购指南 | 众淼控股（ 1471.HK ） | | 建议谨慎申购 | 2024-07-29 星期一 | | 一、 众淼控股（ 1471.HK | ）招股详情 | | 名称及代码 | 众淼控股（ 1471.HK ） | | 保荐人 中信证券、中国平安资本 | | | 上市日期 | 2024 年 08 月 06 日 ( 星期二 ) | | 招股价格 | 7.00– 10.20 港元 | | ...

深度报告 买入 品牌上行赋能全系产品,人车家进入正反馈通道 小米集团-W(1810.HK) 2024-7-22 星期一 | --- | --- | |----------|-------| | 目标价: | 21.1 | | 现 价: | 16.52 | | 预计升幅 | 27.7% | 重要数据 | --- | --- | |-----------------------------|------------| | 日期 | 2024.7.190 | | 收盘价(港元) | 16.526 | | 总股本(亿股) | 250.31 | | 总市值(亿港元) | 43109 | | 净资产(亿港元) | 1845.91 | | 总资产(亿港元) | 3606.8 | | 52 周高低(港元) | 20.35/11.9 | | 每股净资产(港元) | 7.066 | | 数据来源:Wind、国元证券经纪 | (香港)整理 | 主要股东 Smart Mobile HoLdings Limited 23.54% Apex Star LLC 8.6% 全球上一轮手机出货高峰在 2016 年,距今已有 8 年,换机需求不 ...

Investment Rating - Buy rating with a target price of HKD 4.59, representing a potential upside of 31.9% from the current price of HKD 3.60 [3][4] Core Views - The company is expected to see stable revenue growth in 2024 despite global macroeconomic slowdown, driven by its leading position in the social出海 sector [13] - The acquisition of a subsidiary is expected to significantly boost归母净利润 by fully consolidating the subsidiary's financial performance [9][23] - The company's LGBTQ+ social business,蓝城兄弟, is expected to continue improving profitability and contribute to revenue growth [10][12][26] Financial Performance - Revenue is projected to grow from HKD 2,800 million in 2022A to HKD 6,573 million in 2026E, with a CAGR of 23.05% [7][15] - Gross margin is expected to remain stable around 45% from 2024E to 2026E [7][14] - Net profit is forecasted to increase from HKD 287 million in 2022A to HKD 679 million in 2026E [7][15] - ROE is projected to improve from 18.8% in 2024E to 19.6% in 2026E [14] Business Operations - The company has established a diversified product portfolio including MICO, YoHo, SUGO, and TopTop, targeting emerging markets like the Middle East and Southeast Asia [13] - The acquisition of米可世界 is expected to enhance归母净利润 by eliminating minority interest deductions and improving EPS [23][25] - The company's LGBTQ+ social business is benefiting from the integration of赤子城科技's technological and market insights, leading to improved operational efficiency [12][26] Market Position - The company is a leading player in China's internet出海 sector, with a strong presence in social networking and entertainment services [13][23] - Its products serve over 150 countries and regions, with nearly 100 million users globally [25] - The company is well-positioned to capitalize on the growing LGBTQ+ market, which is projected to reach USD 5.4 trillion by 2023 [26]

新特能源(1799.HK) 2024-07-17 星期三 | --- | |-----------| | 目标价: | | 现 价: | | 预计升幅: | 重要数据 | --- | --- | |------------------|--------------------------| | 日期 | 2024-7-16 | | 收盘价(港元) | 7.85 | | 总股本(百万股) | 1,430 | | 总市值(百万港元) | 11,226 | | 净资产(百万元) | 41,232 | | 总资产(百万元) | 85,929 | | 52 周高低(港元) | 16.42/7.36 | | 每股净资产(港元) | 27.87 | | 数据来源:Wind | 、国元证券经纪(香港)整理 | 主要股东 特变电工股份有限公司(64.43%) 特变电工集团有限公司(5.86%) 相关报告 深度报告-20211119 更新报告-20211213 更新报告-20220630 更新报告-20220908 更新报告-20230417/0818/0918 投资要点 ➢ 预计 2024 年上半年亏损 7.8-9.5 亿元: ...

更新报告 买入 创新药即将快速放量,在研管线丰富 康哲药业(0867.HK) 2024-7-15 星期一 | --- | |-----------| | 目标价: | | 现 价: | | 预计升幅: | | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------|---------------------------|------------------------|-----------------|----------------|--------------|--------------------| | | ➢ 4 | | 第 5 | 款创新药于今年 | 6 月获批上市 | | | | 3 | | | | | - | | | (维福瑞)于 24 | 年 2 | | | - | 非钙磷结合剂,用 | | | | | | 4 | 款新药 2024 | 年保守估 | | | 计贡献 4-5 | 个亿元收入。第 | 5 | | | ...

Investment Rating - Buy rating with a target price of HKD 14.90, representing a potential upside of 31.1% from the current price of HKD 11.34 [2] Core Views - The company is deepening its cooperation with KA brands to explore the commercial potential of lower-tier markets, focusing on profit growth and sustainable development [5] - The company is entering the Hong Kong local life market as the first step towards internationalization, leveraging its strong brand influence and customer base from the mainland [9][10] - The company's scale effect is continuously being released, with profitability entering an upward trajectory, driven by external growth from KA cooperation and internal growth from SF Group's "last-mile" delivery demand [11] Financial Performance and Projections - Total revenue is expected to grow from HKD 10,265 million in 2022 to HKD 23,470 million in 2026, with a CAGR of 23.9% [7] - Net profit is projected to increase from a loss of HKD 286.9 million in 2022 to a profit of HKD 386.8 million in 2026, with a significant improvement in net profit margin from -2.79% to 1.65% [7] - Gross margin is expected to rise from 4.0% in 2022 to 7.5% in 2026, reflecting improved operational efficiency [12] Market Strategy and Expansion - The company is focusing on deepening cooperation with KA brands to expand coverage in lower-tier markets, ensuring stable order growth and enhancing brand strength [5][8] - The company is entering the Hong Kong market with its "SoFast" brand, targeting non-meal delivery to differentiate from competitors like Meituan, leveraging its full-scenario delivery model and high service standards [9][10] - The company is exploring new business scenarios, such as the supermarket sector, and plans to increase market penetration by establishing KA partnerships with well-known brands like Starbucks [8] Operational Efficiency and Cost Management - The company operates a light-asset model with outsourced labor costs, enabling continuous optimization of rider capacity and order efficiency, which supports the continuation of scale effects [11] - The company's cost management and technological empowerment have led to improved operational efficiency, with the expense-to-income ratio expected to decrease from 7.9% in 2022 to 5.7% in 2026 [12]

即时点评 缩小与行业龙头差距,软硬件全面追赶 超微半导体(AMD.O) 2024-07-12 星期五 事件: 快科技 7 月 12 日消息,据悉,AMD 计划在超高性能系统级封装(SiP) 其人工智能芯片能力,与行业领导者英伟达竞争。 产品中引入玻璃基板,时间预计在 2025-2026 年。IT 之家 7 月 10 日报 道,芯片巨头 AMD 周三宣布,将斥资约 6.65 亿美元(当前约 48.43 亿元人民币)现金收购芬兰人工智能初创公司 Silo AI。此举旨在增强 紧盯最新制造工艺: Intel 在去年 9 月就宣布发布了"下一代先进封装玻璃基板技术",三 星也在推进玻璃基板技术,SK 海力士计划在 2025 年初开始量产玻璃 基板。相比目前使用的基板,玻璃基板具有卓越的热稳定性和机械稳 定性,优秀的机械、物理和光学特性,可以容纳更高密度的连接和晶 体管。 积极布局 AI 软件板块: 2023 年 AMD 收购了人工智能软件公司 Mipsology 和 Nod.ai。这次收 购的 Silo AI 是欧洲较大的私人 AI 实验室之一,致力于开放源代码 AI 模型,为企业提供定制化的 AI 模型和平台。Si ...

买入 上半年发电量稳定增长,全年新增 1GW 装机目标不变 协合新能源(0182.HK) 2024-07-05 星期五 | | |-----------| | 目标价: | | 现 价: | | 预计升幅: | 投资要点 ➢ 1-6 月总权益发电量同比增长 14.14%,其中风电同比增长 13.96%: 公司公告,6 月总计权益发电量 595.41GWh,同比增长 11.55%,其中风 电权益发电量 507.07GWh,同比增长 9.40%,太阳能权益发电量 88.34GWh,同比增长 25.75%。1-6 月总计权益发电量 4737.96GWh,同 比增长 14.14%,其中风电权益发电量 4265.53GWh,同比增长 13.96%, 太阳能权益发电量 472.43GWh,同比增长 15.74%。上半年,全行业整体 风资源不佳且部分省份限电率上升,造成大部分省区风电发电量同比出 现下降。因此,对比行业数据以及同行披露的发电量数据来看,公司发 电量能保持双位数增长算是较好水平,也证实了公司优化资产结构,注 重资产高质量的成果体现,发电量的稳定增长,有利支撑业绩持续增长。 重要数据 日期 2024-07-04 ...

即时点评 行业有序开展检修,短期价格仍将低位承压 多晶硅行业 2024-07-04 星期四 事件: 硅业分会最新报价显示: 本周多晶硅 n 型产品价格稳定,p 型产品价格略有下调。n 型棒状硅 成交价格区间为 3.90-4.20 万元/吨,成交均价为 4.00 万元/吨,环 比持平;单晶致密料成交价格区间为 3.30-3.60 万元/吨,成交均价 为 3.43 万元/吨,环比下降 0.87%。n 型颗粒硅成交价格区间为 3.60- 3.70 万元/吨,成交均价为 3.65 万元/吨,环比持平。 点评观点: ➢ 硅料交易偏向冷淡,成交价格趋于稳定: 企业以执行前期订单为主,下游拉晶厂维持随采随购策略;短期看, 拉晶厂开工率仍处低位,导致硅料交易整体偏向于冷淡。本周 n 型棒 状硅有 4 家企业成交,p 型棒状硅有 3 家企业有成交,n、p 型硅料均 有较大成交量,部分企业已签单至本月中旬。具体来看,大厂 n 型小 料价格基本在 4 万元/吨左右维持稳定,且基本全部产能均转为 n 型, p 型多作为 n 型多晶硅生产中的瑕疵料存在,多数为一口价成交,不 再区分具体类型。 ➢ 企业有序开展检修,硅料供应量持续下调: ...