更新报告 买入 蔓迪、特比澳持续高增长，研发管线丰富 三生制药（1530.HK） 2023-07-31 星期三 | --- | --- | |----------|-----------| | 目标价： | 9.03 港元 | | 现 价： | 5.94 港元 | | 预计升幅 | : 52% | 重要数据 | --- | --- | |-------------------|-----------| | 日期 2024-7-30 | | | 收盘价（港元） | 5.94 | | 总股本（亿股） | 24.17 | | 总市值（亿港元） | 143.56 | | 净资产（亿元） | 153.62 | | 总资产（亿元） | 258.65 | | 52 周高低（港元） | 9.10/4.58 | | 每股净资产（元） | 6.3 | 数据来源：Wind、国元证券经纪(香港)整理 主要股东 TMF (Cayman) Ltd.（23.66%） Decade Sunshine Limited (19.55%) BlackRock, Inc.（6.1%） 相关报告 深度报告：三生制药-20200924 更新报告：三生制 ...

| --- | --- | --- | |-------|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 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]

Investment Rating - The report updates the target price to HKD 9.16, representing a 17% upside from the current price of HKD 7.85, and assigns a "Hold" rating [7][12]. Core Insights - The company is expected to incur a loss of HKD 7.8 billion to HKD 9.5 billion in the first half of 2024, compared to a profit of HKD 47.59 billion in the same period last year. Despite a 50% year-on-year increase in polysilicon sales volume and a 30% decrease in production costs, the average selling price of polysilicon has significantly dropped due to market supply and demand changes [4][9]. - The current inventory of silicon materials remains high, with prices stabilizing at around HKD 34 per KG for monocrystalline re-investment materials and HKD 32 per KG for monocrystalline dense materials. A price rebound is expected only after inventory levels drop below 150,000 tons [5][10]. - Recent regulations from the Ministry of Industry and Information Technology are expected to improve the supply-demand dynamics in the photovoltaic manufacturing industry by increasing the self-funding ratio for new and expanded projects from 20% to 30%, likely delaying many projects in the current loss-making environment [6][11]. Financial Summary - As of July 16, 2024, the company has a total market capitalization of HKD 11,226 million and total assets of HKD 85,929 million. The net asset value per share is HKD 27.87 [2][15]. - The company reported a revenue of HKD 37,541 million in 2022, with a projected decline of 18.1% in 2023 and a further decline of 31.9% in 2024, followed by a recovery of 34.3% in 2025 [7][15].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 10.38, indicating a potential upside of 60% from the current price of HKD 6.49 [4][7][13]. Core Insights - The company has successfully introduced four innovative drugs into the national medical insurance directory, with a fifth drug approved for market release in June 2024. These drugs are expected to contribute approximately RMB 400-500 million in revenue in 2024 [4][9]. - The company has a rich pipeline of innovative drugs, with 30 global projects primarily focused on First-in-Class (FIC) and Best-in-Class (BIC) drugs. The rapid advancement of the drug Lurconidine is highlighted, with significant market potential in treating conditions like vitiligo and atopic dermatitis [5][10]. - The skin aesthetics and ophthalmology segments are anticipated to grow rapidly, supported by a robust product line and a strong sales team [6][11]. - The company is focusing on international expansion, particularly in Southeast Asia, leveraging local talent and market demand to establish a strong foothold [12]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are RMB 79.25 billion, RMB 89.49 billion, and RMB 108.85 billion, respectively. Earnings per share (EPS) are expected to be RMB 0.71, RMB 0.80, and RMB 1.01 for the same years [8][13]. - The report indicates a temporary decline in performance, but forecasts a return to double-digit growth by 2025 as new drugs are launched [7][13].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.99, indicating a potential upside of 60% from the current price of HKD 0.62 [5][14]. Core Insights - The company achieved a year-on-year increase of 14.14% in total equity power generation for the first half of the year, with wind power generation growing by 13.96% [6][11]. - The average cost of capital is expected to decline further in 2024-2025, with current project bank loan rates around 3% and financing lease rates between 3.8% and 3.9% [7][12]. - The company aims to maintain its target of adding 1GW of new capacity in 2024, although the grid connection may be slightly delayed by 1-2 months [8][13]. Summary by Sections Investment Rating - The report sets a target price of HKD 0.99, representing a 60% upside from the current price of HKD 0.62, and maintains a "Buy" rating [5][14]. Financial Performance - For the first half of the year, total equity power generation reached 4,737.96 GWh, a 14.14% increase year-on-year, with wind power contributing 4,265.53 GWh, up 13.96% [6][11]. - The company’s net profit for 2024 is projected to be HKD 1,122 million, reflecting a 16.4% year-on-year growth [9][17]. Cost of Capital - The average cost of capital at the end of 2023 is approximately 4.6%, with expectations for further reductions in 2024 due to favorable market conditions [7][12]. Capacity Expansion - The company plans to keep its 2024 new capacity addition target at 1GW, with potential asset transfers in regions with traditional power restrictions [8][13].