Investment Rating - The report maintains a "Buy" rating for Xinyi Solar (0968.HK) with a target price of HKD 4.69, indicating a potential upside of 34% from the current price of HKD 3.50 [7][12]. Core Insights - In the first half of 2024, Xinyi Solar reported a profit of HKD 1.963 billion, a year-on-year increase of 41%, which aligns with expectations. The company's revenue reached approximately HKD 12.687 billion, up 4.5% year-on-year, while gross profit was about HKD 3.406 billion, reflecting a 27.5% increase. The basic earnings per share were HKD 0.2203, with an interim dividend of HKD 0.10, resulting in a payout ratio of 45.4% [5][10]. - The solar glass industry is undergoing consolidation, and the company is adjusting its production schedule. Due to high supply and weak demand, glass prices have been under pressure, and further price declines are anticipated in the second half of the year. The company plans to manage the timing of new production line activations based on market conditions [6][11]. - The report highlights that the company has added three new solar glass production lines with a total daily melting capacity of 3,200 tons, increasing its total capacity to 29,000 tons by the end of June 2024. The company plans to add three more lines by the end of the year, bringing the total capacity to 32,200 tons [6][11]. Financial Summary - For the first half of 2024, Xinyi Solar's gross margin for solar glass was 21.5%, an increase of 6.3 percentage points year-on-year. The net debt ratio stood at 23.5%, with cash on hand amounting to HKD 2.36 billion, indicating a stable financial position [10][11]. - The projected revenue for 2024 is HKD 32.749 billion, with a year-on-year growth of 23.0%. The net profit is expected to be HKD 3.806 billion, reflecting a decline of 9.1% compared to the previous year [8][15].

证 券 研 究 报 告 行业新视角 人工智能助力核电复兴 2024 年 8 月 2 日 研究部 姓名：杨义琼 SFC：AXU943 电话：0755-21516065 Email: helm@gyzq.com.hk 证 券 研 究 报 告 图片来源：百度图片 证 券 研 究 报 告 请务必阅读免责条款 · 人工智能助力核电复兴 2024-08-02 星期五 新视角： ➢ 核电复兴的背景 核电作为低碳能源的重要组成部分，具有稳定、高效、清洁等特点，符合全球能 源转型的需求；近年来，核电技术在安全性、经济性和环保性方面取得了显著进 步; 各国政府纷纷出台政策支持核电发展，包括提供财政补贴、税收优惠、融资 支持等政策措施。这些政策降低了核电项目的投资风险和运营成本，吸引了更多 的投资者和企业进入核电领域。 ➢ AI 促进核电需求的增长 AI 技术的快速发展需要大量的算力支持，而核电作为一种稳定、清洁的能源， 非常适合满足 AI 数据中心对电力的需求。随着 AI 模型的不断增大和复杂化，对 电力的需求也将持续增长。科技巨头在实现净零排放目标的过程中，纷纷将目光 投向核电，因为核电相比火电和天然气发电具有更低的碳排放量。 ...

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]