Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 11.97, indicating a potential upside of 30.0% from the current price of HKD 9.21 [1][12]. Core Insights - The company has demonstrated rapid revenue growth, with a 2023 revenue of RMB 137.39 billion, representing a year-on-year increase of 21.2%. The net profit attributable to shareholders reached RMB 27 billion, up 70.9% year-on-year, and the dividend per share increased by 108% to RMB 0.52 [6][9]. - The company is focusing on the diabetes and weight management sectors, with significant progress in new product development. A new GLP-1/GIP/GCG triple receptor agonist has received clinical trial approval in the U.S. and is expected to enter the Chinese market soon [7][10]. - The company plans to continue increasing its R&D investment, which reached RMB 8.08 billion in 2022, a 36% increase from the previous year. The revenue projections for 2024-2026 are RMB 151 billion, RMB 160.3 billion, and RMB 169.7 billion, respectively [10][12]. Financial Summary - In 2023, the company reported a total revenue of RMB 137.39 billion, with a gross profit margin of 46.11% and a net profit margin of 19.66% [14]. - The company’s total assets amounted to RMB 210 billion, with a net asset value of RMB 127 billion. The earnings per share (EPS) for 2023 was RMB 1.49, with projections of RMB 1.58, RMB 1.70, and RMB 1.80 for 2024, 2025, and 2026, respectively [2][14]. - The company’s market capitalization is approximately HKD 167 billion, with a total share count of 1.817 billion shares [2].

Investment Rating - The report maintains a positive outlook on the company, suggesting active attention due to its strong position as a functional sofa leader and continuous product innovation [5] Core Views - The company achieved a 6.1% YoY increase in revenue to HKD 18.411 billion in FY2024, driven by growth in both domestic and overseas markets [2] - Domestic revenue in China grew by 8% to HKD 11.987 billion, with sofa revenue up 3.1% and mattress revenue up 9.6% [2] - Overseas revenue increased by 3.2% to HKD 6.153 billion, with North America up 2.3% and Europe and other markets up 3.2% [2] - The company expanded its store network to 7,236 stores, with a net increase of 765 stores [2] - The penetration rate of functional sofas in China reached 9.7% in 2023 and is expected to rise to 13% within five years, driven by younger consumer demographics [3] - The company is focusing on multi-channel sales strategies, including offline stores, e-commerce, and live streaming, while also strengthening its dealer network [4] - Overseas, the company is deepening R&D in functional sofas and expanding its product lines to cover high, mid, and low-end markets [4] Market and Industry Analysis - The domestic market is transitioning from new housing completions to a focus on existing housing stock, with 90% of homes built in the past 20 years [3] - The company anticipates a shift in China's new housing construction towards a model similar to that of Europe and the US, with slower growth in the future [3] - Functional sofas are expected to benefit from increased consumer spending on quality-of-life improvements [3] Strategic Focus - The company is leveraging its leadership in functional sofas and improving its overseas production capacity in Vietnam and Mexico to enhance overall competitiveness [5] - It is actively pursuing a multi-market, multi-channel revenue strategy domestically, while focusing on product innovation and market expansion overseas [4]

| --- | --- | --- | |---------------------------|------------------------------------------------------|--------------------------------------------------------| | IPO 申购指南 | 汽车街（ | 2443.HK ） | | 建议谨慎申购 | | 2024-05-23 星期四 | | 一、 汽车街（ 2443.HK | ）招股详情 | | | 名称及代码 | 汽车街（ 2443.HK ） | | | 保荐人 | 中信证券（香港）、海通国际资本 | | | 上市日期 | 2024 年 05 月 31 日 ( 星期五 ) | | | 招股价格 | 10.2 – 11.2 港元 | | | 集资额 | 1.6 亿港元 ( 按发售价中位数每股 10.7 | 港元计算，扣除包销佣金费用等 ) | | 每手股数 | 200 股 | | | 入场费 | 2,262.59 港元 | | | 招股日期 | 2024 年 05 月 23 日 -05 月 28 日 | ...

更新报告 买入 天然气售气量高增长，全年盈利持续改善 新天绿色能源（0956.HK） 2024-05-22 星期三 投资要点 目标价： 4.52 港元 ➢ 2024Q1盈利为人民币8.32亿元，同比下降0.89%： 现 价： 3.66港元 公司2024Q1实现收入79.07亿元人民币，同比增长20.55%；归属股东 预计升幅: 23% 净利润8.32亿元人民币，同比下降0.89%；基本每股收益0.2元，同比 持平；加权平均净资产收益率3.82%，同比下降0.2个百分点。 重要数据 ➢ 2024Q1天然气总售气量增长33.86%，预期后续盈利持续改善： 日期 2024-05-21 一季度，公司天然气总输气量为 22.3 亿立方米，同比增长 33.86%；售 收盘价（港元） 3.66 气量19.87亿立方米，同比增长39.93%，其中零售气量6.38亿立方米， 流通股本（百万股） 1,839 同比增长20.12%；批发气量9.66亿方，同比增长10.58%；LNG售气量 流通市值（百万港元） 6,878 3.63 亿立，同比增长+46589.68%，主要受益唐山 LNG 投产带来爆发式 总股本（百万股） 4,20 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.26, indicating a potential upside of 35% from the current price of HKD 18.78 [2][7]. Core Insights - In Q1 2024, the company achieved a net profit of RMB 760 million, representing a year-on-year increase of 48.57%, with total revenue reaching RMB 5.726 billion, up 6.73% year-on-year [4][9]. - The price of photovoltaic glass increased by HKD 0.5-1 per square meter in April, driven by demand from solar module production, and Q2 profits are expected to continue rising [5][10]. - The company is actively expanding its production capacity, with a total capacity of 20,600 tons/day as of the end of 2023, projected to reach approximately 30,200 tons by the end of 2024 [6][11]. Financial Performance - The company reported a significant increase in Q1 2024 profits due to lower soda ash costs, reduced expenses, and the reversal of impairment losses [4][9]. - The projected revenue growth for 2024 is 18%, with net profit expected to grow by 39.8% [8][12]. - The company’s earnings per share (EPS) for 2024 is estimated at RMB 0.99, with a PE ratio of 17.2 based on the current price [8][12]. Market Position and Expansion - The company is a leader in the photovoltaic glass industry, with ongoing domestic and international expansion plans that will support future growth [6][11]. - New production lines in Anhui and Nantong are expected to come online in 2024, contributing to a projected 20-30% increase in actual production volume [6][11]. - Future capacity expansions include additional facilities in Guangxi, Sichuan, and Jiangsu, as well as overseas projects in Vietnam and Indonesia, expected to start operations in 2026 or later [6][11].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 282.2, indicating a potential upside of 24.1% from the current price of HKD 227.4 [5][26][33] Core Insights - In Q1 2024, the company achieved cumulative sales of 626,263 vehicles, a year-on-year increase of 13.44%, with April sales reaching 313,245 vehicles, up 49% year-on-year [7][19] - The company reported a historical high in revenue and profit for Q1 2024, with revenue of CNY 1249.44 billion, a 3.97% increase, and a net profit of CNY 45.69 billion, up 10.62% [36][14] - The overall gross margin for Q1 2024 was 21.9%, an increase of 4% year-on-year, reflecting improved production efficiency and cost control [15][36] Sales and Market Performance - The company launched "Honor Edition" models across various price segments, with price reductions ranging from CNY 10,000 to CNY 50,000, promoting the transition of new energy vehicles to a cost-effective era [15][7] - The company’s market share in the new energy vehicle sector reached 35.3% in Q1 2024, with a monthly market share of 43.5% in April [19][7] - Export sales for passenger vehicles in Q1 2024 reached 97,900 units, a significant increase of 153% year-on-year, marking a new phase in overseas market expansion [11][23] Financial Projections - Revenue projections for 2024 to 2026 are CNY 7391.37 billion (+22.6%), CNY 8748.75 billion (+18.4%), and CNY 10065.6 billion (+15.1%), with net profit estimates of CNY 350.27 billion (+16.8%), CNY 436.5 billion (+24.6%), and CNY 539.33 billion (+23.6%) respectively [17][44] - The average net profit growth rate over the three years is projected to be 21.6% [44] Strategic Advantages - The company has established a multi-brand matrix, including "BYD," "Denza," "Yangwang," and "Fangchengbao," catering to a wide range of consumer needs from family to luxury vehicles [22][10] - The introduction of core technologies such as the "Easy Four" and "Yun Nian-P" intelligent hydraulic body control systems has strengthened the company's competitive edge in the high-end market [32][22]

业绩点评 业绩点评 24Q1 出货优秀，盈利能力有望持续受益品类组合提升 九兴控股（1836.HK） 2024-04-29 星期一 主要财务指标 百万美元 2019A 2020A 2021A 2022A 2023 销售收入 1,545 1,136 1,541 1,631 1,493 同比增长(%) -2.8% -26.5% 35.6% 5.9% -8.5% 毛利率 19.0% 17.8% 20.6% 21.6% 24.6% 归母净利润 95.9 1.7 89.7 118.0 141.1 同比增长(%) 46.6% -98.2% 8329.9% 29.9% 20.4% 归母净利润率 6.2% 0.1% 5.8% 7.2% 9.5% 每股盈利(USD) 0.12 0.00 0.11 0.15 0.18 数据来源：Wind、公司公告、国元证券经纪（香港）整理 相关报告 业绩点评： ➢ 24Q1制造业务收入同比+17.6%，增幅好于预期及行业整体： 根据公告，24Q1公司制造业务收入同比+17.6%至3.26亿美元。拆分制造业 务量价，出货量同比+21.9%至11.7百万双，ASP同比-3.5%至27.8美金/双。 ...

Investment Rating - The report updates the target price to HKD 5.89, representing a potential upside of 17% from the current price of HKD 5.03, and assigns a "Hold" rating [5][11]. Core Insights - In Q1 2024, the company reported a net profit of RMB 4.596 billion, a year-on-year increase of 104.25%, with total revenue of approximately RMB 65.367 billion, reflecting a slight increase of 0.15% [2][8]. - The company's coal power segment showed significant profit recovery, with coal machine profits totaling RMB 2.825 billion, compared to a loss of RMB 70 million in Q1 2023, benefiting from a 13% decrease in both benchmark coal prices and fuel costs [2][8]. - The company plans to add 10 GW of wind and solar capacity in 2024, with total installed capacity reaching 30.217 million kW, and the proportion of low-carbon clean energy increasing to 32% [3][9]. - Wind power profits in Q1 2024 reached RMB 2.414 billion, a year-on-year increase of 25.41%, indicating stable growth in this segment [3][9]. - Long-term reasonable returns from coal power are expected to support the company's dividend payout ratio, which reached 57.14% in 2023, with further improvements anticipated in 2024 [4][10]. Financial Summary - The company’s revenue is projected to grow from RMB 254.397 billion in 2023 to RMB 267.329 billion in 2024, with a year-on-year growth rate of 5.1% [5][14]. - The net profit is expected to increase significantly from RMB 8.357 billion in 2023 to RMB 11.980 billion in 2024, reflecting a growth rate of 43.4% [5][14]. - The earnings per share (EPS) is projected to rise from RMB 0.35 in 2023 to RMB 0.7632 in 2024 [5][14].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 2.80, indicating a potential upside of 24% from the current price of HKD 2.25 [1][3][13] Core Insights - In 2023, the company reported a net profit of USD 268 million, a year-on-year increase of 37.2%, driven by reduced asset impairment losses and a turnaround in joint venture earnings [4][10] - The company has increased its dividend payout ratio to 25% in 2023, up from 20% in 2022, with a dividend of USD 0.0156 per share [4][10] - The company's wind power business generated revenue of USD 702 million in 2023, a slight increase of 1.4% year-on-year, despite a small decline in electricity prices [7][11] Financial Performance - The company achieved total revenue of USD 2.193 billion in 2023, a decrease of 9.8% compared to the previous year [4][15] - The earnings per share (EPS) for 2023 was USD 0.0624, reflecting a significant increase from the previous year [9][15] - The company plans to add 500-1000 MW of new wind and solar capacity by the end of 2024, aiming for stable growth in performance [8][12] Future Outlook - The company expects a 5.3% year-on-year increase in power generation for the first quarter of 2024, with significant growth in both wind and solar projects [8][12] - The projected revenue for 2024 is USD 2.567 billion, with an anticipated growth rate of 17% [9][15] - The company maintains a reasonable return on investment for its wind and solar projects despite a downward trend in electricity prices [8][12]

更新报告 买入 计提减值拖累短期业绩，老旧改造提升长期价值 龙源电力（0916.HK） 2024-04-17 星期三 投资要点 目标价： 8.16 港元 ➢ 计提减值拖累2023年业绩，派息率提升至30%： 现 价： 5.52港元 2023年实现收入为376.38亿元，同比下降5.6%；权益持有人应占净利 预计升幅: 48% 润63.55亿元，同比增长23.9%，每股盈利0.7398元。公司业绩低于预 期主要因为计提大额减值所致。2023年每股股息 0.2225元，对比2022 年0.1171元，同比增长90%），派息率从2022年的20%提升至30%。 重要数据 日期 2024-04-16 ➢ 老旧机组改造影响当期损益，但长期收益提升可期： 收盘价（港元） 5.52 公司作为老牌风电公司，1.5S 以下机组超过 1200 万千瓦，扣除已改造 总股本（百万股） 8,360 完成的 157 万千瓦，未来还有 1000 万千瓦项目将逐步推进老旧改造。 总市值（亿港元） 1,188 公司以大带小的项目改造完成以后，有效解决了老旧机组故障率比较 净资产（百万元） 82,026 高，发电效率低的问题，利用小时数比原来要 ...