Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 3.20, indicating a potential upside of 24.0% from the current price of HKD 2.58 [2][6][90]. Core Insights - Harbin Electric is one of China's largest state-owned enterprises in energy equipment manufacturing, with significant market shares in coal, hydro, and nuclear power equipment [3][14]. - The company has seen a substantial increase in coal power orders, with new orders reaching CNY 13.97 billion in 2023, a year-on-year growth of 101.6% [5][24]. - The energy sector in China is transitioning towards a new power system, where coal power remains a core component despite the rapid growth of renewable energy installations [4][34]. Company Overview - Harbin Electric is a key player in the energy equipment sector, producing major equipment for coal, hydro, nuclear, and gas power generation [3][14]. - The company has a historical significance, originating from the first five-year plan of China and has evolved into a crucial backbone of the national energy infrastructure [15][19]. Industry Analysis - The energy demand in China has been growing rapidly, with a compound annual growth rate (CAGR) of 6.4% over the past eight years [42]. - Coal power still accounts for a significant portion of the energy mix, with coal-fired generation representing 63% of total power generation in 2023, reflecting a 5 percentage point increase year-on-year [4][40]. - The government has set ambitious targets for renewable energy, with expectations for coal power to continue playing a supportive role in energy security [34][52]. Financial Performance - The company forecasts a compound annual growth rate (CAGR) of 42.5% in net profit from 2024 to 2026, with projected net profits of CNY 9.5 billion, CNY 13.9 billion, and CNY 16.8 billion respectively [6][88]. - Revenue is expected to grow significantly, with projections of CNY 367.9 billion, CNY 426.8 billion, and CNY 454.7 billion for the years 2024 to 2026 [87][88]. Order and Revenue Analysis - The company has experienced a consistent increase in order volumes, with total contract signings reaching CNY 43.57 billion in 2023, a 29.5% increase from the previous year [24][26]. - The revenue from coal power equipment is expected to rise as the company completes the delivery of previous low-cost orders, enhancing overall profitability [5][71]. Future Outlook - The report anticipates that the demand for coal power equipment will remain strong due to ongoing projects and the need for flexibility upgrades in existing coal plants [72][75]. - The company is well-positioned to benefit from the planned expansion of pumped storage capacity, with expectations for significant growth in hydro power orders [76][80].

2 证 券 研 究 报 告 二、公司价值分析 免责条款 一般声明 分析员声明 | --- | --- | --- | |-------------------------|--------------------------------------------------|-----------------------------------------------------------------------| | | | | | IPO 申购指南 | 云工厂（ | 2512.HK ） | | 建议谨慎申购 | | 2024-06-05 星期三 | | 一、 云工厂（ 2512.HK | ）招股详情 | | | 名称及代码 | 云工厂（ 2512.HK ） | | | 保荐人 | 浦银国际 | | | 上市日期 | 2024 年 06 月 14 日 ( 星期五 ) | | | 招股价格 | 4.60 港元 | | | 集资额 | 3.37 亿港元 ( 按发售价中位数每股 4.60 | 港元计算，扣除包销佣金费用等 ) | | 每手股数 | 1,000 股 | | | | | | | 入场费 | 4,646 ...

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].