Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.18, representing an expected upside of 24.6% from the current price of HKD 8.17 [3][6]. Core Insights - The company, Conant Optical (2276.HK), is a leading exporter of resin lenses in China, with a strong focus on customized and high-end products. It has a product network of over 6 million SKUs and sold 79.4 million pairs of lenses in 2023, achieving a CAGR of 9.89% from 2020 to 2023 [3][5]. - The global demand for eyewear is on the rise, with the market expected to reach USD 148.6 billion in 2024, and the lens segment projected to grow to USD 61.72 billion, accounting for 41.5% of the market. The Chinese lens market is also expected to grow at a CAGR of 5.6% from 2023 to 2028 [5][6]. - The company has a competitive edge in R&D and manufacturing, with all lens molds independently developed and produced. It has established a strong brand presence and is expanding its online sales channels [6][7]. Company Overview - Conant Optical is a one-stop service provider specializing in resin lens products, offering both standardized and customized lenses to meet diverse customer needs [12][16]. - The company has a rich history, having been established in 1996 and going public in 2021. It has expanded its production capabilities and market reach over the years [13][14]. Financial Performance - The company reported a revenue of HKD 1.775 billion in 2023, a year-on-year increase of 12.86%, with a CAGR of 12.63% from 2020 to 2023. The gross profit for the same year was HKD 658 million, reflecting a 22.4% increase [26][27]. - The net profit for 2023 was HKD 327 million, up 31.6% from the previous year, with a net profit margin of 18.42% [28][29]. Industry Analysis - The eyewear and lens industry is experiencing significant growth, driven by increasing awareness of vision care and the rising prevalence of myopia, particularly among children and the elderly [31][35]. - The market for functional lenses, which address various vision needs, is expanding, with a market share of 48.2% in 2023. The demand for high-refractive index lenses is also increasing due to consumer preferences for lighter and thinner eyewear [36][38].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.67, representing a potential upside of 54% from the current price of HKD 5.63 [1][8][17]. Core Insights - The company has demonstrated sustained rapid growth since its listing in 2013, with a compound annual growth rate (CAGR) of 16.3% in revenue and 17.8% in net profit up to 2023, despite a slowdown in industry growth [5][9][17]. - The company emphasizes shareholder returns, having distributed over HKD 1.9 billion in dividends, with a payout ratio of approximately 42.1% in 2023 and a dividend yield of 8.02% [9][17]. - The core products, particularly in the nephrology sector, have shown strong competitive advantages, with significant sales growth in key products [6][11][17]. Financial Performance - For the fiscal year 2023, the company reported revenue of RMB 25.90 billion, a year-on-year increase of 10.7%, and a net profit of RMB 7.85 billion, up 14.9% [5][9]. - The company has improved its cash collection efficiency, with accounts receivable decreasing by 1.4% in 2023, while cash and cash equivalents grew by 17.9% to RMB 35.83 billion [9][11]. - The financial structure is healthy, with a reduction in accounts receivable turnover days by 11.3 days to 36.3 days [9]. Product Competitiveness - The company has strengthened its core product competitiveness, achieving sales of RMB 17.41 billion in the nephrology sector, with a notable 25.5% increase in sales of its key product, Yishen Huashi Granules [6][11]. - The pediatric and women's health product lines have also seen a revenue increase of 22.7%, with extensive coverage across medical institutions and pharmacies [6][11]. - The imaging segment has expanded its product line, achieving a market share increase for its gadopentetate dimeglumine injection from third to second nationally [6][12]. Research and Development - The company is focused on building a robust R&D pipeline, with six innovative drugs and eight generic drugs in development, collaborating with leading research institutions [7][15]. - Upcoming products include CT contrast agents expected to launch in 2024 and MRI contrast agents anticipated in 2025 [7][15]. Market Position and Strategy - The company has a significant market opportunity in the chronic kidney disease (CKD) sector, with a prevalence rate of 8.2% and a low awareness rate of 10% among the population, indicating substantial growth potential [17]. - The strategic focus on enhancing product coverage and optimizing brand positioning is expected to drive future revenue growth [12][17].

Investment Rating - The report suggests a positive investment outlook for 康臣药业 (1681.HK), indicating that the company is significantly undervalued with a PE ratio of 5.7 times, and recommends active attention to the stock [10]. Core Insights - 康臣药业 has demonstrated impressive financial performance with a revenue of 2.59 billion RMB in 2023, reflecting a year-on-year growth of 10.7%, and a net profit of 785 million RMB, up 14.9% [2][10]. - The company has a strong focus on shareholder returns, having distributed over 1.9 billion HKD in dividends since its listing in 2013, with a dividend payout ratio of 42% in 2023 and a dividend yield of 8.02% [10]. Financial Performance - The company has achieved a compound annual growth rate (CAGR) of 16.3% in revenue and 17.8% in net profit since its IPO in 2013, despite a slowdown in industry growth [2][10]. - Cash and cash equivalents increased by 17.9% to 3.583 billion RMB, while accounts receivable decreased by 1.4% in 2023, indicating improved operational efficiency [2]. Product Competitiveness - The core products, 尿毒清 and 益肾化湿颗粒, generated sales of 1.741 billion RMB, with a growth of 11.0%, and the latter saw a significant increase of 25.5% [4]. - The company has expanded its market reach, covering 38,000 terminal medical institutions and 260,000 pharmacies, with a notable growth in the妇儿 product segment, which increased by 22.7% [4]. R&D and Innovation - 康臣药业 is developing a rich pipeline of products, focusing on the kidney and imaging sectors, with 6 innovative drugs and 8 generic drugs in development [9]. - Collaborations with major research institutions aim to enhance R&D capabilities, with new imaging agents expected to launch in 2024 and 2025 [9]. Market Potential - The domestic prevalence of chronic kidney disease (CKD) is 8.2%, with a low awareness rate of 10.0%, indicating significant market potential for the company's products [10].

Investment Rating - The report suggests that the company is undervalued with a static PE of 8x and a dividend yield of 6.1%, recommending active attention [1] Core Views - The company's performance has shown rapid growth, with a 14.3% year-on-year increase in revenue to RMB 4.517 billion and a 34.1% increase in net profit attributable to shareholders to RMB 970 million [1] - The growth is attributed to the continuous increase in sales of respiratory system drugs and several exclusive oral products, as well as a record high in sales of traditional Chinese medicine (TCM) formula granules [1] - The gross profit margin improved by 0.7 percentage points to 75.1%, and the net profit margin increased from 18.3% to 21.5% [1] - The return on equity (ROE) rose from 11.32% in 2022 to 13.78% in 2023 [1] - The company's dividend payout ratio for 2023 was 42.2%, with a dividend yield of 6.1% [1] Business Segments TCM Formula Granules - TCM formula granules accounted for 26.6% of the company's total sales in 2023, positioning the company among the top five TCM formula granule listed companies in China [1] - The company successfully bid in the 15-province alliance TCM formula granules centralized procurement, maintaining good prices and facilitating rapid product expansion [1] - The company's production capacity for TCM formula granules can reach an output value of RMB 5 billion [1] Oral Drugs - The proportion of oral drugs in the company's revenue has increased from 54.7% in 2019 to 60.5% currently, with exclusive products like Huamoyan Granules and Qihuang Tongmi Soft Capsules showing continuous growth [1] - The proportion of injectables is 39.5%, indicating further improvement in the company's operational stability [1] - Sales of drugs included in the National Essential Drugs List increased by 32.8% to RMB 1.744 billion, accounting for 38.6% of the group's total sales [1] Innovative TCM Drugs - The company has made significant progress in TCM innovation, with several research and clinical projects advancing smoothly [1] - A 3.1-class TCM new drug, Yiguanjian Granules, has been approved for market, and three other innovative drugs, including Sailuotong Capsule, Q-B-Q-F Concentrated Pill, and JC Capsule, are in Phase III clinical trials [1] - Sailuotong Capsule, an innovative TCM for vascular dementia, is expected to complete Phase III clinical trials this year, targeting a market with significant potential due to the lack of effective treatments [1] Valuation and Outlook - The company's static PE is 8x, and the dividend yield is 6.1%, indicating undervaluation [1] - The company's product pipeline is rich, with oral drugs accounting for 60.5% of revenue, TCM formula granules expected to expand rapidly, and innovative drugs progressing well [1]

证 券 研 究 报 告 请务必阅读免责条款 一般声明 特别声明 分析员声明 国元国际控股有限公司 香港中环康乐广场 8 号交易广场三期 17 楼 电话：(852)37696888 传真：(852)37696999 服务热线：400-888-1313 公司网址：http://www.gyzq.com.hk | --- | --- | |---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

业绩点评 业绩点评 综合服务及综合能源业务具增长潜力 华润燃气（1193.HK） 2024-04-02 星期二 主要财务指标 关键指标 2020A 2021A 2022A 2023A 营业总收入(百万港元) 55,864 78,175 94,338 101,272 增长率(%) -1.95 39.94 18.45 7.35 归母净利润(百万港元) 5,151 6,395 4,733 5,224 增长率(%) 2.14 24.15 -25.99 10.36 EPS（港元） 2.31 2.82 2.09 2.30 ROE(摊薄)(%) 14.20 15.50 12.03 12.81 ROA(%) 10.38 11.24 8.19 7.58 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： ➢ 2023年盈利同比增长10.36%，派息率稳定提升： 2023 年公司实现收入 1,012.72 亿港元，同比增加 7.35%；股东应占溢利 52.23 亿港元，同比增加 10.36%；已付中期股息及拟派每股末期股息 1.1569 港元，同比增长 10.18%。公司每股派息额由 2016 年的 0 ...

即时点评 稳定高派息，降本增效保毛利 首钢资源（0639.HK） 2024-03-28 星期四 事件： 公司公告2023年业绩： 2023年公司取得收益58.91亿港元，同比减少28%;公司拥有人应占溢 利18.89 亿港元，同比减少30%;每股基本盈利 37.66 港仙;拟派发末期 股息每股18港仙。 相关报告 截至 2023 年 12 月 31 日止年度，公司的原焦煤产量约 525 万吨(2022 年度：约525万吨)，保持去年水平;而精焦煤产量约325万吨(2022年 度：约323万吨)，按年微增1%。 点评观点： ➢ 业绩下降主要因为精焦煤量价齐跌所致： 公司收入下跌主要因为回顾年度精焦煤的平均实现售价按年下调 20% 及精焦煤销量按年下跌 7%，连同平均人民币兑港元汇率按年下调约 4.6%的负面影响所致。精焦煤销量下降主要因为截至2023年12月31 日，有14万吨运送至客户在途煤炭库存增加，因会计结算未确认为收 入；而精焦煤价格下降主要是市场价格波动所致。 ➢ 24年原焦煤产量指引小幅下降，矿井智能化进一步降本增效： 因为公司兴无矿进入下组煤联合试运转，上组煤关闭将影响上半年产 量，公司调低全年原 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has shown a steady increase in retail gas volume, with a projected growth of 10% for 2024 [5] - The company plans to increase its dividend payout ratio to 45% by 2025, supported by strong cash flow and stable capital expenditures [4] - The company's LNG processing and storage business has seen a revenue increase of 5.9% in 2023, indicating robust performance across various business segments [6] Financial Performance Summary - In 2023, the company achieved total revenue of RMB 177.354 billion, a year-on-year increase of 3.15% [3] - The net profit attributable to shareholders was RMB 5.682 billion, reflecting an increase of 8.68% year-on-year [3] - The diluted EPS for 2023 was RMB 0.66, with a return on equity (ROE) of 9% [3][4] - The company reported a free cash flow of RMB 9.017 billion in 2023, indicating strong liquidity [4]

深度报告 买入 AI 推动手机升规升配，收购 PSS 加速车载进展 瑞声科技（2018.HK） 2024-3-28星期四 投资要点 目标价： 30.1  全球手机行业：需求已逐步触底，AI端侧应用有望推动行业复苏 现 价： 24.85 全球上一轮手机出货高峰在 2016 年，距今已有 7年，换机需求不断增强。 预计升幅: 21.2% 根据Canalys数据，2023年第四季度，全球智能手机市场同比增长8%至3.192 亿台，显现出企稳复苏的信号。AI 大模型的应用带来新的用户体验，有望 推动全球手机需求回升。IDC 预计 2024 年全球新一代 AI 手机的出货量 重要数据 将达到 1.7 亿部，约占智能手机整体出货量的 15%。 日期 2024.3.270  AI端侧大模型带动对手机硬件的全面升级需求 收盘价（港元） 24.856 端侧大模型需要更强的系统级芯片（SoC）和存储空间，同时对散热效率提 总股本（亿股） 11.991 出更高要求。AI带来全新的交互体验，对声音的输入和输出带来更高要求。 总市值（亿港元） 2969 AI在光学的创新应用，将推动高端光学器件的渗透率提升。 净资产（亿港元） 24 ...

Investment Rating - The report suggests a positive investment outlook for the company, indicating that it is significantly undervalued with a market capitalization of only HKD 1.5 billion [6]. Core Insights - The company has achieved excellent results in innovative drug development, with a strong cash reserve of RMB 2.275 billion, sufficient to support research and development until 2028 [6]. - In 2023, the company reported a revenue increase of 4.6% to RMB 56.6 million, with a substantial reduction in losses from RMB 315 million in 2022 to RMB 145 million in 2023, primarily driven by increased sales from the Ritonavir product [6]. - The company is focused on key pipeline developments, including six Phase II or III clinical trials across various disease areas such as acne, hepatitis B, NASH, and glioblastoma [6]. Revenue and Loss Analysis - The 2023 revenue of RMB 56.6 million reflects a 4.6% increase, attributed to higher product sales, improved inventory management leading to lower sales costs, and increased other income from bank interest and equity gains from Sagimet Biosciences' IPO [6]. - The significant narrowing of losses is a positive indicator of the company's financial health and operational efficiency [6]. Clinical Pipeline Progress - The ASC40 product for acne treatment has shown promising Phase II clinical trial results, with a 53.1% reduction in total lesions at the 25 mg dose and a 61.3% reduction at the 50 mg dose, demonstrating statistical significance and good safety [6]. - The company is actively pursuing international business development projects, particularly for the ASC40 acne project, which has a vast market potential [6]. Strategic Focus - The company is a research-driven biotech firm, making significant progress in the development of ASC40 for acne, NASH, and glioblastoma, while also advancing global collaborations [6]. - The report emphasizes the company's commitment to investor returns, having repurchased and canceled HKD 130 million worth of shares, indicating a focus on enhancing shareholder value [6].