Investment Rating - The report initiates coverage with a "Buy" rating for Meilan Airport, setting a target price of HKD 13.80, representing an expected upside of 89.3% from the current price of HKD 7.29 [2][6]. Core Insights - Meilan Airport is positioned as the only major airport in Hainan capable of releasing capacity, benefiting from the increase in passenger flow and the advantages of the Free Trade Port [4][5]. - The report indicates that the pressure period for the company has passed, with 2024 expected to be a turning point for performance, as key pressure factors have been fully released [4]. - The duty-free business is expected to benefit from both operational area and passenger flow, with potential for an increase in commission rates [4][5]. - The Free Trade Port in Hainan is projected to enhance retail and duty-free sales, with the duty-free market expected to reach HKD 800-900 billion by 2026 [5][27][28]. Company Overview - Meilan International Airport Co., Ltd. operates the Haikou Meilan Airport, focusing on both aviation and non-aviation businesses, including duty-free retail and other commercial activities [11][12]. - The airport has a designed capacity to handle 35 million passengers annually by 2025, with significant expansions completed in recent years [11][17]. Financial Performance - The report outlines a recovery in passenger throughput, with 2023 figures reaching 24.34 million, rebounding from the pandemic's impact [18][19]. - Historical financial performance shows fluctuations, with net profits recorded at -1.34 billion in 2020, followed by a recovery to 765 million in 2021 [18][19]. Future Outlook - The report emphasizes the strategic importance of Hainan's Free Trade Port, which aims to enhance the region's attractiveness for tourism and commerce, with significant policy support from the government [27][29]. - The anticipated full operation of the Free Trade Port by 2025 is expected to create a larger retail market, benefiting both conventional retail and duty-free sectors [28][29].

朝聚眼科（2219.HK） 2024-2-28 星期三 | --- | --- | |------------|-------------| | | | | 目标价： | 7.43 港元 | | 现 价： | 3.86 港元 | | 预计升幅 : | 92% | | --- | --- | |--------------------------------|---------------| | | | | 日期 | 2024-2-28 | | 收盘价（港元） | 3.86 | | 总股本（亿股） | 7.08 | | 总市值（亿港元） | 27 | | 净资产（亿元） | 23 | | 总资产（亿元） | 28.3 | | 52 周高低（港元） | 6.05/3.50 | | 每股净资产（元） | 3.25 | | 数据来源： Wind 、国元证券经纪 | ( 香港 ) 整理 | ➢ 公司业绩快速增长： 公司是华北眼科龙头公司，成立于 1988 年，于 2010 年之后，不断拓展新的 区域，业绩快速增长，23 年中期营业额约为人民币 6.92 亿元，同比增加 30%，净利润为 1.47 亿元，同比增长 44. ...

深度报告 买入 AI 助力手机行业回暖，光学龙头受益确定性高 舜宇光学科技（2382.HK） 2024-2-29 星期四 投资要点 目标价： 68.85  全球手机行业逐步触底，2023年Q4同比首现正增长 现 价： 51.2 由于过去几年智能手机技术创新缓慢，消费者换机需求不足，换机周期从2 预计升幅: 34.5% 年被拉长到3年以上。现今距2016年的出货高峰已经过去 7年多，当年的 机型老化现象日益严重，换机需求不断提升。根据Canalys数据，2023年前 3 季度全球智能手机出货量跌幅不断收窄，第四季度更是同比增长 8%，显 重要数据 现出较强的企稳复苏信号。2023全年出货量为11.4亿台，跌幅收窄至4%。 日期 2024.2.280  AI或为手机交互带来革命性影响，进而推动行业增长 收盘价（港元） 51.26 随着AI大模型在端侧的应用逐步增多和成熟，AI将对手机的交互模式带来 总股本（亿股） 111 革命性影响，从而创新将创造新的市场。三星电子推出的Galaxy S24系列， 总市值（亿港元） 5689 其搭载的 AI 技术为用户带来了通话实时翻译、即圈即搜等具有创新性的功 净资产（亿港 ...

Investment Rating - The report maintains a "Buy" rating for Miniso with a target price of $22.30, representing a potential upside of 38.0% from the current price of $16.16 [1][36]. Core Insights - Miniso aims to evolve into the world's leading IP design retail group with ambitious growth targets for 2024-2028, including the addition of 900-1100 stores annually and a revenue CAGR of no less than 20% [5][9]. - The company is focusing on enhancing its IP strategy and local sourcing, with a goal for IP products to account for over 50% of sales by 2028 [5][9]. - Despite geopolitical risks, the company is optimistic about its global expansion potential, leveraging its competitive advantages in supply chain integration and product design innovation [7][28]. Financial Overview - As of February 7, 2024, Miniso's total market capitalization is $5.11 billion, with total assets of $1.90 billion and net assets of $1.20 billion [2]. - The company reported a significant increase in revenue and profit, with projected revenues for FY24E, FY25E, and FY26E at RMB 151.4 billion, RMB 184.4 billion, and RMB 223.3 billion, respectively, reflecting year-on-year growth rates of 32%, 22%, and 21% [8][36]. - The Non-IFRS net profit for FY24E, FY25E, and FY26E is expected to be RMB 24.9 billion, RMB 30.4 billion, and RMB 37.1 billion, with growth rates of 36%, 22%, and 22% respectively [8][36]. Market Position and Strategy - Miniso's strategy includes a focus on localizing its product offerings and enhancing store experiences to drive growth in overseas markets, particularly in North America and Latin America [6][20]. - The company has successfully established a strong presence in various international markets, with a significant number of stores in Europe, Latin America, and North America, and aims to reach 1,000 stores in these regions by 2028 [20][24]. - The report highlights Miniso's competitive edge over Japanese retailers like Daiso and MUJI, particularly in terms of global expansion capabilities and supply chain efficiency [29][32].