Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 10.38, indicating a potential upside of 38.78% from the current price of HKD 7.48 [3][27][47]. Core Insights - The company has a robust pipeline of innovative drugs, with four new drugs recently included in the national medical insurance directory, expected to contribute approximately RMB 400-500 million in revenue in 2024 [2][6][39]. - The company is expanding its market presence in Southeast Asia, leveraging local talent and establishing a management center in Singapore to cater to the growing demand for pharmaceuticals in the region [44][46]. - The company has signed an exclusive commercialization agreement for a new drug, ABP-671, aimed at treating gout and hyperuricemia, which is currently undergoing clinical trials [26][37]. Financial Summary - The company reported a revenue of RMB 42.88 billion in the first half of 2024, a year-on-year decrease of 22.6%, but a quarter-on-quarter increase of 8.9% [30]. - The net profit for the same period was RMB 9.03 billion, reflecting a year-on-year decline of 52.8%, but a significant quarter-on-quarter increase of 92.8% [30]. - Revenue projections for 2024, 2025, and 2026 are estimated at RMB 79.25 billion, RMB 89.49 billion, and RMB 108.85 billion, respectively, with EPS expected to rise from RMB 0.71 in 2024 to RMB 1.01 in 2026 [13][38]. Product Pipeline - The company has a diverse pipeline with 30 innovative drugs, including CMS-D005, which has shown promising preclinical results for weight loss and safety [2][41]. - The company is also advancing the development of Lurconidine cream for vitiligo, with a significant market potential given the large patient population in China and Southeast Asia [9][10]. - The innovative drugs recently launched include a nasal spray for epilepsy, a monoclonal antibody for psoriasis, and a methotrexate injection for autoimmune diseases, showcasing the company's strong R&D capabilities [39][40].

Investment Rating - The report suggests a cautious subscription for the company Blukoo (0325.HK) [2] Core Viewpoints - Blukoo is a leader in the Chinese building block toy market, with a significant market share and rapid growth driven by its proprietary IP capabilities and partnerships with over 50 well-known IPs [2][5] - The company achieved a GMV growth of over 170%, with a substantial portion of its revenue coming from the Ultraman IP [2] - The IPO price range is set between HKD 55.56 and HKD 60.35, with a total fundraising amount of approximately HKD 1.294 billion [2] Company Overview - Blukoo's market share in the Chinese building block toy segment is significant, with its products accounting for a large portion of the revenue [2] - The company has a diverse product lineup, including 431 SKUs, primarily targeting children aged 6 to 16 [2] - The company is expected to have a market capitalization of approximately HKD 10.9 billion post-IPO, with a PS ratio of about 10 times based on 2023 estimates [2] Financial Performance - For the first half of 2023, Blukoo reported revenues of approximately HKD 3.3 billion, with a year-on-year growth of 63% [2] - The company is projected to continue its rapid growth, with a forecasted revenue increase of 237.6% for 2024 [2] - The global building block toy market is expected to grow at a CAGR of 20.5% from 2019 to 2023, indicating a robust industry outlook [5]

Investment Rating - The report suggests a cautious subscription for the company, Saimo Technology (02571.HK) [1] Core Viewpoints - Saimo Technology focuses on simulation testing technology for intelligent connected vehicles (ICV) and provides related testing, validation, and evaluation solutions. The company is the largest market participant in China's ICV testing, validation, and evaluation solutions industry, with a market share of approximately 5.3% as of 2023 [1] - The company has shown significant revenue growth, with revenues of 107 million, 145 million, 176 million, and 55.56 million yuan for the years 2021, 2022, 2023, and the first half of 2024, respectively. The adjusted net profits for the same years are approximately 38.61 million, 50.39 million, and 54.98 million yuan, with a net loss of 4.60 million yuan in the first half of 2024 [1] - The estimated market size for L3 and above ICVs in China is projected to reach approximately 7.1 million units by 2030, representing about 18.8% of the market size for ICVs in that year [1] Summary by Sections IPO Details - The IPO price range is set between 12-18 HKD, with a total fundraising amount of 428 million HKD. The total number of shares available for subscription is 33.3334 million, with 30 million shares allocated for international placement and 3.3334 million shares for public offering [1] - The estimated market capitalization upon listing is approximately 2 billion HKD, corresponding to a PE ratio of 35 times based on 2023 earnings [1] Market Growth - The sales volume of ADAS-level ICVs in China has increased from approximately 7.2 million units in 2019 to about 15.8 million units in 2023, reflecting a compound annual growth rate (CAGR) of approximately 21.8%. It is expected to further grow to about 17.5 million units in 2024 and reach approximately 24.7 million units by 2030, with a CAGR of about 5.9% [1]

Investment Rating - The report recommends a cautious subscription for the company Brainstorm Aurora-B (6681.HK) [2] Core Insights - The company has developed medical-grade digital therapy products targeting cognitive impairments, with a product pipeline addressing various cognitive disorders caused by vascular diseases, neurodegenerative diseases, mental disorders, and developmental defects in children. The core product is the first regulatory-approved digital therapy for cognitive impairment in China, utilizing evidence-based medicine and deep neural networks for personalized treatment plans [2][3] - The company's revenue from 2021 to 2023 was RMB 2.3 million, RMB 11.3 million, and RMB 67.2 million, with a mid-year revenue of RMB 52.2 million in 2024. However, the company reported losses from 2021 to 2023, with a mid-year loss of RMB 114.4 million in 2024 [2] - The company holds 40 patents and 70 patent applications in China, along with 9 pending patent applications overseas. It has developed two core technologies: virtual human technology and AI technology, which provide a solid foundation for its systems and other products [2] - The market for cognitive impairment digital therapy in China reached RMB 268.6 million in 2023, projected to grow to RMB 1,046.7 million by 2025 and RMB 8,927.4 million by 2030, with a compound annual growth rate (CAGR) of 53.5% [2] - According to Frost & Sullivan, the company is the first in China to develop medical-grade digital therapy products for cognitive impairment using brain science and advanced AI technology. In 2023, the company held a market share of 25.0% in the cognitive impairment digital therapy market and 91.6% in the medical-grade cognitive impairment digital therapy market [2] - Post-IPO, the company's estimated market capitalization is approximately HKD 3.67 billion, indicating a strong competitive advantage in the cognitive impairment digital therapy market, although the valuation is considered not cheap, hence the cautious subscription recommendation [2]

Investment Rating - Target price: HKD 15.75, representing a 64.5% upside from the current price of HKD 9.57 [1] - Maintains a "Buy" rating [7][22] Core Views - The company is undervalued with a static PE of 7.5x and a dividend yield of 6.1% [7] - Revenue for 2024-2026 is projected to be RMB 4.413 billion, RMB 4.722 billion, and RMB 5.147 billion, respectively, with net profits of RMB 1.012 billion, RMB 1.096 billion, and RMB 1.184 billion [7] - The company's gross margin slightly increased from 75.2% to 75.3% in 2024, reflecting effective cost control [6] - Sales and distribution costs decreased by 20.3% YoY, further improving net profit margins [6] Business Performance - Revenue for the first three quarters of 2024 decreased by 16.9% YoY to RMB 2.887 billion, primarily due to the normalization of post-pandemic demand and the impact of centralized procurement on traditional Chinese medicine products [6] - Revenue breakdown by product: injection products decreased by 26.7% to RMB 1.028 billion, soft capsule products decreased by 19.3% to RMB 391 million, granule products decreased by 2.2% to RMB 457 million, and traditional Chinese medicine formula granules decreased by 12.0% to RMB 824 million [6] - The company is expanding its market presence beyond Hebei and Yunnan provinces, with 90.4% of formula granule sales still concentrated in these two regions [13] Product Pipeline and Innovation - The company is actively developing exclusive innovative traditional Chinese medicine products, with oral drugs now accounting for 64% of its portfolio [7] - Key products in the pipeline include Saitong Capsule and JC Capsule, both of which have completed Phase III clinical trials [9][21] - Saitong Capsule, targeting vascular dementia, is expected to apply for production approval in the first half of 2025, with a potential market size of over 10 million patients in China by 2025 [26] - The company's R&D expenses account for 2.1% of total sales revenue, focusing on chronic disease treatments such as cardiovascular, pediatric, orthopedic, gynecological, and geriatric diseases [9] Market Expansion and Strategy - The company plans to strengthen its market expansion in provinces participating in the inter-provincial alliance, including Beijing, Tianjin, Anhui, and Shandong, while also targeting grassroots markets [29] - The production capacity of traditional Chinese medicine formula granules currently stands at RMB 5 billion annually, with plans for further expansion based on market demand [29] Financial Analysis - The company's gross margin has remained stable at around 75% over the past few years, with a slight increase to 75.3% in 2024 [6][15] - Net profit margins improved to 22.93% in 2024, up from 21.47% in 2023 [15] - The company's ROE is projected to increase from 15.38% in 2024 to 15.83% in 2026, reflecting improved profitability and efficiency [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 8.35, representing a potential upside of 73% from the current price of HKD 4.80 [4][20]. Core Insights - The company is experiencing temporary pressure on its performance due to the pharmaceutical industry environment, but it is rapidly advancing its innovative drug development [3][9]. - The company has built an international R&D team of over 2,000 people, focusing on oncology, neuropsychiatry, and cardiovascular treatments, with plans to allocate 20.8% of its revenue from established drugs to R&D [8][9]. - The company has over 60 key drugs in clinical or application stages, with 6 submitted for market approval and 24 products (30 indications) in registration clinical stages [8][9]. - The company plans to submit nearly 50 new products/new indications for market approval in the next five years, indicating strong growth potential [11][20]. Financial Summary - For the first three quarters of 2024, total revenue was RMB 22.686 billion, a decrease of 4.9% year-on-year, primarily due to a decline in established drug revenue [10][19]. - Established drug revenue decreased by 3.5% to RMB 18.670 billion, while raw material product revenue fell by 5.2% to RMB 2.726 billion [10][19]. - Net profit decreased by 15.9% to RMB 3.778 billion, with R&D expenses increasing by 5.5% to RMB 3.880 billion, accounting for 20.8% of established drug revenue [10][19]. - Revenue projections for 2024-2026 are RMB 29.600 billion, RMB 30.511 billion, and RMB 32.964 billion, respectively, with net profits of RMB 4.860 billion, RMB 5.005 billion, and RMB 5.471 billion [11][20].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of $5.33, representing a potential upside of 48.7% from the current price of $3.60 [8][24]. Core Insights - The company reported Q3 revenue of 845 million RMB, a year-on-year decrease of 17.32%, but net loss decreased by 96.8% to 9 million RMB, with a gross margin increase to 63.9%, the highest in its history [3][14]. - The company is focusing on profitability, with a strategy to enhance gross margins and reduce net loss rates, aiming for significant loss reduction or near profitability by 2025 [8][10]. - The integration of AI technology into the platform is expected to improve user experience and attract new users, thereby increasing engagement and revenue from advertisers [15][26]. Financial Performance - Q3 revenue breakdown shows a decline across all major business segments: advertising marketing services down 32.9% to 257 million RMB, paid membership down 1.71% to 459 million RMB, and vocational training down 27.59% to 105 million RMB [3][14]. - The company’s MAU reached 81.1 million, with average monthly subscribers at 16.5 million, and content creation volume increased by 14.9% year-on-year [6][8]. - The operating expenses for Q3 were 624 million RMB, a decrease of 30.5% year-on-year, with significant reductions in sales and marketing, R&D, and general administrative expenses [36]. Future Outlook - The company aims to leverage its unique knowledge ecosystem and AI capabilities to enhance search functionalities and user satisfaction, which is expected to drive user growth and retention [15][8]. - The financial projections indicate a gradual improvement in revenue and a path towards profitability, with net losses expected to decrease significantly by 2025 [4][18].

一般声明 特别声明 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 证 券 研 究 报 告 请务必阅读免责条款 | --- | --- | |---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

亿胜生物科技（1061.HK） 2024-12-24 星期二 主要股东 更新报告：亿胜生物科技（1061.HK）- 20210316 、公司年报、国元证券经纪（香港）整理 公司 24 年中期综合营收 8.12 亿港元，较去年同期减少 9.8%。眼科业 较去年同期减少 1.6%；外科业务较去年同期减少 15.8%。公司期内溢利 为 1.57 亿港元，较去年同期减少 7.3%。主要原因是由于医疗行业监管 政策的收紧，导致市场环境不利。 ➢ 贝伐珠单抗研发推进加快 2022 2023 2024E 2025E 2026E 1637.66 1318.00 1706.56 1682.00 1823.00 1982.00 -19.52% 29.48% -1.44% 8.38% 8.72% 345.98 225.75 275.00 264.93 284.58 304.20 -34.75% 21.82% -3.66% 7.41% 6.90% 17.13% 17.13% 16.11% 15.75% 15.61% 0.40 0.49 0.47 0.50 0.54 4.83 7.42 6.08 6.31 5.88 5.50 报告正文 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.6, indicating a potential upside of 30% from the current price [3][29]. Core Insights - The company's LNG processing and storage business has shown positive revenue growth, achieving RMB 5.662 billion in H1 2024, a year-on-year increase of 9.14%, with a pre-tax profit of RMB 1.648 billion, up 22.89% [2][27]. - The company has a three-year dividend distribution plan from 2023 to 2025, with the annual payout ratio expected to gradually increase to 45% [2][28]. - The company aims for an LNG receiving station load factor of 90% for the year, indicating a positive outlook for the LNG industry chain [2][27]. Summary by Sections Financial Performance - In H1 2024, the company achieved natural gas sales of 26.438 billion cubic meters, a year-on-year increase of 10.55%, with retail gas volume reaching 16.302 billion cubic meters, up 10.25% [6][17]. - The average production load factor for the company's 14 operational plants was 58.4%, an increase of 19.5 percentage points year-on-year [2][27]. Dividend Policy - The company declared an interim dividend of 16.41 cents in H1 2024, with a payout ratio of 43%, reflecting stable profit growth and significant potential for future dividend increases [2][28]. Market Position - The company operates in four main segments: natural gas sales, LPG sales, LNG processing and storage, and exploration and production, with a user base exceeding 16 million across 31 provinces in China [6][17].