Policy Implications - Trump's economic policies are more conservative compared to Harris, emphasizing tax cuts and reduced government regulation, including lowering corporate tax to 20%[5][7] - The Trump administration may reshape the Republican Party structure, leading to higher policy uncertainty due to reduced checks and balances in Congress[11][14] Market Reactions - Trump's election is expected to adjust asset price expectations, with potential increases in U.S. stocks and bonds, as well as cryptocurrencies like Bitcoin[16][18] - Energy and precious metal prices, such as oil and gold, may see a decrease in expectations due to Trump's policies[19] Trade and Currency Impact - Trump's administration may impose a 60% tariff on Chinese goods, impacting U.S.-China trade relations and potentially pressuring the Chinese yuan[9][20][22] - The anticipated fiscal stimulus measures from the National People's Congress in China may counterbalance external economic disturbances[24][26] Economic Outlook - The overall economic growth outlook remains positive, with expectations of short-term volatility but stabilization in the medium to long term[33]

Investment Rating - The report suggests a cautious subscription for Jinko Electronics Co., Ltd. (02551.HK) [4] Core Viewpoints - Jinko Electronics is a provider of intelligent visual products and systems, covering automotive intelligent vision, high-end lighting, and new displays. The company integrates LED technology with integrated circuits, software, sensors, and optics, possessing various "LED+" technologies. This enables the company to penetrate high-value and high-growth markets [4] - The company ranks third among domestic manufacturers in China's high-end lighting industry and fifth among all manufacturers in the same industry, with a market share of 5.3% in 2023. In the automotive intelligent vision sector, it ranks fifth among domestic manufacturers and twelfth among all manufacturers, with a market share of 0.5% in 2023. In the liquid crystal television backlight industry, it ranks fourth among both domestic and all manufacturers, with a market share of 9.1% in 2023 [4] - The global LED intelligent vision industry reached a market size of USD 192 billion in 2023 and is expected to grow to USD 287.2 billion by 2028, with a compound annual growth rate (CAGR) of 8.4% [4] Summary by Sections IPO Details - The IPO price is set at HKD 3.61, with a total fundraising amount of HKD 121 million after deducting underwriting fees and estimated expenses related to the global offering. The total number of shares offered is 33.6 million, with 30.24 million shares allocated for international placement (approximately 90%) and 3.36 million shares for public offering (approximately 10%) [4] - The estimated market capitalization upon listing is approximately HKD 1.92 billion, corresponding to a price-to-earnings (PE) ratio of 24 times based on 2023 earnings [4]

证 券 研 究 报 告 1 | --- | --- | --- | --- | |---------------------------|----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|---------------| | IPO 申购指南 | 傲基股份（ | 2519.HK） | | | 建议谨慎申购 | | 2024-10-31 | 星期四 | | 一、 傲基股份（ 2519.HK | ）招股详情 | | | | 名称及代码 | 傲基股份（ 2519.HK ） | | | | 独家保荐人 华泰国际 | | | | | 上市日期 | 2024 年 11 月 18 日（周一 ) | | | | 招股价格 | 14.56-15.60 港元 | | | | 集资额 | 3. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.5 per share, indicating a potential upside of 22.6% from the current price of HKD 3.65 [2][6][19]. Core Insights - The company has demonstrated steady revenue and profit growth in the first half of 2024, with revenue reaching RMB 1,646.4 million, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of RMB 322.2 million, up 22.2% [4][7][15]. - The company is repositioning itself as a "global supplier," focusing on automotive plastic parts surface treatment, despite a slight decline in sales volume [10][11]. - The gross profit margin improved to 37.3% in the first half of 2024, up from 33.4% in the same period of 2023, attributed to stable sales costs and improved operational efficiency at the Mexican factory [5][15][19]. Summary by Sections Financial Performance - As of June 30, 2024, the company had cash reserves of RMB 978 million, a 46.6% increase from the end of 2023, and bank loans decreased by 11.6% to RMB 62.3 million [3][9][19]. - The company’s total assets were RMB 51.8 billion, with a net asset value of RMB 38.6 billion [3]. Market Position and Strategy - The global automotive sales are expected to see slight growth in 2024, with an estimated total of over 92 million vehicles sold, the highest since 2018 [10]. - The company’s sales volume of automotive parts decreased from approximately 193.5 million units in the first half of 2023 to about 189.2 million units in the first half of 2024, while the average selling price increased by 11.1% [10][11]. Future Projections - The company forecasts revenues of RMB 31.85 billion, RMB 34.38 billion, and RMB 36.78 billion for 2024, 2025, and 2026, respectively, with net profits projected at RMB 6.33 billion, RMB 6.96 billion, and RMB 7.53 billion [6][19]. - The average net profit growth rate over the next three years is estimated at 7.5% [19].

Investment Rating - The report suggests a cautious subscription for Longpan Technology (02465.HK) [3] Core Viewpoints - Longpan Technology is a leading manufacturer of lithium iron phosphate cathode materials globally and a well-known manufacturer of automotive fine chemicals in mainland China. As of 2023, the company ranks as the fourth largest lithium iron phosphate cathode material manufacturer in China and globally, with a market share of 6.5% [3] - The demand for new energy vehicle batteries is expected to grow significantly, driven by China's dual goals of "carbon peak" and "carbon neutrality." The shipment volume of new energy vehicle batteries in mainland China is projected to increase from 816.6 GWh in 2024 to 1,860.5 GWh in 2028, representing a compound annual growth rate (CAGR) of 22.9% [3] - The report highlights that the sales volume of lithium iron phosphate cathode materials in mainland China is expected to grow at a CAGR of 17.2%, from 2,056.0 thousand tons in 2024 to 3,884.0 thousand tons in 2028 [3] Summary by Sections IPO Details - The IPO price range is set at 4.5-7 HKD, with a total fundraising amount of 575 million HKD [3] - The subscription period is from October 22, 2024, to October 25, 2024, with the listing date on October 30, 2024 [3] Financial Performance - The company's revenue for 2021, 2022, and 2023 was 4.05 billion, 14.07 billion, and 8.73 billion RMB, respectively, with corresponding net profits of 433 million, 1.03 billion, and -1.51 billion RMB [3] - In the first half of 2024, the company's revenue was 3.569 billion RMB, lower than 3.814 billion RMB in the same period last year [3]

Investment Rating - The report recommends subscription for China Resources Beverage (2460.HK) [3] Core Viewpoints - China Resources Beverage is a well-known enterprise in the Chinese packaged drinking water and ready-to-drink soft drink industry, with a market share of 32.7% and 18.4% respectively as of 2023 [3] - The company has a diverse product portfolio with 13 brands and 59 SKUs, focusing on packaged drinking water, tea drinks, and juice beverages, which are expected to grow faster than the industry average from 2023 to 2028 [3] - The revenue growth from 2021 to 2023 is projected at a CAGR of 9.2%, with net profit CAGR at 24.6%, indicating a steady increase in profit margins [3] Summary by Sections IPO Details - The IPO price range is set at HKD 13.5-14.5, with a total fundraising amount of HKD 4.726 billion [3] - The total number of shares offered is 347.83 million, with 89% allocated for international placement and 11% for public offering [3] Market Position - The Chinese ready-to-drink soft drink market is projected to grow from RMB 909.2 billion in 2023 to RMB 1,203.2 billion by 2028, with a CAGR of 5.8% [3] - The packaged drinking water market is expected to grow at a CAGR of 7.1%, reaching a market size of RMB 215 billion [3] Financial Performance - The company's revenue reached RMB 13.515 billion in 2023, with a net profit of RMB 1.331 billion, and profit margins improved from 7.6% to 9.9% [3] - In the first four months of 2024, revenue and net profit grew by 5.3% and 29.5% respectively, with net profit margin further increasing to 11.1% [3]

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) with a target price of HKD 4.50, representing a potential upside of 23% from the current price of HKD 3.65 [1][7]. Core Insights - The restructuring of hydropower assets back to A-shares positions Yuanda Environmental Protection as the direct integration platform for State Power Investment Corporation's hydropower assets, enhancing China Power's role as a comprehensive clean energy flagship [5][9]. - The integration of hydropower assets is expected to elevate the overall valuation of both State Power Investment Corporation and China Power, leveraging the high valuation of hydropower assets in the A-share market [6][10]. - The report outlines projected revenue growth, with expected revenues of RMB 51.67 billion in 2024, reflecting a year-on-year increase of 16.7% [8][14]. Summary by Sections Investment Rating - Target Price: HKD 4.50 - Current Price: HKD 3.65 - Expected Increase: 23% [1] Key Financial Data - Total Shares: 12.4 billion - Total Market Capitalization: HKD 45.2 billion - Net Assets: RMB 100,271 million - Total Assets: RMB 325,581 million - 52-week High/Low: HKD 4.51 / HKD 2.58 - Earnings per Share (EPS) for 2024E: RMB 0.22 [2][8] Major Shareholders - China Power International Co., Ltd. (22.91%) - China Power Development Co., Ltd. (21.52%) - China Power (Renewable Energy) Holdings Co., Ltd. (14.85%) [3] Financial Projections - Revenue for 2024E: RMB 51,673 million, with a year-on-year growth of 16.7% - Net Profit for 2024E: RMB 4,944 million, with a year-on-year growth of 85.9% - Projected PE ratios: 10x for 2024 and 8x for 2025 [8][14]

Investment Rating - The report suggests a cautious subscription for Qiniu Intelligent (2567.HK) [3] Core Viewpoints - Qiniu Intelligent is a provider of audio and video cloud services, holding a 1.5% market share in the overall audio and video cloud service market as of 2023. It is the second-largest audio and video APaaS service provider in China with a market share of 14.1% [3] - The company offers comprehensive and high-performance MPaaS products and has integrated technical capabilities covering all aspects of audio and video services. Its main products include QCDN, Kodo, interactive live streaming products, and Dora, an intelligent media data analysis platform [3] - The company's MPaaS platform delivers over 4.6 billion minutes of audio and video playback daily, which is above the industry average. The Kodo product supports centralized and edge storage as well as multi-cloud deployment [3] - The estimated market capitalization post-IPO is approximately HKD 56 billion, with a price-to-sales ratio of about 4 times based on 2023 figures, indicating reasonable valuation despite the competitive cloud industry and weak macroeconomic environment [3] Company Details - The IPO price range is set between HKD 2.74 and HKD 2.86, with total fundraising expected to be HKD 374 million based on the median offer price [3] - The total number of shares offered is 159 million, with 90% allocated for international placement and 10% for public offering [3] - The subscription period runs from September 30, 2024, to October 10, 2024, with the listing date scheduled for October 16, 2024 [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 33.8, representing a potential upside of 32.7% from the current price of HKD 24.45 [1][4][12]. Core Insights - The company's revenue for the first half of the year reached RMB 4.191 billion, a year-on-year increase of 28%, exceeding previous growth expectations. Operating profit and net profit also saw significant growth, increasing by 46% and 34% respectively [4][7]. - The copyright business has emerged as the main driver of growth, with revenue from copyright operations and other businesses increasing by 73.3% year-on-year, while online business revenue declined by 2.2% [4][10]. - The company is focusing on optimizing its cost and expense structure to enhance operational efficiency in 2024 [4][7]. Summary by Sections Revenue Performance - The company reported a revenue of RMB 4.191 billion in the first half of the year, with a 28% year-on-year growth, surpassing previous expectations. Operating profit and net profit increased by 46% and 34% respectively [4][7]. - Online business revenue decreased by 2.2%, while copyright operations and other businesses saw a 73.3% increase, becoming the main growth driver [4][10]. Market Position and Strategy - The company continues to invest in its online reading business, enhancing the efficiency and quantity of quality content. It maintains a competitive advantage in the industry due to its IP portfolio and AI technology [8][9]. - The internationalization of content is progressing positively, with AI translation technology facilitating rapid growth in translated works on overseas platforms [9][10]. IP Development and Future Prospects - The company has made significant progress in its IP visualization strategy, launching several successful projects. It plans to accelerate its development in the short drama sector, with over 100 short drama projects expected to be launched in the year [10][11]. - The report highlights the potential for maximizing commercial value through cross-product collaboration, indicating a strong growth momentum for the company [11][12].

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) and raises the target price to HKD 4.50, indicating a potential upside of 26% from the current price of HKD 3.58 [1][7]. Core Insights - The report highlights strong growth in wind and solar electricity sales, with total sales for the first eight months of 2024 reaching 87,773,648 MWh, a year-on-year increase of 31.24%. Wind and solar sales grew by 70.22% and 78.13% respectively [4][9]. - The thermal power segment also showed positive growth in August, benefiting from declining coal prices, with net profit for thermal power reaching RMB 1.108 billion, a year-on-year increase of 97.23% [5][10]. - Hydropower generation is expected to grow by approximately 80% for the full year, despite a slight decline in August sales [6][11]. - The report projects significant profit growth for the company, with net profit expected to reach RMB 4.944 billion in 2024, reflecting an 85.9% year-on-year increase [8][15]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of RMB 51.673 billion, a 16.7% increase from the previous year, and net profit of RMB 4.944 billion, an 85.9% increase [8][15]. - The report indicates an EBITDA margin improvement, with expectations of 39% in 2024 [15]. Shareholder Information - Major shareholders include China Power International Co., Ltd. (22.91%), China Power Development Co., Ltd. (21.52%), and China Power (Renewable Energy) Holdings Ltd. (14.85%) [3]. Market Position - The company is positioned favorably within the industry, with a current market capitalization of HKD 443 billion and a total share capital of 12.4 billion shares [2][4].