即时点评 供股获超额认购，充裕资金保障焦煤业务发展 首钢资源（0639.HK） 2024-11-13 星期三 事件： 2024 年 10 月 22 日，公司发布供股方案： 供股基准：每持有三十股现有股份获发一股供股股份。 供股价格：每股供股股份 2.60 港元。 供股股份总数：164,227,928 股。 2024 年 11 月 12 日，公司发布公告，宣布其供股结果。截止到 2024 年 11 相关报告 月 5 日，公司共接获 52 份有效接纳及申请，涉及 7.29 亿股供股股份。 其中，33 份暂定配额通知书的有效接纳涉及 1.54 亿股供股股份，占供股 总数的约 93.8659%；19 份额外申请表格的有效申请涉及 5.75 亿股供股 股份，占供股总数的约 349.9427%。整体来看，供股的有效接纳和申请总 数约为供股可供认购股份总数的 4.4381 倍。 供股所得款项总额预计约为 4.27 亿港元，扣除相关开支后的净额预计为 4.25 亿港元。供股完成后，公司股权结构发生变化，主要股东的持股比 例略有上升。供股股份的证书预计于 2024 年 11 月 13 日寄出，供股股份 将在 2024 年 11 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.52, indicating a potential upside of 31% from the current price of HKD 3.45 [6][11]. Core Insights - The company reported a total revenue of RMB 15.789 billion for the first three quarters of 2024, representing an 18.7% year-on-year increase, while the net profit attributable to shareholders was RMB 1.495 billion, a slight decrease of 0.74% year-on-year [3][8]. - The company's power generation in October 2024 showed significant improvement, with a total output of 1,202.6 GWh, up 21.3% year-on-year, primarily driven by wind power generation [4][9]. - The company is focusing on enhancing its profitability through wind power, with plans to maintain an additional installed capacity of 800 MW for 2024 and a target of 1 GW for the following year [4][9]. - The LNG trade volume for the first nine months reached approximately 1.03 million tons, with expectations of achieving profitability in the LNG terminal operations by next year [5][10]. Financial Performance Summary - For 2024, the company expects total revenue to reach RMB 23.324 billion, reflecting a 15% year-on-year growth, with net profit projected at RMB 2.329 billion, a 5.5% increase [7][26]. - The company's gross margin is expected to decline slightly from 28% in 2022 to 24% in 2024, while EBITDA margin is projected to decrease from 24% to 21% over the same period [27]. - The company’s total assets are estimated to grow from RMB 79.017 billion in 2023 to RMB 82.070 billion in 2024, with shareholder equity expected to increase from RMB 21.877 billion to RMB 23.707 billion [26][27].

事件： 北京时间 11 月 6 日，美国总统特朗普赢得美国总统大选，将成为第 47 届美国总统并且共和党在参众两院选举中取得优势。 点评观点： 1．特朗普经济政策趋向保守，重塑政党结构或带来更高政策不确定性 特朗普本届政治纲领中对于经济部分的阐述相较哈里斯更加保守，强 调减税与缩减政府管制，包括公司税降至 20%，暂停巴塞尔协议 3 的实 施，减少收并购审查等。另一方面，特朗普强调对外征收关税，特别强 调将对华征收 60%的关税以及限制对华投资，同时表示或将退出 WTO。 总体而言特朗普政府的政策方向与目前拜登哈里斯政府的方向差异较 大。另外需要留意的是，由于特朗普在近四年内深刻改变了共和党的 结构，并且参众两院本次均由共和党占主导，我们认为过往印象中的 参众两院对于总统制衡的可能性在本届特朗普政府执政期间将有所降 低，未来四年美国政府的政策可预见性相较过去将出现一定程度下降。 2．特朗普当选或带来大类资产价格预期调整 虽然选举前海外市场已部分计价特朗普当选，但我们仍然认为特朗普 当选将带来部分大类资产的预期调整，特别是在共和党全面获胜的情 况下，美股、美债等美元资产仍有上涨预期，包括比特币在内的加密 货币资 ...

证 券 研 究 报 告 1 请务必阅读免责条款 | --- | --- | |---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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].

证 券 研 究 报 告 1 | --- | --- | |---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 研 究 报 告 1 | --- | --- | |---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]

证 券 研 究 报 告 1 | --- | --- | |---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...