Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 18.00, indicating a potential upside of 30.2% from the current price of HKD 13.82 [2][3]. Core Insights - The company's performance in 2024 is expected to be under pressure due to changes in the medical insurance payment environment, but long-term growth visibility remains significant. It is anticipated that by 2025, the company will recover with a profit growth rate exceeding 20% as the impact of cost control normalizes and new hospital integrations are completed [3][7]. - The report highlights that despite a projected revenue growth of 9% for 2024, the second half of the year may see an 11% decline in revenue due to pressures from DRG/DIP nationwide promotion and slow reimbursement in certain regions. However, the company has shown resilience in outpatient services, with a 21% increase in annual revenue [7][8]. Financial Forecast Changes - Revenue and net profit forecasts for 2025 and 2026 have been adjusted downwards by 16-21% and 21-27% respectively. The new revenue forecast for 2025 is set at RMB 4,987 million, down from RMB 5,922 million, while the net profit forecast is reduced to RMB 743 million from RMB 936 million [6][7]. - The report provides detailed financial projections, including a projected revenue of RMB 5,527 million for 2026 and RMB 6,291 million for 2027, with corresponding net profits of RMB 853 million and RMB 1,033 million [13]. Business Growth Drivers - New hospital openings and expansions are expected to provide growth momentum. The company has completed the acceptance and opening of a tertiary hospital in Dezhou, with additional hospitals in Wuxi and Changshu expected to open by the end of this year and next year respectively [7][8]. - The company is exploring new business avenues in response to the changing medical insurance payment environment, including internet hospitals and self-funded services related to innovative drugs, which are anticipated to have long-term growth potential [7][8].

交银国际研究 每日晨报 2025 年 3 月 31 日 今日焦点 | 移卡 | | 9923 HK | | --- | --- | --- | | 支付业务边际改善，关注增值服务及海外拓展 | | 评级: 中性 | | 收盘价: 港元 8.36 | 目标价: 港元 9.60↓ | 潜在涨幅: +14.8% | | 谷馨瑜, CPA | connie.gu@bocomgroup.com | | 基于 2025 年 12 倍市盈率，调整目标价至 9.6 港元，维持中性评级。支 付业务边际改善，但全年表现仍有不确定性。关注海外业务拓展，以及 AI 赋能下高利润率的增值服务收入及利润增长。 2024 下半年业绩回顾：移卡 2024 下半年收入 15 亿元（人民币，下同） ，同比降 20% ，主要受支付交易规模下降影响（同比-20%），经调整 EBITDA 同比降 17%至 2.2 亿元，但环比增 35%，主要因支付业务毛利率 优化。 支付业务边际改善，关注增值服务及海外拓展：我们预计 2025 年支付 GPV/收入为 2.45 万亿元/29.6 亿元，同比增 5%/10%，对应支付费率提升 0.6 个基点。公司强化 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price raised to HKD 31.68, indicating a potential upside of 23.0% from the current price of HKD 25.75 [2][6][10]. Core Insights - The company is experiencing stable development across its diversified business segments while maintaining its dividend payout ratio. Despite a decline in profit margins, the company has managed to sustain its dividend rate [2][6]. - The report highlights that property delivery increases in 2024 will drive property development revenue growth by 11.8% to RMB 237.15 billion, contributing to an overall revenue increase of 11.0% to RMB 278.80 billion [6][7]. - The company’s net debt ratio is projected to remain low at 31.9% by the end of 2024, with a decrease in average financing costs to 3.11%, the lowest in the industry [6][7]. Financial Overview - Revenue for 2023 is projected at RMB 251.14 billion, increasing to RMB 278.80 billion in 2024, with a year-on-year growth of 11.0% [5][7]. - Core profit is expected to decline from RMB 27.77 billion in 2023 to RMB 25.42 billion in 2024, reflecting an 8.5% decrease [5][7]. - The gross profit margin is anticipated to decrease by 3.6 percentage points to 21.6% in 2024, influenced by a drop in property development gross margin [6][7]. Business Performance - The company’s contract sales amount is expected to reach RMB 261.1 billion in 2024, a decrease of 15% year-on-year, but it ranks third in the industry [6][7]. - The asset management scale has increased by 8.1% to RMB 462.1 billion, with shopping center revenue showing a strong performance, growing by 19.2% year-on-year [6][7]. - The company plans to increase its operational shopping centers from 92 to 116 by the end of 2028, which is expected to drive revenue growth in the operational real estate segment by over 10% annually for the next three years [6][7].

Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price raised to HKD 20.50, indicating a potential upside of 31.4% from the current price of HKD 15.60 [1][6][8]. Core Insights - Weichai Power's engine profits have shown strong growth, with a record high dividend payout ratio of 55%. The company is expected to achieve a revenue growth of 0.8% in 2024, reaching RMB 215.7 billion, driven by improved gross margins and a net profit increase of 26.5% to RMB 11.4 billion [2][6]. - The report highlights several catalysts for growth, including new subsidies to boost heavy truck demand, strong growth in data center engines, and robust demand for natural gas heavy trucks [6][10]. Financial Overview - Revenue projections for Weichai Power are as follows: - 2023: RMB 213.96 billion - 2024: RMB 215.69 billion (0.8% YoY growth) - 2025E: RMB 237.92 billion (10.3% YoY growth) - 2026E: RMB 254.83 billion (7.1% YoY growth) - 2027E: RMB 269.35 billion (5.7% YoY growth) [3][10]. - Net profit forecasts are: - 2023: RMB 9.01 billion - 2024: RMB 11.40 billion (26.5% YoY growth) - 2025E: RMB 14.64 billion (28.4% YoY growth) - 2026E: RMB 16.19 billion (10.6% YoY growth) - 2027E: RMB 17.77 billion (9.8% YoY growth) [3][10]. - The report notes a significant improvement in gross margin, which is expected to reach 22.4% in 2024, up from 21.1% in 2023 [11]. Market Position and Performance - Weichai Power's market share in the domestic heavy truck engine market is 38.7%, with a strong performance in high-end markets such as data centers, where sales of M-series engines grew by 148% [6][10]. - The company has maintained a stable market share despite a 5% decline in overall commercial vehicle demand in the domestic market [6][10]. Valuation Metrics - The report provides the following valuation metrics: - Price-to-Earnings (P/E) ratio for 2025E is projected at 11.5x, with a corresponding dividend yield of 6.6% [6][10]. - The book value per share is expected to be RMB 8.73 in 2025E, with a price-to-book (P/B) ratio of 2.4x [3][10].

交银国际研究 公司更新 | 新能源 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 28 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 11.44 | 港元 | 13.45↑ | +17.6% | | | 福莱特玻璃 (6865 HK) | | | | | | | 4 季度业绩展现韧性，光伏玻璃价格近期强劲反弹，上调至买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 21,524 | 18,683 | 18,695 | 21,552 | 24,217 | | 同比增长 (%) | 39.2 | -13.2 | 0.1 | 15.3 | 12.4 | | 净利润 (百万人民币) | 2,760 | 1,007 | 1,054 | 2,077 | 2,690 | | 每股盈利 (人民币) | 1.17 | 0.43 | 0.45 | 0.89 | ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price raised to HKD 20.50, indicating a potential upside of 31.4% from the current price of HKD 15.60 [1][6][8]. Core Insights - Weichai Power's engine profits have shown strong growth, with a record high dividend payout ratio of 55%. The company is expected to achieve a revenue growth of 0.8% in 2024, reaching RMB 215.7 billion, driven by improved gross margins and a net profit increase of 26.5% to RMB 11.4 billion [2][6]. - The report highlights several catalysts for growth, including new subsidies to boost heavy truck demand, strong growth in data center engines, and robust demand for natural gas heavy trucks [6][10]. Financial Overview - Revenue projections for Weichai Power are as follows: - 2023: RMB 213.96 billion - 2024: RMB 215.69 billion (0.8% YoY growth) - 2025E: RMB 237.92 billion (10.3% YoY growth) - 2026E: RMB 254.83 billion (7.1% YoY growth) - 2027E: RMB 269.35 billion (5.7% YoY growth) [3][10]. - Net profit forecasts are: - 2023: RMB 9.01 billion - 2024: RMB 11.40 billion (26.5% YoY growth) - 2025E: RMB 14.64 billion (28.4% YoY growth) - 2026E: RMB 16.19 billion (10.6% YoY growth) - 2027E: RMB 17.77 billion (9.8% YoY growth) [3][10]. - The report notes a significant improvement in gross margin, which is expected to reach 22.4% in 2024, up from 21.1% in 2023 [11]. Market Position - Weichai Power's heavy truck engine sales are projected to remain stable, with a market share of 38.7% in the domestic market. The company has also seen a 148% increase in sales of data center products [6][10]. - The company has a market capitalization of approximately HKD 250.4 billion and has shown a year-to-date price change of 31.31% [5][10].

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price of HKD 31.68, indicating a potential upside of 23.0% from the current price of HKD 25.75 [1][2][10]. Core Insights - The company is experiencing stable development across its diversified business segments while maintaining its dividend payout ratio. Despite a decline in profit margins, the company has managed to sustain its dividend rate [2][6]. - The report highlights a projected revenue growth of 11.0% year-on-year for 2024, with total revenue expected to reach RMB 278.8 billion, driven by increased property deliveries [6][7]. - The company’s net profit is forecasted to decline by 18.5% to RMB 25.6 billion in 2024, primarily due to a decrease in gross profit margin [6][7]. Financial Overview - Revenue for 2023 is reported at RMB 251.1 billion, with a projected increase to RMB 278.8 billion in 2024 [5][7]. - The gross profit margin is expected to decrease from 25.2% in 2023 to 21.6% in 2024, reflecting a 3.6 percentage point decline [7][11]. - The company’s net debt ratio is projected to remain low at 31.9% by the end of 2024, with a decrease in average financing costs to 3.11%, the lowest in the industry [6][7]. Business Performance - The company’s property development revenue is expected to grow by 11.8% to RMB 237.2 billion in 2024, supported by increased property deliveries [6][7]. - Contract sales for 2024 are projected to reach RMB 261.1 billion, although this represents a 15% decline year-on-year [6][7]. - The asset management segment has shown an 8.1% increase in scale, with operational income from shopping centers, offices, and hotels totaling approximately RMB 193 billion, RMB 18.8 billion, and RMB 20.7 billion respectively [6][7]. Future Outlook - The company anticipates a stable sales performance in 2025, supported by a total saleable value of approximately RMB 500.9 billion [6][7]. - The report suggests that the stable performance of the investment property portfolio will help mitigate the impact of declining industry gross margins, maintaining overall profit stability [6][7].

交银国际研究 公司更新 | 新能源 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 28 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 11.44 | 港元 | 13.45↑ | +17.6% | | | 福莱特玻璃 (6865 HK) | | | | | | | 4 季度业绩展现韧性，光伏玻璃价格近期强劲反弹，上调至买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 21,524 | 18,683 | 18,695 | 21,552 | 24,217 | | 同比增长 (%) | 39.2 | -13.2 | 0.1 | 15.3 | 12.4 | | 净利润 (百万人民币) | 2,760 | 1,007 | 1,054 | 2,077 | 2,690 | | 每股盈利 (人民币) | 1.17 | 0.43 | 0.45 | 0.89 | ...

交银国际研究 每日晨报 2025 年 3 月 28 日 今日焦点 | 瑞浦兰钧 | | 666 HK | | --- | --- | --- | | 规模效应下毛利率提升，动力电池业务增速强 | | 评级: 买入↑ | | 劲；上调至买入评级 | | | | 收盘价: 港元 10.56 | 目标价: 港元 14.25 | 潜在涨幅: +35.0% | | 李柳晓, PhD, CFA | joyce.li@bocomgroup.com | | 2024 年瑞浦兰钧收入 178.0 亿元，同比+29.4%，其中动力电池/储能电池 收入 73.8 亿/72.6 亿元，同比+71.4%/+3.9%。盈利能力方面，2024 年公 司整体毛利率提升 1.6 个百分点至 4.1%，净亏损同比缩减 21%至 11.6 亿 元。 2025 年 1 月，公司发布公告将于印度尼西亚投资建设电池厂，公司预计 一期投产后可年产 8GWh 动力与储能电池及系统以及电池组件。 上调至买入评级。我们预计 2025-27 年归母净亏损为 11.2 亿/7.1 亿/1.5 亿元。基于 DCF 模型，维持目标价 14.25 港元，当前股价较目标价 ...

交银国际研究 公司更新 | 燃气 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 27 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 7.01 | 港元 | 8.12↓ | +15.8% | | | 中集安瑞科 (3899 HK) | | | | | | 清洁能源产品增长稳定，制氢项目的盈利贡献预期持续增长 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 3899 HK 恒生指数 股份资料 | 52周高位 (港元) | 8.33 | | --- | --- | | 52周低位 (港元) | 5.75 | | 市值 (百万港元) | 14,191.04 | | 日均成交量 (百万) | 2.92 | | 年初至今变化 (%) | (0.71) | | 200天平均价 (港元) | 6.80 | | 资料来源 : FactSet | | 郑民康 wallace.cheng@bocomgroup.com (852) ...