九毛九（9922.HK） | 现 价： | | 2.62 | 港元 | | | --- | --- | --- | --- | --- | | 目标价： 预计升幅： | 3.0 | | 港元 | 14.5% | | 日期 | 2025-4-14 | | --- | --- | | 收盘价（港元） | 2.62 | | 总股本（亿股） | 13.98 | | 总市值（亿港元） | 36.6 | | 净资产（亿元） | 31.5 | | 总资产（亿元） | 64.9 | | 周高低（港元） 52 | 2.14/5.79 | | 每股净资产（元） | 2.25 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 管毅宏 38.29% 景顺资产 6.34% 美国资本集团 5.21% 九毛九(9922.HK)首发报告-20200416 九毛九(9922.HK)更新报告-20200826 九毛九(9922.HK)更新报告-20210330 九毛九(9922.HK)更新报告-20210909 九毛九(9922.HK)更新报告-20220118 九毛九(9922.HK)更新报告-20230118 报 告 研究部 ...

Investment Rating - The report indicates a strong investment potential for the company, suggesting to pay attention to its growth prospects [6]. Core Insights - The company achieved a revenue of RMB 2.241 billion, a year-on-year increase of 155.6%, and an adjusted annual profit of RMB 585 million, up 702.1% [1]. - The sales revenue from building block toys decreased by 62.9%, indicating a strategic shift towards building character toys [1]. - The company has a robust IP matrix with nearly 50 licensed IPs and plans to add over 25 more, which is expected to drive sales growth [4]. - The gross margin improved to 52.6%, reflecting enhanced supply chain efficiency and product structure optimization [3]. - The company is expanding its market presence both domestically and internationally, with overseas sales revenue increasing by 518.2% [1][4]. Summary by Sections Financial Performance - The company reported a total revenue of RMB 2.241 billion for the fiscal year, with a significant increase in adjusted profit to RMB 585 million [1]. - The sales of character building toys reached RMB 2.201 billion, while sales of building block toys saw a decline [1]. Strategic Initiatives - The company is implementing a "three-full strategy" (full price range, full demographics, globalization) to penetrate deeper into the market [3]. - The company plans to launch 800-1000 new SKUs and over 300 new products in 2025, focusing on popular IP collaborations [4]. Market Expansion - The company is leveraging over 450 distributors to cover first and second-tier cities while accelerating penetration into lower-tier markets [5]. - Internationally, the company is making strides in Southeast Asia and the Middle East, with a reported overseas revenue of RMB 64 million [4][5]. Future Outlook - Analysts predict net profits for 2025-2027 to be RMB 941 million, RMB 1.381 billion, and RMB 1.991 billion respectively, with corresponding P/E ratios of 30x, 20x, and 14x [6]. - The company is expected to continue its growth trajectory through its IP and channel strategies, despite potential industry risks [6].

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 8.68, indicating an expected upside of 11% from the current price of HKD 7.84 [1][6]. Core Insights - The company is experiencing a significant decline in profitability, with a projected 31% decrease in net profit for 2024, attributed to weak demand for float glass, price declines, and substantial losses from joint ventures [3][8]. - The float glass industry is facing pressure from excess inventory and weak downstream demand, particularly in real estate and deep processing sectors, leading to a need for improvement in the supply-demand balance [4][9]. - The company has a competitive advantage in glass deep processing, particularly in the automotive glass segment, which is expected to see continued demand growth in 2025 [5][10]. - The company maintains a stable high dividend payout, with a projected dynamic dividend yield exceeding 5% for 2025 [6][11]. Financial Summary - For 2024, the company is expected to report revenues of RMB 22.32 billion, a decline of 8.1% year-on-year, with net profit dropping to RMB 3.37 billion [7][8]. - The earnings per share (EPS) is projected to decrease to 79.23 cents, with a total dividend of HKD 0.41 per share for the year [3][8]. - The financial outlook shows a gradual recovery in revenues and profits from 2025 onwards, with expected revenues of RMB 23.35 billion in 2025, reflecting a growth of 4.6% [7][16].

Investment Rating - The report maintains a stable dividend policy and indicates a potential undervaluation of the company with a dynamic PE of approximately 4.3 times and a PB of 0.4 times, alongside a dividend yield of about 7.56% [5] Core Insights - The company reported a revenue of RMB 2.752 billion for the year ending December 31, 2024, representing a year-on-year growth of 6.31%. However, the net profit attributable to shareholders decreased by 16.46% to RMB 805 million, with basic earnings per share at RMB 0.1006. The proposed final dividend is HKD 0.035 per ordinary share, and the net asset value per share increased by 11.31% to RMB 1.09 [1] - The company plans to add 1GW of new capacity in 2025, supported by a robust project reserve of over 10.75GW in China, which includes approximately 6.5GW of wind power and 4.25GW of solar power. The company has secured 1,399MW of new wind and solar projects globally in 2024 [3] - The proposed secondary listing in Singapore aims to broaden the shareholder base and enhance future financing channels, thereby improving overall liquidity of the company's securities [4] Summary by Sections - **2024 Annual Performance**: Revenue reached RMB 2.752 billion, a 6.31% increase year-on-year, while net profit fell to RMB 805 million, a 16.46% decrease. Basic earnings per share were RMB 0.1006, with a proposed final dividend of HKD 0.035 [1] - **Project Development**: The company has a strong project pipeline with plans to commission 1GW in 2025. It has acquired 1,399MW of new projects in 2024, with a total project reserve exceeding 10.75GW in China [3] - **Financing Strategy**: The secondary listing in Singapore is expected to enhance the company's financing capabilities and shareholder base, improving liquidity [4] - **Valuation Metrics**: The company is considered undervalued with a dynamic PE of 4.3 times, a PB of 0.4 times, and a dividend yield of 7.56%, indicating potential for price appreciation [5]

Investment Rating - The report maintains a "Buy" rating for China Resources Power (0836.HK) with a target price updated to HKD 23.6, indicating a potential upside of 31% from the current price of HKD 18 [6][11]. Core Insights - The company's electricity sales volume in January 2025 decreased by 4.7% year-on-year, primarily due to the impact of the Spring Festival. The total sales volume reached 18.02 million MWh, with thermal power sales down by 11%, while wind, solar, and hydro power sales saw increases of 14.1%, 45.4%, and 18.9% respectively [3][8]. - For the full year 2024, the company expects a 7.4% year-on-year increase in electricity sales volume, totaling 207.637 billion kWh. Thermal power sales are projected to grow by 4.0%, wind power by 10.5%, hydro power by 15.2%, and solar power by 141.5% [4][9]. - The report suggests that the company's performance is supported by favorable coal and electricity price dynamics, with a potential decline in coal prices and the implementation of long-term electricity pricing agreements, which will help stabilize thermal power profitability [5][10]. Summary by Sections Sales Performance - January 2025 electricity sales volume was 18.02 million MWh, down 4.7% year-on-year due to the Spring Festival [3][8]. - Full year 2024 electricity sales volume is expected to reach 207.637 billion kWh, up 7.4% year-on-year [4][9]. Financial Outlook - The report anticipates stable growth in the company's performance, with a focus on the impact of coal prices and electricity pricing policies [5][10]. - The updated target price of HKD 23.6 corresponds to a PE ratio of 8 times for 2024 and 7.5 times for 2025, reflecting a strong valuation relative to current market conditions [6][11].

Investment Rating - The report suggests a positive outlook for the company, recommending active attention to its developments [4]. Core Insights - The establishment of a robotics company aims to empower the entire robotics industry through diverse services such as sales agency, leasing, industry consulting, and supply chain management, enhancing the application of quality robotics enterprises and products [2]. - The company has initiated a partnership to establish a Beijing Robotics Industry Development Investment Fund with a total commitment of 10 billion yuan, focusing on key sectors like humanoid robots, medical robots, and industrial automation, thereby creating a closed-loop system of investment, production, and services [3]. - The existing parking business provides stable cash flow and synergizes with investments in robotics and autonomous driving, positioning the company for potential growth as a platform and ecosystem enterprise [4]. Summary by Sections - **Investment Rating**: The company is expected to benefit from improved liquidity and valuation levels after being included in the Hang Seng Index and returning to the Hong Kong Stock Connect [4]. - **Robotics Company Establishment**: The new robotics company will leverage the company's strategic initiatives to enhance the commercialization of humanoid robots and improve industry service capabilities [2]. - **Investment Fund**: The partnership to create a 10 billion yuan fund will support innovative companies in the robotics sector, facilitating market access and technological implementation [3].

Investment Rating - The report recommends subscription for the company, indicating a positive investment outlook [1][3]. Core Insights - The company, founded in 1997, focuses on affordable, high-quality ready-to-drink beverages, including fruit drinks, tea, ice cream, and coffee, with a notable brand presence in China and 11 other countries [2][3]. - As of September 30, 2024, the company operates over 45,000 stores through a franchise model, making it the largest ready-to-drink beverage company in China and globally by store count [2]. - The company holds approximately 11.3% and 2.2% market shares in China's and the global ready-to-drink beverage markets, respectively, ranking first in China and fourth globally [2]. - The ready-to-drink beverage market in China and Southeast Asia is projected to grow significantly, with a CAGR of 17.6% and 19.8%, respectively, from 2023 to 2028 [2]. - The affordable ready-to-drink beverage segment in China is expected to grow from a market size of 136.6 billion RMB in 2023 to 371.9 billion RMB by 2028, with a CAGR of 22.2% [2]. Financial Performance - The company has shown rapid revenue growth, with reported revenues of 136 billion RMB, 203 billion RMB, and 187 billion RMB for the years 2022, 2023, and the first nine months of 2024, respectively, reflecting year-on-year growth rates of 31.2%, 49.6%, and 21.2% [3]. - Net profits for the same periods were 20 billion RMB, 32 billion RMB, and 35 billion RMB, with growth rates of 5.3%, 58.3%, and 42.3% [3]. - The company's IPO price corresponds to a dynamic PE ratio of approximately 15.7X for 2024 [3].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 10.38, indicating a potential upside of 56% from the current price of HKD 6.65 [1][6][16]. Core Insights - The company has shown a quarter-on-quarter increase in performance, with five innovative drugs starting to gain traction. In the first half of 2024, the company achieved revenue of RMB 4.288 billion, a year-on-year decrease of 22.6% but a quarter-on-quarter increase of 8.9%. Net profit was RMB 903 million, down 52.8% year-on-year but up significantly by 92.8% quarter-on-quarter [4][9][10]. - The innovative drug pipeline is robust, with 30 drugs in global development, including the rapid advancement of Lucofenib, which has a large market potential. The company is also actively pursuing registration and commercialization in Southeast Asia, aiming to establish a strong foothold in the region [5][11][15]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 4.288 billion, a year-on-year decline of 22.6% but an increase of 8.9% from the previous quarter. The net profit was RMB 903 million, reflecting a year-on-year decrease of 52.8% but a quarter-on-quarter increase of 92.8% [4][9][10]. - The company expects revenue for 2024-2026 to be RMB 79.25 billion, RMB 89.49 billion, and RMB 108.85 billion, respectively, with EPS projected at 0.71, 0.80, and 1.01 [6][16]. Innovative Drug Pipeline - The company has launched five innovative drugs in the past year, including three that have been included in the national medical insurance directory. These drugs are expected to contribute RMB 400-500 million in revenue in 2024 [4][10]. - The company is advancing Lucofenib, which has a significant market opportunity, particularly in treating vitiligo and atopic dermatitis, with a potential market size of RMB 5 billion [5][12]. Market Expansion - The company is focusing on expanding its presence in Southeast Asia, leveraging the region's growing demand for pharmaceuticals. It aims to establish a management center in Singapore and expand into countries like Indonesia, the Philippines, and Vietnam [15][16].

Investment Rating - The report does not provide a specific investment rating for the companies mentioned [1][4]. Core Insights - The primary issuance in the primary market last week came from the materials and financial sectors, with a total of 4 new bonds issued amounting to $1.265 billion [1][4]. - The largest issuance was by China Aluminum Group, which issued $650 million in senior bonds, marking the highest issuance scale of the week [1][4]. - The secondary market saw a decline, with the Bloomberg Barclays Chinese dollar bond index dropping by 0.55% week-on-week [2][5]. Summary by Sections 1. Primary Market - Last week, 4 new bonds were issued in the Chinese dollar bond primary market, totaling $1.265 billion, primarily from the materials and financial sectors [1][4]. - China Aluminum Group issued $650 million in senior bonds, the largest issuance of the week [1][4]. - Yancheng High-tech Zone Investment issued two bonds with a coupon rate of 5.2%, the highest pricing for new bonds last week [1][4]. 2. Secondary Market 2.1 Index Performance - The Bloomberg Barclays Chinese dollar bond index fell by 0.55% week-on-week, with the investment-grade index at 186.8465, down 0.6%, and the high-yield index at 147.4328, down 0.19% [2][5]. - The Markit iBoxx Chinese dollar bond return index also declined by 0.36%, with the investment-grade return index at 226.0153, down 0.38%, and the high-yield return index at 220.237, down 0.21% [5][6]. 2.2 Industry Performance - Non-essential consumer and healthcare sectors led the gains, while real estate and energy sectors saw declines [10][11]. - The non-essential consumer sector's yield decreased by 66.8 basis points, influenced by companies like Pinduoduo [10][11]. - The real estate sector's yield increased by 6790.0 basis points, affected by companies like Contemporary Land [10][11]. 2.3 Rating Performance - Investment-grade names showed mixed results, with A-rated yields increasing by 19.0 basis points, while BBB-rated yields decreased by 22.9 basis points [12][13]. - High-yield names generally declined, with BB-rated yields rising by 20.8 basis points [12][13]. 3. Market Events - Shenzhen Longguang Holdings reported a failure to repay debts totaling approximately 19 billion yuan as of July 31, 2024 [14]. - CIFI Group announced that it is still in the process of securing funds for the repayment of its MTN001 bond due on August 14, 2024 [15]. - Gemdale Group confirmed that it has deposited $492 million to fully repay its maturing dollar medium-term notes [16]. 4. Rating Adjustments - The report includes various rating adjustments for companies, reflecting changes in their creditworthiness based on recent financial activities and market conditions [17][19].

Investment Rating - The report maintains a "Hold" rating for Advanced Micro Devices (AMD) with a target price of $161.09, indicating an expected upside of 18.17% from the current price of $136.32 [1][3][12]. Core Insights - AMD's Q2 2024 revenue reached $5.835 billion, surpassing the previous year's $5.359 billion, with a net profit of $265 million, reflecting a year-over-year growth of 881% and a quarter-over-quarter growth of 115% [1][3]. - The company is experiencing significant growth in its data center segment, primarily driven by the increased shipments of the Instinct MI300 GPU and strong sales of EPYC CPUs [1][5]. - The rapid growth in AI demand is positioning AMD as a key competitor to Nvidia, with the company actively expanding its AI hardware and software capabilities [1][6][8]. Financial Performance Summary - For Q2 2024, AMD reported a gross profit of $2.864 billion, a year-over-year increase of 17% and a quarter-over-quarter increase of 12% [1][5]. - Operating profit for the same period was $269 million, showing a substantial year-over-year increase of 1445% and a quarter-over-quarter increase of 647% [1][5]. - The report forecasts AMD's revenue for 2024 and 2025 to be $25.476 billion and $32.688 billion, respectively, with growth rates of 12.33% and 28.31% [12]. Segment Performance - The data center GPU revenue for Q2 2024 exceeded $1 billion for the first time, driven by increased usage of MI300 chips by major clients like Microsoft [5][10]. - The client segment also saw nearly a 50% increase in revenue, contributing to overall growth [1][3]. - AMD's strategic acquisitions, including the purchase of Silo AI for approximately $665 million, aim to enhance its AI software capabilities and complement its hardware offerings [6][7]. Market Position and Competitive Landscape - AMD's MI300 series is expected to generate significant revenue, with projections of $4 billion, and future products like MI325 and MI350 are planned to further strengthen its market position [8]. - The company has established a solid customer base, including major players like Microsoft, Meta, and Oracle, which enhances its market reach and product testing opportunities [8]. - The report highlights the competitive landscape, noting that while Nvidia currently dominates the data center GPU market, AMD and Intel are beginning to capture market share due to the growing AI demand [11].