SDICSI 2025 年 3 月 19 日 东曜药业-B (1875.HK) 朴欣汀收入同比增长 42%，预计 2025 年完成首个海外国家获批。 2024 年公司产品收入为 8.77 亿元，同比增长 39%，主要来自核心产品朴欣汀的 贡献。朴欣汀于 2021 年上市，2022 年纳入乙类医保目录，已覆盖原研药 Avastin 在中国大陆获批的六项适应症。2024 年朴欣汀销售收入同比增长 42%。 截至 2024 年 12 月 31 日，公司已启动 34 个海外国家的上市注册申请工作，已 有 20 个国家的上市申请文件获得受理，产品已取得哥伦比亚、埃及以及印尼等 国家的 GMP 证书，预计 2025 年完成首个海外国家获批，为全球化战略发展奠 定重要里程碑。 投资建议：我们预计公司 2025-2027 年收入分别为 12.8 亿元/13.3 亿元/14.2 亿 元，净利润分别为 47 百万元/82 百万元/138 百万元。 首次扭亏为盈，经营现金流连续三年正向 事件：2024 年业绩首次扭亏为盈，经营活动现金净额连续三年持续正向。 报告摘要 首次扭亏为盈，经营活动现金净额连续三年持续正向。 2024 年公 ...

Investment Rating - The investment rating for the company is 5.1 out of 10, based on operational performance, industry outlook, valuation, and market sentiment [9][11]. Core Insights - The company, Nanshan Aluminum International, is a major alumina manufacturer in Southeast Asia, holding a market share of 34.9% in the region. It has a designed production capacity of 2 million tons of alumina and is expanding its capacity with new projects expected to start operations in 2025 and 2026 [1][2]. - The company's revenue has shown rapid growth, with a CAGR of 98% from 2021 to 2023, and gross margins have improved significantly due to rising alumina prices [2]. - The global aluminum market is projected to grow, particularly in the construction, transportation, electrical, and packaging sectors, with Southeast Asia expected to see strong growth rates [3]. Company Overview - Nanshan Aluminum International is one of the top three alumina producers in Southeast Asia, with its largest customer being Press Metal Group, accounting for over 50% of its revenue [1]. - The company is controlled by Nanshan Aluminum, a publicly listed company in A-shares, which will hold a 60.09% stake post-IPO [1]. Financial Performance - The company's revenues for the years 2021, 2022, 2023, and the first nine months of 2024 were $172.8 million, $466.8 million, $677.8 million, and $683.0 million, respectively. The gross margins for these periods were 25.9%, 24%, 29.2%, and 46.3% [2]. Industry Status and Outlook - The alumina market in Southeast Asia is expected to grow, with design capacities projected to increase from 5.6 million tons in 2023 to 8.6 million tons by 2028, reflecting a CAGR of 6.8% [3]. - The demand for aluminum is anticipated to rise in various sectors, with the construction industry in Southeast Asia expected to grow at a CAGR of 7.7% from 2023 to 2028 [3]. Advantages and Opportunities - The company benefits from a strong position in the alumina industry, stable raw material supply, and robust policy support, which enhance operational efficiency and profitability [4]. - The company adheres to international ESG governance standards, promoting sustainable development [4]. Use of Proceeds - Approximately 90% of the net proceeds from the IPO will be used for the development and construction of alumina production projects in Indonesia, aiming to expand total alumina capacity to 4 million tons [6].

Investment Rating - The report maintains a "Buy" rating for China Resources Beer (0291.HK) with a target price raised to HKD 41.8, indicating a potential upside of 38% from the current stock price of HKD 30.05 [1][5][4]. Core Insights - The overall consumption environment is under pressure, leading to a 2.5% decline in total sales volume, while high-end product sales grew by 9%. The average selling price increased by 1.5%, and gross profit per thousand liters rose by 4.9% [2][4]. - The company is implementing a "Three Precision" strategy focusing on streamlined management, lean cost control, and meticulous operations to drive growth in a stagnant market [2][4]. - The white liquor segment showed steady growth, with revenue reaching RMB 2.15 billion, a 4% increase year-on-year, and an EBITDA of RMB 850 million, reflecting a profit margin of 39.6% [3][4]. Financial Summary - In 2024, total revenue is projected at RMB 39.65 billion, with a slight growth of 2.62% expected in 2025 and 1.12% in 2026. Net profit estimates for 2025, 2026, and 2027 are RMB 5.22 billion, RMB 5.44 billion, and RMB 5.68 billion respectively, with corresponding EPS of HKD 1.73, HKD 1.80, and HKD 1.88 [9][11][4]. - The gross margin is expected to improve to 42.34% in 2025, with a net profit margin of 13.16% [11][17]. - The company plans to continue increasing its dividend payout ratio, with a total dividend of RMB 0.76 per share for the year, representing a payout ratio of 52% [3][4]. Valuation Analysis - The report employs both comparable company analysis and DCF methods for valuation, concluding a target price of HKD 41.8 based on a 25x PE ratio and a DCF valuation suggesting a fair market value of HKD 42.6 [12][4]. - The average PE ratio of comparable companies is noted at 21.4x, while the report assigns a higher multiple to China Resources Beer due to its market position and growth prospects [12][14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.6 HKD [1][7]. Core Insights - The company reported a revenue of 10.07 billion RMB for the year 2024, reflecting a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion RMB, also up by 19.5% [2][3]. - The company is actively exploring new channels, with e-commerce revenue increasing by 12.2% to 2.61 billion RMB, accounting for 26% of total revenue [2]. - The company has increased its dividend payout ratio to 45%, up from 40% the previous year, indicating a strong commitment to shareholder returns [2][3]. Financial Performance - The overall gross margin improved to 41.5%, a 0.4 percentage point increase year-on-year, with specific segments like adult footwear and apparel seeing gross margins rise to 42.9% and 41.3% respectively [3]. - The company’s net profit margin remained stable at 11.4%, supported by strict cost control measures [3]. - The forecasted earnings per share (EPS) for 2025-2027 are projected to be 0.60, 0.69, and 0.76 RMB respectively [1][3]. Revenue and Growth - The company’s total revenue is expected to grow from 10.07 billion RMB in 2024 to 11.29 billion RMB in 2025, representing a growth rate of 12.1% [5]. - The company has expanded its retail network, with a total of 5,750 adult and 2,548 children's clothing sales points, reflecting a net increase of 16 and 3 stores respectively [2]. Market Position and Strategy - The company has been deeply involved in the sports industry for over 20 years, focusing on high cost-performance and functional product development [3]. - The introduction of new store formats, such as the "super premium" stores, is expected to enhance customer experience and drive sales growth [2][3].

Investment Rating - The investment rating for the company is a specialized IPO score of "5.3" [7][9]. Core Insights - The company, Weisheng Pharmaceutical-B (2561.HK), is a late-stage biopharmaceutical firm focused on providing treatment solutions for specific endocrine diseases in China, including Hong Kong, Macau, and Taiwan. It has one core product and two other candidate drugs in development, all licensed from its partner and major shareholder, Ascendis Pharma [1]. - The Chinese growth hormone market is experiencing significant growth, with a market size increasing from 4 billion yuan in 2018 to 11.6 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 23.9%. It is expected to reach 28.6 billion yuan by 2030, with a projected CAGR of 13.7% from 2023 to 2030 [3]. - The company has a highly certain pipeline nearing commercialization, with its core product, Longpei Growth Hormone, being a long-acting growth hormone replacement therapy for PGHD, which has already received acceptance for BLA submission by the National Medical Products Administration [4]. Financial Status - As of now, the company has no commercialized products and has not achieved profitability. The other income for the years 2022, 2023, and up to September 30, 2024, was 5.764 million yuan, 11.356 million yuan, and 8.647 million yuan, respectively, with total losses of 290 million yuan, 250 million yuan, and 130 million yuan for the same periods [2]. Industry Status and Outlook - The growth in the demand for growth hormone treatments, the continuous emergence of treatment solutions, and the increasing awareness of growth hormone deficiency among patients are the main drivers for future industry growth [3]. Competitive Advantages - The company possesses a pipeline based on proven technologies, with a high degree of certainty in approaching revenue generation. The management team is noted for its exceptional commercialization capabilities and strong support from shareholders and investors [4]. Use of Proceeds from IPO - Approximately 84.0% of the proceeds will be used for the ongoing BLA registration of the core product and funding for the planned commercialization of Longpei Growth Hormone. About 7.6% will support the ongoing Phase 3 pivotal trial of Parolepitide in China, while 1.8% will fund the open-label extension study of Navepitide for treating achondroplasia. The remaining 6.6% will be allocated for working capital and general corporate purposes [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and customer service customization [2]. - The company has shown strong performance in overseas markets, with significant revenue growth, particularly in the overseas segment [3]. Financial Summary - The company reported a revenue of HKD 944.01 million for FY2022, with projected revenues of HKD 1,368.11 million for FY2024 and HKD 2,049.96 million for FY2026, reflecting a growth rate of 15.3% in FY2022 and an expected 23.0% in FY2026 [4][10]. - The net profit for FY2022 was HKD 69.40 million, with projections of HKD 89.05 million for FY2024 and HKD 162.88 million for FY2026, indicating a growth rate of 16.9% in FY2022 and an expected 35.5% in FY2026 [4][10]. - The company’s gross margin is projected to be around 42.6% by FY2026, with a net profit margin of 7.9% [4][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.90 in FY2022 to 4.76 in FY2026, indicating increasing earnings relative to the stock price [4][10]. Business Performance - The company achieved a revenue of HKD 340 million in the Greater China region for H1 2024, a year-on-year increase of 5.8%, while overseas revenue reached HKD 270 million, a significant increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, highlighting the company's successful expansion strategy [3]. - The company is focusing on enhancing its brand recognition in overseas markets, particularly in Singapore, where it has seen rapid growth [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and customer service customization [2]. - The company's overseas business has shown significant growth, with a 47.2% year-on-year increase in revenue from international markets [3]. Summary by Sections AI Application and Business Enhancement - The company has announced the application of AI in its inspection, operation, and testing processes, which is expected to enhance efficiency and meet diverse customer needs [1][2]. - Key technological advancements include the introduction of a "business language decoder" and a multi-modal knowledge graph [2]. Overseas Business Performance - In the first half of 2024, revenue from the Greater China region reached HKD 340 million, a steady growth of 5.8%, while overseas revenue surged to HKD 270 million, marking a substantial increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, indicating a successful expansion strategy [3]. Financial Projections - The company forecasts revenue growth rates of 22.3% for FY2024 and 21.9% for FY2025, with net profit expected to grow by 11.2% in FY2024 and 35.0% in FY2025 [4][10]. - The projected earnings per share (EPS) are expected to increase from HKD 0.164 in FY2024 to HKD 0.222 in FY2025 [4][10].

Investment Rating - The report maintains a low valuation for the company, with a 2025 PE ratio of 14.4 times, which is considered low within the photovoltaic industry chain [4][7]. Core Views - The company experienced a significant decline in performance in 2024, with revenue dropping by 9.3% to 21.9 billion RMB and net profit plummeting by 73.8% to 1.0 billion RMB due to the photovoltaic glass industry being at a cyclical low [2][4]. - The company anticipates a recovery in profitability in 2025, driven by an increase in component operating rates and rising demand for photovoltaic glass, alongside a price increase in March 2025 [1][4]. - The company plans to resume production capacity in 2025, with an expected domestic capacity of 4,000 tons per day and new production lines in Indonesia projected to commence in Q1 2026 [3][4]. Summary by Sections Financial Performance - In 2024, the company's revenue decreased by 9.3% to 21.9 billion RMB, primarily due to a decline in solar glass sales and a drop in average selling prices, which fell by 18.7% year-on-year [2][4]. - The gross margin decreased by 11 percentage points to 15.8%, and the net margin fell by 11.3 percentage points to 4.6% [2][4]. - The company did not declare a final dividend due to losses in the second half of 2024 [2]. Production Capacity and Market Demand - The company had a total daily melting capacity of 23,200 tons at the end of 2024, down from 25,800 tons at the end of 2023, as several production lines were temporarily shut down during the industry downturn [3]. - With the anticipated recovery in demand, the company plans to restart four production lines in 2025, each with a daily melting capacity of 1,000 tons [3]. - The demand for photovoltaic glass is expected to improve due to increased orders from component manufacturers and a controlled supply-demand relationship, leading to price increases in March 2025 [4]. Investment Recommendation - The report suggests that the current valuation of the company is low compared to its historical PE levels and within the Hong Kong photovoltaic industry, indicating potential for valuation improvement [4].

Investment Rating - The investment rating for the company is maintained, with a 2025 PE of 8.1 times [6][9]. Core Viewpoints - The company reported better-than-expected performance, with a 7% year-on-year revenue increase to 2.44 billion RMB in 2024, driven by the contribution from newly acquired photovoltaic power stations [2][6]. - Despite the revenue growth, net profit decreased by 12% year-on-year to 790 million RMB due to power restrictions and declining electricity prices [2][6]. - The company plans to distribute a final dividend of 2.7 HKD cents per share, resulting in a payout ratio of 49% and a dividend yield of approximately 5.1% [2][6]. Summary by Sections Financial Performance - In 2024, the company's revenue increased to 2.44 billion RMB, primarily due to the contribution from 636.5 MW and 860 MW photovoltaic power stations acquired in 2023 and 2024, respectively [2][6]. - The gross margin decreased from 67.9% to 65.6%, and the net margin fell from 39.5% to 32.4% [2][6]. - The company’s net profit for 2024 was 790 million RMB, reflecting a 12% decline compared to the previous year [2][6]. Project Portfolio - The company mainly holds grid-parity projects, which are less affected by subsidies. By the end of 2024, it operated 46 large solar power stations with a total installed capacity of 4,510.5 MW, of which 2,776.5 MW (61.6%) are grid-parity projects [3][6]. - The company has a project reserve of 1.2 GW from its parent company, with 890 MW being grid-parity projects, indicating potential for future acquisitions [3][6]. Financial Management - The company has improved its financial management, with the proportion of RMB-denominated loans increasing to 80% and financial costs decreasing to 3.5% in 2024, down from 6.1% in 2023 [4][6]. - The management's efforts in loan restructuring and dividend distribution have been noted as impressive [4][6]. Market Outlook - The outlook for 2025 suggests potential improvements in the impact of power restrictions and electricity price declines, particularly in regions with high electricity demand such as Anhui and Hubei [5][6]. - The company is also expanding into overseas markets, with plans to commence construction on a 100 MW photovoltaic power station in Malaysia within the year [5][6].

Investment Rating - The report maintains a low valuation for the company, with a 2025 PE ratio of 14.4 times, which is considered low within the photovoltaic industry chain [4][7]. Core Views - The company's performance in 2024 saw a significant decline, with revenue dropping by 9.3% to 21.9 billion RMB, primarily due to the photovoltaic glass industry being at a cyclical low [2][4]. - The net profit for 2024 plummeted by 73.8% to 1.0 billion RMB, leading to the decision not to distribute a final dividend [2][4]. - There is an expectation for marginal improvement in 2025, driven by an increase in the operating rate of components and rising demand for photovoltaic glass, with price increases noted in March 2025 [4][3]. Summary by Sections Financial Performance - In 2024, the company's revenue decreased by 9.3% to 21.9 billion RMB, largely due to a decline in solar glass sales and a drop in average selling prices, which fell by 18.7% year-on-year [2][4]. - The gross margin decreased by 11 percentage points to 15.8%, and the net margin fell by 11.3 percentage points to 4.6% [2][4]. - The company reported a net profit of 1.0 billion RMB for 2024, a significant decline of 73.8% [2][4]. Production Capacity and Market Outlook - The company plans to resume production capacity of 4,000 tons per day in 2025, with new production lines in Indonesia expected to be operational by Q1 2026 [3]. - As of the end of 2024, the company's photovoltaic glass capacity was 23,200 tons per day, down from 25,800 tons at the end of 2023 [3]. - The demand for photovoltaic glass is expected to improve in 2025, with a notable increase in component orders and effective capacity control within the industry [4][3]. Price Trends and Market Dynamics - In March 2025, the average price of mainstream 2.0mm photovoltaic glass increased by 15%, while 3.2mm products saw a price rise of 12.5% [4]. - The improvement in supply-demand dynamics is anticipated to help the photovoltaic glass industry recover from its cyclical low in 2025 [4].