Investment Rating - The report assigns a rating of ★★★☆☆ to the company based on fundamental factors and valuation [3]. Core Insights - The company is a grain and oil wholesaler headquartered in Yangzhou, primarily operating in the Suzhong region under the "Hongxin Long" brand, ranking second among supermarket operators in Yangzhou with a market share of approximately 9.1% in 2023 [1]. - The convenience store sector is expected to continue growing, with retail sales in mainland China reaching RMB 424.8 billion in 2023, reflecting a compound annual growth rate (CAGR) of 14.30% from 2017 to 2023. The forecast for 2024E-2027E indicates a continued growth with a CAGR of 9.00% [2]. - The company has four main business strategies aimed at consolidating market position and increasing market share, including expanding retail store numbers, enhancing warehousing capacity through new distribution centers, increasing food processing capabilities via new central kitchens, and improving operational efficiency through enhanced ERP systems [2]. Financial Data Summary - The financial data for the company shows the following figures (in billion RMB): - Other income: 14.32 in 2022, 13.29 in 2023, and projected 14.02 in 2024 - Profit attributable to shareholders: 0.35 in 2022, 0.51 in 2023, and projected 0.52 in 2024 [3].

Investment Rating - The report assigns a rating of ★★★★☆ to the company based on fundamental factors and valuation [5] Core Insights - The company is one of the top three alumina producers in Southeast Asia, with a design annual production capacity of 2 million tons following the completion of its second-phase alumina production project [2] - The company holds a 34.9% market share in the Southeast Asian alumina industry based on actual production, demonstrating its operational excellence and commitment to development [2] - The company is expanding its production capacity with a new alumina production project set to add another 2 million tons of design annual capacity [2] - The demand for metallurgical-grade alumina, a key raw material for producing electrolytic aluminum, is strong in the Southeast Asian market due to its critical role in meeting high-performance aluminum product requirements [2] - The global alumina production is projected to grow from 142.5 million tons in 2024 to 152.0 million tons in 2028, with a CAGR of 1.6% [3] - Indonesia's alumina production has seen significant growth, increasing from 1,074 thousand tons in 2019 to 4,091 thousand tons in 2023, with a CAGR of 39.7% [3] Financial Data Summary - The company's revenue has increased from 1.73 billion USD in 2021 to 6.78 billion USD in 2023 [4] - Shareholder profit rose from 0.28 billion USD in 2021 to 1.23 billion USD in 2023 [4]

新股預覽 ─ 維昇藥業（2561.HK） 醫藥行業 2025 年 03 月 13 日 背景 公司是一家處於研發後期、產品接近商業化的生物製藥公司，專注於 在内地（包括香港、澳門及台灣）提供特定內分泌疾病的治療方案。 公司擁有一款核心產品及兩款其他在研候選藥物，該等候選藥物均自 公司的合作夥伴及控股股東之一 Ascendis Pharma 授權引入。公司的核 心產品隆培促生長素(lonapegsomatropin)是一款每週一次的長效生長激 素替代療法，用於治療兒童生長激素缺乏症（「PGHD」，一種生長激 素不足導致的 18 歲以下患者中常見的矮小症）。 概要 PGHD 治療率料持續增長：内地於 2023 年在全球人生長激素市場佔據 最大份額，超過美國，佔全球市場的 34%。根據弗若斯特沙利文的資 料，内地的人生長激素市場規模於 2023 年為人民幣 116 億元，預計到 2030 年將增至人民幣 286 億元，自 2023 年至 2030 年的年複合增長率 為 13.7%。接受人生長激素治療的患者數量很大程度上取決於接受人 生長激素治療的 PGHD 患者數量，後者按 PGHD 患病人數乘以治療率 計算。由於 ...

Investment Rating - The investment rating for the company is set at ★★★☆☆ [6] Core Insights - The company is recognized as the fastest-growing gold producer in mainland China, achieving a compound annual growth rate (CAGR) of 33.1% in gold production from 2021 to 2023, significantly higher than the average growth rate of 16.4% among major listed gold producers in the country [2] - The company ranks fifth among gold producers in mainland China in terms of gold resources, with a total gold resource of 12.5 million ounces as of September 30, 2024, and a gold production of 461.5 thousand ounces in 2023 [2] - The company has high visibility and certainty in its expansion plans for the Saipan gold-copper mine, with an expected increase in annual underground mining capacity from 536,000 tons to 806,000 tons by 2025 [3] - Global gold demand is projected to grow steadily at a CAGR of 0.8% from 2024 to 2028, driven by geopolitical uncertainties and increased demand from central banks for value preservation and risk diversification [4] Financial Summary - The company's revenue has shown significant growth, increasing from 3.783 billion RMB in 2021 to 7.221 billion RMB in 2023, while shareholder profit rose from 582 million RMB in 2021 to 804 million RMB in 2023 [5] - The company plans to offer 206 million shares, with a price range of HKD 13.72 to 15.83, aiming for a maximum fundraising amount of HKD 3.255 billion [6]

Investment Rating - The report assigns a basic factor and valuation rating of ★★☆☆☆ [5] Core Insights - The company is a leading and rapidly growing domestic beverage enterprise, recognized as the largest mass-produced tea drink brand in mainland China by GMV and store count as of December 31, 2023 [1][2] - The company's GMV increased by 37.2% from RMB 14 billion in 2022 to RMB 19.2 billion in 2023, capturing approximately 18% of the market share in the mass-produced tea drink sector [2][3] - The number of stores grew by 35.0% from 6,669 stores at the end of 2022 to 9,001 stores by the end of 2023, with further expansion expected to 9,778 stores by September 30, 2024 [2][3] Market Growth - The company has established a high-quality store network across eight provinces in mainland China, contributing to 87% of its GMV in 2023 [3] - The company has successfully implemented a regional densification strategy, achieving critical scale in various provinces, including over 2,000 stores in Zhejiang since 2017 [3] Franchise Relationships - The company's franchisees maintain strong profitability, with an average operating profit of RMB 376,000 per store and a profit margin of 20.2% in 2023, significantly higher than the estimated average of below 15% in the mass-produced tea drink market [3] - In lower-tier cities, franchisees achieved an operating profit of RMB 386,000 per store in 2023, providing substantial income for their families [3] Financial Data - Key financial figures for the company are as follows: - Revenue: RMB 4.384 billion in 2021, RMB 5.559 billion in 2022, and RMB 7.676 billion in 2023 [4] - Profit attributable to shareholders: RMB 0.020 billion in 2021, RMB 0.387 billion in 2022, and RMB 1.060 billion in 2023 [4]

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2021 年度 (億元人民幣) 2022 年度 (億元人民幣) 2023 年度 (億元人民幣) 新股預覽 ─ 海螺材料科技（2560.HK） 評級 股東應佔利潤 1.27 0.92 1.44 背景 集研發、生產、銷售及技術支持於一體：公司是內地領先的水泥外加 劑供應商。根據弗若斯特沙利文的資料，公司是內地第一大的水泥助 磨劑供應商；按 2023 財年水泥外加劑銷量及收入計，公司在內地排名 首位，市場份額分別約為 28.3%及 32.3%（具體而言，按 2023 財年水 泥助磨劑銷量及收入計，公司在內地排名首位，市場份額分別約為 34.6%及 34.1%）。 與上下游合作夥伴建立穩定的合作關係：於 2024 年 6 月 30 日，公司 服務 700 多家客戶。公司的若干客戶為水泥或混凝土行業中的龍頭企 業，而公司與該等客戶保持著牢固及穩定的合作關係。於最後實際可 行日期，公司已與台泥、浙江上峰及金圓等不少於 10 家企業建立戰略 合作關係；根據公司與該等水泥外加劑戰略客戶的協議達成普遍共 識，即該等客戶將優先聘請公司作為其供應商。於往績記錄期間，公 司自已與公司建立戰略關係的客戶的集團公司產生收入人民幣 750 ...

新股預覽 ─ 布魯可（325.HK） 概要 廣泛的產品組合：公司把握市場機遇，致力於通過兼具標準化和個性 化的布魯可體系，創造廣受歡迎且好玩的拼搭角色類玩具產品，滿足 全球消費者對還原 IP 角色神韻的玩具的普遍需求，傳遞拼的快樂。公 司通過大量的 SKU、完整的價格帶及豐富的 IP 矩陣構建了網格化的 廣泛產品組合，持續為消費者、粉絲和 BFC 提供豐富的產品選擇。截 至 2024 年 6 月 30 日，公司共有 431 款在售 SKU，包括主要面向 6 歲 以下兒童的 116 款 SKU、主要面向 6 至 16 歲人群的 295 款 SKU，以 及主要面向 16 歲以上人群的 20 款 SKU。 玩具消費行業 2024 年 12 月 31 日 讀者可於下列網址參閱所有報告的最新版本： https://www.ebshkfg.com/tc/research-overview 新股研究 | --- | --- | |---------------------------|---------------------------------------------------------------------- ...

公司是於澳洲和新西蘭擁有廣泛業務網絡的房車公司，設計、開發、 製造及銷售定製拖掛式房車。根據弗若斯特沙利文的資料，按 2023 年的收入及銷量計，公司在澳洲和新西蘭房車行業的市場份額中均位 居第二。公司以致力定製化服務為使命，從外觀美學到室內佈局及功 能等各方面為車主提供按單定製服務，個性化定製房車。這使公司能 夠打造出反映不同房車車主個性化需求的房車，並提供從概念化、設 計挑選、定製、交付到各種售後服務的卓越、端到端車主體驗。 行業具發展潛力：根據弗若斯特沙利文的資料，於 2023 年，全球露營 人數達到約 2.793 億人，預計到 2028 年將進一步增長至 4.390 億人， 2024 年至 2028 年的複合年增長率為 8.5%。在北美、歐洲、澳洲和新 西蘭等地區，露營已成為休閒旅遊的主要項目。 主要財務數據（截至十二月三十一日止年度） 分析員：陳政生，伍禮賢，梁嘉豪 公司及行梁分 光大證券國際 2 网 > 新股預覽 ─ 新吉奧房車（805.HK） 公司為行業主要參與者之一：根據弗若斯特沙利文的資料，澳洲和新 西蘭房車市場呈現出相對集中的結構。根據 2023 年銷量數據，澳洲和 新西蘭房車市場的前五大 ...

新股預覽 ─ 宜賓市商業銀行（2596.HK） 概要 強大的技術實力：公司構建了一套數字化系統，全方位配合公司核心 業務的運營和管理。公司的數字化系統作為一個運行穩定的管理和服 務引擎，讓公司構建了一個安全、高效、便捷的數字金融服務體系， 有效實現數據處理智能化、業務決策自動化及業務功能自助化。 來源：集團上市文件 重续投资 公司及行梁分 公司於 2006 年註冊成立，是一家位於內地四川省宜賓市的城市商業銀 行。根據國家金融監督管理總局宜賓監管分局的數據，截至 2023 年 12 月 31 日，公司是以總資產計宜賓市最大的銀行。根據國家金融監 督管理總局四川監管局的數據，截至同日，公司亦是以註冊資本計宜 賓市最大、四川省第二大的城商行。自成立以來，公司與宜賓市和四 川省蓬勃發展的本地經濟融合，為當地企業和居民提供貼合其具體需 求的專屬金融服務。 差異化的零售銀行業務：作為一家地方商業銀行，公司致力於服務城 鎮居民，推動地方零售銀行業務發展。公司在個人貸款、個人儲蓄等 傳統零售銀行業務的基礎上，策略地形成「大零售」理念，將零售銀 行業務與公司銀行、金融市場業務等其他服務場景對接，同時利用線 上電子渠道和大數據分 ...