国证国际港股晨报-2025-03-28

Core Viewpoints - The People's Bank of China has mentioned multiple times this month about the possibility of reducing the reserve requirement ratio and interest rates at an opportune time [2][5] - The Hong Kong stock market saw collective gains across its three major indices, with the Hang Seng Index rising by 0.41% and a total market turnover of HKD 239.64 billion [2] Market Performance - The pharmaceutical sector showed strong performance, with notable gains from companies such as Innovent Biologics (17.41%) and 3SBio (10.91%) [3] - Chip stocks also performed well, with SMIC rising by 4.24% [3] - The oil and gas sector was active, with PetroChina increasing by 3.62% [3] Sector Analysis - The consumer sector, including dairy, beer, and food stocks, saw significant increases, driven by government policies aimed at boosting consumption [3] - Conversely, the non-ferrous metals sector experienced a pullback, with companies like Rusal and Jiangxi Copper declining by 6.29% and 4.26% respectively [4] - Renewable energy sectors, including nuclear and solar power, showed weak performance [4] Company Insights - The report highlights that Minth Group (425.HK) achieved revenue of HKD 23.15 billion in 2024, a year-on-year increase of 12.8%, with net profit rising by 21.9% to HKD 2.32 billion [9][10] - The battery box segment has become a key growth driver for Minth Group, with revenue from this segment increasing by 51% [10] - Minth Group is actively expanding into emerging businesses such as robotics, low-altitude flying, and wireless charging, with expectations for significant revenue contributions starting from 2026 [11] Investment Recommendations - The target price for Minth Group has been raised to HKD 32.0, corresponding to a 12.3 times forecasted P/E ratio for 2025, with a buy rating suggested [9][11]