招银国际每日投资策略-2025-04-02

Company Analysis - SANY International (631 HK) is expected to enter a recovery phase, targeting RMB 50 billion in revenue and a 24% gross margin by 2027, indicating a compound annual growth rate (CAGR) of 32% from 2025 to 2027 [2] - The company anticipates a 20% CAGR in overseas mining equipment driven by strong demand for mining trucks, with confidence in a rebound in coal mining machinery in the second half of this year [2] - The target price for SANY International has been raised from HKD 7.2 to HKD 8.2, maintaining a buy rating [2] Market Performance - The Hang Seng Index closed at 23,207, up 0.38% for the day and 36.13% year-to-date [2] - The Hang Seng Tech Index rose by 0.23%, reflecting a year-to-date increase of 43.65% [2] - European markets rebounded, with technology, industrials, and financials leading the gains, while energy and healthcare lagged [4] Healthcare Sector - Kangfang Biotech (9926 HK) reported a total revenue of RMB 2.1 billion for 2024, with product sales increasing by 25% year-on-year [5] - The company expects a 60% increase in product sales to RMB 3.3 billion in 2025, driven by the inclusion of AK104 and AK112 in the national medical insurance [5] - AK112 is positioned as a next-generation immuno-oncology therapy, with key clinical data expected to validate its clinical advantages [6][7] AI and Traditional Medicine - Guoshengtang (2273 HK) achieved a revenue growth of 30.1% to RMB 3.02 billion in 2024, with adjusted net profit increasing by 31.4% to RMB 400 million [8] - The company plans to expand its store network significantly, with a target of opening 15-20 new stores in 2025 [9] - AI applications are being integrated into Guoshengtang's operations, with expectations of generating additional revenue through enhanced medical services [9] Semiconductor Industry - Zhaoshengwei (300782 CH) reported a revenue of RMB 4.5 billion for the 2024 fiscal year, a 2.5% increase year-on-year, but net profit fell by 64.2% to RMB 400 million [10] - The company is transitioning from a Fabless to a Fab-lite operational model, which is expected to impact profit margins in the short term [11] - Long-term growth prospects remain positive as the company builds platform-level manufacturing capabilities [11] Investment Ratings - The report maintains a buy rating for several companies, including SANY International, Kangfang Biotech, and Guoshengtang, with target prices adjusted based on growth forecasts and market conditions [2][5][8]