信达国际控股港股晨报-20250808

Company Recommendations - The report recommends buying shares of 高偉電子 (1415) at a current price of 29.86 HKD, with a short-term target price of 34.10 HKD, indicating a potential upside of 17.6% [7][9] - The company is expected to enter the rear camera module business in the second half of 2024, which is anticipated to drive revenue and profit growth in the first half of 2025, potentially leading to an earnings surprise [9] - The management's outlook on products in the smart driving and robotics sectors is also seen as a potential catalyst for growth [9] Valuation Insights - The current price corresponds to a forecasted P/E ratio of 17.6x for FY25E and 13.3x for FY26E, with FY26E valuation being 30% lower than the 5-year average [9] - The market expects a compound annual growth rate of 29.8% in revenue and 38.6% in net profit from FY24 to FY27E [9] Market Overview - The Hang Seng Index has shown resilience, recovering above the 10-day and 20-day moving averages, closing at 25,081 points with a trading volume of 245.7 billion HKD [5] - The report notes that the overall market sentiment remains positive, with active trading across different sectors despite limited improvement in corporate earnings [5][6] Macro Focus - China's exports in July increased by 7.2%, surpassing expectations, although exports to the U.S. fell by 21.7%, indicating potential challenges ahead [10] - The People's Bank of China is expected to continue implementing liquidity measures to maintain a stable financial environment, including a recent 700 billion RMB reverse repurchase operation [10] Industry Developments - The report highlights the upcoming World Robot Conference and the anticipated launch of Apple's iPhone 17, which may impact the mobile device sector [6] - Companies like 中芯 (0981) and 華虹 (1347) have reported mixed earnings, with 中芯's quarterly profit down by 19.5% and 華虹's profit growth falling short of expectations [11]