国证国际港股晨报-20251125

Group 1: Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index rising by 1.97%, the Hang Seng China Enterprises Index increasing by 1.79%, and the Hang Seng Tech Index climbing by 2.78% [2] - Northbound capital saw a net inflow of HKD 8.571 billion, with Alibaba, Tencent, and Kuaishou being the most actively traded stocks [2] - The technology sector showed significant growth, driven by positive news from various tech companies, including Alibaba's AI assistant app surpassing 10 million downloads in its first week [3][4] Group 2: Company Analysis - Haiwei Co., Ltd. - Haiwei Co., Ltd. is a leader in China's capacitor film market, established in 2006, with a market share of 10.9% in capacitor base films as of 2024 [7] - Revenue projections for Haiwei are expected to reach RMB 330 million in 2024, with a net profit of RMB 86.42 million, despite a slight decline in early 2025 [7] - The company benefits from strong R&D capabilities, a diversified product portfolio, and an experienced management team [9] Group 3: Industry Outlook - The Chinese capacitor base film market is projected to grow at a CAGR of 19.7%, increasing from 46,000 tons in 2019 to 113,000 tons by 2024, and expected to reach 224,000 tons by 2029 [8] - The market for capacitor base films used in electric vehicles is anticipated to grow from 48,000 tons in 2025 to 87,000 tons by 2029, with a CAGR of 16.2% [8] - The market for capacitor base films in new energy power systems is expected to grow from 34,000 tons in 2025 to 80,000 tons by 2029, with a CAGR of 23.6% [8]