M N 22 Mar 2024 CMB International Global Markets | Equity Research | Company Update Innovent Biologics (1801 HK) More than obesity  Strong product sales in FY23. In FY23, Innovent recorded total revenue of Target Price HK$55.00 RMB6.21bn, including RMB5.73bn product sales revenue (+38.4% YoY), in line with (Previous TP HK$57.35) our expectation. Innovent had a strong 2H23, with product sales +33.1% HoH vs the Up/Downside 44.4% first half. As per Eli Lilly, total sales of sintilimab in FY23 reached US$393.3 ...

Xtep International | 1368.HK Rating BUY Maintain Saucony stands out among the new brands Target price HK$6.6 4 C Cuu rr rr ee nn t price HK$5.04 Upside: +31.7% Curren FY23 results inline (b reakdown in Exhibit 1): Company update Xtep reported FY23 result with revenue and net profit at RMB14.3bn and RMB1,030mn. up 10.9%/11.8% YoY. While excluding inventory and receivables provisions and 21 Mar 2024 write-backs, the group’s core operating profit/earnings at RMB1,546/RMB996mn, up 4.4%/6.1% YoY. The key highlig ...

Focus Charts Figure 1: Intron's revenue forecast 28% 37% 15% -14% 59%52% 20% 20% 24% -30% -10% 10% 30% 50% 70% 90% 0 2,000 4,000 6,000 8,000 10,000 12,000 2017 2018 2019 2020 2021 2022 2023 2024E2025E (RMB mn) Revenue YoY 0% 20% 40% 60% 80% 100% 2017 2018 2019 2021 2022 2023 2024E 2025E New Energy Body Control Safety Powertrain Automation & Connectivity Cloud Server Service & Others Source: Company data, CMBIGM estimates Figure 2: Intron's revenue breakdown Source: Company data, CMBIGM estimates | --- | --- ...

M N 22 Mar 2024 CMB International Global Markets | Equity Research | Company Update Sunny Optical (2382 HK) Expectations reset on conservative guidance; Maintain HOLD Target Price HK$47.31 Sunny Optical (Sunny)’s FY23 net profit was largely in-line with profit warning, but (Previous TP HK$50.71) 2H23 GPM of 14.1% (vs 19% in 2H22) was below expectations due to more intense Up/Downside 1.0% competition despite spec upgrade and more high-end models in 2H23. For 2024 Current Price HK$46.85 guidance, while mgmt. ...

Earnings Summary | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|-------|-------|-------| | (YE 31 Dec) | FY22A | FY23A | FY24E | FY25E | FY26E | | Revenue (RMB mn) | 1,524 | 1,056 | 1,474 | 1,933 | 2,048 | | YoY growth (%) | (5.7) | (30.7) | 39.6 | 31.1 | 6.0 | | Adjusted net profit (RMB mn) | 58.0 | (131.8) | 180.3 | 256.9 | 299.4 | | Diluted EPS (RMB cents) | 1.90 | (6.10) | 8.27 | 11.78 | 13.73 | | YoY growth (%) | (85.0) | NA | NA | 42.4 | 16.6 | | Consensus EPS ...

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update Kuaishou (1024 HK) More bullish on margin improvement Target Price HK$97.0 We turn more bullish on Kuaishou’s (KS) margin enhancement ahead, with ads & (Previous TP HK$97.0) ecommerce share gains to continue. KS delivered solid 4Q23 results, with inline Up/Downside 85.6% revenue and upbeat bottom line. For FY24E, we expect total revenue +10.6% YoY, Current Price HK$52.25 with livestreaming/ads/other services revenue -8%/+20% ...

PDD Holdings (PDD US) PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RESP CMBR OR http://www.cmbi.com.hk1 | --- | --- | --- | --- | --- | --- | |--------------------------------|----------|----------|----------|-----------|-----------| | (YE 31 Dec) | FY22A | FY23A | FY24E | FY25E | FY26E | | Revenue (RMB mn) | 130,558 | 247,639 | 389,619 | 492,359 | 540,111 | | Net profit (RMB mn) | 31,538.1 | 60,026.5 | 83,882.9 | 118,906.4 | 127,694.3 | | Adjust ...

M N 20 Mar 2024 CMB International Global Markets | Equity Research | Company Update WuXi AppTec (603259 CH) Best effort to ensure business continuity Target Price RMB67.53 WuXi AppTec reported revenue of RMB40.3bn in 2023, up 2.5% YoY, (Previous TP RMB116.01) attributable recurring net income of RMB9.7bn, up 16.8% YoY, and attributable Up/Downside 32.9% adjusted non-IFRS net income of RMB10.9bn, up 15.5% YoY. Revenue was in- Current Price RMB50.81 line with Bloomberg consensus while attributable adjusted no ...

M N 20 Mar 2024 CMB International Global Markets | Equity Research | Company Update Kingdee (268 HK) Steady rev growth with on-track loss reduction Target Price HK$15.50 Kingdee reported 2023 financial results: revenue was RMB5.7bn, up 17% YoY (Previous TP HK$15.10) (2022: 17% YoY), and net loss attributable to ordinary shareholders was Up/Downside 66.3% RMB210mn (2022: loss of RMB389mn), both in line with our estimate and Current Price HK$9.32 Bloomberg consensus. Kingdee’s loss reduction effort was on tra ...

M N 20 Mar 2024 CMB International Global Markets | Equity Research | Company Update China Lilang (1234 HK) Impressive FY24E guidance with decent yield Target Price HK$5.75 The apparel sector performed well in general in 2H23 as we see China Lilang and JNBY reporting strong numbers (so will Bosideng, in our view). Going into (Previous TP HK$4.73) FY24E, we tend to be more picky, but China Lilang should still outperform, Up/Downside 29.2% thanks to its own initiatives (improvements in operational efficiency a ...