M N 4 Mar 2024 CMB International Global Markets | Equity Research | Company Update Cloud Music (9899 HK) Solid core music business and margin expansion outlook Target Price HK$106.50 Cloud Music announced FY23 financial results: total revenue dropped by 13% (Previous TP HK$99.50) YoY to RMB7.87bn in FY23, in line with our/consensus estimate. 2H23 total Up/Downside 17.7% revenue was down by 16% YoY to RMB3.96bn, mainly due to the adjustment of Current Price HK$90.45 social entertainment business (-42% YoY). ...

CMB International Global Markets | Equity Research | Company Update NetEase reported 4Q23 financial results on 29 Feb: total revenue grew by 7% YoY to RMB27.1bn, below our/consensus estimate of RMB28.8/28.2bn. NonGAAP net income was up by 53% YoY to RMB7.4bn, but 7% shy of consensus estimate, mainly due to the higher-than-expected marketing expenses (+24% YoY). Full-year total revenue/non-GAAP net income grew by 7%/43% YoY in FY23 respectively. Game revenue growth was slower than our expectation due to soft ...

M N 1 Mar 2024 CMB International Global Markets | Equity Research | Company Update Hutchmed (13 HK) A fruitful 2024 on the way Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated Target Price HK$34.31 revenues from oncology/immunology reached US$529mn in FY23 (vs US$164mn in (Previous TP HK$36.67) FY22), close to the upper limit of its US$450-550mn guidance. The in-market product Up/Downside 41.8% sales increased 28% YoY (35% at CER) to US$214mn in FY23, among which sales of Cu ...

h 股 c r a 票 e s e R 研 y [Table_Title] Kevin Guo 郭勇 tiu Company Report: Zhaojin Mining (01818 HK) 究 q (852) 2509 5317 E 公司报告： 招金矿业 (01818 HK) yong.guo@gtjas.com.hk 29 February 2024 [Table_Summary] Gold Price To Rise Again, Maintain "Buy" tr 公 o p  W due re tov is loe d eo rw En th Se eT sP mof Z tih oa no ji bn M i mni an ig t( at ih ne t“ hC eo m inp va en sty m”) t no H raK t$ in1 g2 .0 a6 e [RTaabtlien_gR:a nk] Buy 司 R e w P ti a , u t n e t t y Maintained 报 n "Buy". Our TP represents 36.0x 2023 PER and ...

h 股 c r a 票 e s e R 研 y [Table_Title] Teddy Lin 林荣叶 tiu Company Report: Autohome-S (02518 HK) 究 q (852) 2509 5409 E 公司报告： 汽车之家-S (02518 HK) rongye.lin@gtjas.com.hk 29 February 2024 E[Tmablpe_oSwumemrianryg] the New Retail Ecosystem in the Auto Industry, Navigating the Path to New Energy Sustainability tr 公 o p e 司 R  W HKe 6m 7a .0in 8t a ri en r" eB su eny" ni gn v 1e 4s .5tm e 2n 02t 4r Pat /i En .g ua tn od mre ev 'sis 2e 2o 3u r vta er ng ue et rop sr eic 3e 5t %o 报 y n a $ , p ti x A ho 0 re . [RTaabt ...

Investment Rating - Maintain BUY rating for BeiGene, indicating strong potential for over 15% return in the next 12 months [2][4]. Core Insights - BeiGene is expected to have a productive 2024, driven by strong sales momentum of zanubrutinib, which recorded total product sales of US$631 million in 4Q23, reflecting a 6% quarter-over-quarter (QoQ) and 86% year-over-year (YoY) increase [2]. - Zanubrutinib's sales reached US$1.29 billion in full-year 2023, with a forecast of US$1.9 billion for 2024, representing a 46% YoY growth [2]. - The company is advancing its pipeline with potential blockbusters like sonrotoclax and BGB-16673, with multiple Phase 3 studies expected to start in 2024 [2]. - BeiGene's financial health is improving, with a gross profit margin of 82.7% in FY23, up from 77.2% in FY22, and a significant reduction in the SG&A ratio [2]. Financial Summary - Total revenue for FY23 was US$2.459 billion, with a projected increase to US$2.902 billion in FY24 [3][17]. - Net loss for FY23 was US$882 million, expected to decrease to US$1.1 billion in FY24 and further to US$225 million in FY25, with profitability anticipated from FY26 [2][3]. - The company had US$2.3 billion in net cash at the end of 2023, indicating no immediate need for further equity financing [2]. Target Price - The target price for BeiGene has been revised from US$295.67 to US$268.20, indicating a 67% upside potential from the current price of US$160.26 [4].

M N 28 Feb 2024 CMB International Global Markets | Equity Research | Company Update ZTE (763 HK) MWC 2024: Industry moves towards developing 6G Target Price HK$27.4 As the Mobile World Congress (MWC) unfolded in Barcelona on Monday, AI/5G+6G innovations emerged as a dominant theme, with leading suppliers in (Previous TP HK$27.4) the telecom industry showcasing their latest technologies. ZTE's A-share Up/Downside 56.2% (000063 CH) and H-share (763 HK) prices surged by 10.0% and 10.6%, Current Price HK$17.54 ...

M N 28 Feb 2024 CMB International Global Markets | Equity Research | Company Update Shengyi Tech (600183 CH) FY23 preliminary results review; expect gradual recovery in 2024 Target Price RMB19.69 Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close. Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- (Previous TP RMB20.39) 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, Up/Downside 15.1% respectively. For 4Q23, revenue decreased 2.3 ...

M N 27 Feb 2024 CMB International Global Markets | Equity Research | Company Update Li Auto Inc. (LI US) 4Q23 results set the tone for resilient FY24 Target Price US$48.00 Maintain our top pick. Li Auto’s strong beat in 4Q23 GPM led to an all-time (Previous TP US$45.00) high operating margin of 7.3%. Its FY23 net margin of 9.5% was also much Up/Downside 37.9% higher than its guidance of 5% in mid-2023. Management has also provided a Current Price US$34.80 clear path to achieve its FY24 sales target and is s ...

Investment Rating - The report assigns a "BUY" rating for Pentamaster (01665.HK) with a target price of HK$ 1.18, reflecting a potential upside from the current price of HK$ 0.82 [1][7]. Core Insights - The medical segment of Pentamaster has shown significant growth, with a year-on-year increase of 75.2% to MYR 148.2 million, contributing to a gross margin surge to 31.9% in Q4 [1]. - The overall revenue for FY 2023 reached MYR 691.9 million, marking a 15.2% growth, while the net profit increased by 6.7% [1][7]. - The automotive segment remains a key contributor, accounting for 47.6% of total revenue, although it has faced order delays impacting momentum [1][7]. - The report anticipates sustained robust performance in the medical segment for at least the next two years, driven by strong order visibility from key customers [1][7]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: MYR 813.0 million in 2024, MYR 960.7 million in 2025, and MYR 1,047.5 million in 2026, indicating a growth trajectory [1][11]. - Gross profit is expected to increase from MYR 209.6 million in 2023 to MYR 336.8 million by 2026, with gross margins improving from 30.3% to 32.1% over the same period [1][11]. - Net profit is projected to grow from MYR 142.2 million in 2024 to MYR 225.2 million in 2026, reflecting a consistent upward trend [1][11]. Segment Analysis - The medical segment is highlighted as a primary driver for future growth, while the automotive segment is experiencing temporary setbacks due to market fluctuations [1][7]. - The semiconductor segment has shown stable growth, but the electro-optical segment is expected to remain weak due to stagnation in the smartphone market [1][7]. Operational Developments - The operational timeline for Campus 3 has been adjusted, with full operations expected to commence in Q1 2025, and production starting in Q3 2024 [1][7].