M Idea Shanghai Fudan Microelectronics | Asia Pacific October 20, 2024 11:20 PM GMT Research Tactical Idea We believe the share price will fall relative to the country index over the next 30 days. This is because of an earnings release. The company announced preliminary 3Q24 earnings will be around Rmb77mn, down 59% QoQ and 62% YoY. This would represent only 18% of our 2H24 estimate of Rmb423mn, well below normal seasonality. The company has lowered some product pricing in the face of intense competition, a ...

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Investment Rating - The report assigns a Neutral rating to Shenzhen Inovance Technology, indicating a cautious outlook on the company's performance due to potential risks associated with revenue guidance cuts [3][7]. Core Insights - The report expresses concerns about the company's ability to meet its 2024 revenue growth guidance of 20% year-over-year, particularly in the general automation sector, due to a high base effect from previous quarters and weaker demand from new energy sectors [7]. - The target price for Shenzhen Inovance Technology is set at Rmb55.0, reflecting a valuation based on approximately 30 times the estimated earnings per share (EPS) for FY24E [3][7]. Financial Summary - The earnings summary indicates a net profit of Rmb4,320 million for 2022, projected to increase to Rmb4,911 million in 2024, with a diluted EPS growth from Rmb1.640 in 2022 to Rmb1.847 in 2024 [4]. - The expected total return for the stock is projected at -5.8%, with an expected share price return of -6.6% and a dividend yield of 0.8% [3][4]. Market Capitalization - The market capitalization of Shenzhen Inovance Technology is reported at Rmb157,769 million, equivalent to approximately US$22,260 million [3].

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： A c t i o n | shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 15 Oct 2024 11:03:19 ET │ 14 pages Yealink Network Technology (300628.SZ) shuinu9870 3Q24 Preliminary Results Slightly Beat; Raise TP to Rmb50 更多一手调研纪要和研报数据加V： CITI'S TAKE Yealink posted 3Q24 preliminary results which were slightly better than our forecast. We upgrade our EPS forecasts by 7/6/3% for 2024/25/26E and raise our DC ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 Buy Price (15 Oct 24 15:00) Rmb16.160 Target price Rmb19.000 Expected share price return 17.6% Expected dividend yield 3.4% Expected total return 21.0% Market Cap Rmb14,483M US$2,043M 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 15 Oct 2024 14:02:38 ET │ 11 pages Flash | Huaming Power Equipment (002270.SZ) Positive Takeaways on US Expansion Plan from Investor Tour in Shanghai shuinu987 ...

Investment Rating - The report assigns a "Buy" rating for China Tourism Group Duty Free Corp with a target price of Rmb81.000, indicating an expected share price return of 17.3% and an expected total return of 19.5% [1][11]. Core Insights - The preliminary results for 9M24 show a revenue drop of 15% year-on-year to Rmb43 billion and a net profit decline of 25% year-on-year to Rmb3.9 billion. In 3Q24, revenue decreased by 22% year-on-year to Rmb11.7 billion, with net profit down by 53% year-on-year to Rmb632 million [3][4]. - The decline in performance is attributed to weak sales in the Hainan duty-free market, which saw a 34% year-on-year drop in sales during July and August 2024. However, there was a significant rebound in airport duty-free sales, with Beijing airports reporting over 140% year-on-year growth in 9M24 [3][4]. - The report anticipates that weak consumer sentiment will continue to impact sales trends into 4Q24 [3]. Summary by Sections Financial Performance - In 3Q24, total revenue was Rmb11.7 billion, a 22% decline year-on-year. The net profit margin fell to 5.4%, with operating profit dropping by 42% year-on-year [3][8]. - The core business gross margin improved by 1.09 percentage points year-on-year to 32.6%, although it was slightly lower than the 32.9% in the first half of 2024 [3][8]. Hainan Duty-Free Market - Hainan duty-free sales during the National Day Golden Week totaled Rmb785 million, with average daily sales down 33% year-on-year to Rmb112 million. The decline was primarily due to a 26% drop in the number of buyers [4][8]. - The report suggests that the Hainan duty-free market will remain soft in the short term, reflecting ongoing consumer sentiment challenges [4][8]. Valuation - The report utilizes a DCF-based valuation approach with a target price of Rmb81, based on a WACC of 11.0% and a terminal growth rate of 4% [11].

Investment Rating - The report assigns a price target of HK$20.20 for Shandong Gold Mining Co. Ltd, indicating a potential upside of 20% from the current price of HK$16.88 as of October 14, 2024 [4]. Core Insights - Shandong Gold Mining Co. Ltd has guided for a 9M24 net profit range of Rmb1.85-2.25 billion, representing a year-over-year increase of 38-67%. The reported net profit for 1H24 was Rmb1.38 billion, suggesting a 3Q24 net profit range of Rmb467-867 million, compared to Rmb684 million in 2Q24. The company needs to achieve the upper end of this guidance to meet market expectations [3][4]. Financial Metrics - The fiscal year ending for Shandong Gold is December 2023, with projected earnings per share (EPS) of Rmb0.52 for FY23, increasing to Rmb0.86 in FY24e and Rmb1.25 in FY25e [4]. - Revenue projections are Rmb59.275 billion for FY23, Rmb63.878 billion for FY24e, and Rmb71.614 billion for FY25e [4]. - EBITDA is expected to grow from Rmb8.414 billion in FY23 to Rmb12.058 billion in FY24e and Rmb15.450 billion in FY25e [4]. - The company’s market capitalization is currently Rmb114.234 million, with an enterprise value of Rmb161.343 million [4]. Valuation Metrics - The report indicates a P/E ratio of 25.9 for FY23, decreasing to 17.8 for FY24e and further to 12.3 for FY25e [4]. - The EV/EBITDA ratio is projected to decline from 16.8 in FY23 to 12.8 in FY24e and 9.5 in FY25e [4].

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 15 Oct 2024 18:53:38 ET │ 10 pages Aluminum Corporation of China (601600.SS) Adding Upside 30-Day Catalyst Watch shuinu9870 View original report on this Catalyst Watch Direction: Upside 更多一手调研纪要和研报数据加V： Duration: Within 30 Days (expires 15 Nov 2024) Catalyst: Strong alumina price With limited alumina and bauxite supply, we expect alumina pri ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： Oct-19Nov-19Dec-19Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24 ...

Investment Rating - The report assigns an "Overweight" rating to China Unicom [3][10][17] - The price target is set at HK$6.50, indicating a downside of 7% from the current price of HK$6.96 [3][10] Core Insights - China Unicom showcased a flagship 5G smart factory project with Paideer Battery, which significantly improves production efficiency by reducing production tasks from two days to just two hours [3][10] - The company views data as a crucial driver for future growth, engaging in the construction of third-party trustable data spaces to enhance AI development [3][10] - China Unicom is enhancing its receivables collection process by switching to continuous collection throughout the year, aiming for better cash flow management [3][10] Financial Projections - For the fiscal year ending December 2023, the projected revenue is Rmb 372.6 billion, with an EBITDA of Rmb 82.7 billion [3][10] - The earnings per share (EPS) estimates are projected to grow from Rmb 0.61 in 2023 to Rmb 0.82 by 2026 [3][10] - The net income is expected to increase from Rmb 18.7 billion in 2023 to Rmb 25.0 billion by 2026 [3][10] Market Position - China Unicom's market capitalization is currently US$27.4 billion, with an enterprise value of US$12.1 billion [3][10] - The company has a significant stake in China Tower, valued at HK$0.9 per share, contributing to its overall valuation [10]