Investment Rating - Buy (Maintained) [5] Core Views - The new generation Glo Hilo product shows significant improvements in performance and user experience compared to both the market-leading IQOS iluma i and its previous generation, with expectations of market expansion and volume growth by 2025-2026 [3] - The company has actively responded to regulatory changes in the European market by launching compliant solutions such as TANKER and QUAD SHOT Pro, which are expected to capture elastic demand post-regulatory tightening [7] - The report forecasts revenue growth of 8%, 11%, and 21% for 2024-2026, with net profit attributable to the parent company expected to grow by 36% in both 2025 and 2026 [24] Product Comparison - Glo Hilo Plus is more compact and lightweight (92g) compared to IQOS iluma i (146g), offering better portability and grip [17] - Glo Hilo charges faster, reaching 80% in 40 minutes, while IQOS iluma takes 90-135 minutes for a full charge [17] - The new Glo Hilo features improved heating technology, shorter preheating time, and extended session duration, supporting 5 minutes 10 seconds in standard mode and 3 minutes 40 seconds in boost mode [21] Market and Regulatory Trends - The HNB market is growing steadily, with IQOS maintaining a 71% market share in 2023, while Glo holds 15.6%, indicating significant room for growth [36] - Regulatory changes in Europe and Australia are tightening restrictions on disposable e-cigarettes, while the FDA in the US is increasing enforcement against illegal e-cigarette products [19] Financial Performance - Revenue is projected to reach RMB 120.67 billion, RMB 134.46 billion, and RMB 162.63 billion in 2024-2026, with year-on-year growth of 8%, 11%, and 21% respectively [24] - Net profit attributable to the parent company is expected to be RMB 13.28 billion, RMB 18.13 billion, and RMB 24.62 billion in 2024-2026, with growth rates of -19%, 36%, and 36% respectively [24] - The company's P/E ratio for 2024-2026 is projected at 47.88X, 35.08X, and 25.83X [24] Product Innovation - The company has introduced new solutions like FEELM PRO, which uses ultra-thin high-performance technology for better vaporization performance [22] - Glo Hilo's new heating technology enhances flavor intensity and consistency, addressing consumer preferences [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 8.35, representing a potential upside of 73% from the current price of HKD 4.80 [4][20]. Core Insights - The company is experiencing temporary pressure on its performance due to the pharmaceutical industry environment, but it is rapidly advancing its innovative drug development [3][9]. - The company has built an international R&D team of over 2,000 people, focusing on oncology, neuropsychiatry, and cardiovascular treatments, with plans to allocate 20.8% of its revenue from established drugs to R&D [8][9]. - The company has over 60 key drugs in clinical or application stages, with 6 submitted for market approval and 24 products (30 indications) in registration clinical stages [8][9]. - The company plans to submit nearly 50 new products/new indications for market approval in the next five years, indicating strong growth potential [11][20]. Financial Summary - For the first three quarters of 2024, total revenue was RMB 22.686 billion, a decrease of 4.9% year-on-year, primarily due to a decline in established drug revenue [10][19]. - Established drug revenue decreased by 3.5% to RMB 18.670 billion, while raw material product revenue fell by 5.2% to RMB 2.726 billion [10][19]. - Net profit decreased by 15.9% to RMB 3.778 billion, with R&D expenses increasing by 5.5% to RMB 3.880 billion, accounting for 20.8% of established drug revenue [10][19]. - Revenue projections for 2024-2026 are RMB 29.600 billion, RMB 30.511 billion, and RMB 32.964 billion, respectively, with net profits of RMB 4.860 billion, RMB 5.005 billion, and RMB 5.471 billion [11][20].

Investment Rating - The report assigns an "Outperform the Market" rating to the company, with a target price range of 4.48 to 4.73 HKD, indicating a potential upside of 14% to 20% from the current stock price [7][46][51]. Core Views - The company is recognized as the world's largest waste-to-energy operator, with a significant market presence and a robust project pipeline. The report highlights a decline in capital expenditures, leading to positive free cash flow in 2024H1, which is expected to enhance the company's dividend capacity [46][55][166]. - The report emphasizes the company's operational income growth, which is projected to increase as construction income declines, suggesting a shift towards more sustainable revenue streams [7][46][173]. - The company faces challenges due to complex accounting practices and diversified business operations, which may suppress its valuation in the market [46][123][173]. Financial Performance - The company achieved revenues of 32.09 billion HKD in 2023, with a projected decline to 28.74 billion HKD in 2024, reflecting a year-on-year decrease of 10.4% [47][189]. - The gross profit margin is expected to improve from 41.5% in 2024 to 44.4% by 2026, indicating a positive trend in profitability [47][189]. - The net profit attributable to the parent company is forecasted to be 3.70 billion HKD in 2024, down from 4.43 billion HKD in 2023, but is expected to recover to 4.14 billion HKD by 2026 [47][189]. Business Segments - The company's revenue is primarily derived from three segments: Environmental Energy, Environmental Water, and Green Environmental Services. The Environmental Energy segment contributes the most, accounting for 51% to 66% of total revenue [97][100]. - The Environmental Water segment has shown stable performance, with revenues of 6.73 billion HKD in 2023, expected to decline to 5.70 billion HKD in 2024 [5][179]. - The Green Environmental Services segment has faced profitability challenges, with a significant drop in net profit in recent years, primarily due to market conditions and government subsidy delays [136][137]. Valuation Metrics - The report indicates that the company's current P/E ratio is approximately 5.5, which is significantly lower than the industry average, suggesting that the stock may be undervalued [47][195]. - The absolute valuation method estimates the company's fair value at around 4.73 HKD per share, while the relative valuation method suggests a target price of 4.48 HKD, both indicating potential upside from the current market price [190][195]. Market Position - The company holds a leading position in the waste-to-energy sector, with a total waste processing capacity of 15.89 million tons per day, the highest in the industry [46][116]. - The report notes that the company has a diversified project portfolio across various regions, which enhances its operational resilience [46][68][120].

Investment Rating - The report gives a "Recommend" rating to Shenzhou International (2313 HK) [189] Core Views - Shenzhou International is a global leader in knitted manufacturing with strong innovation R&D vertical integration and early globalization positioning it as a stable leader with upward growth potential [189] - The company is expected to achieve net profits of 5 701 6 530 and 7 410 billion yuan in 2024-2026 with year-on-year growth rates of 25 1% 14 5% and 13 5% respectively [189] - The PE ratios for 2024-2026 are 15x 13x and 12x respectively indicating a valuation advantage compared to peers [189] Financial Performance - In 2023 Shenzhou International achieved revenue of 24 970 million yuan a year-on-year decrease of 10 1% and net profit of 4 557 million yuan a year-on-year decrease of 0 1% [94] - The company's revenue is expected to grow to 27 980 31 172 and 34 399 million yuan in 2024-2026 with year-on-year growth rates of 12 1% 11 4% and 10 4% respectively [94] - The gross margin is expected to gradually increase to 28 4% 28 7% and 29 1% in 2024-2026 driven by improved capacity utilization and overseas expansion [186] Product and Market Analysis - Sportswear is the main driver of revenue growth with sales expected to reach 19 530 21 896 and 24 300 million yuan in 2024-2026 [16] - The European market showed growth with revenue increasing from 3 890 million yuan in 2019 to 5 027 million yuan in 2023 accounting for 20 13% of total revenue [96] - The company has diversified its customer base with major clients including Nike Uniqlo Adidas and Puma [30] Industry Trends - The global sportswear market is expected to grow from 1 92 trillion USD in 2024 to 2 35 trillion USD in 2028 with a CAGR of 4 20% [106] - The top five global sportswear brands (Nike Adidas Puma Skechers and Lululemon) accounted for 31 2% of the market in 2023 with Nike leading at 15 8% [105] - The global sportswear manufacturing market grew from 85 53 billion USD in 2009 to 158 26 billion USD in 2023 with a CAGR of 4 2% [171] Competitive Advantages - Shenzhou International has a strong R&D capability with 767 patent applications and 505 authorized patents by the end of 2022 [18] - The company has a vertical integration model that shortens production and delivery cycles making it highly favored by brand customers [19] - Shenzhou International has established dedicated factories for major clients like Nike Puma Adidas and Uniqlo ensuring independence and confidentiality in production [137] Future Outlook - The company is expected to benefit from the increasing concentration of suppliers to leading brands with Adidas and Nike reducing their number of manufacturing partners [146] - Shenzhou International has expanded its cooperation with new brands like FILA Lululemon and Lacoste which are expected to drive future growth [183] - The company is actively promoting automation and digitalization in its production processes to improve efficiency and reduce costs [166]

一般声明 特别声明 国元国际控股有限公司 香港中环康乐广场 8 号交易广场三期 17 楼 电话：(852)37696888 传真：(852)37696999 服务热线：400-888-1313 公司网址：http://www.gyzq.com.hk 证 券 研 究 报 告 请务必阅读免责条款 | --- | --- | |---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

亿胜生物科技（1061.HK） 2024-12-24 星期二 主要股东 更新报告：亿胜生物科技（1061.HK）- 20210316 、公司年报、国元证券经纪（香港）整理 公司 24 年中期综合营收 8.12 亿港元，较去年同期减少 9.8%。眼科业 较去年同期减少 1.6%；外科业务较去年同期减少 15.8%。公司期内溢利 为 1.57 亿港元，较去年同期减少 7.3%。主要原因是由于医疗行业监管 政策的收紧，导致市场环境不利。 ➢ 贝伐珠单抗研发推进加快 2022 2023 2024E 2025E 2026E 1637.66 1318.00 1706.56 1682.00 1823.00 1982.00 -19.52% 29.48% -1.44% 8.38% 8.72% 345.98 225.75 275.00 264.93 284.58 304.20 -34.75% 21.82% -3.66% 7.41% 6.90% 17.13% 17.13% 16.11% 15.75% 15.61% 0.40 0.49 0.47 0.50 0.54 4.83 7.42 6.08 6.31 5.88 5.50 报告正文 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.6, indicating a potential upside of 30% from the current price [3][29]. Core Insights - The company's LNG processing and storage business has shown positive revenue growth, achieving RMB 5.662 billion in H1 2024, a year-on-year increase of 9.14%, with a pre-tax profit of RMB 1.648 billion, up 22.89% [2][27]. - The company has a three-year dividend distribution plan from 2023 to 2025, with the annual payout ratio expected to gradually increase to 45% [2][28]. - The company aims for an LNG receiving station load factor of 90% for the year, indicating a positive outlook for the LNG industry chain [2][27]. Summary by Sections Financial Performance - In H1 2024, the company achieved natural gas sales of 26.438 billion cubic meters, a year-on-year increase of 10.55%, with retail gas volume reaching 16.302 billion cubic meters, up 10.25% [6][17]. - The average production load factor for the company's 14 operational plants was 58.4%, an increase of 19.5 percentage points year-on-year [2][27]. Dividend Policy - The company declared an interim dividend of 16.41 cents in H1 2024, with a payout ratio of 43%, reflecting stable profit growth and significant potential for future dividend increases [2][28]. Market Position - The company operates in four main segments: natural gas sales, LPG sales, LNG processing and storage, and exploration and production, with a user base exceeding 16 million across 31 provinces in China [6][17].

| --- | --- | |------------|-------------| | | | | 目标价： | 8.28 港元 | | 现 价： | 4.74 港元 | | 预计升幅 : | 74.6% | 主要股东 相关报告 | --- | |-------------------------| | | | | | | | 研究部 | | 姓名：林兴秋 | | SFC ： BLM040 | | 电话： 0755-21519193 | | Email:linxq@gyzq.com.hk | 买入 创新推动业绩持续增长，创新药 RDC 管线丰富 24 年中期公司实现营收约 60.47 亿港元，同比增长 1.0%（剔除汇 率影响后增长 5.4%）。期内，公司拥有人应占溢利约为 15.58 亿港 元，同比增长 51.4%（剔除汇率影响后增长 58.0%）。主要业务板 块中，核药抗肿瘤及心脑血管精准介入诊疗科技产品表现尤为突 出，录得收入 3.43 亿港元，同比增长 140.8%，主要得益于核心产 品易甘泰®钇[90Y]的临床需求快速增加。新药如呼吸及危重症板 块的恩卓润®比斯海乐®和恩明润®比斯海乐®、心脑血管 ...

Investment Rating - The report gives a "Recommend" rating for NetEase Cloud Music (9899.HK) [19] Core Views - NetEase Cloud Music focuses on increasing paid users and improving ARPPU, with future growth driven by both factors [2] - The company is expected to achieve net profits of 1.3/1.5/1.7 billion yuan in 2024/2025/2026, with corresponding P/E ratios of 18/16/14X [2] Business Model and Revenue - Revenue mainly comes from online music services and social entertainment services, accounting for 63% and 37% of total revenue in 24H1 respectively [2] - Online music subscription revenue accounts for 84% of online music service revenue, with advertising and digital albums making up the remaining 16% [2] - Social entertainment service revenue is driven by MAU, payment rate, and ARPPU, with paid users increasing from 5800 in 2018 to 1.6 million in 2023 [10] Financial Performance - NetEase Cloud Music achieved its first annual profit in 2023, with a net profit of 700 million yuan and a net profit margin of 9% [2] - In 24H1, the company's net profit reached 800 million yuan, with a net profit margin of 20% [2] - Gross margin improved significantly from -4% in 21Q1 to 33% in 24Q3 [2] Industry Overview - The global music market is recovering, driven by the growth of streaming services, with China having the highest growth rate in 2023 [81][82] - The global streaming music market is relatively fragmented, with Spotify leading with a 32.1% market share in 2023 [103] - In China, the online music market has formed a "one super, one strong" competitive landscape, with Tencent Music and NetEase Cloud Music as the main players [105] Competitive Advantages - NetEase Cloud Music is one of the largest online incubators for independent musicians in China, with registered independent musicians increasing from 400,000 in 2021 to 684,000 in 2023 [121] - The platform has a strong community attribute, with over 48% of listeners browsing the comment section as of June 2021 [113] - The platform's user base is young, with 72% of users being post-00s in 2023 [112] Future Outlook - The company's strategy focuses on increasing paid users and improving ARPPU, with expected net profits of 1.3/1.5/1.7 billion yuan in 2024/2025/2026 [2] - Gross margin is expected to continue to improve, reaching 34%/36%/37% in 2024/2025/2026, with net profit margins of 16%/17%/18% [142]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 33.24 HKD for 2025 [8][18]. Core Insights - The company is a global small molecule innovative pharmaceutical enterprise, established in 2000, focusing on oncology with three commercialized products and several late-stage clinical drugs. It has achieved a revenue CAGR of 23.1% from 2017 to 2023 and recorded its first profit of 101 million USD in 2023 [17][59]. - The company is expanding its innovative products into international markets, with significant progress in the commercialization of its drugs, particularly focusing on the colorectal cancer indication for Furquintinib and the EGFR-TKI resistant market for Savolitinib [17][63]. Financial Summary - The company’s revenue for 2023 is projected at 426.41 million USD, with a year-on-year growth of 96.52%. The net profit attributable to the parent company is expected to be 100.78 million USD, marking a 127.93% increase [7]. - Forecasted revenues for 2024, 2025, and 2026 are 680.01 million USD, 844.08 million USD, and 1000.34 million USD, respectively, with corresponding growth rates of -18.85%, 24.13%, and 18.51% [7][18]. Product Pipeline and Market Strategy - The company has a robust pipeline with several products in various stages of development. Furquintinib is being marketed for gastrointestinal tumors and has recently been launched in major markets including the US, EU, and Japan. Savolitinib targets the EGFR-TKI resistant market and is expected to submit an NDA in the US soon [17][40][63]. - The company is also focusing on autoimmune diseases and hematological malignancies, with innovative products like Syk inhibitor Sogrolimab and IDH1/2 dual inhibitors for AML [17][60]. Management and Corporate Structure - The company is backed by a stable management team with extensive experience in drug discovery, development, and commercialization. The largest shareholder is Cheung Kong Holdings, holding 38.16% of the shares [54][56].